月度策略：经济景气水平继续回升向好，市场有望继续回暖

Group 1 - The manufacturing PMI in October rose to 50.1%, indicating a return to expansion after five months of contraction, with large enterprises showing a PMI of 51.5% [2][8] - The new orders PMI increased to 50.0%, suggesting a recovery in manufacturing market demand, while new export orders fell to 47.3% [2][8] - The production PMI rose to 52.0%, marking a continuous improvement for two months, reflecting better production conditions [2][8] Group 2 - China's total import and export value in September was 3.75 trillion yuan, with a year-on-year growth of 0.7%, while exports grew by 1.6% [11] - The CPI in September increased by 0.4% year-on-year, while the PPI fell by 2.8%, indicating a mixed inflationary environment [14][16] - The retail sales of consumer goods in September reached 4.11 trillion yuan, growing by 3.2% year-on-year, with significant contributions from home appliances and cultural products [17][18] Group 3 - The central bank continued its counter-cyclical adjustments, with the LPR for one year and five years dropping by 25 basis points to 3.10% and 3.60% respectively, aimed at stabilizing economic growth [20][21] - The social financing stock in September grew by 8% year-on-year, primarily supported by government bonds, while corporate and household financing demand remained weak [22][23]