财信证券宏观策略周报（11.10-11.14）：市场风格切换明显，关注北美电力改造方向-20251109

Group 1 - The report highlights a significant market style shift, emphasizing the importance of the North American power transformation direction as a potential market focus, particularly in sectors like grid equipment, photovoltaics, energy storage, and lithium batteries [4][8][14] - The A-share market has shown resilience despite overseas market adjustments, with the Shanghai Composite Index expected to fluctuate around the 4000-point mark without clear signs of a trend reversal [4][8][14] - The report notes a seasonal recovery in October's consumer prices, with the core CPI rising by 1.2% year-on-year, marking the highest increase since March 2024 [4][8][10] Group 2 - The report indicates that October exports faced disturbances due to base and calendar effects, with a year-on-year decline of 1.1% in export amounts, contrasting with an 8.3% increase in the previous month [10][11] - It suggests that institutional low allocation directions may see a rebound opportunity, particularly with the implementation of a performance comparison benchmark for public funds, which is expected to reduce style drift and speculative behavior [11][12] - The report emphasizes the ongoing impact of the U.S. government shutdown on economic data releases, which may influence the Federal Reserve's interest rate decisions [12][14]