宏观与大类资产周报：财政支出加快，工业高频数据继续改善

Market Performance - The Shanghai Composite Index, CSI 300, and ChiNext Index rose by 1.2%, 0.8%, and 2.0% respectively last week[1] - The bond market overall declined by 0.4%, with interbank repo rates increasing by 12.9bp and 7.7bp for 7-day and 14-day respectively[1] - The 1-year government bond yield decreased by 3.5bp, while the 5-year and 10-year yields increased by 3.5bp and 2.3bp respectively[1] Economic Indicators - From January to September, industrial enterprises achieved a total profit of CNY 52,281.6 billion, a year-on-year decline of 3.5%[1] - In September, industrial profits fell by 27.1% year-on-year, an increase in the decline rate by 9.3 percentage points[1] - Public fiscal revenue decreased by 2.2% year-on-year, while public fiscal expenditure grew by 2% year-on-year, an increase of 0.5 percentage points from the previous value[1] Sector Analysis - High furnace operating rates rose to 82.16%, and electric furnace rates increased to 62.82%[2] - Retail sales of passenger cars reached 1.264 million units in October, a year-on-year increase of 16%[2] - The average wholesale price of pork dropped to CNY 24.7 per kg, while vegetable prices fell to CNY 5.5 per kg[2] Policy and Market Outlook - The LPR for 1-year and over 5 years was reduced by 25 basis points to 3.1% and 3.6% respectively on October 21[1] - The upcoming National People's Congress meeting from November 4 to 8 may influence market sentiment and fiscal policy direction[1] - The market is expected to experience volatility due to upcoming U.S. economic data releases and the proximity of the U.S. elections[1]