Report Summary 1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports present daily data on various financial products including stock index futures spreads, bond futures spreads, precious metals futures and spot prices, and container shipping industry indices. These data provide insights into market trends and price movements of different financial instruments. 3. Summary by Relevant Catalogs Stock Index Futures Spreads - **Price Differences**: On December 1, 2025, the IF spot - futures spread was -20.86, the IC spot - futures spread was -57.35, and the IM spot - futures spread was 73.41. There were also various inter - period spreads and cross - product ratios presented, such as the IC/IF ratio at 1.5478 [1]. Bond Futures Spreads - **IRR and Basis**: As of November 28, 2025, the IRR of some bonds had certain changes. For example, the TF basis was 1.5719, the T basis was 1.4880, and the TL basis was 1.8420. There were also inter - period spreads and cross - product spreads among different bond futures contracts [2]. Precious Metals Futures and Spot - **Price Changes**: On November 28, 2025, domestic futures prices of precious metals like AU2602 increased by 0.71% to 953.92 yuan/gram, AG2602 rose by 1.61% to 12727 yuan/kilogram. In the foreign market, COMEX gold increased by 1.44% to 4256.40 dollars/ounce. There were also data on spot prices, basis, and price ratios [3]. Container Shipping Industry - **Index Movements**: As of November 24, 2025, the SCFIS (European route) increased by 20.75% to 1639.37 points, while the SCFIS (US West route) decreased by 10.54% to 1107.85 points. There were also data on shipping rates, futures prices, and fundamental data such as global container shipping capacity supply and port - related indicators [5].

Core Viewpoint - The recent stability of the RMB against major currencies is attributed to a lack of significant fluctuations, with the overall market sentiment being calm and steady [1][3]. Group 1: Current Exchange Rate Trends - The RMB has been stable, with major currencies showing only minor fluctuations, indicating no significant appreciation or depreciation [1]. - The USD is currently around 7.08, with no drastic changes noted, making it slightly more expensive than before but not excessively so [1]. - The Euro remains weak against the RMB due to ongoing economic recovery challenges in Europe [1]. - The Japanese Yen has shown some strength, influenced by market risk aversion, while the British Pound remains relatively stable post-Brexit [1]. Group 2: Factors Influencing Exchange Rates - The exchange rate stability is supported by three main factors: 1. **Internal Economic Conditions**: Recent improvements in domestic manufacturing and foreign trade have provided a solid foundation for the RMB [3][5]. 2. **Foreign Investment Attitude**: Increased foreign interest in domestic bonds indicates confidence in the RMB's stability [5][6]. 3. **Policy Measures**: The central bank's approach to maintaining a balanced exchange rate helps stabilize market expectations and emotions [7][8]. Group 3: External Influences - External factors that could impact the exchange rate include: 1. **Uncertain U.S. Policies**: Fluctuating inflation data in the U.S. and potential hawkish stances from the Federal Reserve could strengthen the USD [10][11]. 2. **Global Trade Tensions**: Changes in trade policies may affect export arrangements, leading to short-term market volatility [12]. 3. **Yen Movements**: The performance of the Yen can influence other regional currencies, including the RMB, due to market interconnections [13].

（文章来源：每日经济新闻） 每经AI快讯，周五（11月21日）纽约尾盘，美元兑日元跌0.69%，报156.39日元，本周累计上涨1.22%。 欧元兑日元累涨0.26%，报180.08日元；英镑兑日元累涨0.67%，报204.929日元。 ...

目前日本央行陷入两难境地：通胀持续高于政策目标，而受美国关税冲击，日本GDP增长数据正持续走 弱。截至9月的三个月内，日本GDP出现六个季度以来首次收缩，环比下降0.4%，年化降幅达1.8%。 美元/日元技术分析 日线相对强弱指数（RSI）显示出轻微超买信号，这抑制了交易员对美元/日元货币对建立新的看涨头寸 的意愿。因此，在为下一波上涨布局之前，谨慎的做法是等待短期内出现一定幅度的盘整或小幅回调。 与此同时，当前任何修正性下跌都可能在157.00关口略下方获得初步支撑，随后是156.65-156.60区域； 若跌破该区域，美元对日元汇率可能进一步跌向156.00关口。这一水平将成为关键支撑位，一旦失守， 将为更大幅度的下跌打开空间。 反之，若上行，158.00将构成首个阻力位，突破该水平后，美元兑日元有望进一步升向158.50附近的下 一个重要阻力区。届时多头动能可能继续扩大，推动汇价挑战1月初的高点，即接近159.00区域。 周五（11月21日）亚洲时段，美元/日元小幅回落，最新美元兑日元汇率徘徊在157.20附近，日本10月核 心通胀率以自7月以来最快速度攀升，这为日本央行加息提供了依据。由于市场担忧日本 ...

