11月27日，广州期货交易所新能源金属品种板块迎来新成员——铂、钯期货和期权，这是继工业硅、碳 酸锂、多晶硅品种后，广期所上市的绿色新能源金属品种。 广期所党委副书记、总经理邢向飞主持上市活动。广期所成立以来，以服务绿色发展为突破口，先后上 市工业硅、碳酸锂、多晶硅期货和期权，初步构建了新能源金属期货板块，为服务新能源产业、助力绿 色低碳转型发展做出了积极贡献。 中国有色金属工业协会党委常委、副会长兼秘书长段德炳表示，铂、钯作为铂族金属中具有广泛应用、 战略作用突出、市场体量较大的典型品种，在汽车尾气治理、发展风电、支撑氢能等绿色清洁能源产业 中发挥着关键作用。铂、钯期货和期权的上市交易，有利于铂族金属产业链上下游企业防控风险、稳定 经营、妥善应对市场频繁波动带来的冲击，也有利于提高资源市场化配置效率，同时还将更好地促进价 格发现功能发挥"风向标"作用，规范铂、钯产品定价体系，有效提升我国铂族金属产业的国际影响力和 定价话语权。 广期所党委书记、董事长高卫兵表示，广期所将深入贯彻落实党的二十届四中全会精神和证监会部署， 始终立足服务实体经济的根本宗旨，继续坚持以服务绿色发展为抓手，根据产业实际，不断加大市场培 ...

Core Viewpoint - The launch of platinum and palladium futures and options on the Guangzhou Futures Exchange marks a significant addition to the green energy metal sector, providing essential risk management tools for the clean energy industry [1][2]. Group 1: Market Impact - The introduction of platinum and palladium futures and options fills a gap in domestic risk management tools, offering transparent price references and hedging options for industry chain enterprises [2]. - The volatility in platinum and palladium prices has heightened the demand for risk management solutions, making the launch of these futures and options timely and necessary [2][3]. Group 2: Industry Significance - Platinum and palladium are crucial in various applications within the green energy sector, including automotive emissions control, wind power development, and hydrogen energy support [2]. - The new financial instruments are expected to enhance the market efficiency of resource allocation and foster a better environment for industry development, contributing to high-quality growth in the sector [2]. Group 3: Initial Performance - On the first trading day, platinum futures recorded a trading volume of 66,700 contracts and a turnover of 29.231 billion yuan, while palladium futures had a trading volume of 34,200 contracts and a turnover of 13.049 billion yuan, indicating strong market participation [4]. - The positive performance on the first day is attributed to favorable international macroeconomic conditions and the high gold-to-platinum ratio, which supports platinum's valuation [4]. Group 4: Risk Management Strategies - The first off-exchange platinum option was executed by Zheshang Futures, which designed a "buy platinum call option" strategy to help a client hedge against rising procurement costs while retaining potential profit from price declines [5].

