宏观周报：美联储“鹰派”降息引关注 人行或偏向数量型货币政策

Economic Overview - The State-owned Assets Supervision and Administration Commission emphasized the importance of stock buybacks and increasing market value management for central enterprises and listed companies[5] - In November, the industrial added value for large-scale enterprises grew by 5.4%, while retail sales increased by 3.0%, a decline of 1.8 percentage points from October[31] - From January to November, fixed asset investment grew by 3.3%, with private investment declining by 0.4%[31] Monetary Policy - The People's Bank of China announced a moderately loose monetary policy, maintaining the Loan Prime Rate (LPR) at 3.1% for one year and 3.6% for five years[10] - The Federal Reserve lowered the federal funds target rate by 25 basis points to a range of 4.25%-4.50%[35] Market Performance - The Shanghai Composite Index fell by 0.70%, while the Shenzhen Component Index decreased by 0.60% during the week[54] - The 30-year treasury futures rose by 1.47%, indicating a positive sentiment in the bond market[54] Commodity Prices - The wholesale price of pork decreased to 22.81 CNY/kg, while vegetable prices remained stable at 5.03 CNY/kg[43] - The Baltic Dry Index (BDI) continued to decline, reaching 990 points, reflecting a downturn in shipping rates[50] Fiscal Data - From January to November, national public budget revenue decreased by 0.6%, while expenditure increased by 2.8%[33] - Government fund revenue fell by 18.4%, with land use rights revenue down by 22.4%[33]