行业景气观察：10月社零同比增幅收窄，新能源产业链价格多数上涨

Core Insights - The report indicates a narrowing year-on-year growth in social retail sales for October, with a 2.9% increase compared to the previous year, down from 3.0% in September, primarily affected by high base effects and weak demand in the home appliance and real estate sectors [12][21] - The report highlights a general recovery in essential consumer goods, with significant improvements in categories such as grain and oil, food, tobacco, and clothing, while optional consumption shows mixed performance [21][22] Retail Sector Overview - The cumulative retail sales of social consumer goods from January to October reached 4,121.685 billion yuan, with a year-on-year growth rate of 4.3%, a decrease of 0.2 percentage points from the previous period [12] - In October, essential consumption categories saw an increase, with grain and oil food sales growing by 9.1%, while beverage sales turned positive at 7.1% [16][21] - The online retail sales of physical goods continued to rise, accounting for 25.2% of total retail sales, with a year-on-year growth of 6.3% [14] Information Technology Sector - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Industry Index experienced declines, while the DXI Index increased [2] - DRAM memory prices rose, and the production of integrated circuits saw an expanded year-on-year growth in October [2][8] Midstream Manufacturing Sector - Prices in the new energy supply chain generally increased, while the photovoltaic price index declined [5][7] - Sales of major engineering machinery companies in October showed a year-on-year growth slowdown [5][7] Consumer Demand Insights - Prices for fresh milk and sugar increased, while pork prices decreased [5][18] - The average ticket price for movies rose, and the ten-day average box office revenue increased significantly [5][19] Resource Sector Tracking - The average transaction volume of construction steel increased, and rebar prices rose [5][21] - Coal prices remained stable, while the inventory levels of coal and coke at major ports decreased [5][22] Financial and Real Estate Sector - The monetary market saw net injections, while the turnover rate and daily trading volume of A-shares declined [3][6] - The transaction area of commercial housing increased, but the year-on-year decline in housing completion area and sales expanded [3][6]