Core Insights - Domestic futures contracts showed a mixed performance with low sulfur fuel oil dropping over 4% and SC crude oil and fuel oil declining over 3% [1] - Precious metals like silver and tin saw significant gains, with silver rising nearly 5% and tin increasing over 2% [1] Market Performance - Low sulfur fuel oil (LU) decreased by more than 4% - SC crude oil and fuel oil fell by over 3% - Caustic soda and liquefied petroleum gas (LPG) dropped by more than 1% - Silver rose nearly 5%, tin increased over 2%, while gold and pure benzene saw gains of over 1% [1] Futures Contract Details - Silver futures (护银2512) reached 12,481 with a daily increase of 4.58% [2] - Tin futures (护锡2512) stood at 297,240 with a rise of 1.97% [2] - Gold futures (护金2512) were at 962.78, up by 1.72% [2] - Crude oil futures (原油2512) were priced at 449.3, down by 3.71% [2] Economic Context - The retirement announcement of Atlanta Fed President Bostic is expected to influence market expectations regarding monetary policy, potentially leading to a more dovish stance from the Federal Reserve [3] - The U.S. House is set to vote on a bill to end the government shutdown, which is likely to release funds that could positively impact market liquidity and support precious metal prices [3] - The current phase of the Federal Reserve's easing cycle is still in its early stages, suggesting a strategy of buying silver on dips may be beneficial [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the context of liquidity repair and the further deepening of expectations for the Fed's loose monetary policy, the prices of gold and silver continued their strong performance. After the news of Bostic's retirement was announced, the prices of gold and silver showed strength. The House of Representatives will vote on a bill to end the government shutdown today, and the U.S. government is likely to reopen. The funds released from the Treasury's general account will have a positive impact on market liquidity and also support the prices of precious metals [2][3]. - Since the Fed's current easing cycle is still in its early stage, the strategy suggests buying silver on dips as it will benefit more. There is still room for the gold - silver ratio to repair downward. The reference operating range for the main contract of Shanghai gold is 937 - 1001 yuan/gram, and for the main contract of Shanghai silver is 11734 - 13000 yuan/kilogram [4]. 3. Summary According to Relevant Catalogs 3.1 Market Quotes - Shanghai gold rose 1.78% to 963.32 yuan/gram, and Shanghai silver rose 4.81% to 12508.00 yuan/kilogram. COMEX gold was reported at 4201.40 dollars/ounce, and COMEX silver at 53.23 dollars/ounce. The U.S. 10 - year Treasury yield was reported at 4.08%, and the U.S. dollar index at 99.49 [2]. 3.2 Key Data Changes - **Gold**: The closing price of the active COMEX gold contract rose 1.65% to 4201.40 dollars/ounce, the trading volume rose 16.05% to 27.80 million lots, and the open interest rose 2.43% to 52.88 million lots. The inventory decreased by 0.08% to 1168 tons. The closing price of LBMA gold rose 0.33% to 4136.75 dollars/ounce. The closing price of the active SHFE gold contract decreased by 0.33% to 945.76 yuan/gram, the trading volume decreased by 8.42% to 41.88 million lots, and the open interest decreased by 0.20% to 35.50 million lots. The inventory remained unchanged at 89.62 tons, and the settled funds decreased by 0.53% to 537.13 billion yuan. The closing price of Au(T + D) decreased by 0.23% to 944.31 yuan/gram, the trading volume decreased by 18.05% to 51.67 tons, and the open interest decreased by 2.35% to 243.14 tons [6]. - **Silver**: The closing price of the active COMEX silver contract rose 4.22% to 53.23 dollars/ounce, and the open interest rose 1.75% to 16.58 million lots. The inventory decreased by 0.08% to 14873 tons. The closing price of LBMA silver rose 0.58% to 51.54 dollars/ounce. The closing price of the active SHFE silver contract rose 1.62% to 12073.00 yuan/kilogram, the trading volume rose 8.09% to 148.10 million lots, and the open interest rose 3.56% to 75.12 million lots. The inventory decreased by 1.49% to 583.06 tons, and the settled funds rose 5.25% to 244.86 billion yuan. The closing price of Ag(T + D) rose 1.91% to 12092.00 yuan/kilogram, the trading volume rose 20.04% to 870.43 tons, and the open interest decreased by 3.91% to 4077.296 tons [6]. 3.3 Graphical Data - Multiple graphs show the relationships between precious metal prices, trading volumes, open interests, exchange rates, and other factors over different time periods, including the relationships between COMEX gold price and the U.S. dollar index, COMEX gold price and real interest rate, Shanghai gold price and trading volume, etc. [8][11][16] 3.4 Internal - External Price Differences - On November 12, 2025, the SHFE - COMEX gold price difference was - 19.38 yuan/gram (- 84.68 dollars/ounce), and the SGE - LBMA gold price difference was - 18.04 yuan/gram (- 78.88 dollars/ounce). The SHFE - COMEX silver price difference was - 142.21 yuan/kilogram (- 0.62 dollars/ounce), and the SGE - LBMA silver price difference was - 86.84 yuan/kilogram (- 0.38 dollars/ounce) [49].

