【策略周报】沪指围绕4000点震荡整固，轮动有所加快

Key Points Summary Core Viewpoint - The report highlights significant events affecting the Chinese economy, including tariff adjustments and trade data, indicating a mixed outlook for imports and exports, alongside ongoing market dynamics in the A-share and bond markets [2][4][5]. Important Events Review - On November 5, the State Council Tariff Commission announced a suspension of the 24% tariff on U.S. imports starting from November 10, 2025, while maintaining a 10% tariff [2]. - The 8th China International Import Expo commenced on November 5 in Shanghai, showcasing advanced products across various industries, enhancing the event's technological appeal [2]. - Customs data released on November 7 indicated that China's exports in October decreased by 0.8% year-on-year in RMB terms, while imports increased by 1.4%. In USD terms, exports fell by 1.1%, and imports rose by 1.0% [2]. Weekly Market Review - The bond market experienced slight fluctuations, with the central bank's announcement of a 20 billion yuan bond purchase in October falling short of market expectations, leading to a lack of sustained bullish momentum [4]. - The A-share market showed a strong sentiment, with the Shanghai Composite Index fluctuating around the 4000-point mark, indicating a consolidation phase [5].