Core Points - The fifth national economic census was successfully completed, reflecting significant achievements in China's high-quality development and providing solid statistical support for macroeconomic governance [1][2] - The meeting emphasized the importance of adhering to the leadership of the Party in census work, ensuring data quality, fostering collaboration, and promoting innovation [1][2] Group 1 - The meeting highlighted the dedication and hard work of census workers, who achieved commendable results through their efforts [2] - Statistical departments are encouraged to promote the spirit of advanced models and create a competitive work atmosphere [2] - There is a call for statistical departments to implement the decisions from the 20th Central Committee and improve statistical systems and methods based on census results [2] Group 2 - The meeting included the recognition of advanced collectives and individuals, with representatives sharing their experiences [2] - The importance of enhancing data sharing and developing census materials was emphasized [2] - The need to plan scientifically for the new phase of census work during the 14th Five-Year Plan period was discussed [2]

Steel Production - In October 2025, China's crude steel production is projected to be 72 million tons, a year-on-year decrease of 12.1% [1] - The pig iron production is expected to be 65.55 million tons, down 7.9% year-on-year [1] - Steel production is anticipated to reach 118.64 million tons, reflecting a slight decline of 0.9% year-on-year [1] - From January to October 2025, crude steel production totaled 81.787 million tons, down 3.9% year-on-year [1] - Pig iron production for the same period was 71.137 million tons, a decrease of 1.8% year-on-year [1] - Steel production during this period increased by 4.7% year-on-year, totaling 121.759 million tons [1] Industrial Value Added - In October, the industrial value added for large-scale industries grew by 4.9% year-on-year, with a month-on-month increase of 0.17% [5] - From January to October, the industrial value added increased by 6.1% year-on-year [5] Sector Performance - In October, the mining sector's value added grew by 4.5%, while manufacturing increased by 4.9%, and the electricity, heat, gas, and water production and supply sector rose by 5.4% [6] - State-owned enterprises saw a value added increase of 6.7%, while private enterprises grew by 2.1% [6] Industry Breakdown - Among 41 major industries, 29 reported year-on-year growth in value added [6] - Notable growth sectors included coal mining (6.5%), chemical raw materials (7.1%), and automotive manufacturing (16.8%) [6] - Conversely, the beverage and refined tea manufacturing sector experienced a decline of 1.9% [6] Product Output - In October, 313 out of 623 industrial products saw year-on-year output growth [7] - Steel output was 11.864 million tons, down 0.9%, while cement production fell by 15.8% to 14.775 million tons [7] - Automotive production reached 3.279 million units, an increase of 11.2%, with new energy vehicles growing by 19.3% to 1.71 million units [7] - The total power generation was 800.2 billion kWh, reflecting a growth of 7.9% [7]

Group 1: Industrial Production Overview - In October, the industrial production in China showed steady progress, with the industrial added value for the first ten months increasing by 6.1% year-on-year, which is 0.3 percentage points higher than the same period last year [1] - The industrial added value in October increased by 4.9% year-on-year, with a month-on-month growth of 0.17% after seasonal adjustments [1] - Among the three major sectors, the manufacturing sector's added value grew by 4.9% in October, while mining and electricity, heat, gas, and water production and supply sectors grew by 4.5% and 5.4%, respectively [1] Group 2: Equipment Manufacturing Sector - The equipment manufacturing sector showed robust support, with an added value growth of 8.0% in October, accounting for 36.1% of the total industrial added value, an increase of 1.5 percentage points compared to the entire year of 2024 [2] - All eight industries within the equipment manufacturing sector experienced growth, with the automotive and electronics industries leading at growth rates of 16.8% and 8.9%, contributing 22.8% and 19.3% to the overall industrial growth, respectively [2] - The railway, shipbuilding, and aerospace industries have maintained double-digit growth since December 2024, with a growth rate of 15.2% in October [2] Group 3: High-Tech and Digital Manufacturing - The high-tech manufacturing and digital product manufacturing sectors saw added value growth of 7.2% and 6.7% year-on-year in October, surpassing the overall industrial growth by 2.3 and 1.8 percentage points, respectively [3] - Specific industries such as electronic materials, integrated circuits, and smart vehicle equipment manufacturing reported significant growth rates of 35.5%, 33.7%, and 28.4% [3] - The rapid development of "Artificial Intelligence+" led to a 34.0% increase in server production and a 17.7% increase in integrated circuits [3] Group 4: Traditional Industries - The petroleum processing industry experienced an 8.1% year-on-year growth in added value in October, with the biofuel processing sector growing by 19.1% [4] - The chemical fiber industry grew by 7.3%, with the bio-based materials manufacturing sector increasing by 26.3% [4] - Other traditional industries such as chemicals and coal also showed positive growth, with added value growth rates of 7.1% and 6.5%, respectively [4]

