周度策略：多数生产需求指标好转，市场有望企稳回升

Group 1 - The core viewpoint of the report indicates that most production demand indicators have improved, suggesting that the market is likely to stabilize and rebound [3][5][6] - The industrial added value for September increased by 5.4% year-on-year, accelerating by 0.9 percentage points from the previous month, with a month-on-month growth of 0.59% [5][6] - The retail sales of consumer goods for the first nine months reached 353,564 billion yuan, growing by 3.3% year-on-year, with September's retail sales increasing by 3.2%, up 1.1 percentage points from the previous month [6][7] - The Consumer Price Index (CPI) maintained a year-on-year growth of 0.4% in September, while the Producer Price Index (PPI) fell by 2.8% year-on-year [7][8] - The total value of imports and exports in September was 3.75 trillion yuan, with a year-on-year growth of 0.7%, while exports grew by 1.6% and imports decreased by 0.5% [9][10] Group 2 - The social financing stock increased by 8% year-on-year in September, primarily supported by government bonds, with the M2 balance reaching 309.48 trillion yuan, growing by 6.8% [12][13] - The report highlights that the manufacturing purchasing managers' index (PMI) was at 49.8% in September, indicating a slight contraction in manufacturing activity [5][6] - The report suggests that with the implementation of consumption promotion policies, the domestic demand is expected to stabilize further, leading to a gradual recovery in the economy [2][3][12]