Core Viewpoint - The article discusses the adjustment of the gold accumulation plan by Bank of Communications, which will now be linked to real-time gold prices, reflecting the recent volatility in gold prices and potentially influencing other banks to follow suit [2][4]. Group 1: Bank Adjustments - Starting from October 27, Bank of Communications will adjust its gold accumulation plan's minimum investment amount to be at least equal to the real-time gold price, with increments in multiples of 100 [2]. - Other banks, including Industrial and Commercial Bank of China, Bank of China, Ping An Bank, and Industrial Bank, have also raised their minimum investment thresholds for gold accumulation products in October [6][7]. - For instance, ICBC raised its minimum investment for its gold accumulation product from 850 to 1000 yuan, while Bank of China increased its minimum from 850 to 950 yuan [7]. Group 2: Market Dynamics - Gold prices have seen significant fluctuations, with a 24% increase since late August, reaching historical highs [4]. - The recent rise in gold prices is attributed to three main factors: declining real interest rates, increasing geopolitical tensions, and central banks in emerging markets boosting their gold reserves [9]. - Market volatility is expected, with recent price corrections linked to changes in geopolitical situations and positive signals regarding the U.S. government shutdown [9].

Core Viewpoint - The Bank of Communications announced a change in its precious metals wallet accumulation plan, linking the minimum investment amount to real-time gold prices, reflecting the recent volatility in gold prices [1][3]. Group 1: Changes in Investment Thresholds - Starting from October 27, the minimum investment amount for the precious metals wallet will be adjusted to be greater than or equal to the real-time gold price, with increments in multiples of 100 [1]. - Other banks, including ICBC, Bank of China, and Ping An Bank, have also raised their minimum investment thresholds for gold accumulation products in October [3]. - For example, ICBC increased its minimum investment from 850 yuan to 1000 yuan, while Bank of China raised it from 850 yuan to 950 yuan [3]. Group 2: Market Context and Drivers - Gold prices have seen significant fluctuations, with a reported increase of 24% since late August, reaching historical highs [1]. - The rise in gold prices is attributed to three main factors: declining real interest rates, increasing geopolitical tensions, and central banks in emerging markets boosting their gold reserves [4]. - Recent market corrections in gold prices are linked to changes in geopolitical situations and easing concerns over the U.S. government shutdown [4].

来源：电商天下 作者 | 李东阳 最近一段时间，与黄金有关的新闻大抵只有两个："金价大涨""金价大跌"。 仿佛身处天平的两端，没有第三条路可走。从大趋势来看，过往黄金的价格仍呈现疯狂上涨姿态，不过昨日的金价给了市场一记重锤： 当地时间10月21日，国际黄金市场急剧下跌。现货黄金一度暴跌超6%，创下自2013年4月以来最大单日跌幅，纽约商品交易所12月交割的黄金期货收跌 5.7%，报每盎司4109.10美元。 ：微博@白鹿视频 要知道在前一个交易日，金价刚创下4381美元的历史新高。 接连震荡的黄金价格，不但刺激着投资人的心脏，还事关一部分黄金商家的存亡，以及每一个普通人的生活。 尽管市场上关于黄金劝诫的话术不停，但随着特朗普再度掀起关税战，投资者的避险情绪仍然高涨，支撑黄金结构性利多因素依然存在。 但这话不是说给想用短期投机赚钱的普通人听的，毕竟疯狂的市场，往往留下的是一地鸡毛。 疯狂的买金人 的确，线下金店过往一直是大妈们的最爱，屯点黄金有利无害一直是这个群体的中心指导思想，何况黄金一天一个价，再不跑步前进就要多掏几万的恐慌 情绪一直在。 ：深圳水贝 黄金爱好者的圈子里，长期流传着这么一句话：今天你不敢入手 ...

