Group 1 - The core viewpoint of the articles emphasizes the coordinated approach of fiscal and monetary policies in 2025 to stabilize growth, expand domestic demand, and promote innovation amidst complex domestic and international conditions [1][2][3] - Fiscal policy has shifted from "active" to "more active," with a fiscal deficit rate reaching approximately 4%, an increase of 1 percentage point from the previous year, and the issuance of 1.3 trillion yuan in ultra-long-term special government bonds and 4.4 trillion yuan in local government special bonds [2] - Monetary policy has transitioned to a "moderately loose" orientation for the first time in over a decade, with measures including a reserve requirement ratio cut and interest rate reduction, resulting in a cumulative social financing scale increase of 33.39 trillion yuan in the first eleven months, which is 3.99 trillion yuan more than the same period last year [2][3] Group 2 - The collaboration between fiscal and monetary policies has been particularly evident in the bond market, with a significant increase in net financing of various government bonds and a net liquidity injection of 4.9 trillion yuan by the central bank, which is 4.2 trillion yuan more than last year [3] - The combination of fiscal and monetary policies aims to achieve common goals such as stabilizing growth, expectations, and employment, particularly in key areas like supporting technological innovation and stabilizing the real estate market [3][4] - Policies to expand domestic demand have been prioritized, with a series of measures introduced throughout the year to enhance consumer capacity and improve the consumption environment, transitioning from short-term demand stimulation to long-term mechanism construction [4][5] Group 3 - The "subsidy + credit" and "credit + interest subsidy" combinations have effectively amplified policy effects, with 300 billion yuan allocated for subsidies to support the replacement of consumer goods, alongside financial policies encouraging personal consumption loans [5][6] - Data shows significant retail growth in consumer goods categories, with retail sales of household appliances and audio-visual equipment, cultural office supplies, and communication equipment increasing by 14.8%, 18.2%, and 20.9% year-on-year, respectively, from January to November [6] - The integration of industrial and financial policies has facilitated technological innovation and industrial upgrading, with a focus on strategic emerging industries and the establishment of a diversified financial service system to support technology-driven enterprises [7][8]

Core Viewpoint - The report outlines a positive outlook for various asset classes in 2026, with a ranking that favors A-shares, followed by US stocks, copper, and gold, while indicating a weaker position for oil and the US dollar [1][3][11]. Macroeconomic Environment Outlook - Fiscal expansion in Europe and the US is expected to support economic growth, with the "Big and Beautiful" plan from Trump likely benefiting the 2026 economy [2][10]. - The US is anticipated to experience mild monetary easing, with the Federal Reserve expected to lower interest rates twice in 2026, while the European Central Bank may maintain its policy rate [2][10]. - Manufacturing is projected to recover from a low point in 2025, driven by fiscal stimulus and easing geopolitical tensions [2][10]. Major Asset Class Outlook - The asset ranking for 2026 is as follows: A-shares > US stocks > copper > gold > US Treasuries (including coupons) > RMB > Chinese bonds > USD > oil [3][11]. - A-shares are expected to benefit from foreign capital inflows due to Fed rate cuts, with a projected increase in earnings and valuation [4][12]. - US stocks are at historical high valuations, with potential for increased volatility in 2026, while earnings growth may be limited [5][12]. - Copper demand is expected to stabilize due to AI data center construction and renewable energy projects, with a recovery in global manufacturing [4][12]. - Gold is anticipated to continue its upward trend due to strong central bank demand and geopolitical risks, despite a significant increase in 2025 [5][12]. Currency and Bond Market Outlook - The US dollar is expected to decline initially and then stabilize, with a limited overall drop due to stronger US economic performance compared to Europe and Japan [13]. - The 2-year US Treasury yield is projected to decline to around 3.1%-3.2%, while the 10-year yield may remain above 4% for most of 2026 [13]. - The RMB is likely to appreciate, supported by a recovering Chinese economy and favorable policies [4][12]. Commodity Outlook - Oil prices are expected to remain under pressure, with a bearish sentiment dominating the market, while copper prices may remain strong due to supply constraints and demand recovery [6][13]. - Silver has seen a significant increase in 2025, and its fundamentals remain strong, although a technical correction may occur [6][13].

