稳投资促消费政策全面加力 经济“收官战”积蓄增长动能

Core Viewpoint - The macroeconomic environment faces increasing pressure and challenges due to external demand slowdown and weakened domestic demand, but positive factors are accumulating, indicating that the annual economic growth target remains achievable [1] Economic Performance - From January to October, profits of industrial enterprises above designated size increased by 1.9% year-on-year, with cumulative growth maintained for three consecutive months since August [1][2] - The revenue of industrial enterprises above designated size grew by 1.8% year-on-year, creating favorable conditions for profit recovery [2] - High-tech and equipment manufacturing sectors are the main driving forces, with profits in the equipment manufacturing sector rising by 7.8% and high-tech manufacturing profits increasing by 8.0% [2] Industrial Profit Trends - In specific sectors, profits in graphite and carbon products manufacturing, biochemical pesticides, and cultural information chemicals manufacturing saw significant increases of 77.7%, 73.4%, and 19.1% respectively [3] - The report from Guotai Junan Securities suggests that sustained profit improvement requires ongoing supply-side structural optimization and effective demand expansion policies [3] Physical Indicators - Social electricity consumption reached 857.2 billion kWh in October, a year-on-year increase of 10.4%, marking the highest monthly growth rate this year [4] - Railway freight volume reached a historical high of 3.378 billion tons from January to October, with a year-on-year growth of 3% [5] - The express delivery business volume grew by 16.1% year-on-year, reaching 162.68 billion pieces in the first ten months [5] - Excavator sales increased by 17% year-on-year, with domestic sales up by 19.6% and exports up by 14.4% [5][6] Policy Support - The "Two Heavy" construction initiative is a key focus for expanding effective investment and fostering new productive forces, with significant funding allocated for major projects [7][8] - The National Development and Reform Commission is promoting the expansion of infrastructure REITs, covering various sectors including logistics, public utilities, and clean energy [9] - 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 renewal [10]