每经记者｜李可愚 每经编辑｜毕陆名 近年来，随着我国居民消费不断升级，新商业模式快速兴起，消费已经成为中国经济增长的第一拉动 力。 7月16日上午，国家统计局发布的上半年国民经济运行数据显示，消费对经济增长的基础性作用在不断 地巩固。上半年，消费对经济增长的贡献率达到78.5%，比上年同期提高了14.2个百分点。而一季度最 终消费支出对经济增长的贡献率为77.8%，这意味着消费对国民经济的整体拉动作用又有显著提升。 《每日经济新闻》记者注意到，6月份，社会消费品零售总额30842亿元，同比名义增长9.0%，增速较5 月的8.5%有了明显的提升，结束了此前连续两个月社会消费品零售总额增速下滑的局面。 上半年猪肉价格降12.5% 数据显示，上半年，全国居民消费价格（CPI）同比上涨2.0%，涨幅比一季度回落0.1个百分点。分类别 看，食品烟酒价格同比上涨1.4%，衣着上涨1.1%，居住上涨2.3%，生活用品及服务上涨1.6%，交通和 通信上涨1.2%，教育文化和娱乐上涨2.1%，医疗保健上涨5.5%，其他用品和服务上涨1.1%。 当前我国整体居民消费价格水平为何能维持温和态势？今后一段时间内能否延续？对此，在当日 ...

10月份，高技术制造业、数字核心产品制造业增加值分别同比增长11.7%、9.4%，分别高于全部规 模以上工业5.9个、3.6个百分点，分别拉动全部规模以上工业增加值增长2.8个、1.9个百分点。光电子器 件制造、锂离子电池制造、集成电路制造行业分别增长21%、27.6%、34.1%；集成电路、工业机器人、 半导体分立器件、工业自动调节仪表与控制系统等产品产量分别增长18.5%、19.9%、11.3%和10.5%。 江苏省统计局同时还发布的前10月固定资产投资和消费数据显示，1—10月，全省固定资产投资同 比下降8.7%。从主要领域看，基础设施投资同比下降2.2%，其中电力热力生产和供应业、装卸搬运和 仓储业投资分别增长22.9%、27.2%；制造业投资下降4.1%，降幅比1—9月收窄0.4个百分点；房地产开 发投资下降19.8%。 1—10月，全省社会消费品零售总额38816.8亿元，同比增长4.0%。10月当月，限上家用电器和音像 器材类、计算机及其配套产品类商品零售额分别增长7.4%、48%。1—10月，全省限额以上批发业、零 售业销售额同比分别增长5.1%、7.6%；限额以上住宿业、餐饮业营业额同比分别 ...

Core Insights - The report indicates a narrowing year-on-year growth in social retail sales for October, with a 2.9% increase compared to the previous year, down from 3.0% in September, primarily affected by high base effects and weak demand in the home appliance and real estate sectors [12][21] - The report highlights a general recovery in essential consumer goods, with significant improvements in categories such as grain and oil, food, tobacco, and clothing, while optional consumption shows mixed performance [21][22] Retail Sector Overview - The cumulative retail sales of social consumer goods from January to October reached 4,121.685 billion yuan, with a year-on-year growth rate of 4.3%, a decrease of 0.2 percentage points from the previous period [12] - In October, essential consumption categories saw an increase, with grain and oil food sales growing by 9.1%, while beverage sales turned positive at 7.1% [16][21] - The online retail sales of physical goods continued to rise, accounting for 25.2% of total retail sales, with a year-on-year growth of 6.3% [14] Information Technology Sector - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Industry Index experienced declines, while the DXI Index increased [2] - DRAM memory prices rose, and the production of integrated circuits saw an expanded year-on-year growth in October [2][8] Midstream Manufacturing Sector - Prices in the new energy supply chain generally increased, while the photovoltaic price index declined [5][7] - Sales of major engineering machinery companies in October showed a year-on-year growth slowdown [5][7] Consumer Demand Insights - Prices for fresh milk and sugar increased, while pork prices decreased [5][18] - The average ticket price for movies rose, and the ten-day average box office revenue increased significantly [5][19] Resource Sector Tracking - The average transaction volume of construction steel increased, and rebar prices rose [5][21] - Coal prices remained stable, while the inventory levels of coal and coke at major ports decreased [5][22] Financial and Real Estate Sector - The monetary market saw net injections, while the turnover rate and daily trading volume of A-shares declined [3][6] - The transaction area of commercial housing increased, but the year-on-year decline in housing completion area and sales expanded [3][6]

[Table_Reportdate] 2025年11月18日 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师 吴康辉 S0630525060001 wkh@longone.com.cn [table_stockTrend] -20% -10% 0% 10% 20% 30% 40% 商贸零售(申万) 沪深300 [相关研究 table_product] 1.9月社零同增3.0%，关注政策加码 力度——9月社零报告专题 2.8月社零同增3.4%，静待政策加码 ——8月社零报告专题 3.7月社零同增3.7%，CPI同比持平 ——7月社零报告专题 [Table_NewTitle] 10月社零同增2.9%，餐饮改善明显 ——10月社零报告专题 [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 简 评 商 贸 零 售 ➢ 10月当月同比增长2.9%。2025年10月社会消费品零售总额462 ...