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The pricing logic of gold has undergone a profound transformation, with the traditional "real interest rate" and "US dollar" pricing anchors losing effectiveness after 2022. A diversified pricing system centered on "fiat currency credit hedging" and assisted by "global geopolitical order reconstruction" has emerged. In 2026, gold is expected to verify and extend the stability of this system, with an annual operating range of $3,900 - $4,800 per ounce and an average annual price of around $4,500 per ounce [2][113]. - Silver is likely to follow the trend of gold, with a greater price elasticity. In 2026, the shortage in the silver fundamentals and inventory liquidity risks are expected to become consensus and supporting factors, with the expected regression of the gold - silver ratio as the main driving force. The London spot silver is projected to fluctuate between $50 - $80 per ounce [2][116]. - In the context of the systematic re - evaluation of gold as a core credit - hedging asset, 2026 will be a year of both opportunities and further differentiation for platinum and palladium. Their prices will not only follow the upward trend of gold's financial attributes but also continue the divergent trend of "strong platinum and weak palladium" due to their different fundamentals. The London spot platinum is expected to find strong support in the $1,450 - $1,550 per ounce area and challenge the key resistance range of $1,800 - $2,000 per ounce, with an average annual price of around $1,750 per ounce. The London spot palladium is expected to oscillate in a wider range, with support at $1,050 - $1,250 per ounce and resistance at $1,600 - $1,800 per ounce, and an average annual price of around $1,300 per ounce [5][117]. Summary According to Related Catalogs 1. 2025 Year - end Review and Influencing Factors of Precious Metals - **Gold**: In 2025, the gold market was influenced by multiple factors such as global macro - economic conditions, geopolitical changes, and market sentiment. The London spot gold fluctuated between $2,613.9 - $4,381.17 per ounce, with an average price of about $3,400.79 per ounce, a year - on - year increase of about 40%. The price increase was driven by factors including Trump's policies, Fed policy changes, and concerns about the US dollar's credit [7][8]. - **Silver**: The London spot silver achieved a historical breakthrough, fluctuating between $28.311 - $58.968 per ounce, with an average price of $38.192 per ounce, a year - on - year increase of about 33.2%. The price increase was promoted by the strong rise of gold and the expected regression of the gold - silver ratio [8]. - **Platinum and Palladium**: In 2025, the platinum and palladium markets were a game between supply - demand mismatch and financial attributes. The London spot platinum fluctuated between $878.3 - $1,770 per ounce, with an average price of about $1,253.3 per ounce, a year - on - year increase of about 30%. The London spot palladium fluctuated between $870.5 - $1,695 per ounce, with an average price of $1,165.7 per ounce, a year - on - year increase of about 18.5%. On November 27, 2025, the Guangzhou Futures Exchange officially launched platinum and palladium futures [5][10]. 2. 2025 Precious Metals Fundamental Analysis - **Gold Supply - Demand Balance**: In 2025, the supply of gold increased slightly, with a 1.2% increase in output to 3,717.4 tons in the first three quarters compared to the same period last year. The net demand for gold increased by 10% to 3,639.7 tons in the first three quarters. The gold surplus decreased to 77.7 tons, a year - on - year decrease of 78.7%. Investment demand returned, with an increase in the demand for gold bars, medals, and an increase in the holdings of gold ETFs. However, central bank gold purchases decreased by 12.5% to 633.6 tons [28][41][43]. - **Silver Supply - Demand Balance**: In 2025, the global silver supply increased slightly, reaching 32,055 tons, a year - on - year increase of about 1.5%. The total demand was 35,716 tons, a slight decrease of 1.4% compared to 2024. Industrial demand remained stable, investment demand recovered, and traditional photography, jewelry, and silverware demand declined. The silver market was in a supply shortage for the fifth consecutive year [46][47][49]. - **Platinum and Palladium Supply - Demand Balance**: The supply of platinum and palladium was unstable in 2025. Global platinum mine production was expected to decline by 6%, and palladium mine production was also expected to decline by 6%. However, recycling improved. Platinum demand was diversified, while palladium demand was highly concentrated in the automotive sector. Platinum demand was supported by the "platinum replacing palladium" trend and the growth of hybrid vehicles, while palladium demand faced a structural decline due to the increase in electric vehicle penetration and platinum substitution [58][59][62]. 