在14类商品价格指数中，上涨的5类、持平的3类、下跌的6类。其中，上涨前3位的是：建筑装潢材料 类、板材类、五金电料类；下跌前3位的是：家用电器和音像器材类、文教办公用品类、服装服饰类。 涨跌幅前3的情况如下： 一、建筑装潢材料类周价格指数环比上涨 据临沂商城价格指数信息系统监测，本周临沂商城周价格总指数为102.37点，环比上涨0.03点，涨幅 0.03%；同比下跌1.52点，跌幅1.46%；与年初比下跌1.43点，跌幅1.38%。 五、文教办公用品类周价格指数环比下跌 三、五金电料类周价格指数环比上涨 本周，五金电料类周价格指数收于119.68点，环比上涨0.04点，从指数构成要素看，电线电缆类价格小 幅上涨，五金工具类、仪器仪表类价格微涨。受近期原材料铜、铝等有色金属价格上涨影响，电线价格 跟涨，走货量小幅增加；五金组合工具和钳形电流表价格微涨。 四、家用电器和音像器材类周价格指数环比下跌 本周，家用电器和音像器材类周价格指数收于102.95点，环比下跌0.08点，分类中制冷电器、厨房电器 降幅较大，个人生活电器、热水器小幅下跌。本周空调、冰箱、展示柜等电器走货量持续处于低位，价 格继续下跌；厨房电器中 ...

Economic Overview - The overall economic operation in the province has been stable and progressing steadily in the first ten months of the year, with key sectors such as industry, consumption, and services showing positive developments [1][2]. Industrial Performance - The industrial economy has maintained a robust growth trend, with the industrial added value of large-scale enterprises increasing by 6.8% year-on-year from January to October. In October alone, the growth rate was 5.8%, with high-end manufacturing sectors such as equipment manufacturing, high-tech manufacturing, and digital core product manufacturing growing by 8.0%, 11.7%, and 9.4% respectively, outpacing the overall growth [1]. Consumption Market - The consumption market has shown signs of recovery, with total retail sales of consumer goods reaching 38,816.8 billion yuan, a year-on-year increase of 4.0% from January to October. In October, retail sales of household appliances and audio-visual equipment rose by 7.4%, while sales of computers and related products surged by 48%, indicating strong demand for upgraded and digital products [2]. Service Sector - The service sector has maintained a stable development trend, with revenue from large-scale service industries increasing by 7.2% year-on-year from January to September. Notable growth was observed in residential services, repair and other services, rental and business services, and water, environment, and public facility management, with respective growth rates of 14.2%, 12.7%, and 9.7% [2]. Fixed Asset Investment - Fixed asset investment has seen a year-on-year decline of 8.7% from January to October; however, the investment structure has been optimizing. Significant growth was noted in infrastructure investments, particularly in the electricity and heat production and supply industry, which grew by 22.9%, and in loading, unloading, and warehousing, which increased by 27.2% [3].

本报讯(记者李晞)记者11月20日从省统计局获悉，今年以来全省坚守稳中求进工作总基调，持续加力稳 就业、稳企业、稳市场、稳预期，推动各项宏观政策落地见效，前10月经济运行总体平稳、稳中有进， 工业、消费、服务业等关键领域呈现诸多亮点。 工业经济延续稳健增长态势。1—10月，全省规模以上工业增加值同比增长6.8%，工业生产韧性持续显 现。10月当月，规上工业增加值同比增长5.8%，其中高端制造领域表现亮眼：装备制造业、高技术制 造业、数字核心产品制造业分别增长8.0%、11.7%、9.4%，增速高于整体水平；计算机通信和其他电子 设备制造业、铁路船舶航空航天和其他运输设备制造业分别实现12.3%、18.1%的增长，彰显江苏工业 转型升级的坚实成效。 消费市场持续回暖，内需潜力稳步释放。1—10月，全省社会消费品零售总额达38816.8亿元，同比增长 4.0%。10月当月，限额以上家用电器和音像器材类商品零售额同比增长7.4%，计算机及其配套产品类 更是增长48%，升级类、数码类消费需求旺盛。从累计数据看，1—10月全省限额以上批发业、零售业 销售额分别增长5.1%、7.6%，限额以上住宿业、餐饮业营业额分别增长 ...