Core Viewpoint - The recent sharp decline in gold prices, described as a "meme stock-style crash," has raised questions about whether this is a healthy correction in a long-term bull market or a sign of a complete reversal of enthusiasm for gold [1][20]. Group 1: Market Dynamics - On October 21, gold prices fell by 5.31%, marking the largest single-day drop in 12 years and the 15th largest in recorded history [1]. - The price of gold dropped nearly $268 per ounce from its peak of $4375.59 per ounce, ending a nine-week streak of increases [1]. - The market experienced an unusual combination of rising U.S. stocks, gold, silver, and the dollar prior to the drop, which is considered unsustainable [2]. Group 2: Technical Indicators - Multiple technical indicators had signaled an impending correction, including extreme overbought conditions in the gold market [2][5]. - Historical data shows that gold prices typically experience a pullback after rapid increases, with an average decline of 4% following a 30% rise [5]. - The implied volatility of gold ETFs surged, indicating a potential turning point and upcoming volatility [7]. Group 3: Historical Context - A review of 14 previous instances of significant gold price drops reveals a mixed bag of outcomes, with some leading to rebounds and others resulting in further declines [12][15]. - Notably, in 1980, a similar situation occurred where gold prices fell sharply after a substantial increase, leading to a significant decline over the following months [15]. Group 4: Market Sentiment - There is a divide among analysts regarding the future of gold; some view the recent drop as a healthy correction, while others express concerns about speculative bubbles [20][21]. - Morgan Stanley maintains a bullish outlook, suggesting that the recent pullback is merely a market adjustment to rapid price increases [20]. - Long-term factors such as global monetary restructuring and central bank gold purchases continue to support the bullish narrative for gold [21].

Group 1 - The U.S. Consumer Price Index (CPI) for September is set to be released, with expectations for core CPI to rise by 0.3% month-on-month and remain at 3.1% year-on-year, making it a crucial indicator ahead of the Federal Reserve's meeting in late October [1] - If inflation continues to cool, market expectations for two rate cuts this year may increase; conversely, a higher-than-expected CPI could lead to significant short-term volatility and reignite rate hike bets [1][2] - Gold prices fell below $4100 during European trading, influenced by a rebound in the dollar, improved risk appetite, and a decrease in physical demand following India's festival season; however, medium-term support for gold remains due to U.S. fiscal deadlock and global geopolitical risks [1] Group 2 - The U.S. dollar index has maintained a high level around 99, benefiting from capital inflows and safe-haven buying ahead of the CPI data release; the euro is consolidating around 1.16, while the pound has struggled to break above 1.33 despite a brief rebound [2] - U.S. stock futures showed moderate gains, with the Dow Jones futures up approximately 0.16% and the S&P 500 futures rising by 0.26%, driven by positive earnings expectations, particularly in tech stocks like Intel [2] - The ongoing U.S. government shutdown, now the second-longest in history, continues to pose risks, while geopolitical tensions globally are affecting market sentiment; investors are advised to closely monitor the CPI release and subsequent Federal Reserve comments for insights into risk appetite [2][3]

Group 1: Report Core View - The precious metals market entered a volatile pattern after a significant correction due to the release of profit - taking sentiment and the cooling of the tariff situation. The US federal government debt exceeded $38 trillion, and the government shutdown provided potential safe - haven support. Most Fed voters support a loose path, and a 25 - basis - point rate cut in the October FOMC meeting is almost certain. The market focuses on employment data and future rate - cut margins. The yen's low - level volatility and geopolitical factors also affect the market. Gold still has a high premium and is in an overbought area, so short - term correction risks should be guarded against. The precious metals' short - term trend may be wide - range volatile, and attention should be paid to the US CPI data [8]. - The short - term