转自：人民日报 生产总体平稳。1至10月，规模以上轻工业增加值同比增长5.8%。得益于消费品以旧换新政策，助动 车、电池、塑料家具制造业增加值继续保持两位数增长，家用电器制造行业增加值增长5.5%，其中， 洗衣机、空调产量分别增长6.4%、3%。 内需不断释放。1至10月，轻工11类商品零售额71019亿元，同比增长9.8%。消费品以旧换新政策加力 扩围，相关商品消费潜力不断释放。前10月，家用电器和音像器材类商品零售额增长20.1%，自上年9 月份以来持续保持两位数增长。在以旧换新商品中，高能效等级家电继续保持高速增长。（记者 韩 鑫） 记者从中国轻工业联合会获悉：前10月，规模以上轻工企业实现营收19万亿元，同比增长1.9%，实现 利润1.14万亿元，同比增长1.6%。在系列稳增长、扩内需政策支持下，轻工业经济运行态势稳健，表现 出较强的发展韧性。 ...

本报北京12月5日电 （记者韩鑫）记者从中国轻工业联合会获悉：前10月，规模以上轻工企业实现营收 19万亿元，同比增长1.9%，实现利润1.14万亿元，同比增长1.6%。在系列稳增长、扩内需政策支持下， 轻工业经济运行态势稳健，表现出较强的发展韧性。 《 人民日报 》（ 2025年12月06日 03 版） (责编：岳弘彬、牛镛) 关注公众号：人民网财经 生产总体平稳。1至10月，规模以上轻工业增加值同比增长5.8%。得益于消费品以旧换新政策，助动 车、电池、塑料家具制造业增加值继续保持两位数增长，家用电器制造行业增加值增长5.5%，其中， 洗衣机、空调产量分别增长6.4%、3%。 内需不断释放。1至10月，轻工11类商品零售额71019亿元，同比增长9.8%。消费品以旧换新政策加力 扩围，相关商品消费潜力不断释放。前10月，家用电器和音像器材类商品零售额增长20.1%，自上年9 月份以来持续保持两位数增长。在以旧换新商品中，高能效等级家电继续保持高速增长。 ...

Core Insights - The light industry in China has shown resilience with a revenue of 19 trillion yuan and a profit of 1.14 trillion yuan for the first ten months, reflecting a year-on-year growth of 1.9% and 1.6% respectively [1] Group 1: Economic Performance - The added value of large-scale light industry increased by 5.8% year-on-year from January to October [1] - The automotive, battery, and plastic furniture manufacturing sectors experienced double-digit growth due to the consumption upgrade policy [1] - The home appliance manufacturing sector's added value grew by 5.5%, with washing machine and air conditioner production increasing by 6.4% and 3% respectively [1] Group 2: Domestic Demand - Retail sales of 11 categories of light industry products reached 710.19 billion yuan, marking a year-on-year increase of 9.8% [1] - The consumption upgrade policy has been expanded, releasing potential in related product consumption [1] - Retail sales of home appliances and audio-visual equipment grew by 20.1%, maintaining double-digit growth since September of the previous year [1]

Group 1 - The core viewpoint emphasizes the need to enhance supply-demand adaptability to unlock new consumption increments, driven by changes in consumer demand and expectations [1][2] - The current consumption market in China is undergoing a transformation, with a focus on accelerating the application of new technologies and models, particularly in key industries [1][2] - New consumption increments are emerging from rising household income levels and the diversification of consumer needs across different demographics, leading to the development of niche markets such as the silver economy and Gen Z consumption [1][2] Group 2 - Recent data indicates that from January to October, online retail sales of physical goods accounted for 25.2% of total retail sales, highlighting the rapid growth of digital, green, and health-related consumption [2] - The integration of technological innovation with market demand is crucial, as new technologies like AI and big data are driving transformations in manufacturing and service industries [3] - There is a need to balance the cultivation of new growth points with the consolidation of existing markets, ensuring that the expansion of new consumption does not come at the expense of traditional sectors [3] Group 3 - Expanding new consumption increments requires supportive policies to address challenges such as lack of standards and regulatory frameworks for emerging consumption forms [4] - Recent government measures aimed at promoting consumption, such as incentives for replacing old products and enhancing service consumption, have shown positive results and laid a solid foundation for future growth [4]

