Core Viewpoint - Bank of America has raised the target price for Minhua Holdings (01999) by 15% from HKD 4.6 to HKD 5.3, maintaining a "Neutral" investment rating due to resilient profit margins and a 6% dividend yield offsetting uncertainties from tariff policies and domestic demand [1] Financial Performance - Minhua's net profit for the first half of the year was HKD 1.146 billion, a year-on-year increase of 0.6%, exceeding expectations by 7% [1] - Revenue decreased by 3% year-on-year to HKD 8.045 billion, primarily impacted by a 6% decline in the Chinese market (average selling price/sales volume: down 6%/flat) [1] - The gross profit margin was better than expected at 40.4%, benefiting from favorable raw material costs, with gross margins in China and the US both up by 1 percentage point compared to the same period last year [1] Cost and Expenses - Selling, general, and administrative expenses increased by 1.7 percentage points to 23.7%, mainly reflecting the tariff-sharing agreement reached with customers in Vietnam [1] Dividend Announcement - The company announced a dividend of HKD 0.15 per share, unchanged from the previous year [1]

Group 1: U.S. Economic Policy - The U.S. government shutdown lasted 43 days, resulting in an estimated loss of $1.5 trillion, with the overall impact to be assessed over weeks or months[4] - The IMF predicts that the U.S. GDP growth for Q4 will be below the previous forecast of 1.9% due to the shutdown[4] - U.S. October PPI increased by 2.4% year-on-year and 0.2% month-on-month, while core PPI rose by 3.1% year-on-year, exceeding expectations[4][5] Group 2: Monetary Policy and Interest Rates - Fed officials are divided on interest rate decisions, with some advocating for a 50 basis point cut, while others prefer to maintain current rates[4] - The probability of at least a 25 basis point cut in December decreased from 66.9% to 44.4%[5] - The weighted average expected policy rate for the end of 2026 increased from 2.90% to 2.96%[5] Group 3: Global Market Trends - U.S. stocks saw modest gains, with the S&P 500 and Dow Jones up by 0.1% and 0.3%, respectively, while the Nasdaq fell by 0.5%[11] - European stocks rose, with the STOXX 600 index increasing by 1.8% driven by healthcare valuations[11] - The dollar index weakened by 0.26%, while the euro and pound strengthened against the dollar[20] Group 4: Commodity Prices - Brent and WTI crude oil prices rose by 1.2% and 0.6%, respectively, closing at $64.4 and $60.1 per barrel[18] - Gold prices increased by 1.9%, reaching $4,071.1 per ounce, while silver surged by 6.8% to $52.0 per ounce[18]

Group 1 - The core viewpoint of the report indicates that Minhua Holdings' performance for the first half of the fiscal year ending September exceeded expectations, with a slight net profit increase of 0.6% to HKD 1.146 billion, which is 7% higher than the bank's forecast [1] - Total revenue decreased by 3% year-on-year, primarily due to a 6% decline in revenue from the Chinese market, while the US and European markets experienced mild growth of 0.3% and 4% respectively [1] - The gross profit margin remained stable at 40.4%, also surpassing expectations [1] Group 2 - The bank maintains a "neutral" rating on Minhua Holdings, expressing optimism about the resilience of its business profit margins and a dividend yield of 6%, which can partially offset uncertainties related to tariff policies and domestic demand [1] - Considering the impact of the latest tariff policies, the bank has slightly lowered its net profit forecast for Minhua for the fiscal year 2026 by 2%, while raising the target price from HKD 4.6 to HKD 5.3 to reflect improved liquidity [1]

Group 1: Gold Futures Market - Gold futures are currently trading around 934.94 yuan per gram, with a decline of 2.52% [1] - The highest price reached was 940.88 yuan per gram, while the lowest was 921.38 yuan per gram [1] - The short-term outlook for gold futures appears to be fluctuating [1] Group 2: U.S. Tariff Policy Changes - President Trump signed an executive order on November 14, removing certain agricultural products from the "reciprocal tariff" list, effective from November 13 [3] - The U.S. has eliminated tariffs on certain food imports from Argentina, Ecuador, Guatemala, and El Salvador, including coffee and bananas, in response to public concerns over rising prices [3] - A comprehensive agreement was reached between the U.S. and South Korea regarding tariffs and defense, with specific tariff adjustments on products and a commitment from South Korea to invest $350 billion in the U.S. [3] - To mitigate the impact of U.S. tariff policies, the South Korean government plans to increase electric vehicle subsidies by 20% by 2025, reaching 936 billion won, and provide over 15 trillion won in policy financing to auto parts suppliers [3] Group 3: Key Levels for Gold Futures - The key resistance levels for gold futures are identified between 1001 yuan per gram and 1020 yuan per gram [4] - Important support levels are noted to be between 766 yuan per gram and 950 yuan per gram [4]

