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Economic Resilience - China's economy is expected to maintain resilience towards the end of the year, despite export growth facing temporary pressure due to weak external demand and high base effects [1] - Infrastructure investment is gaining momentum as local governments actively push project construction and allocate new funds [1] Infrastructure Investment - Major construction projects are entering a "sprint phase," with significant projects like the Dalian Changhai Bridge receiving 790 million yuan in new policy financing support [2] - Various regions, including Jiangsu and Guangxi, are holding mobilization meetings to accelerate major project construction, emphasizing the need for rapid project advancement [2] - A total of 500 billion yuan in new policy financing tools has been quickly allocated in October, which is expected to improve fixed asset investment and boost local investment willingness [2] Construction Activity Indicators - The "excavator index," a leading indicator for infrastructure construction, showed a recovery in October, with excavator sales increasing by 7.77% year-on-year [3] - However, high-frequency data for November indicates a general decline in demand for construction materials like rebar and cement [3] Export Challenges - The Shanghai Export Container Freight Index fell by 3.6%, reflecting weak external demand and the impact of base effects from last year's export surge [4] - The forecast for North American import growth is low, with an expected annual growth rate of only 1.6% from 2025 to 2026, the lowest among global regions [4] - Despite easing trade tensions between China and the U.S., the export growth may be supported by China's direct investment in Africa and Latin America [4] Consumer Market Activity - The recent "Double 11" shopping festival has energized year-end consumption efforts, with the Ministry of Commerce launching a nationwide consumption promotion campaign [5] - Local governments are implementing various promotional activities, including consumption vouchers and trade-in policies, to stimulate consumer spending [6] - The winter tourism and ice-snow economy are gaining traction, with significant increases in related content and planned distribution of consumption vouchers in regions like Jilin [6]