Core Viewpoint - The article discusses the significant trends and dynamics in the commodity market for 2025, highlighting the extreme differentiation in performance among various commodities and the impact of geopolitical factors and supply-demand dynamics on pricing [4][5][6]. Group 1: Commodity Performance - Gold has reached historical highs, with prices nearing $4,550 per ounce, reflecting a year-to-date increase of over 70% [4]. - Silver has also shown remarkable performance, breaking through key price levels and reaching over $79 per ounce [4]. - Other metals like platinum, palladium, and industrial metals such as copper have also achieved significant price increases due to strong market demand [4]. Group 2: Market Dynamics - There is a stark differentiation in commodity performance, with some experiencing speculative trading while others face supply constraints [5]. - The market is witnessing a shift from broad demand recovery to a focus on supply constraints and structural demand, driven by energy transition and AI developments [5]. - The "反内卷" (anti-involution) policy in China has led to price surges in certain commodities, but the sustainability of these price increases is uncertain [7]. Group 3: Import Dependency and Price Trends - Commodities with high import dependency, such as platinum and palladium, are more susceptible to price increases due to domestic pricing power issues [9]. - The market for PX remains tight despite low import dependency, leading to price increases driven by limited supply channels [9]. Group 4: Speculative Trading and Market Sentiment - The article notes that speculative trading has become prevalent, particularly in commodities like lithium carbonate, where market sentiment can drive prices irrespective of fundamental factors [11]. - Predictions for 2026 suggest a continuation of the upward trend for precious and base metals, with copper expected to be a standout performer [12]. Group 5: Future Outlook and Considerations - The article raises questions about the potential for a comprehensive bull market in commodities in 2026, suggesting that current trading may have already priced in many expectations [13][14]. - It emphasizes the need to monitor supply-side changes and valuation concerns as many commodities may struggle to find upward momentum in the face of oversupply [15][18]. - The potential for geopolitical risks and economic uncertainties, such as the AI bubble or conflicts, could impact commodity markets significantly [19].

Core Viewpoint - The photovoltaic (PV) sector is experiencing fluctuations, with the China Securities PV Industry Index down by 0.47% as of December 3, 2025, despite some stocks showing gains and others declining [1] Group 1: Industry Developments - A recent conference in Beijing highlighted the theme "Photovoltaics Empowering Global Green and Low-Carbon Transition," where the "2025 China Photovoltaic Construction Progress Report" was released, summarizing significant achievements in China's PV construction and its contributions to global climate action [1] - The report anticipates that China's PV sector will start from a "one billion kilowatt" base and move towards a higher quality and more sustainable future [1] Group 2: Market Trends - According to Industrial Securities, the PV industry chain is expected to undergo a value reconstruction, with Q3 showing a trend of reduced losses in the main PV chain due to rising silicon material prices driven by "anti-involution" [1] - The industry is projected to see improvements in performance and benefits from both the "anti-involution" trend and the current position at the bottom of the cycle, suggesting a favorable environment for investment [1] Group 3: Key Stocks - As of November 28, 2025, the top ten weighted stocks in the China Securities PV Industry Index include Yangguang Electric, TBEA, LONGi Green Energy, TCL Technology, Tongwei Co., TCL Zhonghuan, Chint Electric, Deye, Canadian Solar, and JA Solar, collectively accounting for 61.01% of the index [1] Group 4: Investment Tools - The Harvest Photovoltaic ETF (159123) tracks the China Securities PV Industry Index, providing a convenient tool for investors to access the entire PV industry chain [2] - Investors can also explore opportunities through the off-market connection of the photovoltaic ETF (014605) [2]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a maximum intraday increase of 1.89% and a current increase of 0.76% [1] - Key stocks in the sector include phosphate chemicals, rubber additives, lithium batteries, and coatings, with notable gains from Hebang Bio, Tongcheng New Materials, and Sankeshu [1][2] - The chemical ETF has shown a year-to-date increase of 27.76%, outperforming major indices like the Shanghai Composite Index (16.02%) and the CSI 300 Index (15.04%) [1][3] Group 2 - The lithium battery market is expected to see a threefold increase in shipments from 2025 to 2035, with rising prices anticipated due to supply shortages [4] - The current price-to-book ratio of the chemical ETF is 2.32, indicating a relatively low valuation compared to the past decade, suggesting good long-term investment potential [4] - The chemical sector is currently at a valuation and profit bottom, with a net profit of 116 billion yuan expected in the first three quarters of 2025, reflecting a year-on-year increase of 7.45% [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and focusing on large-cap leading stocks [5] - Nearly 50% of the ETF's holdings are concentrated in large-cap stocks like Wanhua Chemical and Salt Lake Industry, while the remaining 50% includes leaders in phosphate, fluorine, and nitrogen fertilizers [5]

