产业经济周观点：短期关注板块轮动降速可能带来的影响

Group 1 - The report emphasizes the need to focus on the risks brought by the slowdown in sector rotation, which may affect market dynamics [1] - Current market structure does not reflect the improvement in domestic demand driven by real estate, although there is a significant potential for trend improvement in consumption [1][2] - Export data indicates a strengthening of the US globalized system towards internal circulation, while non-US economies are weakening, suggesting that China may need to expand its economy to stabilize demand in Belt and Road economies and accelerate globalization [1][2] Group 2 - The report highlights a significant improvement in China's export growth, with October's export amount showing a year-on-year increase of 12.7%, up from 2.4%, largely due to the resolution of cargo backlogs caused by extreme weather [13][14] - The debt resolution policy is expected to limit the downward space for the economy and market, with a new policy package aimed at alleviating local debt pressure and reducing interest expenses [14][2] Group 3 - The report notes that the market has seen a broad increase, with the Shanghai Composite Index rising by 5.51%, and the ChiNext Index and STAR Market leading with gains exceeding 8% [18] - The report indicates that the financial and technology sectors are leading the market, while cyclical sectors have shown relatively less growth [23][24] - There is a focus on the potential for trend improvement in consumption, with an emphasis on internet consumption as a key area for domestic demand growth [23][24]