Core Insights - The introduction of platinum and palladium futures and options on the Guangxi Futures Exchange meets the urgent demand for risk management tools in the industry, marking an expansion of the exchange's new energy metal sector [1][5] Price Volatility - Platinum and palladium prices have experienced significant fluctuations, with annual price volatility exceeding 20% over the past five years. For instance, platinum prices dropped to a five-year low of 154.04 yuan per gram in early 2020, followed by a recovery to an average of 228.97 yuan per gram in 2024 [2] - Palladium prices also showed high volatility, peaking at 761 yuan per gram in early 2022 and averaging 260.49 yuan per gram in 2024. The price fluctuations for palladium from 2020 to 2024 were 51.77%, 83.73%, 77.39%, 87.40%, and 40.79% respectively [2] Supply Chain Challenges - Global supply constraints, particularly due to issues in South Africa's electricity supply and mining safety incidents, have led to a tight supply of platinum and palladium despite price declines. This has increased the urgency for domestic enterprises to adopt more mature market mechanisms for price stabilization [3] Risk Management Needs - Companies like Jinchuan Group, which produce platinum and palladium, face significant operational impacts due to price volatility and lack of effective risk management tools. The absence of authoritative pricing mechanisms complicates their ability to make informed operational decisions [4] - The introduction of futures contracts is expected to provide transparent and fair pricing, filling the gap in risk management tools for the industry [5] Market Impact - The listing of platinum and palladium futures is anticipated to enhance price discovery and hedging capabilities, allowing Chinese enterprises to engage in transactions in RMB and attract international market participants [5][6] - The futures market is expected to improve the operational efficiency of enterprises by allowing them to manage price risks more effectively, thus stabilizing the domestic industrial chain [6] Industry Preparedness - Market participants are preparing for the launch of platinum and palladium futures by familiarizing themselves with contract rules and risk management mechanisms. This includes outreach efforts to educate industry players on the benefits of these new financial instruments [7][8]

Core Insights - The approval of platinum and palladium futures and options by the China Securities Regulatory Commission marks a significant step in the development of China's platinum group metals derivatives market, providing authoritative price signals and risk management tools for the green low-carbon industry [1] - Platinum and palladium are essential materials for various green industries, including automotive catalytic converters, hydrogen energy, and chemical applications, highlighting their strategic importance in the context of China's carbon neutrality goals [1][2] Supply and Dependency - China's dependence on imports for platinum and palladium remains significant, with 56% and 29% of its supply coming from abroad, primarily from South Africa and Russia [2][3] - The domestic supply of platinum and palladium is limited, with only a few small-scale mines in regions like Yunnan, Sichuan, and Qinghai, which poses challenges for developing a competitive mining sector [2] Recycling and Sustainability - The recycling system in China plays a crucial role in supplementing limited primary resources, with recycled platinum and palladium accounting for approximately 96% of total production in 2024 [3] - The foreign dependency for platinum has decreased from 61% in 2020 to 56% in 2024, while palladium's dependency has dropped from 43% to 29%, indicating improved supply security [3] Consumption Trends - China is the largest consumer of platinum and palladium globally, with consumption shares of 26% and 23% respectively in 2024, driven by applications in clean transportation and low-carbon industries [4][5] - The consumption structure for platinum is shifting, with a decline in jewelry usage from 42% in 2020 to 21% in 2024, while the automotive sector's share has increased from 10% to 28% during the same period [5][6] Industrial Applications - The demand for platinum and palladium is transitioning from being predominantly driven by the automotive sector to a more diversified industrial application, reflecting the broader green transition [6][7] - The growth of plug-in hybrid vehicles is expected to support platinum demand, countering declines in traditional fuel vehicle sales, with platinum consumption in automotive catalytic converters reaching 28% in 2023 [6][7] Future Outlook - As China's dual carbon goals advance, the applications of platinum and palladium in green industries are expected to expand, further solidifying their role as critical resources for high-quality economic development [7]

Core Viewpoint - Recent leadership changes at Zhengzhou Commodity Exchange (ZCE) and Dalian Commodity Exchange (DCE) signal strategic shifts in management aimed at enhancing market operations and expanding product offerings [2][4]. Group 1: Leadership Changes - Xiong Jun, the former chairman of ZCE, has been appointed as the chairman of DCE, while Zhu Lihong, the former general manager of Guangzhou Futures Exchange (GFE), has taken over as the chairman of ZCE [2][4]. - The China Securities Regulatory Commission (CSRC) has officially announced these appointments, indicating a structured transition in leadership roles within these exchanges [3][4]. Group 2: Background of New Leaders - Xiong Jun has been with ZCE since 2016, serving as deputy secretary and general manager before becoming chairman in November 2019. His experience is expected to benefit DCE as it seeks to enhance its market offerings [6]. - Zhu Lihong has been with GFE since April 2021, holding positions as deputy secretary, vice chairman, and general manager. Her recent appointment at ZCE comes at a time when GFE is expanding its product range, particularly in the renewable metals sector [6]. Group 3: Market Developments - Under Xiong Jun's leadership, ZCE has made significant strides in product innovation, including the launch of propylene futures and options, as well as the introduction of the first short-term commodity options in China, specifically for sugar [6]. - GFE has received approval from CSRC for the registration of platinum and palladium futures and options, indicating a growing focus on new energy metal derivatives [6].