经济数据将密集发布：政府重启后，此前延迟的大量经济数据（如就业报告）将陆续公布。如果数据持续显示美国经济放缓，可能强化美联储的降息预期， 利好黄金。 美联储政策的不确定性 根据CME"美联储观察"工具，市场目前预测美联储12月降息25个基点的概率为64.1%，较此前90%的预期已大幅降温。 若金价回调至4090-4100美元支撑区域，可以考虑轻仓试多，止损参考4080美元下方，短期目标看向4130-4150-4200美元。 若金价反弹至4140-4160美元的强阻力区并出现受阻迹象（如上涨动能减弱），可以轻仓试空，短期目标看向4110-4098美元/盎司，上破4160美元/盎司则考 虑止损。 以上策略，仅供参考。市场瞬息万变，操作时请务必轻仓并设置好止损。 影响黄金波动的关键因素 美国政策与数据预期 政府"停摆"结束：美国参议院已通过临时拨款法案，政府重启后预计将释放约7000亿美元被冻结的资金。这增加了市场流动性，对金价构成支撑，但其实际 影响节奏尚不确定。 第一金杨生，DYJPPLI，香港第一金，第一金官网，第一金平台，第一金代理 在流动性充裕的背景下，美联储可能放缓降息节奏，转而使用其他工具呵护资金面。 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the market liquidity situation on November 11, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors in the market, as well as their changes compared with the previous trading day [1][2] 3. Summary by Directory I. Plate Liquidity - There are data on the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate, with specific values and comparison data with the previous trading day, and the data sources are from Flush and Huatai Futures Research Institute [1][2][8] II. Stock Index Plate - On November 11, 2025, the trading volume of the stock index plate was 636.209 billion yuan, a change of - 2.76% compared with the previous trading day; the holding amount was 1313.794 billion yuan, a change of - 2.08% compared with the previous trading day; the trading - holding ratio was 48.16%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount changes, and the top 20 net holding ratio trends of each variety in the stock index plate, and the data sources are from Flush and Huatai Futures Research Institute [1][9][12] III. Treasury Bond Plate - On November 11, 2025, the trading volume of the treasury bond plate was 306.618 billion yuan, a change of - 10.04% compared with the previous trading day; the holding amount was 877.984 billion yuan, a change of - 1.16% compared with the previous trading day; the trading - holding ratio was 33.87%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount changes, and the top 20 net holding ratio trends of each variety in the treasury bond plate, and the data sources are from Flush and Huatai Futures Research Institute [1][21][24] IV. Base Metals and Precious Metals (Metal Plate) - On November 11, 2025, the trading volume of the base metal plate was 361.394 billion yuan, a change of - 14.51% compared with the previous trading day; the holding amount was 606.448 billion yuan, a change of + 0.71% compared with the previous trading day; the trading - holding ratio was 72.67%. The trading volume of the precious metal plate was 676.209 billion yuan, a change of - 12.19% compared with the previous trading day; the holding amount was 466.083 billion yuan, a change of + 4.06% compared with the previous trading day; the trading - holding ratio was 169.06%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of each variety in the metal plate, and the data sources are from Flush and Huatai Futures Research Institute [1][30][33] V. Energy and Chemical Plate - On November 11, 2025, the trading volume of the energy and chemical plate was 364.619 billion yuan, a change of - 11.38% compared with the previous trading day; the holding amount was 467.431 billion yuan, a change of + 1.11% compared with the previous trading day; the trading - holding ratio was 68.09%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of the main varieties in the energy and chemical plate, and the data sources are from Flush and Huatai Futures Research Institute [1][37][40] VI. Agricultural Products Plate - On November 11, 2025, the trading volume of the agricultural products plate was 294.841 billion yuan, a change of + 5.37% compared with the previous trading day; the holding amount was 588.412 billion yuan, a change of + 1.26% compared with the previous trading day; the trading - holding ratio was 46.89%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of the main varieties in the agricultural products plate, and the data sources are from Flush and Huatai Futures Research Institute [1][44][52] VII. Black Building Materials Plate - On November 11, 2025, the trading volume of the black building materials plate was 235.001 billion yuan, a change of - 9.48% compared with the previous trading day; the holding amount was 382.632 billion yuan, a change of + 0.73% compared with the previous trading day; the trading - holding ratio was 54.93%. There are also relevant charts showing the price changes, trading - holding ratio, precipitation fund changes, precipitation fund trends, trading amount change rate, and the top 20 net holding ratio trends of each variety in the black building materials plate, and the data sources are from Flush and Huatai Futures Research Institute [2][55][57]

Report Industry Investment Rating No relevant content provided. Report's Core View The report provides a daily morning observation of various futures markets, including financial derivatives, agricultural products, black metals, and non - ferrous metals. It analyzes the market conditions, important news, trading logic, and offers corresponding trading strategies for each sector. Summary by Related Catalogs Financial Derivatives Stock Index Futures - Market situation: The stock market showed high - low switching and index fluctuations. The main stock index futures contracts fell, with different changes in trading volume and positions. The market is expected to remain volatile until a consensus is formed [17][19][20]. - Trading strategy: For unilateral trading, high - low trading in a high - level range; for arbitrage, IM\IC long 2512 + short ETF cash - and - carry arbitrage; for options, bull spread at low prices [21]. Treasury Futures - Market situation: Treasury futures closed mostly flat. The spot bond yields fluctuated slightly, and the market lacked clear incremental positive drivers, limiting the upward space of futures bonds [22][23]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, hold short 30Y - 7Y term spread positions and consider long T - contract inter - delivery spread at an appropriate time [23]. Agricultural Products Protein Meal - Market situation: The domestic supply pressure has improved, and the inventory has decreased slightly. The CBOT soybean index rose slightly, while the CBOT index fell [25]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, wait and see; for options, sell a wide - straddle strategy [26]. Sugar - Market situation: International sugar prices fluctuated, and domestic sugar prices were slightly stronger. Global sugar production in major producing areas is increasing, while domestic sugar production is expected to increase, but import policies and high costs support the price [27][28][29]. - Trading strategy: For unilateral trading, conduct range trading; for arbitrage, short foreign sugar and long Zhengzhou sugar; for options, wait and see [30]. Oilseeds and Oils - Market situation: In October, Malaysian palm oil inventories increased as expected, and the oil market is in a bottom - grinding phase. Different oils have different supply and demand situations [31][32]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, wait and see; for options, wait and see [33]. Corn/Corn Starch - Market situation: The spot price rebounded, and the futures market was strongly volatile. The US corn market is expected to be in a narrow - range shock, while the domestic corn spot price is short - term strong [34][35]. - Trading strategy: For unilateral trading, short - long on dips for the December US corn; wait and see for the January domestic corn, and consider short - selling at high prices with a stop - loss; wait for dips for the May and July contracts; for arbitrage, wait and see; for options, wait and see [36]. Live Hogs - Market situation: The pressure of hog slaughter increased, and the price declined slightly. The overall supply pressure remains due to high inventory [37][38]. - Trading strategy: For unilateral trading, lightly short; for arbitrage, wait and see; for options, sell a wide - straddle strategy [38]. Peanuts - Market situation: Peanut spot prices are strong, and the short - term market is strongly volatile. The price of imported peanuts is stable, and the oil mill has not made large - scale purchases [39][40]. - Trading strategy: For unilateral trading, the January contract is expected to be in a bottom - range shock, and lightly short - long the May contract with a stop - loss; for arbitrage, wait and see; for options, sell the pk601 - P - 7600 option [40]. Eggs - Market situation: Egg demand has improved, and the price has slightly rebounded. The inventory of laying hens is still high, and the short - term price increase space is limited [42][43][44]. - Trading strategy: For unilateral trading, close previous short positions and wait and see; for arbitrage, wait and see; for options, wait and see [44]. Apples - Market situation: New apples are being stored, and the price is mainly stable. The apple production has decreased this year, and the cold - storage inventory is expected to be low [45][46][47]. - Trading strategy: For unilateral trading, consider going long on dips; for arbitrage, wait and see; for options, wait and see [47]. Cotton - Cotton Yarn - Market situation: Cotton picking is nearing completion, and the price is mainly volatile. The new cotton supply is increasing, but the production increase may be lower than expected, and the demand is in the off - season [49][50][51]. - Trading strategy: For unilateral trading, the US cotton is expected to be volatile, and Zhengzhou cotton is slightly stronger in the short - term; for arbitrage, wait and see; for options, wait and see [51]. Black Metals Steel - Market situation: Raw material costs are under pressure, and steel prices are in a range - bound shock. The supply and demand structure suppresses steel prices, but cost support exists [54]. - Trading strategy: For unilateral trading, maintain range - bound trading; for arbitrage, hold long roll - screw spread positions; for options, wait and see [55]. Coking Coal and Coke - Market situation: Market sentiment has cooled, and the market is in an adjustment phase. After a sharp decline, the market is expected to oscillate and sort out in the near term [59]. - Trading strategy: For unilateral trading, wait and see in the short - term and consider going long on dips in the medium - term; for arbitrage, short the 1/5 coking - coal spread; for options, wait and see [60]. Iron Ore - Market situation: Adopt a bearish mindset. The supply is high in the fourth quarter, while the domestic demand is weak [63]. - Trading strategy: For unilateral trading, mainly short; for arbitrage, wait and see; for options, wait and see [63]. Ferroalloys - Market situation: Costs provide some support, and previous short positions can be reduced. The supply and demand of silicon - iron and manganese - silicon have weakened marginally, but costs are supportive [65]. - Trading strategy: For unilateral trading, reduce previous short positions on dips; for arbitrage, wait and see; for options, sell an out - of - the - money straddle option combination [67]. Non - Ferrous Metals Precious Metals - Market situation: Market liquidity expectations boost precious metals, which are strongly volatile. The US government's situation and economic data affect market sentiment [69][70]. - Trading strategy: For unilateral trading, hold long positions based on the 5 - day moving average; for arbitrage, wait and see; for options, use a collar - call option strategy [70][71]. Copper - Market situation: Short - term volatility. The supply and demand situation and macro - economic data affect the copper market [72]. - Trading strategy: For unilateral trading, wait and see, and consider long - term long positions; for arbitrage, the ratio may rebound; for options, wait and see [74]. Alumina - Market situation: The supply and demand are still significantly surplus. Spot prices have rebounded, but the pressure of basis - driven selling exists [78]. - Trading strategy: