宏观大类日报：市场情绪持续改善 关注重要会议

Market Overview - Domestic market sentiment continues to improve, supported by significant policy shifts in monetary and fiscal measures[2] - The People's Bank of China announced a potential reduction in the reserve requirement ratio by 0.25-0.5 percentage points before the end of the year[2] - The upcoming National People's Congress from November 4 to 8 is expected to provide details on new debt limits and special bonds[2] Economic Indicators - In September, state-owned enterprises reported total operating revenue of CNY 610,580.1 billion, a year-on-year increase of 1.2%, while total profits decreased by 2.3% to CNY 32,487.0 billion[5] - The Eurozone's manufacturing PMI for October improved to 45.9 from 45.0 in September, although new orders have declined for two consecutive months[3] Commodity Insights - Precious metals are recommended for buying on dips, while other commodities are viewed neutrally[2] - The black and non-ferrous metals sectors are expected to be supported by policy sentiment and supply tightness, respectively[3] - Oil prices are projected to remain under pressure due to increased OPEC production and accelerated energy transition demands[3] Risks - Geopolitical risks, particularly in the energy sector, pose upward risks[4] - A potential unexpected tightening by the Federal Reserve could negatively impact risk assets[4]