1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In November, the macro environment enters a vacuum period, and major asset classes lack further positive drivers. The market needs to digest previous gains, so major assets may enter a short - term shock period. However, the overall allocation strategy for the fourth quarter remains unchanged, and the macro environment is still favorable for risk assets. It is recommended that investors allocate major asset classes evenly in the fourth quarter, hold long positions in stock indices, non - ferrous metals (copper, lithium carbonate, aluminum, tin), and precious metals, and increase positions appropriately if there is a correction in the fourth quarter [8]. 3. Summary by Sections 2.1 Macro Highlights - **Overseas Macro**: This week, the global macro focus is on changes in US dollar liquidity. Although there is a short - term tightening trend, it is not expected to have a significant impact on major asset prices. There are two factors that may improve US dollar liquidity: marginal easing of monetary policy and the normal release of funds in the TGA account once the US government resumes work [8]. - **Domestic Macro**: In October, China's export volume growth was weaker than expected and the previous value, and the month - on - month performance was also weaker than the seasonal average. However, more positive information was found in the October inflation data. Additionally, there is a possibility that the October consumption data may slightly exceed expectations [8]. 2.2 View Highlights Financial - **Stock Index Futures**: Driven by technology events, the growth style is active. With the congestion of small - cap funds, it is expected to fluctuate and rise [9]. - **Stock Index Options**: The overall market trading volume has slightly declined. With the option market liquidity falling short of expectations, it is expected to fluctuate [9]. - **Treasury Bond Futures**: The bond market continues to be weak. Considering factors such as policy, fundamental recovery, and tariffs, it is expected to fluctuate [9]. Precious Metals - **Gold/Silver**: With the easing of geopolitical and trade tensions, precious metals are in a phased adjustment. Affected by the US fundamentals, Fed's monetary policy, and global equity market trends, it is expected to fluctuate [9]. Shipping - **Container Shipping to Europe**: As the peak season in the third quarter fades, there is pressure on loading and a lack of upward drivers. Pay attention to the rate of freight decline in September, and it is expected to fluctuate [9]. Black Building Materials - **Steel**: In the off - season, demand is under pressure, and the futures price has fallen from a high level. Pay attention to the progress of special bond issuance, steel exports, and molten iron production, and it is expected to fluctuate [9]. - **Iron Ore**: The pressure of inventory accumulation is released in advance, and the supply - demand relationship is expected to improve. Affected by overseas mine production and shipment, domestic molten iron production, weather, port inventory, and policy, it is expected to fluctuate [9]. - **Coke**: Three rounds of price increases have been implemented, and a fourth round is proposed. Pay attention to steel mill production, coking costs, and macro sentiment, and it is expected to fluctuate [9]. Non - ferrous Metals and New Materials - **Copper**: Due to the tight US dollar liquidity, the copper price is in a short - term adjustment. Affected by supply disruptions, domestic policies, Fed's policy, and domestic demand, it is expected to fluctuate [9]. - **Aluminum**: With the linkage between stocks and futures, the aluminum price is expected to fluctuate and rise. However, it is affected by macro risks, supply disruptions, and demand [9]. - **Lithium Carbonate**: The resumption of production is uncertain, and there is a risk of significant price fluctuations. Affected by demand, supply, and new technologies, it is expected to fluctuate [9]. Energy and Chemicals - **Crude Oil**: Supply pressure persists, and geopolitical risks remain. Affected by OPEC+ production policies and the Middle East geopolitical situation, it is expected to fluctuate [11]. - **LPG**: Supply is still in surplus. Pay attention to the cost side, such as crude oil and overseas propane, and it is expected to fluctuate [11]. - **Low - Sulfur Fuel Oil**: With the strength of refined oil products, it may run strongly. Affected by crude oil prices, it is expected to fluctuate and rise [11]. Agriculture - **Pig**: There is a game between supply and demand, and the pig price is expected to fluctuate and fall. Affected by breeding sentiment, epidemics, and policies [11]. - **Natural Rubber**: The futures price rebounds strongly, and its sustainability needs attention. Affected by production area weather, raw material prices, and macro changes, it is expected to fluctuate and fall [11]. - **Cotton**: The price fluctuation range is limited. Affected by demand and inventory, it is expected to fluctuate [11].

Group 1 - The Yunnan Provincial People's Congress is promoting high-quality development in ethnic regions through targeted legislation, focusing on leveraging local resources and comparative advantages [1][2] - Currently, there are 182 effective local regulations in Yunnan, with 35 related to industrial promotion, accounting for nearly 20% of the total [1] - Yunnan has introduced several high-quality regulations to support the development of characteristic industries in ethnic areas, including specific regulations for various agricultural products [1] Group 2 - The province has guided the establishment of regulations for traditional medicine and cultural industries, such as the Yunnan Province Chuxiong Yi Autonomous Prefecture Yi Medicine Regulation, which addresses long-standing issues in Yi medicine qualifications [2] - Ongoing legislative efforts include the development of the Yunnan Province Nujiang Lisu Autonomous Prefecture Grass Fruit Industry Development Regulation and the Yunnan Province Jinping Miao, Yao, and Dai Autonomous County Border Trade Service and Guarantee Regulation [2] - The Yunnan Provincial People's Congress aims to continue supporting ethnic autonomous regions in creating effective laws to foster high-quality development and inject new legal momentum into these areas [2]

