①美国三大股指全线收涨，道指涨0.44%报46448.27点，标普500指数涨1.55%报6705.12点，纳指涨 2.69%报22872.01点； ④欧洲三大股指收盘涨跌不一，德国DAX指数涨0.71%报23255.92点，法国CAC40指数跌0.29%报 7959.67点，英国富时100指数跌0.05%报9534.91点； ⑧伦敦基本金属全线上涨，LME期镍涨1.90%报14730.00美元/吨，LME期锡涨1.44%报37425.00美元/ 吨，LME期铝涨0.97%报2813.00美元/吨，LME期锌涨0.47%报3003.00美元/吨，LME期铅涨0.33%报 1992.00美元/吨，LME期铜涨0.04%报10781.50美元/吨； ⑨美债收益率集体下跌，2年期美债收益率跌1.06个基点报3.495%，3年期美债收益率跌1.68个基点报 3.480%，5年期美债收益率跌2.62个基点报3.593%，10年期美债收益率跌3.66个基点报4.027%，30年期 美债收益率跌4.13个基点报4.670%； ⑩欧债收益率集体下跌，英国10年期国债收益率跌0.8个基点报4.536%，法国10年期国债收益率跌 ...

交易员不断下调对人民币的看跌预期，截至周一的期权定价显示，对人民币的看涨情绪目前达到逾十四 年来最高水平，与此同时，人民币即期窄幅震荡，隐含波动率下降。美元/离岸人民币1个月期风险逆转 周一报0.01%，看跌期权需求更高；而一周前报0.07%，看涨期权需求更高；10月底报0.18%，亦为看涨 期权需求更高期权指标目前处于2011年8月以来最看涨人民币的水平。 ...

①美国三大股指全线收跌，道指跌1.18%报46590.24点，标普500指数跌0.92%报6672.41点，纳指跌 0.84%报22708.07点； ②美国大型科技股多数下跌，谷歌涨超3%，特斯拉涨逾1%，苹果跌近2%，英伟达跌近2%，脸书跌超 1%，亚马逊跌0.78%，微软跌0.53%； ③热门中概股多数下跌，阿特斯太阳能跌超15%，满帮集团跌近12%，小鹏汽车跌超10%，禾赛科技跌 逾6%，小马智行跌逾6%，晶科能源涨超13%，金山云涨近9%，大全新能源涨超3%，阿里巴巴涨逾 2%，华住集团涨超2%； ⑨美债收益率涨跌不一，2年期美债收益率涨0.63个基点报3.608%，3年期美债收益率涨0.28个基点报 3.611%，5年期美债收益率持平报3.728%，10年期美债收益率跌0.78个基点报4.137%，30年期美债收益 率跌1.20个基点报4.736%； ⑩欧债收益率集体下跌，英国10年期国债收益率跌3.9个基点报4.534%，法国10年期国债收益率跌0.6个 基点报3.451%，德国10年期国债收益率跌0.8个基点报2.711%，意大利10年期国债收益率跌2.6个基点报 3.444%，西班牙10年期国 ...

对冲基金巨头Point72资产管理公司策略师兼经济学家Sophia Drossos表示，随着美元走弱，与人工智能 (AI)热潮密切相关的亚洲经济体货币，有望在明年成为最大受益者。 Drossos指出，美元贬值趋势将持续至2026年，尽管跌幅将较今年迄今7.1%的回落幅度有所收窄。她认 为此轮美元走弱的最大受益者，可能来自那些货币表现未能跟上AI相关股票大涨势头的亚洲国家。 在经历连续四年下跌后，韩元在2025年迄今仅微升约1%。受中美贸易紧张局势缓和影响，离岸人民币 同期涨幅虽然超过3%，但仅位列今年亚洲货币涨幅第五位。 Drossos表示，随着美国联邦政府结束停摆，新公布的经济数据很可能显示经济增长正在放缓。这将为 美联储12月降息铺平道路，进而导致美元走弱。 受贸易紧张局势和经济前景担忧影响，今年十国集团所有货币兑美元均实现升值。尽管美国股指创下历 史新高，但美元指数正朝着2017年以来最差年度表现迈进。 "尽管美国经济表现不俗，但其他国家的表现更为亮眼，"Drossos表示，"全球投资者已纷纷把握其他经 济体的估值优势。" "随着AI主题在全球范围拓展，我会重点关注中国和韩国，"她在纽约接受采访时表示， ...

