Report Information - Report Title: Big Asset Morning Report - Research Team: Macro Team of the Research Center - Date: November 27, 2025 [1] Global Asset Market Performance - **10 - Year Treasury Bonds**: Data for major economies such as the US, UK, France, etc., are all marked as '-', indicating no available data presented [2] - **2 - Year Treasury Bonds**: Data for major economies including the US, UK, Germany, etc., are all '-', showing no available data [2] - **Exchange Rates**: Data for the US dollar against major emerging - economy currencies like the Brazilian real, Russian ruble, etc., are all '-', with no available data [2] - **Stock Indices**: Data for major economies' stock indices such as the S&P 500, Dow Jones Industrial Average, etc., are all '-', meaning no available data [2] - **Credit Bond Indices**: Data for various credit bond indices including US investment - grade, euro - zone investment - grade, etc., are all '-', indicating no available data [2] Stock Index Futures Trading Data - **Index Performance**: A - share closed at 3864.18 with a - 0.15% change; the CSI 300 closed at 4517.63 with a 0.61% change; the SSE 50 closed at 2971.80 with a 0.12% change; the ChiNext closed at 3044.69 with a 2.14% change; the CSI 500 closed at 6965.05 with a 0.15% change [3] - **Valuation**: The PE(TTM) of the CSI 300 is 13.92 with a 0.00 change; the SSE 50 is 11.85 with a - 0.04 change; the CSI 500 is 31.74 with a 0.05 change [3] - **Fund Flows**: The latest A - share fund flow is - 610.83, the main - board is - 535.27, the ChiNext is - 96.51, and the CSI 300 is 67.16. The 5 - day average of A - shares is - 515.31, the main - board is - 447.60, the ChiNext is - 55.59, and the CSI 300 is - 65.88 [3] Other Trading Data - **Transaction Amount**: The latest total trading amount of the Shanghai and Shenzhen stock markets is 17833.46 with a - 288.01 change; the CSI 300 is 4273.61 with a 158.37 change; the SSE 50 is 972.58 with a - 7.74 change; the small - and - medium - sized board is 3572.97 with a - 150.94 change; the ChiNext is 5235.99 with a 11.44 change [4] - **Main Contract Premium/Discount**: For IF, the basis is - 24.63 with a - 0.55% change; for IH, the basis is - 7.20 with a - 0.24% change; for IC, the basis is - 55.65 with a - 0.80% change [4] - **Treasury Bond Futures**: Data for T2303, TF2303, T2306, TF2306 are all marked as '-', indicating no available data [4] - **Funding Rates**: R001 is 1.3672% with a - 15.00 BP change; R007 is 1.5205% with a 0.00 BP change; SHIBOR - 3M is 1.5790% with a 0.00 BP change [4]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 3.997, UK 4.493, France 3.406, Germany 2.671, Italy 3.399, Spain 3.161, Switzerland 0.131, Greece 3.273, Japan 1.799, Brazil 6.146, China 1.818, South Korea (not available), Australia 4.428, New Zealand 4.145 [3] - The latest yields of 2 - year government bonds in major economies are: US 3.460, UK 3.755, Germany 2.013, Japan 0.964, Italy 2.184, China (1Y yield) 1.404, South Korea (not available), Australia 3.673 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.386, Russia (not available), South Africa zar 17.220, Korean won 1468.300, Thai baht 32.310, Malaysian ringgit 4.135 [3] - The latest exchange rates of the RMB are: on - shore 7.085, off - shore 7.082, mid - price 7.083, 12 - month NDF 6.945 [3] - The latest values of major economies' stock indices are: S&P 500 6765.880, Dow Jones Industrial Average 47112.450, Nasdaq 23025.590, Mexican index 63214.560, UK index 9609.530, French CAC 8025.800, German DAX 23464.630, Spanish index 16140.900, Russian index (not available), Nikkei 48659.520, Hang Seng Index 25894.550, Shanghai Composite Index 3870.023, Taiwan index 26912.170, South Korean index 3857.780, Indian index 8521.885, Thai index 1268.780, Malaysian index 1611.740, Australian index 8824.235, emerging - economy index 1353.840 [3] - The latest values of credit - bond indices are: US investment - grade 3548.370, euro - zone investment - grade 266.193, emerging - economy investment - grade 290.250, US high - yield 2886.590, euro - zone high - yield 407.810, emerging - economy high - yield 1797.248 [3] Group 2: Stock Index Futures Trading Data - For A - shares, the closing price is 3870.02 with a 0.87% increase; for CSI 