Report Summary 1. Investment Ratings No investment ratings for the entire report are provided. 2. Core Views - The report analyzes multiple sectors including bonds, stocks, commodities, and agricultural products, providing short - term trend forecasts and investment strategies for each sector. Overall, it suggests different stances such as caution, opportunistic trading, and waiting and watching depending on the market conditions of each sector [6][9][12]. 3. Summary by Sector Bonds - **Treasury Bonds**: The previous trading day saw a decline in treasury bond futures. Given current macro data, economic recovery momentum, and market conditions, it is expected that there will be no trend - based market, and caution is advised [5][6]. Stocks - **Stock Index Futures**: The previous trading day had mixed performance. With the domestic economy stable but weak recovery momentum, it is expected that there is little risk of a sharp decline, and investors can choose the right time to go long [8][9]. Commodities - **Precious Metals**: Gold and silver had price increases in the previous trading day. Considering global economic trends, central bank actions, and market heat, it is recommended to take profits on long positions and then wait and watch [11]. - **Steel Products (Rebar and Hot - Rolled Coil)**: The previous trading day showed weak oscillations. In the medium - term, rebar prices are likely to remain weak due to supply - demand factors, and hot - rolled coil may follow a similar trend. Technically, there are signs of short - term stabilization, and investors can look for short - selling opportunities at high levels [13][14]. - **Iron Ore**: The previous trading day saw a sharp decline. The supply - demand situation has weakened, and the price is expected to remain weak in the short - term. Investors can look for short - selling opportunities at high levels [16]. - **Coking Coal and Coke**: The previous trading day had a slight correction. Technically, they may continue to be strong in the short - term, and investors can look for buying opportunities on pullbacks [18][19]. - **Ferroalloys**: The previous trading day had price declines. Supply is currently in excess, but there may be opportunities to go long at low levels considering cost and supply reduction expectations [21][22]. - **Crude Oil**: The previous trading day had a slight oscillation. Multiple factors affect the price, and it is recommended to wait and watch for the main contract [23][24][25]. - **Fuel Oil**: The previous trading day had a downward trend. Market supply expectations and external factors have different impacts on the price, and it is recommended to wait and watch for the main contract [26][27][28]. - **Polyolefins**: The previous trading day had different price trends in different markets. With the end of e - commerce activities, new orders may be insufficient, but there are still opportunities to go long [29][30]. - **Synthetic Rubber**: The previous trading day had a slight decline. It is expected to oscillate, with limited downward space, and attention should be paid to raw material and supply changes [31][32]. - **Natural Rubber**: The previous trading day had mixed performance. The price is expected to oscillate, and there are opportunities to go long [34][35]. - **PVC**: The previous trading day had a decline. The supply - demand imbalance persists, and attention should be paid to supply - side changes [36][37]. - **Urea**: The previous trading day had an increase. It is expected that the price will decline slightly in the next period, but the downward space is limited [38][39]. - **PX**: The previous trading day had an increase. The short - term supply - demand structure has improved, and it is expected to oscillate, and investors can participate within a range [40][41]. - **PTA**: The previous trading day had an increase. The short - term price is expected to oscillate, and investors should be cautious and pay attention to oil price changes [42]. - **Ethylene Glycol**: The previous trading day had an increase. The short - term supply is expected to decline slightly, but inventory may increase, and the price may be under pressure [43][44][45]. - **Short - Fiber**: The previous trading day had an increase. The short - term price is expected to oscillate following cost changes, and investors should pay attention to cost and policy adjustments [46]. - **Bottle Chips**: The previous trading day had an increase. The price is expected to oscillate following cost changes, and investors should control risks [47]. - **Lithium Carbonate**: The previous trading day had an increase. With high supply and improving demand, inventory is decreasing, and attention should be paid to consumption sustainability [48][49]. - **Copper**: The previous trading day had a slight decline. The price is expected to oscillate at a high level, and there is a risk of short - term correction [50][51]. - **Aluminum**: The previous trading day had mixed performance. The price is expected to run at a high level, but there is a risk of short - term correction [52][53][54]. - **Zinc**: The previous trading day had a decline. The price is expected to oscillate within a range, and a high - selling and low - buying strategy can be adopted [55][56]. - **Lead**: The previous trading day had an increase. The price is expected to oscillate and adjust [57][58]. - **Tin**: The previous trading day had an increase. The supply is tight, and the price is expected to oscillate with an upward bias [59]. - **Nickel**: The previous trading day had a decline. The market is in an oversupply situation, and the price is expected to oscillate [60]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day had different price trends. There are opportunities to exit long positions for soybean meal, and it is recommended to wait and watch for soybean oil [61][63]. - **Palm Oil**: The price has been falling. It is recommended to consider buying on pullbacks [64][65]. - **Rapeseed Meal and Rapeseed Oil**: The price of Canadian rapeseed increased. There are opportunities to buy near - term contracts and sell far - term contracts for rapeseed meal [66][67]. - **Cotton**: The previous trading day had a stable trend. The price is expected to face pressure at high levels [68][70][71]. - **Sugar**: The previous trading day had an oscillating rebound. The price has support at low levels [72][74][75]. - **Apples**: The previous trading day had an oscillating trend. It is recommended to wait and watch [76][77]. - **Pigs**: The previous trading day had a price increase. There are opportunities to short on rebounds [77][78]. - **Eggs**: The previous trading day had price increases. There are opportunities to add short positions on rebounds [79][80][81]. - **Corn and Corn Starch**: The previous trading day had price increases. It is recommended to wait and watch for corn, and corn starch may follow the corn market [82][83][84].

