10月经济数据点评：政策效果逐步显现，经济延续结构性修复

Economic Performance - In October, the industrial added value year-on-year growth rate fell by 0.1 percentage points to 5.3%, while month-on-month it increased by 0.41%[12] - Fixed asset investment cumulative year-on-year growth remained at 3.4%, with real estate investment down by 10.3% and infrastructure investment up by 9.35%[28] - Social retail sales increased from 3.2% to 4.8% year-on-year, exceeding market expectations[47] Real Estate Sector - Real estate investment growth fell by 0.2 percentage points to -10.3%, with new housing starts down by 22.6% year-on-year[29] - Property sales showed signs of recovery, with sales area down by 15.8% year-on-year, and sales value down by 20.9%[30] - The decline in funding sources for real estate companies continued to narrow, with a decrease of 19.2%[35] Manufacturing and Infrastructure - Manufacturing investment cumulative year-on-year growth rose by 0.1 percentage points to 9.3%, supported by export growth and equipment upgrades[42] - Infrastructure investment cumulative year-on-year growth increased by 0.09 percentage points to 9.35%, aided by the issuance of long-term special bonds[37] - The manufacturing sector showed a mixed performance, with automotive manufacturing up by 6.2% year-on-year, while other sectors faced declines[19] Consumer Confidence and Spending - Consumer confidence remains low despite a significant increase in retail sales, with online retail showing a rebound due to promotional events[47] - The Double Eleven shopping festival and trade-in policies significantly boosted consumer spending, particularly in home appliances and furniture[50] - Essential consumption categories like food and beverages saw a decline, while discretionary spending categories like cosmetics experienced substantial growth[53]