记者从商务部获悉：10月，我国消费市场保持平稳增长态势，消费潜力持续释放。 新型消费较快增长。据商务部商务大数据，10月，重点监测平台智能健康设备销售额增长超两成，智能 穿戴设备销售额增长约4%，部分一级能效家电销售额增长超10%。 1至10月，我国电子商务在提振消费惠民生、促进现代产业体系建设、扩大高水平对外开放等方面发挥 积极作用。智能产品、网络服务、即时电商增长亮眼，网络服务消费增长21%。 （文章来源：人民日报） 商品消费平稳增长。10月，商品零售额增长2.8%，以旧换新相关商品销售保持较快增长，其中限额以 上单位通信器材、文化办公用品、家具零售额分别增长23.2%、13.5%和9.6%。升级类商品消费需求旺 盛，其中金银珠宝、体育娱乐用品、化妆品零售额分别增长37.6%、10.1%和9.6%。 服务消费增势良好。1至10月，服务零售额增长5.3%。受假期出行需求拉动，旅游咨询租赁服务、交通 出行服务、文体休闲服务零售额均保持10%以上较快增长。10月，餐饮收入增长3.8%。 ...

央视网消息：记者从商务部了解到，10月份，我国消费市场保持平稳增长态势，消费潜力持续释放。 服务消费增势良好。10月份，受假期出行需求拉动，旅游咨询租赁服务、交通出行服务、文体休闲服务零售额均保持10%以上较快 增长。餐饮收入增长3.8%，增速比9月份加快2.9个百分点。入境游持续火热，国庆中秋假期入境外国人75.1万人次，增长19.8%。 商品消费平稳增长。10月份，商品零售额增长2.8%，以旧换新相关商品销售保持较快增长。其中，限额以上单位通讯器材、文化办 公用品、家具零售额分别增长23.2%、13.5%和9.6%。升级类商品消费需求旺盛，其中，金银珠宝、体育娱乐用品、化妆品零售额分 别增长37.6%、10.1%和9.6%。 此外，乡村消费快于城镇，县域消费持续扩容，下沉市场活力十足。新型消费较快增长，据商务部商务大数据，10月份，重点监测 平台智能健康设备销售额增长超两成，智能穿戴设备销售额增长约4%，部分一级能效家电销售额增长超10%，有机食品销售额增长 超8%。 ...

据该负责人介绍，10月，商品零售额增长2.8%，以旧换新相关商品销售保持较快增长，其中限额以上 单位通讯器材、文化办公用品、家具零售额分别增长23.2%、13.5%和9.6%。基本生活类商品消费增长 较快，其中粮油食品、服装鞋帽零售额分别增长9.1%和6.3%。升级类商品消费需求旺盛，其中金银珠 宝、体育娱乐用品、化妆品零售额分别增长37.6%、10.1%和9.6%。(鲍仁) 据国家统计局数据，当月社会消费品零售总额4.63万亿元，同比(下同)增长2.9%。1—10月，社会消费品 零售总额41.2万亿元，增长4.3%，增速比去年同期高0.8个百分点。 本报讯商务部消费促进司负责人19日表示，10月在国庆中秋假期带动下，国内消费市场保持平稳增长态 势，消费潜力持续释放。 ...

Group 1: Consumer Trends - The jewelry sector, particularly gold, saw a significant year-on-year increase of 37.6% in October, marking it as a standout performer in consumer spending [2] - The surge in gold purchases is attributed to a more than 50% increase in international gold prices this year, currently stabilizing above $4,100 per ounce, leading consumers to invest in gold as a safe asset [4] - Overall retail sales in October increased by 2.9% year-on-year, with rural consumption growing at a faster rate of 4.1% compared to urban areas, indicating a shift in spending patterns [9] Group 2: Industrial and Manufacturing Insights - The industrial output for October rose by 4.9% year-on-year, with notable growth in equipment manufacturing and high-tech manufacturing at 8% and 7.2% respectively, outpacing overall industrial growth [11] - The manufacturing sector is transitioning towards high-tech production, as evidenced by increased investments in smart equipment and advanced production lines [12] Group 3: Investment and Economic Challenges - Fixed asset investment decreased by 1.7% year-on-year, primarily due to a 14.7% drop in real estate development investment, highlighting ongoing challenges in the property market [14] - Excluding the real estate sector, national investment actually increased by 1.7%, with manufacturing investments continuing to grow [17] Group 4: Trade and Export Dynamics - In October, the total value of imports and exports rose by 0.1% year-on-year, with imports increasing by 1.4%, indicating a rise in domestic demand [20] - The Producer Price Index (PPI) fell by 2.1% year-on-year, but the rate of decline has slowed, suggesting a potential easing of deflationary pressures in the industrial sector [21] Group 5: Market Performance - The stock market has recently surpassed the 4,000-point mark, reflecting increased investor confidence and a shift of funds from savings to equity investments [23]

