点击【樱桃大房子】关注并 10月份经济数据，叫人大跌眼镜。 工业、出口和投资，这几台发动机都有点转速放缓；消费这边呢，因为国家补贴退场，社零增速也踩了脚刹车。 工业增加值同比从9月的6.5%回落至4.9%；固定资产投资这个传统的经济压舱石，同比下降了1.7%，环比下降1.62%；民间投资同比下降4.5%；就连一直 比较稳的基础设施投资，也罕见地出现了0.1%的下降。 出口有点"怠工"，不少靠外贸吃饭的行业生产放缓。最近热门的"反内卷"政策涉及行业，如发电设备、钢材、新能源汽车等，产量增速明显慢下来了。外 部订单不好拿，内部又在告别"无序内卷"的旧模式，阵痛是难免的。 消费方面，国庆中秋双节，带动旅游消费带动餐饮零售同比增速冲高至3.8%，高于总体社零增速（2.9%）；但随着"以旧换新"政策效应减弱，汽车、家 电等补贴相关行业零售额同比增速由9月的3.8%转为-2.5%。少了真金白银的刺激，大家对大件消费还是很谨慎。 房地产就不用多说了，销售额和销售面积双双下滑，这已经是老生常谈的"冷空气"了。 现在不是哪一块有问题，而是几大动能同时在换挡，压力是实实在在的。 仔细扒一扒数据，目前经济的最大"拖油瓶"就是房地产 ...

Core Insights - China's foreign trade has shown a steady growth of 3.5% in the first seven months of the year, despite increasing risks and challenges in international economic and trade development [1][4][6] Group 1: Trade Performance - In the first seven months, imports and exports to emerging and other markets increased by 5%, accounting for 65.5% of total trade [4] - Exports of mechanical and electrical products grew by 9.3%, making up 60% of total exports, which is an increase of 1.1 percentage points year-on-year [4] - Notable growth in exports was observed in high-tech and high-value-added products such as smart home devices, electric vehicles, industrial robots, and ships [4] Group 2: Policy Support - Since the fourth quarter of last year, the Ministry of Commerce has been working with relevant departments to strengthen policy support for foreign trade enterprises, focusing on stabilizing orders and employment [4] - The commitment to expand high-level opening-up remains strong, with confidence in continuing to promote stable and quality improvements in foreign trade [6]

Core Insights - China's foreign trade is showing a solid upward and innovative momentum, with a total import and export value of 25.7 trillion yuan in the first seven months of the year, reflecting a year-on-year growth of 3.5% [2] Group 1: Trade Performance - In the first seven months, China's exports of electromechanical products increased by 9.3%, accounting for 60% of total exports, which is a 1.1 percentage point increase year-on-year [2] - High-tech and high-value-added products such as smart home devices, electric vehicles, industrial robots, and ships maintained a high export growth rate [2] - A total of 654,000 foreign trade enterprises achieved import and export performance in the first seven months, with nearly 90% being private enterprises [2] Group 2: Challenges and Strategies - The international economic and trade environment is facing significant risks and challenges, with increased tariff barriers raising global trade costs and affecting supply chain efficiency and stability [2] - China will continue to expand high-level opening-up and focus on high-quality development to address various uncertainties in the global trade landscape [2]

Group 1: Economic Resilience in the Yangtze River Delta - Major projects in Shanghai for 2025 include 186 officially planned projects with an investment of 240 billion yuan, showing strong investment completion rates in the first half of the year [2] - Anhui province announced 537 major projects with a total investment of 324.08 billion yuan, focusing on emerging industries and high-tech projects, indicating a shift towards new and high-quality investments [2] - Jiangsu province's 800 major industrial projects are over 98% advanced manufacturing, with a 12% acceleration in project completion compared to targets [3] Group 2: Sports Economy Impact - The "Su Super" football league in Jiangsu has significantly boosted local consumption, with hospitality and dining sectors seeing increased revenue growth in areas hosting matches [5] - The "Zhe BA" basketball league in Zhejiang aims to stimulate consumption through sports events, with a focus on integrating sports with tourism and services [6] Group 3: Foreign Trade Stability - The Yangtze River Delta's import and export volume reached 8.16 trillion yuan in the first half of the year, a 5.4% increase, accounting for 37.4% of the national total [7] - High-value products dominate exports, with a notable increase in exports of integrated circuits by 17.8% and a significant rise in the number of active import-export enterprises [7] - Shanghai's foreign trade showed resilience with a historical high in import-export volume in the second quarter, while Jiangsu and Zhejiang reported substantial growth in specific sectors [8]