Macroeconomic Insights - In October, China's manufacturing Purchasing Managers' Index (PMI) rose to 50.1%, an increase of 0.3 percentage points from the previous month, marking a return to the expansion zone after five consecutive months below 50% [1] - The People's Bank of China conducted a 500 billion yuan reverse repurchase operation to maintain reasonable liquidity in the banking system, alongside a net purchase of 200 billion yuan in government bonds throughout the month [1] - China and the U.S. engaged in constructive discussions regarding macroeconomic and monetary policies, with China outlining a package of policies to support stable economic growth [1] - The U.S. core Personal Consumption Expenditures (PCE) price index for September remained unchanged at 2.7% year-on-year, with a monthly increase of 0.3% [1] Commodity Market Movements - Domestic commodity futures closed mostly lower, with energy and chemical products showing mixed results; low-sulfur fuel oil rose by 1.06%, while pure soda fell by 2.42% [3] - International oil prices saw an overall increase, with WTI crude oil for December rising by 2.8% to $70.53 per barrel, and Brent crude for January 2025 increasing by 2.51% to $73.97 per barrel [3] - International precious metals futures generally declined, with COMEX gold futures down by 1.67% to $2754.1 per ounce, and COMEX silver futures down by 3.74% to $32.8 per ounce [3][4] Steel Industry Insights - The steel industry PMI for October was reported at 54.6%, a rise of 5.6 percentage points, indicating a return to expansion after 19 months [7] - Mysteel reported a decrease in rebar production and an increase in social inventory, with rebar social inventory at 2.8257 million tons, up by 3.83 thousand tons [7] Agricultural Products Insights - Chinese enterprises have been slow to purchase U.S. soybeans for December shipment due to uncertainties surrounding the U.S. election and potential trade tensions [8] - The sugar production forecast for Guangxi in the 2024/2025 season is optimistic, with expected sugar production between 6.67 million and 7.2 million tons [8] - Brazil's sugar export waiting ships decreased to 59, with a total of 232.18 million tons of sugar waiting for shipment [9] Energy and Chemical Industry Insights - The Ministry of Industry and Information Technology issued guidelines prohibiting new cement and flat glass projects without capacity replacement plans [14] - Domestic pure soda inventory reached 1.6777 million tons, a week-on-week increase of 2.74%, marking a 226.97% year-on-year increase [14] - U.S. natural gas inventories increased by 78 billion cubic feet, with a year-on-year increase of 1,070 billion cubic feet [15] Metal Market Insights - National aluminum oxide inventory decreased to 3.846 million tons, with ongoing low inventory levels despite recent price adjustments [16] - Citigroup predicts that gold prices could rise to $3,000 per ounce in the next six months due to a deteriorating U.S. job market and increased demand for gold ETFs [16]

Group 1 - The core viewpoint of the article emphasizes the collaboration between the Ministry of Finance and the People's Bank of China to enhance the coordination of fiscal and monetary policies, which is crucial for supporting economic recovery in a complex market environment [1] - The joint working group has agreed to leverage its advantages to promote the stable and healthy development of China's bond market, ensuring effective implementation of fiscal and monetary policies [1] - Since the launch of the new monetary policy tool for government bond trading in August last year, the People's Bank of China has effectively enriched its monetary policy toolbox and strengthened liquidity management capabilities [1] Group 2 - The Ministry of Finance plans to complete the issuance of 1.3 trillion yuan in ultra-long special government bonds as scheduled, which will provide sufficient funding for major projects and new infrastructure initiatives [2]

Core Points - The People's Bank of China did not conduct any open market operations for government bonds in May 2025 [1] Group 1 - The central bank's announcement indicates a lack of activity in the government bond market for the specified month [1]