10月PMI数据回落，关注债市配置机遇

Group 1: Monetary Policy and Market Conditions - The People's Bank of China maintained net liquidity injections, with a net injection of 187.1 billion yuan on October 31, followed by a net withdrawal of 259 billion yuan on November 1, and continued net withdrawals throughout the week, totaling 357.8 billion yuan on November 2 and 492.2 billion yuan on November 3 [1] - The DR001 rate remained stable at 1.32% while the DR007 rate decreased by 3 basis points to 1.43% as of November 6 [1] Group 2: U.S. Economic Signals - Federal Reserve officials indicated potential for a 50 basis point rate cut if future economic data aligns with expectations, with discussions ongoing regarding further rate cuts [2] - The U.S. Supreme Court is debating the legality of President Trump's large-scale tariffs, which could have significant implications for global economic dynamics [2] Group 3: Domestic Economic Indicators - China's official manufacturing PMI for October was reported at 49%, down from 49.8%, while the non-manufacturing PMI was at 50.1%, down from 50.2%, indicating a contraction in both production and demand [3] - The prices of major raw materials and factory output prices have slightly decreased, suggesting that future industrial prices may depend more on demand trends [3] - The National Development Bank ETF (159650) is highlighted as a viable investment option due to its high credit rating, large scale, and good liquidity, making it suitable for short-duration allocations [3]