Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The retail sales growth in October exceeded expectations, with basic living and some upgraded consumption categories experiencing rapid growth [4] - The total retail sales of consumer goods in October reached 46,291 billion, a year-on-year increase of 2.9%. Excluding automobiles, the total retail sales amounted to 42,036 billion, growing by 4.0% year-on-year [7][6] - Urban and rural retail sales in October were 40,021 billion and 6,270 billion respectively, with year-on-year growth of 2.7% and 4.1% [7] Summary by Category Overall Data - The overall retail sales in October showed a year-on-year increase of 2.9%, with significant growth in essential and some upgraded consumption categories [7][6] Consumption Types - The retail sales of catering outpaced goods, with limited above-unit retail sales reaching 17,782 billion, a year-on-year increase of 1.6% [14] - The retail sales of goods and catering in October were 41,092 billion and 5,199 billion respectively, with year-on-year growth of 2.8% and 3.8% [14] Essential Consumption - In essential consumption, the retail sales of grain, oil, and food increased by 9.1%, beverages by 7.1%, tobacco and alcohol by 4.1%, and daily necessities by 7.4% [18][26] Optional Consumption - In optional consumption, jewelry and communication equipment saw significant growth, with jewelry retail sales increasing by 37.6% and communication equipment by 23.2% [26][34] Other Consumption Categories - Among other consumption categories, furniture retail sales grew significantly by 9.6%, while home appliances, building materials, and petroleum products saw declines of 14.6%, 8.3%, and 5.9% respectively [35][39]

Core Insights - In October, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year growth of 2.9%, which is a decline of 0.1% compared to September. This marks the fifth consecutive month of decline since the peak of 6.4% in May [2] - From January to October, the total retail sales amounted to 412,169 billion yuan, with a growth rate of 4.3%, down 0.2% from the growth rate in the first three quarters [2] Retail Performance by Location - In October, urban retail sales were 40,021 billion yuan, growing by 2.7% year-on-year, while rural retail sales reached 6,270 billion yuan, with a growth of 4.1%. For the period from January to October, urban retail sales totaled 356,860 billion yuan, up 4.2%, and rural retail sales were 55,309 billion yuan, increasing by 4.6% [2] Retail Performance by Type - In October, the retail sales of goods were 41,092 billion yuan, with a year-on-year increase of 2.8%, and catering revenue was 5,199 billion yuan, growing by 3.8%. Notably, basic living and some upgraded consumption categories saw rapid growth, with significant increases in retail sales for food, communication equipment, cultural office supplies, and sports entertainment products [2] - From January to October, the total retail sales of goods reached 365,981 billion yuan, growing by 4.4%, while catering revenue was 46,188 billion yuan, with a growth of 3.3%. Catering revenue rebounded to 3.8% after dropping to a low of 0.9% in September [2] Retail Formats Performance - From January to October, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.3%, 4.7%, 1.0%, 4.1%, and 1.0% respectively [3] - The service retail sector saw a year-on-year growth of 5.3%, with an acceleration of 0.1 percentage points compared to the first three quarters. Notable growth was observed in leisure services, communication services, travel consulting and rental services, and transportation services [3]

Core Points - The State Council Information Office held a press conference on November 14 to discuss the national economic performance for October 2025 [1] - The spokesperson from the National Bureau of Statistics reported that the total retail sales of consumer goods reached 46,291 billion yuan, reflecting a year-on-year growth of 2.9% and a month-on-month increase of 0.16% [1]

Group 1: Retail Sales Performance - In October, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9% [1] - Excluding automobiles, the retail sales of consumer goods amounted to 42,036 billion yuan, growing by 4.0% [1] - From January to October, the total retail sales of consumer goods were 412,169 billion yuan, reflecting a growth of 4.3% [1] Group 2: Urban and Rural Consumption - In October, urban retail sales were 40,021 billion yuan, with a year-on-year increase of 2.7%, while rural retail sales reached 6,270 billion yuan, growing by 4.1% [1] - For the period from January to October, urban retail sales totaled 356,860 billion yuan, up by 4.2%, and rural retail sales were 55,309 billion yuan, increasing by 4.6% [1] Group 3: Consumption Types - In October, the retail sales of goods were 41,092 billion yuan, with a year-on-year growth of 2.8%, while catering revenue was 5,199 billion yuan, growing by 3.8% [1] - From January to October, the retail sales of goods reached 365,981 billion yuan, reflecting a growth of 4.4%, and catering revenue was 46,188 billion yuan, increasing by 3.3% [1] Group 4: Online Retail Performance - From January to October, the national online retail sales amounted to 127,916 billion yuan, with a year-on-year growth of 9.6% [2] - Among online retail sales, the physical goods segment reached 103,984 billion yuan, growing by 6.3%, accounting for 25.2% of total retail sales [2] - Within the physical goods online retail, food, clothing, and daily necessities grew by 15.1%, 3.6%, and 5.1% respectively [2]

