杨德龙：呼吁社会各方积极呵护这轮来之不易的慢牛长牛行情

Economic Overview - The national economy showed stable performance in October, with a positive trend in recovery, as indicated by the CPI turning positive, suggesting a rebound in demand [1] - Industrial production continued to grow, with the industrial added value increasing by 4.9% year-on-year and 0.17% month-on-month [1] Industrial Performance - The equipment manufacturing and high-tech manufacturing sectors performed well, with their added value growing by 8% and 7.2% year-on-year, respectively, outpacing the overall industrial growth [1] Service Sector - The service sector production index increased by 4.6% year-on-year in October, with notable growth in information transmission, software, and IT services (13%), leasing and business services (8.2%), and financial services (5.6%) [2] - The retail sales of consumer goods rose by 2.9% year-on-year, with urban and rural retail sales growing by 2.7% and 4.1%, respectively [2] Consumer Trends - Jewelry consumption surged by 37.6% year-on-year, driven by rising prices of precious metals, particularly gold and silver [2] - Online retail maintained rapid growth, with a year-on-year increase of 9.6% from January to October [2] Investment Insights - Fixed asset investment decreased by 1.7% year-on-year from January to October, with real estate development investment dropping significantly by 14.7% [3] - Manufacturing investment continued to grow, providing some support to overall investment levels [3] Trade Dynamics - The total value of goods imports and exports increased by 0.1% year-on-year in October, with exports declining by 0.8% and imports rising by 1.4% [4] - The trade agreement between China and the US may stabilize exports in the future, although the export structure needs optimization [4] Price Trends - The CPI rose by 0.2% year-on-year in October, indicating a recovery in domestic demand, while the PPI decreased by 2.1% year-on-year, showing a slight easing of deflationary pressure in the industrial sector [4] Market Outlook - The overall economic operation in October was stable, with ongoing transformation and upgrading, particularly in high-tech industries [5] - The capital market has reached a significant milestone, potentially attracting more household savings into the market, which could support economic growth [5] - A sustained bull market could enhance consumer confidence and spending, contributing positively to economic recovery [5]