"Growth momentum in October was quite solid, the recovery momentum is slightly stronger and more sustainable than what markets had expected," Lu said in a research note.

The markets might need to slightly revise up their China GDP growth forecasts for the fourth quarter, he suggested. "With the current momentum, it's likely that Wall Street economists need to revise up their forecasts soon."

Lu said his institution saw slightly more upside risk to its 7.7-percent GDP growth forecast for the fourth quarter, which is already above market consensus of around 7.5 percent.

For next year, "we think it's quite likely that year-on-year GDP growth will be close to 8.0 percent in the first half of 2014 due partially to a low comparison base," he said.

"October macro data should be on the whole positive for market sentiment, though good news from the activity side might make investors worry about a less growth-supportive policy stance or even tightening," Lu argued.

Peng Wensheng, chief economist of China International Capital Corporation, said that October data pointed to relatively good growth momentum in China.

"We stick to our earlier judgment that the relatively fast growth of the Chinese economy will keep going until the second quarter of next year," he said.

China is set to achieve the government's full-year growth target of 7.5 percent, which would help create a favorable macro environment for the country's deepening reform, according to Peng.

The ongoing third plenum of the 18th Central Committee of the Communist Party of China, which opened on Saturday and ends on Tuesday, is expected to unveil a blueprint of comprehensive reform for the next decade.

Financial reform 'key move'

Positive economic growth expected to continue