Group 1: Trade Policies and Agreements - The U.S. President Trump signed an executive order on November 14, exempting certain agricultural products from the "reciprocal tariffs" list, effective from November 13 [1] - The U.S. announced the removal of tariffs on certain food imports from Argentina, Ecuador, Guatemala, and El Salvador, including coffee and bananas, in response to public concerns over rising prices [1] - The U.S. and Switzerland have "basically" reached a trade agreement, reducing Swiss goods tariffs from 39% to 15%, with Switzerland committing to invest $200 billion in the U.S. [1] - The U.S. and South Korea reached a comprehensive agreement on tariffs and defense, with South Korea committing to invest $350 billion in the U.S. [1] Group 2: Economic Indicators and Monetary Policy - Kansas City Fed President Schmidt stated that further rate cuts could exacerbate inflation rather than boost employment, indicating that current rates are "just right" for the economy [2] - The European Council announced the cancellation of tax exemptions for imported goods valued under €150, requiring all incoming goods to pay corresponding tariffs [2] - The U.S. Commerce Department is set to release the revised Q3 GDP and October personal income and PCE data on November 26 [2] - Japan's Finance Minister revealed a new economic stimulus package exceeding ¥17 trillion (approximately $110 billion) to boost the sluggish economy [2] Group 3: Market Dynamics - The Dow Jones Industrial Average fell by 0.65% to 47,147.48 points, while the S&P 500 decreased by 0.05% to 6,734.11 points, and the Nasdaq Composite rose by 0.13% to 22,900.59 points [3] - COMEX gold futures dropped by 2.62% to $4,084.4 per ounce, and silver futures fell by 5.21% to $50.4 per ounce [4] - U.S. oil futures increased by 2.15% to $59.95 per barrel, while Brent crude rose by 1.97% to $64.25 per barrel [4]

Report Industry Investment Rating - The rating for the US dollar is "Oscillating" [5] Core Viewpoints - Market risk appetite is fluctuating, with most global stock markets rebounding, most bond yields rising, and the US dollar index falling. The market is affected by factors such as the end of the US government shutdown, data uncertainties, and changes in tariff policies [1][11] - Liquidity crunch occurs repeatedly, leading to increased market volatility. The market's expectation of a December interest rate cut has changed, and asset prices are sensitive to liquidity changes [33][37] Summary by Directory 1. Global Market This Week Overview - Market risk appetite is wavering. Most stock markets rebound, most bond yields rise, the US dollar index drops 0.31% to 99.3, most non - US currencies appreciate, gold rebounds 2.1% to $4081 per ounce, the VIX index rises to 19.8, the spot commodity index closes higher, and Brent crude oil drops 0.1% to $63.74 per barrel [1][5][9] 2. Market Trading Logic and Asset Performance 2.1 Stock Market - Global stock markets mostly rebound. The S&P 500 in the US rises 0.08%, while the Shanghai Composite Index in China falls 0.18%. The end of the US government shutdown, data uncertainties, and changes in tariff policies affect the market. In China, the weak economic data in October puts pressure on the stock market [10][11] 2.2 Bond Market - Global bond yields mostly rise, with the 10 - year US Treasury yield reaching 4.14%. The end of the US government shutdown and potential fiscal deficit increase pressure on long - term bonds. Developed countries' monetary policies are on hold, and the domestic bond market in China is volatile [14][19][22] 2.3 Foreign Exchange Market - The US dollar index drops 0.31% to 99.3, and most non - US currencies appreciate. Offshore RMB rises 0.38%, the euro rises 0.47%, the British pound rises 0.08%, the Japanese yen drops 0.74%, the Swiss franc rises 1.39%, and some other currencies also show gains [25][27][28] 2.4 Commodity Market - Gold rebounds 2.1% to $4084 per ounce, affected by expectations of the Fed's policy shift. However, after the end of the US government shutdown and hawkish remarks from Fed officials, it gives back some gains. Brent crude oil drops 0.1% to $63.74 per barrel, and the supply - demand pattern for oil remains weak [29][32] 3. Hotspot Tracking - Liquidity crunch occurs repeatedly, causing increased market volatility. The market experiences a significant turnaround from the beginning to the end of the week due to data uncertainties and hawkish signals from the Fed [33][37] 4. Next Week's Important Event Reminders - Monday: Japan's Q3 GDP, US November New York Fed Manufacturing Index - Tuesday: US November NAHB Housing Market Index - Wednesday: UK and Eurozone October CPI - Thursday: US weekly initial jobless claims, November Philadelphia Fed Manufacturing Index, US September non - farm payrolls - Friday: Japan's October CPI, US November University of Michigan Consumer Confidence Index final value [39]

