宏观策略周报：10月份规模以上工业企业利润降幅明显收窄，数字贸易改革迎顶层设计

Key Points - The report highlights a significant narrowing of profit declines for large-scale industrial enterprises in October, driven by the effectiveness of existing and new policies, with a year-on-year revenue growth of 1.9% for the first ten months and a profit decline of 4.3% [2][11][12] - In October, the revenue of large-scale industrial enterprises saw a year-on-year decrease of 0.2%, a reduction of 0.7 percentage points compared to the previous month, while profits decreased by 10.0%, a substantial narrowing of 17.1 percentage points from September [2][11][12] - Over 60% of industries reported improved profitability compared to the previous month, with manufacturing showing the most significant improvement, where profit declines narrowed by 22.3 percentage points [12][13] - The report notes that the equipment manufacturing sector saw a profit increase of 4.5% in October, marking a positive shift, with seven out of eight industries within this sector experiencing profit improvements [13] - The raw materials and consumer goods manufacturing sectors also showed profit improvements, with declines narrowing by 27.7% and 20.4% respectively, indicating a recovery in domestic consumption and industrial exports [14][15] - High-tech manufacturing profits grew by 12.9% year-on-year, significantly above the average for large-scale industrial enterprises, contributing positively to overall industrial profit growth [15] - The report discusses the central government's new digital trade reform strategy, aiming for a 45% share of digitally deliverable service trade in total service trade by 2029, and 50% by 2035 [3][16] - The People's Bank of China conducted a 900 billion yuan MLF operation to maintain liquidity, with a mid-term lending facility balance of 62.39 billion yuan [17] - The report outlines a new action plan for promoting high-quality mergers and acquisitions in Shenzhen, targeting over 100 projects and a total transaction value exceeding 30 billion yuan by 2027 [4][21][23] - Investment opportunities are suggested in technology, securities, and consumer sectors, as well as in industries related to new productivity and stable dividend-paying stocks [6][41]