Group 1: US Macroeconomic Data - The US PCE price index for September remained high, with a year-on-year increase of 2.8%, matching expectations and up from the previous value of 2.7% [1] - The month-on-month PCE price index for September rose by 0.3%, consistent with expectations and the previous value [1] - The core PCE price index for September increased by 2.8% year-on-year, in line with expectations but lower than the previous value of 2.9% [1] - The month-on-month core PCE price index for September rose by 0.2%, matching expectations and the previous value [1] - Personal consumption expenditures in September increased by 0.3% month-on-month, in line with expectations but lower than the previous value of 0.5% [1] - Actual personal consumption expenditures for September showed no growth, falling short of the expected increase of 0.1% and the previous value of 0.2% [1] - The ISM manufacturing index for November recorded 48.2, below expectations of 49 and the previous value of 48.7, indicating continued contraction in manufacturing [1] - The ISM services index for November recorded 52.6, exceeding expectations of 52 and the previous value of 52.4, indicating accelerated expansion in services [1] - The ADP employment report for November showed a decrease of 32,000 jobs, significantly below the expected decrease of 10,000 and the previous decrease of 42,000 [1] - Consumer confidence improved significantly in December, with inflation expectations declining [1] Group 2: Consumer Confidence and Inflation Expectations - The preliminary consumer confidence index from the University of Michigan for December recorded 52.3, better than the expected value of 52 and the previous value of 51 [2] - The one-year inflation expectation from the University of Michigan for December was 4.1%, lower than both the expected and previous values of 4.5% [2] - The five-year inflation expectation from the University of Michigan for December was 3.2%, lower than both the expected and previous values of 3.4% [2] Group 3: Major Index Performance - The S&P Oil & Gas Index rose by 1.97% during the week of December 1-5, while the Nasdaq 100 Index increased by 1.01% and the S&P 500 Index rose by 0.31% [3] - Among the 11 sectors covered by the S&P 500, 6 sectors experienced gains, with the S&P 500 Energy sector leading with a 1.40% increase, while the S&P 500 Utilities sector lagged with a 4.52% decline [3] Group 4: Market Outlook - US stocks experienced slight gains during the week of December 1-5, driven by disappointing employment data and stable interest rate cut expectations [5] - The market is closely monitoring the upcoming FOMC meeting for voting and dot plot information [6]

周二欧洲时段，国际金价一度下探至 4170 美元附近，为本周以来最低水平。本轮回落并未伴随新的基 本面触发，更接近典型的政策前仓位整理。在美联储周三公布利率决议前，交易员普遍降低敞口，为点 阵图修订、经济预测更新以及主席鲍威尔的发布会结果留出空间。 当前黄金走势呈现典型的政策前拉锯格局：降息预期限制下行，美债收益率抬升施压上行，而避险情绪 在底部提供支撑。与此同时，BIS 提及黄金与美股的同步过热结构，成为潜在波动来源。真正的趋势展 开仍依赖本周美联储的政策表述和点阵图调整内容。 尽管金价已经连续三日回落，但市场对美联储本次会议降息 25 个基点的预期依然处于高位，概率维持 在 85% 以上。宽松预期压制了美元反弹力度，也限制了黄金的下行幅度。与此同时，俄乌谈判推进缓 慢，美国内部针对援助政策的讨论再度升温，避险需求保持稳定，使得金价在 4150–4170 美元一带持续 获得支撑。 美国宏观层面，10 年期国债收益率周一意外升至近两个半月高位，主要受到市场猜测——鲍威尔可能 不会放松未来降息门槛——的推动。收益率上行使无收益资产黄金承压，加上亚洲盘情绪偏谨慎，使得 金价短线走弱。值得注意的是，国际清算银行（B ...