Economic Overview - October economic data shows a continued weakening trend, with industrial added value growing by 4.9% year-on-year, slightly below market expectations[1] - Retail sales in October increased by 2.9% year-on-year, down 0.1 percentage points from the previous month, marking five consecutive months of decline[4] - Fixed asset investment from January to October decreased by 1.7% year-on-year, with October showing a significant drop of 12.2%[7] Production Insights - The industrial production index for October reflects a 4.9% year-on-year growth, with a month-on-month increase of 0.17%[3] - New growth drivers are emerging, particularly in high-tech manufacturing, which grew by 7.2%, outpacing overall industrial growth[16] - Service sector production index rose by 4.6% year-on-year, although this was impacted by last year's high base[17] Consumption Trends - The consumption of automobiles, home appliances, and furniture has significantly weakened, contrasting with the resilience seen in communication equipment[4] - Jewelry retail sales showed strong growth at 37.6% year-on-year, driven by asset allocation and recovery in wedding-related spending[21] - The "old-for-new" policy's effectiveness is diminishing, leading to anticipated pressure on retail sales in the fourth quarter[20] Investment Dynamics - Manufacturing investment saw a year-on-year decline of 6.7% in October, with a cumulative growth of only 2.7% from January to October[37] - Infrastructure investment remains weak, with a year-on-year decrease of 12.1% in October, continuing a downward trend[45] - The real estate sector experienced a significant decline, with investment down 14.7% year-on-year from January to October[31] Employment and Policy Outlook - The urban unemployment rate in October was reported at 5.1%, showing a slight decrease, indicating some stabilization in the job market[8] - The government maintains a cautious stance on large-scale stimulus policies, focusing instead on structural optimization and supply upgrades[23] - Future investment confidence may improve following recent diplomatic engagements and the introduction of new financial tools to support infrastructure projects[32]

Economic Overview - In October, major economic indicators in China fell short of market expectations, with industrial added value growing by 4.9% year-on-year (expected 5.2%) and the service production index increasing by 4.6% [1][6] - Fixed asset investment showed a cumulative decline of 1.7% year-on-year (expected -0.7%), with infrastructure and manufacturing growth rates at 1.5% and 2.7% respectively, both below expectations [1][6] Consumption - Retail sales growth was 2.9% year-on-year, slightly down from the previous month, with significant structural changes observed [7] - Durable goods consumption weakened, particularly in the automotive and home appliance sectors, with automotive sales down 6.6% year-on-year [7] - Service consumption, particularly in the restaurant sector, showed improvement, with restaurant service consumption growth rising to 3.8% [7][8] Fixed Asset Investment - Fixed asset investment declined by 1.7% in October, with significant drops in real estate investment at -14.7% and manufacturing investment at -6.7% [11][14] - Real estate sales saw a notable decrease, with sales area and amount down 18.8% and 24.3% respectively [11] - Infrastructure investment continued to contract, with a year-on-year decline of 12.1% [12] Trade - Exports in October saw a significant drop, with a year-on-year decrease of 1.1% in dollar terms, marking the first negative growth since February 2025 [16] - Imports also slowed to a growth rate of 1.0%, indicating weak domestic demand [19] Supply Side - Industrial production growth slowed, with the industrial added value increasing by only 4.9%, below market expectations [22] - The manufacturing PMI fell to 49.7, indicating contraction for the first time since April [22] Inflation - CPI turned positive at 0.2%, the highest since February, while core CPI inflation rose to 1.2% [23][24] - PPI showed a slight recovery, with a year-on-year decline narrowing to 2.1% [24] Forward Outlook - The necessity for policy support has increased, with multiple incremental policies expected to take effect in November and December to boost infrastructure and manufacturing investment [27]

