Industry Overview Upstream - Black: Glass prices continue to decline [3] - Non-ferrous: Nickel prices fall [3] - Agriculture: Egg prices correct [3] - Infrastructure: Building materials index rises slightly [3] Midstream - Chemicals: Urea production starts to pick up [4] - Energy: Coal inventory in power plants decreases [4] - Infrastructure: Asphalt production starts to decline [4] Downstream - Real estate: Seasonal decline in commercial housing sales in second- and third-tier cities [4] - Services: Slight decline in domestic flight schedules [4] Medium-term Event Summary Production Industry - On November 19, the mobilization meeting of the First Central Ecological and Environmental Protection Inspection Team for inspecting Beijing was held, marking the full deployment of the fifth batch of 10 central ecological and environmental protection inspection teams in the third round. This batch of inspections will form 8 routine inspection teams to conduct routine inspections on 3 provinces (municipalities) including Beijing, Tianjin, and Hebei, and 5 central enterprises including China Huadian Corporation, National Energy Investment Group Co., Ltd., Ansteel Group Co., Ltd., China Baowu Steel Group Co., Ltd., and China National Coal Group Corporation [1] - From November 16 to 19, Zhang Guoqing, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, investigated the digital and intelligent transformation and upgrading of the manufacturing industry and the innovation and development of state-owned enterprises in Guizhou and Chongqing. He emphasized that state-owned enterprises should continuously improve their independent innovation capabilities, cultivate new productive forces and build new competitive advantages through the in-depth integration of scientific and technological innovation and industrial innovation. They should improve the institutional arrangements for promoting original innovation in state-owned enterprises, increase the proportion of R & D investment in basic research, accelerate the layout and construction of original technology sources, and make more breakthroughs in key core technologies, key common technologies, and frontier technologies [1] Service Industry - On November 19, the Ministry of Finance issued an announcement stating that on November 18, the Ministry of Finance of the People's Republic of China, on behalf of the central government, successfully issued 4 billion euros of sovereign bonds in Luxembourg. Among them, 2 billion euros were issued for a 4 - year term at an issue rate of 2.401%, and 2 billion euros were issued for a 7 - year term at an issue rate of 2.702%. Standard Chartered Bank, as the joint lead underwriter, bookrunner, and settlement and delivery bank, supported the successful issuance of the 4 - billion - euro sovereign bonds by the Chinese Ministry of Finance in Luxembourg [2] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | H | Yuan/ton | 11/19 | 2185.7 | 1.12% | | | | Spot price: Egg | Day | Yuan/kg | 11/19 | 6.2 | - 4.62% | | | | Spot price: Palm oil | H | Yuan/ton | 11/19 | 8820.0 | 1.26% | | | | Spot price: Cotton | H | Yuan/ton | 11/19 | 14787.3 | - 0.22% | | | | Average wholesale price: Pork | Day | Yuan/kg | 11/19 | 17.9 | - 1.10% | | | Non - ferrous metals | Spot price: Copper | Day | Yuan/ton | 11/18 | 86020.0 | - 0.95% | | | | Spot price: Zinc | Day | Yuan/ton | 11/18 | 22304.0 | - 1.52% | | | | Spot price: Aluminum | H | Yuan/ton | 11/18 | 21473.3 | - 0.14% | | | | Spot price: Nickel | H | Yuan/ton | 11/18 | 117383.3 | - 2.92% | | | Ferrous metals | Spot price: Aluminum | H | Yuan/ton | 11/18 | 17188.8 | - 1.36% | | | | Spot price: Rebar | H | Yuan/ton | 11/18 | 3161.3 | 1.05% | | | | Spot price: Iron ore | Day | Yuan/ton | 11/18 | 805.2 | 1.71% | | | | Spot price: Wire rod | Day | Yuan/ton | 11/18 | 3320.0 | 0.23% | | | Non - metals | Spot price: Glass | H | Yuan/square meter | 11/19 | 13.7 | - 2.14% | | | | Spot price: Natural rubber | Day | Yuan/ton | 11/19 | 14891.7 | 0.06% | | | | China Plastic City price index | H | - | 11/19 | 767.6 | - 0.35% | | | Energy | Spot price: WTI crude oil | Day | US dollars/barrel | 11/19 | 60.7 | - 0.49% | | | | Spot price: Brent crude oil | H | US dollars/barrel | 11/19 | 64.9 | - 0.41% | | | | Spot price: Liquefied natural gas | H | Yuan/ton | 11/19 | 4182.0 | - 0.48% | | | | Coal price: Coal | H | Yuan/ton | 11/19 | 831.0 | - 0.36% | | | Chemicals | Spot price: PTA | H | Yuan/ton | 11/18 | 4628.8 | - 0.18% | | | | Spot price: Polyethylene | Day | Yuan/ton | 11/18 | 7005.0 | 0.41% | | | | Spot price: Urea | Day | Yuan/ton | 11/18 | 1630.0 | 0.15% | | | | Spot price: Soda ash | H | Yuan/ton | 11/18 | 1218.6 | 0.53% | | | Real estate | Cement price index: National | H | - | 11/19 | 136.2 | - 0.15% | | | | Building materials composite index | H | Points | 11/19 | 113.8 | 1.41% | | | | Concrete price index: National index | Day | Points | 11/19 | 90.8 | - 0.03% | | [38]

Group 1 - The Chinese Ministry of Finance successfully issued €4 billion in sovereign bonds in Luxembourg, marking the first issuance of euro-denominated sovereign bonds by China in this location [1] - The issuance included €2 billion in 4-year bonds at an interest rate of 2.401% and €2 billion in 7-year bonds at an interest rate of 2.702% [1] - The total subscription amount reached €100.1 billion, which is 25 times the issuance amount, with the 7-year bonds having a subscription multiple of 26.5 times [1] Group 2 - The investor base for the bonds was diverse, with geographical distribution including 51% from Europe, 35% from Asia, 8% from the Middle East, and 6% from offshore investors in the United States [1] - The types of investors included sovereign entities (26%), fund management (39%), banks and insurance companies (32%), and dealers (3%) [1] - The bonds will be fully custodied in the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) and will be listed on the Hong Kong Stock Exchange and Luxembourg Stock Exchange [1] Group 3 - The choice of Luxembourg as the issuance location is seen as a way to deepen communication with European institutional investors and to build a euro bond pricing system for China in the international market [2] - This issuance is expected to enhance China's influence in international financial markets and signal a positive move towards the opening up of China's capital markets [2] - It aims to strengthen cooperation between China and Europe in areas such as investment financing and risk management [2]