Global Market Overview - During the week of October 21-25, 2024, both global equity and bond markets experienced declines, while commodities saw an increase[1] - The 10-year U.S. Treasury yield rose by 17 basis points to 4.25%, putting pressure on the bond market[12] - The U.S. dollar index increased by 0.83%, reflecting a stronger dollar against other currencies[13] Domestic Market Performance - In the same week, domestic equity markets and commodities rose, while the bond market declined[15] - The Shanghai Composite Index increased by 1.17%, indicating positive market sentiment[16] - The domestic bond market saw a slight decline, with the overall bond market performance showing a decrease of 0.28%[18] Commodity Market Insights - The RJ/CRB commodity price index rose by 1.84%, and the S&P Goldman Sachs Commodity Index increased by 2.78% during the week[1] - Oil prices surged due to heightened geopolitical tensions in the Middle East, contributing to the overall commodity market rebound[14] Risk Factors - There is a risk that U.S. inflation data may not improve as expected, which could impact market stability[1] - The ongoing macroeconomic data releases are crucial for assessing future asset price movements[21]

Economic Growth - China's GDP in Q3 2023 grew by 4.6% year-on-year, aligning with expectations, while the cumulative growth for the first three quarters was 4.8%[1] - The GDP growth rates for Q1, Q2, and Q3 were 5.3%, 4.7%, and 4.6% respectively, compared to 5.2% for the entire previous year[1] Industrial Production - In September, the industrial added value increased by 5.4% year-on-year, surpassing expectations and the previous value of 4.5%, with a month-on-month growth of 0.59%[1] - The manufacturing sector's added value grew by 5.2% year-on-year, while the electricity, heat, gas, and water production and supply industries saw a significant increase of 10.1%[1] Fixed Asset Investment - From January to September, fixed asset investment rose by 3.4% year-on-year, stabilizing after several months of decline[1] - Manufacturing investment increased by 9.2%, while narrow infrastructure investment grew by 4.1% and broad infrastructure investment surged by 9.3%[1] Real Estate Sector - Real estate development investment fell by 10.1% year-on-year, but the decline was slightly less severe than the previous period[1] - The sales area of commercial housing decreased by 17.1% year-on-year, showing a marginal improvement compared to earlier months[1] Consumer Spending - In September, the total retail sales of consumer goods increased by 3.2% year-on-year, exceeding expectations of 2.3% and the previous value of 2.1%[2] - The consumer spending propensity rose to 68.9% in Q3, higher than the same period in 2019, indicating a recovery in consumer confidence[2]