周报：政策博弈期内，债市长端利率波动幅度或加大

Group 1: Market Trends - The Shanghai Composite Index is at 3261.5633, while the CSI 300 is at 3925.234, indicating a stable market performance[1] - From October 1 to October 25, property sales in Beijing and Shenzhen increased by over 50% and 100% respectively compared to the same period last year[1] - The 10-year U.S. Treasury yield rose to 4.25%, up 17 basis points from the previous week, reflecting market expectations for future rate cuts[2] Group 2: Economic Policies - Recent policies aimed at stabilizing the real estate market have shown some effectiveness, particularly in the second-hand housing market[1] - The 1-year LPR is now at 3.1%, and the 5-year LPR is at 3.6%, both down by 25 basis points from the previous period[1] - The 10-year Chinese government bond yield is at 2.15%, up 3 basis points, while the 1-year yield is at 1.42%, down 1 basis point, indicating mixed signals in the bond market[3] Group 3: Financial Conditions - As of October 25, the DR007 rate is at 1.74%, up 13 basis points from the previous week, indicating rising liquidity demand[1] - The dollar index is at 104.32, up 0.83%, putting pressure on the RMB, which is trading at 7.1219 against the dollar, up 184 basis points[2] - The overall fiscal spending is expected to accelerate in Q4, supported by the issuance of local special bonds[3]