Group 1: Domestic Policy Developments - Xi Jinping's visit to Guangdong emphasized the province's role as a leader in reform and opening up, focusing on high-quality development and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [11][12] - The 8th China International Import Expo in Shanghai showcased a record number of participating companies, highlighting China's vast market potential and commitment to global trade [13][14] - The establishment of a new Debt Management Department by the Ministry of Finance aims to enhance domestic debt management and implement more proactive fiscal policies [24] Group 2: Market Analysis - The A-share market saw a collective slight increase, with the Shanghai Composite Index rising over 1% and the CSI 300 Index increasing by 0.82% [25] - The China Securities Regulatory Commission (CSRC) announced the implementation of the Securities Settlement Risk Fund Management Measures, effective December 8, 2025, to enhance risk prevention in the securities market [26] - The Producer Price Index (PPI) showed a month-on-month increase for the first time this year, indicating improved supply-demand dynamics in certain industries [27][28]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current economic recovery has many setbacks, with slow balance - sheet repair in the real economy. Super - conventional monetary and fiscal policies to manage inflation expectations may promote balance - sheet repair [29]. - In the bond market, credit spread compression is in the second half, and the year - end market may shift to medium - and long - term credit bonds. Credit bonds should focus on structural opportunities [29]. - In the bond market's oscillations, it's necessary to balance credit bond coupons and individual bond liquidity, and pay attention to the possibility of further overall easing [29]. - After the slowdown of gold price increase and the weakening of low - base and fiscal subsidy factors, core inflation may gradually decline, and the low - inflation pattern in China may continue. Monetary policy may push down nominal interest rates, and the domestic bond market is expected to perform well [30]. - The price of goods is bottoming out and recovering, which is positive for the stock market in the long - term, but the impact on the bond market needs further observation [31]. 3. Summary by Directory 3.1 Macro Data - In Q3 2025, GDP growth was 4.8% year - on - year, lower than the previous quarter. The manufacturing PMI in October was 49.0%, down from the previous month. The non - manufacturing PMI was 50.1%, slightly up [1]. - In September 2025, the year - on - year growth rates of M0, M1, and M2 were 11.5%, 7.2%, and 8.4% respectively. The new RMB loans in September were 1290 billion yuan [1]. - In October 2025, CPI was 0.2% year - on - year, and PPI was - 2.1% year - on - year. The year - on - year growth rate of exports was - 1.1%, and that of imports was 1.0% [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The US suspended the 301 investigation on China's shipbuilding and other industries for one year. China suspended relevant fees and anti - countermeasures and adjusted the export management of precursor chemicals [2]. - The Shanghai Gold Exchange waived trading fees for certain international board contracts from November 11, 2025, to the end of 2026 [2]. - On November 10, 2025, 38 domestic commodity varieties had positive basis, and 31 had negative basis [2]. - The CSRC approved the registration of platinum and palladium futures and options, which will increase the number of market varieties to 164 [3]. - After a 40 - day government shutdown, the US Senate passed a temporary appropriation bill, and the government shutdown may end this weekend [3]. - Fed's Daly believes that inflation in commodity prices is under control, and the current policy is in a good state [3]. 3.2.2 Metals - On November 10, 2025, the price of battery - grade lithium carbonate rose by 430 yuan to 80,800 yuan/ton, and that of battery - grade lithium hydroxide rose by 130 yuan to 75,700 yuan/ton [4]. - In the first three quarters of 2025, China's gold consumption was 682,730 tons, a year - on - year decrease of 7.95%. Gold ETFs increased their positions by 79,015 tons, a year - on - year increase of 164.03% [5]. - Ganfeng Lithium's project in Argentina made key progress, with proven + controlled lithium resources of about 15.07 million tons of LCE [5]. - After Trump supported the government shutdown agreement, aluminum and copper prices rose. Chile's copper production in September decreased by 7.2% year - on - year [6][7]. - J.P. Morgan Private Bank believes that gold prices may exceed $5000 per ounce next year, driven by central bank purchases in emerging economies [7]. 