【笔记20251009— 国庆消费偏弱，大A强势突破】

Core Viewpoint - The article discusses the mixed performance of the Chinese stock market and economic indicators during the National Day holiday, highlighting the strong stock market despite weak consumption and real estate data [3][5]. Group 1: Market Performance - The stock market showed strong performance, with an increase of over 1.3%, breaking through the 3900 mark, driven by positive sentiment around AI narratives [5]. - The bond market remained stable, with the 10-year government bond yield fluctuating around 1.785% after opening at 1.7925% [5]. - The central bank conducted a 7-day reverse repurchase operation of 612 billion yuan, with a net withdrawal of 145.13 billion yuan, indicating a balanced and slightly loose liquidity environment [3][4]. Group 2: Economic Indicators - Consumer spending during the holiday was weak, with an average daily expenditure of 113 yuan per person, recovering to 97% of 2019 levels [5]. - Real estate transaction volumes in key cities saw a significant decline, with year-on-year reductions of nearly 50% [5]. - Movie box office revenues were down nearly 60% compared to 2019, reflecting ongoing challenges in the entertainment sector [5].