结构分化行情延续

Group 1 - The overall interest rate market is in a state of "official anchoring, market self-pressing," with policy rates remaining stable while market rates are trending downward [1] - The 1-year and 5-year LPR remain unchanged at 3.0% and 3.5% respectively, marking five consecutive months of stability [1] - The 10-year government bond yield has decreased by approximately 6 basis points to around 1.8%, indicating a historical low since 2014 [1] Group 2 - The U.S. Congress has signaled an end to the government shutdown, which lasted nearly 40 days, leading to a recovery in market risk appetite [2] - The Congressional Budget Office (CBO) indicated that a four-week government shutdown could reduce Q4 GDP annualized growth by 1 percentage point [2] - In October, China's official manufacturing PMI fell to 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [2] Group 3 - The central bank has resumed open market operations with a net purchase of 20 billion yuan in government bonds, lower than market expectations [3] - The central bank's actions aim to stabilize expectations amid high government debt supply and low GDP readings [3] - Long-term, the central bank emphasizes a "self-directed" monetary policy, maintaining moderate easing and using various tools to ensure ample liquidity [3]