Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The price of Shanghai silver has reached a new high, and silver inventories are continuously decreasing [2][42][48] - The U.S. government has resumed operation, and trillions of dollars in funds from the fiscal general account will flow into the market, equivalent to four interest rate cuts [4][43] - The U.S. employment boom is declining, and the number of corporate lay - offs in October has increased significantly compared to September and the same period last year [14] - China's commodity competitiveness has increased, and the U.S. import volume from China in August has increased by nearly 40% month - on - month [17] - The U.S. manufacturing industry is accelerating its return, and "re - industrialization" is speeding up [26] - U.S. consumption remains strong, as shown by the data of wholesalers' sales and retail and food sales [29][32] - The eurozone's manufacturing PMI remained flat in October, while the service industry PMI accelerated its expansion [35] - India's manufacturing and service industries have continued to expand for more than three years [37] - Japan's long - term government bond yields are on an upward trend [40] - The Shanghai Composite Index continues to consolidate at 4000 points, and stock index futures long positions should be mainly allocated to the CSI 300 Index and the SSE 50 Index for range trading [43][46] - London spot gold prices are higher than New York futures gold prices, and gold is moving towards physical shortage [57] - Copper prices are rising moderately due to AI infrastructure and power construction [59] Summary by Related Catalogs Global Economic Outlook - The U.S. government shutdown has ended, and trillions of dollars in funds from the Treasury general account will flow into the market [12] - NVIDIA CEO Huang Renxun believes that China will win the AI competition due to a more favorable regulatory environment and lower energy costs [12] - Huawei has announced "ten major inventions" including key technologies such as the Scale - up super - node computing platform [12] - Goldman Sachs CEO is optimistic about the stock markets in Hong Kong and the Chinese mainland, and many Chinese stocks seem "very attractive" [12] - Morgan Stanley predicts that there will be a 44 - gigawatt power gap in U.S. data centers by 2028 [12] - More companies report a slowdown in consumption, and the weakness has spread to the middle - income group [12] - In October, the total number of U.S. corporate lay - offs was 153,074, mainly driven by the technology and warehousing industries, an increase of 183% from September and almost three times that of the same period last year [12][14] - The U.S. employment boom is declining [14] - After the U.S. imposed reciprocal tariffs on various countries, China's commodity competitiveness increased, and the U.S. import volume from China in August increased by nearly 40% month - on - month [17] - The U.S. ISM services PMI in October was 52.4, continuing to expand [20] - In August, the U.S. manufacturing backlog of orders was at a record high, with a year - on - year increase of 7.1%, indicating high prosperity [23] - In August, the U.S. capital goods import amount was $91.9 billion, still at a high level, with a year - on - year growth rate of 10.5%, indicating that the U.S. manufacturing industry is accelerating its return [26] - In August, U.S. wholesalers' sales reached a record high of $711.3 billion, with a year - on - year increase of 6.2%, indicating strong consumption [29] - In August, the total U.S. retail and food sales increased by 0.6% month - on - month, exceeding expectations, indicating strong consumption [32] - The eurozone's manufacturing PMI remained flat in October, while the service industry PMI accelerated its expansion [35] - India's manufacturing and service industries in October continued to expand and have been expanding for more than three years [37] - Japan's long - term government bond yields are on an upward trend [40] Big - Asset Allocation - The U.S. government has resumed operation, and trillions of dollars in funds from the fiscal general account will flow into the market, equivalent to four interest rate cuts [43] - The Shanghai Composite Index has reached a new high again, insurance funds are continuously entering the market with an average monthly inflow of 150 billion yuan, the market style has temporarily shifted to high - dividend and bonus stocks, and the SSE 50 Index has strengthened [43][44] - The Shanghai Composite Index continues to consolidate at 4000 points, and stock index futures long positions should be mainly allocated to the CSI 300 Index and the SSE 