1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 26, 2025, equity index futures showed mixed performance, CGB futures declined, and commodity futures displayed divergence with the energy and chemical sectors leading the declines [2][4][11]. - China issued the "Implementation Plan on Enhancing the Adaptability Between Supply and Demand of Consumer Goods to Further Promote Consumption" [1][3][35]. - The Guangzhou Futures Exchange announced the listing benchmark prices for platinum and palladium futures contracts, which will be listed for trading on November 27, 2025 [37][38][39]. 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - Financial futures: IH rose by 0.14%, IM rose by 0.42%, TL fell by 0.86% [11][14]. - Commodity futures: The top three gainers were Peanut Kernel (up 4.0% with open interest increasing by 19.6% MoM), Polysilicon (up 2.9% with open interest increasing by 10.8% MoM), and Glass (up 1.9% with open interest decreasing by 2.4% MoM). The top three decliners were SCFIS (Europe) (down 7.6% with open interest decreasing by 8.7% MoM), PP (down 1.4% with open interest decreasing by 3.2% MoM), and Coke (down 1.3% with open interest increasing by 2.2% MoM) [12][13][14]. 3.1.2 Daily Raise - **Glass**: On November 26, it rose 1.9% to 1,037 yuan/ton. In a neutral macro environment, supply may see month - on - month output decline due to year - end cold repair expectations, while demand is weak. The futures price, at a premium to Hubei's spot with high valuation, factors in future cold repair hopes [17][18][19]. 3.1.3 Daily Drop - **Coking Coal**: On November 26, it fell 1.1% to 1084.5 yuan/ton. Central safety inspections had limited impact on supply, and imports from Mongolia will supplement domestic supply. Coke output fell month - on - month, and mid - downstream procurement slowed. Market sentiment cooled sharply [23][24][25]. - **Coke**: On November 26, it fell 1.3% to 1619 yuan/ton. Supply increased slightly as four rounds of price hikes were implemented, raw coal prices fell, and environmental restrictions were lifted. Demand was weak as steel mills' profits were pressured, and off - season maintenance increased. Inventory at coking enterprises increased slightly but remained low [30][31][32]. 3.2 China News 3.2.1 Macro News - The Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Commerce, Ministry of Culture and Tourism, People's Bank of China, and State Administration for Market Regulation issued the "Implementation Plan on Enhancing the Adaptability Between Supply and Demand of Consumer Goods to Further Promote Consumption" [35][36]. 3.2.2 Industry News - The Guangzhou Futures Exchange announced that Platinum Futures and Palladium Futures will be listed for trading on November 27, 2025, with specific listing benchmark prices for each contract [37][38][39].

Core Insights - The consumer market in October showed stable growth, with service consumption emerging as a key economic highlight [1][2] - Service retail sales from January to October increased by 5.3% year-on-year, outpacing the growth rate of goods retail sales by 0.9 percentage points [1] - The National Bureau of Statistics indicated that the growth in service consumption is becoming a significant driver of overall consumer spending [1][2] Group 1: Service Consumption Growth - Service retail sales growth accelerated by 0.1 percentage points compared to the first three quarters of the year [1] - The increase in service consumption was driven by the National Day and Mid-Autumn Festival, leading to higher spending in dining, accommodation, and entertainment sectors [1] - Dining revenue rose by 3.8% year-on-year in October, with a significant acceleration of 2.9 percentage points compared to September [1] Group 2: Transportation and Travel Trends - During the National Day and Mid-Autumn holiday, the total inter-regional movement of people reached 2.433 billion, averaging 304 million per day, a 6.3% increase compared to the 2024 holiday [2] - The growth in travel-related services, including tourism and transportation, saw retail sales increase by over 10% from January to October [2] Group 3: Policy Support and Future Outlook - Recent government meetings emphasized the need for policies to enhance the adaptability of supply and demand in the consumer market [2] - Experts suggest that expanding consumption scenarios and breaking institutional barriers are crucial for future economic growth, particularly in sectors like education, healthcare, and elderly care [3] - The National Bureau of Statistics highlighted the importance of implementing special actions to boost consumption and innovate new consumption models [3]

