9月份，规模以上工业（以下简称规上工业）原煤生产降幅收窄，原油、天然气生产增速加快，电力生产平稳增长。 一、原煤、原油和天然气生产及相关情况 原煤生产降幅收窄。9月份，规上工业原煤产量4.1亿吨，同比下降1.8%，降幅比8月份收窄1.4个百分点；日均产量1372万吨。 1—9月份，规上工业原煤产量35.7亿吨，同比增长2.0%。 原油生产增速加快。9月份，规上工业原油产量1777万吨，同比增长4.1%，增速比8月份加快1.7个百分点；日均产量59.2万吨。 1—9月份，规上工业原油产量16263万吨，同比增长1.7%。 天然气生产增速加快。9月份，规上工业天然气产量212亿立方米，同比增长9.4%，增速比8月份加快3.5个百分点；日均产量7.1亿立方米。 1—9月份，规上工业天然气产量1949亿立方米，同比增长6.4%。 二、电力生产情况 规上工业电力生产平稳增长。9月份，规上工业发电量8262亿千瓦时，同比增长1.5%；日均发电275.4亿千瓦时。1—9月份，规上工业发电量72557亿千瓦 时，同比增长1.6%。 分品种看，9月份，规上工业火电、风电由增转降，水电由降转增，核电增速放缓，太阳能发电增速加快。 ...

Core Insights - In September, the total retail sales of consumer goods reached 41,971 billion yuan, with a year-on-year growth of 3.0% [1] - From January to September, the total retail sales of consumer goods amounted to 365,877 billion yuan, growing by 4.5% year-on-year [1] Group 1: Retail Sales Overview - Excluding automobiles, the retail sales of consumer goods in September were 37,260 billion yuan, reflecting a growth of 3.2% [1] - For the first nine months, the retail sales excluding automobiles totaled 329,954 billion yuan, with a year-on-year increase of 4.9% [1] Group 2: Urban vs Rural Consumption - In September, urban retail sales reached 35,783 billion yuan, growing by 2.9% year-on-year, while rural retail sales were 6,188 billion yuan, with a growth of 4.0% [3] - From January to September, urban retail sales totaled 316,838 billion yuan, increasing by 4.4%, and rural retail sales reached 49,039 billion yuan, growing by 4.6% [3] Group 3: Consumption Types - In September, the retail sales of goods were 37,462 billion yuan, with a year-on-year growth of 3.3%, while catering revenue was 4,509 billion yuan, growing by 0.9% [3] - For the first nine months, the retail sales of goods amounted to 324,888 billion yuan, increasing by 4.6%, and catering revenue was 40,989 billion yuan, with a growth of 3.3% [3] Group 4: Retail Formats - From January to September, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.4%, 4.4%, 0.9%, 4.8%, and 1.5% respectively [5] - The online retail sales for the first nine months reached 112,830 billion yuan, with a year-on-year growth of 9.8%, and the physical goods online retail sales were 91,528 billion yuan, growing by 6.5% [5] Group 5: Detailed Retail Data - In September, the retail sales of limited above units reached 17,776 billion yuan, with a year-on-year growth of 2.3% [6] - The retail sales of physical goods online accounted for 25.0% of the total retail sales of consumer goods [5] - Categories such as food, clothing, and daily necessities saw growth rates of 15.1%, 2.8%, and 5.7% respectively in online sales [5]

（2025年10月20日） 国家统计局 前三季度，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院决策部署，坚持稳中求进工作总基调，完整准确全面贯 彻新发展理念，加快构建新发展格局，认真实施更加积极有为的宏观政策，积极做强国内大循环，促进国内国际双循环，扎实推动高质量发展，国民经济顶 住压力延续稳中有进发展态势，生产供给平稳增长，就业物价总体稳定，新动能稳步成长，民生保障有力有效，经济运行展现出强大韧性和活力。 初步核算，前三季度国内生产总值1015036亿元，按不变价格计算，同比增长5.2%。分产业看，第一产业增加值58061亿元，同比增长3.8%；第二产业增加 值364020亿元，增长4.9%；第三产业增加值592955亿元，增长5.4%。分季度看，一季度国内生产总值同比增长5.4%，二季度增长5.2%，三季度增长4.8%。 从环比看，三季度国内生产总值增长1.1%。 一、农业生产形势较好，畜牧业平稳增长 前三季度，全国固定资产投资（不含农户）371535亿元，同比下降0.5%；扣除房地产开发投资，全国固定资产投资增长3.0%。分领域看，基础设施投资同 比增长1.1%，制造业 ...

