清晨洞察：2025年11月10日

Morning Insight:November 10, 2025 LinlinGaoCertification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Stock Index Futures:Likely to fluctuate upward. Recently, the index hascontinued to oscillate around relatively high levels. As valuations arenot low, investors have shifted their focus to fundamental improvementand confirmation of business momentum following the third-quarterearnings reports. The technology sector experienced a structural pullbackin tandem with U.S. equities, while market sentiment broadened upward toresource-related industries. CPI and PPI data for October, released over the weekend, both showedmonth-on-month and year-on-year increases, partly due to a low baseeffect and partly driven by positive impacts from“anti-involution”policies. Since price levels move in tandem with corporate profits andthe inventory cycle, the“reflation”narrative may help ease valuationpressures. Additionally, the market has entered a dense period of October datareleases. Monetary, credit, and real-sector data will be published thisweek. Based on the already released PMI and export figures, the economyhas shown marginal deceleration. Therefore,ahead of the DecemberPolitburo meeting, expectations for policy easing to mark the beginningof the“15th Five-Year Plan”are likely to rise, which should also boostrisk appetite. Currently, the main source of volatility stems from overseas concernsabout excessive AI capital expenditure, though these risks remain idiosyncratic rather than systemic. Overall, the market is still likelyto exhibit a choppy but upward-moving pattern. Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch News Highlights: 1. China's producer price index (PPI), which measures costs for goods atthe factory gate, went down 2.1 percent year on year in October, theNational Bureau of Statistics said Sunday. China's consumer price index (CPI), a main gauge of inflation, was up 0.2percent year on year in October, data from the National Bureau ofStatistics showed Sunday. (Source: Xinhua) 2. China's Ministry of Finance on Friday said that it will issue euro-denominated sovereign bonds in Luxembourg in the week starting Nov. 17.The scale of the issuance will not exceed 4 billion euro (about 4.6billion U.S. dollars), with further specifics to be announced ahead ofissuance. (Source: Xinhua) 3. China has moved to promote the integrated development of its coal andnew energy sectors to support the green, low-carbon transition of itsenergy mix. In a new guideline, the National Energy Administration (NEA) has calledon coal-mining regions to accelerate their development of wind and solarenergy projects, promote clean energy substitution through the adoptionof electric and hydrogen-powered mining trucks, use renewable energy for heating and cooling, and build smart microgrids for the supply and tradeof green electricity. By the end of the 15th Five-Year Plan period (2026-2030), the new energydevelopment model in mining areas will have matured in basic terms,according to the NEA. The move is the latest step in China's new energy development. By the endof September, China's total installed renewable energy capacity stood atnearly 2.2 billion kilowatts, accounting for 59.1 percent of the nation'stotal power capacity. In the firstthree quarters of the year, renewablesgenerated about 40 percent of China's total electricity. (Source: Xinhua) Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consultingbusiness in the futures market, as approved by the China Securities Regulatory Commission (Approval No. [2011]1449). The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If youare not a professional investor among the clients of Guotai Junan Futures, please do not read, subscribe to, or receive anyrelatedinformation from the Company. This report does not constitute a recommendation for any specific business activities,nor should it be considered as any investment, legal, accounting, or tax advice. The Company does not consider the recipientof this report to be an automatic client of the Company. Please make investment decisions based on your own risk toleranceand bear the corresponding investment risks independently. Do not rely on this content for specific investment actions. Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequival