Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report provides a weekly hot - spot preview from December 1 - 7, 2025, including the expected data of various economic indicators and their potential impacts on the futures market [2]. 3. Summary by Relevant Catalog This Week's Key Focus - On December 1 at 09:45, Markit will release China's November SPGI manufacturing PMI [2]. - On December 4 at 21:30, the US Department of Labor will announce the initial jobless claims for the week ending November 29 [2]. - On December 5 at 23:00, the US Department of Commerce will release the US September PCE price index [2]. - On December 7 at 16:00, the People's Bank of China will announce November foreign exchange reserves and gold reserves [2]. This Week's Hot - Spot Preview December 1 - China's November SPGI manufacturing PMI: Expected to be 51.1 (previous 50.9). A slight increase may help industrial and stock index futures rise and suppress treasury bond futures [2]. - US November ISM manufacturing PMI: Expected to be 48.5 (previous 48.7). A slight decrease may suppress non - ferrous metals, crude oil and related futures, but help gold and silver futures [3]. December 2 - Eurozone November CPI initial value: Expected harmonized CPI annual rate - unadjusted initial value is 2.1% (same as previous) [4]. - Eurozone October unemployment rate: Expected to be 6.3% (same as previous) [7]. December 3 - China's November SPGI services PMI and composite PMI: Expected services PMI is 51.9 (previous 52.6), composite PMI is 51.5 (previous 51.8). A slight decrease may suppress stock index and commodity futures, but help treasury bond futures [8]. - US November ADP employment change: Expected new employment is 55,000 (previous 42,000). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [9]. - US September industrial production monthly rate: Expected to be 0 (previous 0.1%) [10]. - US November ISM non - manufacturing PMI: Expected to be 53.5 (previous 52.4). A slight increase may suppress gold and silver futures [11]. - US EIA crude oil inventory change for the week ending November 28: A continued increase may suppress crude oil and related commodity futures [12]. December 4 - November下旬 prices of important production materials in the circulation field: The National Bureau of Statistics will release prices of 9 categories and 50 products [13]. - Eurozone October retail sales: Previous monthly rate was - 0.1%, annual rate was 1.0% [14]. - US initial jobless claims for the week ending November 29: Expected to be 212,000 (previous 216,000). A slight decrease may suppress gold and silver futures and help other industrial futures [15]. December 5 - US September factory orders monthly rate: Previous was 1.4% [16]. - US September PCE price index: Expected annual rate is 2.7% (same as previous), core annual rate is 2.9% (same as previous), core monthly rate is 0.3% (previous 0.2%). Specific changes may strengthen the market's expectation of a 25 - basis - point interest rate cut by the Fed in December [17]. - US September personal expenditure monthly rate: Expected to be 0.4% (previous 0.6%) [18]. - US September personal income monthly rate: Expected to be 0.4% (same as previous) [19]. - US December University of Michigan consumer confidence index initial value: Expected to be 52 (previous 51). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [20]. December 7 - China's November foreign exchange reserves: Previous was $3343 billion, gold reserves were 74.09 million ounces [21].

Group 1 - The U.S. EIA will release crude oil inventory changes for the week ending October 24, with a previous decrease of 961,000 barrels. A continued decline in this data could support an increase in crude oil and related commodity futures prices [1] - The Federal Reserve FOMC is expected to announce a 25 basis point reduction in the federal funds rate during its meeting on October 30, followed by a press conference by Chairman Powell [2] - The European Central Bank is anticipated to keep the benchmark interest rate unchanged during its meeting on October 30, with a press conference by President Lagarde following the announcement [3] Group 2 - The Eurozone's preliminary GDP for Q3 is expected to show a seasonally adjusted quarterly growth rate of 0.1% and an annual growth rate of 1.2%. A slight decrease from the previous annual rate could mildly suppress the rise in commodity futures prices, excluding gold and silver [4] - The U.S. is set to release its preliminary GDP for Q3, with expectations of a 3% annualized quarterly growth rate, down from the previous 3.8% [5] Group 3 - China will announce the official manufacturing and non-manufacturing PMIs for October on October 31, with expectations of a manufacturing PMI of 49.6 (previously 49.8) and a non-manufacturing PMI of 49.8 (previously 50). A slight decline in both PMIs could mildly suppress commodity and stock index futures prices but support government bond futures [6] - The U.S. will release the PCE price index for September, with expectations of a year-on-year rate of 2.7% (unchanged from the previous value) and a core PCE year-on-year rate of 2.9% (also unchanged). A slight decrease in the year-on-year rates but a slight increase in the month-on-month rate could strengthen market expectations for a 25 basis point rate cut by the Fed in November [7]