Group 1: Stock Index Futures Spread Daily Report - The report presents the latest values, changes from the previous day, historical 1 - year and all - time percentiles of various stock index futures spreads on November 21, 2025, including IF, IH, IC, and IM futures' term - to - term spreads and cross - variety ratios [1]. - For example, the IF term - to - term spread of the next - month minus the current - month is - 18.80, with a change of - 0.60 from the previous day, and historical 1 - year and all - time percentiles of 20.90% and 24.10% respectively [1]. - The cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc. are also provided, along with their changes and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report - On November 21, 2025, the report shows the IRR, latest values, changes from the previous trading day, and percentiles since listing of different treasury bond futures, including TS, TF, T, and TL [2]. - It details the term - to - term spreads of different treasury bond futures, like the TS term - to - term spread of the current - season minus the next - season is 0.0420, with a change of - 0.0080 from the previous day and a percentile of 31.90% since listing [2]. - Cross - variety spreads between different treasury bond futures are also presented, such as TS - TF with a value of - 3.4730, a change of - 0.0550, and a percentile of 9.60% since listing [2]. Group 3: Precious Metals Spot - Futures Daily Report - On November 21, 2025, the report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals [3]. - For example, the AU2512 contract's domestic futures closing price on November 20 was 932.56, down 4.44 from the previous day, with a decline of - 0.47% [3]. - The basis, such as gold TD - Shanghai gold main contract, is - 2.56, with a change of 0.16 from the previous value and a historical 1 - year percentile of 53.40% [3]. Group 4: Container Shipping Industry Spot - Futures Daily Report - On November 22, 2025, the report shows container shipping indices, futures prices, basis, and fundamental data [5]. - The SCFIS (European route) settlement price index on November 17 was 1357.67, down 147.1 from November 10, with a decline of - 9.78% [5]. - Fundamental data includes global container shipping capacity supply, port on - time rates, port calls, monthly export amounts, and overseas economic indicators [5].

Core Insights - The recent surge in the exchange rate, approaching 88.80, is primarily influenced by the overall strength of the US dollar and market adjustments to Federal Reserve monetary policy expectations [1][2]. Policy Background and Market Expectations - In October, the Federal Reserve lowered interest rates by 25 basis points to a range of 3.75%-4.00%, with most policymakers favoring rate stability to avoid hindering inflation's return to the 2% target [2]. - Disagreements emerged among officials regarding further rate cuts during the December meeting, with some arguing that continued easing could elevate inflation expectations and undermine public confidence in achieving inflation targets [2]. - Market tools indicate that the probability of a 25 basis point cut to 3.50%-3.75% in December dropped from 50.1% to 32.8%, reflecting a significant re-evaluation of monetary policy expectations [2]. Dollar Index and Exchange Rate Dynamics - The dollar index recently reached a five-month high of approximately 100.40, indicating the dollar's strength against a basket of currencies, which has supported the rise of the dollar against the Indian rupee [3]. - The dollar's strength is attributed to market expectations of sustained high interest rates by the Federal Reserve and uncertainties in the global economic environment [3]. Technical Analysis Perspective - Technically, the dollar-rupee exchange rate found support near the 20-day exponential moving average, ending a four-day decline, with the average positioned around 88.70 [5]. - Momentum indicators show the 14-day Relative Strength Index (RSI) has rebounded to around 60.00, suggesting potential bullish momentum if it remains above this level [5]. - Key support is identified at the August 21 low of 87.07, while the historical high of 89.12 is noted as a critical resistance level to watch [5].

