Core Insights - The total profit of industrial enterprises above designated size in China reached 53,732 billion yuan from January to September 2025, marking a year-on-year increase of 3.2%, the highest growth rate since August of the previous year [1] - The manufacturing sector saw a profit growth of 9.9%, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. Conversely, the mining sector experienced a decline of 29.3%, although the decline was less severe than in previous months [1] - In September alone, profits for industrial enterprises increased by 21.6% year-on-year, accelerating by 1.2 percentage points compared to August [1] Industrial Performance - Among 41 major industrial categories, 23 reported profit growth year-on-year, with 30 industries showing profit increases in September, representing a growth rate of 73.2% [1] - The recovery trend is evident, with 26 industries experiencing either accelerated profit growth or a reduction in profit decline compared to August [1] High-Tech Manufacturing - High-tech manufacturing profits grew by 8.7% year-on-year from January to September, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [2] - In September, high-tech manufacturing profits surged by 26.8%, driving a 6.1 percentage point increase in total industrial profits for that month [2] Equipment Manufacturing - The equipment manufacturing sector's profits increased by 9.4% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.2 percentage points [2] - In September, profits in the equipment manufacturing sector grew by 25.6%, contributing 10.5 percentage points to the overall profit growth of industrial enterprises [2] Sector-Specific Growth - All eight industries within the equipment manufacturing sector reported profit growth from January to September, with notable increases in railways, shipping, aerospace, electronics, and electrical machinery [3] Future Outlook - Relevant authorities are expected to introduce more proactive policies to promote the sustained development of the industrial economy [4]

Core Insights - The coal industry has shown mixed performance in key economic indicators for the first nine months, with a total of 5,200 enterprises reported, an increase from 5,135 in the same period last year [1] Financial Indicators - Accounts receivable decreased by 3.4% to CNY 50.127 billion from CNY 51.909 billion [1] - Finished goods inventory increased by 1.8% to CNY 8.305 billion from CNY 8.162 billion [1] - Average balance of current assets decreased by 1.9% to CNY 352.971 billion from CNY 346.439 billion [1] - Total assets rose by 1.5% to CNY 792.126 billion from CNY 780.053 billion [1] - Total liabilities increased by 3.9% to CNY 464.854 billion from CNY 188.106 billion [1] Revenue and Profitability - Operating revenue decreased by 13.0% to CNY 157.036 billion from CNY 224.646 billion [1] - Operating costs also fell to CNY 136.669 billion, reflecting a decline in profitability [1] - Total profit (after subsidies) dropped significantly by 51.1% to CNY 45.973 billion from CNY 93.000 billion [1] - Losses from loss-making enterprises decreased by 38.9% to CNY 6.217 billion from CNY 8.637 billion [1] Financial Ratios - The asset-liability ratio increased to 61.0% from 59.6% [1]

Core Insights - The national statistics indicate mixed trends in steel prices across the market as of late October 2025 [1] Price Summary - Rebar (Φ20mm, HRB400E) price is 3122.3 CNY/ton, up by 11.8 CNY/ton, a 0.4% increase compared to the previous period, which had a decrease of 2.3% [1] - Wire rod (Φ8-10mm, HPB300) price is 3281.7 CNY/ton, up by 17.4 CNY/ton, a 0.5% increase from the last period, which saw a decrease of 2.0% [1] - Ordinary medium plate (20mm, Q235) price is 3425.5 CNY/ton, down by 19.8 CNY/ton, a 0.6% decrease, with the decline narrowing by 1.2 percentage points from the previous period [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3319.6 CNY/ton, down by 6.7 CNY/ton, a 0.2% decrease, with the decline narrowing by 2.3 percentage points from the last period [1] - Seamless steel pipe (219*6, 20) price is 4096.3 CNY/ton, down by 9.8 CNY/ton, a 0.2% decrease, with the decline narrowing by 0.6 percentage points from the previous period [1] - Angle steel (5) price is 3412.6 CNY/ton, down by 4.0 CNY/ton, a 0.1% decrease, with the decline narrowing by 1.5 percentage points from the last period [1]