3.2.3 Coal, Coke, Steel, and Minerals - Multiple provinces and cities issued pollution prevention plans for the autumn and winter, involving steel production regulation [9]. - Affected by factors such as the continuous decline of steel enterprises' purchase prices of molybdenum iron, the prices of molybdenum products decreased, but market trading volume increased [10]. - In late October 2025, key steel enterprises produced 19.99 million tons of crude steel, with an average daily output of 1.817 million tons, a 9.8% decrease from the previous month [11]. 3.2.4 Energy and Chemicals - Domestic refined oil prices were raised for the seventh time this year, with gasoline and diesel prices increasing by 125 yuan and 120 yuan per ton respectively [12]. - Two departments issued a guidance on promoting new energy consumption and regulation, aiming to build a new - energy consumption and regulation system by 2030 and 2035 [12]. - From November 8 - 10, 2025, Sinopec's Tianjin LNG receiving terminal unloaded about 160,000 tons of LNG, ensuring heating supply in North China [13]. 3.2.5 Agricultural Products - In Shanxi, autumn grain harvesting is almost finished, and wheat sowing is progressing. As of November 7, over 70% of the wheat has been sown [14]. - The market is stable macro - economically, and the resumption of the soybean export qualification of three US enterprises has improved the export prospects of US soybeans, but future imports are still uncertain [14]. 3.3 Financial News 3.3.1 Open Market - On November 10, 2025, the central bank conducted 119.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 41.6 billion yuan [15]. 3.3.2 Important News - The US suspended the 301 investigation on China for one year, and China made corresponding adjustments [16]. - The US Senate passed a temporary appropriation bill to end the government shutdown, which still needs House approval [17]. - The State Council issued measures to promote private investment, and ten departments released a plan to promote logistics data sharing [17]. - The 8th China International Import Expo closed with a record - high intended transaction volume of $83.49 billion, a 4.4% increase from the previous session [18]. - Central enterprises increased investment in key areas in the first three quarters, with fixed - asset investment exceeding 3 trillion yuan, a growth of over 3% [18]. - The Ministry of Finance will continue to issue local government debt quotas in advance, and many places have started project reserve work for 2026 [18]. - In October 2025, the retail sales of passenger cars decreased by 0.8% year - on - year, while the wholesale sales of new - energy passenger cars increased by 18.5% [18]. - In Shenzhen, the number of second - hand housing transactions has remained above 5000 for 8 consecutive months [19]. - The Ministry of Finance will issue up to 47.71 billion yuan of electronic savings bonds from November 10 - 19, 2025 [19]. - Hong Kong plans to issue multi - currency digital bonds for the third time [19]. - Some small and medium - sized banks have adjusted long - term deposit products due to the downward trend of net interest margins [20]. - The US Treasury Secretary said that Trump's proposed $2000 tariff dividend could be achieved through tax cuts [20]. - Japan's new government asked the central bank to postpone interest rate hikes, but the central bank may raise rates in December [20]. - There are bond - related events such as self - discipline punishments, full redemptions, and senior management investigations [21][22]. - Some overseas companies received credit rating confirmations or new ratings [22]. 3.3.3 Bond Market Summary - The Chinese bond market strengthened with long - term bonds performing better. Bond futures mostly rose, and the money market tightened [23]. - In the exchange bond market, Vanke's bonds generally fell, while some other bonds rose [23]. - The convertible bond index rose, and the money market interest rates mostly went up [24]. - Bond issuance and trading data showed different trends, and overseas bond yields also changed [26]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 50 basis points at the 16:30 close, and the central parity rate was depreciated by 20 basis points [27]. - The US dollar index rose 0.07%, and non - US currencies showed mixed performance [27]. 