宏观策略周报：核心CPI同比上涨1.0%，九月进出口总额创历史新高-20251017

Investment Highlights - The core CPI increased by 1.0% year-on-year, marking the fifth consecutive month of growth [3][12][13] - In September, the total import and export volume reached a historical high of 4.04 trillion yuan, with a year-on-year growth of 8% [3][11] - The total social financing scale reached 437.08 trillion yuan by the end of September, with a year-on-year growth of 8.7% [3][17] Market Overview - The domestic securities market showed poor performance, with the Shanghai Composite Index declining by 0.24% [3][27] - The banking sector saw the highest increase among the Shenwan first-level industries, with a growth of 4.89% [3][29] - Market sentiment shifted towards risk aversion, favoring high-dividend assets like banks and defensive assets such as gold [3][4] Investment Recommendations - Technology: Focus on companies in artificial intelligence, semiconductor chips, robotics, low-altitude economy, and deep-sea technology due to favorable policies and liquidity [4][34] - Non-bank Financials: Brokers may benefit from a slow bull market, while insurance assets could see a rebound in capital returns [4][34] - Precious Metals: Gold demand as a safe-haven asset is expected to grow amid geopolitical tensions and global economic uncertainties [4][34] - Energy Storage: Driven by policy support, the development prospects for independent storage are broad [4][34] - Machinery: Post-overseas interest rate cuts, manufacturing activities and investments are expected to accelerate, particularly in engineering machinery and heavy trucks [4][34] - Domestic Demand: Focus on new consumption to boost effective domestic demand, with potential for consumer spending to be released [4][35]