经济数据点评：增长稳中有进、向好势头增强

Economic Growth - In October, the industrial added value of large-scale enterprises grew by 5.3% year-on-year, a slight decrease of 0.1 percentage points from the previous month[11] - The manufacturing sector saw a 9.4% increase in high-tech manufacturing added value, outpacing the overall industrial growth rate[13] - Fixed asset investment (excluding rural households) reached 423,222 billion yuan from January to October, with a year-on-year growth of 3.4%[23] Consumer Market - The total retail sales of consumer goods in October amounted to 45,396 billion yuan, reflecting a year-on-year growth of 4.8%, an increase of 1.6 percentage points from the previous month[17] - Retail sales of household appliances and audio-visual equipment surged by 39.2%, while furniture and automobile sales grew by 7.4% and 3.7%, respectively, indicating a significant acceleration in consumer spending[20] - Excluding automobiles, retail sales reached 40,944 billion yuan, growing by 4.9% year-on-year[17] Investment Trends - Manufacturing investment grew by 9.3% from January to October, exceeding the overall investment growth by 5.9 percentage points[27] - Infrastructure investment (excluding electricity, heat, gas, and water) showed a cumulative year-on-year growth of 4.3%[27] - Private investment accounted for 50.3% of total fixed asset investment, continuing a downward trend with a 0.3% year-on-year decline[23] Real Estate Market - Real estate development investment fell by 12.3% year-on-year in October, a decline that widened by 2.9 percentage points from September[31] - The sales area of commercial housing in October showed a year-on-year decline of 1.6%, but the rate of decline improved compared to September[33] - In October, the average price of new residential properties in 70 large and medium-sized cities decreased by 0.51% month-on-month and 6.2% year-on-year[33] Risk Factors - Geopolitical risks may exceed expectations, posing potential threats to economic stability[35] - Macroeconomic performance may fall short of expectations, impacting overall market confidence[35] - Significant fluctuations in overseas markets could adversely affect domestic economic conditions[35]