周度策略：经济数据未达预期，市场等待震荡回升

Group 1 - The central government has introduced a robust debt resolution policy, increasing the debt limit for replacing hidden debts by 6 trillion yuan, with a total scale reaching 10 trillion yuan over five years starting in 2024 [13][14][15] - As of the end of October, M2 balance grew by 7.5% year-on-year, while M1 decreased by 6.1%, showing a narrowing decline and marking the first increase in growth rate for the year [16][17] - The cumulative social financing data for October showed weakness, with only government bond financing and trust loans increasing year-on-year, while other financing methods declined [19][20] Group 2 - The Consumer Price Index (CPI) rose by 0.3% in October, a slight decrease from the previous month, with food prices showing varied trends [22] - The Producer Price Index (PPI) decreased by 0.1% month-on-month, with the decline narrowing for two consecutive months, indicating some stabilization in production material prices [24][28] - Industrial added value in October maintained stability, growing by 5.3% year-on-year, with various sectors showing different growth rates [38] Group 3 - U.S. inflation data for October met expectations, with PPI rising by 0.2% month-on-month and 2.4% year-on-year, indicating persistent inflationary pressures [43][45] - The market is currently in a phase of adjustment due to concerns over policy impacts and profit-taking from previously hot sectors, with a recommendation to focus on sectors like brokerage, non-bank finance, semiconductors, and AI in the short term [45]