稳投资促消费政策全面加力，经济“收官战”积蓄增长动能

Economic Overview - The macroeconomic environment faces increased pressure and challenges due to slowing external demand and weakening domestic momentum, but positive factors are accumulating, supporting the completion of annual economic growth targets [2] - From January to October, profits of industrial enterprises above designated size increased by 1.9% year-on-year, with a continuous growth rate maintained for three consecutive months since August [3][4] Industrial Performance - The high-tech and equipment manufacturing sectors are the main driving forces behind profit growth, with profits in the equipment manufacturing sector rising by 7.8% and high-tech manufacturing profits increasing by 8.0% year-on-year [4] - Traditional industries are also showing improvement, with significant profit growth in specific sectors such as chemical and building materials, where profits increased by 77.7% and 73.4% respectively [4] Physical Indicators - Key physical indicators are showing positive trends, with total electricity consumption in October reaching 857.2 billion kWh, a year-on-year increase of 10.4%, marking the highest monthly growth rate this year [5] - Railway freight volume reached a historical high, with 3.378 billion tons of goods transported from January to October, a 3% increase year-on-year [5] - The express delivery sector also saw robust growth, with a total volume of 162.68 billion packages delivered in the first ten months, up 16.1% year-on-year [5] Construction and Investment Policies - The government is intensifying growth stabilization policies, including the accelerated issuance of 200 billion yuan in special bonds to support investment construction [7][11] - The "Two Major" construction initiative is a key focus for expanding effective investment and fostering new productive forces, with significant funding allocated for major strategic projects [8][9] Infrastructure and Financial Tools - The National Development and Reform Commission is promoting the expansion of infrastructure REITs to include more sectors, enhancing investment in urban renewal and other areas [10] - New policy financial tools have been fully deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy and urban infrastructure [11]