Core Viewpoint - The national economy is operating smoothly with overall stable employment conditions, supported by enhanced macro policies and employment stabilization measures [1] Group 1: Employment Statistics - The national urban surveyed unemployment rate averaged 5.2% from January to September, with quarterly averages of 5.3%, 5.0%, and 5.2%, showing a slight increase of 0.1 percentage points in the first quarter compared to the previous year, while the second and third quarters remained stable [2] - In September, the unemployment rate decreased to 5.2%, down 0.1 percentage points from August, following seasonal adjustments [2] - The unemployment rate in 31 major cities averaged 5.1%, which is 0.1 percentage points lower than the national average, with similar quarterly trends observed [2] Group 2: Employment in Key Sectors - Employment in key service sectors such as transportation, accommodation, and cultural industries improved due to active summer tourism and enhanced employment support policies [3] - The unemployment rate for migrant agricultural workers averaged 4.8%, which is 0.4 percentage points lower than the national urban average, with a slight increase in July due to seasonal factors, followed by a decrease in August and September [3] - The unemployment rate for the 16-24 age group, excluding students, saw a seasonal rise in July and August but significantly decreased in September as graduates secured jobs [3] Group 3: Economic Outlook and Policy Recommendations - The overall economic operation is stable, with steady progress in transformation and upgrading, although structural employment challenges remain in certain regions and industries [3] - There is a need for continued macro policy adjustments to stabilize employment, businesses, markets, and expectations, with an emphasis on enhancing employment support measures [3]

Core Insights - The consumption market is experiencing stable growth, driven by various policies and new consumption models, leading to enhanced market vitality and released consumption potential [1][6] Group 1: Consumption Market Overview - The total retail sales of consumer goods reached 365,877 billion yuan in the first three quarters, with a year-on-year growth of 4.5%, accelerating by 1.2 percentage points compared to the same period last year [2] - Service consumption is growing rapidly, with service retail sales increasing by 5.2% year-on-year, outpacing goods retail sales by 0.6 percentage points [2] - The film box office revenue increased by 20.7% year-on-year, indicating strong demand in the entertainment sector [2] Group 2: Urban and Rural Market Dynamics - Urban retail sales grew by 4.4% year-on-year, while rural retail sales increased by 4.6%, showing a balanced growth between urban and rural markets [3] - The county and township market is expanding, with the share of county and township retail sales in total retail sales reaching 38.8%, an increase of 0.1 percentage points from the previous months [3] Group 3: Product Categories Performance - Overall retail sales of goods increased by 4.6% year-on-year, with significant growth in basic living goods and upgraded products [4] - The retail sales of furniture increased by 21.3%, while home appliances and audio-visual equipment grew by 25.3% and 19.9%, respectively, indicating strong performance in the "trade-in" policy [4] Group 4: New Consumption Trends - Online retail sales grew by 9.8% year-on-year, with physical goods online retail sales increasing by 6.5%, reflecting a sustained upward trend [5] - New retail formats, such as warehouse membership stores and discount stores, are thriving, with double-digit growth in sales [5] Group 5: Future Outlook - The consumption market is expected to continue expanding and improving, with a focus on enhancing consumer willingness and stimulating consumption potential [6] - Future actions will include implementing consumption-boosting initiatives and promoting high-quality development in the consumption market [6]

Group 1: Economic Growth of the Service Sector - The service sector's contribution to economic growth is significant, with a value added of 592,955 billion yuan in the first three quarters, representing a year-on-year growth of 5.4% [2] - The service sector accounted for 58.4% of GDP, an increase of 0.8 percentage points from the previous year, contributing 60.7% to national economic growth [2] - In September, the service production index grew by 5.6% year-on-year, indicating sustained growth [2] Group 2: Innovation and New Momentum - The modern service industry is thriving, with significant growth in information transmission, software, and IT services, which saw a year-on-year increase of 11.2% and 9.2% respectively [3] - These sectors contributed 1.7 percentage points to the growth of the service sector's value added [3] - The high-tech service industry is also expanding, with fixed asset investment growing by 6.1% year-on-year [4] Group 3: Service Consumption Upgrade - Service retail sales increased by 5.2% year-on-year, outpacing the growth of goods retail sales by 0.6 percentage points [5] - Online retail sales grew by 9.8% in the first three quarters, reflecting a shift towards digital consumption [5] - The cultural and tourism sectors are experiencing robust growth, with significant increases in revenue for cultural arts and travel services [5] Group 4: High-Level Opening of the Service Sector - Service trade is steadily increasing, with a total import and export value of 52,476.9 billion yuan, a year-on-year growth of 7.4% [6] - The number of foreign visitors benefiting from visa-free policies increased by 52.1% [6] - The actual use of foreign capital in the service sector reached 3,661.9 billion yuan, accounting for over 70% of total foreign capital utilization [6] Group 5: Business Activity and Future Outlook - The business activity index for the service sector was at 50.1% in September, indicating expansion [7] - The business activity expectation index remained stable and optimistic at 56.3% [7] - Overall, the service sector is maintaining a steady operational trend, with ongoing improvements in development quality [8]