3.3.5 Research Report Highlights - CITIC Securities believes that super - conventional policies may promote balance - sheet repair in the real economy [29]. - Guosheng Fixed - Income expects the bond market to decline further from November - December, and credit bonds should focus on structural opportunities [29]. - Xingzheng Fixed - Income emphasizes balancing credit bond coupons and individual bond liquidity [29]. - CICC Fixed - Income expects core inflation to gradually weaken, and is optimistic about the domestic bond market [30]. - CITIC Securities is optimistic about the central bank's future bond - buying scale [30]. - Huatai Fixed - Income believes that prices are bottoming out, which is positive for stocks and needs further observation for bonds [31]. 3.4 Stock Market News - The Asset Management Association of China solicited opinions on the management guidelines for the thematic investment styles of public funds [33]. - On Monday, the A - share market showed a divergence, with the Shanghai Composite Index rising 0.53%, the Shenzhen Component Index rising 0.18%, and the ChiNext Index falling 0.92% [33]. - The Hong Kong Hang Seng Index rose 1.55%, and southbound funds' cumulative net purchases exceeded HK$5 trillion [34]. - The China Securities Index Company will release two new indices on November 11, 2025 [34].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The listing of platinum and palladium futures and options is expected to be imminent, which will bring positive impacts such as strengthening China's commodity pricing power, promoting the healthy development of the industry, helping enterprises manage price risks, and enhancing market transparency [3][4] - In the short - term, the global supply of platinum and palladium is tight. In the long - term, platinum's supply - demand fundamentals will gradually improve, while palladium will gradually become looser [5] - In the future, platinum is expected to fluctuate upward in the medium - to - long term, and for palladium, attention should be paid to the price decline risk caused by the relaxation of supply - demand. Suggested price ranges are 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6] Summary by Related Catalogs Latest Dynamics and Reasons - On November 7, 2025, the CSRC approved the registration of platinum and palladium futures and options at the Guangzhou Futures Exchange, and the listing time is expected to be approaching [3] - Positive impacts of the listing: strengthening China's commodity pricing power as China is a major consumer but lacks pricing influence; promoting industrial development and supply - chain stability by providing standardized contracts and price - discovery functions; helping enterprises manage price risks in the context of large price fluctuations; enhancing market transparency as derivatives are information - aggregation platforms [3][4] Fundamental Situation - Short - term: Supply is tight due to tariffs and sanctions on Russia. As of November 5, the 1 - month lease rate of platinum is around 2.7%, and that of palladium is around 1.0% [5] - Long - term: Supply from South Africa is restricted by power shortages, labor issues, etc. In Q2 2025, global platinum mine and refined production decreased by 7.8% and 4.1% year - on - year respectively; in the first half of 2025, global palladium mine and refined production decreased by 10.1% and 6.6% year - on - year respectively. Platinum demand is growing steadily, while palladium supply - demand is becoming looser [5] Summary and Strategy - Recently, precious metal prices have adjusted. Platinum remains firm due to trade restrictions, and palladium prices are supported by supply tightness in other regions. In the future, platinum is expected to fluctuate upward, and for palladium, attention should be paid to price decline risks [6] - Suggested price ranges: 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6]

