1. Report Industry Investment Ratings - The report does not provide overall industry investment ratings. 2. Core Views - The report analyzes various commodity futures including base metals, black industries, agricultural products, and energy chemicals, providing market performance, fundamentals, and trading strategies for each category [1][3][5]. 3. Summary by Category Base Metals - **Copper**: Market traded Fed rate - cut expectation decline and Sino - US leaders' meeting利好落地. Supply may ease slightly, demand has spot discounts. Short - term dollar strength suppresses price, but upward trend remains. Suggest buying on dips [1]. - **Aluminum**: Price rose 0.26% on Friday. Supply has increased production capacity, demand's weekly开工率 decreased. Macro environment is warm, but in traditional off - season and high price limits downstream acceptance. Expected to be oscillatingly strong, focus on de - stocking [1]. - **Alumina**: Price fell 0.82% on Friday. Supply decreased due to pollution control, demand has high - load production. Market is in surplus, price may be oscillatingly weak, watch environmental restrictions [1]. - **Lithium Carbonate**: Price of LC2601 fell 3.14% on Friday. Supply decreased last week, imports declined in September. Demand for related materials increased in October, expected to de - stock. Strong reality supports price, but there's profit - taking pressure. Suggest waiting and considering double - selling [1]. - **Tin**: Market traded Fed rate - cut expectation decline and Sino - US leaders' meeting利好落地. Supply is lower than expected, demand is supported in the short - term. Inventory is at a historical low. Price is expected to be oscillatingly strong [2]. Black Industries - **Rebar**: Price of 2601 contract fell 20 yuan/ton. Supply - demand contradiction is limited, structural differentiation is significant. Macro sentiment improved last week, price may weaken marginally. Suggest taking profit on long positions [3]. - **Iron Ore**: Price of 2601 contract rose 2.5 yuan/ton. Supply - demand is neutral and deteriorating. Macro sentiment improved last week, price may weaken marginally. Suggest taking profit on long positions and short - selling for aggressive investors [3]. - **Coking Coal**: Price of 2601 contract fell 12.5 yuan/ton. Supply - demand is affected by production decline and price increase. Futures are over - valued. Suggest waiting and short - selling for aggressive investors [3]. Agricultural Products - **Soybean Meal**: CBOT soybeans continued to rise on Friday, trading on optimistic trade expectations. US soybeans may have a slight reduction, South America has an increasing production expectation. US soybeans are short - term strong, domestic market follows the cost side [4][5]. - **Corn**: Futures price oscillated narrowly, spot price varied regionally. Inventory needs building, but new grain is coming. Price is expected to be oscillatingly weak [5]. - **Oils and Fats**: Malaysian palm oil market is weak. Supply in Malaysia increased in October, exports also rose. Near - term inventory is accumulating, long - term has a production decline expectation. Oils are weak and differentiated, suggest reverse arbitrage [5]. - **Sugar**: ICE raw sugar fell 3.67% last week, Zhengzhou sugar rose 0.68%. Internationally, production is increasing, domestically, policy news boosted the price. Suggest short - selling futures and selling call options [5]. - **Cotton**: US cotton futures rebounded on Friday. International policy changes and Japanese import data are positive. Domestically, Xinjiang's cotton purchase is nearly over. Suggest waiting and using interval strategies [5]. - **Eggs**: Futures price oscillated narrowly, spot price fell slightly. Supply pressure eases, demand recovers seasonally. Price is expected to be oscillatingly strong [5]. - **Hogs**: Futures price is weak, spot price fell. Supply is increasing, demand may increase seasonally, but supply pressure is still large. Price is expected to be weak [6]. - **Apples**: Price is stable in Shandong. Storage in Gansu is not optimistic, in Shaanxi, purchase is affected by disease. High - quality apples are in high demand. Suggest waiting [6]. Energy Chemicals - **LLDPE**: Market oscillated slightly on Friday. Supply pressure eases, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [7]. - **PVC**: Price of V01 fell 1.3%. High inventory suppresses price, supply increased, demand's开工率 rose slightly, exports increased. Suggest short - selling or reverse arbitrage [7]. - **PTA**: PX supply is high, PTA has some supply - side adjustments. Polyester demand is good, PX is expected to be strong, PTA has long - term supply pressure. Suggest long - PX and short - PTA processing fees [7][8]. - **Rubber**: Price of RU2601 fell 2.65%. Raw material prices are stable, downstream观望. Production capacity