观察近期消费市场，一系列结构性变化正在显现。今年1月份至10月份，实物商品网上零售额占社会消 费品零售总额的比重达到25.2%，这意味着每成功4笔实物商品交易就有1笔通过线上完成的。同时，高 能效等级家电、新能源汽车零售额保持较快增长，居民旅游出行、文化体育等消费持续增加。这些数据 勾勒出当前消费市场的重要特征：数字消费、绿色消费、健康消费等新型消费快速发展，服务消费持续 壮大，新业态、新模式、新场景正在重塑消费生态。 拓展新的消费增量，关键在于提升供需适配性。来自需求侧的变化，要求供给体系必须作出更加灵敏、 精准的回应。如果供给创新滞后于需求升级，消费潜力就难以充分释放；如果供给质量不能满足消费期 待，市场活力就会受到抑制。因此，提升供需适配性不仅是激活消费潜力的有效举措，更是畅通经济循 环的关键环节。 当前，我国消费市场正处于转型升级的关键时期。近期召开的国务院常务会议明确提出，"要加快新技 术新模式创新应用，强化人工智能融合赋能，聚焦重点行业、重点领域开发新产品和增值服务，持续拓 展新的消费增量"，为新形势下推动消费提质扩容、激活内需潜力指明了方向。 统筹好培育新增长点与巩固基本盘的关系。拓展增量不能以 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In October 2025, the macro - economy showed characteristics of "stable production, slow demand, and declining investment", with year - on - year readings slightly lower than market expectations. The economy is undergoing a transformation from traditional real estate and infrastructure to emerging industries, high - end manufacturing, and service consumption [1][7]. - For the bond market, due to the diminishing effect of traditional drivers (real estate and infrastructure), the potential economic growth rate is declining. New drivers are still being cultivated and cannot fully offset the decline of traditional sectors. In the short term, with inflation under control and the central bank's supportive monetary policy, the risk of significant bond market adjustment is relatively controllable, and the 10 - year Treasury bond yield is expected to fluctuate around 1.8% [2][8]. 3. Summary by Relevant Catalogs 3.1 10 - month Economic Data: Total Slowdown and Kinetic Energy Switch - **Economic Growth Characteristics**: In October 2025, the macro - economy featured "stable production, slow demand, and declining investment", with year - on - year readings slightly lower than market expectations. The endogenous economic growth momentum needs to be restored [1][7]. - **Structural Highlights**: - **Industrial Upgrade**: From January to October 2025, the added value of above - scale equipment manufacturing increased by 9.5% year - on - year, accounting for 36.1% of above - scale industries and contributing 58.7% to the growth of above - scale industrial added value [1][7]. - **High - tech Investment**: Investment in high - tech fields such as new energy, new materials, and artificial intelligence expanded rapidly. From January to October, investment in the aviation, spacecraft, and equipment manufacturing industry increased by 19.7% year - on - year, and investment in the information service industry increased by 32.7%. After excluding real estate development investment, national fixed - asset investment and private investment turned positive, with growth rates of 1.7% and 0.2% respectively [1][8]. - **New Market Demand**: From January to October, online retail sales increased by 9.6% year - on - year. Upgraded consumer goods sold well, and service retail sales increased by 5.3%. Retail sales of cultural, sports, and leisure services, as well as tourism consulting and leasing services, maintained double - digit growth [1][8]. 3.2 Industrial Production Remained Stable, with High - end Manufacturing Still Prominent - **Overall Industrial Production**: In October, the added value of above - scale industries increased by 4.9% year - on - year, with a 1.6 - percentage - point decline from the previous month. From January to October, the cumulative growth was 6.1%. The service production index in October increased by 4.6% year - on - year, a 1 - percentage - point decline from the previous month [10]. - **Industry - Specific Performance**: In October, the year - on - year growth rates of the automobile and transportation equipment industries rebounded significantly compared to the previous month, while those of the pharmaceutical and non - ferrous metal processing industries declined significantly [12]. - **New Kinetic Energy**: The upgrading of the manufacturing industry continued to drive industrial resilience. In October, the added value of the equipment manufacturing industry increased by 8.0% year - on - year, and that of the high - tech manufacturing industry increased by 7.2%, 3.1 and 2.3 percentage points faster than the overall above - scale industrial added value respectively. The output of emerging products such as 3D printing equipment, new energy vehicles, and industrial robots increased rapidly [13]. 3.3 Consumption Recovery was Moderate, with Service Consumption Better than Goods - **Overall Consumption**: In October, the growth rate of social consumer goods retail sales slowed slightly to 2.9%, a 0.1 - percentage - point decline from the previous month. Among them, commodity retail increased by 2.8% year - on - year, a 0.5 - percentage - point decline from the previous month, while catering revenue increased by 3.8% year - on - year, a 2.9 - percentage - point increase from the previous month [16]. - **Consumption Structure**: Upgraded consumption performed well, and service consumption maintained resilience. In October, rural consumption grew by 4.1%, faster than urban consumption. However, the transmission of consumption policies to end - demand needs further observation due to the constraints of income expectations and housing price wealth effects on consumption willingness [21][23]. 3.4 Investment Growth Continued to Decline, with Manufacturing Standing Out - **Overall Investment**: From January to October, fixed - asset investment increased by - 1.7% year - on - year, a 1.2 - percentage - point decline from January to September. The investment structure showed "stable manufacturing, declining infrastructure, and real - estate drag", with only manufacturing investment maintaining positive growth [24]. - **Manufacturing Investment**: From January to October, manufacturing investment increased by 2.7% year - on - year. Equipment purchase investment remained resilient, with a 13% year - on - year increase from January to October, 14.7 percentage points higher than total investment. However, under the guidance of the "anti - involution" policy, the investment motivation of some enterprises may decline in the short term [26]. - **Infrastructure Investment**: The cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was - 0.1%, with a further decline in growth. Traditional infrastructure construction slowed down, and the construction industry's prosperity level declined. In addition, the issuance of new special bonds in October was slow, and the capital availability of some projects might not meet expectations [27]. - **Real Estate Investment**: The cumulative year - on - year growth rate of real estate investment was - 14.7%, with an increasing negative impact. The decline in real estate sales area and sales volume widened, and the real estate market was still "trading at a lower price for higher volume". Follow - up real estate relaxation policies may need to be actively implemented [28].