一、居民收入情况 二、居民消费支出情况 前三季度，全国居民人均消费支出21575元，比上年同期名义增长4.6%，扣除价格因素影响，实际增长4.7%。分城乡看，城镇居民人均消费支出26510元， 增长3.8%，扣除价格因素，实际增长3.9%；农村居民人均消费支出14597元，增长5.5%，扣除价格因素，实际增长5.8%。 前三季度，全国居民人均食品烟酒消费支出6359元，增长2.5%，占人均消费支出的比重为29.5%；人均衣着消费支出1126元，增长1.6%，占人均消费支出的 比重为5.2%；人均居住消费支出4665元，增长2.3%，占人均消费支出的比重为21.6%；人均生活用品及服务消费支出1224元，增长9.6%，占人均消费支出的 比重为5.7%；人均交通通信消费支出3103元，增长8.3%，占人均消费支出的比重为14.4%；人均教育文化娱乐消费支出2531元，增长10.3%，占人均消费支 出的比重为11.7%；人均医疗保健消费支出1928元，增长1.5%，占人均消费支出的比重为8.9%；人均其他用品及服务消费支出639元，增长10.3%，占人均消 费支出的比重为3.0%。 图2 2025年前三季度居民人均 ...

Core Insights - The industrial capacity utilization rate for Q3 2025 is reported at 74.6%, showing a decrease of 0.5 percentage points compared to the same period last year [4] - The mining industry has a capacity utilization rate of 72.5%, down by 2.1 percentage points year-on-year [4] - The manufacturing sector's capacity utilization stands at 74.8%, reflecting a decline of 0.4 percentage points from the previous year [4] - The electricity, heat, gas, and water production and supply industry maintains a capacity utilization rate of 74.3%, unchanged from the previous year [4] Industry Breakdown - In the mining sector, coal mining and washing have a capacity utilization rate of 68.9%, down 3.8 percentage points year-on-year [4] - The oil and gas extraction industry shows a high capacity utilization rate of 91.2%, an increase of 1.0 percentage points from the previous year [4] - The food manufacturing industry has a capacity utilization rate of 70.1%, decreasing by 0.6 percentage points [4] - The textile industry reports a capacity utilization of 77.2%, down by 0.7 percentage points [4] - The chemical raw materials and products manufacturing industry has a capacity utilization rate of 72.5%, down 3.5 percentage points [4] - The black metal smelting and rolling industry shows a strong capacity utilization rate of 80.1%, up by 2.7 percentage points [4] - The non-metallic mineral products industry has a low capacity utilization rate of 62.0%, slightly up by 0.3 percentage points [4] - The automotive manufacturing industry reports a capacity utilization of 73.3%, with a minor increase of 0.1 percentage points [4] - The computer, communication, and other electronic equipment manufacturing industry has a capacity utilization rate of 79.0%, up by 1.1 percentage points [4]

2025年1—9月份，全国固定资产投资（不含农户）371535亿元，同比下降0.5%（按可比口径计算，详见附注7）。其中，民间固定资产投资同比下降3.1%。 从环比看，9月份固定资产投资（不含农户）下降0.07%。 分产业看，第一产业投资7344亿元，同比增长4.6%；第二产业投资134063亿元，增长6.3%；第三产业投资230128亿元，下降4.3%。 第二产业中，工业投资同比增长6.4%。其中，采矿业投资增长3.7%，制造业投资增长4.0%，电力、热力、燃气及水生产和供应业投资增长15.3%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长1.1%。其中，水上运输业投资增长12.8%，铁路运输业投资增长4.2%，水 利管理业投资增长3.0%。 分地区看，东部地区投资同比下降4.5%，中部地区投资增长1.5%，西部地区投资增长1.5%，东北地区投资下降8.4%。 分登记注册类型看，内资企业固定资产投资同比下降0.6%，港澳台企业固定资产投资下降0.3%，外商企业固定资产投资下降12.6%。 2025年1—9月份固定资产投资（不含农户）主要数据 | | 指 标 同比增长（%） | ...

Core Insights - In September 2025, the sales prices of commercial residential properties in various cities experienced a month-on-month decline, while the year-on-year decline continued to narrow [2][4]. Group 1: Month-on-Month Price Changes - In September, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3%, with the decline expanding by 0.2 percentage points compared to the previous month [3]. - Among first-tier cities, Beijing and Shanghai saw price increases of 0.2% and 0.3%, respectively, while Guangzhou and Shenzhen experienced declines of 0.6% and 1.0% [3]. - Second-tier cities saw a month-on-month decline of 0.4%, with the decline expanding by 0.1 percentage points, while third-tier cities also experienced a 0.4% decline, remaining unchanged from the previous month [3]. - The sales prices of second-hand residential properties in first-tier cities fell by 1.0%, consistent with the previous month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0%, respectively [3]. - Second and third-tier cities' second-hand residential prices decreased by 0.7% and 0.6%, with both declines expanding by 0.1 percentage points [3]. Group 2: Year-on-Year Price Changes - In September, the year-on-year sales prices of new commercial residential properties in first-tier cities decreased by 0.7%, with the decline narrowing by 0.2 percentage points compared to the previous month [4]. - Shanghai experienced a price increase of 5.6%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.6%, 4.1%, and 1.8%, respectively [4]. - Year-on-year, second-tier cities' new commercial residential prices fell by 2.1%, and third-tier cities' prices decreased by 3.4%, with both declines narrowing by 0.3 percentage points [4]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.2%, with the decline narrowing by 0.3 percentage points compared to the previous month [4]. - In first-tier cities, the year-on-year declines were 2.7% for Beijing, 2.4% for Shanghai, 6.0% for Guangzhou, and 1.7% for Shenzhen [4]. - Second and third-tier cities' second-hand residential prices fell by 5.0% and 5.7%, with declines narrowing by 0.2 and 0.3 percentage points, respectively [4].