utilization decreased, inventory is turning to accumulation. Suggest band - trading [8]. - **Glass**: Price of FG01 fell 1.1%. Supply will increase, inventory is accumulating, demand is weak. Suggest short - selling or reverse arbitrage [8]. - **PP**: Market oscillated slightly on Friday. Supply is increasing, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [8]. - **MEG**: Supply is at a high level, inventory is low. Polyester demand is good, but overall supply - demand is in accumulation. Suggest short - selling on highs [9]. - **Crude Oil**: Price oscillated downwards this week. Supply pressure is increasing, demand is seasonally weak. Price is expected to be oscillating, short - selling on highs if Russian oil reduction is less than 500,000 barrels per day [9]. - **Styrene**: Market oscillated slightly on Friday. Supply's inventory is at a normal to high level, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [9]. - **Soda Ash**: Price of sa01 fell 2.1%. Supply is in high - production season, inventory is balanced. Suggest waiting [9].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The overall market is affected by various factors such as the Fed's attitude, domestic PMI data, and policy expectations. Different asset classes show different trends, with short - term volatility and varying degrees of risk and opportunity [2][3] - For commodities, different sectors like black metals, non - ferrous metals, energy chemicals, and agricultural products have their own supply - demand situations and price trends, which are influenced by both macro and micro factors [4][8][12][17] 3. Summary by Relevant Catalogs Macro Finance - Overseas, the dollar index is strengthening due to Powell's hawkish attitude, and global risk appetite is cooling. Domestically, the October PMI is 49.0%, down 0.8% from last month, indicating a slowdown in economic growth. Policy stimulus expectations are increasing. Index futures are expected to fluctuate in the short term, and government bonds may rebound slightly. For commodities, black, non - ferrous, and energy - chemical sectors may fluctuate, while precious metals may correct at high levels [2] Stock Index - Affected by sectors such as insurance, semiconductors, and small metals, the domestic stock market continued to decline. The weakening PMI data dampened market sentiment, but policy stimulus expectations may boost risk appetite. Short - term caution and wait - and - see are recommended [3] Precious Metals - The precious metals market rose on Friday night. The Fed's hawkish attitude and strong dollar index led to an overall shock adjustment of spot gold. In the short term, precious metals may fluctuate, but the medium - to - long - term upward trend remains. Short - term wait - and - see and medium - to - long - term buying on dips are advised [3] Black Metals - **Steel**: The spot market was flat last Friday, and the futures price declined slightly. Real demand is improving marginally, and speculative demand has also increased. However, steel mill profits are being compressed, and environmental restrictions may reduce supply. The short - term market is expected to fluctuate within a range [4][5] - **Iron Ore**: The spot price fell slightly last Friday, while the futures price strengthened. Macro expectations and reduced arrivals led to a recent rebound. But steel mill profits are low, and iron ore supply pressure is large. The price is expected to fluctuate in the short term [5] - **Silicon Manganese/Silicon Iron**: The spot price was flat last Friday, and the futures price declined slightly. The demand for ferroalloys is acceptable. The supply of silicon manganese decreased slightly, and the price of silicon iron raw materials was stable. The futures price is expected to continue to fluctuate in a range [6] - **Soda Ash**: The futures contract fluctuated last week. Supply is increasing, and there are capacity expansion plans in the fourth quarter. Demand is stable. The supply - side contradiction is the core factor suppressing the price, and a bearish view is recommended [7] - **Glass**: The futures contract fluctuated last week. Supply was stable, demand was weak, and inventory was high. Supported by policies, it may be slightly stronger in the short term, and the demand during the year - end completion peak needs attention [7] Non - Ferrous Metals and New Energy - **Copper**: The macro - environment has weakened. The Fed's attitude and China's PMI data are not optimistic. US copper inventories are high, and domestic de - stocking is not as expected. However, the suspension of an Indonesian copper mine may support the price, and it is expected to fluctuate at a high level in the short term [8] - **Aluminum**: The price reached a one - year high last Friday and then declined. The Fed's attitude and market sentiment affected