Overnight Night Market Trends - International precious metal futures generally closed higher, with COMEX gold futures rising 0.42% to $4007.8 per ounce and COMEX silver futures rising 0.57% to $48.225 per ounce [5] - The main contract of US crude oil closed up 0.69% at $59.84 per barrel, down 1.87% for the week; the main contract of Brent crude oil rose 0.47% to $63.68 per barrel, down 1.68% for the week [6] - Most London base metals rose, with LME zinc up 0.69%, LME lead up 0.66%, LME aluminum up 0.54%, LME copper up 0.12%, LME nickel up 0.01%, and LME tin down 0.08% [6] - As of the close at 23:00 on November 7, domestic futures main contracts showed mixed results, with liquefied petroleum gas (LPG) and pulp rising nearly 1%, and coking coal falling nearly 2%, asphalt, coke, rapeseed meal, and glass falling more than 1% [7] Important Information Macroeconomic Information - The Ministry of Finance will implement a more proactive fiscal policy, continue to boost consumption, and encourage private investment [10] - As of November 7, the Shanghai Export Containerized Freight Index fell 55.6 points from the previous period, while the China Export Containerized Freight Index rose 3.6% [10] - The Dutch government welcomes China's statement on resuming supplies to Nexperia's Chinese factories, and believes that Chinese - supplied chips will reach customers soon [10] - In the first 10 months of this year, China's goods trade imports and exports increased steadily, with a total value of 37.31 trillion yuan, a year - on - year increase of 3.6% [11] - The US Bureau of Labor Statistics failed to release the October non - farm payrolls report due to the government shutdown [12] - The US Senate failed to pass a motion to advance the Specific Federal Employees Appropriations Act, and the government shutdown is difficult to lift [14] - The second paragraph of the Ministry of Commerce's Announcement No. 46 of 2024 is suspended from implementation until November 27, 2026 [15] - China's CPI turned from a 0.3% decline last month to a 0.2% increase, and PPI rose 0.1% month - on - month for the first time this year [15] - The source of the current global semiconductor supply chain chaos lies with the Dutch side, and China hopes the EU will urge the Dutch to revoke relevant measures [15] Energy and Chemical Futures - China's Customs总署 will resume importing US logs starting from November 10, 2025 [17] - In October, China's crude oil imports were 4835.7 million tons, and the cumulative imports from January to October increased by 3.1% year - on - year; refined oil imports decreased by 16.3% year - on - year; natural gas imports decreased by 6.2% year - on - year; refined oil exports decreased by 3.3% year - on - year [17] - Russia's crude oil production in October rebounded slightly but was still below its OPEC+ quota [18][19] - As of November 6, the methanol inventory at East China ports was 78.80 million tons, a month - on - month increase of 0.62 million tons [20] Metal Futures - The CSRC approved the registration of platinum, palladium futures and options at the Guangzhou Futures Exchange [22] - The Fed's Williams said the Fed may need to expand its balance sheet through bond purchases soon [22] - China's gold reserves at the end of October were 7409 million ounces, a month - on - month increase of 30,000 ounces, marking the 12th consecutive month of increase [22] - India's gold ETFs are seeing record capital inflows, with purchases this year approaching $3 billion [23] - In October 2025, Indonesia's ferronickel metal production increased by 22.52% month - on - month and 14.38% year - on - year [23] - The global platinum market is entering a period of continuous shortage [25] Black - Series Futures - The National Energy Administration issued guidelines for the integrated development of coal and new energy [27] - The inventory of imported iron ore at 45 ports in China increased by 356.35 million tons month - on - month, and the inventory at 47 ports increased by 351.20 million tons month - on - month [27] - The blast furnace operating rate of 247 steel mills increased by 1.38 percentage points week - on - week, while the ironmaking capacity utilization rate decreased by 0.80 percentage points week - on - week [28] - The total urban inventory of steel decreased by 3.09 million tons week - on - week [29] Agricultural Product Futures - China will resume the soybean import qualifications of three US companies starting from November 10, 2025 [32] - The FAO Food Price Index in October decreased by 2.1 points (1.6%) from September [32] - As of the week of November 7, the self - breeding and self - raising pig farming profit was a loss of 89.21 yuan per head, and the profit from purchasing piglets for breeding was a loss of 175.54 yuan per head [32] Financial Markets Finance - Last week, 418 listed companies disclosed institutional investor research records, with some companies receiving over 