Group 1 - The core strategy of "Linglong Twin" is consistency in trading, emphasizing the importance of a fixed strategy for long-term success [2] - The trader focuses on high volatility and liquid commodities, applying trend-following strategies primarily in these markets [2] - The trader's approach involves technical analysis, entering trades after confirming trends through specific price movements [2] Group 2 - "Linglong Twin" experienced significant challenges during the transition from arbitrage to trend trading, facing a period of consecutive losses [3] - The trader adopted a scientific approach to overcome setbacks, including rigorous backtesting and strict risk management [3] - A pivotal moment in the trader's career was the realization of effective money management principles, which led to a more structured trading process [3] Group 3 - The trader's philosophy centers on the idea that there is no optimal trading solution, advocating for a pragmatic approach to balancing risk and reward [4] - Strict risk management practices are emphasized, including the necessity of stop-loss orders and objective position sizing based on strategy backtesting [4] - The trader's approach to profit-taking varies based on the nature of the funds, with a focus on securing profits from pressured capital while allowing idle funds to grow [4] Group 4 - "Xiran Investment" has a core philosophy of identifying ten to fifteen uncorrelated return streams to achieve low drawdown and stable profits [7] - The company focuses on finding market "errors," particularly in high-volume and high-volatility products, to capitalize on mispriced opportunities [7] - Multi-crystalline silicon has emerged as a key focus due to its significant price fluctuations and its role as a leading product in the "anti-involution" market trend [8] Group 5 - The company employs a multi-directional arbitrage strategy during competitions, particularly between multi-crystalline silicon and industrial silicon [9] - Options trading is utilized flexibly based on volatility, enhancing returns while managing risks through a combination of futures and options strategies [9] - The company has developed a comprehensive research framework based on industry communication, despite not conducting on-site investigations [8]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The controversy over the AI bubble has intensified, and the NVIDIA earnings report has affected the global market. Risk - asset prices have fluctuated sharply and declined. The Fed's hawkish remarks have weakened the December interest - rate cut expectation, suppressing investors' risk appetite [5][10]. - The domestic futures market style has switched with price corrections. The anti - involution market has returned, with lithium carbonate being the protagonist, driven by supply and demand, and showing international and domestic linkage [7][119]. - The stock market and commodities have both declined. The difference between commodity and stock returns has converged, and the difference between domestic and international commodity futures returns has hovered around the 0 axis [52]. Summary by Directory Market Overview - AI bubble controversy has increased, and the NVIDIA earnings report has made the market nervous. Risk - asset prices have fallen, global stocks and commodities have declined, A - shares have dropped significantly, the BDI index has risen against the trend, the US dollar index has strengthened, and most non - US currencies have depreciated. Commodities are mostly down, with precious metals and non - ferrous metals falling. The domestic bond market has mixed results, and stock indexes have all tumbled. Most domestic commodity sectors have declined except for the grain sector [5][10]. Big - Class Assets - Global stocks and commodities have declined. Bitcoin and US stocks have fallen rapidly from highs, the VIX volatility index has risen significantly, the BDI index has risen, the US dollar index has strengthened, most non - US currencies have depreciated, and commodities are mostly down [5][10]. Sector Express - The domestic bond market has mixed results with near - term strength and long - term weakness, stock indexes have all tumbled, and most domestic commodity sectors have declined except for the grain sector. The Wind commodity index has a weekly change of - 4.55%, with 1 out of 10 commodity sector indexes rising and 9 falling [15]. Fund Flows - The commodity futures market has seen a significant overall outflow of funds. The soft commodity, grain, and energy sectors have seen obvious inflows, while the non - ferrous, precious metal, and non - metallic building materials sectors have seen significant outflows [19]. Variety Performance - In the past week, domestic major commodity futures have had mixed results. The top - rising commodity futures are lithium carbonate, iron ore, and styrene, while the top - falling ones are silver futures, low - sulfur fuel oil, and soda ash [23]. Volatility Characteristics - The volatility of the international CRB commodity index has changed little, while the volatility of the domestic Wind and Nanhua commodity indexes has risen. Most commodity futures sectors have seen an increase in volatility, with the oilseeds and chemical sectors seeing