the price. The fundamentals changed little, and overseas and domestic de - stocking was not as expected [8] - **Tin**: The smelting start - up rate is at a high level, and the supply is expected to increase. The demand is still weak, and the high price suppresses consumption. The price is expected to fluctuate at a high level in the short to medium term [9] - **Lithium Carbonate**: The production decreased slightly, and the price of raw materials increased. The supply and demand are both strong, and the inventory is decreasing. Due to rumors and hedging pressure, light - position wait - and - see is recommended [10] - **Industrial Silicon**: The production reached a new high. Supply pressure comes from Xinjiang, and demand is stable. The price is expected to fluctuate, and buying on dips is recommended [10][11] - **Polysilicon**: The inventory decreased significantly, and the number of warehouse receipts increased. The policy expectation and weak reality are in a stalemate. The price is expected to fluctuate in a high - level range, and buying on dips is recommended [11] Energy Chemicals - **Crude Oil**: The market is concerned about the lack of significant transfer of Asia - Pacific procurement after Russian oil sanctions. OPEC+ is increasing production, but geopolitical risks may cause a short - term rebound. The long - term price is expected to be bearish [12] - **Asphalt**: The cost support is weakening, and the price is falling. The inventory is being reduced, but the demand is approaching the off - season. The supply pressure is temporarily reduced, but the future trend depends on the rebound of crude oil [12] - **PX**: The crude oil price is fluctuating weakly. PTA's high start - up rate provides some demand support. The PXN spread has rebounded slightly, and the price is mainly driven by crude oil costs [13] - **PTA**: The downstream start - up rate has increased slightly, and the basis has improved. But the supply is still high, and the inventory accumulation pressure is large in November [13] - **Ethylene Glycol**: The port inventory has decreased, but the arrival volume is high. The inventory accumulation pressure is large in November, and the price is testing the previous low [13] - **Short Fiber**: It fluctuates with the polyester sector in the short term, but the pressure is large in the later period. Terminal orders are decreasing seasonally, and the inventory is accumulating [14][15] - **Methanol**: The market shows regional differentiation. The port inventory is decreasing slightly, while the inland inventory is increasing. The price may decline in the short term but is expected to enter a consolidation phase later [15] - **PP**: The supply growth rate is higher than the demand recovery rate, and the inventory is high. However, the demand is improving marginally, and the crude oil price provides some cost support. The price is expected to fluctuate weakly in the short term [15] - **LLDPE**: The supply pressure is increasing, and the demand is expected to weaken after the peak in early November. The crude oil price provides limited support, and the price is expected to be under pressure [16] - **Urea**: The supply is expected to increase, and the demand is weakening. The export is expected to remain at a low level [16] Agricultural Products - **US Soybeans**: The Sino - US trade window may open, and China's purchase plan may lead to an increase in export expectations. If the yield is further reduced, the cost - repair logic will be strengthened, and the price may continue to rise [17] - **Soybean and Rapeseed Meal**: The domestic soybean supply is sufficient, and the supply of soybean meal is abundant. The improvement of Sino - US trade relations may increase the cost of imported soybeans but reduce the risk of supply shortage. The spread between soybean and rapeseed meal is expected to widen [17] - **Palm Oil**: It has entered a technically oversold stage. Although there was over - production in October, the price may be supported by the increase in international oil and crude oil prices, and the seasonal de - stocking trend remains [18][19] - **Soybean and Rapeseed Oil**: Affected by the decline of palm and rapeseed oil, the price may continue to weaken. It is in the consumption season, and the high inventory of rapeseed oil is being reduced [19] - **Corn**: The pressure of wet grain sales is decreasing, and the spot price is stable. The futures price is weak, but the bottom - range support may be effective [19] - **Pigs**: The overall slaughter volume is expected to increase in November, and the profit is in a loss state. The pig price is unlikely to rebound significantly before the winter solstice in December [19]