Core Insights - The National Bureau of Statistics reported significant price increases across various coal types in late October, indicating a strong upward trend in the coal market [1] Price Changes Summary - Anthracite (washed middle block, volatile matter ≤ 8%) price reached 904.0 CNY/ton, up 30.0 CNY/ton, a rise of 3.4% [1] - Ordinary mixed coal (Shanxi powder and lump coal mix, calorific value 4500 kcal) price was 587.4 CNY/ton, increasing by 32.5 CNY/ton, a rise of 5.9% [1] - Shanxi big mixed coal (higher quality mixed coal, calorific value 5000 kcal) price stood at 676.4 CNY/ton, up 41.1 CNY/ton, a rise of 6.5% [1] - Shanxi premium mixed coal (high-quality mixed coal, calorific value 5500 kcal) price was 767.0 CNY/ton, increasing by 40.7 CNY/ton, a rise of 5.6% [1] - Datong mixed coal (Datong produced mixed coal, calorific value 5800 kcal) price reached 808.8 CNY/ton, up 43.1 CNY/ton, a rise of 5.6% [1] - Coking coal (main coking coal, sulfur content < 1%) price was 1548.8 CNY/ton, increasing by 58.8 CNY/ton, a rise of 3.9% [1] - In addition, the price of coke (quasi-first-grade metallurgical coke, 12.01% ≤ ash content ≤ 13.50%) was 1421.4 CNY/ton, up 25.0 CNY/ton, a rise of 1.8% [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for October 2025, with 26 products experiencing price increases, 22 seeing declines, and 2 remaining stable [1] Price Changes - Cotton (specifically, white cotton grade three) has a current price of 14,505.4 yuan per ton, reflecting an increase of 239.5 yuan per ton, which corresponds to a growth rate of 1.7% compared to the previous period [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for October 2025, with 26 products experiencing price increases, 22 seeing declines, and 2 remaining stable [1] Price Trends - The price of national live pigs (external three yuan) reached 12.0 yuan per kilogram, reflecting a significant increase of 10.1% compared to mid-October [1]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 26 products experiencing price increases, 22 seeing declines, and 2 remaining stable in late October 2025 compared to mid-October 2025 [2][3]. Group 1: Price Changes in Black Metals - Rebar (Φ20mm, HRB400E) price is 3122.3 CNY per ton, up by 11.8 CNY, a rise of 0.4% [5] - Wire rod (Φ8-10mm, HPB300) price is 3281.7 CNY per ton, up by 17.4 CNY, a rise of 0.5% [5] - Ordinary medium plate (20mm, Q235) price is 3425.5 CNY per ton, down by 19.8 CNY, a decline of 0.6% [5] - Hot-rolled ordinary plate (4.75-11.5mm, Q235) price is 3319.6 CNY per ton, down by 6.7 CNY, a decline of 0.2% [5] - Seamless steel pipe (219*6, 20) price is 4096.3 CNY per ton, down by 9.8 CNY, a decline of 0.2% [5] - Angle steel (5) price is 3412.6 CNY per ton, down by 4.0 CNY, a decline of 0.1% [5] Group 2: Price Changes in Non-Ferrous Metals - Electrolytic copper (1) price is 86808.8 CNY per ton, up by 1378.8 CNY, a rise of 1.6% [6] - Aluminum ingot (A00) price is 21098.8 CNY per ton, up by 192.1 CNY, a rise of 0.9% [6] - Lead ingot (1) price is 17150.0 CNY per ton, up by 229.2 CNY, a rise of 1.4% [6] - Zinc ingot (0) price is 22145.0 CNY per ton, up by 135.0 CNY, a rise of 0.6% [6] Group 3: Price Changes in Chemical Products - Sulfuric acid (98%) price is 714.3 CNY per ton, up by 59.6 CNY [6] - Caustic soda (liquid caustic, 32%) price is 869.3 CNY per ton, down by 7.8 CNY, a decline of 0.9% [6] - Methanol (first grade) price is 2161.3 CNY per ton, down by 51.1 CNY, a decline of 2.3% [6] - Pure benzene (industrial grade) price is 5414.7 CNY per ton, down by 174.6 CNY, a decline of 3.1% [6] - Styrene (first grade) price is 6437.9 CNY per ton, down by 108.1 CNY, a decline of 1.7% [6] Group 4: Price Changes in Energy Products - Liquefied natural gas (LNG) price is 4237.1 CNY per ton, up by 396.9 CNY, a rise of 10.3% [7] - Liquefied petroleum gas (LPG) price is 4240.4 CNY per ton, down by 130.5 CNY, a decline of 3.0% [7] - Gasoline (95 National VI) price is 8093.6 CNY per ton, down by 169.4 CNY, a decline of 2.1% [7] - Diesel (0 National VI) price is 6791.8 CNY per ton, down by 88.6 CNY, a decline of 1.3% [7] Group 5: Price Changes in Agricultural Products - Rice (Japonica) price is 3919.6 CNY per ton, down by 20.0 CNY [8] - Wheat (National Standard Grade 3) price is 2468.6 CNY per ton, up by 23.5 CNY, a rise of 1.0% [8] - Corn (Yellow Corn Grade 2) price is 2152.8 CNY per ton, down by 1.5 CNY, a decline of 0.1% [8] - Cotton (White Cotton Grade 3) price is 14505.4 CNY per ton, up by 239.5 CNY, a rise of 1.7% [8]