For unilateral trading, short - term narrow - range rebound, but beware of basis - driven selling pressure; for arbitrage, wait and see; for options, wait and see [80][81]. Electrolytic Aluminum - Market situation: Overseas supply concerns persist, and aluminum prices are strongly volatile. Macro - economic factors and supply - demand fundamentals affect the market [82][83]. - Trading strategy: For unilateral trading, maintain a bullish view after dips; for arbitrage, wait and see; for options, wait and see [85]. Cast Aluminum Alloy - Market situation: Overseas interest - rate cut expectations increase, and the alloy price is strongly volatile with aluminum prices. Cost support and demand - side factors co - exist [86]. - Trading strategy: For unilateral trading, the alloy price is strongly volatile with aluminum prices; for arbitrage, wait and see; for options, wait and see [86]. Zinc - Market situation: Pay attention to the export volume. The supply may improve due to potential smelter production cuts and export opportunities, but the upward space is limited [89]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, hold long SHFE and short LME arbitrage positions; for options, wait and see [89]. Lead - Market situation: Range - bound trading. The supply may improve, while the demand may weaken [91]. - Trading strategy: For unilateral trading, short - term range - bound trading, and the price may decline with inventory accumulation; for arbitrage, wait and see; for options, sell an out - of - the - money call option [91]. Nickel - Market situation: The cost is loosening, and nickel prices are weakly volatile. The supply is relatively abundant, and the price is under pressure [93]. - Trading strategy: For unilateral trading, short on rebounds; for arbitrage, wait and see; for options, sell an out - of - the - money call option [94][95]. Stainless Steel - Market situation: Both supply and demand are weak, and raw materials are under pressure. The market is in a low - season, and prices are expected to continue to decline [96]. - Trading strategy: For unilateral trading, short on rebounds; for arbitrage, wait and see [96]. Industrial Silicon - Market situation: No detailed market situation description provided. - Trading strategy: Close long positions and realize profits in time [97].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The U.S. government shutdown has affected the release of non - farm payroll data, and the private sector's weekly job losses indicate pressure on the U.S. labor market. The passage of the temporary appropriation bill in the Senate is likely to resolve the government shutdown issue, and the release of funds from the Treasury cash account will support market liquidity, which in turn will support gold and silver prices. Given that the Fed's current easing cycle is in its early stage and the market prices in a 67.4% probability of a 25 - basis - point rate cut in the December FOMC meeting, it is recommended to buy silver on dips. The reference operating range for the main contract of SHFE gold is 927 - 968 yuan/gram, and for the main contract of SHFE silver is 11575 - 12366 yuan/kilogram [2][3] 3. Summary by Related Catalogs Market Quotes - SHFE gold dropped 0.01% to 944.18 yuan/gram, SHFE silver rose 0.74% to 11921.00 yuan/kilogram. COMEX gold was at 4133.20 dollars/ounce, and COMEX silver was at 51.08 dollars/ounce. The U.S. 10 - year Treasury yield was 4.13%, and the U.S. dollar index was 99.46 [2] - ADP's estimate showed that private - sector weekly job losses were 11,200 in the month ending on the 25th of last month, significantly lower than the estimated 42,000 job increases in October [2] Key Data of Gold and Silver - COMEX gold: The closing price of the active contract rose 0.24% to 4133.20 dollars/ounce, trading volume dropped 1.23% to 23.96 million lots, and the CFTC - reported open interest rose 2.43% to 52.88 million lots. The inventory decreased 0.41% to 1169 tons [5] - LBMA gold: The closing