Group 1: Report Overview - Report Name: Treasury Bond Futures Morning Report - November 3, 2025 [1] - Report Author: Dushufang from Dayue Futures Investment Consulting Department [1] Group 2: Market Conditions Fundamental Analysis - Bank - inter - bond market sentiment is warm, with long - term bonds performing better. The 30 - year main contract rose 0.42%. The 10 - month PMI data led to higher expectations of policy easing in Q4, boosting bond market buying. There is a certain safety cushion for entering the bond market now. The overnight repo rate of deposit - taking institutions rose slightly and stabilized around 1.31%. The yields of secondary perpetual bonds declined by more than 2bp [3]. - On October 31, the People's Bank of China conducted 355.1 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. After deducting the 168 billion yuan of reverse repurchases due on that day, the net investment was 187.1 billion yuan [3]. Basis Analysis - TS main basis is - 0.0487, indicating the spot is at a discount to the futures, which is bearish. TF main basis is - 0.06167, also bearish. T main basis is 0.1238, indicating the spot is at a premium to the futures, which is bullish. TL main basis is - 0.0061, bearish [3]. Inventory Analysis - The deliverable bond balances of TS, TF, and T main contracts are 1359.4 billion, 1493.5 billion, and 2359.9 billion respectively, considered neutral [4]. Disk Analysis - TS, TF, and T main contracts are all above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [4]. Main Position Analysis - TS main contract has a net long position with an increase in long positions. TF main contract also has a net long position with an increase in long positions. T main contract has a net long position with a decrease in long positions [5]. Expectation Analysis - The central bank has increased the volume of MLF renewals for 8 consecutive months. The October PMI data is below the boom - bust line. In September, CPI rose 0.1% month - on - month and decreased 0.3% year - on - year, while core CPI's year - on - year increase has expanded for 5 consecutive months. New social financing in September was slightly lower than the seasonal level. Affected by the "migration of RMB deposits", the M2 growth rate expanded. LPR remained unchanged as expected. The Fed cut interest rates by 25 basis points in the October FOMC meeting [5]. Group 3: Market Quotes - T2512.CFE: Price is 108.680, up 0.04%, trading volume is 66178, open interest is 242555, with a daily decrease of 2555, and the CTD bond is 220019.IB [8]. - TF2512.CFE: Price is 106.065, down 0.01%, trading volume is 51145, open interest is 149424, with a daily increase of 155, and the CTD bond is 250003.IB [8]. - TS2512.CFE: Price is 102.544, down 0.02%, trading volume is 30841, open interest is 72375, with a daily decrease of 1166, and the CTD bond is 250012.IB [8]. - TL2512.CFE: Price is 116.68, up 0.42%, trading volume is 103750, open interest is 142750, with a daily decrease of 1328, and the CTD bond is 210005.IB [8].

Core Insights - The Indian stock markets are expected to be influenced by quarterly earnings, macroeconomic data announcements, and global trends during a holiday-shortened week [1][3] Macroeconomic Data - Key macroeconomic indicators to be released include the final readings of the HSBC manufacturing PMI, as well as the HSBC services and composite PMI data, which will provide insights into domestic growth momentum [3][5] Corporate Earnings - Major companies set to announce their quarterly results include Bharti Airtel, Titan Company, Adani Enterprises, Adani Ports, InterGlobe Aviation, Mahindra & Mahindra, State Bank of India, Lupin, Bajaj Auto, and Hindalco [4][7] - The ongoing corporate earnings season has shown mixed results so far, which will be closely monitored by the market [7] Foreign Investment Activity - Foreign investors have turned net buyers with a net infusion of ₹14,610 crore in October after three months of withdrawals, indicating a potential shift in market sentiment [5][6] Market Trends - The BSE benchmark dropped by 273.17 points (0.32%) and the NSE Nifty dipped by 73.05 points (0.28%) last week, reflecting profit-booking by investors after a sustained rally [6][7] - Movements in the Indian rupee against the dollar will also significantly impact investor sentiment and sectoral trends [6]

