CITIC Securities: With the implementation of fiscal and monetary policy in the fourth quarter, it is expected that the annual growth target will be achieved.

CITIC Securities research report pointed out that in October, the manufacturing PMI showed a slight decline, which may be related to the longer October holiday and the squeeze on the operation of a few industries due to upstream price increases. From a structural perspective, indicators such as production, demand, and prices have all shown some decline, showing the impact of the holiday on the supply restrictions and demand slowdown. Looking at the industry, the PMI of the subdivided industries in the manufacturing industry did not show a broad-based decline, mainly individual industry PMI showed a significant decline under the impact of anti-invagination. The non-manufacturing PMI in October narrowed the gap compared to the same period in history, mainly due to the longer holiday improving the business conditions in the service industry. Overall, combined with the manufacturing and non-manufacturing sectors, the economic outlook in October remained stable. With the fiscal and monetary policies for the fourth quarter being implemented successively, it is expected that the annual growth target will be achieved.