Core Insights - The National Bureau of Statistics reported that coal prices across various types have increased significantly in early November, with notable price hikes observed in coking coal and anthracite [1] Price Changes - Anthracite (washed middle block, volatile matter ≤ 8%) price is 949.5 CNY/ton, up 45.5 CNY/ton, an increase of 5.0% [1] - Ordinary mixed coal (Shanxi powder and lump coal mix, calorific value 4500 kcal) price is 611.8 CNY/ton, up 24.4 CNY/ton, an increase of 4.2% [1] - Shanxi big mixed coal (higher quality mixed coal, calorific value 5000 kcal) price is 703.2 CNY/ton, up 26.8 CNY/ton, an increase of 4.0% [1] - Shanxi premium mixed coal (high-quality mixed coal, calorific value 5500 kcal) price is 795.5 CNY/ton, up 28.5 CNY/ton, an increase of 3.7% [1] - Datong mixed coal (Datong produced mixed coal, calorific value 5800 kcal) price is 839.0 CNY/ton, up 30.2 CNY/ton, an increase of 3.7% [1] - Coking coal (main coking coal, sulfur content < 1%) price is 1623.3 CNY/ton, up 74.5 CNY/ton, an increase of 4.8% [1] - In early November, the price increase for coking coal and anthracite has expanded, while the price increase for thermal coal has slightly narrowed [1] Coking Coal and Coke Prices - In early November, the price of coke (quasi-first-grade metallurgical coke, 12.01% ≤ ash content ≤ 13.50%) is 1479.7 CNY/ton, up 58.3 CNY/ton, an increase of 4.1% [1]

Core Insights - The overall trend in the national steel market indicates a decline in prices during early November 2025 compared to late October 2025, with most categories experiencing price drops [1] Price Summary - Rebar (Φ20mm, HRB400E) price is 3118.5 CNY/ton, down 3.8 CNY/ton, a decrease of 0.1%, contrasting with a previous increase of 0.4% [1] - Wire rod (Φ8-10mm, HPB300) price is 3271.7 CNY/ton, down 10 CNY/ton, a decrease of 0.3%, compared to a previous increase of 0.5% [1] - Ordinary medium plate (20mm, Q235) price is 3411.8 CNY/ton, down 13.7 CNY/ton, a decrease of 0.4%, with a narrowing of 0.2 percentage points from the previous period [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3296.7 CNY/ton, down 22.9 CNY/ton, a decrease of 0.7%, with an expansion of 0.5 percentage points from the previous period [1] - Seamless steel pipe (219*6, 20) price is 4079.2 CNY/ton, down 17.1 CNY/ton, a decrease of 0.4%, with an expansion of 0.2 percentage points from the previous period [1] - Angle steel (5) price is 3419.9 CNY/ton, up 7.3 CNY/ton, an increase of 0.2%, contrasting with a previous decrease of 0.1% [1]