Summary of Key Points Core Viewpoint - In September 2025, the sales prices of new residential properties in 70 major cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow. Group 1: Month-on-Month Price Changes - In September, the sales prices of new residential properties in first-tier cities decreased by 0.3%, with Beijing and Shanghai experiencing slight increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% [2] - Second-tier cities saw a month-on-month decline of 0.4%, which is an increase in the rate of decline by 0.1 percentage points compared to the previous month [2] - Third-tier cities also experienced a month-on-month decline of 0.4%, remaining consistent with the previous month [2] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, consistent with the previous month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0% respectively [2] Group 2: Year-on-Year Price Changes - In September, the year-on-year sales prices of new residential properties in first-tier cities decreased by 0.7%, with a narrowing of the decline by 0.2 percentage points compared to the previous month. Shanghai saw an increase of 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [3] - Second-tier cities experienced a year-on-year decline of 2.1%, and third-tier cities saw a decline of 3.4%, both narrowing by 0.3 percentage points [3] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.2%, with a narrowing of the decline by 0.3 percentage points compared to the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 2.7%, 2.4%, 6.0%, and 1.7% respectively [3] Group 3: Price Index Data - The price index for new residential properties in September 2025 shows that Beijing's index was 100.2, while Shanghai's was 99.4, indicating slight variations in price trends across cities [4] - The price index for second-hand residential properties in September 2025 indicates that Beijing's index was 99.1, reflecting a decrease compared to previous months [5] - The classification index for new residential properties shows that properties under 90m² had a month-on-month index of 100.0 in Beijing, while properties over 144m² had an index of 100.5, indicating different trends based on property size [6][7]

表 1：2025 年 9 月70个大中城市新建商品住宅销售价格指数 | | 99.3 | | --- | --- | | | 95.7 95.0 | | 深圳 | | | | 99.0 | | | 98.2 97.0 | | 岳阳 | | | | 99.5 95.7 | | | 94.3 | | 南宁 | 99.5 | | | 100.2 | | 常德 | 96.6 | | | 99.4 | | | 96.4 | | 海口 | 94.3 | | | 99.0 | | | 95.1 95.7 | | 韶关 | | | | 99.9 | | | 96.8 | | 重庆 | 95.2 | | | 99.6 | | | 97.8 | | | 96.3 | | 湛江 | 99.8 | | | 98.3 | | 成都 | 96.0 | | | 99.4 | | | 101.3 | | 惠州 | 98.9 | | | 100.1 | | | 97.3 | | 贵阳 | 95.4 | | | 99.6 | | | 96.7 | | 桂林 | 95.8 | | | 99.6 | | | 97.3 | | 昆明 | 96.8 | ...

9月份，一线城市新建商品住宅销售价格同比下降0.7%，降幅比上月收窄0.2个百分点。其中，上海上涨 5.6%，北京、广州和深圳分别下降2.6%、4.1%和1.8%。二、三线城市新建商品住宅销售价格同比分别 下降2.1%和3.4%，降幅均收窄0.3个百分点。 9月份，一线城市二手住宅销售价格同比下降3.2%，降幅比上月收窄0.3个百分点。其中，北京、上海、 广州和深圳分别下降2.7%、2.4%、6.0%和1.7%。二、三线城市二手住宅销售价格同比分别下降5.0%和 5.7%，降幅分别收窄0.2个和0.3个百分点。 注释： 9月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅比上月扩大0.2个百分点。其中，北京和上 海分别上涨0.2%和0.3%，广州和深圳分别下降0.6%和1.0%。二线城市新建商品住宅销售价格环比下降 0.4%，降幅扩大0.1个百分点。三线城市新建商品住宅销售价格环比下降0.4%，降幅与上月相同。 9月份，一线城市二手住宅销售价格环比下降1.0%，降幅与上月相同。其中，北京、上海、广州和深圳 分别下降0.9%、1.0%、0.8%和1.0%。二、三线城市二手住宅销售价格环比分别下降0.7%和 ...