策略周报：长假期间国内外大事速递

Group 1: Key Insights from the Report - The report highlights that the US employment data exceeded expectations, with non-farm payrolls increasing by 254,000, leading to a reduction in the Federal Reserve's interest rate cut expectations from 50 basis points to 25 basis points [4] - The report notes that the Hong Kong stock market has outperformed globally, with a significant increase of 7.59% from October 1 to 4, 2024, driven by improved market sentiment and geopolitical factors [4][5] - The report indicates that the real estate policies in China have been further optimized, resulting in a notable improvement in the real estate market, with the sales area of commercial housing in 30 major cities showing a reduced year-on-year decline of 9% in early October, compared to a 34% decline in September [5][6] Group 2: Economic Indicators - The manufacturing PMI for September was reported at 49.8, reflecting a marginal increase of 0.7 from August, while the services PMI decreased to 49.9, down by 0.3 from the previous month [6] - The report emphasizes that the overall market sentiment has improved due to clear signals of policy support since late September, which is expected to continue driving the A-share market upward post-holiday [8] - The report anticipates that the upcoming financial data releases in China, including CPI and PPI, will be crucial for assessing the economic outlook and potential policy adjustments [9]