10月经济数据简析：增量政策效果加快显现，四季度积极因素增多

Economic Overview - CPI and PPI have both declined, indicating that inflationary pressures are under control[1] - In October, the industrial added value increased by 5.3% year-on-year, maintaining stability despite a slight decrease of 0.1 percentage points from the previous value[5] - The manufacturing investment grew by 9.3% year-on-year from January to October, showing a marginal improvement of 0.1 percentage points[5] Consumer Trends - The total retail sales of consumer goods (social retail) increased by 3.5% year-on-year, with a significant rise of 4.8% in October compared to the previous month[5] - Retail sales of goods improved significantly, with a year-on-year growth of 5% in October, driven by the "old-for-new" policy and the "Double Eleven" shopping festival[5] - The sales of home appliances and communication equipment related to the "old-for-new" policy surged by 39.2% and 14.4% year-on-year, respectively[5] Investment and Infrastructure - Infrastructure investment (excluding electricity) grew by 4.3% year-on-year from January to October, an increase of 0.2 percentage points from the previous value[5] - Real estate development investment decreased by 10.3% year-on-year, with a slight improvement in sales area and sales amount decline rates[6] - The new construction area in real estate has seen a year-on-year decline of 22.6%, continuing a trend of over 20% contraction for 18 consecutive months[6]