彭博：美国大选前夕，中国经济因刺激措施而回暖

Investment Rating - The report indicates a positive outlook for the Chinese economy, with an upward revision of GDP growth forecast for Q4 from 4.6% to 4.8% [4] Core Insights - China's economy shows signs of stabilization due to bold stimulus measures, despite uncertainties surrounding the upcoming US elections [1] - Manufacturing activity unexpectedly expanded in October, with the official manufacturing PMI rising to 50.1, surpassing economists' expectations of 49.9 [1] - Economists predict that China's official economic growth target for this year will be around 5%, with a Bloomberg survey estimating a growth rate of 4.8% [2] - The upcoming US presidential election poses a significant risk, particularly if Donald Trump returns to power and threatens to impose high tariffs on Chinese goods [2][3] - The service sector has rebounded due to holiday tourism and consumption, while manufacturing and non-manufacturing sales prices have shown improvement, although they remain in contraction [3] Summary by Sections - Economic Indicators: The manufacturing PMI indicates unexpected expansion, while new export orders remain weak, reflecting ongoing challenges in the manufacturing sector [1][2] - Government Measures: The Chinese government has implemented significant stimulus measures, which are expected to support domestic demand and potentially shift the economic focus from investment and exports to private consumption [3] - Market Reactions: Chinese stock markets showed mixed results, with the benchmark CSI 300 index fluctuating, and the offshore yuan remaining stable [1]