3. Macro - analysis: Multiple Narratives of Gold in the Intersection of the US Mid - term Election Year and Geopolitical Fission - **US Mid - term Election Year**: In 2026, the US government may adopt expansionary fiscal and monetary policies to boost election support. Fiscal deficits are expected to widen, and the Fed may cut interest rates. However, these policies may also lead to concerns about "stagflation" or "re - inflation" and increase short - term volatility in gold prices through trade and tariff policies [74][75][76]. - **Geopolitics**: The geopolitical situation in 2026 will be more complex, with a shift from traditional military confrontation to a "composite game" in the economic, trade, and technology fields. Although the peace process in the Middle East and Ukraine may bring short - term stability, potential risks still exist. Gold will have a structural premium due to geopolitical uncertainties, and central banks and large institutional investors will continue to increase their gold holdings [91][92]. - **Financial Market Narrative**: In 2026, the narratives of "soft landing", "re - inflation", or "stagflation" of the US economy will compete, leading to further differentiation in asset prices. Gold has become an asset for hedging against the volatility of US stocks, and the impact of the US dollar on gold prices needs to be considered in terms of its short - term and long - term trends [105][110][112]. 4. Conclusion - **Gold**: In 2026, gold is expected to oscillate upward and set new historical highs, with an annual operating range of $3,900 - $4,800 per ounce and an average annual price of around $4,500 per ounce. The price may experience different stages: high - level oscillation in the first half of the year, a main upward wave in the second half, and a potential technical correction in the fourth quarter [113][115][116]. - **Silver**: Silver is expected to follow the trend of gold with greater elasticity. The London spot silver is projected to fluctuate between $50 - $80 per ounce in 2026 [116]. - **Platinum and Palladium**: Platinum is expected to show stronger price elasticity and upward potential, while palladium is likely to oscillate in a wider range with a downward - shifting center of gravity [117].

Group 1: Macro Strategy - The report highlights concerns over the AI bubble and the historical length of the U.S. federal government shutdown, which has reached 40 days, surpassing the previous record of 35 days from late 2018 to early 2019 [1][10] - The ongoing government shutdown is expected to negatively impact key economic indicators such as non-farm payrolls and GDP, leading to increased downward pressure on consumer spending due to delayed government payments [1][10] - The report anticipates that the government shutdown will end in November, which may improve economic data and dollar liquidity starting in December, with a high probability of the Federal Reserve cutting interest rates again in December [1][10] Group 2: Industry Insights - The report discusses the potential for a negative turn in exports in the fourth quarter, with expectations of lower new loans and social financing in October compared to the previous year [2][12] - It notes that the ECI supply index has slightly decreased, indicating a potential slowdown in economic activity, while the ECI export index has shown a slight increase, suggesting mixed signals in the export sector [12][14] - The report emphasizes the importance of monitoring the impact of government debt issuance and the overall economic environment on financing and investment trends [12][14] Group 3: Company Analysis - The report provides insights into specific companies such as Dongwu Securities, which maintains a "buy" rating for companies like Hengdian East Magnetic, projecting steady growth in net profit for 2025-2027 [8] - It also discusses Trina Solar's performance, noting an increase in component shipments and profitability in energy storage, while adjusting profit forecasts due to increased competition and pricing pressures [8] - The analysis of Yum China indicates a positive trend in store openings and same-store sales growth, driven by innovation and efficiency improvements [9]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The overall atmosphere in the commodity market was good yesterday, but the prices of finished steel products showed a weak and volatile trend. The demand for steel has officially entered the off - season, and there are still inventory risks for hot - rolled coils. Future attention should be paid to the pace of production cuts. With the implementation of the Fed's easing expectations and positive signals from the China - US meeting, the market sentiment and capital environment are expected to improve, and the consumption side of steel may gradually recover. In the short term, demand is still weak, but there may be an inflection point in the future [2]. - For iron ore, due to environmental protection restrictions and the decline in steel mill profits, the demand side continues to weaken, and the inventory pressure remains high. After the macro - events are realized, the fundamentals of iron ore are weak, and the price is expected to run weakly in the short term [5]. - Regarding manganese silicon and silicon iron, the fundamentals of manganese silicon are not ideal, and potential drivers may come from the manganese ore end. Silicon iron's supply - demand fundamentals have no obvious contradictions, and both are likely to follow the black - sector market [10]. - For industrial silicon, the supply - side pressure persists, and the demand support is weakening. It is