2025年11月10日现货黄金涨幅扩大至超1%，最高报4056.85美元/盎司。业内认为，日前金价的持续上 涨，由美元走弱、政府关门风险、区域政治紧张局势等因素共同驱动。 中金公司认为，展望明年，黄金有望延续涨势。一方面，逆全球化大势和战略安全诉求或继续为新兴国 家央行增持黄金储备提供中长期支撑。另一方面，美国经济增长压力或在明年上半年继续显现，美联储 已在今年9月重启降息，并可能在年末结束缩表，流动性宽松周期或将继续。 场内ETF方面，截至2025年11月10日 13:06，上海金ETF(518600)上涨1.07%， 冲击3连涨。拉长时间 看，截至2025年11月7日，上海金ETF近3月累计上涨17.09%。 截至11月7日，上海金ETF近1年净值上涨46.38%。从收益能力看，截至2025年11月7日，上海金ETF自 成立以来，最高单月回报为11.46%，最长连涨月数为6个月，最长连涨涨幅为8.23%。 资金流入方面，拉长时间看，上海金ETF近21个交易日内，合计"吸金"9.24亿元。 上海金ETF(518600)通过主要投资于上海黄金交易所的上海金集中定价合约及其他黄金现货合约，在跟 踪偏离度和跟踪误 ...

Group 1 - Gold stocks continue to rise, with notable increases in shares of companies such as珠峰黄金 (5.94% increase), 招金矿业 (4.68% increase), 赤峰黄金 (3.81% increase), and 山东黄金 (3.66% increase) [1] - As of the end of October, the central bank's gold reserves reached 74.09 million ounces, an increase of 30,000 ounces from the end of September, marking the 12th consecutive month of accumulation [1] - UBS reported that central bank gold purchases totaled 634 tons by the end of the third quarter, slightly lower than the same period last year, but showing signs of recovery in the fourth quarter, aligning with their forecast of 900 to 950 tons for the entire year of 2025 [1] Group 2 - According to 中金公司, gold is expected to maintain its upward trend next year, with structural and cyclical opportunities likely to resonate [1] - The trend of de-globalization and strategic security demands may continue to support the accumulation of gold reserves by central banks in emerging markets, with higher requirements for physical gold inventory construction in regional markets by 2025 [1] - Economic growth pressures in the U.S. may persist into the first half of next year, with the Federal Reserve having restarted interest rate cuts in September and potentially ending balance sheet reduction by year-end, suggesting a continuation of the liquidity easing cycle [1]

Group 1 - Gold stocks continue to rise, with notable increases in shares of companies such as Zhenfeng Gold (+5.94%), Zhaojin Mining (+4.68%), Chifeng Jilong Gold Mining (+3.81%), and Shandong Gold (+3.66%) [1] - As of the end of October, the central bank's gold reserves reached 74.09 million ounces, an increase of 30,000 ounces from the end of September, marking the 12th consecutive month of accumulation [1] - UBS reported that central bank gold purchases totaled 634 tons by the end of Q3 this year, slightly lower than the same period last year, but showing signs of recovery in Q4, aligning with their forecast of 900 to 950 tons for the entire year of 2025 [1] Group 2 - According to CICC's research report, gold is expected to maintain its upward trend next year, with structural and cyclical opportunities likely to resonate [1] - The trend of de-globalization and strategic security concerns may continue to support the accumulation of gold reserves by central banks in emerging markets, with higher demands for physical gold inventory construction in regional markets by 2025 [1] - Economic growth pressures in the U.S. may persist into the first half of next year, with the Federal Reserve having restarted interest rate cuts in September and potentially ending balance sheet reduction by year-end, suggesting a continuation of the liquidity easing cycle [1]

