图说中国宏观专题：近期宏中观体感温差 20251126 从生产端来看，10 月份工业增加值同比增速回落至 4.9%，制造业、采矿业等 行业均出现不同程度的走弱。尤其是制造业，其增速放缓最为显著。而电力、 10 月 CPI 同比增速回升至 0.2%，主要受去年低基数效应和部分细项供 给减少推动，核心 CPI 延续上行趋势，PPI 同比增速为-2.1%，负值略微 收窄，但仍处于负值区间。 10 月新增社融低于预期，社融存量增速下降至 8.5%，财政支出同比大 幅下滑 9.8%，收入端个人所得税高增长，但与内需相关的汽车和地产 类税收表现疲弱，财政政策力度减弱。 水务行业则有所上升。从细分行业来看，下游食品、农副食品以及酒类饮料等 品类在 10 月生产增速明显回落，仅汽车品类有所走强。上游有色压延和非金 属矿物等细分行业也出现较大回落，中游专用设备和电力机械业生产亦有所下 行。 在投资端，固定资产投资在 10 月份下滑幅度显著，总体固投增速为- 1.7%。其中制造业投资下降了 1.3 个百分点至 2.7%，基建和地产投资也均出 现回落。房地产开发占总固投比重降至 18%，显示出经济对地产依赖度下降。 然而，即使扣除 ...

Core Viewpoint - The development of a new regional economic theory with Chinese characteristics is essential, as Western economic theories do not fully apply to China's unique context [1][2]. Group 1: Characteristics of Chinese Regional Economics - Chinese regional economics should emphasize three main characteristics: adherence to objective laws, reflection of Chinese characteristics, and establishment of a holistic perspective [1]. - The research object of Chinese regional economics is based on national conditions, utilizing Marxist principles to summarize experiences and theories relevant to regional economic construction [1]. Group 2: New Theoretical Framework - A new scientific normative theory for regional economics is needed, focusing on the concept of "equality promoting efficiency" [2]. - The two key concepts introduced are "public service equalization" and "infrastructure equalization," which are crucial for the comprehensive development of central and western regions [2]. - The aim is to enhance human capital and social stability through equal access to education, healthcare, and social security, while optimizing infrastructure to ensure reasonable resource allocation [2]. Group 3: Microeconomic Foundations - The theory of regional economics should be grounded in microeconomic theories, particularly the concept of location and the theory of firm location [3]. - This approach allows for the application of economic principles to address macroeconomic issues related to regional development [3].