宏观和大类资产配置周报：9月美国就业市场表现强劲

Economic Overview - The official manufacturing PMI for September in the U.S. is 49.8%, an increase of 0.7 percentage points from the previous month, marking the first rise in five months[1] - The Chinese government emphasizes the need for counter-cyclical adjustments in fiscal and monetary policies, including lowering the reserve requirement ratio and interest rates[1] Market Performance - The CSI 300 Index rose by 25.52% during the week of September 27, while the CSI 300 stock index futures increased by 28.61%[1] - Futures for coking coal and iron ore saw increases of 18.4% and 20.04%, respectively[1] - The annualized yield of Yu'ebao increased by 4 basis points to 1.42%, while the yield on ten-year government bonds rose by 8 basis points to 2.15%[1] Asset Allocation Recommendations - The recommended asset allocation order is adjusted to stocks > commodities > bonds > currency[2] - The focus is on the implementation of "incremental" policies to stabilize the stock market and promote long-term investment[2] Risks and Considerations - Risks include slow global inflation decline, rapid economic downturns in Europe and the U.S., and complex international situations[2] - The outlook for the U.S. economy remains uncertain over the next year[2]