Economic Overview - In October, China's economy continued to show a steady improvement, with industrial production achieving a year-on-year growth rate of 4.9% [1] - The agricultural sector is expected to have a good harvest due to increased planting area and yield of autumn grains, which supports food security [1] Industrial Production - The industrial sector demonstrated characteristics of "overall stability and structural optimization," with the value-added of industrial enterprises above designated size growing by 4.9% year-on-year in October [1] - The equipment manufacturing industry saw a year-on-year increase of 8.0%, while high-tech manufacturing increased by 7.2%, outpacing the overall industrial growth by 3.1 and 2.3 percentage points respectively [1] - The current policies for large-scale equipment updates and the transformation of domestic manufacturing are expected to continue driving industrial production [1] Service Sector - The recovery of the service sector is closely linked to the holiday economy, with the accommodation and catering industry production index increasing by 3.9% year-on-year, accelerating by 2.6 percentage points compared to September [2] - From January to October, service retail sales grew by 5.3% year-on-year, slightly faster than the growth rate of goods retail sales [2] - The consumption market is expanding due to policy support and the recovery of service scenarios, with social retail sales of consumer goods increasing by 2.9% year-on-year in October [2] Investment Trends - Although the overall investment growth rate slowed in October, there is a clear trend of structural optimization, with manufacturing investment growing by 2.7% year-on-year [3] - Investment in high-end industries has increased significantly, with aerospace and equipment manufacturing up by 19.7% and information services by 32.7% [3] - Investment in clean energy, including solar, wind, nuclear, and hydropower, grew by 10.4% year-on-year, indicating a continued acceleration in energy structure transformation [3] Policy Outlook - To stabilize macroeconomic operations in the fourth quarter and the first quarter of the following year, it is expected that growth-stabilizing policies will be further strengthened by the end of the year [4] - Fiscal policy is anticipated to further support consumption, while monetary policy may implement a new round of interest rate cuts and reserve requirement ratio reductions [4]

Economic Performance - In October, China's economy continued to show a steady improvement, with industrial production achieving a year-on-year growth rate of 4.9% [1] - The agricultural sector is expected to have a good harvest, supported by an increase in both the area and yield of autumn grain [1] - The industrial sector demonstrated characteristics of overall stability and structural optimization, with the added value of the equipment manufacturing industry growing by 8.0% and high-tech manufacturing by 7.2% [1] Service Sector Recovery - The recovery of the service sector is closely linked to the holiday economy, with the accommodation and catering industry production index increasing by 3.9% year-on-year, accelerating by 2.6 percentage points compared to September [2] - From January to October, service retail sales grew by 5.3%, outpacing the growth rate of goods retail sales by 0.9 percentage points [2] - The consumption market is expanding due to policy support and the recovery of service scenarios, with social retail sales of consumer goods increasing by 2.9% year-on-year in October [2] Investment Trends - Although the overall investment growth rate slowed in October, there is a clear trend of structural optimization, with manufacturing investment growing by 2.7% year-on-year [3] - Investment in high-end industries such as aerospace and information services saw significant increases, with growth rates of 19.7% and 32.7% respectively [3] - Investment in clean energy, including solar, wind, nuclear, and hydropower, grew by 10.4% year-on-year, indicating a continued acceleration in energy structure transformation [3] Macroeconomic Policy Outlook - To stabilize the macroeconomic operation in the fourth quarter and the first quarter of next year, it is expected that growth-stabilizing policies will be further strengthened by the end of the year [4] - Fiscal policy is anticipated to further support consumption, while monetary policy may implement a new round of interest rate cuts and reserve requirement ratio reductions [4]

消费市场在政策支持与场景复苏下持续扩容。10月社会消费品零售总额同比增长2.9%，消费品以旧换 新政策效果显著，家电、汽车等耐用品消费增速回升。从结构看，数字消费与绿色消费成为亮点，1— 10月实物商品网上零售额占社会消费品零售总额比重达25.2%，高能效家电、智能家电销售额保持两位 数增长，新能源汽车零售渗透率进一步提升。王青指出，10月限额以上单位其他类别商品零售额增速普 遍有所加快。可能主要受今年各大电商"双十一"促销提前至10月上旬启动，部分商品消费需求从11月前 移到10月释放提振。 11月14日，国家统计局发布数据显示，10月份，我国经济延续稳中有进态势，工业生产实现4.9%的同 比增速，消费市场持续扩大，部分高端行业投资力度加大，凸显经济结构优化趋势。 从生产供给看，10月农业、工业、服务业"三业协同"发展。农业方面，秋粮面积与单产双升支撑全年丰 收预期，大部分农区秋粮生产形势良好，为粮食安全筑牢基础。工业领域则呈现"整体稳、结构优"特 征，10月份规模以上工业增加值同比增长4.9%。其中，装备制造业增加值同比增长8.0%，高技术制造 业增加值增长7.2%，分别快于全部规模以上工业增加值3.1和 ...

