策略周报：逆周期调节加大，推动经济发展

Macro - The report highlights a policy combination aimed at stabilizing the real estate market, which includes "four cancellations, four reductions, and two increases" [2][8] - The real estate sector accounted for 5.85% of GDP in 2023, indicating its significant impact on the national economy [8] - The policies have led to a narrowing decline in real estate development investment in August and an increase in second-hand housing transactions in September [2][8] Bonds - As of October 18, the 1-year AA-AAA credit spread narrowed by 9.20 basis points to 29.12 BP, while the 3-year spread narrowed by 4.50 basis points to 32.79 BP [4][9] - The 10-year to 1-year government bond yield spread narrowed to 68.80 BP, suggesting a favorable environment for short-duration bonds with moderate credit ratings [4][9] Commodities - As of October 18, short-process steel mills operated at 65.63%, up 1.05 percentage points from the previous week, while long-process mills remained at 55.00% [3][11] - The cement price index reached 159.00, indicating a potential stabilization and recovery in prices due to increased fixed asset investment [3][11] - The average wholesale price of pork increased to 25.08 CNY/kg, up 0.06 CNY from the previous week, supported by improved supply conditions [13] A-Share Market - As of October 18, the Shanghai Composite Index rose by 1.36%, with the ChiNext Index increasing by 4.49%, indicating positive market sentiment [5][14] - The computer, electronics, and defense sectors saw significant gains, with increases of 10.29%, 9.65%, and 7.89% respectively [5][14] - The overall market valuation is considered reasonable, with the Shanghai Composite Index's P/E ratio at 14.49, within historical norms [14][15]