Core Points - The article highlights the successful collaboration between China and Myanmar in agricultural development, particularly in the cultivation of traditional medicinal herbs like Bai Ji (白芨) and the promotion of local economic growth through shared agricultural practices [10][11][12]. Group 1: Agricultural Development - The establishment of friendly village ties between Chinese and Myanmar villages has led to the exchange of agricultural knowledge, particularly in Bai Ji cultivation, which has improved the livelihoods of local farmers [10][11]. - In 2022, the Chinese side provided 80,000 Bai Ji seedlings to the Myanmar village as part of a technical assistance project, enhancing agricultural productivity and income [11][12]. - The cultivation of Bai Ji has become a profitable venture for both villages, with the Chinese village seeing increased production and the Myanmar village benefiting from shared expertise and resources [11][12]. Group 2: Economic Impact - The grass fruit (草果) industry in Nujiang Prefecture has become a significant source of income, with a planting area of 1.114 million acres, contributing to an average income increase of over 3,400 RMB per person in 2024 [12]. - The local economy has been revitalized through the development of eco-tourism and agricultural products, attracting visitors and enhancing community engagement [17][18]. Group 3: Cultural Exchange - The article emphasizes the cultural ties fostered through events like the "Angu Culture Week" and the "Muna Zongge Festival," which promote friendship and understanding between the two nations [3][21]. - Educational initiatives have been implemented to support Myanmar students in learning Chinese and acquiring vocational skills, further strengthening cross-border relations [15][21].

Core Insights - The development story of Nujiang showcases the transformation from isolation to connectivity, emphasizing the importance of local resilience and collaborative efforts in poverty alleviation [1] Group 1: Local Development Initiatives - Local officials and communities in Nujiang adhere to the principle that "lucid waters and lush mountains are invaluable assets," leveraging unique resource advantages to develop specialty industries such as grass fruit, traditional Chinese medicine, and coffee, leading to significant changes in development and living standards for the local population [1] - The region's agricultural, educational, and medical cooperation with neighboring countries, particularly through platforms like the China-Myanmar friendly villages, highlights the effectiveness of small-scale livelihood projects that empower communities and create a ripple effect of development [1] Group 2: International Cooperation and Impact - The practices in Nujiang contribute to the global dissemination of China's poverty alleviation experiences, benefiting more people in various countries and making the concept of building a community with a shared future more tangible [1]

Core Viewpoint - Nujiang Lisu Autonomous Prefecture is actively integrating ecological civilization construction and environmental protection into various aspects of economic, political, cultural, and social development, achieving significant positive results in ecological protection and sustainable development [1] Group 1: Achievements in Ecological Civilization - Nujiang Prefecture has been awarded the title of "National Ecological Civilization Construction Demonstration Zone" and has several recognized beautiful rivers and lakes, showcasing its commitment to ecological protection [1] - The forest coverage rate in the region has reached 67.77%, ranking third in the province, with the highest forest stock per unit area at 195 m³/hectare [1] - Public satisfaction with the ecological environment quality has consistently remained above 94% since 2020, indicating a positive perception of ecological initiatives [1] Group 2: Environmental Quality Improvement - The region has focused on improving air and water quality, achieving a 100% good air quality rate and ensuring that drinking water sources meet quality standards [2] - The pollution prevention efforts have been rated "excellent" for three consecutive years from 2021 to 2023, reflecting effective environmental governance [2] Group 3: Biodiversity Protection - Nujiang Prefecture has initiated a five-year action plan for biodiversity protection, managing 18.53 million acres of forest resources and establishing a biodiversity protection system [3] - The region has identified numerous new species, enhancing its reputation as a "natural museum" and "gene bank" for biological species [3] Group 4: Institutional Framework for Ecological Civilization - The prefecture has implemented over 120 ecological civilization reform tasks and established a comprehensive ecological environment monitoring system [4] - A multi-level governance structure involving various stakeholders has been created to enhance ecological protection efforts [4] Group 5: Environmental Governance Capacity - Strict regulations and laws have been enacted to protect the ecological environment, establishing a clear responsibility system for environmental governance [5] - The region is enhancing its capacity for urban and rural pollution control, focusing on integrated management of natural resources [5] Group 6: Economic Development through Ecological Advantages - Nujiang Prefecture is leveraging its ecological resources to develop high-quality eco-tourism and green agriculture, with significant increases in tourist numbers and revenue [7] - The region's agricultural output value has reached 6.493 billion, with notable growth in specialty crops like grass fruit and coffee [8] Group 7: Future Directions for Environmental Protection - The prefecture plans to continue prioritizing ecological protection and green development, aiming to further enhance its status as a national ecological civilization demonstration zone [8] - Ongoing efforts will focus on pollution prevention, ecological protection, and promoting a harmonious relationship between humans and nature [8]