trend of gold and silver is expected to be wide - range volatile. The London gold price has strong support at the $4000 mark and a key resistance area around $4150. The Shanghai Gold 2512 contract is expected to trade in the range of 900 - 1000 yuan/gram, and the Shanghai Silver 2512 contract in the range of 11000 - 11600 yuan/kg. The US CPI data on Friday will be a key factor, and a stronger - than - expected CPI may weaken rate - cut expectations and lead to a greater gold price correction [8]. Group 2: Weekly Summary Market Review - The profit - taking sentiment led to a significant correction in the precious metals market. The US federal government debt exceeded $38 trillion, and the 22 - day government shutdown provided potential safe - haven support. The tariff situation is likely to be stable, and most Fed voters support a loose path. The 10 - month FOMC meeting is likely to cut rates by 25 basis points. The yen's low - level volatility and geopolitical factors affect the market [8]. Market Outlook - Gold has a high premium and is in an overbought area, so short - term correction risks should be guarded. The London gold price has support at $4000 and resistance around $4150. The Shanghai Gold 2512 contract is expected to trade between 900 - 1000 yuan/gram, and the Shanghai Silver 2512 contract between 11000 - 11600 yuan/kg. The US CPI data on Friday is crucial, and a strong CPI may lead to a greater gold price correction [8]. Group 3: Futures and Spot Market - This week, the profit - taking sentiment led to a significant correction in precious metals. As of October 24, 2025, COMEX silver was at $47.52 per ounce, down 6.14% for the week; the Shanghai silver main 2512 contract was at 11332 yuan/kg, down 7.49% for the week. COMEX gold was at $4065 per ounce, down 4.72% for the week; the Shanghai gold main 2512 contract was at 938.10 yuan/gram, down 6.17% for the week [9][11]. - As of October 23, 2025, the SPDR gold ETF holdings were 1052.37 tons, up 1.72% month - on - month; the SLV silver ETF holdings were 15469 tons, up 0.30% month - on - month. Due to the US government shutdown, the COMEX precious metals position data has not been updated [12][16]. - As of October 23, 2025, the gold basis was - 0.28 yuan/gram, up 95.9% month - on - month; the silver basis was - 89 yuan/kg, up 45.9% month - on - month. The gold and silver inventories of the Shanghai Futures Exchange and New York COMEX basically decreased. COMEX gold inventory was 38958914.92 ounces, down 0.48% month - on - month; the Shanghai Futures Exchange gold inventory was 84606 kg, up 19.62% month - on - month. COMEX silver inventory was 503832524 troy ounces, down 2.3% month - on - month; the Shanghai Futures Exchange silver inventory was 920103 kg, down 21.3% month - on - month [22][30] Group 4: Silver Industry Import Situation - As of September 2025, China's silver import volume was 245749 kg, up 19.17% month - on - month; the import volume of silver ore and its concentrates was 160587998 kg, down 13.19% month - on - month [36] Downstream Demand - Due to the increasing demand for silver in semiconductors, the growth rate of integrated circuit production has been rising. As of August 2025, the monthly integrated circuit production was 4.25 million pieces, with a year - on - year growth rate of 3.20% [38][42] Group 5: Silver Supply and Demand - The silver supply and demand are in a tight - balance pattern. As of the end of 2024, the industrial demand for silver was 680.5 million ounces, up 4% year - on - year; the demand for coins and net bars was 190.9 million ounces, down 22% year - on - year; the net investment demand for silver ETFs was 61.6 million ounces, compared with - 37.6 million ounces in the same period of the previous year; the total silver demand was 1164.1 million ounces, down 3% year - on - year [44][48] - The silver supply - demand gap has been narrowing year by year. As of the end of 2024, the total silver supply was 1015.1 million ounces, up 2% year - on - year; the total silver demand was 1164.1 million ounces, down 3% year - on - year; the silver supply - demand gap was - 148.9 million ounces, down 26% month - on - month [50][52] Group 6: Gold Industry Price Changes - As of October 24, 2025, the Chinese gold recycling price was 939.30 yuan/gram, down 3.66% month - on - month; Lao Fengxiang's gold price was 1228 yuan/gram, down 2.84% month - on - month; Chow Tai Fook's gold price was 1232 