Market Performance - The three major US stock indices closed mixed, with the Dow Jones up 1.18% at 47927.96 points, the S&P 500 up 0.21% at 6846.61 points, and the Nasdaq down 0.25% at 23468.3 points [1] - Major US tech stocks showed mixed performance, with Apple rising over 2%, Microsoft up 0.53%, Google up 0.42%, Amazon up 0.28%, while Nvidia fell nearly 3%, Tesla down over 1%, and Facebook down 0.74% [1] - Chinese concept stocks had mixed results, with Xpeng Motors up nearly 8%, Qifu Technology up nearly 3%, Yum China up nearly 3%, and Beike up over 1%, while Hesai Technology fell nearly 10%, Canadian Solar down over 8%, JinkoSolar down over 5%, Tencent Music down nearly 4%, and Alibaba down over 3% [1] European Market - All three major European stock indices closed higher, with the German DAX index up 0.54% at 24090.53 points, the French CAC40 index up 1.3% at 8160.56 points, and the UK FTSE 100 index up 1.26% at 9910.39 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 0.27% at $4133.20 per ounce and COMEX silver futures up 1.52% at $51.08 per ounce [1] - US oil main contract rose 1.51% to $61.04 per barrel, while Brent crude oil main contract increased by 1.7% to $65.15 per barrel [1] Currency and Bond Market - The US dollar index fell 0.14% to 99.48, and the offshore RMB against the US dollar fell by 9 basis points to 7.1225 [1] - US Treasury yields collectively fell, with the 2-year yield down 3.95 basis points to 3.551%, the 3-year yield down 6.44 basis points to 3.534%, the 5-year yield down 5.74 basis points to 3.656%, the 10-year yield down 5.25 basis points to 4.062%, and the 30-year yield down 3.60 basis points to 4.668% [1] - European bond yields also fell collectively, with the UK 10-year yield down 7.4 basis points to 4.386%, the French 10-year yield down 1.5 basis points to 3.422%, the German 10-year yield down 1 basis point to 2.656%, the Italian 10-year yield down 1.1 basis points to 3.398%, and the Spanish 10-year yield down 1 basis point to 3.162% [1]

Group 1 - The core viewpoint of the article highlights the recent trends in various commodities, including precious metals, energy, and agricultural products, along with the impact of external factors such as Federal Reserve policies and international oil procurement strategies [3][4][5]. Group 2 - As of November 10, 2025, domestic soda ash manufacturers have a total inventory of 1.7062 million tons, a decrease of 0.008 million tons or 0.47% from the previous week. The inventory includes 0.7977 million tons of light soda ash, which decreased by 0.0169 million tons, and 0.9085 million tons of heavy soda ash, which increased by 0.0089 million tons [2]. - Federal Reserve's Williams indicated that the Fed may soon need to expand its balance sheet through asset purchases, assessing when reserve levels will transition from "slightly above adequate" to "adequate" [3]. - Indian state-owned oil companies have purchased 5 million barrels of crude oil from the spot market, seeking alternatives to Russian oil supplies, with Hindustan Petroleum Corporation buying 2 million barrels of WTI and 2 million barrels of Abu Dhabi Murban crude, expected to arrive in January [3]. Group 3 - Precious metals saw price increases, with CMX gold rising from 4006.100 to 4122.640, a change of 2.91%, and CMX silver increasing from 48.295 to 50.431, a rise of 4.42% [4]. - In the energy sector, WTI crude oil prices slightly increased from 59.869 to 59.880, while Brent crude rose from 63.766 to 63.980, reflecting changes of 0.02% and 0.34% respectively [4]. - Agricultural products also experienced price changes, with soybeans rising from 1117.350 to 1127.950 (0.95%), and wheat increasing from 561.400 to 569.625 (1.47%) [4].

