10月经济数据点评：供需结构改善 政策效应显现

Economic Growth Indicators - In October, industrial added value increased by 5.3% year-on-year, slightly below the expected 5.6% and up from the previous 5.4%[4] - Social retail sales in October grew by 4.8% year-on-year, exceeding the expected 3.9% and up from 3.2% previously[4] - Fixed asset investment from January to October saw a cumulative year-on-year growth of 3.4%, matching the previous period but slightly below the expected 3.5%[4] Production and Consumption Trends - The manufacturing sector showed resilience, with high-tech manufacturing value added increasing by 9.4%, outperforming overall industrial growth by 4.1 percentage points[8] - Service sector production index rose by 6.3% year-on-year in October, marking the fastest growth this year[8] - Consumer spending was bolstered by the National Day holiday, with domestic travel and cultural consumption increasing by 5.9% and 6.3% respectively[11] Investment Insights - Infrastructure investment rebounded, with broad and narrow infrastructure investments growing by 9.4% and 4.3% year-on-year respectively from January to October[12] - Real estate investment declined by 10.3% year-on-year, with a notable drop in new construction and completion areas[13] - Manufacturing investment rose by 9.3% year-on-year, indicating strong growth in high-tech sectors, particularly aerospace and equipment manufacturing[15] Risks and Future Outlook - Potential risks include unexpected central bank adjustments, inflation, trade tensions, and geopolitical uncertainties, which could impact economic recovery[5] - Upcoming central economic work conferences and policy deployments will be crucial for future growth stabilization[5]