11月26日，中国建设银行行长张毅会见英国审慎监管局执行董事瑞贝卡·杰克森一行，双方就宏观经济 形势和建行经营发展情况等方面进行了交流。张毅表示，建行将持续增强参与国际竞争能力，深化本外 币境内外一体化经营，进一步履行好中英金融服务峰会、中英企业家委员会中方牵头单位和英国人民币 清算行职责，积极参与伦敦离岸人民币中心建设，携手推进中英经贸往来。杰克森表示，英国审慎监管 局将继续积极支持建行在英经营发展。双方还就网络安全管理、人工智能应用、相关领域资产质量等方 面进行了深入交流。 ...

主论坛环节，中国宏观经济学会副会长祝宝良发表了关于《2026年我国宏观经济形势和政策取向》 的主题演讲。他指出，当前，我国的潜在经济增长速度仍在5%左右。建议把推动物价合理回升和经济 增长5%左右作为2026年经济调控目标。2026年，要坚持稳中求进工作总基调，实施更加积极有为的财 政政策和适度宽松的货币政策，不断深化改革、扩大开放，着力扩大内需，着力增强微观主体活力，着 力稳定市场主体信心，推动经济稳中向好。 中信证券海外宏观首席分析师崔嵘及其团队对全球经济走势作出研判。他们认为，2025年关税波折 扰乱全球经济，预计2026年海外宏观面将迎来一段暂时的清朗期：一是清朗的基本面，包括地缘、财 政、货币政策的不确定性下降，美欧日经济增长将适度加速，以及通胀担忧趋于回落至"舒适区"；二是 在资产配置端要保持一份清醒。展望2026年，预计全球降息潮在幅度上可能将低于2025年，同时美元在 上半年波折后将转强，二者叠加可能导致全球金融市场流动性不及2025年，总体风险资产的回报率低于 2025年。具体资产来看，仍看好AI行业，并维持对黄金和工业金属的超配建议。 11月26日，以"破浪前行，扬帆起航"为主题的中信期货 ...

证券日报网讯创源股份11月24日在互动平台回答投资者提问时表示，股价波动受宏观经济形势、行业发 展、二级市场行情等多重因素影响，公司将持续努力提升经营业绩，不断提升企业价值，力争以优良的 业绩回报广大投资者。 （文章来源：证券日报） ...

Core Viewpoint - The company anticipates a significant decline in unaudited consolidated profit attributable to owners for the six months ending September 30, 2025, projecting a profit of no more than HKD 2 million compared to approximately HKD 25.01 million in the same period last year [1] Financial Performance - The expected unaudited consolidated profit attributable to owners is projected to be no more than HKD 2 million for the reporting period [1] - The previous year's unaudited consolidated profit attributable to owners was approximately HKD 25.01 million [1] Reasons for Decline - The decline in profit is primarily attributed to: - Adverse macroeconomic conditions leading to a decrease in revenue from the group's media and loan businesses [1] - Provisions for expected credit losses amounting to approximately HKD 6.144 million due to a decline in the value of collateral for certain loans [1]

Core Viewpoint - Oriental Enterprise Holdings (00018) anticipates a significant decline in unaudited consolidated profit attributable to owners for the six months ending September 30, 2025, projecting no more than HKD 2 million compared to approximately HKD 25.098 million in the same period last year [1] Financial Performance - The company expects unaudited consolidated profit attributable to owners to decrease from approximately HKD 25.098 million to no more than HKD 2 million [1] - The anticipated decline in profit is attributed to adverse macroeconomic conditions leading to decreased revenue from the group's media and loan businesses [1] Provisions and Losses - The company has made a provision for expected credit losses of approximately HKD 6.144 million due to a decline in the value of collateral for certain loans and related settlement arrangements [1]