Economic Growth - In October, China's industrial added value above designated size grew by 4.9% year-on-year, indicating stable overall growth [1] - The added value of high-tech manufacturing and digital product manufacturing increased by 7.2% and 6.7% year-on-year, respectively [1] - The production of industrial robots and integrated circuits rose by 17.9% and 17.7% year-on-year [1] Manufacturing Sector - From January to October, the added value of the equipment manufacturing industry increased by 9.5%, accounting for 36.1% of the total industrial output [1] Service Sector - The service production index grew by 4.6% year-on-year in October, with modern service industries such as information transmission, software, and IT services performing well [1] Consumer Market - The total retail sales of consumer goods in October increased by 2.9% year-on-year, driven by policies to boost consumption [1] - Retail sales of high-efficiency appliances and new energy vehicles maintained rapid growth, while retail sales in cultural, sports, and leisure services, as well as tourism consulting and leasing services, experienced double-digit growth [1] Employment Situation - The national urban survey unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month, indicating overall stability in the employment situation [2]

Core Insights - The Chinese economy is transitioning from high-speed growth to high-quality development, characterized by a shift in growth rate, structural optimization, and transformation of economic drivers [1][3] Group 1: Market Demand and Investment - Market demand is being revitalized, with new consumption patterns emerging. Online retail sales of physical goods accounted for 25.2% of total retail sales from January to October, an increase of 0.2 percentage points from the previous period [1] - Investment in high-tech sectors is growing rapidly, with aerospace and equipment manufacturing investment increasing by 19.7% and information services investment growing by 32.7% year-on-year [1] Group 2: Industrial Upgrading - The manufacturing sector is steadily moving towards mid-to-high-end production, with the added value of large-scale equipment manufacturing increasing by 9.5%, contributing 58.7% to the growth of large-scale industrial added value [2] - The modern service industry is also thriving, with the combined added value of information transmission, software, and IT services, as well as leasing and business services, reaching 16.3% of the tertiary industry, up 0.8 percentage points from the previous year [2] Group 3: Emerging Industries - The digital economy is rapidly developing, with significant growth in digital manufacturing and smart manufacturing sectors, which saw added value increases of 9.5%, 11.1%, and 12.3% respectively [2] - Emerging industries such as renewable energy, new materials, and artificial intelligence are expected to become new pillar industries, supporting the growth of new economic drivers [2]

Group 1 - The core viewpoint of the article emphasizes the acceleration of new momentum cultivation and economic structure optimization in China, which is beneficial for economic development [1] Group 2 - Market demand is revitalizing, with new demands continuously expanding. From January to October, online retail sales of physical goods accounted for 25.2% of total retail sales, an increase of 0.2 percentage points from the previous period [1] - Investment in key areas is increasing, with high-tech sectors seeing rapid growth. From January to October, investment in the aerospace and equipment manufacturing industry grew by 19.7%, while information services investment increased by 32.7% [1][2] - The export of electromechanical and high-tech products is expanding, with electromechanical products accounting for 60.7% of total exports from January to October [2] Group 3 - The trend of industrial upgrading is evident, with advanced manufacturing and modern service industries increasing their share. From January to October, the added value of large-scale equipment manufacturing grew by 9.5%, contributing 58.7% to the growth of large-scale industrial added value [2] - The development of emerging industries is strengthening, with digital economy and green low-carbon transformation advancing. From January to October, the added value of the digital industry manufacturing sector grew by 9.5% [3] - The future outlook indicates that new production capacity and high-quality economic development trends are positive, with a focus on promoting high-quality development and integrating technological and industrial innovation [3]

中国央行报告：实现全年GDP增长预期目标有基础有支撑 来源：中国新闻网 编辑：张嘉怡 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 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 中新社北京11月11日电 (记者 夏宾)中国央行11日发布的2025年第三季度中国货币政策执行报告(下称"报 告")称，今年前三季度，中国经济延续稳中有进发展态势，国内生产总值(GDP)同比增长5.2%，生产供 给平稳增长，新动能稳步成长，民生保障持续加力，经济运行展现出韧性和活力。国民经济稳中有进， 实现全年预期目标有基础有支撑。 报告指出，前三季度生产供给增势良好、消费潜力不断释放、宏观政策更加积极有为。以旧换新政策涉 及的商品零售额保持两位数增长，前三季度高能效等级家电、智能家电零售额持续高速增长；"两 新""两重"政策加力扩围，扩大内需、活跃市场等一系列政策落地显效，政策合力进一步强化。 业内专家指出，对于未来政策把握，央行依然强调了短期与长期、稳增长与防风险、内部与外部、支持 经济 ...