a decline in volatility, and the precious metal, agricultural product, and non - ferrous sectors seeing the most obvious increase in volatility [27]. Data Tracking - Internationally, major commodities have generally declined, the BDI has risen, the CRB has fallen, soybeans have risen while corn has fallen, copper, oil, gold, and silver have all declined, and the gold - silver ratio has rebounded significantly [31]. Macro Logic - Stock indexes have fallen sharply, valuations have declined, and the risk premium ERP has risen. Commodity price indexes have fallen significantly, and inflation expectations have declined under pressure. US Treasury yields have declined, the term structure has flattened in a bullish way, the term spread has changed little, and real interest rates and gold prices have both fallen [35][45][62]. Stock - Commodity Relationship - Last week, the stock market fell sharply, and commodities declined together. The negative difference between commodity and stock returns has converged. The Nanhua and CRB commodity indexes have both declined significantly, and the difference between domestic and international commodity futures returns has hovered around the 0 axis [52]. Fed Interest - Rate Cut Expectation - The CME's FedWatch tool shows that the probability of a December interest - rate cut by the Fed has risen. The probability of a 25 - bp cut to 3.5 - 3.75% is 67.3%, significantly higher than last week's 39.8%, while the probability of keeping the interest rate unchanged at 3.75 - 4% has significantly decreased [6][81]. NVIDIA Earnings Report - The market has high expectations for NVIDIA's earnings report, with Wall Street generally optimistic, but some institutions are concerned about the AI bubble. The earnings report has exceeded expectations, temporarily alleviating concerns about the AI bubble and boosting the global capital market. However, the stock price has fallen during trading, and the US stock market has reversed sharply [87][91][97]. Fed's Hawkish Stance - The Fed's meeting minutes and the remarks of Fed officials have weakened the December interest - rate cut expectation. The US dollar has strengthened, the Japanese yen has depreciated significantly, and the US Treasury yield has fluctuated widely [103]. Market Style Switching - Overseas, the market is worried about the release of major US data, the weakening of the Fed's interest - rate cut expectation, and the controversy over the AI bubble. Domestically, affected by overseas market volatility, investors have shifted from technology stocks to cyclical stocks, and the anti - involution market has returned, with lithium carbonate being the focus [119]. This Week's Focus - A series of important economic data and events in the US, Germany, the UK, New Zealand, the eurozone, South Korea, and Japan will be released this week, including business activity indexes, GDP data, inflation data, and central bank interest - rate decisions [122].

- The report highlights the reversal of the momentum style factor observed after the US-China summit, indicating a shift in market narrative and the end of the previous technology-driven bull market [14] - The leverage factor has shown significant upward movement since late September, reflecting market pricing of earnings recovery expectations [14] - The BARRA style factor analysis reveals that fundamental factors remain mixed, with value-oriented assets outperforming growth-oriented ones. High BP value stocks and those with strong investment quality and profitability are expected to deliver higher excess returns [23] - Transaction-related factors show that short-term momentum stocks performed well this week, while high volatility and high turnover stocks faced potential pullbacks. High beta stocks have recovered strongly from recent corrections [23] - Market capitalization factors, including size and non-linear size, experienced synchronized pullbacks, with non-linear size showing larger declines. The market may exhibit a barbell allocation pattern, favoring small-cap stocks in the short term [23]

Core Viewpoint - The photovoltaic stocks continue to rise, driven by news of a planned restructuring platform for polysilicon, which is expected to create a fund of approximately 70 billion yuan for acquisitions [1][1]. Group 1: Stock Performance - Xinyi Solar (00968) increased by 5.42%, trading at 3.89 HKD [1]. - Flat Glass (601865) rose by 4.79%, reaching 12.69 HKD [1]. - New Energy (01799) saw a 2.48% increase, priced at 8.68 HKD [1]. - GCL-Poly Energy (03800) gained 2.17%, trading at 1.41 HKD [1]. Group 2: Industry Developments - A consortium for the restructuring of polysilicon is in the planning stages, with specific acquisition details still under discussion [1]. - The consortium is expected to establish a fund of around 70 billion yuan, utilizing a leveraged acquisition strategy [1]. - GCL-Poly's chairman indicated that 17 leading companies have largely agreed to form the consortium, with completion anticipated by 2025 [1]. Group 3: Market Trends - According to a report from Industrial Securities, the third quarter saw a rise in polysilicon prices due to anti-competitive measures, leading to a reduction in losses for the photovoltaic main chain [1]. - The photovoltaic industry is expected to experience a quarter-on-quarter improvement in performance, supported by both anti-competitive measures and structural opportunities from supply-side reforms and technological changes [1].

