#美联储重启降息步伐 Next week could be the most information-intensive "bombardment week" of the year, with three main threads worth keeping a close eye on.

First, the Federal Reserve. Everyone knows there won't be a rate cut at this meeting; what really matters is how Powell lays out the vision for 2026. If the easing path exceeds expectations, the valve on global liquidity could loosen earlier, which would be a long-term positive for risk assets.

Now, looking at the domestic side. November's industrial and consumer data will be released in succession, serving as a short-term economic thermometer. Right after that, the heavyweight year-end meeting will set the tone for next year's policies. The market is speculating on exactly how the "more proactive" domestic demand expansion policies will be implemented, which will directly affect expectations for bulk commodities and RMB assets.

The tech sector is also far from quiet:
Broadcom's earnings report is the litmus test for AI computing power demand—whether data center orders can support high valuations depends on this set of results.
OpenAI, while its new model won't be released until next year, is also in the spotlight. As you know, any movement there can send AI concept stocks on a rollercoaster ride.

To put it simply, next week is a "calibration week"—expectations for monetary policy, economic realities and hedging strategies, and fulfillment of industry narratives are all tugging at each other, and the market will reprice various assets. Whoever can read the signals first will have the upper hand.

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