从先行指标看10月份经济活力足、热度高 经济长期向好基本面更加坚实

Economic Performance - The economic indicators for October show a stable and improving trend, with a solid long-term positive outlook for the economy [1][9] - The consumption market is maintaining a stable upward momentum, characterized by the expansion of lower-tier markets and the leading role of cultural and tourism experiences [3][9] Consumption Trends - In October, the offline consumption heat index increased by 17.3% year-on-year, with significant growth in lower-tier cities, which saw a 31.2% increase [3][9] - The "Double Festival" period (National Day and Mid-Autumn Festival) led to a notable increase in domestic travel, with 8.88 billion trips and total spending of 809 billion yuan, reflecting substantial growth compared to the previous year [3][9] - The consumption market is evolving into a dual-driven model of expanding lower-tier markets and leading cultural tourism consumption, injecting new momentum into economic recovery [3][9] Infrastructure Development - In October, the construction start rate and workload increased month-on-month, with the central region showing the highest growth [5][7] - The average construction machinery operating rate rose by 1.4% month-on-month, and the workload increased by 5.25%, indicating resilience in infrastructure investment despite seasonal and holiday disruptions [7] - The operating rate for lifting equipment reached 70.74%, indicating a concentration of ongoing infrastructure projects, particularly in the central region [7] Industrial Production - Industrial production activity continued to strengthen in October, with a year-on-year increase of 0.5 percentage points in the operating rate of major industrial products and a 19.8% increase in the industrial park production heat index [9][11] - The employment demand in industrial enterprises remains strong, with the wage index rising by 8.1% year-on-year, and the vitality of startups and innovative enterprises showing significant growth [11] - The foreign trade activity index in bonded areas increased by 17.7% year-on-year, indicating a recovery in external trade dynamics, supported by improving Sino-US trade relations [11]