Core Viewpoint - International gold prices have recently declined to around $4,170, marking a new low for the week, primarily driven by routine position adjustments ahead of the Federal Reserve's interest rate decision [1] Group 1: Market Dynamics - The market is pricing in over an 85% chance of a 25 basis point rate cut at the upcoming Federal Reserve meeting, with discussions about potential easing paths extending into 2026 [1] - The U.S. dollar has rebounded slightly after hitting a low last week, but the strength of this rebound has been insufficient to push gold prices lower significantly [1] - The 10-year U.S. Treasury yield unexpectedly rose to a two-month high, putting direct pressure on non-yielding assets like gold [2] Group 2: Investor Behavior - The Bank for International Settlements (BIS) noted that retail investor funds are simultaneously driving up both gold and U.S. stock markets, with both showing rapid increases [2] - Retail investors have been the primary source of recent fund inflows, while institutional investors remain cautious, indicating potential for increased volatility in the market [2] Group 3: Technical Analysis - Gold prices are currently trading below the 200-hour moving average, with short-term support concentrated in the $4,164–$4,163 range; a break below this level could attract more short positions [3] - Key resistance for gold is at $4,200, with the $4,245–$4,250 range being critical for bulls to regain control [3] Group 4: Risk Factors - The BIS has raised concerns about potential bubbles in both the stock and gold markets, particularly in light of the upcoming policy decisions, which could lead to sudden reversals in market sentiment [4] - Geopolitical uncertainties continue to support safe-haven demand for gold, providing a buffer against further declines [4]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The platinum and palladium futures main contracts fluctuated weakly in intraday trading, with platinum's decline greater than palladium's. In the short - term, the realization of the interest - rate cut expectation may continue the price correction. In the long - term, platinum prices may be supported by the Fed's easing expectation, the continuation of the supply - demand structural deficit, and the long - term expansion of hydrogen economy demand. Palladium's demand is expected to weaken due to over - concentration in the automotive catalyst field and the popularization of electric vehicles, but the bullish sentiment driven by interest - rate cut expectations may support the price. The current low price of palladium may make it a cost - effective choice again, and there may be a follow - up catch - up rally. The London platinum spot is expected to face resistance at $1750 per ounce and support at $1500 per ounce; the London palladium spot may encounter resistance at $1500 per ounce and support at $1350 per ounce [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 436.40 yuan/gram, down 5.75 yuan; the closing price of the palladium main contract was 380.45 yuan/gram, down 1.80 yuan. The main contract holding volume of platinum was 10,387.00 hands, down 277.00 hands; the main contract holding volume of palladium was 3,179.00 hands, up 90.00 hands [2] 3.2 Spot Market - The Shanghai Gold Exchange platinum spot price (Pt9995) was 431.08 yuan/gram, down 4.22 yuan; the Yangtze River palladium spot price was 376.50 yuan/gram, up 16.50 yuan. The platinum main contract basis was - 5.32 yuan/gram, up 1.53 yuan; the palladium main contract basis was - 3.95 yuan/gram, up 18.30 yuan [2] 3.3 Supply - Demand Situation - The total annual supply of platinum in 2025 is expected to be 293.00 tons, down 5.00 tons; the total annual supply of palladium in 2025 is expected to be 220.40 tons, down 0.80 tons. The total annual