扩内需亟待发力，关注服务消费和新基建投资机会

Economic Outlook - The difficulty of achieving the annual economic growth target has decreased, reducing the necessity for macro policy intensification within the year[1] - Expanding domestic demand remains crucial for stabilizing the economy, with service consumption expected to be a core driver of consumption growth[1] Consumption Trends - In October, the weighted year-on-year growth rate of investment, retail, and exports was -4.29%, indicating a decline in demand momentum[10] - Retail sales growth continued to weaken, with a year-on-year increase of 2.9% in October, down 0.1 percentage points from the previous month[13] - Service consumption is outpacing goods consumption, with education, culture, and entertainment services growing by 10.4% and transportation and communication services by 7.73% in September[22] Investment Insights - Fixed asset investment showed a cumulative year-on-year decline of 1.7% from January to October, with real estate investment down by 14.7%[25] - Infrastructure investment has turned negative for the first time this year, with a cumulative year-on-year decline of 0.1%[25] - New infrastructure investment opportunities are highlighted, particularly in information communication networks and major technological infrastructure[26] Policy Recommendations - The central bank is expected to maintain a loose monetary policy to support credit growth for the upcoming year[35] - Policies should focus on stabilizing the real estate market to facilitate a smooth industry transition, which is critical for short-term economic growth[34]