Core Insights - National Bureau of Statistics data indicates that from January to October 2025, the production of coke and steel continues to grow year-on-year, while the production of crude steel and pig iron shows a decline [1] Production Data Summary - From January to October, the national coke production reached 41,905 million tons, reflecting a year-on-year increase of 3.3%. In October, coke production was 4,190 million tons, which is a year-on-year increase of 1.5%, but a month-on-month decrease of 1.6%, marking the second consecutive month of decline [1] - National steel production from January to October totaled 121,759 million tons, up 4.7% year-on-year. However, in October, steel production decreased by 0.9% year-on-year and 4.5% month-on-month, amounting to 11,864 million tons [1] - Pig iron production from January to October was 71,137 million tons, down 1.8% year-on-year. In October, pig iron production was 6,555 million tons, the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 7.9% and 0.8%, respectively [1] - Crude steel production from January to October was 81,787 million tons, a year-on-year decrease of 3.9%. In October, crude steel production was 7,200 million tons, also the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 12.1% and 2.0%, respectively [1]

Economic Overview - In October, the national economy continued to show a stable growth trend, with industrial production increasing by 4.9% year-on-year, and the service sector production index growing by 4.6% [5][6][7] - The agricultural sector is performing well, with an increase in autumn grain planting area and yield, indicating a potential bumper harvest for the year [5][62] Market Sales - Retail sales of consumer goods increased by 2.9% year-on-year in October, driven by holiday consumption and the effectiveness of consumption promotion initiatives [6][35] - The sales of communication equipment and cultural office supplies saw significant growth, with increases of 23.2% and 13.5% respectively [6][38] Employment Situation - The urban surveyed unemployment rate decreased to 5.1% in October, marking a continuous decline for two months [6][41] - The unemployment rate for migrant agricultural workers was 4.5%, lower than the overall urban unemployment rate, indicating stability in employment for key groups [6][41] Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing the previous month's decline, with core CPI (excluding food and energy) increasing by 1.2% [7][28] - The Producer Price Index (PPI) saw a year-on-year decline of 2.1%, but the rate of decline has narrowed for three consecutive months, indicating a potential stabilization in industrial prices [7][52] Investment Trends - Fixed asset investment decreased by 1.7% year-on-year in the first ten months, with real investment volume still showing slight growth when adjusted for price factors [11][12] - Manufacturing investment grew by 2.7% year-on-year, with significant increases in high-tech sectors such as aerospace and information services, which saw growth rates of 19.7% and 32.7% respectively [13][14] Foreign Trade - In the first ten months, total goods import and export volume increased by 3.6% year-on-year, with exports growing by 6.2% [15][16] - Despite challenges, trade with ASEAN and EU countries grew by 9.1% and 4.9% respectively, indicating a diversification of trade partnerships [16][17] Industrial Production - The industrial production maintained stability, with a 4.9% increase in the value added of industrial enterprises above designated size in October [47][48] - High-tech manufacturing and digital product manufacturing saw increases of 7.2% and 6.7% respectively, reflecting a trend towards modernization and digitalization in the industry [48][49] Real Estate Market - The real estate market showed signs of stabilization, with the decline in new housing sales narrowing to 6.8% year-on-year in the first ten months [57][58] - The inventory of unsold commercial housing decreased, indicating progress in the ongoing efforts to manage the real estate market [57][58]

Group 1: Coal, Oil, and Natural Gas Production - In October, the industrial coal production remained at a high level with a total output of 410 million tons, a year-on-year decrease of 2.3%, and an average daily output of 13.12 million tons [1] - From January to October, the total coal production reached 3.97 billion tons, showing a year-on-year increase of 1.5% [1] - The industrial crude oil production in October was 18 million tons, reflecting a year-on-year growth of 1.3%, with a daily average output of 581,000 tons [3] - For the first ten months, the crude oil production totaled 180.64 million tons, marking a year-on-year increase of 1.7% [3] - The industrial natural gas production in October was 22.1 billion cubic meters, with a year-on-year growth of 5.9%, and a daily average output of 710 million cubic meters [8] - From January to October, the total natural gas production was 217 billion cubic meters, representing a year-on-year increase of 6.3% [8] Group 2: Electricity Production - The industrial electricity production accelerated in October, with a total generation of 800.2 billion kilowatt-hours, a year-on-year increase of 7.9%, and a daily average generation of 25.81 billion kilowatt-hours [10] - From January to October, the total electricity generation was 8,062.5 billion kilowatt-hours, reflecting a year-on-year growth of 2.3% [10] - In terms of electricity generation types, coal-fired power increased by 7.3% year-on-year in October, reversing the previous decline of 5.4% in September [10] - Hydropower generation grew by 28.2% in October, although the growth rate slowed by 3.7 percentage points compared to September [10] - Nuclear power generation increased by 4.2% in October, with an acceleration of 2.6 percentage points from September [10] - Wind power generation saw a decline of 11.9% in October, with the decline rate widening by 4.3 percentage points from September [10] - Solar power generation increased by 5.9% in October, but the growth rate slowed by 15.2 percentage points compared to September [10]

