中信证券：判断年内外贸出口基本面仍有支撑

Core Viewpoint - The economic data for October indicates a decline in both supply and demand sides, with investment growth continuing to decrease rapidly, while consumer spending shows slight improvement due to holiday effects, but overall retail sales growth has slightly declined yet remains above market expectations [1] Demand Side Summary - Investment growth in October continues its rapid downward trend, with the effectiveness of new policy financial tools still pending [1] - Retail sales growth in October has slightly declined but remains above market expectations, attributed to a rebound in dining consumption due to holiday effects [1] Supply Side Summary - Industrial production performance is affected by the decline in demand and holiday effects, leading to a decrease in the service sector production index due to high base effects [1] Future Outlook - The basic fundamentals of foreign trade exports are expected to remain supported for the remainder of the year [1] - Fixed asset investment is anticipated to improve moderately with the implementation of new policy financial tools [1] - There is a possibility that consumer spending may continue to remain subdued [1] - Recent government initiatives to promote private investment and develop relevant scenarios are expected to positively impact investment and consumption once implemented [1]