宏观和大类资产配置周报：10 月M1同比降幅有所收窄

Economic Data - In October, the industrial added value increased by 5.3% year-on-year, while retail sales of consumer goods grew by 4.8%[30] - Fixed asset investment rose by 3.4% year-on-year from January to October, with real estate development investment declining by 10.3%[30] - The urban surveyed unemployment rate in October was 5.0%, down by 0.1 percentage points from the previous month[30] Market Performance - The CSI 300 index fell by 3.29% this week, while the CSI 300 stock index futures dropped by 2.94%[19] - Futures for coking coal and iron ore decreased by 5.26% and 4.78%, respectively[19] - The 7-day annualized yield of Yu'ebao fell by 2 basis points to 1.32%[19] Asset Allocation Recommendations - The recommended order for asset allocation is: Stocks > Commodities > Bonds > Currency[2] - The bond market is expected to be influenced by the "stock-bond seesaw" effect in the short term, with a standard allocation suggested[3] Risks - Global inflation is declining slowly, and there is a risk of a rapid economic downturn in Europe and the U.S.[2]