金融活水精准浇灌，为产业发展注入强劲动力。10月末，全省金融机构人民币贷款余额28.1万亿元，同 比增长9.5%。(郭艺 吴刚) 今年以来，全省工业生产保持增长，装备制造业支撑有力。1-10月，全省规模以上工业增加值同比增长 6.8%。10月当月，规上工业增加值同比增长5.8%。其中，装备制造业、高技术制造业、数字核心产品 制造业分别增长8.0%、11.7%、9.4%。 随着扩内需、促消费政策持续发力，以及国庆黄金周假日经济带动，消费品市场总体呈现平稳增长态 势。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，限额以上家用电器和 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%。 原题：1-10月江苏经济运行数据出炉 江苏省统计局发布最新数据显示，1-10月，全省经济运行总体平稳、稳中有进，工业、消费等领域均实 现稳定增长。 来源：江苏广电总台荔枝新闻中心 ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 11 月 20 日 ——2025 年 10 月经济数据点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 马赫 请务必仔细阅读正文之后的评级说明和重要声明 联系人 mahe@huayuanstock.com "三驾马车"承压，主要经济指标走弱 核心观点：从 10 月数据上看，支撑 GDP 的"三驾马车"消费、投资和净出口压力 增大，短期经济增长或面临一定的挑战，考虑到今年前三季度经济表现较好，完成 25 年总量+5%的经济增长目标压力不大。10 月社零同比+2.9%，增速连续五个月回 落。10 月进出口总值同比较上月大幅下滑，出口同比-0.8%，较上月-9.2pct，对欧 盟出口较上月大幅下降 13.3pct。1-10 月固投完成额负增长（yoy-1.7%）、基建（不 含电力、热力、燃气及水生产和供应业，下同）累计同比亦负增长（yoy-0.1%）与 房地产开发投资持续探底（yoy-14.7%）凸显传统增长模式乏力。未来半年政策利 率下调与增量工具落地或成关键支撑 ...

Economic Overview - Hangzhou's economy showed a stable and progressive trend from January to October 2025, driven by continuous policy incentives and significant improvements in new productive forces [1][6] Industrial Growth - The industrial economy in Hangzhou performed well, with a total industrial added value of 378.7 billion yuan, representing a year-on-year growth of 6.2% [2] - Key industries such as automobile manufacturing, computer communication, and electrical machinery saw substantial growth rates of 34.7%, 13.3%, and 5.2% respectively [2] - Emerging industries played a leading role, with high-tech industries, strategic emerging industries, and equipment manufacturing all growing by 7.3%, 9.1%, and 9.1% respectively, outpacing the overall industrial growth [2] - The digital economy's core manufacturing sector experienced a remarkable growth of 10.5% [2] - Production of industrial robots, 3D printing equipment, and new energy vehicles surged by 26.0%, 28.9%, and 293.4% respectively [2] Service Sector Performance - The service sector continued to recover, becoming the main engine of economic growth, with total revenue reaching 1,672.4 billion yuan, a year-on-year increase of 9.4% [3] - Key sectors such as information transmission, software, and IT services saw revenue growth of 14.2%, while scientific research and technical services grew by 7.9% [3] - Emerging service industries, including digital economy core services and high-tech services, reported revenue growth of 13.8% and 13.3%, respectively, indicating strong momentum for high-quality development [3] Consumer Market Trends - The retail sales of consumer goods reached 773.7 billion yuan, with a year-on-year growth of 4.8%, reflecting a significant upgrade in consumption structure [4] - Retail sales of household appliances and audio-visual equipment surged by 50.8%, while communication equipment sales increased by 37.1% [4] - New energy vehicle sales grew by 11.2%, and basic living consumption, including grain and food, also saw an increase of 11.2% [4] - Smart consumer products like smartphones and wearable devices experienced rapid growth, with sales increasing by 44.5% and 91.2% respectively [4] Investment and Trade - Fixed asset investment structure continued to optimize, with industrial investment growing by 7.3%, particularly in automobile manufacturing and general equipment manufacturing, which saw increases of 39.5% and 21.2% respectively [5] - Infrastructure investment also showed significant growth of 16.2% [5] - Total import and export value reached 743.6 billion yuan, with a year-on-year increase of 5.7%, highlighting resilience in foreign trade [5] - Exports of mechanical and electrical products and high-tech products were strong, amounting to 254.9 billion yuan and 81.7 billion yuan respectively [5] - Exports to countries involved in the Belt and Road Initiative reached 261.4 billion yuan, growing by 14.2%, which is higher than the overall export growth rate [5]

