宏观与大类资产周报：市场波动较大，等待财政政策及美国大选落地

Market Overview - The A-share market is expected to experience increased volatility due to the upcoming U.S. elections and the National People's Congress meeting, with results to be announced on November 5[1] - The manufacturing PMI for October rose by 0.2 percentage points to 50.1%, indicating strong short-term momentum despite seasonal expectations[2] A-Share Strategy - During market fluctuations, focus on central enterprises with stock repurchase capabilities and high dividend yields, particularly in the banking and state-owned construction sectors, with PB valuations between 0.5-0.6 times[1] - The coal sector is also recommended due to improved high-frequency data and the upcoming peak demand season, with daily coal consumption data showing early recovery compared to previous years[1] Economic Indicators - In October, the U.S. added only 12,000 non-farm jobs, significantly below the expected 113,000, with the unemployment rate rising from 4.05% to 4.14%[2] - Average hourly wages increased by 0.4% month-on-month and 4% year-on-year, indicating sustained wage growth despite employment challenges[2] Industry Performance - Among 30 major industries, real estate, comprehensive sectors, steel, retail, and financial services saw significant gains, with increases of 6.2%, 5.1%, 4.4%, 4.3%, and 3.5% respectively[19] - The average wholesale price of pork fell to 24.6 CNY/kg, with a year-on-year growth rate of 19.2%[3] Financial Market Trends - The bond market showed a slight recovery, with a net withdrawal of 851.4 billion CNY in open market operations last week[4] - IPO fundraising in October totaled 4.97 billion CNY, down from 5.62 billion CNY in the previous month, indicating a continued decline in market activity[4]