财政支出加速，抢出口效应初显

Economic Overview - In October, the broad fiscal expenditure (general public budget + government funds) increased by 20.4% year-on-year, up from 12.6% in September, indicating strong fiscal support for Q4 economic growth[1] - The industrial production showed mixed performance, with real estate transaction area growth slowing down, but first-tier cities still maintaining high transaction growth rates[1] Industry Performance - The operating rate of coking and aluminum profile industries increased by 0.8 and 4 percentage points respectively, while the operating rate of blast furnaces and cement companies decreased by 0.2 and 0.7 percentage points[1] - The sales of passenger cars increased by 35.9% month-on-month and 62.3% year-on-year during November 11-17, reflecting a recovery in consumer demand[1] Export and Logistics - The freight flow index for complete vehicles decreased by 4.8% month-on-month, while the HDET high-frequency indicators showed a month-on-month increase in exports, but a year-on-year decline to approximately 4% due to high base effects[1] - The domestic and international flight numbers increased by 0.3% and 1.3% respectively, indicating a gradual recovery in travel activity[1] Price Trends - International oil prices rose by 5.8%, and COMEX gold prices increased by 5.9%, while domestic copper, rebar, and cement prices rose by 0.2%, 0.8%, and 0.6% respectively[1] - The agricultural product price index decreased by 0.9%, with vegetable and pork prices falling by 2.0% and 1.6% respectively, while fruit prices rose by 0.3%[1] Financial Market Insights - Interbank liquidity remained loose, with the RMB/USD exchange rate slightly retreating by 0.20%[1] - The overall interbank interest rates declined, with DR007 and R007 down by 7.8 and 2.9 basis points respectively[1]