Spot silver surged 4.00% intraday, currently trading at $53.26 per ounce.

Domestic News: 1. He Lifeng meets with the head of the National Committee on U.S.-China Relations. 2. China will continue to extend its visa-free policy for Spain. 3. China Securities Regulatory Commission: Overseas investors hold over 3.5 trillion yuan worth of A-shares. 4. National Energy Administration issues guiding opinions on promoting the integrated development of new energy. 5. Luckin Coffee CEO: Actively pushing for a return to the U.S. main board listing. 6. China Photovoltaic Industry Association declares: Rumors circulating online are all false. International News: 1. According to Nikkei: Japan is considering at least doubling its departure tax. 2. White House: October non-farm payroll and inflation data may never be released. 3. Ukrainian Foreign Ministry: No peace talks with Russia until at least the end of the year. 4. Anthropic: Will invest $50 billion in the U.S. to build data centers. 5. U.S. Treasury Secretary Bessenter: Tariff reductions for coffee and other goods will be announced in the coming days. 6. The U.S. House Majority Leader revealed that the House will hold a full vote on a bill to end the government shutdown at 8:00 AM Beijing time on the 13th. 7. Overnight Market Updates—The USD/JPY pair briefly rose above 155, the first time since February; international crude oil prices fell by 4%, with the WTI crude oil spot price spread turning into a premium for the first time since February; spot gold surged above $4200, and spot silver jumped 4.5%, nearing a new high. 8. Federal Reserve— ① The U.S. Supreme Court will hold oral arguments on January 21st regarding Trump's request to fire Federal Reserve Governor Cook. ② Atlanta Fed President Bostic unexpectedly announced his retirement in February, reiterating his hawkish stance hours later. The market anticipates a dovish successor under Trump. ③ White House official Hassett: He hopes the Fed will cut interest rates by 50 basis points, but expects only a 25 basis point cut. He would accept the position of Fed Chair if necessary. ④ Williams: The time to restart bond purchases is getting closer (SOMA managers share this view), but this is merely a technical measure. ⑤ Collins: The Fed is likely to keep interest rates at current levels for some time. The labor market has not deteriorated, and inflation needs to be sustainably returned to 2% before cutting rates. ⑥ The four regional Fed presidents with voting rights are not enthusiastic about another rate cut in December.

Key Economic Data and Events to Watch Today: Thursday, November 13, 2025 ① 01:00 EIA Releases Monthly Short-Term Energy Outlook Report ② 01:15 Fed's Bostic Speaks ③ 01:30 Fed Governor Milan Participates in Event ④ 02:00 US 10-Year Treasury Auction (to November 12) - Winning Rate ⑤ 02:00 US 10-Year Treasury Auction (to November 12) - Bid-to-Price Ratio ⑥ 02:30 Bank of Canada Releases Minutes of October Monetary Policy Meeting ⑦ 05:00 Fed's Collins Speaks on Economic and Financial Outlook ⑧ 05:00 US House of Representatives Vote on Temporary Funding Bill ⑨ 05:30 US API Crude Oil Inventories for the Week Ending November 7 ⑩ 08:30 Australia's October Seasonally Adjusted Unemployment Rate ⑪ 14:30 France Q3 ILO Unemployment Rate ⑫ 15:00 UK Q3 GDP Annualized Preliminary Rate ⑬ 15:00 UK September Three-Month GDP Monthly Rate ⑭ 15:00 UK September Manufacturing Production Monthly Rate ⑮ 15:00 UK September Seasonally Adjusted Goods Trade Balance ⑯ 15:00 UK September Industrial Production Monthly Rate ⑰ 17:00 IEA Monthly Oil Market Report ⑱ 18:00 Eurozone September Industrial Production Monthly Rate ⑲ 21:30 US October Unadjusted CPI Annualized Rate ⑳ 21:30 US October Seasonally Adjusted CPI Monthly Rate