11月17日早盘，港股消费板块早盘低开后窄幅震荡，港股消费ETF（513230）现小幅微跌近0.5%。 持仓股中，统一企业中国、新秀丽、康师傅控股、波司登、万洲国际等涨幅居前，巨子生物、零跑汽 车、蜜雪集团、思摩尔国际、百威亚太等跌幅居前。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华泰证券估算，2025年电商"双十一"大促季行业层面增长温和，GMV或同比增长中高个位数至 10%之间，平稳增长得益于各平台的积极补贴及大促时间线的进一步拉长，但亦部分被去年同期国补行 动带来的较高家电品类销售额基数所抵消。平台角度，主要电商平台或延续分化表现。展望2026年，预 计电商平台围绕流量入口、核心用户权益等维度的竞争将延续激烈态势。消费者终端商品价格的企稳则 是电商平台及上游供货商业绩表现企稳的重要驱动，潜在的政策刺激及消费者情绪的边际变化值得持续 关注。 港股消费ETF ...

内蒙古日报11月14日讯 （记者 杨威）记者从自治区财政厅获悉，去年至今，内蒙古自治区财政累 计下达资金95.95亿元促进消费品以旧换新。其中，去年自治区财政累计下达中央和自治区消费品以旧 换新资金36.9亿元；2025年以来，消费品以旧换新政策补贴力度加大，截至目前，累计下达中央和自治 区消费品以旧换新资金59.05亿元,持续促进全区消费潜力加速释放。 在系列政策推动下，内蒙古消费市场零售额持续增长。今年前三季度，全区社会消费品零售总额 3850.5亿元，同比增长7.2%。 与此同时，内蒙古精准发力，多措并举构建促消费政策支持体系。发挥资金引导和撬动作用，支持 打造综合性商业集聚区，培育更多城市消费新热点；支持以县域为中心、乡镇为重点的县域商业体系建 设，通过升级改造集贸市场等场所设施，完善县域消费流通体系，着力提升县域消费质效；全面落实消 费贷款财政贴息政策，持续降低居民消费成本和服务业经营主体融资成本，下调住房公积金贷款利率， 优化消费环境。 ...

记者从自治区财政厅获悉，去年至今，自治区财政累计下达资金95.95亿元促进消费品以旧换新。其 中，去年自治区财政累计下达中央和自治区消费品以旧换新资金36.9亿元；2025年以来，消费品以旧换 新政策补贴力度加大，截至目前，累计下达中央和自治区消费品以旧换新资金59.05亿元,持续促进全区 消费潜力加速释放。 与此同时，内蒙古精准发力，多措并举构建促消费政策支持体系。发挥资金引导和撬动作用，支持打造 综合性商业集聚区，培育更多城市消费新热点；支持以县域为中心、乡镇为重点的县域商业体系建设， 通过升级改造集贸市场等场所设施，完善县域消费流通体系，着力提升县域消费质效；全面落实消费贷 款财政贴息政策，持续降低居民消费成本和服务业经营主体融资成本，下调住房公积金贷款利率，优化 消费环境。 在系列政策推动下，内蒙古消费市场零售额持续增长。今年前三季度，全区社会消费品零售总额3850.5 亿元，同比增长7.2%。（记者 杨威） ...

Core Insights - In October, the National Bureau of Statistics reported a 0.2% year-on-year increase in the Consumer Price Index (CPI), driven by policies aimed at expanding domestic demand and the impact of the National Day and Mid-Autumn Festival holidays [1] - The core CPI, excluding food and energy prices, has seen its year-on-year growth rate expand for the sixth consecutive month [1] - The Producer Price Index (PPI) shifted from flat in the previous month to a 0.1% increase, marking the first rise of the year, attributed to the effects of "anti-involution" policies that have improved supply and demand in certain industries [1] Economic Policies - The ongoing improvement in market supply and demand requires further release of the potential of "anti-involution" policies, which aim to optimize market competition and support reasonable price increases for related industrial products [1] - There is a need to enhance consumption policies to boost income and reduce burdens for low- to middle-income groups, thereby increasing their consumption capacity, willingness, and levels [1]