Economic Overview - The national GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [1] - The GDP growth rates by quarter were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, with a quarter-on-quarter growth of 1.1% in Q3 [1] Agriculture - Agricultural value added grew by 3.6% year-on-year, with summer grain and early rice production totaling 178.25 million tons, an increase of 0.1% [2] - Livestock production saw a total output of 73.12 million tons, up 3.8% year-on-year, with specific increases in pork, beef, and poultry [2] Industrial Production - Industrial value added for large-scale enterprises increased by 6.2% year-on-year, with manufacturing growing by 6.8% [3] - High-tech manufacturing and equipment manufacturing sectors showed strong growth, with increases of 9.6% and 9.7% respectively [3] - In September, industrial value added grew by 6.5% year-on-year and 0.64% month-on-month [3] Services Sector - The services sector's value added increased by 5.4% year-on-year, with significant growth in information transmission and software services at 11.2% [4] - The service industry production index rose by 5.6% year-on-year in September, indicating robust activity [4] Retail Sales - Total retail sales of consumer goods reached 3,658.77 billion yuan, growing by 4.5% year-on-year, with urban retail sales at 3,168.38 billion yuan [5] - Online retail sales amounted to 1,128.30 billion yuan, a 9.8% increase, with physical goods online sales at 915.28 billion yuan, growing by 6.5% [5] Fixed Asset Investment - Fixed asset investment (excluding rural households) totaled 3,715.35 billion yuan, a decrease of 0.5% year-on-year, while manufacturing investment grew by 4.0% [7] - Infrastructure investment increased by 1.1%, while real estate development investment saw a significant decline of 13.9% [7] Trade - Total import and export value reached 3,360.78 billion yuan, with exports growing by 7.1% and imports slightly declining by 0.2% [8] - In September, the total trade value was 404.36 billion yuan, reflecting an 8.0% year-on-year increase [8] Consumer Prices - The national CPI decreased by 0.1% year-on-year, with food prices dropping by 0.8% [9] - Core CPI, excluding food and energy, rose by 0.6%, indicating a slight increase in underlying inflation pressures [9] Employment - The urban surveyed unemployment rate averaged 5.2% in the first three quarters, with a slight decrease in September [10] - The total number of rural laborers working outside their home areas reached 191.87 million, a year-on-year increase of 0.9% [10] Income - Per capita disposable income reached 32,509 yuan, with a nominal growth of 5.1% year-on-year [11] - Rural residents experienced a faster income growth rate compared to urban residents, with rural disposable income growing by 6.0% [11]

1—9月份，规上工业原油产量16263万吨，同比增长1.7%。 原油加工较快增长。9月份，规上工业原油加工量6269万吨，同比增长6.8%；日均加工209.0万吨。 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。其中，规上工业火电同比下降5 ...

