人民日报海外版记者 汪文正 商务部电子商务司负责人介绍，今年1—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，不断释放商务发展新动能。 数字消费、品质电商以新供给创造新需求，不断激发消费潜力。今年1—10月，全国网上零售额同 比增长9.6%，智能产品、网络服务、即时电商增长亮眼。"据商务大数据监测，AI眼镜、智能手表等智 能穿戴网零额增长23.1%，网络服务消费增长21%，其中线上购券线下体验的到店餐饮增长25.1%，即时 电商便利消费需求，销售额增长24.3%。"该负责人说。 今年1—10月，全国社会消费品零售总额增长4.3%，增速比去年同期高0.8个百分点，全国网上零售 额同比增长9.6%；10月份，国庆中秋假期带动社会消费品零售总额同比增长2.9%……近日，商务部有 关司局负责人在解读10月份消费市场及电子商务发展情况时表示，中国消费市场保持平稳增长态势，消 费潜力持续释放。 消费市场运行总体稳定 中国消费市场总体情况如何？ 数据显示，1—10月，社会消费品零售总额41.2万亿元，增长4.3%。看当月数据，10月份社会消费 品零售总额4.63万亿元， ...

Core Insights - The overall retail sales of consumer goods in China increased by 4.3% from January to October, with online retail sales growing by 9.6% during the same period, indicating a stable growth trend in the consumer market [1][2] Group 1: Consumer Market Performance - From January to October, the total retail sales of consumer goods reached 41.2 trillion yuan, with a monthly total of 4.63 trillion yuan in October, reflecting a year-on-year growth of 2.9% driven by the National Day and Mid-Autumn Festival [2] - The retail sales of goods grew by 2.8% in October, with significant increases in categories such as communication equipment (23.2%), cultural and office supplies (13.5%), and furniture (9.6%) [3] - Basic living goods saw rapid growth, with retail sales of grain and oil increasing by 9.1% and clothing and footwear by 6.3% [3] Group 2: Service Consumption - Service retail sales increased by 5.3% from January to October, outpacing goods retail sales by 0.9 percentage points, with notable growth in dining, accommodation, and transportation services due to increased travel during the holidays [3] - In October, dining revenue grew by 3.8%, a significant acceleration from September, while inbound tourism saw 751,000 foreign visitors during the holiday, marking a 19.8% increase [3] Group 3: E-commerce Development - E-commerce in China has played a vital role in boosting consumption and modernizing the industrial system, with online retail sales growing by 9.6% from January to October [4] - Smart products and online services showed remarkable growth, with sales of AI glasses and smartwatches increasing by 23.1% and online service consumption rising by 21% [4] - The agricultural sector also benefited, with online retail sales of agricultural products growing by 9.5% and rural e-commerce sales by 7.5% [4] Group 4: New Consumption Trends - New consumption models are emerging, with sales of smart health devices increasing by over 20% and sales of new energy passenger vehicles rising by 7.3% in October [7] - Rural consumption is outpacing urban areas, with rural retail sales growing by 4.1% in October, indicating a vibrant market in lower-tier cities [7] - The government plans to continue initiatives to stimulate consumption and promote new business models to ensure stable market growth [7]

三是新型消费较快增长。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%。据汽车流通协会数据，10月份新能源乘用车零售量增长7.3%，渗透率达57.2%。1-10月份，实物商 品网上零售额增长6.3%， 四是乡村消费快于城镇。县域消费持续扩容，下沉市场活力十足。10月份，乡村消费品零售额增长 4.1%，增速比城镇快1.4个百分点;1-10月份，乡村消费品零售额增长4.6%，增速比城镇快0.4个百分点。 一是商品消费平稳增长。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%。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%。 二是服务消费增势良好。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，比 商品零售额快0.9个 ...

Core Viewpoint - The domestic consumption market in China has shown steady growth in October, driven by the National Day and Mid-Autumn Festival holidays, with continuous release of consumption potential [1] Summary by Categories Overall Consumption Performance - In October, the total retail sales of consumer goods reached 4.63 trillion yuan, representing a year-on-year growth of 2.9% [1] - From January to October, the total retail sales of consumer goods amounted to 41.2 trillion yuan, with a growth rate of 4.3%, which is 0.8 percentage points higher than the same period last year [1] Retail Sales Breakdown - In October, the retail sales of goods increased by 2.8%, with significant growth in sales of products related to trade-in programs [1] - Retail sales for communication equipment, cultural and office supplies, and furniture increased by 23.2%, 13.5%, and 9.6% respectively [1] Basic and Upgraded Goods Consumption - Basic living goods saw rapid growth, with retail sales of grain and oil foods increasing by 9.1% and clothing and footwear by 6.3% [1] - Demand for upgraded goods remained strong, with retail sales of gold and silver jewelry, sports and entertainment products, and cosmetics increasing by 37.6%, 10.1%, and 9.6% respectively [1]

四是乡村消费快于城镇。县域消费持续扩容，下沉市场活力十足。10月份，乡村消费品零售额增长 4.1%，增速比城镇快1.4个百分点；1-10月份，乡村消费品零售额增长4.6%，增速比城镇快0.4个百分 点。 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 商务部：10月份乡村消费品零售额增长4.1%，增速比城镇快1.4个百分点 中新网11月19日电 据商务部网站19日消息，商务部消费促进司负责人谈2025年10月我国消费市场情 况：10月份，在国庆中秋假期带动下，消费市场保持平稳增长态势，消费潜力持续释放。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月份，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。 一是商品消费平稳增长。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%。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 ...