price rose 2.41% to 4090.25 dollars/ounce [5] - SHFE gold: The closing price of the active contract rose 1.38% to 948.88 yuan/gram, trading volume dropped 5.06% to 45.73 million lots, and open interest rose 1.71% to 35.57 million lots. The inventory remained unchanged at 89.62 tons, and the settled funds increased 3.11% to 53.996 billion yuan [5] - AuT + D: The closing price rose 1.44% to 946.50 yuan/gram, trading volume rose 23.13% to 63.05 tons, and open interest dropped 0.35% to 248.98 tons [5] - COMEX silver: The closing price of the active contract rose 1.33% to 51.08 dollars/ounce, and the CFTC - reported open interest rose 1.75% to 16.58 million lots. The inventory decreased 0.11% to 14885 tons [5] - LBMA silver: The closing price rose 2.76% to 50.04 dollars/ounce [5] - SHFE silver: The closing price of the active contract rose 1.37% to 11,880.00 yuan/kilogram, trading volume dropped 26.87% to 137.01 million lots, and open interest rose 1.76% to 72.53 million lots. The inventory decreased 2.97% to 591.88 tons, and the settled funds increased 3.15% to 23.265 billion yuan [5] - AgT + D: The closing price rose 1.19% to 11,865.00 yuan/kilogram, trading volume rose 1.74% to 725.11 tons, and open interest rose 0.15% to 4243.002 tons [5] Strategy and Outlook - The CME FedWatch Tool shows a 67.4% probability of a 25 - basis - point rate cut in the December FOMC meeting and a 32.6% probability of keeping the interest rate unchanged. It is recommended to buy silver on dips. The reference operating range for the main contract of SHFE gold is 927 - 968 yuan/gram, and for the main contract of SHFE silver is 11575 - 12366 yuan/kilogram [3] Price Difference Data - Gold: On November 11, 2025, the SHFE - COMEX price difference was 3.00 yuan/gram or 13.12 dollars/ounce. The SGE - LBMA price difference was 4.16 yuan/gram or 18.18 dollars/ounce [54][59] - Silver: On November 11, 2025, the SHFE - COMEX price difference was 224.16 yuan/kilogram or 0.98 dollars/ounce. The SGE - LBMA price difference for Ag(T + D) was 137.33 yuan/kilogram or 0.60 dollars/ounce [54]

Core Insights - The overseas markets exhibited significant divergence, with European stocks rising collectively while U.S. tech stocks, particularly AI-related companies, faced substantial declines [1] U.S. Market Performance - On November 11, U.S. stock indices showed mixed results, with the Dow Jones increasing by nearly 200 points, while the Nasdaq dropped nearly 1% and the S&P 500 fell by approximately 0.3% [2] - Major tech stocks were a drag on the market, highlighted by SoftBank's liquidation of its Nvidia holdings for $5.83 billion to fund its AI investments, leading to a more than 3% decline in Nvidia's stock price [2] - CoreWeave, a prominent AI tech stock, saw its shares plummet nearly 14% after lowering its full-year revenue forecast, prompting JPMorgan to downgrade its rating from "overweight" to "neutral" [2] - A new ADP report indicated a decline in private sector job growth, with an average weekly decrease of over 11,000 jobs, contrasting with previous reports of job increases, suggesting some weakness in the labor market [2] Investor Sentiment and Market Trends - Recent data from Citigroup revealed that investors have increased their bearish bets on the stock market, with new short positions on the Nasdaq reaching $3.75 billion, indicating a dominant trend of short selling across U.S. market sectors [3] - The ADP report further supported this bearish sentiment, showing a weekly average reduction of 11,250 jobs in the private sector, with small business optimism dropping to a six-month low due to concerns over earnings and economic outlook [3] - Despite the negative sentiment, strategists from JPMorgan noted potential for market rebound as the U.S. government shutdown appears to be nearing an end, which could inject more liquidity into the market [3] European Market Performance - European stock markets experienced a collective rise, with the UK's unemployment rate increasing