平稳的十一

Domestic Economic Overview - In September, the manufacturing PMI index rose to 49.8%, up from 49.4% in August, indicating a marginal recovery in production activities, although it remains in the contraction zone [8][9] - The non-manufacturing PMI fell to 50%, down from 50.3% in the previous month, while the composite PMI output index increased slightly to 50.6% from 50.5% [8][9] - Supply-side indicators showed improvement, with the production index and new orders index rising to 51.9% and 49.7%, respectively, reflecting a marginal increase [8][9] - The upstream price index has turned down for the first time since June, with the main raw material purchase price index at 53.2%, down 0.1 percentage points from the previous month [8][9] International Economic Context - The U.S. non-farm payroll data for September was delayed, with the ADP employment number showing a decrease of 32,000, contrary to expectations of an increase of 51,000 [24] - The geopolitical landscape remains tense, with ongoing conflicts in Ukraine and the Middle East impacting economic conditions [19][21] Industry Allocation Recommendations - Investment strategies are focused on three main directions: 1) Breakthroughs in technology AI led by Deepseek, 2) Economic recovery with a "stronger stronger" market style, and 3) Continued rise of undervalued dividends [26] - The report emphasizes the importance of the Hang Seng Internet sector, suggesting that funds will initially favor high-growth sectors before concentrating on main lines as the market matures [26] Policy Tracking - The Central Committee of the Communist Party of China held a meeting to discuss documents for the upcoming Fourth Plenary Session, indicating a focus on economic planning and policy adjustments [17] - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan aimed at supplementing project capital [17]