周度策略：逆周期调节效果初显，市场企稳反弹

Group 1 - The logistics industry in China shows a positive trend with the logistics prosperity index at 52.6%, indicating continuous growth in logistics demand [1][6] - Service trade in China has experienced rapid growth, with total service trade imports and exports reaching 55,181.4 billion yuan, a year-on-year increase of 14.5% [2][7] - China's goods trade maintained stability, with a total import and export value of 36.02 trillion yuan in the first ten months of 2024, reflecting a year-on-year growth of 5.2% [2][8] - The real estate market is gradually recovering, with new housing transaction volumes in October showing a year-on-year increase of 0.9% and a month-on-month increase of 6.7% [2][9] Group 2 - The recent U.S. election results have increased market uncertainty, particularly affecting export-oriented industries due to potential trade policy changes under the new administration [3][10] - The effects of counter-cyclical adjustments are becoming evident, with growth in logistics, exports, and service trade, and signs of stabilization in real estate sales [3][16] - Short-term investment recommendations include sectors such as securities, non-bank financials, semiconductors, artificial intelligence, 5G, and software, while mid-term focus should be on infrastructure and power sectors [3][16] Group 3 - The logistics sector is experiencing a rebound in demand across various categories, including industrial products and consumer goods, with significant increases in railway and postal services [6][7] - The service trade's growth is driven by knowledge-intensive services and travel services, which have seen substantial increases in their respective trade volumes [7][8] - The real estate market's recovery is marked by a notable increase in both new and second-hand housing transactions, indicating a potential turnaround after a prolonged decline [9][10]