100 institutional visits [34] - The rise of TMT, non - ferrous metals, chemicals, and new energy sectors is affected by AI narratives, and the proportion of these sectors in institutional holdings exceeds 60% [34] - Last week, the three major A - share stock indexes showed a weak and volatile trend, but A - shares may still have resilience, and institutions suggest certain sectors for future allocation [36] - In November, the A - share market volatility increased, but corporate earnings are in a recovery stage [37] - Some fund managers increased their positions in Hong Kong stocks in the third quarter, especially in AI applications and innovative drugs [37] - Since 2025, 18 public funds REITs have been listed, with consumer infrastructure REITs performing well [37] Industry - The 2025 World Internet Conference Wuzhen Summit closed, with many new technologies on display [38] - Beijing plans to build a national data element comprehensive experimental area [38] - US physicists observed key evidence of unconventional superconductivity in "magic - angle" twisted trilayer graphene [40] - Changqing Oilfield's shale oil production exceeded 20 million tons, marking a new stage in China's onshore shale oil development [40] - The "Remote Sensing Satellite Multispectral Monitoring Dataset" completed data asset registration [40] Overseas - The US federal government shutdown has lasted for 40 days, and a potential agreement to end it is being reached [41] - Argentina plans to repurchase sovereign bonds and accumulate foreign exchange reserves [41] - South Korea plans to reduce the maximum dividend income tax rate from 35% to 25% [41] International Stock Markets - South Korea's stock market suffered the largest single - week sell - off by foreign investors in November [43] - US investors are increasingly buying Japanese technology and AI stocks [44] Bonds - As of November 9, the scale of various bonds issued by commercial banks this year has reached 2.88 trillion yuan [45] - Affected by market and policy factors, the bond market scale has shrunk, and the structure has changed significantly [45] Upcoming Events - At 7:50, Japan will release its October foreign exchange reserves [47] - At 13:00, Japan will release its preliminary September coincident and leading indicators [47] - At 17:30, the eurozone will release its November Sentix investor confidence index [47] - At 21:00, Canada will release its national economic confidence index as of November 7 [47] - The US will release its October Conference Board Employment Trends Index (to be determined) [47] - At 7:30, the Deputy Governor of the Reserve Bank of Australia will give a speech [49] - At 7:50, the Bank of Japan will release the summary of opinions of its Monetary Policy Meeting in October [49] - At 9:20, 78.3 billion yuan of 7 - day reverse repurchases of the People's Bank of China will expire [49] - At 15:00, the State Council will hold a regular policy briefing [49] - At 17:10, the Deputy Governor of the Bank of England will give a speech [49] - The domestic refined oil will open a new price adjustment window (to be determined) [49] - The King of Spain will conduct a state visit to China from November 10 to 13 (to be determined) [49] - The Bank of Japan's board member Nakagawa will give a speech (to be determined) [49]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In October, policies to expand domestic demand continued to show effects, and the CPI and PPI both showed positive changes. The year - to - date foreign trade maintained a stable growth trend, and the scale of foreign exchange reserves increased. The bond market was generally weak and volatile, and the stock market had certain resilience [2][11]. - The end - of - year bond market has a certain probability of winning, but the odds are limited. The stock market is expected to be in a narrow - range shock in the short term, and the convertible bond valuation will remain high and stable [28][29]. 