逆周期政策力度不减，美国消费仍具韧性

Domestic Policy Insights - The Ministry of Finance plans to increase fiscal deficit and issue special government bonds to support local governments in managing debt risks, with a focus on promoting economic growth[5] - A new initiative will introduce 1 million units of monetized resettlement housing and renovation of dilapidated buildings to stabilize the real estate market[8] - Shanghai has adjusted its housing provident fund loan policies, reducing the minimum down payment for second homes to 20% in specific districts, aimed at supporting housing demand[9] International Economic Developments - The European Central Bank (ECB) has lowered interest rates by 25 basis points, indicating ongoing economic weakness and potential for further rate cuts[11] - The U.S. retail sales for September increased by 0.4%, surpassing expectations, indicating resilience in consumer spending despite a forecasted decline in holiday sales growth for 2024[14] Commodity Market Trends - Brent crude oil prices fell by 5.57% week-on-week, while iron ore prices increased by 0.1%, reflecting mixed trends in commodity markets[17] - The price index for coal decreased by 1.92%, while cement prices rose by 1.44%, indicating fluctuations in the construction materials sector[20]