Core Insights - In October, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9% [1] - Excluding automobiles, the retail sales of consumer goods amounted to 42,036 billion yuan, growing by 4.0% [1] - From January to October, the total retail sales of consumer goods were 412,169 billion yuan, reflecting a growth of 4.3% [1] Retail Performance by Location - In October, urban retail sales were 40,021 billion yuan, with a year-on-year increase of 2.7% [3] - Rural retail sales reached 6,270 billion yuan, growing by 4.1% [3] - For the period from January to October, urban retail sales totaled 356,860 billion yuan, up by 4.2% [3] - Rural retail sales for the same period were 55,309 billion yuan, with a growth of 4.6% [3] Retail Performance by Type - In October, the retail sales of goods were 41,092 billion yuan, increasing by 2.8% year-on-year [3] - Restaurant income was 5,199 billion yuan, showing a growth of 3.8% [3] - From January to October, the retail sales of goods reached 365,981 billion yuan, with a growth of 4.4% [3] - Restaurant income for the same period was 46,188 billion yuan, growing by 3.3% [3] Retail Formats and Online Sales - From January to October, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.3%, 4.7%, 1.0%, 4.1%, and 1.0% respectively [5] - National online retail sales reached 127,916 billion yuan, with a year-on-year growth of 9.6% [5] - Among online retail, physical goods sales were 103,984 billion yuan, growing by 6.3%, accounting for 25.2% of total retail sales [5] - In the category of physical goods sold online, food, clothing, and daily necessities grew by 15.1%, 3.6%, and 5.1% respectively [5]

每经AI快讯，11月14日，国家统计局数据显示，10月份，社会消费品零售总额46291亿元，同比增长 2.9%。其中，除汽车以外的消费品零售额42036亿元，增长4.0%。1—10月份，社会消费品零售总额 412169亿元，增长4.3%。其中，除汽车以外的消费品零售额372160亿元，增长4.9%。 （文章来源：每日经济新闻） ...

#数据 10月金银珠宝类零售销售总额同比增37.6%（9月增9.7%），通讯器材类增23.2%（9月增16.2%）。家用电器和音像器材类降14.6%（9月增3.3%）。外汇交易员 (@myfxtrader):统计局：社会消费品零售总额46291亿元，同比增长2.9%。按消费类型分，10月份，商品零售额41092亿元，同比增长2.8%；餐饮收入5199亿元，增长3.8%。 https://t.co/T4F3bc4lLu ...

Overall Consumption - Total retail sales of consumer goods in October reached 4.6291 trillion yuan, a year-on-year increase of 2.9% [1] - From January to October, national online retail sales amounted to 12.7916 trillion yuan, a year-on-year increase of 9.6% [1] - Online retail sales of physical goods increased by 6.3%, accounting for 25.2% of the total retail sales of consumer goods [1] Consumption Breakdown - Retail sales of goods increased by 2.8% year-on-year, amounting to 4.1092 trillion yuan [1] - Catering revenue increased by 3.8%, reaching 519.9 billion yuan [1] - Among online retail sales of physical goods, food, clothing, and general merchandise increased by 15.1%, 3.6%, and 5.1% respectively [1] Retail Sales Performance by Category - Gold, silver, and jewelry retail sales increased by 37.6% year-on-year [1] - Communication equipment retail sales increased by 23.2% year-on-year [1] - Cultural and office supplies retail sales increased by 13.5% year-on-year [1] - Sports and recreational goods retail sales increased by 10.1% year-on-year [1] - Furniture retail sales increased by 9.6% year-on-year [1] - Household appliances and audio-visual equipment retail sales decreased by 14.6% year-on-year [1]

人民财讯11月14日电，国家统计局：10月份，社会消费品零售总额46291亿元，同比增长2.9%。其中， 除汽车以外的消费品零售额42036亿元，增长4.0%。1—10月份，社会消费品零售总额412169亿元，增 长4.3%。其中，除汽车以外的消费品零售额372160亿元，增长4.9%。 ...

| | 10月 | | 1-10月 | | | --- | --- | --- | --- | --- | | 指 标 | 绝对量 | 同比增长 | 绝对量 | 同比增长 | | | (亿元) | (%) | (亿元) | (%) | | 社会消费品零售总额 | 46291 | 2.9 | 412169 | 4.3 | | 其中:除汽车以外的消费品零售额 | 42036 | 4.0 | 372160 | 4.9 | | 其中:限额以上单位消费品零售额 | 17782 | 1.6 | 164935 | 4.5 | | 其中:实物商品网上零售额 | l | । | 103984 | 6.3 | | 按经营地分 | | | | | | 城镇 | 40021 | 2.7 | 356860 | 4.2 | | 乡村 | 6270 | 4.1 | 55309 | 4.6 | | 按消费类型分 | | | | | | 餐饮收入 | 2199 | 3.8 | 46188 | 3.3 | | 其中:限额以上单位餐饮收入 | 1459 | 3.7 | 13510 | 2.4 | | 商品零售额 | 41092 | 2.8 | 3 ...