策略周报：内需初现积极信号

Group 1 - The report indicates that domestic demand is showing positive signals, with the A-share market experiencing high-level platform fluctuations and a lack of clear market themes. The October PMI data has ended five consecutive months of contraction, returning to the expansion zone, indicating a recovery in production and demand [3][9] - The real estate transaction data for October shows signs of marginal recovery, with new housing transaction volume increasing by 0.9% year-on-year, marking the first growth since June of last year. The overall transaction volume for new and second-hand homes has also seen a year-on-year increase of 3.9% [3][9] - The upcoming U.S. elections and important meetings in China are expected to significantly influence asset prices and market direction. Current market expectations lean towards a high probability of Trump's victory, which could impact China's fiscal policy and economic growth strategies [3][10] Group 2 - The report highlights the trend of the AI industry evolving towards terminal devices and applications, with A-share AI concepts likely to benefit. The development of the technology industry typically follows a cycle from hardware infrastructure to terminal devices and software applications, with current high demand in computing infrastructure [3][24] - The launch of the AI agent AutoGLM by Zhizhu AI, which can perform various tasks on mobile and web platforms, is noted as a significant advancement in AI applications. This product is expected to enhance the user experience and drive further adoption of AI technologies [3][22][23] - The report suggests focusing on sectors such as consumer electronics and various AI applications, including AI in driving, finance, education, and gaming, which are anticipated to see early implementation and growth [3][24]