详解10月经济数据：工业增速高位放缓，服务消费成为重要增长点

Economic Overview - In October, the industrial added value above designated size grew by 4.9% year-on-year, a slowdown of 1.6 percentage points compared to September [1][3] - The total retail sales of consumer goods increased by 2.9% year-on-year, slightly down by 0.1 percentage points from September [1] - From January to October, fixed asset investment (excluding rural households) reached 4089.14 billion yuan, a year-on-year decline of 1.7% [1][9] Industrial Performance - Despite a complex international environment and increased domestic market competition, industrial production maintained steady growth, with a year-on-year increase of 6.1% from January to October [3] - Among 41 major industries, 29 reported growth in added value, accounting for 70.7% [3] - The production of 50.2% of 623 major products showed growth [3] Consumer Trends - From January to October, the total retail sales of consumer goods increased by 4.3%, with service retail sales growing by 5.3% [6] - The "old-for-new" consumption policy has positively impacted sales, particularly in communication equipment and cultural office supplies, which saw year-on-year increases of 23.2% and 13.5%, respectively [6] - Online retail sales rose by 9.6% year-on-year, with physical goods retail growing by 6.3%, indicating a shift towards digital and green consumption [6] Investment Dynamics - Fixed asset investment saw a decline of 1.62% month-on-month in October, with private fixed asset investment down by 4.5% year-on-year [9] - Real estate investment dropped by 14.7% year-on-year, significantly impacting overall investment growth [9][10] - Manufacturing investment grew by 2.7% year-on-year, accounting for 25.6% of total investment, indicating a shift towards optimizing investment structure [9][10] High-Tech and Green Investment - Investment in high-tech sectors such as aerospace and information services grew by 19.7% and 32.7% year-on-year, respectively [10] - Clean energy investments, including solar, wind, nuclear, and hydropower, increased by 10.4% year-on-year, reflecting a strong trend towards green transformation [10]