Group 1 - The Japanese yen remains under pressure, trading near its lowest level against the US dollar since February 13, due to cautious policy adjustments by the Bank of Japan and optimism regarding the US government's potential to avoid a shutdown [1][2] - The Bank of Japan's October policy meeting summary indicates some members see a possibility of a rate hike in December, although there are differing opinions suggesting a delay until January due to potential economic contraction in Q3 [1][2] - The US Senate has passed a bill to restart the federal government, alleviating the longest government shutdown in history, which has boosted market risk sentiment and further weakened the yen's safe-haven appeal [1][2] Group 2 - Economic scholars estimate that the recent prolonged US government shutdown could lead to a quarterly GDP growth rate decline of approximately 1.5 to 2.0 percentage points, contributing to a sustained pressure on the US dollar [2] - The market remains vigilant regarding potential intervention by the Japanese Ministry of Finance in the currency market, which could hinder further appreciation of the dollar against the yen [2] - The technical outlook for USD/JPY indicates a strong bullish trend, with potential resistance levels at 154.45 to 154.50, and if breached, targets could extend to 155.00 and beyond [4]

（文章来源：每日经济新闻） 每经AI快讯，周一（11月10日）纽约尾盘，美元兑日元涨0.39%，报154.02日元。欧元兑日元涨0.36%， 英镑兑日元涨0.56%。欧元兑美元跌0.04%，英镑兑美元涨0.15%，美元兑瑞郎跌0.04%。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report As of November 7, the closing price of the main contract LG2511 was 778.5 yuan per cubic meter, a decrease of 1.4% from the previous week. The market showed a weak and volatile trend this week, and the fundamental situation remained relatively loose. The monthly spread changes were relatively small this week [20]. 3. Summary by Directory 3.1 Supply - As of November 2, there were 2 ships departing from New Zealand in November, all heading to mainland China. It is estimated that 2 ships will arrive in November and 0 in December, with an expected arrival volume of 1.04 million cubic meters in November [4][7]. - New Zealand log shipping schedule data shows two ships departing on November 2, 2025, with a load of 42,000 and 40,820 JAS m3 respectively, both heading to Lanshan Port in China and expected to arrive on November 21 - 22, 2025 [8]. 3.2 Demand and Inventory - As of the week ending October 31, the daily average shipment volume of Lanshan Port was 21,200 cubic meters (a week - on - week decrease of 2,700 cubic meters), and that of Taicang Port was 12,500 cubic meters (a week - on - week increase of 300 cubic meters). In terms of port inventory, Lanshan Port had about 1.2608 million cubic meters (a week - on - week increase of 17,000 cubic meters), Taicang Port had about 304,000 cubic meters (a week - on - week decrease of 47,900 cubic meters), Xinminzhou Port had about 310,200 cubic meters (a week - on - week decrease of 40,600 cubic meters), and Jiangdu Port had about 198,700 cubic meters (a week - on - week increase of 55,700 cubic meters). The total inventory of the four major ports was 2.0737 million cubic meters, a decrease of 15,800 cubic meters from the previous week [5][13]. - Inventory data shows detailed changes in the inventory of different ports and timber species over different time periods, including week - on - week and four - week - on - four - week changes [14]. 3.3 Market Trends - As of November 7, the closing price of the main contract LG2511 was 778.5 yuan per cubic meter, a decrease of 1.4% from the previous week. The monthly spreads were as follows: the 01 - 03 monthly spread was - 14 yuan per cubic meter, the 01 - 05 monthly spread was - 27 yuan per cubic meter, and the 03 - 05 monthly spread was - 13 yuan per cubic meter [20]. 3.4 Price and Spread - Log spot price data shows the prices and price changes of different tree species and specifications in Shandong and Jiangsu regions over different time periods, including week - on - week and four - week - on - four - week changes [24]. - The regional price spreads of mainstream timber species show the price differences of different tree species and specifications between Shandong and Jiangsu regions [26][35]. - The price spreads between tree species and specifications show the price differences between different tree species and specifications [43][45]. 3.5 Other - As of the week ending November 9, the Baltic Dry Index (BDI) was 2,063 points, an increase of 97 points (+4.9%) from the previous week. Its related sub - index, the Handysize Shipping Index (BHSI), was 815 points, a decrease of 3.8% from the previous week. The Shanghai Containerized Freight Index (SCFI) was 1,495.10 points, a decrease of 3.6% from the previous week [5][58]. - In terms of exchange rates, the US dollar index remained at a relatively high level recently. The US dollar to RMB exchange rate was 7.123, a week - on - week increase of 0.1%, and the US dollar to New Zealand dollar exchange rate increased by 1.7% to 1.777 [5][58].