Group 1 - The core viewpoint of the article highlights the recent upward trend in solar stocks, with notable increases in share prices for companies such as Xinyi Solar, Flat Glass, and New Special Energy [1][1][1] - A significant development is the planning of a "joint platform" for polysilicon restructuring, with discussions ongoing regarding the specifics of the acquisition [1][1][1] - The anticipated fund for this initiative is expected to be around 70 billion yuan, utilizing a leveraged acquisition strategy to mobilize 700 billion yuan [1][1][1] Group 2 - According to a report from Industrial Securities, the third quarter saw a rise in polysilicon prices driven by anti-competitive measures, indicating a trend of reduced losses in the solar industry [1][1][1] - The solar industry is projected to experience a dual benefit from improved quarterly performance and substantial support from anti-competitive measures, suggesting a potential recovery from the current cyclical low [1][1][1] - There is a recommendation to actively invest in the anti-competitive market trends, with a focus on supply-side reform expectations and structural opportunities arising from new technological changes [1][1][1]

Report Summary 1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Views of the Report - In October, capital markets experienced increased volatility, with risk assets generally rising after an initial decline. Overseas, geopolitical events and policy uncertainties influenced market trends, while in China, economic data weakened in Q3, leading to strengthened policy support [4][63]. - The significant correction in gold prices from historical highs can be attributed to factors such as the easing of geopolitical risks, the rebound of the US dollar, and technical adjustments. However, the long - term drivers for gold prices remain strong [5][8]. - The IMF raised its global economic growth forecast for 2025 but emphasized the fragility of the global economy and the need for structural reforms [34][36]. - In China, CPI and PPI both showed narrowing declines, indicating potential for monetary easing policies. Exports in September exceeded expectations, but the real estate sector continued to drag down the economy [40][50][59]. 3. Summary by Relevant Catalogs Global Capital Market Performance - **Overseas**: Trump's tariff increase on China, the US government shutdown, and the Fed's interest - rate cut expectations affected market sentiment. Risk assets generally rose, but gold and silver prices corrected significantly, and non - US currencies depreciated [4][63]. - **Domestic**: The domestic futures market showed a differentiated pattern, with stocks, bonds, and commodities having mixed performances. The stock market experienced a technical correction, and the bond market showed a seesaw effect with the stock market [4][69]. Gold Price Analysis - **Reasons for the Correction**: The decline in gold prices was due to the easing of geopolitical risks, the rebound of the US dollar, and technical overbought conditions, which triggered large - scale profit - taking and programmed selling [5][8]. - **Historical Comparison**: The 5.31% decline in London spot gold on October 21, 2025, ranked seventh among the top ten single - day declines since 2000 [9]. - **Long - term Outlook**: The long - term drivers for gold prices, including the weakening of the US dollar's credit, the strengthening of interest - rate cut expectations, the "scar effect" on asset allocation, and investment demand, remain intact [21][24]. Global Economic Outlook - **Growth Forecast**: The IMF raised the global economic growth forecast for 2025 to 3.2% but warned of continued weakness, high public debt, and trade policy uncertainties [34][36]. - **Regional Performance**: Asia is expected to remain the main engine of global growth. AI is estimated to boost global economic growth by 0.1% - 0.8% annually [36]. China's Economic Indicators - **CPI and PPI**: In September, China's CPI was - 0.3% year - on - year, and PPI was - 2.3% year - on - year. Both showed narrowing declines, but CPI was still affected by factors such as low pork and oil prices and high - base effects [41][43]. - **Exports**: In September, China's exports reached $3285.7 billion, a year - on - year increase of 8.3%, exceeding expectations [50]. - **GDP**: In the first three quarters of 2025, China's GDP was 1015036 billion yuan, a year - on - year increase of 5.2% at constant prices [58]. - **Real Estate**: From January to September, national real estate development investment decreased by 13.9% year - on - year, with significant declines in various real - estate - related indicators [59]. Market Trends - **Commodities**: The CRB and Nanhua commodity indices showed different