UBS：中国经济展望：数据解读（2025年11月）月度经济数据指南（英文版）

Property activities deteriorated further in October, with floor space of sales and new starts declining more from the September and Q3 average levels. The YoY weakness of major FAI sectors extended further, including manufacturing (-7% YoY), infrastructure (- 12% YoY) and property sector (-23% YoY). Retail sales growth edged down (2.9% YoY), while home appliances and auto sales declined notably on a trade-in related high base. Meanwhile, export growth dropped to a surprising YoY contracti