宏观与大类资产周报：生产端高频数据放缓，需求端仍比较稳健

Market Performance - The Shanghai Composite Index fell by 1.9% to 3267.2 points, returning to the level of October 18[17] - The Shenzhen 300 Index decreased by 2.6%, while the ChiNext Index dropped by 3.0%[17] - The average daily trading volume in the two markets was 1.7 trillion yuan, significantly lower than the previous week[20] Economic Indicators - In October, public fiscal revenue decreased by 1.3% year-on-year, with the decline narrowing by 0.9 percentage points[2] - Public fiscal expenditure increased by 2.7% year-on-year, up by 0.7 percentage points from the previous value[2] - The broad fiscal revenue fell by 4.7% year-on-year, with a decline narrowing by 0.9 percentage points[2] Industry Insights - The operating rate of blast furnaces dropped to 81.91%, while electric furnace operating rates fell to 61.54%[3] - The average wholesale price of pork decreased to 23.7 yuan/kg, with a year-on-year growth rate of 17.5%[3] - Retail sales of passenger cars increased by 30% year-on-year from November 1 to 17, compared to a 3% increase from the previous month[3] Investment Strategy - Focus on state-owned enterprise dividend sectors during the consolidation phase, as the market shifts towards dividend stocks[21] - Recommended sectors include undervalued banks and construction state-owned enterprises, as well as domestic consumption areas benefiting from consumption promotion policies[21] Monetary Policy - The central bank's net injection in the open market was 668 billion yuan last week[4] - As of November, IPO fundraising reached 3.5 billion yuan, down from 4.97 billion yuan the previous month[4]