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, indicating a recovery in consumer demand, particularly in the service sector [2][3][4] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the highest increase since March 2024 and reflecting a steady recovery in domestic consumption [3][4] - The increase in service prices, which rose by 0.8%, was driven by higher travel-related costs during the National Day and Mid-Autumn Festival, with hotel accommodation, flight tickets, and tourism prices rising significantly [3][4] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% in October, marking the first rise of the year, driven by improved supply-demand relationships in certain industries [5][6] - Year-on-year, the PPI decreased by 2.1%, but the decline was less severe than in previous months, indicating a narrowing trend in price drops across key sectors [7] - Specific industries such as coal mining, photovoltaic equipment manufacturing, and lithium-ion battery production experienced price increases, while oil and gas extraction faced price declines due to international oil price fluctuations [6][7] Group 3: Economic Outlook - Experts suggest that the improvement in price data reflects a comprehensive recovery in the economy, supported by macroeconomic policies and a balanced supply-demand relationship [8] - The overall price level is expected to rise moderately in the coming months, with CPI anticipated to recover gradually, characterized by strong food prices and weak energy prices [8] - The construction of a modern industrial system and the expansion of market demand are expected to drive price increases in related industries, although the real estate market's adjustment may continue to suppress prices in certain sectors [8]

Group 1: CPI Analysis - In October 2025, the CPI increased by 0.2% year-on-year, reversing from a decline of 0.3% in the previous month, with a cumulative decline of 0.1% from January to October[1] - The main drivers for the CPI increase were a significant rise in vegetable prices due to rainy weather and increased holiday demand, leading to a narrowing of the food price decline to -2.9%[2] - The core CPI rose to 1.2% year-on-year, primarily driven by a 2.5% increase in travel prices, reflecting a strong demand for services during the extended holiday[3] Group 2: PPI Analysis - The PPI saw its first month-on-month increase of 0.1% in October, with a year-on-year decline of 2.1%, which is a narrowing of the decline by 0.2 percentage points from the previous month[4] - Key contributors to the PPI increase included improved supply-demand dynamics in industries like coal and cement, with coal mining PPI rising by 1.6%[5] - The rise in international prices for non-ferrous metals also supported the domestic PPI, with a 5.3% increase in the PPI for non-ferrous metal mining[6]

Core Viewpoint - Recent implementation of 500 billion yuan in new policy financial tools has been completed, with both existing and new policies continuing to exert influence, leading to a gradual stabilization of prices and a potential mild increase in the price center [1] Economic Indicators - CPI is expected to gradually recover from low levels, characterized by strong food prices, weak energy prices, and stable core prices [1] - A slight rebound in pork prices is anticipated due to reduced output plans from major pig farming companies and the arrival of the southern cured meat season [1] - Decreased supply of fruits and vegetables due to falling temperatures is likely to lead to price increases [1] Policy Impact - The year-on-year decline in food CPI is expected to narrow in November due to a high base effect from the previous year [1] - "Anti-involution" measures are expected to continue supporting automobile prices, while industrial consumer goods prices are likely to improve year-on-year, and service prices will remain stable [1] Market Outlook - With continued macro policy support and a recovery in market confidence, the overall price center is projected to rise moderately [1] - CPI is anticipated to enter a mild upward channel, while the year-on-year decline in PPI is expected to continue narrowing, with month-on-month figures likely to maintain a weak balance [1]

Core Viewpoint - The "Guangdong Enjoy Warm Winter, Happy Travel Guangdong" consumption season event aims to stimulate consumer spending through various direct incentives and expanded categories of eligible products [2][3][4] Group 1: Policy Features - The consumption season will run from November 2025 to March 2026, offering multiple measures to enhance consumer spending [2] - New features include a broader range of eligible products for subsidies, such as new energy vehicles, home appliances, and various sports equipment [2][3] - The initiative emphasizes brand building with five key brands: "Travel in Guangdong," "Eat in Guangdong," "Shop in Guangdong," "Enjoy Guangdong," and "Fitness in Guangdong" [2][4] Group 2: Economic Impact - The policy aims to ensure fairness by expanding the categories of products included, which is crucial for both consumers and businesses [3] - The government has allocated an additional 3.5 billion yuan for the initiative, linking funding to local performance in promoting consumption [4] - The focus is not only on immediate consumption boosts but also on long-term brand recognition and consumer loyalty [4]