Economic Performance Overview - China's GDP growth for the first three quarters of 2023 was 5.2%, an increase of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively, with an economic increment of 39,679 billion yuan, which is 1,368 billion yuan more than last year [2][6] - The urban unemployment rate averaged 5.2% in the first three quarters, remaining stable compared to the first half of the year, while the Consumer Price Index (CPI) slightly decreased by 0.1% year-on-year, but the core CPI, excluding food and energy, rose by 0.6% [2][6] - The foreign trade sector showed resilience, with the total import and export volume reaching a historical high for the same period, and foreign exchange reserves maintained above 3.3 trillion USD [2][4] High-Quality Development - The proportion of added value from high-tech manufacturing and equipment manufacturing in the total industrial added value reached 16.7% and 35.9%, respectively, indicating a shift towards high-quality development [3][15] - Non-fossil energy consumption as a percentage of total energy consumption increased by approximately 1.7 percentage points year-on-year, reflecting progress in green and low-carbon transformation [3][22] - The export of new products, referred to as "new three items," experienced double-digit growth, supporting the diversification of markets [3][4] Economic Resilience and Potential - Despite global economic challenges, China achieved a 5.2% GDP growth, showcasing its strong resilience and adaptability in uncertain environments [4][5] - The economic growth rate of 5.2% ranks among the highest among major economies, highlighting China's role as a stable and reliable driver of global economic growth [4][5] Macroeconomic Policies and Effects - The implementation of proactive macroeconomic policies has effectively stabilized the economy, with consumer spending contributing 53.5% to economic growth, an increase of 9.0 percentage points from the previous year [10][11] - Investment in equipment and tools increased by 14.0% year-on-year, significantly contributing to overall investment growth [11][12] - The manufacturing sector saw significant growth in new energy products, with lithium-ion battery manufacturing increasing by 29.8% and electric vehicle production rising by 29.7% [12][16] New Quality Productivity - R&D expenditure increased by 8.9% year-on-year, with a notable rise in investment in emerging fields, leading to significant advancements in innovation [14][19] - The added value of high-tech manufacturing grew by 9.6%, with substantial increases in the production of industrial robots and 3D printing equipment [15][16] - The transition to green energy is evident, with significant growth in the production of renewable energy products, including a 46.9% increase in lithium-ion batteries [16][22]

Economic Overview - The GDP growth for the first three quarters of 2023 was 5.2%, an increase of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively, with an economic increment of 39,679 billion yuan, which is 1,368 billion yuan more year-on-year [2][6] - The urban unemployment rate averaged 5.2% in the first three quarters, remaining stable compared to the first half of the year, while the Consumer Price Index (CPI) slightly decreased by 0.1% year-on-year, but the core CPI, excluding food and energy, rose by 0.6% [2][7] Industry Performance - The manufacturing value added of lithium-ion batteries, shipbuilding and related equipment, and electric motors increased by 29.8%, 22.9%, and 17.1% year-on-year, respectively [11] - The production of new energy vehicles, electric bicycles, and tablet computers grew by 29.7%, 27.1%, and 9.5%, respectively [11] - The production of wind and solar power saw double-digit growth year-on-year in the first three quarters [11][15] High-Quality Development - The proportion of value added from equipment manufacturing and high-tech manufacturing reached 35.9% and 16.7% of the total industrial value added, respectively [3] - Non-fossil energy consumption accounted for approximately 1.7 percentage points more of the total energy consumption compared to the previous year [3] New Energy and Technology - The production of lithium-ion power batteries for automobiles increased by 46.9% year-on-year [15] - The production of solar batteries grew by 14.0% year-on-year [15] Policy Impact - The implementation of macroeconomic policies has effectively supported economic stability, with a focus on expanding domestic demand and enhancing market vitality [10][12] - The final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the previous year [10] Innovation and R&D - R&D expenditure increased by 8.9% compared to the previous year, with a notable rise in the number of R&D personnel [13][17] - The value added of high-tech manufacturing increased by 9.6% year-on-year, with significant growth in integrated circuit manufacturing and electronic materials [14] Green Development - The production of renewable energy products, including new energy vehicles and solar batteries, showed significant growth, with new energy vehicle production increasing by 29.7% [15][20] - The comprehensive utilization of waste resources increased by 14.4% in the first three quarters [15]