Core Viewpoint - The report from CICC indicates that gold is expected to continue its upward trend next year, with structural and cyclical opportunities likely to resonate together [1] Group 1: Economic and Market Factors - The trend of de-globalization and strategic security demands may continue to support the long-term increase in gold reserves by central banks in emerging markets [1] - Changes expected by 2025 will raise the requirements for physical gold inventory construction in regional markets, which may already be reflected in the tightening liquidity of the gold market observed this year [1] Group 2: U.S. Economic Conditions - Economic growth pressures in the U.S. may persist into the first half of next year, with the Federal Reserve having restarted interest rate cuts in September and potentially ending balance sheet reduction by year-end [1] - The ongoing liquidity easing cycle is expected to provide support for investment demand in gold ETFs and other assets, although a shift towards recovery trading may require some time [1] Group 3: Geopolitical Risks - The geopolitical risks associated with the ongoing restructuring of order may not completely dissipate, further supporting the demand for gold as a safe-haven asset [1]

Investment Rating - The report maintains a "Buy" recommendation for the aluminum sector, highlighting its resilience and dividend attributes [2]. Core Insights - The report emphasizes the increasing power supply disruptions affecting aluminum production, suggesting a focus on the sector's elasticity and dividend potential [2]. - It notes that the global economic environment is currently in a rate-cutting cycle, which may benefit sectors like real estate and photovoltaics, leading to a tight supply-demand balance for aluminum and supporting prices [6][7]. - The report also discusses the recent acquisition of exploration rights by Tongling Nonferrous Metals, which is expected to enhance the company's resource reserves and sustainability [6]. Industry Overview - The non-ferrous metals sector includes 125 listed companies with a total market capitalization of 471.046 billion yuan, representing 3.92% of the market [3]. - The sector has shown strong performance, with absolute returns of 4.9% over one month, 63.7% over six months, and 56.8% over twelve months [4]. Aluminum Industry Data - Power costs account for 30%-40% of the total cost of electrolytic aluminum, and disruptions in power supply are expected to impact the stability of existing production capacities [6]. - Domestic electrolytic aluminum ingot inventory decreased by 7,000 tons week-on-week, while aluminum rod inventory increased slightly [6]. - The report indicates that the profit margins for electrolytic aluminum are expected to remain high due to strong domestic supply constraints and resilient demand [6]. Copper Industry Data - The report highlights a decrease in copper inventories, with SHFE copper inventory at 115,000 tons, down 1,105 tons week-on-week [6]. - The overall copper market is experiencing fluctuations, with a focus on the performance of key companies in the sector [7]. Precious Metals Outlook - The report suggests a bullish outlook for precious metals, particularly gold, driven by central bank purchases and geopolitical risks [6]. - It recommends specific stocks in the precious metals sector, including Zhongjin Gold and Chifeng Jilong Gold Mining [7].

Core Viewpoint - The global economic landscape is undergoing profound changes, with geopolitical conflicts, rising protectionism, and accelerated restructuring of industrial chains challenging the existing economic globalization system. For China, the driving force behind globalization is shifting from "bringing in" to "going out," with Chinese enterprises increasingly becoming significant players in global investment and innovation [1]. Group 1: Financial Institutions' Support for Chinese Enterprises Going Global - Chinese financial institutions are enhancing their overseas network, with major state-owned banks establishing branches in 64 and 49 countries and regions, creating a service system covering six continents [2]. - There is a continuous strengthening of resource integration between domestic and international markets, with commercial banks supporting Belt and Road projects and securities firms facilitating financing and mergers in global capital markets [2]. - Financial institutions are innovating their product and service offerings, including special loans for overseas infrastructure and customized services for cross-border e-commerce and cash management [2]. - Emerging technologies are widely applied, with digital technologies upgrading cross-border financial services, such as the "Cross-border e-commerce" initiative leading to over fivefold growth in e-commerce settlement volume in three years [2]. Group 2: Risk Management and Future Recommendations - Large state-owned commercial banks have established country risk management and stress testing mechanisms to address uncertainties in overseas operations [3]. - Recommendations for enhancing support for Chinese enterprises going global include optimizing overseas layouts, improving multi-level offshore financial service systems, and innovating financial products and services [4][5]. - Financial institutions are encouraged to expand the use of cross-border RMB, providing loans for project construction and exploring RMB products in regions like ASEAN, Europe, and Latin America [5]. - A comprehensive cross-border risk management system is proposed, integrating macro and industry data to develop intelligent country risk assessment platforms [6]. Group 3: Collaboration Between Finance and Industry - Financial institutions are advised to leverage their connections with local governments and organizations to provide market consulting and policy training for new outbound enterprises [6]. - The release of the white paper by First Financial and Bank of China marks a significant step in the globalization journey of Chinese financial services, aiming to become an indispensable strategic support for Chinese enterprises' global layout [6].

