坚持扩大内需，着力推动市场更具韧性：申万期货早间评论-20251117

Group 1 - The core viewpoint emphasizes the need to expand domestic demand and enhance market resilience in response to China's economic data for October, which shows a 4.9% year-on-year increase in industrial value added and a 2.9% increase in retail sales of consumer goods, while fixed asset investment decreased by 1.7% and real estate investment fell by 14.7% [1] - The State Council, led by Li Qiang, is focusing on policies to enhance the adaptability of supply and demand for consumer goods to further stimulate consumption [1] - The Ministry of Finance is committed to implementing an active fiscal policy to support the construction of a strong domestic market [1] Group 2 - In the stock market, the three major U.S. indices showed mixed results, with a market turnover of 1.98 trillion yuan, and financing balance increased by 4.069 billion yuan to 24,881.55 billion yuan [2][10] - The "15th Five-Year Plan" continues to focus on technological self-reliance, with expectations that the technology sector will be a long-term direction for investment [2] - The domestic liquidity environment is expected to remain loose, with increased allocation of equity assets by residents and potential inflow of external funds due to the Federal Reserve's interest rate cuts and the appreciation of the yuan [2][10] Group 3 - In the oil market, SC futures rose by 1.38% due to a drone attack in Ukraine affecting oil storage facilities, leading to a halt in oil exports from a port that accounts for 2% of global oil supply [3][13] - U.S. refined oil demand averaged 20.606 million barrels per day, down 0.9% year-on-year, while gasoline demand decreased by 2.6% [3][13] - The number of active oil drilling rigs in the U.S. increased by 3 to 417, but decreased by 61 compared to the same period last year, indicating a continued downward trend [3][13] Group 4 - The domestic second-hand housing transaction area increased by 4.7% year-on-year from January to October, with several cities experiencing over 10% growth [7] - The railway sector saw a record high in passenger volume, with 3.95 billion passengers sent from January to October, marking a 6.4% increase year-on-year [8]