付凌晖介绍，从服务消费结构看，一是文旅服务增势较好。各地积极发展文旅消费新模式，体育赛事、 演出市场活跃，文旅休闲等相关消费较快增长。数据显示，1—10月份，旅游咨询租赁服务类、交通出 行服务类、文体休闲服务类零售额均保持10%以上较快增长。 中经记者 谭志娟 北京报道 10月份，消费市场保持稳定增长态势，服务消费成为经济亮点。 近日，国家统计局发布数据显示，1—10月份，服务零售额同比增长5.3%，增速比前三季度加快0.1个百 分点，高于同期商品零售额增速0.9个百分点。 招商证券首席宏观分析师张静静在研报中表示，服务消费的亮眼表现，表明促消费政策效果持续显现， 且消费结构正向着文旅、休闲等领域优化。 11月14日，国家统计局新闻发言人付凌晖答记者问时表示，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。在国庆中秋假日效应因素的带动下，10月份服务消费持续较快增长。 《中国经营报》记者注意到，今年国庆中秋双节叠加，居民返乡探亲、旅游出行需求增加，带动餐饮、 住宿、文娱、交通等相关领域消费增长加快。国家统计局数据显示，10月份，餐饮收入同比增长 3.8%，增速比9月份加快2.9个百分点； ...

11月17日早盘，港股消费板块早盘低开后窄幅震荡，港股消费ETF（513230）现小幅微跌近0.5%。 持仓股中，统一企业中国、新秀丽、康师傅控股、波司登、万洲国际等涨幅居前，巨子生物、零跑汽 车、蜜雪集团、思摩尔国际、百威亚太等跌幅居前。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华泰证券估算，2025年电商"双十一"大促季行业层面增长温和，GMV或同比增长中高个位数至 10%之间，平稳增长得益于各平台的积极补贴及大促时间线的进一步拉长，但亦部分被去年同期国补行 动带来的较高家电品类销售额基数所抵消。平台角度，主要电商平台或延续分化表现。展望2026年，预 计电商平台围绕流量入口、核心用户权益等维度的竞争将延续激烈态势。消费者终端商品价格的企稳则 是电商平台及上游供货商业绩表现企稳的重要驱动，潜在的政策刺激及消费者情绪的边际变化值得持续 关注。 港股消费ETF ...

内蒙古日报11月14日讯 （记者 杨威）记者从自治区财政厅获悉，去年至今，内蒙古自治区财政累 计下达资金95.95亿元促进消费品以旧换新。其中，去年自治区财政累计下达中央和自治区消费品以旧 换新资金36.9亿元；2025年以来，消费品以旧换新政策补贴力度加大，截至目前，累计下达中央和自治 区消费品以旧换新资金59.05亿元,持续促进全区消费潜力加速释放。 在系列政策推动下，内蒙古消费市场零售额持续增长。今年前三季度，全区社会消费品零售总额 3850.5亿元，同比增长7.2%。 与此同时，内蒙古精准发力，多措并举构建促消费政策支持体系。发挥资金引导和撬动作用，支持 打造综合性商业集聚区，培育更多城市消费新热点；支持以县域为中心、乡镇为重点的县域商业体系建 设，通过升级改造集贸市场等场所设施，完善县域消费流通体系，着力提升县域消费质效；全面落实消 费贷款财政贴息政策，持续降低居民消费成本和服务业经营主体融资成本，下调住房公积金贷款利率， 优化消费环境。 ...

记者从自治区财政厅获悉，去年至今，自治区财政累计下达资金95.95亿元促进消费品以旧换新。其 中，去年自治区财政累计下达中央和自治区消费品以旧换新资金36.9亿元；2025年以来，消费品以旧换 新政策补贴力度加大，截至目前，累计下达中央和自治区消费品以旧换新资金59.05亿元,持续促进全区 消费潜力加速释放。 与此同时，内蒙古精准发力，多措并举构建促消费政策支持体系。发挥资金引导和撬动作用，支持打造 综合性商业集聚区，培育更多城市消费新热点；支持以县域为中心、乡镇为重点的县域商业体系建设， 通过升级改造集贸市场等场所设施，完善县域消费流通体系，着力提升县域消费质效；全面落实消费贷 款财政贴息政策，持续降低居民消费成本和服务业经营主体融资成本，下调住房公积金贷款利率，优化 消费环境。 在系列政策推动下，内蒙古消费市场零售额持续增长。今年前三季度，全区社会消费品零售总额3850.5 亿元，同比增长7.2%。（记者 杨威） ...

Core Insights - In October, the National Bureau of Statistics reported a 0.2% year-on-year increase in the Consumer Price Index (CPI), driven by policies aimed at expanding domestic demand and the impact of the National Day and Mid-Autumn Festival holidays [1] - The core CPI, excluding food and energy prices, has seen its year-on-year growth rate expand for the sixth consecutive month [1] - The Producer Price Index (PPI) shifted from flat in the previous month to a 0.1% increase, marking the first rise of the year, attributed to the effects of "anti-involution" policies that have improved supply and demand in certain industries [1] Economic Policies - The ongoing improvement in market supply and demand requires further release of the potential of "anti-involution" policies, which aim to optimize market competition and support reasonable price increases for related industrial products [1] - There is a need to enhance consumption policies to boost income and reduce burdens for low- to middle-income groups, thereby increasing their consumption capacity, willingness, and levels [1]

