Core Viewpoint - The article discusses the recent developments in China-US economic and trade consultations, highlighting the constructive dialogue and agreements reached between the two nations [2][3]. Group 1: China-US Economic and Trade Consultations - The Chinese side has reported that the recent economic and trade consultations were guided by the important consensus reached by the leaders of both countries, focusing on significant economic issues of mutual concern [2]. - Both sides have achieved a basic consensus on addressing their respective concerns and agreed to further specify details and follow domestic approval procedures [2]. Group 2: Communication Between Leaders - The article emphasizes the importance of "leader diplomacy" in guiding China-US relations, noting that there is close communication and interaction between the leaders of both countries [2][4]. - The Chinese side will release further information regarding the leaders' meetings as it becomes available [4]. Group 3: Specific Issues Discussed - The US Treasury Secretary mentioned that an agreement was reached regarding soybean purchases and that China would delay the implementation of export control measures on rare earths [3]. - The article also touches on the potential final agreement regarding TikTok, reiterating China's consistent stance on the matter [3].

郭嘉昆回应，刚才我已就中美经贸磋商相关问题做了回答。关于你提到的具体问题，建议向中方的主管部门进行询问。"关于TikTok的问题，中方的 立场是一贯的。"郭嘉昆说。 据北京日报，外交部发言人郭嘉昆10月27日主持例行记者会。 有外媒记者就中美经贸磋商提问，美国财政部长贝森特表示，中美除了就购买大豆达成了一致之外，中方还会推迟实施关于稀土的出口管制措施。 美方还称，中美将就TikTok达成最终的交易协议，中方对此有何评论？ ...

郭嘉昆回应，刚才我已就中美经贸磋商相关问题做了回答。关于你提到的具体问题，建议向中方的主管 部门进行询问。 关于TikTok的问题，中方的立场是一贯的。 据北京日报，10月27日，外交部发言人郭嘉昆主持例行记者会。有外媒记者就中美经贸磋商提问，美国 财政部长贝森特表示，中美除了就购买大豆达成了一致之外，中方还会推迟实施关于稀土的出口管制措 施。美方还称，中美将就TikTok达成最终的交易协议，中方对此有何评论？ "关于TikTok的问题，中方的立场是一贯的。"郭嘉昆说。 ...

Group 1 - The core viewpoint of the article highlights the constructive dialogue between China and the U.S. regarding trade agreements, particularly in the context of upcoming meetings between the two nations' leaders [2] - The discussions are guided by the important consensus reached by the leaders of both countries, focusing on significant economic and trade issues of mutual concern [2] - Both parties have reached a basic consensus on addressing each other's concerns and agreed to further specify details while adhering to their respective domestic approval processes [2]

全球最大黄金ETF--SPDR Gold Trust持仓报告显示，10月23日黄金etf持有量为1046.93吨，与上一交易日 减少5.44吨。周四(10月23日)截止收盘，现货黄金报4110.69美元/盎司，跌幅0.38%，日内最高上探至 4144.21美元/盎司，最低触4043.69美元/盎司。 巴西总统卢拉：（就特朗普是否在会谈中做出承诺表示）不，总统无权做出承诺，特朗普向我保证我们 将达成协议，速度将超乎想象，我们必须追求我们想要的东西。 【市场要闻速递】 摘要全球最大黄金ETF--SPDRGoldTrust持仓报告显示，10月23日黄金etf持有量为1046.93吨，与上一交 易日减少5.44吨。周四(10月23日)截止收盘，现货黄金报4110.69美元/盎司，跌幅0.38%，日内最高上探 至4144.21美元/盎司，最低触4043.69美元/盎司。 中美经贸团队在马来西亚首都吉隆坡结束为期两天的磋商。路透社称，这是自今年5月以来中美经贸团 队的第五次面对面磋商。会谈结束后，贝森特在接受美媒采访时表示，经过吉隆坡为期两天的会谈，双 方达成了"非常实质性的框架协议"，美方"不再考虑"对中国加征100% ...

Core Viewpoint - The U.S. September CPI growth rate is lower than expected, which may lead the market to continue on a rate cut path, supporting bullish trends in precious and industrial metals [1] Industrial Metals - Despite insufficient demand during the peak season, supply-side disruptions, particularly rising resource nationalism in mining, are increasing the upstream-downstream game, and combined with historically low inventory levels, this provides strong support for prices [1] - The upcoming U.S.-China trade negotiations and the Federal Reserve's rate cuts are expected to improve macro sentiment, potentially enhancing domestic and international demand expectations, which is favorable for industrial metal prices [1] - However, recent U.S.-China negotiations may increase price volatility [1] Precious Metals - In the medium to long term, under the restructuring of the global monetary system, gold is expected to continue to show performance opportunities [1] ETF Overview - The Nonferrous 60 ETF (159881) tracks the CSI Nonferrous Index (930708), which selects listed companies involved in the mining, smelting, and processing of nonferrous metals from the Shanghai and Shenzhen markets, covering major sectors such as copper, gold, aluminum, rare earths, and lithium, reflecting the overall performance of related listed companies in the nonferrous metal industry [1]

10月26日，中美经贸团队在马来西亚吉隆坡结束为期两天的磋商，美财长受访就此回应。美财长说美 国"不再考虑"对中国加征100%的关税。报道称中美双方进行了坦诚、深入、富有建设性的交流磋商， 就解决各自关切的安排达成基本共识。报道称这是5月以来中美经贸团队的第五次面对面磋商。 ...

