详解10月经济数据：工业增速高位放缓，服务消费成为重要增长点

Core Viewpoint - The macroeconomic indicators in October showed fluctuations due to last year's high base and increased external uncertainties, with industrial production growth slowing down and fixed asset investment declining [3][5]. Industrial Growth - In October, the industrial added value above designated size grew by 4.9% year-on-year, a decrease of 1.6 percentage points from September. The cumulative growth from January to October was 6.1% [5][6]. - Among 41 major industries, 29 maintained growth, accounting for 70.7%. Additionally, 50.2% of 623 major products saw production increases [5][6]. - The industrial production is supported by proactive macro policies, but external complexities and insufficient market demand pose challenges [5][6]. Consumer Spending - The retail sales of consumer goods increased by 4.3% year-on-year from January to October, with service retail sales growing by 5.3% [8][9]. - Policies promoting the replacement of old consumer goods and the growth of digital and service consumption have effectively released consumption potential [8][9]. - Online retail sales rose by 9.6%, with physical goods retail growing by 6.3%, indicating a shift towards digital consumption [8][9]. Investment Trends - Fixed asset investment (excluding rural households) totaled 408914 billion yuan from January to October, down 1.7% year-on-year, with private investment declining by 4.5% [12][13]. - Real estate investment fell by 14.7%, significantly impacting overall investment growth, while manufacturing investment increased by 2.7% [12][13]. - Investment in high-tech sectors, such as aerospace and information services, saw substantial growth, with increases of 19.7% and 32.7% respectively [13]. Future Outlook - The economic outlook suggests continued support for industrial production through new policy tools and local government debt limits, despite ongoing supply-demand imbalances [6][9]. - The need for a consumption-oriented policy framework is emphasized, focusing on income distribution reforms and enhancing residents' consumption capacity [10].