demand for platinum in 2025 is expected to be 287.00 tons, down 27.00 tons; the total annual demand for palladium in 2025 is expected to be 261.60 tons, up 25.60 tons [2] 3.4 Macro Data - The US dollar index was 99.11, up 0.12; the 10 - year US Treasury real yield was 1.91%, up 0.03%. The VIX volatility index was 16.66, up 1.25 [2] 3.5 Industry News - The Fed is scheduled to hold an interest - rate meeting on December 9th and 10th, and the market generally expects a 25 - basis - point rate cut. Japan's Q3 real GDP was revised down to a 0.6% quarterly contraction and a 2.3% annual contraction. Japan's nominal wages rose 2.6% year - on - year in October, but real wages after inflation fell for the tenth consecutive month. The European Central Bank's hawkish Executive Board member Schnabel believes that economic and inflation risks are skewed upwards and is satisfied with the market's bet on the ECB's next rate hike [2] 3.6 Key Points to Watch - On December 9th at 19:00, the US November NFIB Small Business Confidence Index; at 23:00, the US October JOLTs Job Openings (in millions). On December 11th at 03:00, the Fed will announce the December FOMC meeting interest - rate decision [2]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector recorded a week-on-week increase of 5.35%, ranking first among all primary industries, driven by expectations of interest rate cuts and urgent metal warehouse conditions [1][14] - Industrial metals saw significant price increases, particularly copper, which reached a historical high due to supply concerns and rising demand expectations [2][29] - Precious metals strengthened overall, supported by declining interest rate expectations and silver market dynamics [4][42] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.37%, while the non-ferrous metals sector increased by 5.35%, outperforming the index by 4.98 percentage points [14] - Among the sub-sectors, industrial metals surged by 9.14%, while energy metals declined by 0.53% [14] Industrial Metals - **Copper**: LME copper price reached $11,665 per ton, up 4.38% week-on-week; SHFE copper price was 92,780 CNY per ton, up 6.12% [2][29] - **Aluminum**: LME aluminum price was $2,901 per ton, up 1.24%; SHFE aluminum price was 22,345 CNY per ton, up 3.40% [3][34] - **Zinc**: LME zinc price rose to $3,099 per ton, up 1.56%; SHFE zinc price was 23,305 CNY per ton, up 3.92% [37] - **Tin**: LME tin price reached $40,175 per ton, up 2.23%; SHFE tin price was 317,500 CNY per ton, up 4.08% [40] Precious Metals - **Gold**: COMEX gold closed at $4,227.70 per ounce, down 0.67%; SHFE gold closed at 961.04 CNY per gram, up 0.75% [4][42] - **Silver**: The silver market experienced significant price increases due to delivery volume expansion and rapid inventory declines [43]

FXStreet 分析师 HareshMenghani 提到，降息预期已被大量消化，黄金多头在决议前异常谨慎，不敢贸 然上攻。 Kitco 首席分析师 JimWyckoff 指出，当前金价处于 4180 - 4250 美元的核心震荡区间，4180 - 4200 美元 是关键支撑位，一旦跌破可能引发技术性抛盘，而 4250 - 4260 美元则是坚实阻力位，需放量突破才能 打开上涨空间。 瑞银预计降息预期可能推动金价在明年达到 4500 美元 / 盎司。 美国银行预测明年黄金价格最高可达 5000 美元 / 盎司，较当前水平上涨约 19%。 CrescatCapital 的宏观策略师 Tavi Costa 给出极端长线预测，在全球去美元化和债务膨胀背景下，金价可 能重估至 2.5 万甚至 5 万美元，以此恢复美国黄金储备与国债规模的历史平衡。 期货公司观点 广发期货： 美国经济运行和就业市场持续受到政府"关门"和贸易摩擦的冲击，然而随着美联储内部分歧较大并释放 鹰派信号使短期政策不确定性增加。地缘政治、金融机构"爆雷"等风险事件频发，更多央行增持黄金， 投资者重塑资产定价体系对金融属性强的商品货币的配置比例仍将 ...

金价在4,245美元阻力位下方整理，形成紧凑格局，预示潜在突破前的价格压缩。 降息预期持续支撑金价，因收益率走低与美元走软维持着利好宏观环境。 4381美元的历史高点仍是关键上行磁石，近期价格屡次在4200美元下方订单密集区获得支撑。 黄金仍是第四季度表现最强劲的宏观资产之一，尽管短期波动加剧且多次测试日内支撑位，仍维持在较高水平。图表显示市场拒绝下跌，即便价格在4,245 美元枢轴位下方停滞。每次回落至4,100美元中段区域都引发新的买盘兴趣，表明黄金下方结构性支撑依然完好。 ICMarkets认为这正是市场蓄势待发时的典型表现。黄金并非在分发筹码——而是在蓄势待发。 金价强势仍由降息预期驱动 随着美联储重启12月降息预期，黄金持续受益： 降息削弱美元，为黄金创造升值空间 收益率下降降低持有无收益资产的机会成本 政策过渡期投资者倾向转向防御性资产 市场尚未定价激进宽松周期——但单次降息预期已足以支撑金价维持高位。 地缘政治不确定性与大宗商品需求的韧性进一步强化了这一基本面支撑。 阻力位下方压缩 图表显示若干关键结构性特征： 历史高点4381美元形成明确外部流动性池。 金价反复测试4245美元短期高点，但始终 ...

