申万宏观·周度研究成果（11.1-11.7）

Group 1: Hot Topics - The article discusses the risks in the U.S. credit market, particularly focusing on the potential continuation of issues faced by regional banks and hidden risks within the credit market [9]. - It also explores whether the short-term economy might exceed expectations due to positive signals from both domestic and international policies since October [10][11]. Group 2: High-Frequency Tracking - The article notes that a trade agreement between China and the U.S. has led to a decrease in gold prices for two consecutive weeks, alongside a 25 basis point rate cut by the Federal Reserve, while European and Japanese central banks maintained their current policies [14]. - Domestic freight volumes have significantly increased, despite a lackluster performance in industrial production and weak construction activity [17]. - The article highlights that the sharp decline in exports in October may not be due to weakened external demand but rather short-term supply disruptions, which are now subsiding [18].