Group 1 - The manufacturing PMI decreased from 49.8% in September to 49% in October, falling below seasonal levels [1][3] - The non-manufacturing business activity index slightly increased from 50% in September to 50.1% in October, influenced by holiday scheduling and reduced working days [1][3] - The holiday scheduling disrupted industrial production and export readings in October, while consumption indicators received marginal support [1][3] Group 2 - Given that the PMI remains in a weak range, further counter-cyclical policies are crucial to boost manufacturing sentiment [1][3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Today, except for a slight gain in the CSI 1000 Index, all other stock indices declined. The trading volume of the two markets decreased. The number of rising stocks in the two markets reached 3,759, with a rise - fall ratio of about 5:2, resulting in a situation where stocks rose but indices fell. The previously strong heavy - weight and technology stocks collectively pulled back, and sectors such as computing power, semiconductors, and rare earths led the decline, dragging down the market index and the science - innovation sector. Meanwhile, low - level small and medium - cap stocks saw a compensatory rise. The manufacturing PMI in October unexpectedly declined, reflecting the current weak domestic supply and demand situation. The market expects the accelerated introduction of incremental policies. The volume - weighted average basis of index futures showed an inverse relationship with the index trend, indicating a game between long and short forces. In general, in the short term, the stock index is expected to fluctuate mainly due to capital games. It is recommended to hold positions and wait and see [3]. 3. Summary by Related Catalogs Market Review - Today, except for a slight gain in the CSI 1000 Index, all other stock indices declined. Taking the CSI 300 Index as an example, it closed down 1.47%. In terms of capital, the trading volume of the two markets increased by 1656.47 billion yuan. Index futures all declined with increased volume [2]. Important Information - The China Manufacturing Purchasing Managers' Index in October was 49%. - The China Non - Manufacturing Business Activity Index in October was 50.1% [3]. Strategy Recommendation - **Futures Market Observation** - The intraday percentage changes of the main contracts of IF, IH, IC, and IM were - 1.43%, - 1.13%, - 0.89%, and 0.02% respectively. - The trading volumes were 139,862 lots, 63,349 lots, 145,316 lots, and 253,282 lots respectively. - The trading volume changes compared to the previous period were 2,486 lots, - 600 lots, - 22,972 lots, and 4,629 lots respectively. - The open interests were 271,131 lots, 99,608 lots, 254,465 lots, and 362,383 lots respectively. - The open interest changes compared to the previous period were 397 lots, - 2,436 lots, - 5,746 lots, and - 6,696 lots respectively [4]. - **Spot Market Observation** - The percentage changes of the Shanghai Composite Index and the Shenzhen Component Index were - 0.81% and - 1.14% respectively. - The ratio of rising to falling stocks was 2.42. - The trading volume of the two markets was 23,177.92 billion yuan, with a decrease of 1,038.84 billion yuan compared to the previous period [5].

Group 1 - The October PMI data will be released on October 31, with September's manufacturing PMI at 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] - The 2025 Financial Street Forum Annual Meeting will take place from October 27 to 30 in Beijing, co-hosted by various government and financial regulatory bodies, focusing on "Innovation, Transformation, and Reshaping Global Financial Development" [1] - Domestic oil prices are expected to see their ninth reduction of the year on October 27, with predictions indicating a decrease exceeding 50 yuan/ton, based on the latest international crude oil price trends [1] Group 2 - A "Super Central Bank Week" is approaching, with major central banks including the Federal Reserve, European Central Bank, and Bank of Japan set to announce interest rate decisions on October 30, with expectations for a 25 basis point cut by the Federal Reserve [1] - The disclosure of Q3 financial reports for A-share listed companies will conclude next week, with 4,347 companies scheduled to release their reports from October 27 to 31 [1] - Over 480 billion yuan in market value of restricted shares will be unlocked next week, with 41 stocks set to have their restrictions lifted [1] Group 3 - Three new stocks are set to be issued next week, including Fengbei Biotechnology on October 27 and Delijia on October 28, with a subscription code for each [1]

Group 1 - The core viewpoint indicates that the ongoing geopolitical tensions in Europe are suppressing the euro's outlook while increasing demand for traditional safe-haven assets, particularly the US dollar [1] - The Federal Reserve's persistent hawkish stance supports the strength of the dollar, with officials suggesting that interest rates need to remain at current levels longer than previously expected [1] - In contrast, the Eurozone is facing a significant slowdown in business activity, with recent PMI data confirming contractions in both manufacturing and services [1] Group 2 - The European Central Bank (ECB) has adopted a cautious tone, indicating substantial downside risks to economic growth, which exacerbates downward pressure on the euro [1] - The widening divergence