Report Summary 1. Hot News - Li Qiang chaired a meeting of the leading group for the compilation of the Outline Draft of the 15th Five - Year Plan, emphasizing the planning of major projects to boost future development and current economic stability [2] - The People's Bank of China kept the one - year and five - year Loan Prime Rates (LPR) unchanged at 3% and 3.5% respectively for seven consecutive months [2] - Four futures exchanges will temporarily exempt certain handling fees for most futures varieties from January 1, 2026, to December 31, 2026, and the China Financial Futures Exchange will halve some handling fees [2] - Federal Reserve Governor Milan said the need for a 50 - basis - point interest rate cut has weakened [2] - US President Trump will meet with senior national security officials, and Russia's Foreign Ministry is evacuating the families of diplomats in Venezuela [2] 2. Sector Performance - Key sectors to watch: silver, rapeseed oil, ethylene glycol, Shanghai nickel, and PVC [3] - Night trading performance: different commodity futures sectors showed varying degrees of increase, with the precious metals sector leading at 33.87%, followed by the non - ferrous metals sector at 24.53%, and the coal, coke, steel, and ore sector at 10.46% [3] 3. Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, but specific data is not described in text [4] 4. Performance of Major Asset Classes | Asset Class | Name | Daily Return (%) | Monthly Return (%) | Annual Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 0.69 | 0.74 | 16.87 | | | SSE 50 | 0.53 | 1.70 | 12.49 | | | CSI 300 | 0.95 | 1.88 | 17.20 | | | CSI 500 | 1.20 | 3.19 | 26.72 | | | S&P 500 | 0.64 | 0.43 | 16.95 | | | Hang Seng Index | 0.43 | - 0.22 | 28.62 | | | German DAX | - 0.05 | 1.85 | 21.94 | | | Nikkei 225 | 1.81 | 0.30 | 26.34 | | | UK FTSE 100 | - 0.32 | 1.50 | 20.71 | | Fixed - income | 10 - year Treasury Bond Futures | - 0.09 | 0.04 | - 0.87 | | | 5 - year Treasury Bond Futures | - 0.06 | 0.11 | - 0.64 | | | 2 - year Treasury Bond Futures | - 0.02 | 0.08 | - 0.50 | | Commodity | WTI Crude Oil | 2.49 | - 0.80 | - 19.45 | | | London Spot Gold | 2.37 | 5.34 | 69.35 | | | LME Copper | 0.25 | 6.58 | 35.64 | | | Wind Commodity Index | 4.40 | 12.78 | 50.89 | | Other | US Dollar Index | - 0.46 | - 1.19 | - 9.42 | | | CBOE Volatility Index | 0.00 | - 8.81 | - 14.06 | [5] 5. Stock Market Risk Preference and Commodity Trends - The report presents charts of stock market risk preference and major commodity trends, including the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold and silver, LME copper, and agricultural futures, but specific data is not described in text [6]

11月25日，央视新闻报道称，乌克兰已原则同意美国提出的和平协议，虽然还有一些细节条款需要进一 步商讨。这一进展引起了广泛关注，特别是国际油价也因此大幅下跌。接下来，我们来看看这份协议是 如何从28条缩减到19条的。最初，美国媒体在11月20日曝出了特朗普政府提出的28点计划，其中包括要 求俄罗斯与乌克兰、欧洲签署互不侵犯协议，乌克兰不能加入北约等内容。然而，乌克兰方面对28点计 划中的一些条款并不接受，欧洲方面也认为该计划过于偏向俄罗斯。因此，大家普遍认为，达成协议将 非常困难。 欧洲方面，英国、法国、德国提出了修订版计划。他们认为领土问题应该等战后再协商，并希望乌克兰 能得到类似北约第五条的安全保障，同时反对美国处置俄罗斯冻结资产的方案。德国总理默茨预判，11 月27日前很难达成最终协议，最多只能取得小规模的进展。显然，欧洲国家有自己的顾虑，毕竟俄乌冲 突离欧洲非常近，他们不希望最终得到一个不符合自己利益的结果。 但到了11月23日，美乌双方代表团在瑞士日内瓦展开了谈判。谈判后，28条计划被压缩为19条。关键的 争议问题，如领土问题和乌克兰的安全保障等，依然没有解决，留待美乌两国总统最后决定。原本大家 以 ...

