国内观察：2025年10月经济数据：消费相对稳健，投资压力抬升

Economic Overview - In October, the total retail sales of consumer goods increased by 2.9% year-on-year, slightly down from 3.0% in September[2] - Fixed asset investment (FAI) showed a cumulative year-on-year decline of 1.7%, worsening from a previous decline of 0.5%[2] - The industrial added value for large-scale industries grew by 4.9% year-on-year, down from 6.5% in the previous month[2] Consumption Insights - Excluding automobiles, the retail sales growth was 4.0%, an increase of 0.8 percentage points from September[2] - The automotive sector saw a significant decline with a year-on-year drop of 6.6%, while home appliances fell by 14.6%[2] - Restaurant revenue growth reached 3.8%, a notable increase of 2.9 percentage points from the previous month, driven by holiday-related consumption[2] Investment Trends - Fixed asset investment continues to face pressure, with a monthly decline of 16.8% in private investment in October[2] - Infrastructure investment showed a decline of 12.1% for broad infrastructure and 8.9% for narrow infrastructure in October[2] - Manufacturing investment fell by 6.7% year-on-year, marking the fourth consecutive month of negative growth[2] Real Estate Sector - New commercial housing sales dropped by 18.77% year-on-year, while real estate investment fell by 22.97%[2] - Construction area and new starts also remained in deep negative territory, indicating ongoing pressure in the real estate market[2] Risks and Outlook - Potential risks include policy implementation falling short of expectations, Federal Reserve interest rate decisions, and geopolitical tensions[2]