50 Index for range trading [43][46] - The price of Shanghai silver has reached a new high, and silver inventories are continuously decreasing. The Shanghai Gold Exchange has only 822 tons left, and the Shanghai Futures Exchange has only 584 tons left [42][43][51] - London spot gold prices are higher than New York futures gold prices, and gold is moving towards physical shortage [57] - Copper prices are rising moderately due to AI infrastructure and power construction [59]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The Shanghai Composite Index is likely to continue consolidating around 4000 points, and there is a possibility of retesting the upper edge of the previous trading range by the end of the year [19]. - Amid the unclear outlook for the Fed's interest rates, U.S. stocks are shifting from expensive growth stocks to more defensive sectors, intensifying the market style rotation [19]. - Consumption has become the main driving force for economic growth in the fourth quarter, while exports, manufacturing investment, infrastructure investment, and real estate investment are facing challenges [51][52]. Summary by Related Catalogs Policy and Industry Trends - The Ministry of Industry and Information Technology plans to accelerate the cultivation of application scenarios in five key areas, including "5G+", "Artificial Intelligence+", "Robot+", "Industrial Internet+", and "Beidou+" [6][7]. - XPeng Motors launched a hyper - anthropomorphic robot named IRON on November 5th [16]. Market Conditions - The Shanghai Composite Index reached a new high on Thursday (hourly chart) and fell below 4000 points again on Friday [11]. - Insurance funds are continuously flowing into the market, with an average monthly inflow of 150 billion yuan. The market style has temporarily shifted towards high - dividend and high - yield stocks, and the SSE 50 Index is strong [14]. - The NASDAQ Composite Index tumbled due to mixed signals on interest rate cuts and overvalued technology stocks, and U.S. stocks have turned defensive [8]. Macroeconomic Data - In October, the year - on - year growth rate of core CPI was 1.2%, the real interest rate turned negative, and the month - on - month growth rate of PPI was positive [21]. - In October, the year - on - year growth rate of M1 was 6.2%, and that of M2 was 8.2% [24]. - In October, non - bank financial institutions had an additional RMB deposit of 1.85 trillion yuan, indicating a continued shift of household savings to the stock market [27]. - In October, household loans decreased by 36.04 billion yuan month - on - month, and corporate medium - and long - term loans had almost zero growth [30]. - The balance of margin trading in the two markets remained stable at around 2.5 trillion yuan, and 2.3 million new A - share accounts were opened in October [33]. Economic Indicators - In October, China's export value was 305.3 billion US dollars, with a year - on - year growth rate of - 1.1%, indicating a slowdown in exports [36]. - In October, the export value of mechanical and electrical products was 190.3 billion US dollars, with a year - on - year growth rate of 1.2%, showing a significant slowdown [39]. - In October, the monthly value of fixed - asset investment in the manufacturing industry was 2.78 trillion yuan, with a year - on - year growth rate of - 6.6%, indicating a slowdown in manufacturing investment [42]. - In October, the monthly value of infrastructure investment was 2.08 trillion yuan, with a year - on - year growth rate of - 12.1%, reflecting the financial difficulties of local governments [45]. - In October, the year - on - year growth rate of real estate development investment was - 23.2%, and the monthly value of newly started housing area reached a new low [48]. - In October, the total retail sales of consumer goods reached 4.62 trillion yuan, a record high, with a year - on - year growth rate of 2.9% [51]. - In October, the monthly power generation was 800.2 billion kWh, with a year - on - year growth rate of 9.4%, a two - year high [55]. - In October, the monthly output of industrial robots was 57,858 units, with a year - on - year growth rate of 13.6% [58]. - In October, the monthly output of integrated circuits was 5.94 billion pieces, with a year - on - year growth rate of 16.5% [61]. Trading Strategies - For futures trading, long positions in stock index futures should be mainly allocated to the CSI 300 Index and the SSE 50 Index, with range - bound trading [19][64]. - Since the stock index is in a large - scale trading range, investors should take a cautious approach towards long - dated deep - out - of - the - money call options on the stock index [20][66].