expected to fluctuate in the short term. For polysilicon, the supply - demand pattern may improve marginally, but the short - term de - stocking range is limited [13][16]. - In the glass market, the short - term market may continue to fluctuate narrowly, and future attention should be paid to downstream orders and capacity changes. For soda ash, the price is expected to continue the weak and volatile pattern in the short term [19][21]. Summary by Related Catalogs Steel Market Conditions - The closing price of the rebar main contract was 3037 yuan/ton, up 13 yuan/ton (0.429%) from the previous trading day. The registered warehouse receipts were 118,534 tons, with no change. The main - contract open interest decreased by 11,428 lots to 2.020353 million lots. The spot prices in Tianjin and Shanghai increased by 10 yuan/ton to 3190 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3256 yuan/ton, up 3 yuan/ton (0.092%) from the previous trading day. The registered warehouse receipts decreased by 889 tons to 99,412 tons. The main - contract open interest decreased by 7743 lots to 1.365348 million lots. The spot prices in Lecong and Shanghai remained unchanged at 3270 yuan/ton [1]. Strategy Views - The supply and demand of rebar both decreased, and the inventory continued to decline, showing a neutral performance. The demand for hot - rolled coils declined significantly, and the inventory showed reverse - seasonal accumulation. The steel demand has entered the off - season, and the risk of hot - rolled coil inventory still exists. Future attention should be paid to the production - cut rhythm. With the improvement of the macro - environment, the demand may recover in the future [2]. Iron Ore Market Conditions - The main contract (I2601) of iron ore closed at 777.50 yuan/ton, with a change of +0.19% (+1.50). The open interest decreased by 7164 lots to 537,500 lots. The weighted open interest was 937,000 lots. The spot price of PB powder at Qingdao Port was 785 yuan/wet ton, with a basis of 57.04 yuan/ton and a basis rate of 6.83% [4]. Strategy Views - The overseas iron - ore shipment volume decreased, but it was still at a high level in the same period. The demand for iron ore weakened, and the port inventory and steel - mill inventory increased. Affected by environmental protection restrictions and the decline in steel - mill profits, the iron - ore demand continued to weaken, and the price was expected to run weakly in the short term [5]. Manganese Silicon and Silicon Iron Market Conditions - On November 6, the main contract of manganese silicon (SM601) closed up 0.38% at 5798 yuan/ton. The spot price in Tianjin was 5680 yuan/ton, with a basis of 72 yuan/ton. The main contract of silicon iron (SF601) closed up 0.47% at 5586 yuan/ton. The spot price in Tianjin was 5600 yuan/ton, with a basis of 14 yuan/ton [7][8]. Strategy Views - The fundamentals of manganese silicon were not ideal, and potential drivers might come from the manganese ore end. Silicon iron's supply - demand fundamentals had no obvious contradictions, and both were likely to follow the black - sector market [10]. Industrial Silicon and Polysilicon Market Conditions - The closing price of the main contract of industrial silicon (SI2601) was 9065 yuan/ton, up 0.50% (+45). The open interest increased by 1917 lots to 400,305 lots. The spot price of 553 in East China remained unchanged at 9300 yuan/ton, with a basis of 235 yuan/ton; the spot price of 421 remained unchanged at 9700 yuan/ton, with a basis of - 165 yuan/ton [12]. - The closing price of the main contract of polysilicon (PS2601) was 53,395 yuan/ton, up 0.07% (+40). The open interest decreased by 4850 lots to 225,552 lots. The average spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material remained unchanged, with a basis of - 1195 yuan/ton [15]. Strategy Views - For industrial silicon, the supply - side pressure persisted, and the demand support was weakening. It was expected to fluctuate in the short term. For polysilicon, the supply - demand pattern might improve marginally, but the short - term de - stocking range was limited [13][16]. Glass and Soda Ash Market Conditions - The glass main contract closed at 1101 yuan/ton on Thursday afternoon, up 0.36% (+4). The price of large - size glass in North China remained unchanged at 1130 yuan, and the price in Central China increased by 20 yuan to 1140 yuan. The weekly inventory of float - glass sample enterprises decreased by 2.654 million boxes (-4.03%) to 63.136 million boxes. The top 20 long - position holders reduced 9576 lots, and the top 20 short - position holders increased 10,400 lots [18]. - The soda - ash main contract closed at 1207 yuan/ton on Thursday afternoon, up 1.00% (+12). The price of heavy - ash in Shahe increased by 12 yuan to 1157 yuan. The weekly inventory of soda - ash sample enterprises increased by 12,200 tons to 1.7142 million tons. The top 20 long - position holders reduced 5605 lots, and the top 20 short - position holders reduced 22,126 lots [20]. Strategy Views - In the glass market, the short - term market may continue to fluctuate narrowly, and future attention should be paid to downstream orders and capacity changes. For soda ash, the price is expected to continue the weak and volatile pattern in the short term [19][21].