yuan/gram, down 2.38% month - on - month; Saturday's gold price was 1164 yuan/gram, down 3.32% month - on - month [54][58] Demand Changes - According to the World Gold Council, in Q2 2025, the investment demand for gold ETFs declined slightly. The central bank's gold - buying pace slowed down, and the high gold price led to a marginal decline in gold jewelry manufacturing demand [60] Group 7: Macroeconomic Data - This week, the US dollar index rose slightly, and the 10 - year US Treasury yield fell. The 10Y - 2Y US Treasury yield spread narrowed, the CBOE gold volatility dropped significantly, and the ratio of SP500/COMEX gold price increased. The 10 - year inflation - balanced interest rate was 2.30%, and inflation expectations rose slightly [64][68][71] - In October 2025, the People's Bank of China continued to increase its gold reserves by about 1.87 tons, significantly more than other countries [75]

Core Insights - The global financial market experienced significant volatility in October 2025, with gold prices briefly surpassing historical highs before dropping below the critical $4,200 mark, while silver prices also faced sharp declines [1] Market Performance - Year-to-date, gold prices have increased by over 60%, and silver prices have surged nearly 80%, leading to a wave of profit-taking and increased selling pressure [3] - The seasonal demand for physical gold in India has weakened, contributing to the decline in gold prices [3] Silver Market Dynamics - A notable short squeeze occurred in the silver market, with a temporary shortage of silver in London, forcing short sellers to seek alternative sources for delivery [4] - Following the initial price drop, buying interest returned, indicating a potential recovery in the silver market [4] Federal Reserve Influence - Expectations of interest rate cuts by the Federal Reserve are seen as a catalyst for gold and silver prices, with anticipated cuts in October and December [6] - Recent dovish comments from Fed Chair Jerome Powell suggest a shift in focus towards employment risks, hinting at future rate cuts [6] Geopolitical Factors - Ongoing geopolitical tensions and trade uncertainties have heightened market risk aversion, driving investors towards gold and silver as safe-haven assets [8] - Recent loan fraud cases involving U.S. regional banks have rekindled fears reminiscent of last year's banking crisis [8] Central Bank Actions - Central banks globally, particularly in China, India, and the Middle East, have been increasing their gold reserves, providing long-term support for gold prices [10] - Since November 2022, the People's Bank of China has added over 10 million ounces of gold to its reserves, indicating a strategic shift rather than short-term speculation [10] Structural Changes in Currency Reserves - The rise in gold prices reflects underlying cracks in the dollar credit system, with central banks significantly increasing gold holdings, reinforcing its status as a reserve asset [12] - As of Q2 2025, the dollar's share in global foreign exchange reserves fell to 56.32%, the lowest since 1995 [12] Investment Sentiment - A survey of 75 central banks managing $5 trillion in assets revealed that one-third plan to increase gold reserves in the next two years, the highest proportion in five years [15] - The current market dynamics suggest that gold is being redefined as a reserve asset independent of sovereign credit risk [15] Future Outlook - The potential for gold prices to continue rising or enter a period of volatility remains uncertain, influenced by Fed policies and global de-dollarization trends [17] - Major institutions have raised their gold price forecasts for 2026 to above $5,000, indicating a bullish long-term outlook [17] - The ongoing increase in gold reserves by various countries suggests that the current gold market dynamics may persist, with significant implications for future price stability [17]

23日国际金价上涨近2% 1 0月23日国际金价上涨近2%，国际油价大涨超5%。 3日国际金价上 当地时间周四，投资者等待即将公布的美国重要通胀数据，以此来判断美联储接下来的货 币政策走向。美国全国房地产经纪人协会当天公布的数据显示，由于美国抵押贷款利率降 至一年多来的最低水平，缓解了购房者对还款压力的担忧，美国9月成屋销量小幅上升， 显示出美国房地产市场出现了回暖迹象。 此外，科技股和芯片股在接连下跌后迎来反弹，推动美国三大股指集体上涨。截至收盘， 道指上涨0.31%，标普500指数上涨0.58%，纳指涨幅为0.89%。 中概股普遍走高，纳 斯达克中国金龙指数上涨约1.7% 。公司方面，周四盘后芯片公司英特尔公布的最新财报 好于分析师预期，公司股价盘后涨超7%。 贵金属市场方面，地缘政治风险加剧再度推升市场避险情绪，叠加金价在此前两个交易日 累计下跌约6.7%后，市场出现了技术性买盘，推动 国际金价周四反弹 。截至收盘，纽 约商品交易所12月黄金期价收于每盎司4145.6美元， 涨幅为1.97% 。 美欧宣布对俄实施新制裁 23日国际油价大涨超5% 原油期货方面，美国日前宣布对俄罗斯最大的两家石油企业实施制 ...

