周度经济观察：宏观超级周来临，市场方向渐清晰

Economic Indicators - October Manufacturing PMI rose to 50.1, marking the first time above the neutral line since May, an increase of 0.3 percentage points from the previous month[2] - The raw material purchase price index surged by 8.3 percentage points to 53.4, indicating improved demand conditions[2] - In October, new housing sales increased by 0.9% year-on-year, marking the first growth after 15 consecutive months of decline[5] Real Estate Market - The transaction volume of second-hand homes grew by 8.9% year-on-year, continuing a seven-month growth streak[5] - The total transaction volume of new and second-hand homes increased by 3.9% year-on-year, the first growth since February[5] - The real estate market's stabilization is still uncertain due to ongoing liquidity pressures on property developers[5] Market Outlook - Upcoming macroeconomic events, including the U.S. presidential election and China's fiscal policy discussions, are expected to significantly influence market trends[1] - The equity market has shown signs of marginal improvement in risk appetite, with trading volumes between 1.5 trillion and 2 trillion yuan[8] - The overall economic recovery is contingent on the performance of the real estate sector, which requires time for observation[10]