消费市场增长加快。限额以上企业（单位）消费品零售额同比增长8.2%。其中，商品零售额同比 增长8.8%，餐饮收入同比增长1.6%。消费品以旧换新效应明显，家用电器和音像器材类商品销售额同 比增长42.2%，其中能效等级为1级和2级的商品销售额同比增长73.2%；智能手机销售额同比增长 67.4%；汽车类商品销售额同比增长6.4%，其中新能源汽车销售额同比增长33.7%。网上零售高速增 长，限上单位通过公共网络实现的零售额同比增长25.3%，增速高于限上单位消费品零售额17.1个百分 点，占限上单位消费品零售额的23%。 工业生产较快增长。规模以上工业增加值同比增长8.1%。从三大门类看，采矿业增加值同比增长 9.9%，制造业增加值同比增长6.4%，电力、热力、燃气及水的生产供应业增加值同比增长4.2%。从主 要行业看，煤炭开采和洗选业增加值同比增长11.4%，石油和天然气开采业增加值同比增长4%；装备制 造业增加值同比增长9.9%，其中，电气机械和器材制造业增加值同比增长34.1%，汽车制造业增加值同 比增长23.8%。从产品产量看，汽车产量同比增长5.9%，太阳能电池产量同比增长9.4%，发动机产量同 比增 ...

消费市场保持平稳复苏。前三季度，社会消费品零售总额达921.79亿元，同比增长2.7%。消费升级类商 品表现突出，家用电器和音像器材类零售额大幅增长74.8%，文化办公用品类增长63.0%，反映出居民 对品质生活的追求持续释放。线上消费延续活跃态势，限额以上单位通过公共网络实现的商品零售额增 长8.2%，显示新型消费模式潜力不减。 金融支持力度不减，物价水平总体稳定 在复杂多变的宏观环境下，肇庆市2025年前三季度经济"成绩单"近日出炉：全市生产总值达2121.48亿 元，同比增长4.6%。这一稳健增长背后，不仅是总量的提升，更是产业结构持续优化、新质动能加速 崛起的体现，展现出肇庆经济高质量发展的韧性与活力。 农业"压舱石"稳固，农产品供给充足 相关统计显示，农业基本盘持续夯实。前三季度，全市农林牧渔业总产值达512.26亿元，同比增长 5.5%，增速表现突出。主要农产品产量稳定增长，蔬菜、生猪、水产品等供应充足，有效保障了居 民"菜篮子"量足价稳。农林牧渔专业及辅助性活动实现11.5%的高速增长，折射出农业社会化服务、专 业化经营水平的提升，现代农业发展步伐加快。 工业动能向"新"而行，先进装备制造业增速 ...

Group 1 - The total consumption in Beijing from January to October increased by 1.3% year-on-year, with service consumption remaining active, particularly in information, transportation, and cultural entertainment sectors [1] - Service consumption in the city grew by 4.7% year-on-year, driven by internet live streaming, gaming, and lifestyle services, with the information sector achieving double-digit growth [1] - During the National Day and Mid-Autumn Festival holidays, total tourism spending in the city increased by 4.7%, with spending from inbound tourists rising by over 50% [1] Group 2 - The total retail sales of social consumer goods (referred to as "social retail total") reached 1,124.86 billion yuan from January to October, a year-on-year decline of 3.2%, but the decline narrowed by 1.9 percentage points compared to the first three quarters [2] - In October, retail sales grew by 12.6% due to the early launch of the "Double Eleven" promotional activities, strong sales of new products, and the effectiveness of local consumption vouchers [2] - Among 13 major retail categories, 10 performed better than in the previous three quarters, with jewelry, cosmetics, and home appliances seeing year-on-year retail sales growth of 41.2%, 10.8%, and 3.4% respectively [2] - The sales of traditional fuel vehicles declined, with automotive and petroleum products retail sales down by 16.1% and 17.4%, respectively, although the decline was less severe than before [2] - Retail sales of new energy vehicles increased by 3.8%, with the growth rate improving by 5.6 percentage points compared to the previous three quarters [2]

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]