Group 1: Investment Ratings - There is no information provided on the industry investment ratings in the reports [1][4][6][8][9][10][11][13][14][17] Group 2: Core Views Tin - Considering the strong fundamentals, the tin price is expected to remain strong throughout the year. It is advisable to maintain a bullish view on tin prices, hold existing long positions, and adopt a low - buying strategy on price pullbacks. Keep an eye on macro - end changes and supply - side fluctuations [1] Zinc - With the improvement of interest - rate cut expectations and the opening of the export space, zinc prices are expected to fluctuate strongly. The upward range of refined zinc production is limited, and the domestic supply pressure is relieved. The demand side has a structural improvement, but the downstream terminal demand remains stable. The LME inventory is continuously accumulating, and attention should be paid to the structural risk. The short - term price decline space is limited, and the domestic zinc price may be stronger than the London zinc price. Pay attention to the TC inflection point and refined zinc inventory changes [4] Copper - In the short term, the imbalance in global copper supply and inventory drives the copper price to rise rapidly, and the price volatility may intensify. In the long term, the supply - demand contradiction of copper still exists, supporting the bottom center of copper prices to gradually rise. Pay attention to the structural changes of domestic and foreign inventories and the risk of short squeezes [6] Aluminum - The alumina market is expected to maintain a bottom - oscillating trend, with the main contract reference range moving down to 2550 - 2800 yuan/ton. The electrolytic aluminum market is expected to remain strong in the short term, but be cautious of the retracement risk after the price peaks. The main contract of Shanghai aluminum is expected to oscillate in the range of 21700 - 22500 yuan/ton this week. Focus on the final decision of the Federal Reserve's interest - rate meeting and the actual destocking situation of domestic inventories [8] Industrial Silicon - It is expected that the industrial silicon price will continue to oscillate at a low level, with the main price fluctuation range between 8500 - 9500 yuan/ton. If the price falls to around 8500 - 8700 yuan/ton, consider buying on dips [9] Polysilicon - The polysilicon futures may continue to oscillate at a high level, but considering the weak demand, the spot price has limited upward momentum. It is more likely that the futures price will decline to converge with the spot price. For now, it is advisable to wait and see [10] Aluminum Alloy - The casting aluminum alloy market is expected to maintain a high - level narrow - range oscillation in the short term, with the main contract reference range of 20800 - 21600 yuan/ton. Pay attention to the improvement progress of scrap aluminum supply and the change of downstream procurement rhythm [11][12] Nickel - In the short term, the nickel price is expected to oscillate within a range, with the main reference range of 116000 - 120000 yuan/ton. Pay attention to the changes in macro - expectations and the industrial policy news from Indonesia [13] Stainless Steel - The stainless - steel market is expected to oscillate and repair in the short term, with the main contract running range of 12400 - 12800 yuan/ton. Pay attention to the implementation strength of steel mills' production cuts and the change of raw material prices [14] Lithium Carbonate - The lithium carbonate market is expected to oscillate widely in the short term, with the main contract reference range of 92000 - 96000 yuan/ton. Pay attention to the resumption of production by large manufacturers and the sustainability of demand in the off - season [17] Group 3: Summary by Catalog Tin - **Price and Spread**: The spot price of SMM 1 tin decreased by 800 yuan/ton to 314000 yuan/ton, a decrease of 0.25%. The import loss decreased by 1289.45 yuan/ton to 15329.05 yuan/ton, a decrease of 7.76%. The spread between contracts 2512 - 2601 increased by 200 yuan/ton to - 350 yuan/ton, a rise of 36.36% [1] - **Fundamental Data**: In October, the tin ore import volume increased by 2918 tons to 11632 tons, a rise of 33.49%. The SMM refined tin output in October increased by 2580 tons to 16090 tons, a rise of 53.09% [1] Zinc - **Price and Spread**: The SMM 0 zinc ingot price remained unchanged at 23130 yuan/ton. The import loss decreased by 549.10 yuan/ton to 4330 yuan/ton. The spread between contracts 2512 - 2601 increased by 25 yuan/ton to - 15 yuan/ton [4] - **Fundamental Data**: In November, the refined zinc