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, indicating a recovery in consumer demand, particularly in the service sector [2][3][4] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the highest increase since March 2024 and reflecting a steady recovery in domestic consumption [3][4] - The increase in service prices, which rose by 0.8%, was driven by higher travel-related costs during the National Day and Mid-Autumn Festival, with hotel accommodation, flight tickets, and tourism prices rising significantly [3][4] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% in October, marking the first rise of the year, driven by improved supply-demand relationships in certain industries [5][6] - Year-on-year, the PPI decreased by 2.1%, but the decline was less severe than in previous months, indicating a narrowing trend in price drops across key sectors [7] - Specific industries such as coal mining, photovoltaic equipment manufacturing, and lithium-ion battery production experienced price increases, while oil and gas extraction faced price declines due to international oil price fluctuations [6][7] Group 3: Economic Outlook - Experts suggest that the improvement in price data reflects a comprehensive recovery in the economy, supported by macroeconomic policies and a balanced supply-demand relationship [8] - The overall price level is expected to rise moderately in the coming months, with CPI anticipated to recover gradually, characterized by strong food prices and weak energy prices [8] - The construction of a modern industrial system and the expansion of market demand are expected to drive price increases in related industries, although the real estate market's adjustment may continue to suppress prices in certain sectors [8]

Group 1: CPI Analysis - In October 2025, the CPI increased by 0.2% year-on-year, reversing from a decline of 0.3% in the previous month, with a cumulative decline of 0.1% from January to October[1] - The main drivers for the CPI increase were a significant rise in vegetable prices due to rainy weather and increased holiday demand, leading to a narrowing of the food price decline to -2.9%[2] - The core CPI rose to 1.2% year-on-year, primarily driven by a 2.5% increase in travel prices, reflecting a strong demand for services during the extended holiday[3] Group 2: PPI Analysis - The PPI saw its first month-on-month increase of 0.1% in October, with a year-on-year decline of 2.1%, which is a narrowing of the decline by 0.2 percentage points from the previous month[4] - Key contributors to the PPI increase included improved supply-demand dynamics in industries like coal and cement, with coal mining PPI rising by 1.6%[5] - The rise in international prices for non-ferrous metals also supported the domestic PPI, with a 5.3% increase in the PPI for non-ferrous metal mining[6]

Core Viewpoint - Recent implementation of 500 billion yuan in new policy financial tools has been completed, with both existing and new policies continuing to exert influence, leading to a gradual stabilization of prices and a potential mild increase in the price center [1] Economic Indicators - CPI is expected to gradually recover from low levels, characterized by strong food prices, weak energy prices, and stable core prices [1] - A slight rebound in pork prices is anticipated due to reduced output plans from major pig farming companies and the arrival of the southern cured meat season [1] - Decreased supply of fruits and vegetables due to falling temperatures is likely to lead to price increases [1] Policy Impact - The year-on-year decline in food CPI is expected to narrow in November due to a high base effect from the previous year [1] - "Anti-involution" measures are expected to continue supporting automobile prices, while industrial consumer goods prices are likely to improve year-on-year, and service prices will remain stable [1] Market Outlook - With continued macro policy support and a recovery in market confidence, the overall price center is projected to rise moderately [1] - CPI is anticipated to enter a mild upward channel, while the year-on-year decline in PPI is expected to continue narrowing, with month-on-month figures likely to maintain a weak balance [1]

Core Viewpoint - The "Guangdong Enjoy Warm Winter, Happy Travel Guangdong" consumption season event aims to stimulate consumer spending through various direct incentives and expanded categories of eligible products [2][3][4] Group 1: Policy Features - The consumption season will run from November 2025 to March 2026, offering multiple measures to enhance consumer spending [2] - New features include a broader range of eligible products for subsidies, such as new energy vehicles, home appliances, and various sports equipment [2][3] - The initiative emphasizes brand building with five key brands: "Travel in Guangdong," "Eat in Guangdong," "Shop in Guangdong," "Enjoy Guangdong," and "Fitness in Guangdong" [2][4] Group 2: Economic Impact - The policy aims to ensure fairness by expanding the categories of products included, which is crucial for both consumers and businesses [3] - The government has allocated an additional 3.5 billion yuan for the initiative, linking funding to local performance in promoting consumption [4] - The focus is not only on immediate consumption boosts but also on long-term brand recognition and consumer loyalty [4]

Group 1: Economic Indicators - The core Consumer Price Index (CPI) has increased for the fifth consecutive month, with a year-on-year rise of 1% in September, marking the first time in 19 months that the increase has returned to 1% [2] - The narrow gap between narrow money (M1) and broad money (M2) has shrunk to 1.2 percentage points, the lowest this year, indicating improved business activity and personal investment demand [3] - The logistics industry has maintained a positive outlook, with the logistics industry prosperity index at 51.2% in September, reflecting a continuous demand for logistics services [4] Group 2: Consumer Demand and Spending - The rise in core CPI suggests accelerated consumer demand, particularly in quality and upgraded consumption, with notable price increases in sectors such as arts and crafts (14.7%), sports equipment (4%), and nutritional foods (1.8%) [2] - E-commerce logistics have shown strong demand, with the e-commerce logistics index reaching a new high of 112.7 points in September, driven by seasonal consumption and holiday factors [5][6] - The overall consumer market remains stable, with policies aimed at expanding domestic demand and promoting consumption showing positive effects [2] Group 3: Financial Sector and Lending - Corporate loans have shown a positive growth trend, particularly in key sectors like equipment manufacturing and high-tech manufacturing, with a year-on-year increase of 8.2% in medium to long-term loans for the manufacturing sector [3] - Personal credit demand has rebounded, supported by lower interest costs and adjustments in housing purchase policies in major cities, leading to a 7% year-on-year increase in housing transaction volume in September [3] - Financial mechanisms are expected to play a crucial role in stimulating effective demand in the real economy through interest rate adjustments and coordinated market rates [3]