Core Viewpoint - The article discusses the recent decision by President Trump to lower tariffs on various food products, including beef, tomatoes, coffee, and bananas, in response to rising consumer prices and pressure from voters [3][4]. Group 1: Tariff Reductions - Trump signed an order to reduce tariffs on certain food items to alleviate grocery costs for consumers, effective from November 13 [3]. - The tariff reductions apply to products that the U.S. cannot sufficiently produce domestically, including hundreds of food items like coconuts, nuts, avocados, and pineapples [3]. - This move is part of Trump's broader strategy to address affordability concerns amid rising living costs [3][4]. Group 2: Economic Context - The decision comes after Republican candidates faced losses in key elections, where opponents emphasized policies to reduce living costs [4]. - Trump's previous tariffs had contributed to increased consumer prices, leading to a recognition of the need for adjustments to mitigate inflationary pressures [3][4]. Group 3: Specific Product Impacts - Beef prices have surged to historical highs due to a reduction in the domestic cattle herd, prompting increased reliance on imports to meet demand [4]. - Coffee prices have also risen significantly, with U.S. imports from Brazil dropping over 50% due to tariffs, which included a 50% tax on certain products [5]. - The tariff adjustments will only affect a portion of the tariffs on Brazilian products, leaving a substantial tax burden on coffee and beef exports [5]. Group 4: Trade Deficits and Agreements - The U.S. has seen an increase in imports of tropical products that cannot be grown domestically, leading to a projected agricultural trade deficit of $39.4 billion this year, with coffee accounting for about one-third of this value [6]. - The government has reached agreements with several Latin American countries to further reduce costs on products that cannot be produced in large quantities in the U.S. [6].

Core Points - President Trump signed an order to lower tariffs on beef, tomatoes, coffee, and bananas to reduce grocery costs in response to voter pressure [1] - The tariff reductions apply to products that the U.S. cannot produce enough of domestically, including hundreds of food items [1] - The tariff cuts will take effect retroactively from November 13 at 12:01 AM New York time [1] Group 1 - The decision reflects a shift in Trump's policy focus towards affordability measures amid growing voter concerns about the economy [1][2] - The U.S. Trade Representative indicated that this move aligns with Trump's broader strategy to provide tariff exemptions for key goods and industries [2] - Despite previous claims about the benefits of tariffs, the administration acknowledges the need for further actions to alleviate high consumer prices [2] Group 2 - Coffee prices have surged due to tariffs imposed on Brazilian imports, leading to a significant drop in U.S. coffee bean imports from Brazil by over 50% from August to October [3] - The tariffs on Brazilian products include a 10% retaliatory tariff and an additional 40% imposed for political reasons, maintaining a substantial cost burden on coffee and beef exports [3] - The U.S. has increasingly relied on imports for tropical products that cannot be grown domestically, with imports expected to reach $39.4 billion this year, accounting for 18% of total agricultural imports [4]

Core Points - The U.S. government has signed an order to lower tariffs on various food items, including beef, tomatoes, coffee, and bananas, in response to voter pressure to reduce grocery costs [1][2] - The tariff reductions will take effect retroactively from November 13, 12:01 AM New York time, and apply to products that the domestic supply cannot meet [1] - This decision reflects a shift in focus towards affordability measures amid rising concerns about the economy under the current administration [1][2] Tariff Adjustments - The tariff exemptions include hundreds of food items such as coconuts, nuts, avocados, and pineapples [1] - The adjustments are part of a broader strategy to provide tariff relief for key goods and industries, as stated by U.S. Trade Representative Jamison Greer [2] - The recent tariff changes only affect the 10% retaliatory tariff on Brazilian products, while an additional 40% tariff remains in place, continuing to impact coffee and beef prices [3] Market Impact - Coffee prices have surged, with U.S. imports of coffee beans from Brazil dropping over 50% from August to October due to previous tariffs [3] - The agricultural trade deficit has widened, with imports of tropical products expected to reach $39.4 billion this year, accounting for 18% of total agricultural imports [4] - Coffee alone represents about one-third of the value of these imports, indicating significant reliance on foreign sources for products not widely grown domestically [4]

Core Points - President Trump signed an order to lower tariffs on goods such as beef, tomatoes, coffee, and bananas to reduce grocery costs in response to voter pressure [1][2] - The tariff reductions apply to products that the U.S. cannot produce enough of domestically, including hundreds of food items like coconuts, nuts, avocados, and pineapples, effective from November 13 [1][2] - This decision reflects a shift in Trump's policy focus towards affordability measures amid rising concerns about the economy among voters [1][2] Group 1 - The White House indicated that the tariff adjustments are part of a broader strategy to provide exemptions for key goods and industries [2] - Trump's administration has faced criticism for its trade policies increasing living costs, yet acknowledges the need for further actions to alleviate high prices that have frustrated voters [2] - The recent tariff reductions come after Republican candidates faced losses in key elections, where opponents emphasized policies to ease living cost pressures [2] Group 2 - Coffee prices have surged due to tariffs imposed on Brazilian imports, with U.S. imports of coffee beans from Brazil dropping over 50% from August to October [3] - The tariffs on Brazilian products include a 10% retaliatory tariff and an additional 40% imposed for political reasons, meaning coffee and beef exports still face significant tariff burdens [3] - The tariff exemption list also includes cocoa, frozen orange juice, various nuts, tropical fruits, fertilizers, spices, and seeds [3] Group 3 - The U.S. has increasingly imported tropical products that cannot be grown domestically, leading to a widening agricultural trade deficit, with imports expected to reach $39.4 billion this year [4] - Coffee alone accounts for about one-third of the total value of agricultural imports, highlighting its significance in the trade balance [4] - Recent agreements with several Latin American countries aim to further reduce costs for goods that cannot be produced on a large scale in the U.S. [4]