Hot News - Since the second term of President Trump, the Chinese and US heads of state have maintained regular exchanges. The recent call, initiated by the US, had a positive, friendly, and constructive atmosphere, which is important for the stable development of Sino-US relations [2] - Maersk's CEO is encouraged by the peace process in Gaza. Navigation freedom in the Bab-el-Mandeb Strait has been established, and trade routes have returned to normal. The Suez Canal is the preferred passage for Maersk and its customers [2] - A US official said that the Ukrainian delegation has reached an agreement on the terms of a possible peace deal with the US, with some minor details remaining [2] - Federal Reserve Governor Milan believes that the economy needs significant interest rate cuts and hopes employment data will convince other Fed members to do so. The Fed should quickly lower interest rates to a neutral level [2] - US private-sector employers cut an average of 13,500 jobs per week in the past four weeks, an acceleration from the previous week's data showing a loss of 2,500 jobs per week [2] Key Focus - The commodities to focus on are lithium carbonate, corn, coking coal, Shanghai copper, and Shanghai gold [3] Night Session Performance - Non-metallic building materials rose 3.16%, precious metals 29.30%, oilseeds 9.90%, non-ferrous metals 22.26%, soft commodities 2.87%, coal, coking, and steel ore 12.79%, energy 3.06%, chemicals 11.08%, grains 1.42%, and agricultural and sideline products 4.16% [3] Plate Holdings - The chart shows the five-day changes in commodity futures plate holdings from November 19 to November 25, 2025 [4] Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.87% daily, -2.14% monthly, and 15.46% annually; the Hang Seng Index rose 0.69% daily, -0.05% monthly, and 29.09% annually [5] - In the fixed-income category, the 10-year Treasury futures fell 0.08% daily, -0.42% monthly, and -0.65% annually [5] - In the commodity category, the CRB Commodity Index fell 0.54% daily, -2.69% monthly, and -0.79% annually; London spot gold fell 0.07% daily, rose 3.23% monthly, and 57.46% annually [5] - In other categories, the US Dollar Index fell 0.39% daily, rose 0.08% monthly, and fell 7.99% annually; the CBOE Volatility Index was flat daily, rose 17.66% monthly, and 18.27% annually [5] Trends of Major Commodities - The report presents the trends of major commodities, including the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, LME copper, and more [6]

Core Viewpoint - The report highlights a strong performance in commodities, with a notable increase in copper prices, while equity markets show a divergence in performance across regions, particularly with European markets outperforming the US and Japan [1][2]. Group 1: Asset Performance - Commodity prices continued to strengthen, with the CRB/Nanhua index rising and the increase in COMEX copper closing at a significant 10.9% [1]. - Equity performance showed increased divergence, with US stocks declining while the dollar strengthened [1]. - A-shares and Hong Kong stocks exhibited a strong positive correlation with US and Japanese stocks, while A-shares showed a strong negative correlation with Chinese government bonds [1]. Group 2: Equity Markets - European stock markets outperformed those in the US and Japan, with the German DAX and STOXX50 leading the gains, while US stocks experienced a broad pullback [2]. - Emerging markets saw strong performances from Vietnam and South Korea, with the Ho Chi Minh index rising by 5.1% and the Korean Composite Index increasing by 4.0% [2]. - In contrast, other emerging markets like India and Brazil showed weaker performance, with Brazil's IBOVESPA dropping by 3.6% [2]. Group 3: Bond Markets - China's bond market exhibited a "bear flat" pattern, with AAA-rated credit bond yields decreasing in the short term and increasing in the long term [2]. - The US bond market showed a "bear steep" pattern, with a rise in the 10-year Treasury yield influenced by inflation expectations, while the probability of a Federal Reserve rate cut in September decreased compared to the previous week [2]. Group 4: Commodities and Currency - Commodity prices continued to rise, with 12 out of 14 types of futures contracts increasing, particularly in copper, coking coal, and silver, while nickel saw a decline of 1.1% [3]. - Since the beginning of the year, copper has shown a cumulative increase of 39.2%, with inventory levels for gold and silver decreasing [3]. - The US dollar index rose by 0.9%, reversing its previous depreciation, while the euro, pound, and yen depreciated against the dollar, although they have appreciated relative to the dollar since the start of the year [3].