建筑需求淡季走弱，一线地产继续领跑

Economic Activity - Last week's industrial production showed a seasonal decline from previous highs, while real estate transaction area growth slowed year-on-year, although first-tier cities still reported high growth rates[2] - The M1 money supply growth rate rebounded year-on-year in October, driven by the "old-for-new" policy and the pre-Double Eleven shopping festival[2] - The average daily coal consumption and power generation of key national power plants increased year-on-year to 3.2% and 3.6%, respectively[16] Real Estate Market - New housing and second-hand housing transaction areas in first-tier cities saw significant year-on-year increases of 68.7% and 78.9%, respectively[3] - The transaction area for new homes and second-hand homes in the previous week slowed to 11.7% and 12.1% year-on-year, down from 12.2% and 31.9%[3] Price Indicators - Brent crude oil prices fell by 3.8% to $71 per barrel, while COMEX gold prices decreased by 4.6% to $2,567 per ounce[4] - Domestic copper and rebar prices dropped by 4.6% and 3.9%, respectively, while cement prices remained stable[4] Financial Market - Interbank liquidity tightened slightly, with the RMB/USD exchange rate decreasing by 0.92%[5] - The overall interbank interest rates rose, with DR007 and R007 increasing by 11.3 and 2.5 basis points, respectively[5] Policy and Economic Outlook - The Ministry of Finance announced several tax reduction policies related to real estate transactions, which may improve housing affordability and alleviate cash flow pressures on developers[2] - Key macroeconomic indicators to watch this week include the November LPR pricing and October fiscal data[8]