300, the closing price is 4490.40 with a 0.95% increase; for SSE 50, the closing price is 2968.20 with a 0.60% increase; for ChiNext, the closing price is 2980.93 with a 1.77% increase; for CSI 500, the closing price is 6954.60 with a 1.25% increase [4] - The PE (TTM) values are: CSI 300 13.92, SSE 50 11.89, CSI 500 31.69, S&P 500 26.78, German DAX 18.20, with环比changes of 0.11, 0.07, 0.34, 0.14, 0.18 respectively [4] - The risk premiums (1/PE - 10 - year interest rate) are: S&P 500 - 0.26, German DAX 2.82, with环比changes of 0.01 and - 0.04 respectively [4] - The latest capital flows are: A - shares 118.55, main board 41.57, small - and - medium - sized enterprise board (not available), ChiNext 82.95, CSI 300 22.47, and the 5 - day average values are - 534.34, - 438.23, (not available), - 68.11, - 58.99 respectively [4] Group 3: Other Trading Data - The latest trading volume amounts are: Shanghai and Shenzhen stock markets 18121.47, CSI 300 4115.24, SSE 50 980.32, small - and - medium - sized enterprise board 3723.91, ChiNext 5224.55, with环比changes of 843.73, - 142.83, - 122.39, 249.84, 462.39 respectively [5] - The basis and basis spreads of stock index futures are: IF basis - 17.40 (- 0.39%), IH basis - 9.00 (- 0.30%), IC basis - 54.60 (- 0.79%) [5] - The closing prices and price changes of treasury bond futures are: T2303 108.37 (- 0.13%), TF2303 105.80 (- 0.09%), T2306 108.22 (- 0.11%), TF2306 105.98 (- 0.01%) [5] - The capital interest rates are: R001 1.3843%, R007 1.5238%, SHIBOR - 3M 1.5800%, with daily changes of - 18.00 BP, - 4.00 BP, 0.00 BP respectively [5]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 4.065, UK 4.545, France 3.472, Germany 2.702, Italy 3.458, Spain 3.208, Switzerland 0.128, Greece 3.319, Japan 1.773, Brazil 6.217, China 1.813, Australia 4.462, New Zealand 4.163 [2] - The latest yields of 2 - year government bonds in major economies are: US 3.510, UK 3.770, Germany 2.012, Japan 0.941, Italy 2.195, China (1Y yield) 1.401, Australia 3.689 [2] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.403, South Africa zar 17.378, Korean won 1471.550, Thai baht 32.480, Malaysian ringgit 4.148. The on - shore RMB is 7.105, the off - shore RMB is 7.105, the RMB central parity rate is 7.088, and the RMB 12 - month NDF is 6.960 [2] - The latest values of major economies' stock indices are: S&P 500 6602.990, Dow Jones Industrial Average 46245.410, NASDAQ 22273.080, Mexican stock index 61877.270, UK stock index 9539.710, France CAC 7982.650, Germany DAX 23091.870, Spanish stock index 15821.900, Japanese Nikkei 48625.880, Hang Seng Index 25220.020, Shanghai Composite Index 3834.891, Taiwan stock index 26434.940, Korean stock index 3853.260, Indian stock index 8414.352, Thai stock index 1254.400, Malaysian stock index 1617.570, Australian stock index 8686.336, emerging - economy stock index 1333.960 [2] - The latest values of credit - bond indices are: Eurozone investment - grade credit - bond index 265.812, Eurozone high - yield credit - bond index 407.040 [2] Group 2: Stock Index Futures Trading Data - For A - share indices, the closing prices are: A - shares 3834.89, CSI 300 4453.61, SSE 50 2955.85, ChiNext 2920.08, CSI 500 6817.41. The percentage changes are: A - shares - 2.45%, CSI 300 - 2.44%, SSE 50 - 1.74%, ChiNext - 4.02%, CSI 500 - 3.46% [3] - The PE (TTM) values and their环比 changes are: CSI 300 PE (TTM) 13.87 (环比 change - 0.27), SSE 50 PE (TTM) 11.88 (环比 change - 0.15), CSI 500 PE (TTM) 31.11 (环比 change - 1.06), S&P 500 PE (TTM) 26.23 (环比 change 0.25), Germany DAX PE (TTM) 17.91 (环比 change - 0.15) [3] - The risk premiums and their环比 changes are: S&P 500 1/PE - 10 - year interest rate - 0.25 (环比 change - 0.01), Germany DAX 1/PE - 10 - year interest rate 2.88 (环比 change 0.06) [3] - The latest values and 5 - day average values of fund flows are: A - shares latest value - 1421.91, 5 - day average - 1031.30; Main board latest value - 1122.93, 5 - day average - 804.71; ChiNext latest value - 216.65, 5 - day average - 166.50; CSI 300 latest value - 303.73, 5 - day average - 151.52 [3] Group 3: Other Trading Data - The latest trading values and环比 changes of trading amounts in the Shanghai and Shenzhen stock markets are: Shanghai and Shenzhen stock markets latest value 19656.61 (环比 change 2574.72), CSI 300 latest value 4812.96 (环比 change 662.31), SSE 50 latest value 1263.25 (环比 change 253.43), SME board latest value 3842.45 (环比 change 319.54), ChiNext latest value 5301.03 (环比 change 849.23) [4] - The basis and basis - to - spot ratios of stock - index futures are: IF basis - 25.21 (basis - to - spot ratio - 0.57%), IH basis - 9.45 (basis - to - spot ratio - 0.32%), IC basis - 47.41 (basis - to - spot ratio - 0.70%) [4] - The closing prices and percentage changes of treasury - bond futures are: T2303 closing price 108.43 (change - 0.05%), TF2303 closing price 105.86 (change - 0.08%), T2306 closing price 108.24 (change - 0.00%), TF2306 closing price 105.91 (change - 0.04%) [4] - The latest values and daily changes of fund rates are: R001 1.3877% (daily change - 12.00 BP), R007 1.4952% (daily change - 1.00 BP), SHIBOR - 3M 1.5780% (daily change 0.00 BP) [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the economic situation from multiple aspects, indicating that industrial production is weak, personnel flow is increasing, consumption shows a downward trend, investment has seasonal recoveries, and exports have a decline in port throughput but an increase in most shipping indices. Meanwhile, bond indices generally rise, while stock indices and commodities generally fall, and most foreign currencies decline [3]. 3. Summary According to the Directory 3.1. Large - scale Assets - This week, bond indices generally rose, stock indices and commodities generally fell, and most foreign currencies declined. Among them, the ChinaBond 7 - 10 - year China Development Bank Bond Index rose the most, with a gain of 0.07%. The ChiNext Index fell the most, with a weekly decline of 6.15%. The Nanhua Precious Metals Index fell the most among commodities, with a decline of 4.07%. The Japanese yen had the largest decline against the RMB, with a weekly decline of 1.19%, while the US dollar appreciated against the RMB, with a weekly gain of 0.14% [3][8]. 3.2. Industrial Production - Production performance was weak. Upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants decreased by 4.20 pcts to 24.80%, the blast furnace operating rate decreased by 0.62 pcts to 82.17%, and the crude steel output increased by 6.00% week - on - week. In the real estate chain, the rebar operating rate increased by 1.31 pcts to 43.29%, the float glass operating rate decreased by 0.34 pcts to 74.96%, and the mill operating rate decreased by 0.39 pcts to 33.29%. In the general consumer goods chain, the operating rate of polyester filament increased by 0.10 pcts to 91.33%, the PTA operating rate decreased by 1.89 pcts to 74.29%, and the methanol operating rate decreased by 0.17 pcts to 83.77%. In the automotive chain, the operating rate of automobile semi - steel tires decreased by 2.61 pcts to 71.07%, and the operating rate of automobile all - steel tires decreased by 3.19 pcts to 61.31% [3][11]. 3.3. People and Goods Flow - Personnel flow continued to increase, and freight prices increased slightly. In terms of personnel flow, the 7 - day moving average (7DMA) of the national migration scale index increased by 6.45% week - on - week. The 7DMA of domestic flight operation numbers increased by 1.51% week - on - week, and the 7DMA of international flight operation numbers increased by 0.84% week - on - week. The subway passenger volume in Beijing decreased, while that in Shanghai, Shenzhen, and Guangzhou increased. In terms of freight volume, the 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.02% week - on - week, and the total volume was higher than the same period last year [3]. 3.4. Consumption - Automobile sales growth declined year - on - year, and price performance declined. The previous period's automobile wholesale decreased by 5.00% year - on - year, and retail decreased by 9.00% year - on - year. Both the 4WMA of wholesale year - on - year growth and the 4WMA of retail year - on - year growth declined. This period's movie box office decreased by 22% week - on - week, and the 7DMA of the number of moviegoers decreased by 22% week - on - week. Agricultural product prices declined, with pork prices decreasing by 0.83% week - on - week and vegetable prices decreasing by 6.08% week - on - week [3]. 