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].

Economic Overview - In October, the industrial added value above designated size grew by 4.9% year-on-year, a slowdown of 1.6 percentage points compared to September [1][3] - The total retail sales of consumer goods increased by 2.9% year-on-year, slightly down by 0.1 percentage points from September [1] - From January to October, fixed asset investment (excluding rural households) reached 4089.14 billion yuan, a year-on-year decline of 1.7% [1][9] Industrial Performance - Despite a complex international environment and increased domestic market competition, industrial production maintained steady growth, with a year-on-year increase of 6.1% from January to October [3] - Among 41 major industries, 29 reported growth in added value, accounting for 70.7% [3] - The production of 50.2% of 623 major products showed growth [3] Consumer Trends - From January to October, the total retail sales of consumer goods increased by 4.3%, with service retail sales growing by 5.3% [6] - The "old-for-new" consumption policy has positively impacted sales, particularly in communication equipment and cultural office supplies, which saw year-on-year increases of 23.2% and 13.5%, respectively [6] - Online retail sales rose by 9.6% year-on-year, with physical goods retail growing by 6.3%, indicating a shift towards digital and green consumption [6] Investment Dynamics - Fixed asset investment saw a decline of 1.62% month-on-month in October, with private fixed asset investment down by 4.5% year-on-year [9] - Real estate investment dropped by 14.7% year-on-year, significantly impacting overall investment growth [9][10] - Manufacturing investment grew by 2.7% year-on-year, accounting for 25.6% of total investment, indicating a shift towards optimizing investment structure [9][10] High-Tech and Green Investment - Investment in high-tech sectors such as aerospace and information services grew by 19.7% and 32.7% year-on-year, respectively [10] - Clean energy investments, including solar, wind, nuclear, and hydropower, increased by 10.4% year-on-year, reflecting a strong trend towards green transformation [10]

Group 1 - The introduction of the first autumn holiday in several provinces in China, including Zhejiang, Guangdong, and Sichuan, has led to a surge in travel demand, with average round-trip ticket prices rising to approximately 700 yuan, a 7% increase compared to last year [1] - Popular travel routes during the autumn holiday include Chengdu to Sanya, Chengdu to Haikou, and Hangzhou to Xiamen, with some flights already sold out, indicating a strong impact of policy incentives on tourism consumption [1] - The autumn holiday not only meets family travel needs but also creates a new peak in tourism outside of traditional "Golden Week" periods, reflecting a shift in consumer behavior [1] Group 2 - From January to October, China's online retail sales increased by 9.6% year-on-year, with physical goods retail sales growing by 6.3%, outpacing the overall growth of social consumer goods retail [1] - The retail sales of new energy vehicles continue to grow rapidly, highlighting a trend towards digital and green consumption that is driving overall consumption growth [1] - The current phase of consumption structure upgrading presents significant opportunities in cultural tourism and healthcare, with emerging sectors like the silver economy and first-time economy contributing to new consumption momentum [1] Group 3 - Relevant ETFs include tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, food and beverage ETF (515170) aimed at boosting domestic demand, and Hong Kong consumption ETF (513230) focusing on e-commerce leaders and new consumption trends [2]

Core Insights - The transformation of consumer spending in China is accelerating, with service consumption becoming a significant growth driver [1] - The cultural and tourism services are experiencing robust growth, with active development of new consumption models in various regions [1] - Emerging consumption trends such as digital and green consumption are expanding, contributing positively to overall consumption growth [1] Service Consumption - The growth of service consumption is highlighted as a key area, with notable increases in cultural tourism services, sports events, and performance markets [1] - Information services, including digital audio-visual and online entertainment, are seeing sustained demand and strong sales growth [1] - There has been a significant increase in dining out during holidays, with restaurant revenue showing marked acceleration in October [1] Emerging Consumption Trends - Digital and green consumption are identified as rapidly growing sectors that are effectively promoting overall consumption growth [1] - The current phase of consumption structure upgrading presents vast opportunities in cultural tourism and healthcare [1] - The silver economy and first-time economy are developing quickly, injecting new momentum into consumption expansion [1] Economic Outlook - The economy is maintaining stable operation, with consumer promotion policies beginning to show effects, leading to overall stable market sales [1] - There is a need to enhance residents' consumption capacity and confidence, as well as to strengthen internal consumption dynamics [1] - Future actions will focus on implementing measures to boost consumption, stabilize employment, increase quality supply, and optimize the consumption environment to effectively release consumption potential [1]

