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 ...

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。 付凌晖表示，我国投资潜力和空间依然巨大。对于投资增速的变化需要客观全面地认识。我国仍是世界 上最大的发展中国家，未来要达到中等发达国家水平，投资空间依然巨大。从产业发展看，筑牢实体经 济根基，推动科技创新和产业创新的融合发展，加快培育壮大新质生产力，促进传统产业改造提升，需 要不断增加投资。从区域发展看，解决发展不平衡、不充分问题，促进城乡区域协调发展，推进城市更 新改造和乡村全面振兴，也需要持续加大投入。从民生保障看，教育、医疗、住房、基本公共服务等民 生"补短板"投资仍需发力。 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 ...

"尽管国际环境复杂严峻，国内市场竞争压力上升，但更加积极有为的宏观政策有力实施，支持实体经 济发展力度加大，我国工业生产顶压前行，总体规模持续扩大，结构优化向新向好。"国家统计局新闻 发言人付凌晖当天在国新办新闻发布会上表示。 先进制造业和现代服务业占比提升，体现出产业升级的明显态势。数据显示：1至10月，规模以上装备 制造业增加值占规模以上工业比重达到36.1%；前三季度，信息传输软件和信息技术服务业、租赁和商 务服务业增加值合计占第三产业的比重比上年同期提高0.8个百分点。 新兴产业发展壮大，引领支撑作用在增强。1至10月，智能设备制造、电子元器件及设备制造行业增加 值同比分别增长11.1%和12.3%。 "新能源、新材料、航空航天、低空经济等发展潜力巨大，量子科技、生物制造、具身智能等前景广 阔，未来有望成为新兴支柱产业，将有力支撑新动能发展壮大。"付凌晖说。 新华社 图 ◎记者 陈芳 在国际环境复杂变化的背景下，国民经济运行基本平稳。国家统计局11月14日公布的经济数据显示，10 月，投资、消费数据虽然增速略有回落，但是结构持续优化，新质生产力培育壮大，发展韧性增强。受 访专家分析，积极有为的宏观政策 ...

