10月经济动能修复，政策效果初显

Economic Recovery - In October 2024, retail sales (YoY) increased by 4.8%, up from 1.6 percentage points in September, exceeding market expectations of 3.9%[1] - Fixed asset investment (FAI) grew by 3.4% YoY in October, consistent with the growth rate from the previous months[5] - Infrastructure investment rose by 10.0% YoY in October, while real estate investment declined by 12.3%, worsening by 3.0 percentage points from September[6] Market Trends - The Shanghai Composite Index closed at 3330.7263, and the CSI 300 Index at 3968.8308, reflecting a recovery in market sentiment[1] - Manufacturing investment recorded a growth of 10.0% in October, indicating a stable performance in the sector[5] - The industrial added value increased by 5.3% YoY in October, slightly below market expectations of 5.61%[6] Financial Data - The social financing scale increased by 1.40 trillion CNY in October, down from 3.76 trillion CNY in the previous month, indicating a decline in financing demand[7] - New RMB loans totaled 500 billion CNY in October, a decrease of 2.38 billion CNY YoY, marking the sixth consecutive month of decline[11] - M2 money supply growth was 7.5% in October, surpassing market expectations of 7.0%[12]