【策略周报】市场热情仍高，风格或有所切换

Key Points Summary Group 1: Important Events Review - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00%, citing moderate economic expansion, a slight increase in unemployment, and rising inflation levels since the beginning of the year [2] - China and the U.S. reached a consensus on various trade issues during a meeting between President Xi Jinping and President Trump, including maritime and logistics measures, tariff extensions, and agricultural trade [2] - In the first three quarters, China's total retail sales of consumer goods reached 365,877 billion yuan, a year-on-year increase of 4.5%, with significant growth in staple and upgraded goods [2] Group 2: Economic Planning and Policy - China released the full text of the 14th Five-Year Plan (2026-2030), emphasizing economic growth within a reasonable range and the role of domestic demand in driving growth, alongside increased focus on national security and technology goals [3] - The People's Bank of China announced the resumption of government bond trading operations, indicating a positive outlook for the bond market after a period of suspension due to market imbalances [3] - The U.S. Senate voted to terminate President Trump's comprehensive tariff policy, reflecting a shift in trade policy direction [3] Group 3: Manufacturing and Economic Indicators - The manufacturing Purchasing Managers' Index (PMI) for October was reported at 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [4] - The production index and new orders index for October were 49.7% and 48.8%, respectively, showing declines of 2.2 and 0.9 percentage points from the previous month [4]