Core Viewpoint - The production of coke and steel in China showed a year-on-year increase in the first nine months of 2025, while the output of crude steel and pig iron continued to decline [1] Group 1: Coke Production - In the first nine months of 2025, the national coke production reached 37.716 million tons, representing a year-on-year increase of 3.5% [1] - In September 2025, the coke production was 4.256 million tons, showing a year-on-year increase of 8.0% but a month-on-month decrease of 0.1% [1] - The average daily coke production in September was estimated at 1.42 million tons, reflecting a month-on-month increase of 3.2% [1] Group 2: Pig Iron Production - The national pig iron production in the first nine months of 2025 totaled 64.586 million tons, which is a year-on-year decrease of 1.1% [1] - In September 2025, the pig iron production was 6.605 million tons, down 2.4% year-on-year and 5.4% month-on-month, marking the fourth consecutive month of decline [1] - The average daily pig iron production in September was estimated at 2.2 million tons, showing a month-on-month decrease of 2.2% [1] Group 3: Crude Steel Production - The crude steel production in the first nine months of 2025 was 74.625 million tons, reflecting a year-on-year decline of 2.9% [1] - In September 2025, the crude steel production was 7.349 million tons, which is a year-on-year decrease of 4.6% and a month-on-month decrease of 5.0%, continuing a downward trend for the fourth consecutive month [1] - The average daily crude steel production in September was estimated at 2.45 million tons, indicating a month-on-month decrease of 1.8% [1] Group 4: Steel Production - The total steel production in the first nine months of 2025 reached 110.385 million tons, showing a year-on-year increase of 5.4% [1] - In September 2025, the steel production was 12.421 million tons, which is a year-on-year increase of 5.1% and a month-on-month increase of 1.2% [1] - The average daily steel production in September was estimated at 4.14 million tons, reflecting a month-on-month increase of 4.5% [1]

国家统计局10月20日发布最新数据显示，我国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，1-9月份，火力绝对发电量为46969亿千瓦时，同比降低1.2%；水力发电量9971亿千瓦时，同 比降低1.1%；核电量为3581亿千瓦时，同比增长9.2%；风力发电量为7673亿千瓦时，同比增长10.1%； 太阳能发电量为4363亿千瓦时，同比增长24.2%。 具体来看，9月份，全国火力绝对发电量为5175亿千瓦时，同比降低5.4%；水电量1589亿千瓦时，同比 增长31.9%；核电量362亿千瓦时，同比增长1.6%；风力发电量672亿千瓦时，同比降低7.6%；太阳能发 电量465亿千瓦时，同比增长21.1%。 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。其中，规上工业火电同比下降5.4%，8月份为增长1.7%；规上工业水电增长31.9%，8月份为下降 10. ...

Core Points - The preliminary GDP results for the third quarter of 2025 indicate a GDP of 354,500 billion with a year-on-year growth of 4.8% and a growth of 5.2% for the first three quarters [8][5][4] - The primary industry grew by 4.0%, the secondary industry by 4.2%, and the tertiary industry by 5.4% in the third quarter [8][5] - The manufacturing sector showed a robust growth of 6.3%, while the construction industry faced a decline of 2.3% [8][5] GDP Growth Rates - Year-on-year growth rates for GDP from 2020 to 2025 show fluctuations, with 2025 projected to have a growth of 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3 [5][4] - The quarterly growth rates indicate a consistent recovery post-pandemic, with 2023 showing a growth of 4.7% in Q1 and 6.5% in Q2 [5][4] Industry Performance - The agricultural sector (including forestry, animal husbandry, and fishery) reported a growth of 4.1% in Q3 2025 [8] - The industrial sector, particularly manufacturing, continues to be a strong contributor to GDP, with a growth rate of 6.3% [8] - The financial sector also showed positive growth at 5.2%, while the real estate sector faced challenges with a slight decline of 0.2% [8] Data Sources and Methodology - The GDP data is calculated using the production method, which reflects the value added by various industries [12][11] - The classification of industries follows the national standards set by the National Bureau of Statistics, ensuring consistency in reporting [22][23] - The GDP figures are subject to revisions as more comprehensive data becomes available, ensuring accuracy in reflecting economic conditions [33][34]

Core Insights - National fixed asset investment (excluding rural households) reached 371,535 billion yuan from January to September 2025, showing a year-on-year decline of 0.5% [1] - Private fixed asset investment decreased by 3.1% year-on-year [1] - In September, fixed asset investment (excluding rural households) fell by 0.07% month-on-month [1] Investment by Industry - Investment in the primary industry was 7,344 billion yuan, with a year-on-year growth of 4.6% [1] - Investment in the secondary industry totaled 134,063 billion yuan, growing by 6.3% [1] - Investment in the tertiary industry was 230,128 billion yuan, declining by 4.3% year-on-year [1] - Within the secondary industry, industrial investment increased by 6.4% year-on-year [1] - Mining investment grew by 3.7%, manufacturing investment increased by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [1] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) rose by 1.1% year-on-year [1] - Water transport investment grew by 12.8%, railway transport investment increased by 4.2%, and water conservancy management investment rose by 3.0% [1] Regional Investment Trends - Investment in the eastern region declined by 4.5% year-on-year [1] - Investment in the central region increased by 1.5% [1] - Investment in the western region also grew by 1.5% [1] - The northeastern region experienced an investment decline of 8.4% [1] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 0.6% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [1] - Foreign enterprises' fixed asset investment saw a significant decline of 12.6% [1]