trends. Historically, the Nanhua commodity index has a slightly higher probability of rising in November [75]. - **Stock Market**: In October, the stock market experienced a technical correction, with value stocks outperforming growth stocks. The price - to - earnings ratios of major stock indices were under pressure, and the equity risk premium rebounded [79]. - **Global Economy**: Global economic sentiment weakened, with both the manufacturing and service sectors showing a decline. Inflation in major economies rebounded, and central banks' monetary policies diverged [86][94][97]. - **China's Economy**: China's manufacturing PMI continued to improve in September, while M2 growth declined, M1 growth increased, and the credit cycle showed signs of starting [106][111]. - **External Demand**: China's export growth showed resilience, but there were still concerns about external demand. Import and export price indices declined, and the export profit margin widened negatively [123]. - **Internal Demand**: Real - estate investment continued to decline, and consumption growth slowed down, with travel data dropping after the summer vacation [124][131]. - **Inflation**: China's CPI remained negative, and PPI decline slowed down. The macro - profit margin (CPI - PPI) decreased [134]. - **Mid - level Industries**: Steel prices fluctuated downward, oil prices dropped with increased inventory, copper prices rose with inventory reduction, and coking coal prices continued to rebound [141].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - After the super central bank week ended, the Fed cut interest rates by 25BP as expected, and many central banks followed suit. The trading logic of interest rate cuts was adjusted, and major assets corrected the over - priced loose expectations and brewed new trading logics [6][11]. - Global major stock markets showed mixed performance. The US stocks rebounded after an initial decline and reached a new all - time high, while the A - shares adjusted after a sharp rise. The BDI index rose slightly, the VIX volatility index increased significantly, the US Treasury yields and the US dollar index rebounded after hitting bottom, and non - US currencies performed differently [6][11]. - Commodity trends were divergent. Gold corrected after reaching a high and fluctuated, the sharp decline in copper prices dragged down the entire non - ferrous sector, and oil prices remained weak. The CRB index declined significantly on a weekly basis. In China, an article by senior officials was published in Qiushi Journal, triggering an anti - involution market and boosting the strong rise of the black series, with coking coal and coke leading the gains, followed by glass and soda ash [6][11]. - The domestic bond market showed mixed performance and was under pressure in the long - term. Stock indices were also divergent. The domestic commodity sectors showed mixed performance, with most closing down. The growth - style stocks were significantly more resilient, while value stocks tumbled [7]. - The domestic commodity sectors showed an internal - strong and external - weak style. The correction in precious metals and the sharp decline in non - ferrous metals dragged down the overall commodity performance. The coal, coking, steel, and mining sectors and the non - metallic building materials sector rose strongly due to the resurgence of the anti - involution market. The energy, oilseeds, and chemical sectors rose slightly. The agricultural products sector led the decline with a drop of - 4.33%, followed by the grain sector with a decline of over - 1% [7]. 3. Summary by Directory 3.1. Big - Class Assets - After the super central bank week, the Fed cut interest rates by 25BP, and many central banks followed. Global major stock markets, bond markets, currencies, and commodities showed mixed performance. In China, the anti - involution market pushed up the black series [6][11]. 3.2. Sector Express - The domestic bond market was mixed and under long - term pressure, stock indices were divergent, and most domestic commodity sectors closed down. The growth - style stocks were more resilient, and value stocks tumbled. The Wind Commodity Index declined by - 0.19% on a weekly basis, with 4 out of 10 commodity sub - indices rising and 6 falling. The internal - strong and external - weak style was evident, with precious metals' correction and non - ferrous metals' decline dragging down the overall performance [7][17]. 3.3. Fund Flows - Last week, funds in the commodity futures market flowed out slightly. The soft commodities, coal, coking, and steel sectors, and the agricultural products sector saw obvious fund inflows, while the non - ferrous metals and energy sectors saw significant outflows [20]. 