Group 1 - The People's Bank of China is expected to release financial statistics for September, including M2 growth, new RMB loans, and social financing scale, with M2 expected to grow by 8.5% year-on-year, down from 8.8% [1] - New RMB loans for September are anticipated to be 1.375 trillion yuan, significantly higher than the previous month's 590 billion yuan [1] - The expected increase in social financing scale for September is 3.45 trillion yuan, compared to 2.5668 trillion yuan in the previous month [1] Group 2 - The World Bureau of Metal Statistics (WBMS) is set to publish a global metal supply and demand report, which will be closely monitored for its impact on metal futures prices [2] Group 3 - The Federal Reserve will release its Beige Book on economic conditions, with attention on how the results may influence related futures prices [3] Group 4 - The U.S. Department of Commerce is expected to announce September retail sales data, with a month-on-month increase forecasted at 0.4%, down from 0.6% [4] - Core retail sales for September are projected to rise by 0.3%, a decrease from the previous 0.7% [4] - A slight decline in retail sales data could moderately suppress the prices of commodities, excluding gold and silver [4] Group 5 - The U.S. Energy Information Administration (EIA) will report on crude oil inventory changes for the week ending October 10, with the previous increase recorded at 3.715 million barrels [5] - An increase in crude oil inventory could hinder the rise in oil and related commodity futures prices [5] Group 6 - The U.S. Department of Commerce will release data on new housing starts and building permits for September, with new housing starts expected to total 1.31 million units, slightly up from 1.307 million units [6] - Building permits are anticipated to be 1.343 million units, an increase from the previous 1.33 million units [6] - A slight increase in new housing starts and building permits could support basic metal futures prices but may suppress gold and silver futures prices [6]

Group 1 - China's September manufacturing PMI is expected to be 49.7%, slightly up from the previous value of 49.4%, while the non-manufacturing PMI is expected to be 50.5%, up from 50.3% [1] - A slight increase in both PMIs may support a rise in commodity futures and stock index futures prices, but could mildly suppress government bond futures prices [1] Group 2 - The USDA is set to release the quarterly grain inventory report, which will impact futures prices for corn, wheat, and soybeans [2] Group 3 - The US ISM manufacturing PMI for September is anticipated to be 49.2%, an increase from the previous 48.7% [3] - A slight rise in the ISM manufacturing PMI may support increases in prices for non-ferrous metals, crude oil, and related commodity futures, while potentially suppressing gold and silver futures prices [3] Group 4 - The EIA will announce the weekly crude oil inventory change, with the previous value showing a decrease of 607,000 barrels [4] - A continued decrease in crude oil inventory could support rising prices for crude oil and related commodity futures [4] Group 5 - The US Labor Department will report initial jobless claims, with expectations set at 215,000, down from the previous 218,000 [5] - A slight decrease in jobless claims may support increases in industrial commodity futures prices, except for gold and silver [5] Group 6 - The US non-farm payroll report for September is expected to show an increase of 39,000 jobs, up from 22,000 previously, with an unemployment rate forecasted to remain at 4.3% [6] - If the non-farm payrolls exceed expectations while the unemployment rate and average hourly wage growth remain stable, it may support increases in industrial commodity futures prices but suppress gold and silver futures prices [6] Group 7 - OPEC+ will hold a meeting regarding oil production policies, with expectations of an increase in production by 137,000 barrels per day and a potential lifting of a second batch of production cuts totaling 1.65 million barrels per day [7] - The outcomes of this meeting are anticipated to impact crude oil and related commodity futures prices [7]

Group 1 - The EIA reported a decrease in U.S. crude oil inventories by 3.169 million barrels for the week ending July 18, which was a larger decline than the expected decrease of 1.5 million barrels [1] - The previous week's inventory change was a decrease of 3.859 million barrels, indicating a significant shift in inventory levels [1]

Core Insights - The EIA reported a significant decrease in U.S. crude oil inventories for the week ending June 13, with a reduction of 11.473 million barrels, which was much larger than the expected decrease of 2.5 million barrels and the previous week's decline of 3.644 million barrels [1] Summary by Category - **Inventory Changes** - U.S. crude oil inventories fell by 11.473 million barrels [1] - The expected inventory change was a decrease of 2.5 million barrels [1] - The prior week's inventory change was a decrease of 3.644 million barrels [1]