Group 1: Economic and Market Overview - During the National Day holiday, global asset pricing was influenced by the U.S. government shutdown and the election of Japan's new leader, Kishi Nobuo, leading to a 4.73% increase in London gold prices, surpassing $4000 per ounce[9] - The U.S. government shutdown, which began on October 1, is expected to last over 15 days, with limited economic impact but increased policy uncertainty[17] - The A-share market experienced volatility post-holiday, with the first trading day seeing a rise of 1.32% in the Shanghai Composite Index, followed by a decline due to fears of escalating U.S.-China trade tensions[24] Group 2: Consumer Behavior and Spending - Domestic travel during the holiday saw 888 million trips, with total spending reaching 809 billion CNY, reflecting a 1.0% year-on-year increase[25] - Over 4.8 billion CNY in consumer subsidies were distributed, stimulating spending during the holiday period[30] - The film market underperformed, with average daily box office revenue down 23.7% year-on-year, and attendance decreasing by 15.9%[32] Group 3: U.S.-China Trade Relations - The new phase of U.S.-China trade tensions began with Trump's announcement of a 100% tariff on all imports from China, leading to significant declines in U.S. stock indices[40] - The current trade conflict differs from previous escalations, focusing primarily on China, with market reactions being less severe compared to earlier incidents in April[44] - The market valuation has increased since April, with the P/E ratio of the CSI 300 rising from 14.8 to 17.0, indicating heightened investor expectations despite trade tensions[44]