Core Viewpoint - The meeting between China's National Development and Reform Commission Vice Chairman Zhou Haibing and Uruguay's Deputy Foreign Minister Sukasi highlights the strengthening of bilateral relations and cooperation under the Belt and Road Initiative, emphasizing mutual benefits for both nations [1] Economic Cooperation - Zhou Haibing stated that China's economy is continuously improving and increasing its openness, which will create more opportunities for global economic development [1] - The Belt and Road Initiative has shown significant results in recent years, with fruitful pragmatic cooperation between China and Uruguay [1] Areas of Collaboration - Both parties expressed a desire to enhance communication and leverage their respective advantages to further strengthen cooperation across various fields [1] - Sukasi indicated Uruguay's active support for the Belt and Road Initiative and willingness to maintain institutionalized exchanges to promote practical cooperation in areas such as food, energy, green low-carbon initiatives, and digital economy [1]

Core Insights - The investment strategy report meeting hosted by Zhengzhou Bank focused on macroeconomic trends and asset allocation opportunities for the fourth quarter of 2025 [1][8] - The event gathered industry experts and valued clients to discuss the current economic environment and investment strategies [1][3] Group 1: Opening Remarks - The opening speech was delivered by Sun Runhua, Vice President of Zhengzhou Bank, emphasizing the bank's commitment to being a "professional wealth manager" amidst a complex economic landscape [3] - The bank aims to protect value and guide clients through market cycles, fostering a collaborative approach to wealth management [3] Group 2: Macroeconomic Insights - The first keynote address was presented by Dr. Chen Hui, Assistant President of the Asset Management Division at Shichuang Securities, who analyzed the macroeconomic situation and capital market outlook during the economic transformation cycle [4] - This analysis provided valuable references for investors' strategic planning [4] Group 3: Investment Strategies - Dr. Sun Min, an investment manager at Shichuang Securities, discussed investment opportunities in equity markets and fixed-income products, advocating for a "steady progress and dynamic balance" allocation strategy [6] - This presentation aimed to create a clear investment roadmap for the fourth quarter [6] Group 4: Interactive Session - The event featured an interactive Q&A session where attendees engaged with experts on asset allocation and industry opportunities for the fourth quarter [7] - The expert team provided detailed and insightful answers, enhancing participants' investment confidence and creating a lively atmosphere [7] Group 5: Future Outlook - The report meeting concluded with a reaffirmation of Zhengzhou Bank's commitment to client-centric services and collaboration with top partners to deliver professional market insights and customized wealth management solutions [8] - The bank aims to be a trusted wealth manager, helping clients seize timely investment opportunities [8]