一是商品消费平稳增长。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%。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%。 10月份，在国庆中秋假期带动下，消费市场保持平稳增长态势，消费潜力持续释放。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月份，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。 四是乡村消费快于城镇。县域消费持续扩容，下沉市场活力十足。10月份，乡村消费品零售额增长 4.1%，增速比城镇快1.4个百分点；1-10月份，乡村消费品零售额增长4.6%，增速比城镇快0.4个百分 点。 二是服务消费增势良好。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，比 商品零售额快0.9个百分点。受假期出行需求拉动，旅游咨询租赁服务、交通出行服务、 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [2][31] Core Insights - In October 2025, the total retail sales reached 46,291 billion, with a nominal year-on-year growth of 2.9%, slightly exceeding expectations; excluding automobiles, the retail sales of consumer goods grew by 4.0% [12][21] - The overall consumption sentiment showed a decline due to significant drag from appliances, automobiles, and petroleum, while optional consumption was positively influenced by the dual festivals and Double Eleven shopping event [12][21] - The online retail sales for the first ten months of 2025 increased by 9.6%, with October's online retail sales at 15,086 billion, reflecting a year-on-year growth of 8.1% [24][25] Summary by Sections Overall Retail Data - The total retail sales for January to October 2025 amounted to 412,169 billion, with a nominal year-on-year growth of 4.3%, and excluding automobiles, the growth was 4.9% [12][21] - In October, the retail sales of goods and dining revenue were 41,092 billion and 5,199 billion respectively, with year-on-year growth of 2.8% and 3.8% [12][21] Retail Data Above Designated Size - In October, the retail sales above designated size reached 17,782 billion, with a year-on-year growth of 1.6% [13] - The dining revenue for October showed a year-on-year increase of 3.7%, while the retail sales of goods grew by 1.4% [13] Online Retail Data - The online retail sales for the first ten months totaled 127,916 billion, with a cumulative year-on-year growth of 9.6% [24] - The physical online retail sales for January to October reached 103,984 billion, accounting for 28.4% of total goods retail and 25.2% of total retail sales [24]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights that the consumption sector is showing signs of recovery, particularly in the restaurant industry due to the National Day and Mid-Autumn Festival, with restaurant revenue reaching 519.9 billion yuan, a year-on-year increase of 3.8% [5] - The overall retail sales in October reached 4.63 trillion yuan, with a year-on-year growth of 2.9%, indicating better-than-expected performance [5] - The report suggests that while essential consumption categories are performing well, optional categories like home appliances are experiencing slower growth due to high base effects from the previous year [5] - Online retail penetration is increasing, with online retail sales for the first ten months reaching 12.8 trillion yuan, a year-on-year increase of 9.6% [5] Summary by Sections Recent Industry Performance - In the past 12 months, the industry has shown relative returns of 4.65% over one month, -1.1% over three months, and 2.33% over twelve months compared to the CSI 300 index [2] - Absolute returns were 4.86% over one month, 9.03% over three months, and 18.94% over twelve months [2] Investment Highlights - The report emphasizes the potential for growth in the consumption market, driven by government initiatives to boost consumption and improve the supply of quality goods and services [5] - Specific companies to watch include those in the restaurant supply chain, consumer growth sectors, and service consumption [5]

Core Viewpoint - The report from Kaiyuan Securities indicates a continued decline in the growth rate of social retail sales in October 2025, with expectations for more fiscal policies to support domestic demand and a recovery in consumer spending [1] Monthly Observation - In October 2025, the total retail sales of consumer goods increased by 2.9% year-on-year, with a month-on-month decline of 0.1 percentage points from September [1] - The consumption structure showed marginal recovery in food, beverages, tobacco, and catering due to holiday spending, while the "trade-in" policy's diminishing effect and a high base from the previous year led to negative growth in appliances and automotive categories [1] - Catering and above-limit catering revenue increased by 3.8% and 3.7% year-on-year, respectively, with month-on-month growth of 2.9 percentage points and 5.3 percentage points from September, supported by holiday travel [1] - Sub-sectors such as grain and oil food, beverages, and tobacco saw year-on-year increases of 9.1%, 7.1%, and 4.1%, respectively, with significant month-on-month improvements [1] Quarterly Observation - The growth rate of social retail sales is expected to continue declining in Q4 2025, although there may be marginal improvements in the growth rates of catering and food and beverage sectors [2] - In October 2025, the retail sales growth rate decreased by 0.6 percentage points compared to Q3 2025, primarily due to the weakening effect of subsidy policies and a high base from the previous year [2] - The growth rates for grain and oil food, beverages, and tobacco in October 2025 improved compared to Q3 2025, indicating a positive trend in food and beverage consumption [2] Industry Observation - The liquor industry is still in a bottoming phase, with structural differentiation in consumption during the October holiday, showing recovery in mass banquets and family gatherings, while business consumption remains weak [3] - The snack industry demonstrates resilience due to its high-frequency demand, supported by holiday consumption, with leading companies enhancing competitiveness through product innovation and channel expansion [3]

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]