2025 年 10 月 27 日 铜：宏观情绪改善，价格上涨 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 87,720 | 1.92% | 87660 | -0.07% | | | 伦铜3M电子盘 | 10,947 | 1.20% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 301,579 | 109,298 | 583,612 | 38,667 | | | 伦铜3M电子盘 | 25,665 | 1,628 | 319,000 | 3,718 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 35,071 | -977 | - | - | | | 伦铜 | 136,350 | -575 | 7.59% | -0.28% | | | | | 昨 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term view of TL2512 is oscillatory, the medium - term view is oscillatory, and the intraday view is weakly oscillatory, with an overall oscillatory outlook. The short - term expectation of interest rate cuts has declined, while the medium - and long - term expectation of monetary easing still exists [1]. - For the TL, T, TF, and TS varieties, the intraday view is weakly oscillatory, the medium - term view is oscillatory, and the overall reference view is oscillatory. In the short term, treasury bond futures will mainly oscillate and consolidate [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2512 variety, the short - term is oscillatory, the medium - term is oscillatory, the intraday is weakly oscillatory, and the overall view is oscillatory. The core logic is that the short - term expectation of interest rate cuts has declined, while the medium - and long - term expectation of monetary easing still exists [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is weakly oscillatory, the medium - term view is oscillatory, and the reference view is oscillatory. The core logic is that last Friday, treasury bond futures oscillated and consolidated within a narrow range. After the news of China - US economic and trade consultations was released, although no substantial agreement was reached, external uncertainty risks decreased. With the release of the communiqué of the Fourth Plenary Session of the 20th Central Committee, the expectation of policy benefits increased, the risk appetite of the stock market rebounded significantly, and the demand for treasury bonds was suppressed. From a macro perspective, the problem of insufficient effective domestic demand still exists, and a relatively loose monetary environment is needed in the medium and long term to stabilize the demand side, which strongly supports treasury bond futures. However, due to the strong resilience of the macro - economy, the necessity of a comprehensive interest rate cut in the short term is insufficient, and the upward momentum of treasury bond futures is lacking [5].

Macro Insights - The report emphasizes the dual policy line of "industrial technology + boosting domestic demand," reflecting the central government's commitment to economic transformation and upgrading [2] - The construction of a modern industrial system has been prioritized, indicating a stronger focus on how technological innovation integrates with industrial development [2] - High-level opening up has been elevated in importance, suggesting a proactive approach to gaining development advantages amid global competition [2] Market Data - The US inflation data for September was lower than expected, primarily due to declines in housing, used car, and truck prices, which may pave the way for future interest rate cuts by the Federal Reserve [3] - The market is expected to maintain a strong performance in the short term, supported by the recent policy announcements from the 20th National Congress and ongoing US-China trade negotiations [4] Bond Market - As of the end of September 2025, the total bond custody volume reached 175.46 trillion yuan, with a net increase of 0.92 trillion yuan month-on-month [5] - The secondary market for REITs showed a slight upward trend, with the weighted REITs index closing at 181.5, yielding a weekly return of 0.11% [6] - Credit bond issuance increased by 33.45% week-on-week, with a total issuance of 578.28 billion yuan [7] High-end Manufacturing - Domestic sales of construction machinery continued to grow in September, with significant recovery in non-excavator categories and strong export performance [12] - The report recommends several leading manufacturers in the construction machinery sector, including SANY Heavy Industry and XCMG, as well as component manufacturers like Hengli Hydraulic [12] Machinery Industry - In September, exports of electric tools and lawn mowers increased by 4% and 11% year-on-year, respectively, while excavator and tractor exports saw growth rates of 42% and 51% [13] - The report highlights the continued trend of declining exports to the US, while machine tools and tractors showed marginal acceleration in export growth [13] Banking Sector - The People's Bank of China reported that new RMB loans totaled 14.75 trillion yuan in the first three quarters, a year-on-year decrease of 1.27 trillion yuan, with a loan balance growth rate of 6.6% [14] - The report notes that corporate loans remain strong in key sectors such as manufacturing and technology, while real estate loans continue to decline [14] Pharmaceutical Industry - The report indicates that China's pharmaceutical innovation is gaining momentum, with domestic policies supporting innovation and stabilizing industry profitability [17] - It recommends focusing on innovative drugs and high-end medical devices, highlighting companies like Innovent Biologics and Mindray Medical [17] Company Research - Ping An Bank reported a revenue decline of 9.8% and a net profit decrease of 3.5% in the first three quarters, but asset stability was maintained [18] - Bilibili's self-developed game "Escape from Duck City" is expected to contribute significantly to revenue, with a focus on cost control and stable expenses [19] - Huizhou Technology is projected to see significant revenue growth from its data center and automotive wiring businesses, maintaining a "buy" rating [20]