Core Insights - The Chinese bond market demonstrated steady growth in 2024, expanding in scale and continuing product innovation while enhancing institutional frameworks and increasing openness to foreign participation, thereby supporting the real economy [1][2]. Economic Overview - The international economy showed a divergent recovery, with the US economy exceeding expectations while Europe faced recession. Global inflation gradually receded but remained uneven across major economies, leading to differentiated monetary policies [1][2]. - China's GDP grew by 5.0% year-on-year, with stable recovery in consumption and investment, providing a solid foundation for the bond market's development [1][2]. Bond Market Performance - The overall bond market operated smoothly, with issuance reaching 48.45 trillion yuan, a year-on-year increase of 6.83%, and total outstanding bonds growing to 156.56 trillion yuan. The yield on 10-year government bonds fell to 1.68% by year-end [1][2]. - Trading volumes increased, with cash settlement volumes at 416.38 trillion yuan and repurchase settlement volumes at 2,190.66 trillion yuan [1]. Product Innovation - The bond market saw significant product innovations, including the launch of green bonds and new debt financing tools, as well as the successful introduction of TLAC non-capital bonds [2]. Market Structure and Regulation - Continuous improvement in market regulations included enhancements in special bond management, risk prevention, and information disclosure mechanisms, alongside strengthened unified management of credit rating agencies [2]. Foreign Participation and Open Market - The bond market's openness progressed steadily, with optimized channels for foreign institutional participation and record issuance of panda bonds. Mechanisms like "Bond Connect" and "Swap Connect" were further refined [2]. Future Outlook - The bond market is expected to benefit from more proactive fiscal policies and moderately loose monetary policies, with continued growth in issuance anticipated. However, external risks such as global debt issues and trade protectionism remain concerns [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Domestic futures contracts showed mixed performance on October 20th, with some rising and others falling. Different commodities have different market trends and influencing factors, and overall, the market is affected by a combination of macro - economic, supply - demand, and geopolitical factors [5]. - For most commodities, market uncertainties such as upcoming Sino - US economic and trade consultations, major domestic conferences, and geopolitical situations will impact their prices, and in some cases, it is recommended to stay on the sidelines and observe [10][13][14]. 3. Summary by Commodity Metals - **Copper**: The price of copper is affected by factors such as overseas interest rate cuts, supply disruptions at mines, and high domestic prices being resisted. It is expected to have a strong performance in the short - term, with the focus on the impact of major domestic conferences on market sentiment [8][10]. - **Silver**: The main contract of Shanghai silver fell nearly 4% on October 20th [5]. - **Gold**: The main contract of Shanghai gold (2512) had a capital outflow of 5.713 billion yuan as of October 20, 15:23 [6]. - **PVC**: The supply is relatively high, the downstream recovery is limited, the export expectation is weak, and the inventory pressure is large. It is recommended to stay on the sidelines and observe [19]. - **Coke and Coking Coal**: Coking coal prices rose, with domestic mine production increasing and demand from coking enterprises weakening. The market is affected by factors such as steel mill profits and coke price increases [20][21]. Chemicals - **Carbonate Lithium**: It shows a pattern of tight supply and demand, with prices rising. The supply has growth potential, and downstream demand is strong during the peak season [11]. - **Crude Oil**: The supply pressure in the fourth quarter is increasing, demand is weakening, and geopolitical risks are decreasing. It is expected to fluctuate weakly in the medium to long - term, and it is recommended to stay on the sidelines and observe [12][13]. - **Asphalt**: The supply is at a high level, demand is affected by factors such as weather and funds, and it is recommended to stay on the sidelines and observe due to potential oil price fluctuations [14]. - **PP**: The downstream start - up rate is low, supply is increasing, and demand during the peak season is less than expected. It is expected to fluctuate weakly [15][16]. - **Plastic**: The start - up rate is at a medium level, downstream demand during the peak season is less than expected, and it is expected to fluctuate weakly [17]. - **Urea**: The cost is rising, demand is weakening as autumn fertilizers end, and the market is expected to stabilize after a decline [22]. Agricultural Products - **Pork**: The main contract of live pigs rose nearly 3% on October 20th [5]. - **Apples**: The main contract of apples rose more than 2% on October 20th [5]. - **Soybeans**: The main contract of soybeans (No. 1) rose more than 1% on October 20th [5]. Financial Futures - **Stock Index Futures**: The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures all rose on October 20th [5][6]. - **Treasury Bond Futures**: The main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all fell on October 20th [6].

Core Insights - The private credit market has seen significant inflows, becoming a mainstream borrowing option, but this rapid growth brings inherent risks, as evidenced by recent bankruptcies [2] - Corporate balance sheets remain resilient, with strong fundamentals, but there is an expectation of more headlines related to financial distress in the coming quarters [3][4] - Investors are underestimating tariff risks, which have led to inventory stockpiling by companies, and now those without pricing power are beginning to pass costs onto consumers [6][7] Group 1: Private Credit Market - The private credit market has become a significant option for borrowing, but risks are emerging as not all financial instruments are underwritten properly [2] - Recent bankruptcies indicate potential issues within the private credit space, although they may not lead to systemic risks due to the resilience of corporate balance sheets [2][3] Group 2: Tariff Impacts - Companies have been stockpiling inventory in anticipation of tariffs, but as these inventories are depleted, the costs are starting to be passed on to consumers, particularly affecting those without pricing power [6][8] - The US dollar's low index is exacerbating import costs, creating additional challenges for companies dealing with tariffs [7] Group 3: Federal Reserve Considerations - The Federal Reserve faces a delicate balancing act in managing interest rates amid labor market softening and potential inflationary pressures from tariff impacts [10][11] - There is uncertainty regarding the Fed's future actions, especially in light of the evolving economic landscape and the potential for further interest rate cuts [10][11]