Group 1: Economic Indicators - The October PMI in China showed a decline, indicating weak domestic demand and the need for further counter-cyclical policies [1] - The FOMC meeting in October signaled a hawkish stance, with Powell suggesting that a rate cut in December is not guaranteed, leading to a rebound in U.S. Treasury yields and the dollar [1][2] Group 2: Market Performance - A-shares are expected to see a moderate improvement in earnings for Q3, with a continued upward trend anticipated in the economic recovery [2] - The bond market has experienced significant gains, with the central bank's announcement to restart government bond trading boosting liquidity expectations [1] Group 3: Sector Focus - The "14th Five-Year Plan" draft suggests that technology will become a key investment theme in the A-share market over the next few years [1][2] - In the short term, there is a high interest in technology stocks, indicating a need for style balance in the market [2] Group 4: Global Market Dynamics - Recent sanctions by the EU and the U.S. against Russia have led to a significant rebound in oil prices, while ongoing trade negotiations between China and the U.S. have alleviated previous panic [2] - Gold prices have seen volatility due to trade war threats, but a positive long-term outlook is maintained [2]

Guotai Junan Futures all rights reserved, please do not reprint 铁矿观点：宏观预期向好，高位震荡 铁矿石周度观点 国泰君安期货研究所 张广硕（分析师） 投资咨询从业资格号：Z0020198 日期：2025年11月2日 ◼ 供应：年底冲量趋势持续兑现，海外发运高位运行； | | 最近一周切片数据 条目 | 当周值 | 环比 | 同比 | | YTD累计发运数据 43W2025 | 43W2024 | 累计同比 | 累计同比% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 全球发货量 | 3388.4 | 54.9 | 303.2 | 全球发货 | 133404.5 | 131190.1 | 2214.4 | 1.7% | | | 澳发货量 | 1919.5 | 3.9 | 136.7 | 澳发货 | 76596.8 | 76815.4 | -218.6 | -0.3% | | | 巴发货量 | 925.1 | 100.8 | 77.2 | 巴发货 | 3251 ...