Economic Stability, Favorable Investment Environment, Micro Stimulation, Effective External Demand Improvement

In October, the added value of industrial added value above scale was 5.6%, lower than expected 0.2 percentage points, lower than the previous value of 0.1 percentage points. In October, fixed asset investment in cities and towns was 10.2%, which was the same as expected, 0.1 percentage points lower than the previous value. In October, the total retail sales of social consumer goods was 11%, higher than that of the previous period by 0.1 percentage points, higher than the previous value 0.1 percentage points.

Core view: industrial production narrowed and export delivery value slightly improved.

Investment rebounded, manufacturing and real estate investment accelerated, benefiting from micro stimulus and external demand improvement.

Housing sales and funding sources are better, and land acquisition and new construction are still low.

A slight rise in consumption is mainly driven by cars.

Maintain the 4 quarter economic stability, mid term L judgment, long-term downward pressure is still great judgement.

The stock market has bottomed up, the bond market has risen sharply, the housing market has split up, the US dollar has been strong, and the bulk has bottomed up.

A slight rise in consumption is mainly driven by cars.

In October, the number of auto products above the limit increased by 7.1% over the same period last year, an increase of 4.4 percentage points from last month, contributing 0.8 percentage points to the zero growth rate of the society.

Thanks to the tax incentives for the purchase tax, 50 thousand and 700 new energy vehicles were produced in October, an increase of 8 times compared with the same period last year.

Catering revenue increased by 12.4%, increased by 0.3 percentage points, and the growth rate of catering revenue above the quota level increased by 0.7 percentage points.

Market: stock market bottom repair, bond market soar, housing market differentiation, dollar strength, bulk bottom consolidation.

Liquidity is abundant, risk-free interest rates fall, asset shortage and risk appetite repair push A shares strong.

The bear market is over, and the stock market is reborn.

The theme of growth and reform led by the stock game is to take note of the incremental capital market and the possible style switching.

After the debt market has risen sharply, it will continue to see more debt cattle in the medium term.

Breaking up just now, leveraging, and mismatching of the period may trigger more volatility and slower growth in the future.

Industrial production narrowed and the structure continued to be optimized.

In October, the industrial added value increased by 5.6% over the same period last year, a slight decrease of 0.1 percentage points from last month.

The high-tech industry continued to grow rapidly, and computers, telecommunications and other electronic equipment manufacturing industries increased by 11.7%.

The central and western regions increased rapidly, followed by the eastern part of the country and -4.6% in the northeast.

The delivery value of industrial enterprises exports increased by -3.1% on the nominal basis, up 0.1 percentage points from last month.

New export orders improved.

Investment rebound, manufacturing and real estate investment accelerated, benefiting from

And external demand improvement.

In October, the total social investment increased by 9.3% over the same period last year, 2.5 percentage points faster than last month.

Among them, manufacturing investment increased by 8.4%, 3.8 percentage points faster than last month; real estate development investment increased by -2.4%, 0.7 percentage points faster than last month; infrastructure investment increased by 12.9%, down 1.1 percentage points from last month.

In 1-10, the source of solid investment increased by 8.3% over the same period last year, 0.5 percentage points faster than last month, the growth of the national budget and self financing, and the reduction of domestic loans and utilization of foreign capital.

Housing sales and funding sources are better, and land acquisition and new construction are still low.