production decreased by 2.20 million tons to 59.52 million tons, a decrease of 3.56%. The galvanizing start - up rate increased by 1.66% to 58.20% [4] Copper - **Price and Spread**: The SMM 1 electrolytic copper price increased by 715 yuan/ton to 92300 yuan/ton, a rise of 0.78%. The import loss decreased by 154.47 yuan/ton to 1074 yuan/ton. The spread between contracts 2512 - 2601 increased by 40 yuan/ton to - 20 yuan/ton [6] - **Fundamental Data**: In November, the electrolytic copper production increased by 1.15 million tons to 110.31 million tons, a rise of 1.05%. The domestic mainstream port copper concentrate inventory increased by 2.71 million tons to 75.02 million tons, a rise of 3.75% [6] Aluminum - **Price and Spread**: The SMM A00 aluminum price decreased by 170 yuan/ton to 21920 yuan/ton, a decrease of 0.77%. The electrolytic aluminum import loss increased by 103 yuan/ton to 1856 yuan/ton. The spread between contracts AL 2512 - 2601 decreased by 10 yuan/ton to - 25 yuan/ton [8] - **Fundamental Data**: In November, the alumina production decreased by 34.6 million tons to 743.94 million tons, a decrease of 4.44%. The domestic electrolytic aluminum production decreased by 10.6 million tons to 363.66 million tons, a decrease of 2.82% [8] Industrial Silicon - **Price and Spread**: The spot price of industrial silicon decreased by 100 - 150 yuan/ton. The spread between contracts 2512 - 2601 decreased by 8830 yuan/ton to - 8675 yuan/ton, a decrease of 5696.77% [9] - **Fundamental Data**: The national industrial silicon production decreased by 5.05 million tons to 40.17 million tons, a decrease of 11.17%. The national start - up rate decreased by 3.30% to 64.82% [9] Polysilicon - **Price and Spread**: The main contract price decreased by 965 yuan/ton to 54545 yuan/ton. The spread between the current month and the first - continuous contract decreased by 525 yuan/ton to 2655 yuan/ton, a decrease of 16.51% [10] - **Fundamental Data**: The weekly polysilicon production increased by 0.18 million tons to 2.58 million tons, a rise of 7.50%. The monthly polysilicon production decreased by 1.94 million tons to 11.46 million tons, a decrease of 14.48% [10] Aluminum Alloy - **Price and Spread**: The SMM aluminum alloy ADC12 price decreased by 100 yuan/ton to 21600 yuan/ton, a decrease of 0.46%. The spread between contracts 2601 - 2602 increased by 5 yuan/ton to - 45 yuan/ton [11] - **Fundamental Data**: In November, the regenerated aluminum alloy ingot production increased by 3.7 million tons to 68.20 million tons, a rise of 5.74%. The primary aluminum alloy ingot production increased by 1.7 million tons to 30.27 million tons, a rise of 5.84% [11] Nickel - **Price and Spread**: The SMM 1 electrolytic nickel price increased by 150 yuan/ton to 120200 yuan/ton, a rise of 0.12%. The spread between contracts 2601 - 2602 decreased by 10 yuan/ton to - 170 yuan/ton [13] - **Fundamental Data**: The Chinese refined nickel production decreased by 3453 tons to 33345 tons, a decrease of 9.38%. The SHFE inventory increased by 1726 tons to 42508 tons, a rise of 4.23% [13] Stainless Steel - **Price and Spread**: The 304/2B (Wuxi Hongwang 2.0 roll) price increased by 100 yuan/ton to 12800 yuan/ton, a rise of 0.79%. The spread between contracts 2601 - 2602 decreased by 22 yuan/ton to - 115 yuan/ton [14] - **Fundamental Data**: The Chinese 300 - series stainless - steel crude steel production (43 enterprises) decreased by 1.30 million tons to 178.70 million tons, a decrease of 0.72%. The 300 - series social inventory (Wuxi + Foshan) decreased by 1.04 million tons to 49.20 million tons, a decrease of 2.06% [14] Lithium Carbonate - **Price and Spread**: The SMM battery - grade lithium carbonate average price decreased by 500 yuan/ton to 92750 yuan/ton, a decrease of 0.54%. The spread between contracts 2512 - 2601 increased by 1500 yuan/ton to - 80 yuan/ton [17] - **Fundamental Data**: In November, the lithium carbonate production increased by 3090 tons to 92350 tons, a rise of 3.35%. The lithium carbonate total inventory decreased by 19674 tons to 64560 tons, a decrease of 23.36% [17]