3.5. Investment - Construction performance was good, and the commercial housing market had a seasonal upswing. This period's cement inventory - to - capacity ratio increased by 0.1 pcts week - on - week, the cement price index increased by 0.43% week - on - week, and the cement shipment rate was flat compared to last week. Rebar inventory decreased by 3.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts week - on - week, and the apparent demand for rebar increased by 6.7% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 24.2% week - on - week. By city tier, the commercial housing transaction area in first - tier cities decreased, while that in second - tier and third - tier cities increased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 0.1% week - on - week, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate decreased week - on - week [3]. 3.6. Export - Port throughput decreased, and most shipping indices increased. This period's port cargo throughput decreased by 1.1% week - on - week, and container throughput decreased by 5.4% week - on - week. The BDI index increased by 7.06% week - on - week, and the domestic SCFI index decreased by 3.98% week - on - week, while the CCFI index increased by 2.63% week - on - week [3].

Strategy - The article discusses the current bull market, emphasizing that it is not merely driven by liquidity and weak fundamentals, but rather the sustainability of this bull market is in question. It draws parallels with Japan's three bull markets in the 1990s, highlighting the importance of large-scale fiscal stimulus as a necessary condition for the initiation of a bull market in a low-growth, low-interest-rate environment. The article suggests that if policies are more targeted and aligned with external industrial trends, the bull market could last longer. Key risks to watch include policy easing, external disturbances like the AI bubble, and internal debt exposure [5][8]. Industry - For 2026, the article recommends overweighting gold, increasing allocation to Chinese technology stocks, and underweighting commodities. It notes that both gold and global stocks have seen significant increases, and the key for 2026 will be whether the bull markets in gold and stocks can continue. The article summarizes the switching patterns of major asset classes and emphasizes the importance of identifying the peak of the bull market in Chinese stocks and gold. It identifies economic and policy signals as the most effective indicators for Chinese stocks, while gold peaks are more dependent on Federal Reserve policies [8][10]. Macroeconomy - Since the launch of ChatGPT at the end of 2022, leading AI companies in the US have significantly outperformed the overall market. Similarly, Chinese AI leaders have also shown strong performance in the Hong Kong market. Despite rapid earnings growth for these companies, the risk premium remains at a low level, indicating optimistic investor sentiment. The article discusses the ongoing debate about the potential bubble in AI-related asset prices, focusing on the relationship between asset prices, innovation, and macroeconomic factors [10][12]. Quantitative & ESG - The report analyzes the calendar effects in the A-share market, focusing on the performance of mainstream styles and their cyclical patterns. Key conclusions include that growth and small-cap styles are significantly influenced by the timing of earnings disclosures, with growth stocks attracting more attention during busy reporting periods. Additionally, high dividend announcements and record dates can temporarily affect the performance of dividend styles. Institutional investors exhibit seasonal risk preference changes, favoring growth styles mid-year and defensive strategies towards year-end [13][15]. Global Research - The global economy and markets have shown unexpected resilience in 2025, despite significant trade tensions. However, there is notable divergence across industries and regions. The article predicts that Japan's economic growth may continue to exceed potential GDP in 2026. Southeast Asia, particularly Vietnam and Indonesia, is expected to benefit from industrial expansion, upstream mining investments, and diversification of global supply chains [16][17].

Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.114, UK 4.553, France 3.457, Germany 2.706, Italy 3.456, Spain 3.208, Switzerland 0.138, Greece 3.332, Japan 1.739, Brazil 6.245, China 1.805, Australia 4.441, New Zealand 4.150 [2] - The latest yields of 2 - year government bonds in major economies: US 3.574, UK 3.795, Germany 2.017, Japan 0.918, Italy 2.214, China (1Y yield) 1.410, Australia 3.668 [2] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.324, South Africa zar 17.185, South Korean won 1462.250, Thai baht 32.440, Malaysian ringgit 4.163 [2] - The latest values of on - shore RMB 7.109, off - shore RMB 7.111, RMB central parity rate 7.086, RMB 12 - month NDF 6.967 [2] - The latest values of major economies' stock indices: S&P 500 6617.320, Dow Jones Industrial Average 46091.740, NASDAQ 22432.850, Mexican stock index 61984.450, UK stock index 9552.300, French CAC 7967.930, German DAX 23180.530, Spanish stock index 15827.000, Japanese Nikkei 48702.980, Hong Kong Hang Seng Index 25930.030, Shanghai Composite Index 3939.813, Taiwan stock index 26756.120, South Korean stock index 3953.620, Indian stock index 8361.926, Thai stock index 1270.040, Malaysian stock index 1614.060, Australian stock index 8738.270, emerging - economy stock index 1361.750 [2] - The latest values of credit - bond indices: Eurozone investment - grade credit - bond index 265.631, Eurozone high - yield credit - bond index 406.730 [2] Stock Index Futures Trading Data - Index performance: A - share closing price 3939.81 (down 0.81%), CSI 300 closing price 4568.19 (down 0.65%), SSE 50 closing price 3003.02 (down 0.30%), ChiNext closing price 3069.22 (down 1.16%), CSI 500 closing price 7151.02 (down 1.17%) [3] - Valuation: PE (TTM) of CSI 300 14.06 (down 0.08), SSE 50 11.90 (down 0.03), CSI 500 32.57 (down 0.41), S&P 500 27.51 (down 0.23), German DAX 17.98 (down 0.32) [3] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.48 (up 0.06), German DAX 2.86 (up 0.11) [3] - Fund flow: Latest A - share fund flow - 1462.75, motherboard - 1190.40, ChiNext - 214.75, CSI 300 - 225.97; 5 - day average A - share fund flow - 712.73, motherboard - 585.51, ChiNext - 90.24, CSI 300 - 119.58 [3] - Transaction amount: Latest transaction amount of Shanghai and Shenzhen stock markets 19260.68 (up 152.77), CSI 300 4201.50 (down 187.90), SSE 50 1062.01 (down 56.04), SME board 4127.54 (up 19.72), ChiNext 5015.67 (up 149.23) [4] - Main contract basis: IF basis - 13.19 (down 0.29%), IH basis - 5.42 (down 0.18%), IC basis - 71.22 (down 1.00%) [4] Treasury Bond Futures Trading Data - Closing prices of treasury bond futures: T2303 108.50 (up 0.01%), TF2303 105.92 (up 0.01%), T2306 108.25 (up 0.01%), TF2306 105.89 (unchanged) [4] - Fund interest rates: R001 1.5711% (up 4.00 BP), R007 1.5294% (unchanged), SHIBOR - 3M 1.5800% (unchanged) [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - From November 10th to November 14th, the US federal government shutdown ended, and some key data is expected to be released. Globally, stocks and commodities rose while the bond market declined, with commodities > stocks > bonds in USD terms. In China, the stock market declined while the bond and commodity markets were relatively strong, with commodities > bonds > stocks. After the end of the US government shutdown, market liquidity is expected to gradually return to normal, and attention should be paid to the overall changes in market liquidity [3]. 3. Summary by Relevant Catalogs Global Major Asset Performance Global Stock Market - In the week from November 10th to November 14th, multiple Fed officials took a hawkish stance, reducing the expectation of a December USD interest rate cut. Global major stock markets showed mixed performance. European stocks led the gains, while US stocks performed poorly. Emerging markets underperformed developed markets, and the VIX index rose for the week [8]. - The MSCI US index dropped 0.02% for the week, the S&P 500 rose 0.08%, the MSCI Europe index rose 2.13%, and the MSCI Asia-Pacific region index rose 0.29% [11][12][13]. Global Bond Market - In the week from November 10th to November 14th, multiple Fed officials expressed caution about a December USD interest rate cut. Medium and long-term US bond yields increased. The 10-year US bond yield rose 3BP to 4.14% for the week, and the bond market declined. Globally, high-yield bonds > credit bonds > government bonds [15]. Global Foreign Exchange Market - In the week from November 