宏观策略周报：我国将直接增加地方化债资源10万亿元，美联储继续降息25bp

Group 1 - The report highlights that China will directly increase local debt resources by 1 trillion yuan, significantly alleviating the pressure of hidden debt on local governments [2][10][11] - The National People's Congress approved a resolution to increase the local government debt limit by 600 billion yuan to replace hidden debts, with a total of 1 trillion yuan in new debt resources planned [2][10] - The Minister of Finance stated that from 2024, China will allocate 800 billion yuan annually from new local government special bonds for debt replacement, which will cumulatively replace 4 trillion yuan of hidden debt [2][10][11] Group 2 - The report notes that the U.S. Federal Reserve has lowered the benchmark interest rate by 25 basis points, aligning with market expectations, indicating a belief that inflation is on a downward trajectory [3][16][17] - The report suggests that the outcome of the U.S. presidential election, with Trump emphasizing "America First" policies, may lead to increased inflationary pressures and significant impacts on global trade [3][14][19] - The report recommends focusing on sectors that performed well in Q3, such as non-bank financials and electronics, and suggests that policies aimed at boosting the economy and domestic demand will benefit sectors like technology, securities, and consumption [5][28] Group 3 - The report indicates that the domestic securities market saw all major indices rise, with the STAR 100 index experiencing the largest increase of 12.6% [4][22] - Among the Shenwan first-level industries, the non-bank financial sector had the highest increase of 14.9% [4][24] - The report identifies several hot sectors, including satellite internet and financial technology, which saw significant gains, indicating a shift in market interest [27] Group 4 - The report emphasizes the importance of new productivity in fostering emerging industries and upgrading traditional sectors, suggesting a long-term focus on these areas [5][28] - It highlights the potential for continued investment opportunities in gold as the U.S. enters a rate-cutting cycle, suggesting a favorable environment for gold investments [5][28] - The report advises attention to central state-owned enterprises regarding mergers and acquisitions and market capitalization management [5][28]