Group 1: Report Core Views - The supply and demand still suppress oil prices, but short - term geopolitical trends support oil prices, with a short - term low - level bullish mindset for oil [1] - The risk - aversion sentiment rises again, gold rebounds slightly, and the US dollar index has increased downward pressure, which is bullish for gold. Gold may oscillate at a high level in the medium term [1] - China's rubber inventory continues to decline, and the tire operating rate increases, driving the market upward. A low - level bullish mindset is adopted for rubber [3] - PTA has many maintenance expectations, low polyester inventory, and poor polyester operating load. It is advisable to follow the upward trend of crude oil and take a low - level bullish operation [3] - The futures price of lithium carbonate continues the oscillating and strengthening trend. In October, although the supply increases steadily, the strong demand in the power and energy storage fields will lead to a tight supply situation [4] - The demand for steel products recovers this week, the supply - demand contradiction eases, and the high cost supports steel prices. Steel prices may oscillate in the short term [5] - The supply - demand structure of coking coal is tight in the short term, and the market sentiment is positive. Coking coal prices are expected to continue to rise slightly [5] - After the Fourth Plenary Session of the 20th CPC Central Committee, the stock market may react in the short term. The bond market operation is difficult, with a medium - term slightly bearish oscillating mindset [6] - Although silver follows gold's decline, due to the almost certain interest rate cut in October, the decline of silver is limited. It is long - term bullish, short - term oscillating, and there are opportunities to go long [6] - The upward trend of national hog prices slows down. After the oscillating adjustment, there may be a bullish expectation. Hog futures prices stop falling and rebound, maintaining a bottom - oscillating and rebounding pattern [7] - The production of Malaysian palm oil increases, and the inventory pressure increases. The domestic supply is abundant, and the demand is weak. Palm oil will maintain an oscillating and weakening trend in the short term [7] - The spot market of imported soybeans is strong, and domestic demand is strong. Bean No. 2 oscillates and stabilizes, and Bean No. 1 maintains a bullish pattern [8] - The domestic methanol operating rate is high, the downstream demand is stable, and the port inventory accumulates slightly. The methanol 01 contract is expected to oscillate weakly in the short term [10] - The float glass operation is stable, the inventory rises, and the downstream demand is weak. The domestic soda ash market oscillates weakly and stably, and the soda ash 01 contract is expected to oscillate in the short term [11] - The supply - side pressure of polypropylene eases slightly, the demand - side operating rate rises slightly, and the inventory decreases. The PP 01 contract is expected to oscillate in the short term [12] Group 2: Specific Product Data and Analysis Crude Oil - On October 23, the US imposed new sanctions on Russia, and a US B - 1B bomber approached the Venezuelan coast [1] Gold - Putin said that US sanctions on Russia would not have a major impact on the Russian economy, and the US - Russia meeting was postponed [1] Rubber - In September 2025, China's rubber tire outer - tube production was 103.487 million, a year - on - year increase of 0.2%. From January to September, the production increased by 1.5% year - on - year to 8.99386 billion. The tire capacity utilization rate continued to rise [3] PTA - PTA social inventory is 314.13 million tons, a decrease of 5.03 million tons from the previous period. PTA capacity utilization rate is 75.98%, and polyester comprehensive capacity utilization rate is around 87.51% [3] Lithium Carbonate - SMM battery - grade lithium carbonate index price is 74,821 yuan/ton, a daily increase of 458 yuan/ton. The average price of battery - grade lithium carbonate is 74,800 yuan/ton, a daily increase of 450 yuan/ton [4] Steel and Coking Coal - As of October 23, the weekly output of rebar was 2.0707 million tons, an increase of 59,100 tons from last week. The factory inventory was 1.8463 million tons, a decrease of 100 tons from last week. The social inventory was 4.3748 million tons, a decrease of 189,300 tons from last week [5] - This week, the capacity utilization rate of 523 coking coal mines was 85.1%, a decrease of 2.3% from the previous period. The daily output of raw coal was 1.91 million tons, a decrease of 51,000 tons from the previous period [5] Bonds - The Fourth Plenary Session of the 20th CPC Central Committee announced the goal of achieving significant leaps in various strengths and reaching the level of medium - developed countries in per capita GDP by 2035 [6] Silver - Vice - Premier He Lifeng will lead a delegation to Malaysia for Sino - US economic and trade consultations from October 24 to 27 [6] Hog - On October 23, the average wholesale price of pork in the national agricultural product market was 17.62 yuan/kg, a decrease of 0.6% from the previous day [7] Palm Oil - From October 1 - 20 in Malaysia, the production of crude palm oil increased by 10.77% compared with the same period last month [7] Soybean - The IGC predicts that the global soybean production in the 2025/26 season will