Report Industry Investment Rating No information provided. Core View of the Report Although the prices of the black sector may experience short - term periodic corrections due to real - time demand, in the medium to long term, the black sector may gradually become more cost - effective for multi - allocation. The key factor to watch is the emergence of a new demand engine. If it appears, the steel industry may start a new upward cycle; otherwise, prices may enter a consolidation phase and require a longer period of bottom - building [1][23]. Summary by Relevant Points Background of the Black Sector - Since 2022, the black sector has been characterized by "weak reality" due to the real estate downturn. The market has been playing the same game of policy "expectations" against the backdrop of "weak reality". In the fourth quarter of this year, the "Fourth Plenary Session" in mid - to late October, which will plan for the "15th Five - Year Plan", will be a crucial node for future expectation games [1][4]. Differences in This Expectation Game Price Decline Dynamics - The downward momentum of prices is objectively waning and has been compressed to near - extreme levels. Taking the rebar price index as an example, the magnitude and time of new lows have significantly shrunk, from nearly 14% and 5 months initially to less than 4% and one month most recently [7]. Fed's Interest - Rate Cut - The Fed has officially entered an interest - rate cut cycle, and with the "big and beautiful" tax and spending bill passed by the US Congress on July 3, 2024, it is relatively certain that overseas markets will enter a phase of both fiscal and monetary expansion, which is beneficial for global demand and commodity prices. Unlike previous recession - driven interest - rate cuts, the current US economy has not shown obvious signs of weakness, so commodity prices may not decline significantly before rising [9][10]. China's Capacity - Reduction Experience - China has rich experience in capacity reduction. In 1998 - 2002 and 2015 - 2016, the country effectively addressed over - capacity issues and emerged from insufficient demand and low inflation. With strong national will and sufficient fiscal policy space, demand - side policies supporting the "anti - involution" initiative are still worth anticipating [15][16]. Industry Cycle - The black sector has a cycle of approximately five years, and currently, it is approaching a critical cycle turning point. Historically, the steel industry cycle was closely related to the real estate cycle. However, under the current real - estate policy background, a new demand engine outside of real estate is needed to start a new cycle. The development of the Great Northwest is being considered, but its demand scale and time span are still under evaluation [19][22].

