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。 10月份投资领域虽整体增速放缓，但结构优化趋势明显。1—10月制造业投资同比增长2.7%，增速快于 全部投资，占比提升至25.6%，其中部分高端行业投资力度加大：航空航天器及设备制造业投资同比增 长19.7%，信息服务业投资增速高达32.7%。清洁能源投资同样亮眼，太阳能、风力、核力、水力发电 投资合计同比增长10.4%，能源结构转型持续提速。 （原标题：10月经济数据出炉：部分高端行业投资力度加大 服务消费成重要增长点） 证券时报记者 江聃 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 ...

Core Insights - Consumption is a key driver of economic growth and is emphasized in the recent policies aimed at expanding domestic demand [2][4][9] - Local governments are actively implementing consumption-boosting policies in response to the national strategy to enhance domestic demand [4][8] Policy Initiatives - Hainan Province has adjusted its vehicle scrapping subsidy policy to promote green consumption and industry upgrades, effective from November 4, 2025 [5] - Jiangsu Province has introduced measures to develop the sports event economy, aiming to stimulate consumption through various event-related activities [6] - Chongqing has issued 18 measures to eliminate restrictive consumption policies across six sectors, including automotive and housing, to release pent-up consumer demand [6][8] Economic Impact - The contribution of final consumption expenditure to economic growth reached 53.5% in the first three quarters, an increase of 9.0 percentage points compared to the previous year [10] - Experts suggest that activating domestic demand and promoting high-quality development requires a dual approach from both demand and supply sides [11][12] Future Recommendations - Future consumption initiatives should focus on institutional openness, technology-driven innovation, and the cultivation of consumption scenarios tailored to local resources [13]

证券时报记者江聃 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2.3个百分点。东方金诚首席宏观分析师王 青表示，当前大规模设备更新政策及国内制造业转型升级对工业生产仍有较强的拉动作用。 服务业的回暖则与假日经济深度绑定。国庆、中秋双节叠加，直接推动住宿和餐饮业生产指数同比增长 3.9%，较9月加快2.6个百分点，交通出行、文旅消费等线下服务场景快速复苏。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指出，1—10月服务零售额同比增长5.3%，比1—9月加 快0.1个百分点，高于同期商品零售额增速0.9个百分点。"服务消费增 ...

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].

受去年同期基数抬升、外部不确定性加大等因素影响，10月份多项宏观经济指标增速出现波动。 国家统计局11月14日发布的数据显示，10月份，规模以上工业增加值同比增长4.9%，增速较9月放缓1.6 个百分点；社会消费品零售总额同比增长2.9%，较9月小幅回落0.1个百分点。1-10月份，全国固定资产 投资（不含农户）408914亿元，同比下降1.7%。 财信金控首席经济学家伍超明对第一财经表示，往后看，新质生产力稳步发展、新型政策性金融工具、 5000亿地方政府债务结存限额等政策发力显效，有望继续对工业生产形成支撑；但经济"供强需弱"矛盾 依旧突出，加上出口放缓压力加大和基数抬升，工业生产增速大概率继续稳中有降。 服务消费成为重要增长点 国家统计局新闻发言人付凌晖在国新办发布会上表示，总的来看，10月份国民经济运行总体平稳，转型 升级扎实推进，发展新动能继续壮大。也要看到，外部环境不稳定不确定因素较多，国内结构调整压力 较大，经济平稳运行面临不少挑战。下阶段，要全方位扩大国内需求，着力稳就业、稳企业、稳市场、 稳预期，积极推动宏观政策持续落地增效。 工业增速高位放缓 今年以来，尽管国际环境复杂严峻，国内市场竞争压 ...

Core Insights - The consumer market in October showed stable growth, with a notable increase in service consumption and a positive trend in sales of essential and some upgraded goods [1] Group 1: Service Retail Growth - Service retail sales accelerated, with a year-on-year growth of 5.3% from January to October, outpacing the growth of goods retail sales by 0.9 percentage points [2] - The National Day and Mid-Autumn Festival holidays led to increased spending in dining, accommodation, and transportation, with dining revenue growing by 3.8% in October [2] Group 2: Consumer Goods Market Performance - The total retail sales of consumer goods exceeded 40 trillion yuan, with a year-on-year growth of 4.3% from January to October, which is 0.8 percentage points higher than the previous year [3] - Sales in rural areas outpaced urban markets, with rural retail sales growing by 4.6% compared to urban areas [3] Group 3: Sales of Essential and Upgraded Goods - Over 70% of retail categories in large-scale units saw growth in October, with essential goods sales showing strong performance [4] - Notable growth in upgraded goods, such as communication devices and cultural office supplies, with year-on-year increases of 23.2% and 13.5% respectively [4] Group 4: E-commerce and New Retail Formats - Online retail sales grew by 9.6% from January to October, with physical goods online sales increasing by 6.3% [5] - New retail formats, including membership warehouses and unmanned stores, continued to thrive, with traditional retail adapting through supply chain optimization [5] Group 5: Future Outlook - The overall operation of the consumer market remains stable, with plans to implement policies to boost consumption and innovate new consumption scenarios [6]

提振内需+低估赛道：食品饮料ETF(515170)； 电商龙头+新消费：港股消费ETF(513230)。 假期催化+冰雪经济：旅游ETF(562510)； 11月12日起，浙江、广东、四川多所中小学迎来史上首个秋假。航旅纵横大数据显示，11月12日-11月 23日，国内往返四川、浙江、广东、湖北的机票平均价格(不含税)约700元，同比去年增长约7%。秋假 期间，成都—三亚、成都—海口、杭州—厦门等航线较为热门，部分航班已显示售罄。"史上首个秋 假"引发出行热潮，机票价格上涨与部分航线售罄，体现出政策红利对文旅消费的直接拉动效应。作为 教育体系内的新假期安排，秋假的落地不仅释放了家庭出游需求，也在"黄金周"之外创造了新的旅游高 峰。 11月14日，国新办就2025年10月份国民经济运行情况举行新闻发布会，相关负责人表示，从新兴消费 看，数字消费和绿色消费持续壮大，有力促进消费增长。1-10月份，全国网上零售额同比增长9.6%，其 中实物商品零售额增长6.3%，快于社会消费品零售总额增速，即时零售交易额和直播电商交易额均保 持两位数增长。1-10月份，新能源汽车零售额继续保持较快增长。此外，我国正处在消费结构升级 ...

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]