The short-term effects of export grabbing and consumer subsidies are 明显， with strong performance in the European service industry offsetting weak manufacturing, while China enters a policy vacuum period---1217 Macro Dehydration

In November, industrial production showed a slight strengthening, driven by the "export rush" effect, with moderate improvement on the demand side and real estate sales returning to positive year-on-year growth. The growth rate of retail sales fell back due to the preemptive impact of the "Double Eleven" shopping festival, while retail sales of home appliances and automobiles maintained strong growth. The Eurozone composite PMI unexpectedly rose, with improvements in service sector activity and a deterioration in manufacturing output. Actual GDP growth is expected to achieve the target of "around 5.0%." A policy vacuum may occur in the next two months, with monetary policy expected to support the economy, and cuts in the reserve requirement ratio and interest rates anticipated in the first quarter