产业经济周观点：关注成长风格下的哑铃交易结构

Group 1 - The report indicates that the long-term certainty of the US economy is characterized by rising inflation and interest rate levels, while the structure of inflation and economic policy choices post-election remain uncertain [1][7]. - A series of economic policies in China may help the economy escape the deflationary cycle, with future economic recovery being primarily influenced by US economic policies. The internal economic structure is showing a trend of improvement, and the supply patterns in most industries are stabilizing [1][10]. - Globalization and self-sufficiency are identified as crucial economic development strategies for China, with both elements progressing in a complementary manner [1][10]. Group 2 - The report highlights that the US retail sales in September exceeded expectations, with a month-on-month increase of 0.4%, while core retail sales (excluding automobiles and gasoline) rose by 0.7% [7][8]. - In China, the total retail sales in September showed a year-on-year growth of 3.2%, a significant increase from the previous value of 2.1%, with most retail categories experiencing improved growth rates [10][14]. - The report notes that the M2-M1 differential continues to rise, reaching a historical high, driven by an increase in M2, indicating a stabilization in corporate deposits [10][12]. Group 3 - The report emphasizes that the technology sector continues to lead the market, with the STAR 50 index experiencing a substantial increase of 8.87% [17][18]. - The report suggests that the trading characteristics of growth stocks are exhibiting a "dumbbell" structure, influenced by capital inflows and the emergence of ETFs as a new entry path into the market [1][22]. - The report identifies semiconductor equipment, automotive lithium batteries, and renewable energy as core assets to be optimistic about in the long term [1].