decrease by 1 million tons year - on - year to 428 million tons, the trade volume will increase by 2 million tons to 187 million tons, and the consumption will decrease by 1 million tons to 430 million tons [8] Methanol - The market price of methanol in Jiangsu Taicang is 2,250 yuan/ton, an increase of 8 yuan/ton. The domestic weekly capacity utilization rate of methanol is 87.4%, a decrease of 2.13%. The downstream total capacity utilization rate is 75.11%, a weekly decrease of 1.53% [10] Soda Ash - The mainstream price of heavy - grade soda ash nationwide is 1,271 yuan/ton. The weekly output of soda ash is 740,500 tons, a decrease of 3.93%. The total inventory of soda ash manufacturers is 1.7021 million tons, a weekly increase of 0.09% [11] Polypropylene - The mainstream price of East China drawn - grade polypropylene is 6,597 yuan/ton, an increase of 43 yuan/ton. The capacity utilization rate of polypropylene is 75.01%, a decrease of 0.29% from the previous day [12]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The U.S. government shutdown has lasted for three weeks, becoming the second-longest shutdown in history. The two parties remain deadlocked over the upcoming expiration of medical subsidies, and the total U.S. federal government debt has exceeded $38 trillion, providing potential safe-haven support [2]. - The market's expectation of loose policies from Japan's new political party has strengthened, pushing the U.S. dollar to continue to strengthen in the short term, which may continue to suppress the gold price [2]. - Looking ahead, there are many uncertainties in the macro - environment. The London gold price still has strong buying support at the $4000 mark, but subsequent correction risks should be guarded against. The short - term trend of gold and silver will mainly be wide - range fluctuations. Attention should be paid to the U.S. CPI data released on Friday. If the CPI is stronger than expected, it may weaken the expectation of interest rate cuts and lead to a further correction in the gold price. The trading range for the SHFE Gold 2512 contract is 900 - 1000 yuan/gram, and for the SHFE Silver 2512 contract is 11000 - 11600 yuan/kilogram [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the SHFE Gold main contract was 942.28 yuan/gram, a decrease of 10.28 yuan; the closing price of the SHFE Silver main contract was 11467 yuan/kilogram, an increase of 63 yuan [2]. - The main contract positions of SHFE Gold were 189131 lots, a decrease of 3672 lots; the main contract positions of SHFE Silver were 377229 lots, a decrease of 9004 lots [2]. - The net positions of the top 20 holders of the SHFE Gold main contract were 109168 lots, a decrease of 1528 lots; the net positions of the top 20 holders of the SHFE Silver main contract were 97767 lots, an increase of 135 lots [2]. - The warehouse receipt quantity of gold was 87015 kilograms, unchanged; the warehouse receipt quantity of silver was 663366 kilograms, a decrease of 28322 kilograms [2]. 3.2 Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network was 938 yuan/gram, a decrease of 5.5 yuan; the spot price of silver was 11360 yuan/kilogram, an increase of 57 yuan [2]. - The basis of the SHFE Gold main contract was - 4.28 yuan/gram, an increase of 4.78 yuan; the basis of the SHFE Silver main contract was - 107 yuan/kilogram, a decrease of 6 yuan [2]. 3.3 Supply - Demand Situation - The gold ETF holdings were 1052.37 tons, a decrease of 6.29 tons; the silver ETF holdings were 15597.61 tons, a decrease of 79.03 tons [2]. - The non - commercial net positions of gold in CFTC were 266749 contracts, an increase of 339 contracts; the non - commercial net positions of silver in CTFC were 52276 contracts, an increase of 738 contracts [2]. - The total supply of gold in the quarter was 1313.01 tons, an increase of 54.84 tons; the total annual supply of silver was 987.8 million troy ounces, a decrease of 21.4 million troy ounces [2]. - The total demand for gold in the quarter was 1313.01 tons, an increase of 54.83 tons; the global total annual demand for silver was 1195 million ounces, a decrease of 47.4 million ounces [2]. 3.4 Option Market - The 20 - day historical volatility of gold was 33.48%, an increase of 5.33 percentage points; the 40 - day historical volatility of gold was 24.5%, an increase of 3.17 percentage points [2]. - The implied volatility of at - the - money call options for gold was 31.86%, a decrease of 2.53 percentage points; the implied volatility of at - the - money put options for gold was 31.86%, a decrease of 2.53 percentage points [2]. 3.5 Industry News - As of October 21, the total U.S. federal government debt exceeded $38 trillion for the first time, just over two months after reaching $37 trillion in mid - August [2]. - The U.S. government shutdown has lasted for 22 days, becoming the second - longest shutdown in history. The two parties are deadlocked over medical subsidies, and it may last until November [2]. - U.S. President Trump cancelled his meeting with Russian President Putin in Budapest. The U.S. has imposed sanctions on Russia's largest oil producer [2]. - India and the U.S. are about to reach a trade agreement, potentially reducing the tariff on Indian goods exported to the U.S. from about 50% to 15% - 16% [2]. - There are signs of a缓和 in international trade relations, and there are rumors that senior Chinese and U.S. leaders will hold tariff negotiations in Malaysia [2].