产业经济周观点：看好中国资产，重视左侧交易

Group 1 - The report indicates that the resilience of the US economy is present in the medium term, but long-term stagnation is likely due to strong economic policy uncertainties [1][8] - The long-term growth center of the Chinese economy remains stable, with expected management and macroeconomic regulation being key focus areas after structural transformation [1][8] - The rise in capital market valuations reflects China's increasing global influence, which positively drives the long-term development of the Chinese economy, although it does not affect the growth center [1][11] - Short-term market trading focuses on high-low switching and low-position replenishment, while core assets under globalization and self-sufficiency are favored in the medium to long term [1][11] - The report highlights a long-term positive outlook for core assets in sectors such as automotive lithium batteries, wind and solar energy, copper and oil, semiconductor equipment, and leading companies in domestic demand, home appliances, and machinery [1][11] Group 2 - The report notes that the US CPI inflation exceeded expectations, with a year-on-year increase of 2.4% in September, compared to the expected 2.3% [7][9] - Core CPI also showed a year-on-year increase of 3.3%, against an expectation of 3.2%, indicating upward pressure from core goods inflation [7][9] - The report emphasizes that the US economy's "soft landing" possibility is rising, with market expectations likely to fluctuate frequently [8][11] - The report identifies a significant recovery in the technology sector, with the STAR 50 index rising by 3.04%, while the Shanghai Composite Index fell by 3.56% [11][12] - The technology sector outperformed others, with semiconductor, military electronics, and IT services leading the gains, while sectors like hotel and restaurant services and real estate services lagged [16][18]