10月经济数据出炉： 部分高端行业投资力度加大服务消费成重要增长点

Economic Overview - In October, China's economy continued to show a steady improvement, with industrial production achieving a year-on-year growth rate of 4.9% [1] - The agricultural sector is expected to have a good harvest due to increased planting area and yield of autumn grains, which supports food security [1] Industrial Production - The industrial sector demonstrated characteristics of "overall stability and structural optimization," with the value-added of industrial enterprises above designated size growing by 4.9% year-on-year in October [1] - The equipment manufacturing industry saw a year-on-year increase of 8.0%, while high-tech manufacturing increased by 7.2%, outpacing the overall industrial growth by 3.1 and 2.3 percentage points respectively [1] - The current policies for large-scale equipment updates and the transformation of domestic manufacturing are expected to continue driving industrial production [1] Service Sector - The recovery of the service sector is closely linked to the holiday economy, with the accommodation and catering industry production index increasing by 3.9% year-on-year, accelerating by 2.6 percentage points compared to September [2] - From January to October, service retail sales grew by 5.3% year-on-year, slightly faster than the growth rate of goods retail sales [2] - The consumption market is expanding due to policy support and the recovery of service scenarios, with social retail sales of consumer goods increasing by 2.9% year-on-year in October [2] Investment Trends - Although the overall investment growth rate slowed in October, there is a clear trend of structural optimization, with manufacturing investment growing by 2.7% year-on-year [3] - Investment in high-end industries has increased significantly, with aerospace and equipment manufacturing up by 19.7% and information services by 32.7% [3] - Investment in clean energy, including solar, wind, nuclear, and hydropower, grew by 10.4% year-on-year, indicating a continued acceleration in energy structure transformation [3] Policy Outlook - To stabilize macroeconomic operations in the fourth quarter and the first quarter of the following year, it is expected that growth-stabilizing policies will be further strengthened by the end of the year [4] - Fiscal policy is anticipated to further support consumption, while monetary policy may implement a new round of interest rate cuts and reserve requirement ratio reductions [4]