Core Insights - The current interest rates for USD deposits are significantly higher than those for RMB, with some banks offering rates above 4%, attracting attention from depositors [2][3] - The fluctuation of interest rates is influenced by the Federal Reserve's actions, with recent cuts leading to a decrease in rates offered by many banks [3] - There is a notable disparity in interest rates among different banks, with smaller banks and foreign banks generally offering higher rates compared to state-owned banks [3][4] Interest Rate Trends - Recently, some city commercial banks offered rates above 4%, but these have dropped to around 2.5% within a couple of months due to the Federal Reserve's rate cuts [3] - The stability of interest rates from smaller banks is questionable, as they previously raised rates to attract deposits but are now reducing them due to cost pressures [3] Currency Exchange Risks - Depositors are cautioned about the risks associated with currency exchange, as fluctuations in exchange rates can negate the benefits of higher interest rates [2][4] - There are limitations on currency exchange quotas, which can restrict the ability to convert funds when needed [3] Investment Considerations - While the allure of a 4.2% interest rate is strong, it is not guaranteed that all depositors will benefit, and potential investors should assess their tolerance for exchange rate volatility [4] - It is suggested that individuals consider the overall stability of their investments rather than solely focusing on interest rates [4]

Core Insights - As of October 2025, China's foreign exchange reserves reached $3.34 trillion, an increase of $4.7 billion from September, reflecting a growth rate of 0.14% [1] - The rise in foreign exchange reserves is attributed to the Federal Reserve's interest rate cut, improved China-U.S. trade relations, and overall global asset price increases [1][2] - The U.S. dollar index rose by 2.1% to 99.8 in October, despite the Fed's rate cut, due to stronger-than-expected U.S. economic growth and depreciation of non-U.S. currencies [1] Foreign Exchange Reserves - The increase in foreign exchange reserves is influenced by a combination of asset price changes and exchange rate fluctuations, with a notable rise of $4.7 billion in October [1] - The Federal Reserve's decision to lower the federal funds rate by 25 basis points to a target range of 3.75% to 4.00% has contributed to this increase [1][2] Asset Prices - In October, the Fed's rate cut led to a 0.8% increase in the dollar-denominated global bond index and a 2.3% rise in the S&P 500 index [2] - The Nikkei index surged by 16.6%, reaching a historical high, driven by new fiscal policies under the leadership of a new prime minister [2] - The European Stoxx index rose by 2.6% as the Eurozone economy showed signs of gradual recovery [2] Gold Reserves - As of the end of October, China's gold reserves increased by 30,000 ounces (approximately 0.93 tons) to 74.09 million ounces, marking the 12th consecutive month of gold accumulation [2] - The global demand for gold among central banks remains high, with gold surpassing the euro as the second-largest reserve asset [2][3] - Increasing gold reserves helps optimize China's foreign exchange reserve structure and mitigate risks associated with high dollar asset exposure [3]

Core Insights - As of October 2025, China's foreign exchange reserves reached $3.34 trillion, an increase of $4.7 billion from September, reflecting a growth rate of 0.14% [1] - The rise in foreign exchange reserves is attributed to the Federal Reserve's interest rate cut and improved China-U.S. trade relations, which have led to an overall increase in global asset prices [1] - The U.S. dollar index rose by 2.1% to 99.8 in October, despite the Fed's rate cut, due to stronger-than-expected U.S. economic growth and a decline in non-U.S. currencies [1] Asset Prices - In October, the Fed's rate cut led to a 0.8% increase in the dollar-denominated global bond index and a 2.3% rise in the S&P 500 index [2] - The Nikkei index surged by 16.6%, reaching a historical high, driven by new fiscal policies [2] - The European Stoxx index increased by 2.6% as the Eurozone economy showed signs of gradual recovery [2] Economic Policies - The recent "14th Five-Year Plan" emphasizes "expanding high-level opening-up," indicating a commitment to reform and development through openness [2] - The plan aims to diversify markets, optimize trade, and cultivate new growth points, ensuring that exports stabilize cross-border capital flows [2] - The strategy includes facilitating foreign investment and guiding the cross-border layout of industrial and supply chains, which supports the balance of international payments [2] Gold Reserves - By the end of October, China's gold reserves increased by 30,000 ounces (approximately 0.93 tons) to 74.09 million ounces, marking the 12th consecutive month of gold accumulation [2] - Global demand for gold from central banks remains high, with gold surpassing the euro as the second-largest reserve asset [2] - Increasing gold reserves helps optimize China's foreign exchange reserve structure and mitigate risks associated with a high proportion of dollar assets [3]

Core Viewpoint - Honda Motor Co. has lowered its annual profit forecast by approximately 20%, citing a 25% decline in operating profit for the second fiscal quarter due to U.S. import tariffs and one-time costs associated with electric vehicles [1] Financial Performance - The revised annual operating profit forecast for the fiscal year ending March 2026 is now 550 billion yen (approximately $3.65 billion), down from the previous estimate of 700 billion yen, reflecting a 21% reduction [1] - For the quarter from July to September, Honda reported an operating profit of 194 billion yen (approximately $1.29 billion), which fell short of the average analyst expectation of 212.1 billion yen and decreased from 257.9 billion yen in the same period last year [2] - For the six months ending September 30, 2025, the company experienced a significant decline in comprehensive profit attributable to owners, which dropped 37% to 311.8 billion yen (approximately $2.03 billion) [3] - The diluted earnings per share for the same period were 76.30 yen, down from 103.25 yen year-over-year [3][4] Market Conditions - The company’s revenue for the first half of the fiscal year 2026 was 10.6 trillion yen, reflecting a slight decline of 1.5% year-over-year, indicating challenges in the macroeconomic environment and currency fluctuations [3] - The operating profit for the same period decreased by 41% to 438.1 billion yen, attributed to rising raw material costs and slow recovery in major export markets [3][4]

