Internationally:
1. Goldman Sachs: Central banks may purchase large amounts of gold in November, maintaining its year-end gold price forecast of $4,900.
2. Goldman Sachs: Lowered its average price forecast for WTI and Brent crude oil next year to $52 and $56 per barrel, respectively.
3. UBS: Expects Brent crude oil to reach a target price of $62 by the end of this year and $67 by the end of next year.
4. UBS: Expects another bumper year for the Chinese stock market next year.
5. Barclays: USD/JPY is expected to continue its upward trend; recommends continuing to go long.
6. Goldman Sachs Asset Management: The Federal Reserve may cut interest rates twice in 2026.
7. Goldman Sachs Asset Management: In 2026, it favors diversified global equity allocation, combining fundamental and quantitative strategies.
8. Morgan Stanley: The European Central Bank has room for further interest rate cuts; German bond yields may reach 2.45% by the end of next year.
9. TD Securities: The normalization of Federal Reserve policy is expected to be a key driver of global interest rates next year. Domestically:
1. BOC Securities: Fiscal spending is slowing down, tax revenue growth is continuing to recover, and special-purpose bonds will be issued more quickly.
2. GF Securities: Under a neutral scenario, the inflation center in 2026 will be higher than in 2025.
3. Galaxy Securities: The logic supporting the long-term development of the semiconductor sector remains unchanged.
4. Galaxy Securities: Smart glasses are expected to become the next major consumer electronics category after smartphones.
5. CITIC Securities: Native multimodal technology is the industry's singularity; focus on the two main themes of basic technologies and applications.
6. Huatai Securities: Electricity consumption growth in October may exceed 10%; optimistic about thermal coal prices in the fourth quarter.
