Domestic Economic Outlook - The annual economic growth target is largely achieved, but Q4 growth may further slow down, with high-frequency data indicating a significant decline in asphalt and cement production rates compared to the same period last year[6][17]. - October fiscal data suggests adjustments in year-end fiscal rhythm, allowing for a lower completion rate of the annual budget, with a notable decrease in expenditure despite a good revenue month[6][20]. Overseas Economic Factors - The Federal Reserve may skip interest rate cuts in December, which could lead to continued pressure on U.S. stocks and have a spillover effect on the domestic market[6][18]. - The October FOMC minutes reveal serious divisions regarding potential rate cuts, with concerns that further cuts could exacerbate inflation risks[6][18]. - The Epstein case is gaining attention, with potential implications for U.S. political stability, as it could lead to significant repercussions across various sectors[6][18]. Asset Allocation Insights - Domestic investment institutions are expected to start positioning for 2026 in December, driven by anticipated monetary easing following the appointment of a new Fed chair[6][19]. - The Q2 2026 PCE index is likely to turn positive, potentially signaling the start of an inflationary trend[6][19]. Market Performance Overview - A-shares experienced collective declines, with the Shanghai Composite Index down 3.90% this week, while the Shenzhen Component fell 5.13%[40]. - The U.S. stock market also faced downward adjustments, with the Dow Jones Industrial Average decreasing by 1.91%[40].