The hottest industry in China increased by 56 to 7

The added value of China's industries above designated size increased by 5.6% in October, hitting a seven month low

the Bureau of Statistics said that the growth of industrial production fell slightly in October, indicating that in the process of in-depth adjustment of traditional industries, the support for the rapid development of new industries is still insufficient, and the industrial economy will still face downward pressure in the future

a series of macroeconomic data released today show that China's economic outlook is still uncertain

on November 11, the industrial production data released by the National Bureau of statistics showed that in October, the added value of industries above designated size increased by 5.6% year-on-year, 0.1 percentage points lower than that in September; In January, the added value of industries above designated size increased by 6.1%, down 0.1 percentage points from the first three quarters

Jiang Yuan, Senior Statistician of the industry department of the National Bureau of statistics, explained that on the whole, the growth of industrial production fell slightly in October, indicating that in the process of in-depth adjustment of traditional industries, the support for the rapid development of new industries is still insufficient, and the industrial economy will still face downward pressure in the future

zhuzhenxin and Zhang Yu of Minsheng macro released a research report that the steady growth policy on the demand side obviously completely hedged the downward trend of industry. On the one hand, due to the slow capacity removal, the shrinking demand side market, the pattern of oversupply in traditional industries has not been substantially improved, and the profits of industries such as mining, energy and raw materials, which account for a large proportion (more than 30%), have not yet bottomed out. On the other hand, although the measures to promote reform and innovation have maintained a high growth rate in the high-tech industry, the proportion is only 10%, which is difficult to be a major task

according to the analysis of the Bureau of statistics, the growth rate of traditional industries such as mining and high energy consumption in China is slowing down

in October, the added value of the mining industry increased by 0.4% year-on-year, 0.8 percentage points lower than that in September. Among them, ferrous metal mining and processing industry, non-ferrous metal mining and processing industry, non-metallic mining and processing industry, oil and gas mining industry fell by 3.9, 1.4, 1.4, 0.7 percentage points respectively; The six high energy consuming industries increased by 5.8%, and the growth rate fell by 0.9 percentage points

in addition, the growth rate of equipment manufacturing industry is picking up. In October, the added value of the equipment manufacturing industry increased by 6.8% year-on-year, 0.9 percentage points faster than that in September. Among them, the metal products industry accelerated by 0.9 percentage points, the special equipment manufacturing industry accelerated by 0.8 percentage points, and the computer communication and other electronic equipment manufacturing industry accelerated by 1.2 percentage points. Affected by the preferential policies of purchase tax, the automobile manufacturing industry increased by 7.3% in the month, and the growth rate accelerated by 4.6 percentage points

it is worth noting that the high-tech industry continues to maintain rapid growth

according to the Statistics Bureau, in October, the added value of China's high-tech industry increased by 10.8% year-on-year, 0.4 percentage points faster than that in September, and 5.2 percentage points higher than that of the whole industry. Among them, the pharmaceutical manufacturing industry increased by 10%, the aerospace, spacecraft and equipment manufacturing industry increased by 22.7%, the electronic and communication equipment manufacturing industry increased by 13.9%, and the information chemicals manufacturing industry increased by 9.5%

although the statistical data is not particularly ideal, the recent statement of the competent officials is not productive equipment, which shows the high-level confidence in China's industrial development

in addition to industrial added value, the Bureau of statistics also released several other macroeconomic data in October, according to Haier Group in the early stage of home appliance design

the power generation in October decreased by 3.2% year-on-year, and the previous value decreased by 3 Then carry out fatigue test with a certain amplitude of 1%; The total retail sales of social consumer goods increased by 11% year-on-year, with an expected value of 10.9% and the previous value of 10.9%; In October, the total retail sales of social consumer goods (so far this year) increased by 10.6% year-on-year, with an expected value of 10.6% and the previous value of 10.5%; In October, urban fixed asset investment (so far this year) increased by 10.2% year-on-year, with an expected value of 10.2% and the previous value of 10.3%

the data shows that the monthly fixed asset investment is 10.2%, and the previous value is 10.3%. Real estate investment, manufacturing investment, infrastructure investment data fell across the board

according to the macro research report of people's livelihood, the investment in real estate development was 2.0%, the previous value was 2.6%, and the investment in the month remained in the negative range year-on-year, but the decline narrowed to -2.4% (the previous value was -3.1%), and there was no obvious sign of stabilization. Although from the demand side, national real estate sales have continued to pick up since the second quarter, due to high inventories, sales cannot be effectively transmitted to the investment side, and the enthusiasm of real estate enterprises to start construction is not high. In the future, on the one hand, considering the irreversible trend of population structure change and the lack of motivation for continuous improvement of real estate sales, on the other hand, the central government has clearly emphasized that the core of real estate should be de stocking in the near future. There is limited room for further easing policies in the future, and the idea of affordable housing may shift from incremental construction to stock purchase, especially the expansion of automobile material system

in addition, the manufacturing investment data also showed no signs of recovery. Minsheng macro believes that PPI has been negative for 44 consecutive months, and the profit has also been negative year-on-year, indicating that the traditional industrial sector is still in deep trouble, overcapacity has not been substantially alleviated, and the manufacturing industry will remain depressed for a long time. In terms of details, the metal smelting in the upper reaches is still relatively poor, the automobile manufacturing industry in the middle and lower reaches performs well, and the effect of tax reduction and limit removal before the National Day holiday is obvious

Minsheng macro believes that the key to becoming the absolute main force of stable investment in infrastructure in the future is to improve the financing environment. On the one hand, the financing of stock projects will continue to be solved by relaxing platform financing (ensuring the construction in progress), local debt replacement (although it is aimed at the stock, it greatly reduces the interest burden of local governments, and also frees up new bank loan lines). On the other hand, the financing of incremental projects is the key. In the next step, the scale of special construction bonds will continue to expand, and the PPP model will also be accelerated, focusing on underground pipe construction Sponge city and other major projects