中信证券：年内外贸出口基本面仍有支撑

Core Viewpoint - The economic data for October shows a decline in both supply and demand sides, indicating a challenging economic environment [1] Demand Side Summary - Investment growth continues to decline rapidly, with new policy financial tools yet to show significant effects [1] - Despite a slight drop in retail sales growth in October, it still exceeded market expectations, aided by a recovery in dining consumption due to holiday effects [1] Supply Side Summary - Industrial production performance is hindered by declining demand and holiday effects, while the service production index has also decreased due to high base effects [1] Future Outlook - The basic fundamentals of foreign trade exports are expected to remain supported through the end 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 of continued low levels of consumer spending [1] - Recent government initiatives to promote private investment and develop relevant scenarios are expected to positively impact investment and consumption once implemented [1]