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for October is 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1] Group 1: PMI Overview - The PMI for large, medium, and small enterprises are 49.9%, 48.7%, and 47.1% respectively, all below the critical point, with declines of 1.1, 0.1, and 1.1 percentage points compared to last month [1] Group 2: Sub-Indices Analysis - The production index is at 49.7%, down 2.2 percentage points, indicating a slowdown in manufacturing production [3] - The new orders index is at 48.8%, a decrease of 0.9 percentage points, suggesting a decline in market demand for manufacturing [4] - The raw materials inventory index is at 47.3%, down 1.2 percentage points, indicating a continued reduction in the inventory of major raw materials [5] - The employment index is at 48.3%, a slight decrease of 0.2 percentage points, reflecting a minor decline in employment levels within manufacturing [6] - The supplier delivery time index is at 50.0%, down 0.8 percentage points, remaining at the critical point, indicating that supplier delivery times are stable compared to the previous month [7]

Manufacturing PMI Overview - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1][17] - The PMI for large, medium, and small enterprises was 49.9%, 48.7%, and 47.1%, respectively, all below the critical point [1][18] - The production index was 49.7%, down 2.2 percentage points, signaling a slowdown in manufacturing production [2][18] - The new orders index was 48.8%, a decrease of 0.9 percentage points, reflecting a drop in market demand [3][18] - The raw materials inventory index was 47.3%, down 1.2 percentage points, indicating a continued reduction in inventory levels [4][18] - The employment index was 48.3%, a slight decrease of 0.2 percentage points, suggesting a minor decline in employment levels within the manufacturing sector [5][18] Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, an increase of 0.1 percentage points, indicating expansion in the non-manufacturing sector [6][17] - The service sector's business activity index was 50.2%, up 0.1 percentage points, showing a slight recovery in service sector activity [6][20] - The new orders index for non-manufacturing was 46.0%, unchanged from the previous month, indicating weak market demand [6][20] - The input prices index was 49.4%, an increase of 0.4 percentage points, suggesting a narrowing decline in input prices for non-manufacturing businesses [6][20] - The employment index for non-manufacturing was 45.2%, a slight increase of 0.2 percentage points, indicating a minor improvement in employment conditions [7][20] Composite PMI Overview - The Composite PMI Output Index was 50.0%, a decrease of 0.6 percentage points, indicating overall stability in production and business activities [8][21] - The manufacturing production index was 49.7%, while the non-manufacturing business activity index was 50.1%, contributing to the composite index's position at the critical point [21]

Manufacturing PMI Overview - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1] - The PMI for large, medium, and small enterprises was 49.9%, 48.7%, and 47.1%, respectively, all below the critical point, with declines of 1.1, 0.1, and 1.1 percentage points [1] - The production index was 49.7%, down 2.2 percentage points, suggesting a slowdown in manufacturing production [2] New Orders and Employment - The new orders index was 48.8%, a decrease of 0.9 percentage points, indicating a decline in market demand for manufacturing [2] - The raw materials inventory index was 47.3%, down 1.2 percentage points, showing a continued reduction in major raw material inventories [2] - The employment index was 48.3%, a slight decrease of 0.2 percentage points, reflecting a minor decline in employment levels within manufacturing [2] Non-Manufacturing PMI Overview - In October, the Non-Manufacturing Business Activity Index was 50.1%, an increase of 0.1 percentage points, indicating expansion in the non-manufacturing sector [3] - The construction industry index was 49.1%, down 0.2 percentage points, while the services industry index was 50.2%, up 0.1 percentage points [3] Non-Manufacturing Demand and Prices - The new orders index for non-manufacturing was 46.0%, unchanged from the previous month, indicating weak market demand [3] - The input prices index was 49.4%, an increase of 0.4 percentage points, suggesting a narrowing decline in input prices for non-manufacturing [4] - The sales prices index was 47.8%, up 0.5 percentage points, but still below the critical point, indicating lower sales prices compared to the previous month [4] Employment and Expectations in Non-Manufacturing - The employment index for non-manufacturing was 45.2%, an increase of 0.2 percentage points, indicating slight improvement in employment conditions [4] - The business activity expectation index was 56.1%, up 0.4 percentage points, reflecting optimism among non-manufacturing enterprises regarding market prospects [4] Composite PMI Overview - The Composite PMI Output Index was 50.0%, a decrease of 0.6 percentage points, indicating overall stability in production and business activities [5]