Core Viewpoint - The Japanese yen has depreciated significantly against the US dollar, falling below 156 yen per dollar, influenced by political statements and economic concerns [1] Economic Impact - The Tokyo stock market experienced continued pressure, with the Nikkei 225 index closing down by 0.34% and the Tokyo Stock Exchange Price Index down by 0.17% [1] - The yield on newly issued 10-year Japanese government bonds rose to 1.76%, the highest level since June 2008 [1] - In a recent 20-year bond auction, the highest successful bid yield reached 2.833%, surpassing the previous 2.684%, marking the highest level in approximately 26 years since July 1999 [1] Investor Sentiment - Concerns over Prime Minister Sanna Marin's proposed expansionary fiscal policies have led to fears of further deterioration in Japan's fiscal situation, resulting in a sell-off of Japanese government bonds and a continuous rise in long-term interest rates [1]

Group 1 - The USD/JPY exchange rate is currently at 154.7300, with a slight increase of 0.12%, reflecting limited reaction to Japan's economic contraction in Q3, which was less severe than expected [1] - Japan's GDP contracted by 0.4% quarter-on-quarter and 1.8% year-on-year, indicating insufficient economic momentum and leading to lowered expectations for the Bank of Japan's interest rate hikes [1] - The Japanese government is promoting a new round of fiscal stimulus to alleviate rising living costs, suggesting continued expansionary fiscal policy and a likely maintenance of loose monetary policy, which may hinder the yen's ability to gain interest rate advantages [1] Group 2 - From a technical perspective, the USD/JPY maintains a bullish structure in the short term, with clear resistance levels identified [2] - A strong rebound occurred from the 153.60 level, breaking through the 154.45-154.50 resistance zone, indicating potential for further upward movement if the 155.00 psychological level is breached [2] - The support level at 154.00 remains intact; however, a drop below 153.60 could shift the short-term bias to bearish, targeting the 152.10 range [2]

每经AI快讯，周五（11月14日）纽约尾盘，美元兑日元跌0.02%，报154.54日元，本周累计上涨0.72%。 欧元兑日元跌0.13%，报179.56日元，本周累涨1.19%；英镑兑日元跌0.22%，报203.439日元，本周累涨 0.76%。 （文章来源：每日经济新闻） ...

Market Dynamics - The stock market momentum has weakened, with indices like Nasdaq dropping over 2% and European markets declining approximately 1% [1] - President Trump signed a bill approved by Congress, effectively ending the government shutdown, but the market seems to have already priced in this outcome [1] - The primary concern now is whether upcoming official data will support or oppose the Federal Reserve's further easing policies, particularly the expected rate cut in December [1] - Fed Chair Powell indicated that a third risk management rate cut is not guaranteed, yet the market maintains a high certainty (about 70%) for this outcome [1] Interest Rate Outlook - The probability of a rate cut in December has fallen below 50% for the first time, as indicated by ICMarkets [3] - Minneapolis Fed's Kashkari expressed a wait-and-see attitude towards a December rate cut, opposing the October cut due to strong economic fundamentals and high inflation [3] - Cleveland Fed's Harmack reiterated support for pausing rate cuts next month, emphasizing that inflation concerns outweigh labor market worries [3] - The 30-year Treasury auction saw a tail of $25 billion, with long-end performance being weak, while U.S. Treasury yields generally rose by 2.2 to 5 basis points [3] Currency Movements - The euro to dollar exchange rate rebounded due to interest rate influences but faced resistance near 1.1630 due to U.S. risk aversion [4] - The dollar/yen momentum encountered resistance at the 155 mark, indicating a loss of support for the dollar index [4] - The Chinese yuan appreciated to 7.096 against the dollar, marking its strongest level since October 2024, although weaker-than-expected monthly data limited further appreciation [4] - The euro to pound exchange rate rose to approximately 0.885, the highest since April 2023, amid speculation regarding the UK budget and tax rate adjustments [4] Employment and Economic Reports - The monthly employment report from KPMG and REC indicated the first growth in temporary worker paychecks in 16 months, while permanent job recruitment trends have slowed for the fourth consecutive month [5] - Despite economic weakness and uncertainty surrounding the government budget, employers remain cautious about new hiring [5] - A joint statement from the U.S. government and four Latin American countries announced a reduction in tariffs on various domestically produced goods, including bananas, coffee, and beef, aimed at alleviating the cost of living crisis [5]