Core Insights - The consumer market in October showed stable growth, with a notable increase in service consumption and a positive trend in sales of essential and some upgraded goods [1] Group 1: Service Retail Growth - Service retail sales accelerated, with a year-on-year growth of 5.3% from January to October, outpacing the growth of goods retail sales by 0.9 percentage points [2] - The National Day and Mid-Autumn Festival holidays led to increased spending in dining, accommodation, and transportation, with dining revenue growing by 3.8% in October [2] Group 2: Consumer Goods Market Performance - The total retail sales of consumer goods exceeded 40 trillion yuan, with a year-on-year growth of 4.3% from January to October, which is 0.8 percentage points higher than the previous year [3] - Sales in rural areas outpaced urban markets, with rural retail sales growing by 4.6% compared to urban areas [3] Group 3: Sales of Essential and Upgraded Goods - Over 70% of retail categories in large-scale units saw growth in October, with essential goods sales showing strong performance [4] - Notable growth in upgraded goods, such as communication devices and cultural office supplies, with year-on-year increases of 23.2% and 13.5% respectively [4] Group 4: E-commerce and New Retail Formats - Online retail sales grew by 9.6% from January to October, with physical goods online sales increasing by 6.3% [5] - New retail formats, including membership warehouses and unmanned stores, continued to thrive, with traditional retail adapting through supply chain optimization [5] Group 5: Future Outlook - The overall operation of the consumer market remains stable, with plans to implement policies to boost consumption and innovate new consumption scenarios [6]

Core Insights - The overall fixed asset investment in China for the first ten months of 2025 reached 4,089.14 billion yuan, showing a year-on-year decline of 1.7%. However, project investment excluding real estate development increased by 1.7% [2] Group 1: Equipment Investment - Investment in equipment and tools saw a significant increase of 13.0% year-on-year, contributing 1.9 percentage points to the overall investment growth. This category accounted for 17.0% of total investment, up 2.2 percentage points from the previous year [3] Group 2: Industrial Investment - Industrial investment grew by 4.9% year-on-year, contributing 1.7 percentage points to overall investment growth. Within this sector, mining investment increased by 3.8%, while manufacturing investment rose by 2.7%. Notably, investment in railway, shipbuilding, aerospace, and other transportation equipment surged by 20.1%, and automotive manufacturing investment grew by 17.5% [4] Group 3: High-Tech Service Investment - Investment in high-tech services increased by 5.5% year-on-year, representing 5.3% of total service investment, an increase of 0.5 percentage points from the previous year. Information service investment alone grew by 32.7% [5] Group 4: Infrastructure Investment - Infrastructure investment in key areas saw rapid growth, with internet and related services investment rising by 20.0% and water transportation investment increasing by 9.4%. Private investment in infrastructure grew by 4.5%, making up 22.6% of total infrastructure investment, an increase of 1.0 percentage points from the previous year [6] Group 5: Livelihood Investment - In the primary industry, forestry investment surged by 35.6%, and fishery investment grew by 10.9%. In the secondary and tertiary industries, investment in electricity and heat production increased by 14.6%, while accommodation and catering investment rose by 10.5% [7]