Real Estate Development Investment Completion - From January to September, the total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9% (on a comparable basis) [1] - Residential investment amounted to 52,046 billion yuan, down 12.9% [1] - The total construction area for real estate development enterprises was 648,580 million square meters, a decline of 9.4% year-on-year [1] - The new construction area was 45,399 million square meters, down 18.9%, with residential new construction area at 33,273 million square meters, a decrease of 18.3% [1] - The completed area was 31,129 million square meters, down 15.3%, with residential completed area at 22,228 million square meters, a decline of 17.1% [1] New Commodity Housing Sales and Inventory Situation - From January to September, the sales area of new commodity housing was 65,835 million square meters, a year-on-year decrease of 5.5%, with residential sales area down 5.6% [1] - The sales revenue of new commodity housing reached 63,040 billion yuan, a decline of 7.9%, with residential sales revenue down 7.6% [1] - As of the end of September, the inventory of commodity housing was 75,928 million square meters, a decrease of 241 million square meters compared to the end of August, with residential inventory down by 292 million square meters [1] Real Estate Development Enterprises' Fund Availability - From January to September, the funds available to real estate development enterprises totaled 72,299 billion yuan, a year-on-year decrease of 8.4% [2] - Domestic loans amounted to 11,294 billion yuan, down 1.4% [2] - Foreign investment was 18 million yuan, a significant decline of 37.3% [2] - Self-raised funds reached 26,111 billion yuan, down 9.3% [2] - Deposits and advance payments totaled 21,138 billion yuan, a decrease of 10.3% [2] - Personal mortgage loans were 9,884 billion yuan, down 10.6% [2] Real Estate Development Prosperity Index - In September, the real estate development prosperity index (National Real Estate Prosperity Index) was recorded at 92.78 [3]

Group 1: Resident Income Situation - In the first three quarters, the national per capita disposable income reached 32,509 yuan, representing a nominal increase of 5.1% year-on-year, and a real increase of 5.2% after adjusting for price factors [1] - Urban residents had a per capita disposable income of 42,991 yuan, with a nominal growth of 4.4% and a real growth of 4.5% [1] - Rural residents had a per capita disposable income of 17,686 yuan, showing a nominal increase of 5.7% and a real increase of 6.0% [1] - The per capita wage income was 18,659 yuan, growing by 5.4%, accounting for 57.4% of disposable income [1] - The median per capita disposable income was 27,149 yuan, with a growth of 4.5%, and the median is 83.5% of the average [1] Group 2: Resident Consumption Expenditure Situation - In the first three quarters, the national per capita consumption expenditure was 21,575 yuan, with a nominal increase of 4.6% and a real increase of 4.7% [2] - Urban residents had a per capita consumption expenditure of 26,510 yuan, growing by 3.8% nominally and 3.9% in real terms [2] - Rural residents had a per capita consumption expenditure of 14,597 yuan, with a nominal increase of 5.5% and a real increase of 5.8% [2] - Per capita food, tobacco, and alcohol expenditure was 6,359 yuan, growing by 2.5%, accounting for 29.5% of total consumption expenditure [2] - Per capita education, culture, and entertainment expenditure increased by 10.3%, accounting for 11.7% of total consumption expenditure [2]

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。 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。其中，规上工业火电同比下降5.4%，8月份为增长1.7%；规上工业水电增长31.9%，8月份为下 降10.1%；规上工业核电增长1.6%，增速比8月份放缓4.3个百分点；规上工业风电下降7.6%，8月份为增 长20.2%；规上工业太阳能发电增长21.1%，增速比 ...

Group 1 - The overall grain production is stable, with expectations for another bumper harvest in 2025, as summer grain production reached 299.48 billion jin, slightly down by 0.1% year-on-year, while early rice production increased to 57.03 billion jin, up by 1.2% [2] - The autumn grain production is also stable, supported by improved agricultural policies and favorable weather conditions in most regions, although some areas faced adverse weather impacts [2] - The national agricultural economy is showing a steady improvement, with effective disaster prevention measures being implemented to mitigate the impact of natural disasters [2] Group 2 - Livestock production remains stable, with total meat production reaching 73.12 million tons, an increase of 3.8% year-on-year, driven by growth in pork, beef, and poultry production [3][4] - The number of pigs slaughtered increased to 52.992 million heads, up by 1.8% year-on-year, with pork production at 4.368 million tons, reflecting a 3.0% increase [3] - The production of cattle and poultry also showed positive trends, with beef production increasing by 3.3% and poultry meat production rising by 7.2% [4] Group 3 - The agricultural product market is well-supplied, with producer prices declining by 3.6% year-on-year, influenced by various factors including new grain listings [5] - Specific price changes include a 6.0% decrease in vegetable prices and a 1.1% increase in fruit prices, indicating mixed trends in agricultural pricing [5] - By the end of September, the overall prices in agricultural markets remained stable, with fluctuations observed in specific categories such as livestock and vegetables [5]