to 5% for the three months ending in September, higher than expected, which may bolster the case for the Bank of England to lower interest rates by year-end [4] - Financial markets are currently pricing in a 75% probability of a rate cut at the Bank of England's December meeting, reflecting expectations of a more accommodative monetary policy [4] - Swiss stocks surged on news of a potential agreement with the U.S. to reduce tariffs, contributing to the overall positive sentiment in European markets [4] European Stock Index Performance - French CAC40 rose by 1.28% to 8158.57 - German DAX30 increased by 0.49% to 24077.90 - UK FTSE 100 gained 1.02% to 9886.76 - European Stoxx 50 climbed by 0.95% to 5718.30 - Italian FTSE MIB rose by 1.08% to 44367.96 - Spanish IBEX35 increased by 1.07% to 16356.01 [5]

Core Insights - The People's Bank of China (PBOC) has resumed trading in government bonds, leading to a stable performance in the bond market, with the 10-year government bond yield dropping below 1.80% at one point on November 11 [1][2] - Analysts expect that the bond market will experience a range-bound fluctuation for the remainder of the year, influenced by regulatory policies, capital flows, and spillover effects from the stock market [1][3] Bond Market Performance - On November 11, government bond yields showed mixed movements, with the 30-year bond yield rising by 0.6 basis points to 2.1525%, while the 5-year bond yield fell by 0.25 basis points to 1.5250%, and the 10-year bond yield decreased by 0.1 basis points to 1.8040% [2] - The bond market has remained stable overall in November, with the PBOC's net purchase of government bonds amounting to 20 billion yuan in October, indicating limited impact on supply and demand dynamics [2][3] PBOC's Strategy - The PBOC's resumption of government bond trading is aimed at supporting year-end fiscal measures and maintaining liquidity, rather than aggressively driving down interest rates [3][4] - The PBOC's operations are primarily conducted in the secondary market, buying and selling existing government bonds to manage market liquidity [4] Market Sentiment and Future Outlook - The market perceives the PBOC's resumption of bond trading as a significant signal, stabilizing market expectations and encouraging investor confidence [6] - The bond market is expected to remain volatile, with analysts suggesting that investors should adopt a cautious approach and look for trading opportunities amid market fluctuations [6]

银河证券表示，中美经贸和谈元首会晤达成重要共识，市场宏观预期与风险偏好有望改善，美联储在四 季度持续的降息与可能的停止缩表并开始扩表有望提升市场流动性，这均将有利于铜铝等工业金属大宗 商品价格上涨。而海外铜铝龙头企业事故频发对全球供应的扰动也将提升铜铝的价格弹性。2025Q4铜 铝行业业绩增速有望进一步提升。 在中美关税谈判达成日内瓦协议后，市场宏观预期改善、风险偏好提升，叠加美国就业市场出现恶化迹 象下市场对美联储在三季度重新开启降息的预期升温，以及国内"反内卷"的政策指引，共同推动有色金 属大宗商品价格稳步上行，使有色金属企业在三季度的盈利能力与业绩继续环比提升。且由于去年三季 度有色金属价格下跌形成的2024Q3有色金属行业业绩低基数的影响，使2025Q3A股有色金属行业业绩 同比增速加速上行。A股有色金属行业2025年前三季度营业收入同比增长10.02%，业绩同比增长 46.64%；A股有色金属行业2025Q3单季度营业收入同比增长16.57%，业绩同比增长52.08%。 智通财经APP获悉，银河证券发布研究报告称，国内外储能需求旺盛，以及进入2026年国内新能源汽车 购置税减免政策退坡或将引发年底抢 ...

Core Viewpoint - The Nasdaq 100 index futures surged by 1.5%, with major tech stocks experiencing significant pre-market gains, indicating a positive market sentiment driven by the resolution of the government shutdown crisis [1] Group 1: Market Performance - Major tech stocks such as Nvidia (NVDA.US) and AMD (AMD.US) rose over 3%, while Tesla (TSLA.US), Alphabet (GOOGL.US), and Oracle (ORCL.US) increased by more than 2% [1] - Meta Platforms (META.US) saw an increase of nearly 2%, and Microsoft (MSFT.US) and Amazon (AMZN.US) rose by over 1% [1] Group 2: Government Shutdown Resolution - The U.S. Senate reached an agreement to end the federal government shutdown, which is expected to have a direct impact on the economy [1] - President Trump indicated that the end of the shutdown is near, which analysts believe will lead to approximately $1 trillion in funds returning from the U.S. Treasury General Account (TGA) to the economy, injecting significant liquidity into the market [1]