Focus Review - The Federal Reserve lowered the federal funds rate by 25 basis points to 4.00%-4.25%, marking the first rate cut of the year and the first in nine months [2] - The Fed's dot plot indicates a downward revision of long-term rate expectations for 2025-2028, suggesting a more accommodative monetary policy outlook [2] Equity Market - Recent market performance shows a divergence between stock market strength and weak economic data, with a few tech stocks driving index gains [3] - The market is expected to transition from extreme differentiation to a more balanced approach, focusing on strong industry trends and economic conditions [4] - The Hong Kong stock market has seen significant gains due to interest rate cut expectations and AI industry benefits, with the Hang Seng Index reaching its highest level since 2021 [5] Industry Research - The AI sector is accelerating, with domestic capabilities closing the gap with international standards, creating investment opportunities in emerging industries like solid-state batteries and embodied intelligence [6] - The Chinese AI chip market is projected to reach nearly $50 billion, with increasing domestic demand for local chips as international supply diminishes [8] - The Hong Kong tech sector, particularly the Hang Seng Tech Index, is favored by investors due to its high sensitivity to interest rates and attractive valuation [8] Macro and Fixed Income - Morgan Asset Management suggests a higher probability of two additional rate cuts by the Federal Reserve this year, which may lead to a weaker dollar and increased interest in non-US markets [9] - Future fiscal and monetary policies are expected to remain accommodative, focusing on sectors like digital economy and green transition [10][11] Asset Allocation - Historical trends indicate that the onset of a Fed rate cut cycle is generally favorable for equity assets, particularly in the Hong Kong market, with growth styles expected to lead [12]

Core Viewpoint - The report from CITIC Securities indicates that the resolution of local government hidden debts may be achieved by the end of the 14th Five-Year Plan or the beginning of the 15th Five-Year Plan, but local government leverage remains high, necessitating the central bank to maintain low interest rates in an uncertain revenue environment [1] Group 1: Economic Outlook - The focus of new policy financial tools will be on eight key areas: digital economy, artificial intelligence, low-altitude economy, infrastructure in consumer sectors, green and low-carbon transition, agriculture and rural development, transportation and logistics, as well as municipal and industrial parks [1] - There is a high demand for incremental fiscal support, suggesting that the dual expansion of fiscal and monetary policies will continue in the future [1]

Core Viewpoint - The report indicates that the resolution of local government hidden debts may be achieved between the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," but local government leverage remains high, necessitating the central bank to maintain low interest rates in an uncertain revenue environment [1] Group 1: Local Government Debt and Leverage - Local government leverage remains high despite potential resolution of hidden debts [1] - The timeline for resolving local government hidden debts is projected for the transition between the "14th" and "15th" Five-Year Plans [1] Group 2: Monetary Policy and Economic Focus - The central bank is expected to continue maintaining low interest rates due to uncertainties in revenue [1] - A new round of policy financial tools will focus on eight key areas: digital economy, artificial intelligence, low-altitude economy, infrastructure in consumption sectors, green and low-carbon transition, agriculture and rural development, transportation and logistics, and municipal and industrial parks [1] - There remains a high incremental demand on the fiscal side, indicating that the dual expansion of fiscal and monetary policies is likely to continue [1]

Core Viewpoint - The report provides an overview of the performance and management strategies of the Southern Haoda Steady Preferred One-Year Holding Mixed Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment objectives, financial indicators, and market conditions affecting its performance [1][2][3]. Fund Overview - The fund is a mixed fund of funds (FOF) aiming for long-term stable appreciation of assets through diversified asset allocation across various funds with different risk-return characteristics [1][2]. - The fund's performance benchmark is set at 15% of the CSI 300 Index return and 85% of the Shanghai Government Bond Index return [1]. Financial Indicators and Fund Performance - As of the end of the reporting period, the A share net value was 1.0460 RMB, with a net value growth rate of 1.38%, while the C share net value was 1.0372 RMB, with a growth rate of 1.28% [5]. - The fund's performance over the past three months showed a net value growth rate of 1.27% for both A and C shares, with a standard deviation of 0.11% and 0.14% respectively [2][5]. Management Report - The fund manager has adhered to relevant laws and regulations, ensuring compliance and risk control while managing the fund's assets [4][6]. - The macroeconomic environment in the second quarter was stable, with improvements in PMI and a low inflation rate, while the U.S. economy showed signs of slowing down [4][3]. Investment Strategy - The fund adopted a multi-asset and multi-strategy diversification approach, focusing on domestic assets while also allocating to overseas assets and commodities [3][4]. - In equity investments, the fund increased exposure to large-cap value stocks and reduced holdings in high-growth technology stocks during market fluctuations [3]. Future Outlook - The fund maintains a cautious short-term outlook while remaining optimistic in the medium to long term, anticipating potential government stimulus measures and a stable economic recovery [4][3].