10th to November 14th, the uncertainty of a December USD interest rate cut increased, and the US dollar index declined for the week. Most major non-US currencies rose against the US dollar, and the RMB exchange rate closed higher. The US dollar index dropped 0.26% for the week [16]. Global Commodity Market - The international oil price fluctuated and closed higher for the week. Precious metal prices retreated from their highs but still closed higher for the week. Most major agricultural product prices rose, while most non-ferrous metal prices declined [18]. Domestic Major Asset Performance Domestic Stock Market - The A-share market's major broad-based indices generally declined. The trading volume of the two markets increased compared to the previous week. In terms of style, the growth style underperformed. Among sectors, consumer services and textile and apparel led the gains, while communication and electronics performed poorly. The Shanghai Composite Index dropped 0.18% for the week [21]. Domestic Bond Market - In the week from November 10th to November 14th, the central bank's open market operations had a net injection of 62.62 billion yuan. The liquidity tightened marginally. The bond market fluctuated and trended stronger. Overall, government bonds > corporate bonds > credit bonds [24]. Domestic Commodity Market - The domestic commodity market closed higher for the week. Among major commodity sectors, precious metals led the gains, while the energy sector performed poorly [25]. Outlook for Major Asset Prices - After the end of the US government shutdown, market liquidity is expected to gradually return to normal. Attention should be paid to the overall changes in market liquidity [3][29].

Group 1: Global Asset Market Performance - 10 - year Treasury yields in major economies: US 4.149, UK 4.573, France 3.458, Germany 2.719, Italy 3.471, Spain 3.226, Switzerland 0.139, Greece 3.347, Japan 1.705, Brazil 6.222, China 1.806, Australia 4.439, New Zealand 4.165 [2] - 2 - year Treasury yields in major economies: US 3.608, UK 3.840, Germany 2.034, Japan 0.930, Italy 2.230, China (1Y yield) 1.408, Australia 3.693 [2] - Dollar exchange rates against major emerging market currencies: Brazil 5.297, South Africa zar 17.090, Korean won 1451.350, Thai baht 32.400, Malaysian ringgit 4.133 [2] - RMB exchange rates: on - shore 7.099, off - shore 7.099, mid - price 7.083, 12 - month NDF 6.959 [2] - Major stock indices: S&P 500 6734.110, Dow Jones Industrial Average 47147.480, Nasdaq 22900.590, Mexican index 62328.630, UK index 9698.370, France CAC 8170.090, Germany DAX 23876.550, Spanish index 16345.900, Russian index (not available), Nikkei 50376.530, Hang Seng Index 26572.460, Shanghai Composite Index 3990.492, Taiwan index 27397.500, Korean index 4011.570, Indian index 8370.436, Thai index 1269.260, Malaysian index 1625.670, Australian index 8907.002, emerging market index 1385.610 [2] - Credit bond indices: US investment - grade 3514.100, Eurozone investment - grade 265.606, emerging market investment - grade 289.070, US high - yield 2874.380, Eurozone high - yield 407.330, emerging market high - yield 1795.322 [2] Group 2: Stock Index Futures Trading Data - Index performance: A - shares closing price 3990.49, down 0.97%; CSI 300 closing price 4628.14, down 1.57%; SSE 50 closing price 3038.43, down 1.15%; ChiNext closing price 3111.51, down 2.82%; CSI 500 closing price 7235.46, down 1.63% [3] - Valuation: PE(TTM) of CSI 300 14.24 (down 0.17), SSE 50 12.04 (down 0.09), CSI 500 33.03 (down 0.50), S&P 500 28.00 (down 0.01), Germany DAX 18.52 (down 0.19) [3] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.58 (down 0.03), Germany DAX 2.68 (up 0.02) [3] - Fund flow: A - shares latest value - 1241.15, 5 - day average - 612.41; Main board latest value - 876.95, 5 - day average - 423.49; ChiNext latest value - 280.70, 5 - day average - 133.20; CSI 300 latest value - 349.80, 5 - day average - 128.23 [3] - Trading volume: Shanghai and Shenzhen stock markets latest value 19580.79 (down 838.83), CSI 300 4447.20 (down 653.41), SSE 50 1203.76 (down 121.05), SME board 4174.57 (down 85.23), ChiNext 4879.21 (down 350.02) [4] - Main contract basis: IF - 27.74 (- 0.60%), IH - 8.03 (- 0.26%), IC - 98.06 (- 1.36%) [4] Group 3: Treasury Futures Trading Data - Treasury futures closing prices: T2303 108.42 (unchanged), TF2303 105.88 (down 0.01%), T2306 108.19 (unchanged), TF2306 105.87 (unchanged) [4] - Funding rates: R001 1.4296% (down 7.00 BP), R007 1.4945% (down 1.00 BP), SHIBOR - 3M 1.5800% (unchanged) [4]