Core Insights - The global economic landscape is undergoing significant transformation due to geopolitical conflicts, rising protectionism, and accelerated restructuring of supply chains, challenging the existing framework of economic globalization [1] - Chinese enterprises are shifting from "bringing in" to "going out," leveraging their advantages in manufacturing, supply chains, and technology to expand into overseas markets, becoming increasingly important players in global investment and innovation [1] - The need for financial services to support Chinese enterprises in their internationalization process has become more critical than ever, especially in the context of rising uncertainties in the external environment [1] Group 1: Financial Institutions' Support Mechanisms - Chinese financial institutions are enhancing their overseas network, with major state-owned banks establishing branches in 64 and 49 countries and regions, creating a global service system [2] - There is a continuous effort to integrate domestic and international resources, with commercial banks supporting Belt and Road projects and securities firms facilitating financing and mergers in global capital markets [2] - Financial institutions are innovating their product and service offerings, including specialized loans for overseas infrastructure and customized services for cross-border e-commerce [2] Group 2: Technological Advancements and Risk Management - Emerging technologies are widely applied, with digital solutions upgrading cross-border financial services, such as the "Cross-border e-commerce" platform significantly increasing transaction volumes [3] - Large state-owned banks have established country risk management and stress testing mechanisms to address uncertainties in overseas operations, while policy insurance companies provide credit investigations and risk analysis [3] Group 3: Future Recommendations for Financial Services - Recommendations include optimizing overseas layouts by establishing regional headquarters in ASEAN, Latin America, and Africa to better serve Chinese enterprises [4] - A multi-tiered overseas financial service system is suggested, leveraging the strengths of various financial institutions to comprehensively meet the financial needs of Chinese enterprises [4] - Financial institutions are encouraged to innovate products and services, such as forming syndicate loans with local banks and offering diverse financing tools for outbound enterprises [4] Group 4: Integration and Risk Management Strategies - The integration of domestic and international services is emphasized, with banks streamlining processes and exploring global fund management models [5] - Expanding the use of cross-border RMB is recommended, with banks increasing credit limits for RMB loans to support project financing and acquisitions [6] - A comprehensive cross-border risk management system is proposed, utilizing macro and industry data to develop intelligent risk assessment platforms [6] Group 5: Collaboration with Local Governments - Financial institutions are advised to leverage their connections with local governments and organizations to provide market consulting and policy training for new outbound enterprises [6] - The report highlights the importance of financial services in supporting the globalization journey of Chinese enterprises, marking a new chapter in the global financial service landscape [6]

Core Insights - The current China-Latin America economic and trade cooperation shows significant potential, bolstered by China's development blueprint for the next five years, which aims to inject certainty and strong momentum into global economic growth and bilateral relations [3] - The trade volume between China and Latin America is projected to reach $518.47 billion in 2024, reflecting a year-on-year growth of 6.0% [3] Group 1 - The rise of unilateralism and trade protectionism poses substantial challenges to global economic trade, but China and Latin American countries are committed to genuine multilateralism and pragmatic cooperation [3][4] - Geographical distance and weak infrastructure in some regions increase logistics costs, impacting the scale and depth of bilateral economic cooperation [4] - Differences in investment in digital infrastructure hinder the rapid development of new business models such as cross-border e-commerce [4] Group 2 - It is essential for government officials, think tank scholars, and business leaders from both sides to enhance dialogue and explore pathways to promote economic cooperation [5] - The principle of equality, mutual trust, and win-win cooperation should guide the relationship, leveraging the wisdom of think tanks, insights from academia, and the vitality of enterprises to strengthen the China-Latin America community of shared destiny [5]

Core Insights - Gold ETFs have shown positive performance with consecutive gains, indicating strong investor interest and market activity [1][2] - Central banks continue to increase their gold reserves, reflecting a long-term trend of accumulation [2] - The global demand for gold remains robust, driven by geopolitical risks and economic conditions, which are expected to support gold prices in the future [2][3] Group 1: Market Performance - As of November 7, 2025, Gold ETF (518880) closed up 0.43%, achieving three consecutive days of gains with a trading volume of 3.748 billion [1] - Gold Stock ETF (159321) also rose by 0.55%, marking three consecutive days of positive performance [1] - Over the past five trading days, Gold ETF (518880) has attracted a total of 999.8 million in inflows [2] Group 2: Central Bank Activity - The People's Bank of China reported a gold reserve of 7.409 million ounces as of the end of October, an increase of 30,000 ounces from September, marking the 12th consecutive month of accumulation [2] - The ongoing trend of central banks increasing their gold reserves is expected to provide a supportive floor for gold prices [2] Group 3: Global Demand and Economic Factors - The World Gold Council reported record inflows into Indian gold ETFs, with purchases nearing 3 billion, equivalent to approximately 26 tons of gold this year [2] - Historical patterns suggest that gold prices are closely linked to geopolitical and economic conditions, with expectations of continued upward pressure on prices due to various factors [2] - Long-term forecasts indicate that interest rate cuts and supportive policies may further catalyze gold price increases, with strong global demand and central bank purchases driving the market [2]