Economic Overview - Q3 2025 GDP grew by 4.8% year-on-year, aligning with expectations, while quarter-on-quarter growth was 1.1%, an increase of 0.1 percentage points from the previous value[3] - The nominal GDP growth rate narrowed the gap with real GDP growth by 0.2 percentage points, indicating a mild recovery in price levels[3] Industrial and Service Sector Performance - Industrial added value in September increased by 6.5% year-on-year, up 1.3 percentage points from the previous value, driven by sectors like automotive and food manufacturing[3][15] - The service sector maintained resilience with a production growth rate of 5.6% year-on-year, consistent with previous values[3][15] Consumer Behavior - Disposable income growth slowed slightly to 5.1%, down 0.2 percentage points, with a consumption rate of 68.1% in Q3 2025, lower than the levels in 2023-2024[20] - Retail sales in September saw a cumulative year-on-year decline of 0.1 percentage points to 4.5%, with a monthly decline of 0.4 percentage points to 3.0%[4][23] Investment Trends - Fixed asset investment showed a cumulative year-on-year decline of 0.5%, with real estate investment down 13.9%[14][27] - Infrastructure investment saw a significant drop, with broad infrastructure down 8.0% year-on-year, while narrow infrastructure improved to -4.7%[6][33] Future Economic Outlook - To achieve an annual growth target of approximately 5.0%, Q4 2025 GDP needs to reach 4.6%[7][35] - The government is focusing on policy financial tools, including a 500 billion yuan initiative to stimulate investment and consumption[7][35] Risk Factors - Potential risks include policy changes that may fall short of expectations and an unexpected recession in the U.S. economy[8][36]

Group 1: Consumer Market Performance - The consumer market in Shenzhen showed strong performance during the National Day and Mid-Autumn Festival holiday, with notable growth in automotive and gold consumption, as well as robust demand in dining, tourism, and cultural services [1][2] - Automotive sales revenue increased by 26.7% year-on-year, with new energy vehicles growing by 24.1%, driven by favorable policies such as tax exemptions and local consumption subsidies [1] - Jewelry sales revenue surged by 57.7% year-on-year, attributed to the traditional wedding season and rising gold prices [1] Group 2: Dining and Cultural Services - The dining industry experienced a significant increase in daily sales revenue, which rose by 58% year-on-year, with full-service dining growing by 73% and takeout services increasing by 62.8% [1] - Cultural and artistic services saw a year-on-year revenue growth of 2.7%, with performing arts services increasing by 3.9% and dance hall revenues skyrocketing by 6.2 times [2] - Sports services revenue surged by 113.3%, driven by high-profile sporting events and the upcoming 15th National Games [2] Group 3: Health and Transportation Services - There was a strong demand for food and health products, with bakery goods increasing by 2.2 times and nutritional supplements growing by 4.5% [2] - Passenger transport services showed remarkable growth, with daily sales revenue increasing by 4.1 times, particularly in land transport, which saw a 33.1 times increase in road passenger transport revenue [2] - Air transport revenue grew by 4.1% year-on-year, while water transport revenue increased by 1.3% [2]

Core Insights - Guangzhou achieved a total retail sales of social consumer goods of 723.41 billion yuan in the first eight months of the year, representing a year-on-year growth of 4.9% [1] Group 1: Key Consumption Areas - Key consumption sectors such as home appliances and furniture showed active performance, effectively releasing market potential [1] - Retail sales in the furniture, cultural office supplies, and home appliances and audio-visual equipment categories reached 46.526 billion yuan, with year-on-year growth rates of 2.9 times, 39.8%, and 17.9% respectively [1] Group 2: Automotive Market - The automotive consumption market in Guangzhou continued to recover in the second half of the year, with retail sales of automotive goods reaching 72.488 billion yuan in the first eight months, a year-on-year increase of 0.4% [1] - Retail sales of new energy vehicles amounted to 29.331 billion yuan, reflecting a year-on-year growth of 4.7% [1] Group 3: Jewelry Market - Sales of gold and silver jewelry, which serve as emotional expression products, maintained double-digit growth, with retail sales reaching 12.079 billion yuan, a year-on-year increase of 15.0% [1]

Economic Growth - The industrial added value above designated size in the province increased by 7.2% year-on-year, outpacing the national growth rate by 1 percentage point [1][2] - In the first eight months, 35 out of 41 major industries achieved growth, with five industries experiencing double-digit growth [3] Key Industries - The six major advantageous industries saw an added value increase of 7.6%, surpassing the provincial average by 0.4 percentage points [3] - The electronic information industry grew by 16.7%, driven by rapid advancements in big data and artificial intelligence [3] Production Growth - Significant production increases were noted in high-tech sectors, with smart TV production up by 71.7%, industrial robot production up by 51.8%, and new energy vehicle production increasing by 200% [3][4] Consumer Market - The total retail sales of social consumer goods reached 1,876.14 billion yuan, with a year-on-year growth of 5.7%, exceeding the national growth rate by 1.1 percentage points [1][4] - Online consumption showed a notable increase, with restaurant income and retail sales through public networks growing by 27.8% and 25.9% respectively [4][5] Upgrading Consumption - Retail sales of upgraded products such as cosmetics, jewelry, and cultural office supplies saw significant growth, with jewelry sales increasing by 22.3% [4][5] - The "old-for-new" policy continued to boost sales in home appliances, digital products, and automobiles, with communication equipment sales rising by 57.7% [5]