Report Industry Investment Rating No relevant content provided. Core View of the Report The economic situation from November 9 to November 15, 2025, shows weak supply and demand, with downward pressure on prices. Industrial production is weak, while personnel flow is increasing, and freight prices are slightly rising. Consumption, investment, and exports all show mixed trends, and there are also corresponding changes in the performance of major asset classes [1]. Summary by Directory 1. Major Asset Classes - Bond indices mostly rose, with the AA and AA - indices of ChinaBond corporate bonds rising the most, both by 0.06%. - Stock indices generally fell, with the Science and Technology Innovation 50 Index falling the most, with a weekly decline of 3.85%. - Commodities showed mixed performance, with the Nanhua Precious Metals Index rising the most by 5.07% and the Nanhua Energy and Chemicals Index falling the most by 0.65%. - Most foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 1.36%, and the US dollar depreciating by 0.31% [1]. 2. Industrial Production - Upstream: The coal consumption of the national power plant sample area decreased by 1.27% week - on - week. The operating rate of petroleum asphalt plants decreased by 0.70 pcts to 29.00%, and the blast furnace operating rate decreased by 0.36 pcts to 82.79%, while the crude steel output increased by 6.00% week - on - week. - Real estate chain: The operating rate of rebar increased by 0.68 pcts to 41.98%, the operating rate of float glass remained flat at 75.30%, and the mill operation rate decreased by 3.50 pcts to 33.68%. - Consumer goods chain: The operating rate of polyester filament increased by 0.41 pcts to 91.23%, the PTA operating rate decreased by 1.51 pcts to 76.18%, and the methanol operating rate decreased by 0.69 pcts to 83.94%. - Automobile chain: The operating rate of automobile semi - steel tires increased by 0.01 pcts to 73.68%, and the operating rate of automobile all - steel tires decreased by 0.96 pcts to 64.50% [1]. 3. People and Goods Flow - Personnel flow continued to rise. The 7 - day moving average (7DMA) of the national migration scale index increased by 0.80% week - on - week. The 7DMA of domestic flight operations increased by 0.61%, while that of international flights decreased by 0.42%. Subway passenger volumes in Beijing and Shanghai decreased, while those in Shenzhen and Guangzhou increased. - Freight prices rose slightly. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.03% week - on - week, but the total volume was lower than the same period last year [1]. 4. Consumption - Automobile sales growth declined year - on - year. The previous period's automobile wholesale decreased by 22.00% year - on - year, and retail decreased by 19.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. - Movie box office and attendance increased. The weekly box office increased by 107%, and the 7DMA of the number of moviegoers increased by 94%. - Agricultural product prices declined. The price of pork decreased by 0.93% week - on - week, and the price of vegetables decreased by 3.41% week - on - week [1]. 5. Investment - Construction performance was weak. The cement inventory - to - capacity ratio increased by 1.3 pcts week - on - week, the cement price index increased by 0.03%, and the cement shipping rate decreased by 3.7 pcts. Rebar inventory decreased by 2.3% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts, and the apparent demand for rebar decreased by 1.0% week - on - week. - The real estate market showed seasonal upward trends. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 20.1% week - on - week, with increases in first - tier, second - tier, and third - tier cities. The 7DMA of the second - hand housing transaction area in 16 cities increased by 1.6%, while the national second - hand housing listing price index decreased by 0.4%. The land transaction area in 100 cities decreased, and the land transaction premium rate decreased week - on - week [1]. 6. Exports - Port throughput decreased. The weekly port cargo throughput decreased by 4.3%, while the container throughput increased by 1.4%. - Most shipping indices rose. The BDI index increased by 1.00% week - on - week, the domestic SCFI index decreased by 2.92%, and the CCFI index increased by 3.39% week - on - week [1].

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