3. Summary by Directory 3.1 Macro Data Quick View - GDP growth in Q3 2025 was 4.8% year - on - year, slightly lower than the previous quarter. The manufacturing PMI in October was 49.0%, and the non - manufacturing PMI was 50.1%. The CPI in October increased by 0.2% year - on - year, and the PPI decreased by 2.1% year - on - year [1]. - From January to October 2025, the total value of goods trade imports and exports was 37.31 trillion yuan, a year - on - year increase of 3.6%. In October, exports decreased by 0.8% year - on - year, and imports increased by 1.4% year - on - year [11]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - In October, the CPI increased by 0.2% month - on - month and 0.2% year - on - year, and the core CPI increased by 1.2% year - on - year. The PPI increased by 0.1% month - on - month and decreased by 2.1% year - on - year [2]. - A potential agreement to end the US government shutdown is "being gradually reached", and a polysilicon restructuring "consortium" platform is being planned with a fund scale of about 70 billion yuan [3]. 3.2.2 Metals - As of November 7, the gold holdings of SPDR Gold Trust increased by 0.17% from the previous trading day. The CSRC approved the registration of platinum and palladium futures and options on the Guangzhou Futures Exchange [4][5]. - On November 7, the domestic gold inventory reached a new high since January 2008, and the silver inventory reached a new low in nearly 10 years. Indian gold ETFs are experiencing record capital inflows [5]. 3.2.3 Coal, Coke, Steel and Minerals - Linfen implemented differential peak - shifting production control for long - process steel enterprises, and German steel manufacturers are in a survival crisis [6]. 3.2.4 Energy and Chemicals - Iraq set the official price of Basra medium - quality crude oil for North and South America in December at a discount of $1.35 per barrel to the ASCI [7]. - The cumulative shale oil production of Changqing Oilfield exceeded 20 million tons. Greece signed a long - term LNG supply contract with the US, and Japan plans to purchase LNG as emergency reserves starting from January 2026 [7][8]. 3.2.5 Agricultural Products - As of November 7, more than 70% of the wheat in Shanxi Province had been sown, and it is expected to complete the sowing task [9]. 3.3 Financial News Compilation 3.3.1 Open Market - This week, 495.8 billion yuan of reverse repurchases in the central bank's open market will expire. On November 7, the central bank conducted 141.7 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 21.34 billion yuan on that day [10]. 3.3.2 Important News and Information - From January to October 2025, the total value of China's goods trade imports and exports was 37.31 trillion yuan, a year - on - year increase of 3.6%. In October, exports decreased by 0.8% year - on - year, and imports increased by 1.4% year - on - year [11]. - As of the end of October, China's foreign exchange reserves reached $3.343343 trillion, and the gold reserves were 74.09 million ounces, with continuous increases [12]. - The Ministry of Commerce and the General Administration of Customs suspended the implementation of multiple export control measures, and restored the soybean import qualifications of three US enterprises and the import of US logs [13]. 3.3.3 Bond Market Summary - The Chinese bond market was generally weak and volatile, with most interest - rate bond yields rising. Treasury bond futures declined, and the yields of bank "perpetual and secondary" bonds generally increased [21]. - In the exchange bond market, most Vanke bonds rose sharply, and the Wande Real Estate Bond 30 Index increased by 0.66%. The CSI Convertible Bond Index rose by 0.08% [21][22]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1225 on November 9, down 6 points from the previous trading day. The US dollar index fell 0.16% in late New York trading [25]. 3.3.5 Research Report Highlights - CITIC Securities believes that the export growth rate in October was lower than expected, mainly due to the high base in the same period last year. The import growth rate was also lower than expected, which may be related to the decline in manufacturing prosperity [27]. - Huatai Fixed Income believes that the bond market's calendar effect has become more prominent since 2019. The end - of - year bond market has a certain probability of winning, but the odds are limited. The stock market is expected to be in a narrow - range shock in the short term [28][29]. 3.4 Stock Market Important News - Last week, the institutional research enthusiasm remained high, with 418 listed companies disclosing institutional research records. A - share market showed a weak and volatile trend last week, and institutions suggest paying attention to certain sectors [32]. - Brokerage firms' November strategies indicate that short - term factors have led to style fluctuations in the market, but corporate profits are in the recovery stage, and the medium - term outlook is still positive [33].