宏观和大类资产配置周报：“稳增长”组合拳集中发力

Economic Overview - China's GDP for the first three quarters reached 949,746 billion yuan, with a year-on-year growth of 4.8%[20] - The quarterly growth rates were 5.3% in Q1, 4.7% in Q2, and 4.6% in Q3, slightly below the annual target of 5.0%[20] Monetary Policy Insights - The central bank's tools for stabilizing the capital market include stock repurchase and targeted re-lending, emphasizing market principles[18] - The central bank aims to promote reasonable price recovery and will focus more on interest rate adjustments as a regulatory tool[18] Asset Performance - The CSI 300 index rose by 0.98% this week, while the CSI 300 stock index futures increased by 2.49%[13] - Coal futures fell by 8.43%, and iron ore futures dropped by 3.38% this week[13] - The 10-year government bond yield decreased by 2 basis points to 2.12%[13] Investment Recommendations - The recommended asset allocation order is stocks > commodities > bonds > cash, reflecting a focus on growth stabilization policies[2] - The real estate sector is expected to see increased investment due to government initiatives, with a 21.5% year-on-year increase in unsold residential properties[2] Risks and Challenges - Global inflation is declining slower than expected, and there are concerns about the rapid economic slowdown in Europe and the U.S.[2] - The complex international situation poses additional risks to economic stability[2]