Core Viewpoint - The current volatility in global stock, bond, currency, and precious metal markets indicates a highly concentrated expectation and liquidity, with a potential end to the era of ultra-loose monetary policy, as highlighted by the BIS warning [1][3]. Market Trends - As of December 8, the 10-year U.S. Treasury yield rose by 2.92 basis points to 4.164%, nearing the 4.2% mark, with long-term yields in Japan and Germany also reaching new highs [1]. - The three major U.S. stock indices fell for the third consecutive trading day, with the S&P 500 index down 2.1% from its November peak [1]. - The U.S. dollar index increased by 0.12% to 99.10, while most non-U.S. currencies faced downward pressure [1]. - International precious metal futures generally declined, with COMEX gold futures down 0.54% to $4219.90 per ounce and COMEX silver futures down 0.94% to $58.50 per ounce [1]. Federal Reserve Expectations - Market focus is on the Federal Reserve's December meeting, with an 84.8% probability of a 25 basis point rate cut, while the probability of maintaining the current rate is only 15.2% [3]. - The anticipated rate cut may not signify the expected easing but could represent a tightening signal due to distorted market price signals [3]. Employment Data Impact - The U.S. ADP employment data for November showed a decrease of 32,000 jobs, the largest drop since March 2023, significantly below the expected increase of 40,000 jobs, with small businesses being the hardest hit [4][6]. Analyst Revisions - Following the weak employment data, major Wall Street firms like JPMorgan and Morgan Stanley have revised their forecasts, with Standard Chartered explicitly changing its prediction from "maintaining rates" to "a 25 basis point cut" [6]. - Nomura Securities has also adjusted its reports to support the rate cut, acknowledging previous misinterpretations of Fed Chair Powell's hawkish signals [6]. Market Pricing and Future Projections - The market has already priced in the rate cut, indicating that the anticipated easing may lack additional positive impact, leading to a focus on the 2026 policy path [7]. - The internal division within the Federal Reserve regarding hawkish and dovish stances is becoming more pronounced, with potential voting outcomes indicating a split [7]. - Analysts predict a rare voting pattern of "4 hawkish dissenting votes + 1 dovish dissenting vote" during the upcoming rate decision [7]. Economic Outlook - The National Association for Business Economics (NABE) survey indicates an upward revision of the median growth forecast for the U.S. economy in 2026 to 2%, with inflation expected to decrease to 2.6% and unemployment rising to 4.5% [10]. - The anticipated tightening of monetary policy is reflected in the bond market, with the 10-year Treasury yield rising by 26 basis points since late November [13]. - The stock market, particularly the S&P 500, has shown declines despite rising rate cut expectations, indicating concerns over liquidity tightening [13]. Liquidity Conditions - Recent trends in the U.S. repo market show tightening liquidity, with the Secured Overnight Financing Rate (SOFR) reaching a high of 4.5% [15]. - The market's perception of liquidity measures as "countering liquidity shortages" rather than "active easing" reinforces the notion that a lack of incremental easing equates to tightening [15].

Market Overview - The Hong Kong stock market indices experienced a decline, with the Hang Seng Index falling by 0.84% to 25,549.90 points, the Hang Seng Tech Index down by 1.32%, and the National Enterprises Index decreasing by 1.12% [1][8]. Sector Performance - Technology stocks saw a broad decline, with notable drops including Xiaomi, Kuaishou, Bilibili, and Baidu, each falling over 2%, while Meituan and NetEase dropped more than 1% [1][8]. - Gold and non-ferrous metal stocks faced pressure, with Zijin Mining declining over 4% [1][8]. - The real estate sector weakened significantly, highlighted by China Jinmao's drop of over 11% [1][8]. - New consumption concept stocks continued their downward trend, with Pop Mart falling over 4% [1][8]. Economic Indicators - Market expectations indicate potential adjustments in interest rate policies by the Bank of Japan and the European Central Bank, with hawkish comments from ECB Executive Schnabel influencing market sentiment towards anticipated rate hikes next year [2][9]. - Analysts noted that the market has largely priced in the Federal Reserve's expected rate cuts, but there are indications that the threshold for further cuts may be raised [2][9]. Investment Insights - Morgan Stanley suggests a selective investment strategy, highlighting a clear risk differentiation in China's credit market: the TMT sector shows strong quality, while state-owned enterprises are stable but have tight valuations, and the real estate sector remains challenging [5][11]. - The real estate market is not expected to stabilize until 2025, with ongoing declines in sales and investment [5][11]. - Vanke's efforts to extend domestic bond maturities have led to significant drops in both offshore and onshore bond prices, raising concerns about the financing environment for private developers [5][11].