BOCIC(SH:601696)2025-10-12 16:00Macroeconomic Overview - The macroeconomic focus is on the implementation of domestic growth stabilization policies, with a one-month outlook remaining unchanged[5] - The manufacturing PMI for September is reported at 49.8%, indicating a slight increase of 0.4 percentage points, while the non-manufacturing PMI is at 50.0%, down by 0.3 percentage points[19] - During the National Day holiday, daily sales revenue in consumption-related industries increased by 4.5% year-on-year, with goods and service consumption growing by 3.9% and 7.6% respectively[19] Asset Performance - The CSI 300 index fell by 0.51% this week, while the CSI 300 stock index futures rose by 1.49%[3] - Coal futures increased by 2.42%, while iron ore futures decreased by 0.38%[3] - The expected yield for bank wealth management products is at 1.85%, and the 7-day annualized yield for Yu'ebao dropped by 4 basis points to 1.05%[3] Asset Allocation Recommendations - The recommended asset allocation order is: Stocks > Commodities > Bonds > Currency[7] - Stocks are overweight due to the focus on the implementation of "incremental" policies[5] - Bonds and currency are underweight, with yields expected to fluctuate around 2%[5] Market Trends - The ten-year government bond yield decreased by 2 basis points to 1.85%, while active ten-year government bond futures rose by 0.26%[3] - The overall performance of A-shares shows a divergence, with small-cap stocks outperforming large-cap stocks this week[13] - The VIX index increased to 21.66, indicating heightened market volatility[17]