Group 1 - Manufacturing PMI fell to 49.0% in October, indicating a contraction due to short-term disturbances from pre-holiday demand release and complex international environment [9][11] - The decline in PMI is not a signal of overall weakness, as large enterprises and advantageous industries continue to show resilience, while small and medium enterprises face pressure [11][12] - High-tech manufacturing, equipment manufacturing, and consumer goods industries maintain expansion in PMI, serving as core support for stabilizing manufacturing [12][31] Group 2 - The non-manufacturing business activity index slightly rose to 50.1%, driven by structural recovery in the service sector, although recovery remains uneven across industries [13][31] - The economic outlook indicates a need for more precise policy alignment with the pain points in specific sectors to support demand recovery [11][12] - The overall economic performance shows signs of stabilization, with a focus on high-quality development and structural optimization [28][31] Group 3 - The U.S. Federal Reserve lowered the benchmark interest rate by 25 basis points to 3.75%-4.00% in October, marking the second consecutive rate cut [22][24] - Despite a cooling of December rate cut expectations, there remains potential for further rate reductions based on economic and inflation conditions [22][25] - The U.S. economy is exhibiting signs of "stagflation," with nominal growth under pressure and rising unemployment, yet the likelihood of significant inflation remains low [23][25]