中新网11月14日电 国新办14日举行新闻发布会，国家统计局新闻发言人、总经济师、国民经济综合统 计司司长付凌晖介绍2025年10月份国民经济运行情况，并答记者问。付凌晖指出，下阶段，要积极稳就 业、促增收，大力增加优质供给，不断优化消费环境，有效释放消费潜力，更好促发展惠民生。 有记者问，10月份消费市场的恢复情况怎么样？实物消费与服务消费的增长特点分别是什么？节假日消 费对整体数据的拉动作用是否明显？ 发言人付凌晖表示，消费关系到经济发展，也关系着民生福祉。今年以来，各地区、各部门深入推进提 振消费专项行动，加力扩围实施消费品以旧换新，大力发展数字消费和服务消费，扩大文体消费，推动 了消费潜力释放。1—10月份，社会消费品零售总额同比增长4.3%，服务零售额增长5.3%。从10月情况 看，在国庆、中秋长假和促消费政策等带动下，市场销售总体稳定，消费结构继续优化，新兴消费持续 壮大。从商品消费看，在居民消费升级，消费品以旧换新政策因素的带动下，商品销售平稳增长，结构 优化升级。主要体现在三方面： 三是部分以旧换新商品销售持续增长。消费品以旧换新政策继续显效，对相关商品销售带动作用持续显 现。10月份，限额以 ...

从结构看，一是文旅服务增势较好，二是信息服务较快增长，数字影音、网络娱乐等服务需求持续扩 大。此外，假期期间居民外出就餐增加。从新兴消费看，数字消费和绿色消费在持续壮大。 付凌晖表示，我国正处在消费结构升级的关键阶段，文化旅游、医疗健康等消费发展空间广阔，银发经 济、首发经济等快速发展也为消费扩大注入新动能。 人民财讯11月14日电，11月14日，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖 在国新办新闻发布会上表示，我国居民消费正在加快转型，服务消费增长日益成为居民消费的重要增长 点。在国庆中秋假日的因素带动下，10月份的服务消费持续较快增长，1—10月份服务零售额比1—9月 份是加快0.1个百分点，高于同期商品零售额的增速是0.9个百分点。 ...

Core Insights - The eighth China International Import Expo showcased the growing vitality and attractiveness of the Chinese market, emphasizing the need for a balance between economic strength and external responsibilities to become a core engine of global economic growth [1] Group 1: Market Size and Structure - The U.S. personal consumption expenditure is projected to reach approximately $19.8 trillion in 2024, making it the largest in the world; however, its high service consumption ratio, nearly 70%, particularly in healthcare and finance, poses burdens on the public [1] - A truly influential consumer market requires a synergistic development of goods and services to meet diverse consumer needs and reflect a balanced economic operation [1] Group 2: Openness and Global Integration - The U.S. has been a net importer, significantly impacting global supply chains; however, unilateral protectionist policies, such as increased tariffs, challenge global economic growth and deviate from the responsibilities of a major consumer market [2] - In contrast, China is expanding its openness, providing opportunities for global enterprises, with a cumulative import of consumer goods amounting to 7.4 trillion yuan from 2021 to 2024, and a projected inbound tourist spending of $94.2 billion in 2024, a 77.8% increase [2] Group 3: Innovation and Sustainability - Innovation is a key driver for maintaining market leadership, with China leading in digital consumption, projected online retail sales reaching 15.5 trillion yuan in 2024, and mobile payment transactions remaining globally dominant [3] - The "National Trend" phenomenon reflects cultural confidence, enhancing the local market's appeal and combining cultural self-assurance with commercial innovation [3] - The largest consumer market must guide sustainable consumption, promoting green and circular consumption models, as seen in China's trade-in policies that stimulate consumption while advancing environmental goals [3] Group 4: Future Market Dynamics - With a population exceeding 1.4 billion, China is poised to become the largest consumer market globally, but the competition will focus on development quality rather than just scale [4] - The largest consumer market must balance openness and protection, innovation and regulation, and growth and sustainability to ensure stable expectations for global consumers, enabling them to not only "buy" but also "buy well" [4]