Core Insights - The overall fixed asset investment in China for the first three quarters of the year reached 371.535 billion yuan, showing a year-on-year decline of 0.5%, primarily influenced by the real estate sector [1] - Excluding real estate development investment, project investment increased by 3.0% year-on-year [1] Group 1: Industrial Investment - Industrial investment grew by 6.4% year-on-year, contributing 2.1 percentage points to total investment growth [1] - Mining investment increased by 3.7%, while manufacturing investment rose by 4.0%, with consumer goods manufacturing up by 6.3% and equipment manufacturing up by 1.6% [1] - Investment in electricity, heat, gas, and water production and supply surged by 15.3%, contributing 1.1 percentage points to total investment growth, with renewable energy investments (solar, wind, nuclear, and hydropower) collectively growing by 13.9% [1] Group 2: Infrastructure Investment - Infrastructure investment saw a year-on-year increase of 1.1%, contributing 0.2 percentage points to total investment growth [1] - Private investment in infrastructure grew by 7.0%, accounting for 20.0% of total infrastructure investment, an increase of 1.1 percentage points from the previous year [1] - Notable growth in private investment was observed in water management (42.4%) and air transport (24.4%) [1] Group 3: Equipment Investment - Equipment purchase investment maintained a growth rate of over 10%, with a year-on-year increase of 14.0%, contributing 2.0 percentage points to total investment growth [2] - This segment accounted for 16.6% of total investment, an increase of 2.2 percentage points compared to the previous year [2] Group 4: High-Tech Service Investment - Investment in high-tech services grew by 6.1% year-on-year, representing 5.3% of total service investment, an increase of 0.5 percentage points from the previous year [3] - Information service investment experienced significant growth of 33.1% [3] Group 5: Agricultural and Related Investment - Investment in the primary industry increased by 4.6% year-on-year, with forestry investment growing by 40.0% and fishery investment by 12.9% [4] - The food processing industry saw a 14.3% increase in investment, while food manufacturing grew by 10.8% [4] - Investment in electricity and heat production and supply rose by 17.9% [4] Future Outlook - The focus will be on implementing new policy financial tools to accelerate project construction and stimulate private investment in new productivity, emerging services, and new infrastructure [4]

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' per capita disposable income was 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% after adjusting for price factors [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' per capita consumption expenditure was 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, accounting for 29.5% of total consumption expenditure [2] - Per capita education, culture, and entertainment expenditure grew by 10.3%, representing 11.7% of total consumption expenditure [2]

Core Insights - In September, the retail sales of clothing, footwear, and textile products in China reached 123.1 billion yuan, showing a year-on-year growth of 4.7% [1] - From January to September 2025, the retail sales in the same categories totaled 1,061.3 billion yuan, reflecting a year-on-year increase of 3.1% [1] Summary by Category - **September Retail Performance** - Retail sales for clothing, footwear, and textile products amounted to 123.1 billion yuan in September, with a growth rate of 4.7% compared to the previous year [1] - **Year-to-Date Performance (January to September 2025)** - Cumulative retail sales for the first nine months of 2025 reached 1,061.3 billion yuan, marking a 3.1% increase year-on-year [1]

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, increasing by 6.3% [1] - Investment in the tertiary industry declined by 4.3%, totaling 230,128 billion yuan [1] - Within the secondary industry, industrial investment grew by 6.4% [1] - Mining investment increased by 3.7% [1] - Manufacturing investment rose by 4.0% [1] - 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) grew by 1.1% [1] - Investment in water transportation increased by 12.8% [1] - Railway transportation investment rose by 4.2% [1] - Water conservancy management investment grew 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]

Group 1: Retail Sales Overview - 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% [1] - Excluding automobiles, the retail sales of consumer goods in September were 37,260 billion yuan, with a growth of 3.2% [1] Group 2: Urban and Rural Consumption - In September, urban retail sales were 35,783 billion yuan, showing a year-on-year increase of 2.9%, while rural retail sales reached 6,188 billion yuan, growing by 4.0% [1] - From January to September, urban retail sales totaled 316,838 billion yuan, with a growth of 4.4%, and rural retail sales were 49,039 billion yuan, increasing by 4.6% [1] 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% [1] - From January to September, the retail sales of goods reached 324,888 billion yuan, with a growth of 4.6%, and catering revenue was 40,989 billion yuan, increasing by 3.3% [1] Group 4: Online Retail Performance - From January to September, the national online retail sales reached 112,830 billion yuan, with a year-on-year growth of 9.8% [2] - Among online retail sales, the physical goods online retail sales were 91,528 billion yuan, growing by 6.5%, accounting for 25.0% of the total retail sales of consumer goods [2] - In the category of physical goods online retail sales, food, clothing, and daily necessities grew by 15.1%, 2.8%, and 5.7% respectively [2] Group 5: Retail Formats - From January to September, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand exclusive stores grew by 6.4%, 4.4%, 0.9%, 4.8%, and 1.5% respectively among retail units above designated size [1]