Core Viewpoint - Chongqing New Aluminum Era Technology Co., Ltd. is progressing with its share issuance to acquire assets and raise supporting funds, with the target asset, Honglian Electronics, appraised at 1.31 billion yuan, reflecting a significant appreciation of 265.96% [1] Group 1: Asset Performance - The target asset, Honglian Electronics, is projected to achieve revenues of 1.105 billion yuan and 1.401 billion yuan in 2023 and 2024, respectively, representing a year-on-year growth of 26.79% [2] - Revenue from precision stamping and structural components has surged from 258 million yuan to 573 million yuan, marking a year-on-year increase of 122.22% [2] - The gross profit margins for the main business are reported at 29.35%, 30.75%, and 31.63% for the respective periods, consistently outperforming industry peers [2] Group 2: Customer Concentration and Foreign Revenue - The sales to the top five customers account for 59.99%, 58.73%, and 58.82% of total revenue, indicating a high customer concentration risk [3] - Foreign revenue has been increasing, with proportions of 52.13%, 54.69%, and 56.94% from 2023 to Q1 2025 [3] Group 3: Valuation and Market Comparison - The asset's valuation of 1.31 billion yuan is based on a discounted cash flow method, with a static price-to-earnings ratio of 12.88, lower than the industry average [4] - The asset's actual performance for January to August 2025 has exceeded expectations, with revenues of 1.004 billion yuan and net profits of 79.6036 million yuan, achieving annualized rates of 104.60% and 108.81%, respectively [4] Group 4: Risk Management - The assessment confirmed that the target asset has effective mechanisms in place to address risks related to customer structure, exchange rates, and production compliance [5] - The evaluation agency noted that the identified risks would not pose significant obstacles to the transaction, and the valuation has adequately considered various uncertainties [5]

Core Viewpoint - The US dollar experienced fluctuations against the Japanese yen, with notable movements following the release of employment data and the ISM non-manufacturing index, indicating market reactions to economic indicators [1] Currency Movements - The US dollar rose by 0.29% against the Japanese yen, reaching 154.11 yen, after hitting a low of 152.96 yen earlier in the day [1] - Following the release of the US small non-farm employment data at 21:15, the dollar maintained a slight upward trend [1] - The dollar peaked at 154.36 yen after the ISM non-manufacturing index was released at 23:00 [1] Other Currency Pairs - The euro increased by 0.36% against the yen, reaching 177.08 yen [1] - The British pound rose by 0.50% against the yen, reaching 201.090 yen [1] - The euro gained 0.07% against the US dollar, while the British pound increased by 0.21% against the dollar [1] - The Swiss franc saw a slight decline of 0.01% against the dollar [1] Commodity Currencies - The Australian dollar rose by 0.28% against the US dollar [1] - The New Zealand dollar increased by 0.36% against the US dollar [1] - The Canadian dollar saw a minor increase of 0.03% against the US dollar [1] Scandinavian and Eastern European Currencies - The Swedish krona appreciated by 0.17% against the US dollar [1] - The Norwegian krone rose by 0.09% against the US dollar [1] - The Danish krone increased by 0.08% against the US dollar [1] - The Polish zloty gained 0.19% against the US dollar and 0.12% against the euro [1] - The Hungarian forint appreciated by 0.45% against the US dollar [1]

Core Viewpoint - The Euro to Japanese Yen exchange rate continues to decline, trading around 177.20, influenced by the Bank of Japan's potential interest rate hike and the new Japanese Prime Minister's fiscal expansion plans [1] Group 1: Economic Indicators - Bank of Japan Governor Ueda Kazuo hinted at a possible interest rate hike in December or early 2026 if economic and price trends align with expectations, which has led the market to reassess the outlook for the Yen [1] - The new Prime Minister, Suga Yoshihide, plans to implement more aggressive fiscal spending, which may conflict with monetary tightening goals, potentially delaying the Bank of Japan's rate hike [1] Group 2: Market Reactions - The market expects the European Central Bank to maintain interest rates unchanged for the remainder of the year, partially supporting the Euro's decline [1] - The new Finance Minister, Katayama Satsuki, clarified that she no longer adheres to the previously stated view of the Yen's fair value being in the 120-130 range, indicating a possible government intervention in the currency market to stabilize exchange rate fluctuations [1] Group 3: Technical Analysis - The Euro to Japanese Yen has fallen from a recent high of 179.00, breaking below the short-term support level of 177.50, with a 14-day Relative Strength Index (RSI) dropping to 45, indicating a continued weak short-term trend [2] - If the exchange rate breaks below the 177.00 level, it may accelerate downward towards the 176.30 and 175.80 regions; conversely, a return above 178.00 could signal a potential rebound targeting 178.70 and 179.20 [2]