新华财经成都11月17日电（记者袁波）四川省统计局17日发布数据显示，今年1至10月，四川省规模以 上工业增加值同比增长5.8%。 分行业看，1至10月，四川省41个大类行业中有31个行业增加值同比实现增长，其中，汽车制造业增加 值同比增长17.3%，电气机械和器材制造业增长13.7%，计算机、通信和其他电子设备制造业增长 11.8%，化学原料和化学制品制造业增长11.8%，黑色金属冶炼和压延加工业增长10.4%，石油和天然气 开采业增长10.3%。 从主要工业产品产量看，四川省天然气产量同比增长12.1%，发电量增长0.5%，智能电视增长69.2%， 锂离子电池增长55.9%，工业机器人增长46.8%，发电机组（发电设备）增长42.3%，汽车增长39.1%， 智能手表增长27.0%，液晶显示屏增长22.5%。 固定资产投资方面，1至10月，四川省第一产业投资同比增长10.8%，第二产业投资增长6.2%，其中工 业投资增长6.3%。 消费品市场方面，1至10月，四川省实现社会消费品零售总额23990.4亿元，同比增长6.0%。按消费形态 分，餐饮收入3275.2亿元，同比增长3.7%；商品零售20715.2亿 ...

2025年10月社会消费品零售总额同比+2.9%，增速环比9月-0.1pct，10月社零数据增速延续回落趋势，从 消费结构来看，受益于10月节假日消费，食品、饮料、烟酒、餐饮等大众消费呈现边际修复，但由 于"以旧换新"政策效应的边际减弱叠加同期高基数，家电电器和音像器材、汽车类增速转负，对社零增 长形成拖累。2025年10月餐饮及限额以上餐饮收入同比分别+3.8%、+3.7%，增速环比9月分别+2.9pct、 +5.3pct，餐饮改善主要因节假日出游对服务业消费形成一定支撑。细分子行业中，2025年10月粮油食 品类、饮料类、烟酒类同比分别+9.1%、+7.1%、+4.1%，增速环比9月分别+2.8pct、+7.9pct、+2.5pct， 其中粮油食品作为必选消费保持较好增速;饮料增速显著修复，烟酒类环比改善，预计主要与节假日带 动居民消费活跃度提升有关，大众消费有所回暖。 季度观察：预计2025Q4社零增速回落，但食品饮料、餐饮类增速有望回升 观测季度数据变化情况，预计2025Q4社零数据增速可能延续回落趋势，但餐饮和食品饮料类增速可能 边际改善。具体来看：2025年10月消费品零售额增速较2025Q3下降 ...

Core Insights - Beijing's total market consumption increased by 1.3% year-on-year in the first ten months of the year, showing an improvement of 0.8 percentage points compared to the first three quarters [1] - The retail sales of consumer goods reached 1.1 trillion yuan, a decline of 3.2%, but the decline rate narrowed by 1.9 percentage points from the previous quarter [1] - In October, retail sales of consumer goods amounted to 144.54 billion yuan, marking a growth of 12.6% driven by policies like "old-for-new" exchanges, holiday promotions, and the popularity of new products in certain sectors [1] Consumption Breakdown - Service consumption grew by 4.7%, indicating a positive trend in the service sector [1] - Retail sales by consumption type showed that commodity retail was 1.01315 trillion yuan, down 3.2%, while catering revenue was 111.71 billion yuan, down 3.3% [1] - Among 13 major commodity categories in wholesale and retail, 10 categories saw improved growth rates or narrowed declines, with jewelry, cosmetics, and home appliances growing by 41.2%, 10.8%, and 3.4% respectively [1] - Categories such as cultural office supplies, automobiles, and communication equipment experienced declines of 3.2%, 16.1%, and 17.4%, but the decline rates were reduced to varying extents [1]

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]

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%。基本生 活类和部分升级类消费较快增长，限额以上单位粮油食品类、通讯器材类、文化办公用品类、体育娱乐 用品类商品零售额同比分别增长9.1%、23.2%、13.5%、10.1%。1—10月份商品零售额365981亿元，增 长4.4%；餐饮收入46188亿元，增长3.3%。值得注意的是，餐饮收入在9月再次降至年内低点0.9%之 后，回升至3.8%。 按零售业态分，1—10月份限额以上零售业单位中便利店、超市、百货店、专业店、品牌专卖店零售额 同比分别增长6.3%、4.7%、1.0%、4.1%、1.0%。 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。其中，文体休闲服务类、通 讯信息服务类、旅游咨询租赁服务类、交通出行服务类零售额较快增长。 编辑：徐芸茜 文/刘诗萌 11月14日，国家统计局公布10月国民经济运行情况。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%，较9月增速下降0.1%。这也是自5月份社零数据达到6.4%的年内高点后，连续5个月 出现下降。1—1 ...

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]