10月实体经济数据继续体现政策成效，但复苏尚不均衡和稳固

Economic Performance - In October, the total retail sales of consumer goods increased by 4.8% year-on-year, up from 3.2% in September, exceeding the market expectation of 3.8%[1] - Fixed asset investment maintained a cumulative year-on-year growth rate of 3.4% in October, slightly below the market expectation of 3.5%[1] - The unemployment rate decreased by 0.1 percentage points to 5% in October, better than the expected 5.1%[3] Sector Analysis - The sales growth of home appliances surged to 39.2% in October from 20.5% in September, driven by the "old-for-new" consumption policy[1] - Infrastructure investment growth rebounded by 0.2 percentage points to 4.3% in October, aided by the accelerated use of special bond funds[2] - Manufacturing investment growth rose by 0.1 percentage points to 9.3%, supported by large-scale equipment upgrade policies[2] Challenges and Outlook - Industrial production value growth slightly declined to 5.3% in October, below the market expectation of 5.6%[3] - The real estate sector continues to face challenges, with real estate development investment falling by 10.3% year-on-year in October, widening from a 10.1% decline in September[1] - The sustainability of the recent improvements in retail and industrial sectors is questioned, particularly due to the temporary boost from the "Double Eleven" e-commerce promotions[3]