宏观点评：工业企业利润增速继续放缓

Profit Trends - The total profit of industrial enterprises above designated size in the first ten months of the year reached 5.87 trillion yuan, with a year-on-year decrease of 4.3%[2] - The total operating income for these enterprises was 110.96 trillion yuan, with a cumulative growth rate of 1.9%, down from 2.1%[2] - The total operating costs for these enterprises amounted to 94.75 trillion yuan, with a cumulative growth rate of 2.3%, down from 2.4%[2] Inventory and Pricing - As of October, the finished goods inventory for industrial enterprises was 6.53 trillion yuan, showing a year-on-year increase of 3.9%[2] - The increase in finished goods inventory suggests a potential willingness for enterprises to replenish stock[2] - The upward pressure on finished goods prices is weakening, impacting enterprise revenue and profit growth[2] Sector Performance - State-owned industrial enterprises reported a total profit of 1.85 trillion yuan, with a year-on-year decrease of 8.2%, marking three consecutive months of negative growth[2] - Foreign-funded industrial enterprises achieved a total profit of 1.46 trillion yuan, with a year-on-year increase of 0.9%, down from 1.5%[2] - The operating income for foreign-funded enterprises showed a year-on-year decline of 0.6%, indicating two consecutive months of negative growth[2] Economic Outlook - The anticipated U.S. economic slowdown is affecting global markets, which in turn impacts domestic stock performance and economic recovery[2] - The expectation of continued interest rate cuts by the Federal Reserve may enhance domestic growth policy space[2] - Investors are advised to focus on undervalued service sectors benefiting from domestic demand growth and emerging strategic industries with "hard technology" capabilities[2]