Economic Overview - In October, the national economy continued to show a stable and progressive development trend, with notable characteristics including growth in production supply and market sales [2][5]. Employment Situation - The urban surveyed unemployment rate decreased to 5.1% in October, down by 0.1 percentage points from the previous month, marking two consecutive months of decline [1]. Production and Supply - Agricultural production remained strong, with an increase in autumn grain area and yield, indicating a promising harvest [2]. - The industrial production maintained stability, with the industrial added value of large-scale enterprises growing by 4.9% year-on-year in October [2]. - The service sector also showed steady growth, with a production index increase of 4.6% year-on-year [2]. Market Sales - Social retail sales of consumer goods increased by 2.9% year-on-year in October, driven by holiday consumption and the promotion of consumption [5]. - Specific categories such as communication equipment and cultural office supplies saw significant retail growth of 23.2% and 13.5%, respectively [5]. Price Trends - The consumer price index (CPI) turned positive in October, rising by 0.2% year-on-year, while the core CPI increased by 1.2%, marking a continuous expansion in growth for six months [7]. - The producer price index (PPI) saw a narrowing decline of 2.1% year-on-year, indicating a positive trend in industrial pricing [7]. Investment Trends - Investment in high-tech manufacturing showed robust growth, with a year-on-year increase of 7.2% in October [10]. - Investment in sectors such as aerospace and information services grew significantly, with increases of 19.7% and 32.7%, respectively [11]. Emerging Industries - The digital economy and green transformation are gaining momentum, with significant growth in sectors like smart manufacturing and artificial intelligence [12]. - New energy vehicles and lithium-ion batteries saw production increases of 19.3% and 30.4%, respectively, highlighting the growth potential in these areas [10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Policy effects are gradually emerging, with obvious economic structural changes, including improved price data, high production - end prosperity, accelerated transformation of new and old drivers, effective "trade - in" policies, and optimized manufacturing investment structure [4][5]. - There is insufficient demand for entity financing, and residents' consumption willingness and ability still need to be improved, with weak real - economy financing demand, the real estate sector dragging down the economy, and economic data awaiting trend - based improvement [4][6]. - The economy is expected to continue a mild recovery in 2025, with high - end manufacturing and green transformation investment growing, the external environment improving marginally, and short - term policies likely in an observation period [4][24]. - Investment suggestions include re - balancing the equity market style, a likely volatile bond market, and increased differentiation in the commodity market [4]. Summary by Directory 1. 10 - month Economic Overview - The macro - economy cooled in October, with economic repair structure differentiation intensifying. Policy effects led to economic structural changes, while entity financing demand was insufficient, and economic data awaited improvement [5][6]. 2. Interpretation of 10 - month Economic Sub - data - Manufacturing PMI declined seasonally, with both supply and demand slowing. High - tech and equipment manufacturing, and consumer goods industries supported the manufacturing sector, while high - energy - consuming industries declined. The service industry expanded, and the construction industry declined [7][8]. - Fixed - asset investment decreased year - on - year, but manufacturing investment continued to grow. The real estate sector dragged down investment, while high - end and green - related manufacturing investment increased [9]. - The consumption end maintained a mild recovery, with the double - festival effect and "Double Eleven" boosting consumption. However, high base numbers and weak resident leverage may limit growth [10]. - Exports turned negative year - on - year in October, mainly due to high base numbers and weak external demand. Exports are expected to be under short - term pressure but remain resilient [10][11][12]. - Real estate sales continued to bottom out, with both sales area and investment declining. The industry is expected to improve with further policy support [13]. - The production end remained resilient, with high - tech and equipment manufacturing driving growth [14]. - PPI turned positive month - on - month for the first time this year, with supply - side policies taking effect. PPI is expected to maintain a mild upward trend [17][19]. - Social financing growth slowed in October, with both positive and negative aspects. M1 growth may have reached its peak this year, and there was a shift in deposits [20]. 3. Future Economic Outlook - Overseas, short - term liquidity may improve, but data shortages increase policy uncertainty. The probability of the Fed cutting interest rates in December has decreased [22]. - Domestically, short - term policy intensification is less necessary, and long - term policies focus on high - quality development [23]. - The economy is expected to continue a mild recovery in 2025, with high - end manufacturing and green transformation driving growth, the external environment improving, and short - term policies in an observation period [24]. 4. Investment Suggestions - Equity market: Short - term, it may fluctuate. Focus on North American power transformation, high - dividend stocks, "anti - involution" sectors, new consumption, and "15th Five - Year Plan" key areas [25][26][28]. - Bond market: It may remain volatile in the short term. A dumbbell - shaped strategy is recommended [29]. - Commodity market: Differentiation is intensifying. Precious metals are bullish in the long term but may be volatile in the short term, and crude oil may remain weakly volatile [30].

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].

国家统计局14日发布数据显示，10月份，生产供给基本平稳，物价有所改善，新动能培育壮大，国民经济保持总体平稳、稳中有进发展态势。 权威数读 / 权威数读 服务业平稳增长 现代服务业发展良好 全国服务业生产指数同比增长4.6% 信息传输、软件和信息技术服务业 租赁和商务服务业，金融业生产指数 同比分别增长13.0%、8.2%、5.6% 权威数读 / 权威数读 市场销售规模扩大 服务零售增长加快 同比分别增长 30.8%、19.3%、17.9% 凯华 投资结构优化 制造业投资持续增长 1-10月 扣除房地产开发投资 全国固定资产投资增长1.7% 制造业投资增长2.7%。 信息服务业,航空、航天器及设备制造业 计算机及办公设备制造业投资 同比分别增长32.7%、19.7%、4.1% UTEWI 权威数读 / 权威数读 貨物进出口保持增长 贸易结构继续优化 货物进出口总额37028亿元 同比增长0。 对共建"一带一路"国家进出口增长5.9 民营企业进出口增长7.2%。 占进出口总额的比重为57.0%。 机电产品出口增长8.7% 上山口尚就的比亚为CO 70/ 口 LI 权威数读 / 权威数读 居民消費价格由降转涨 工 ...