3.4. Variety Performance - Most domestic major commodity futures closed down last week. The top - rising commodity futures were coking coal, coke, and industrial silicon, while the top - falling ones were live pigs, 20 - number rubber, and soybean meal [26]. 3.5. Volatility Characteristics - Last week, the volatility of the international CRB commodity index decreased significantly, the volatility of the domestic Wind Commodity Index increased, and the Nanhua Commodity Index declined significantly. Most commodity futures sectors saw a slight increase in volatility, with the energy and chemical sectors experiencing a significant decline, while the grain, coal, coking, steel, and mining sectors, and the non - metallic building materials sector saw a significant increase [31]. 3.6. Data Tracking - Internationally, most major commodities closed up, with the BDI rising, soybeans and corn increasing, copper and oil falling, and gold and silver almost flat. The gold - silver ratio was under pressure and the gold - oil ratio declined. Domestically, the asphalt operating rate rebounded rapidly, real estate sales continued to decline weakly, freight rates dropped rapidly, and short - term capital interest rates fluctuated and rebounded [34][55]. 3.7. Macro Logic - Stock indices adjusted after a sharp rise and were mixed. Valuations were under pressure, and the risk premium ERP rebounded after hitting bottom. Commodity price indices adjusted after a sharp rise, inflation expectations rebounded, and the divergence between expectations and reality converged [39][48]. - The US Treasury yields showed a divergent trend, with short - term yields weak and long - term yields strong. The term structure steepened, the term spread widened, the real interest rate rebounded, and the gold price was under pressure at a high level [62]. - The US high - frequency "recession indicator" weakened, the impact of tariffs on the economy became more obvious, and the 10Y - 3M US Treasury spread turned positive [72]. 3.8. Fed Interest Rate Cut Expectations - The Fed cut interest rates by 25BP in September as expected. The probability of another 25BP cut in October to 3.75% is 95.2%, and the probability of a further cut in December is high. It is expected to cut interest rates three times this year, a total of 75BP, and 1 - 2 times in 2026 to around 3% [78]. 3.9. China - US Madrid Economic and Trade Talks - From September 14th to 15th, China and the US reached a basic framework consensus on properly resolving the TikTok - related issues, reducing investment barriers, and promoting economic and trade cooperation. The market reacted positively after the results were announced [83][85]. 3.10. The Publication of an Article in Qiushi Journal - An article by General Secretary Xi Jinping was published in Qiushi Journal, emphasizing the construction of a national unified market. The anti - involution market restarted, which had strategic significance in multiple dimensions [88]. 3.11. September FOMC Meeting - The Fed cut interest rates by 25BP at the September FOMC meeting, which was called a "risk - control" interest rate cut. Most policymakers expect to cut interest rates two more times this year. The meeting also adjusted the statement on employment, highlighting the increased risk of employment decline [91]. - The market reaction to the meeting was mainly an adjustment due to over - pricing. Globally, it was a reaction to the fact that the actual result fell short of expectations after a major event. In China, it led to a triple - kill of stocks, bonds, and commodities, reflecting the disappointment of policy expectations [105]. 3.12. Global Central Bank Policies - After the Fed restarted interest rate cuts, many central banks around the world followed suit. The main theme of global central bank policies was easing, but the paces of different countries varied according to their own situations [112][113]. 3.13. Market Outlook after Interest Rate Cuts - After the interest rate cuts, the market macro - logic may switch from interest - rate - cut trading to recovery trading. The US dollar may rebound slightly after an initial weakness if the economic fundamentals improve. Gold may correct after over - pricing the interest rate cut expectations, but its long - term upward trend remains. The performance of commodities will be divergent, with silver and copper benefiting from the recovery trading, and coking coal and new - energy varieties being favored if the domestic economy weakens unexpectedly [117][131]. 3.14. This Week's Focus - A series of economic data releases and speeches by central bank officials from different countries are scheduled from September 22nd to 26th, including China's one - year LPR, Eurozone's consumer confidence index, and US GDP and inflation data [135].