首席观市系列报告：指数涨跌分化，钢铁板块走强

Economic Overview - From January to September, the total profit of industrial enterprises above designated size reached CNY 52,281.6 billion, a year-on-year decrease of 3.5%[2] - State-owned enterprises reported a profit of CNY 17,235.9 billion, down 6.5% year-on-year, while private enterprises saw a slight decline of 0.6% to CNY 14,227.2 billion[2] - High-tech manufacturing showed resilience with a profit increase of 6.3%, outperforming the average industrial level by 9.8 percentage points[2] Market Performance - The Shanghai Composite Index rose by 0.68%, while the Shenzhen Component Index increased by 0.62%[3] - The steel sector led the market with a growth of 5.21%, supported by recent policies aimed at improving supply and demand dynamics[3] - Total trading volume in the two markets reached CNY 19,041 billion, indicating active market participation[3] Future Outlook - The National Bureau of Statistics is set to release the October PMI data on October 31, with expectations of gradual recovery in manufacturing due to supportive fiscal and monetary policies[4] - The manufacturing PMI for September was reported at 49.8%, reflecting a 0.7 percentage point increase from August[4] - Risks include potential underperformance in corporate earnings and increased volatility in overseas markets[4]