新华社北京11月14日电 题：10月份主要指标出炉，如何看待当前经济运行态势？ 新华社记者王雨萧、黄垚 全国规模以上工业增加值同比增长4.9%；全国服务业生产指数同比增长4.6%……10月份我国主要 经济指标最新出炉。 当前经济运行呈现哪些特点？全年经济发展预期目标能否顺利实现？在国新办11月14日举行的新闻 发布会上，国家统计局新闻发言人付凌晖介绍了相关情况。 付凌晖表示，总的来看，10月份国民经济运行总体平稳，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。 转型升级扎实推进 新动能继续壮大 从多项数据指标看，今年以来我国推进经济结构调整、加快培育新动能继续取得积极成效。 国民经济运行总体平稳、稳中有进 付凌晖介绍，10月份我国生产供给基本平稳，就业总体稳定，物价有所改善，新动能培育壮大，国 民经济保持总体平稳、稳中有进发展态势。 生产供给继续增长。从农业看，秋粮面积稳中有增，单产持续提高，全年粮食丰收在望。从工业 看，规模以上工业增加值同比增长4.9%，保持总体稳定。服务业增势平稳，国庆和中秋假期叠加带动 下，住宿和餐饮业生产指数同比增长3.9%，比上月加快2. ...

Economic Growth - China's economic growth momentum has slowed down in October, with both supply and demand sides experiencing a decline in growth rates [1][4] - The 20th Central Committee's Fourth Plenary Session emphasized the need to "resolutely achieve the annual economic and social development goals," focusing on stabilizing macroeconomic operations for the fourth quarter and the first quarter of next year [1][13] Supply Side - Industrial production has significantly declined, with the industrial added value of large-scale enterprises growing by 4.9% year-on-year in October, a decrease of 1.6 percentage points from September [3][4] - The decline in industrial added value is attributed to the impact of holidays and the tapering effects of "export rush" and "two new" policies (large-scale equipment updates and consumption upgrades) [4] - Notably, the added value of equipment manufacturing grew by 8.0% year-on-year, and high-tech manufacturing increased by 7.2%, indicating strong support from large-scale equipment updates and domestic manufacturing transformation [4] Service Sector - The service production index grew by 4.6% year-on-year in October, a decrease of 1.0 percentage point from the previous month [6] - Specific sectors such as information transmission, software, and IT services saw growth rates of 13.0% and 8.2%, respectively, while the financial sector's growth rate fell from 8.7% to 5.6% [6] Demand Side - Social retail sales increased by 2.9% year-on-year in October, a slight decrease of 0.1 percentage points from the previous month [6][8] - Exports in dollar terms decreased by 1.1% year-on-year, contrasting with an 8.3% increase in the previous month [6][8] - Consumer behavior remains cautious, with a significant reduction in household loans, indicating weak willingness to leverage [8] Investment Trends - Fixed asset investment saw a year-on-year decline of 1.7% from January to October, with the drop widening by 1.2 percentage points compared to the first nine months [9][11] - Manufacturing investment grew by 2.7%, down 1.3 percentage points from the previous period, while real estate investment fell by 14.7%, with the decline accelerating [11][12] - The decline in manufacturing investment is influenced by external environment fluctuations and high base effects from last year's equipment updates [12] Policy Response - Analysts suggest that the current uncertainties in exports and consumption necessitate increased macro policy support for investment [13] - The National Development and Reform Commission announced the full deployment of 500 billion yuan in new policy financial tools and an additional 500 billion yuan from local debt limits to support infrastructure [13][14] - Expectations are set for further fiscal policies to boost consumption and potential new rounds of interest rate cuts, given the low government debt ratio and current low domestic prices [13][14]

新华财经北京11月14日电（安娜、王春霞）四季度首月，国民经济运行情况如何？国家统计局14日公布 10月份国民经济成绩单。 "10月份国民经济运行基本平稳，稳中有进态势持续。"国家统计局新闻发言人付凌晖当日在国新办发布 会上说。这也是他对这份成绩单的总体评价。 但也应该看到，进入10月以来，多项指标同比增速均有所放缓。"这除了出口受外部因素扰动之外，还 与今年工作日较上年同期少一天，以及去年一揽子增量政策抬高了基数有关。"中国民生银行首席经济 学家温彬说，但从工业增加值和服务业生产指数累计增速推断，目前经济运行仍在5.0%的目标水平之 上。 产业转型升级态势持续 细看10月份经济结构变化，产业转型升级持续，向新向绿蹄疾步稳，为经济发展提供了强劲动力。 据付凌晖介绍，我国制造业向中高端稳步迈进，装备制造业对工业生产支撑作用明显。1至10月份，全 国规模以上装备制造业增加值同比增长9.5%，占规模以上工业比重达到36.1%，对规模以上工业增加值 增长的贡献率达到58.7%。 部分高端行业投资力度加大，科技创新和产业创新的融合发展带动了部分高技术行业投资较快增长。记 者从国家统计局了解到，1至10月份，我国航空航天 ...