Market Performance - The three major US stock indices closed mixed, with the Dow Jones up 0.16% at 46,987.1 points, the S&P 500 up 0.13% at 6,728.8 points, and the Nasdaq down 0.21% at 23,004.54 points [1] - Major tech stocks showed mixed performance, with Tesla down over 3%, Google down more than 2%, while Intel rose over 2% and other companies like Nvidia, Netflix, Amazon, and Meta saw slight increases [1] Chinese Stocks - Most popular Chinese stocks declined, with Xpeng Motors down over 6%, Pony.ai and Zai Lab down more than 5%, and companies like Tencent Music and NIO down over 4% [1] European Market - All three major European stock indices closed lower, with the German DAX down 0.78% at 23,549.24 points, the French CAC40 down 0.18% at 7,950.18 points, and the UK FTSE 100 down 0.55% at 9,682.57 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 0.42% at $4,007.8 per ounce and COMEX silver futures up 0.57% at $48.225 per ounce [1] - US oil main contract rose 0.69% to $59.84 per barrel, while Brent crude oil main contract increased by 0.47% to $63.68 per barrel [1] Currency and Debt Markets - The US dollar index fell 0.16% to 99.55, and the offshore RMB against the US dollar decreased by 43 basis points to 7.1252 [1] - US Treasury yields collectively rose, with the 2-year yield up 0.43 basis points to 3.560% and the 10-year yield up 1.54 basis points to 4.097% [1] - European bond yields also increased, with the UK 10-year yield up 3.2 basis points to 4.464% and the German 10-year yield up 1.6 basis points to 2.664% [1]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.84% at 46,912.3 points, the S&P 500 down 1.12% at 6,720.32 points, and the Nasdaq down 1.9% at 23,053.99 points [1] - Major tech stocks fell, with Nvidia and Tesla dropping over 3%, Intel, Amazon, and Meta down over 2%, and Microsoft down over 1% [1] - Popular Chinese concept stocks showed mixed results, with Xiaoma Zhixing down over 8%, Zai Ding Pharmaceutical down over 6%, and NIO down over 1%, while XPeng Motors rose over 9% and Baidu up over 3% [1] European Market - European stock indices also closed lower, with Germany's DAX down 1.29% at 23,740.38 points, France's CAC40 down 1.36% at 7,964.77 points, and the UK's FTSE 100 down 0.42% at 9,735.78 points [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 0.20% at $3,984.80 per ounce and COMEX silver futures down 0.37% at $47.85 per ounce [1] - U.S. oil futures fell slightly, with the main contract down 0.12% at $59.53 per barrel and Brent crude down 0.08% at $63.47 per barrel [1] Currency and Bond Markets - The U.S. dollar index decreased by 0.45% to 99.70, while the offshore RMB appreciated against the dollar by 104 basis points to 7.1209 [1] - U.S. Treasury yields collectively fell, with the 2-year yield down 7.20 basis points to 3.553% and the 10-year yield down 7.60 basis points to 4.083% [1] - European bond yields also declined, with the UK 10-year yield down 2.9 basis points to 4.432% and Germany's 10-year yield down 2.3 basis points to 2.648% [1]

Core Viewpoint - The onshore RMB against the USD opened higher, reflecting a shift in market dynamics influenced by recent Federal Reserve actions and global economic conditions [1] Currency Exchange Rates - On November 6, the onshore RMB opened at 7.1218 against the USD, up from the previous closing of 7.1246 [1] - The offshore RMB was reported at 7.1267 as of 9:30 AM [1] - The RMB's central parity against the USD was adjusted up by 36 basis points to 7.0865 [1] Dollar Index and Economic Context - As of 9:30 AM, the dollar index stood at 100.0394, indicating a recent increase [1] - The dollar index has strengthened due to a rise in U.S. Treasury yields following a hawkish stance from Federal Reserve Chairman Jerome Powell, despite a 25 basis point rate cut in October [1] - Weak economic fundamentals in major economies like the Eurozone and Japan have contributed to the overall poor performance of non-USD currencies, further supporting the dollar's strength [1] - The U.S. government shutdown has enhanced the dollar's safe-haven appeal [1]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.53%, the S&P 500 down 1.17%, and the Nasdaq down 2.04% [1] - Major tech stocks experienced declines, with Intel falling over 6%, Tesla down over 5%, Nvidia down over 3%, Google down over 2%, and Amazon and Meta down over 1% [1] - Most popular Chinese concept stocks also fell, with Xiaoma Zhixing down nearly 10%, Futu Holdings down over 7%, and Bilibili down over 5% [1] European Market - European stock indices had mixed results, with Germany's DAX down 0.76%, France's CAC40 down 0.52%, and the UK's FTSE 100 up 0.14% [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 1.81% at $3941.30 per ounce and COMEX silver futures down 2.40% at $46.90 per ounce [1] - U.S. oil futures fell 1.02% to $60.43 per barrel, while Brent crude oil futures dropped 0.85% to $64.34 per barrel [1] - London base metals all saw declines, with LME copper down 1.90% at $10,649.00 per ton and LME aluminum down 1.26% at $2,865.50 per ton [1] Bond Market - U.S. Treasury yields collectively fell, with the 2-year yield down 2.87 basis points at 3.576% and the 10-year yield down 2.72 basis points at 4.083% [1] - European bond yields also decreased, with the UK 10-year yield down 1 basis point at 4.423% and the German 10-year yield down 1.3 basis points at 2.652% [1]