in monetary policy between the ECB and the US is creating fundamental imbalances, further supporting the dollar [1] - Overall fundamentals continue to favor the dollar, suggesting further downside potential for the euro against the dollar [1] Group 3 - Technical analysis shows that the EUR/USD pair is forming a narrow consolidation range around 1.1600 after a significant downward move, indicating the potential for a third wave of downward trend [4] - A decisive break below this consolidation range could signal a resumption of bearish momentum, with an initial target of 1.1488 [4] - The MACD indicator confirms this bearish technical outlook, with its signal line remaining below the zero line and pointing downward, indicating ongoing selling pressure [4] Group 4 - The one-hour chart indicates that a downward move has completed at 1.1576, followed by a pullback to 1.1620, outlining the current consolidation area [6] - A breakout from this range could trigger a short-term pullback to 1.1655 before resuming a broader downward trend, targeting 1.1500 [6] - Conversely, a break below this range would directly trigger bearish fluctuations, with a target of 1.1488, marking the completion of the first phase of the third downward wave [6] Group 5 - The combination of fundamental support for the dollar and the deteriorating outlook for the Eurozone maintains a bearish bias for the EUR/USD pair [7] - The currency pair appears to be pausing within a broader downward trend, with a break below 1.1600 potentially triggering the next leg down, targeting 1.1488 [7]

Group 1: Manufacturing Sector Insights - The manufacturing PMI for September 2025 improved to 50.6%, indicating a recovery in manufacturing sentiment[3] - The production index rose by 1.1 percentage points to 51.9%, reflecting a significant acceleration in production pace[4] - New orders index increased by 0.2 percentage points to 49.7%, still below the critical threshold[4] - Large enterprises' manufacturing PMI rose by 0.2 percentage points to 51.0%, while small enterprises saw a notable improvement of 1.6 percentage points to 48.2%[4] Group 2: Non-Manufacturing Sector Insights - The non-manufacturing business activity index fell by 0.3 percentage points to 50.0%, remaining at the dividing line[5] - The construction sector's business activity index slightly increased by 0.2 percentage points to 49.3%, still in contraction territory[5] - The service sector's business activity index declined by 0.4 percentage points to 50.1%, influenced by the end of the summer season[5] Group 3: Overall Economic Outlook - The composite PMI output index rose by 0.1 percentage points to 50.6%, driven by the recovery in manufacturing, which offset the short-term decline in non-manufacturing[5] - Future manufacturing recovery depends on timely macro policy support and external environment stability[5]

Economic Overview - September PMI data indicates weak economic recovery momentum, with the manufacturing sector slightly rebounding but still in contraction at 49.8%, up 0.4 percentage points from the previous month[2] - Non-manufacturing PMI stands at 50.0%, down 0.3 percentage points, reflecting weak service sector demand and increased employment pressure[2] - Overall composite PMI is at 50.6%, a slight increase of 0.1 percentage points, indicating a mixed economic outlook[2] Manufacturing Sector Insights - Manufacturing PMI shows a production index of 51.9%, up 1.1 percentage points, indicating accelerated production expansion[2] - New orders index is at 49.7%, up 0.2 percentage points, but still indicates insufficient demand recovery[2] - Large enterprises report a PMI of 51.0%, while medium and small enterprises are at 48.8% and 48.2%, respectively, highlighting significant structural differentiation[2] Non-Manufacturing Sector Insights - Non-manufacturing business activity index is at 50.1%, with a notable decline in new orders to 46.0%, down 0.6 percentage points, indicating a clear drop in demand[3] - Employment pressure is evident with the employment index at 45.0%, down 0.6 percentage points, suggesting challenges in workforce stability[3] - Business activity expectations remain optimistic at 55.7%, despite a slight decline, indicating potential for future demand recovery[3] Policy and Market Outlook - Short-term economic improvement is expected to rely heavily on policy support, with a new round of policy measures anticipated, including a potential reduction in reserve requirements and interest rates[2] - The National Development and Reform Commission is actively promoting a new 500 billion yuan policy financial tool aimed at supporting project capital[2] - Continuous monitoring of the upcoming October Politburo meeting and the Fourth Plenary Session of the 20th Central Committee is crucial for insights into economic policy direction[2]