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]

Core Insights - In the first three quarters, the national pig output reached 52.992 million heads, an increase of 0.962 million heads year-on-year, representing a growth of 1.8%, with the growth rate improving by 1.2 percentage points compared to the first half of the year, marking three consecutive quarters of growth [1] - Pork production totaled 4.368 million tons, an increase of 0.128 million tons year-on-year, reflecting a growth of 3.0% [1] - By the end of the third quarter, the national pig inventory stood at 43.680 million heads, an increase of 0.986 million heads year-on-year, which is a growth of 2.3%, and a quarter-on-quarter increase of 1.233 million heads, or 2.9% [1] - The inventory of breeding sows was 4.035 million heads, showing a year-on-year decrease of 0.028 million heads, a decline of 0.7%, and a slight quarter-on-quarter decrease of 0.009 million heads, or 0.2% [1]

Core Viewpoint - The real estate development investment in China for the first nine months of the year reached 67,706 billion yuan, representing a year-on-year decline of 13.9% [1][10][11]. Group 1: Investment and Construction Data - Real estate development investment totaled 67,706 billion yuan, with residential investment at 52,046 billion yuan, down 12.9% [1][10]. - The total construction area for real estate development was 648,580 million square meters, a decrease of 9.4% year-on-year, with residential construction area at 452,165 million square meters, down 9.7% [2][10]. - New construction area was 45,399 million square meters, down 18.9%, with residential new construction area at 33,273 million square meters, down 18.3% [2][10]. - The completed construction area was 31,129 million square meters, down 15.3%, with residential completed area at 22,228 million square meters, down 17.1% [2][10]. Group 2: Sales and Inventory Situation - New commodity housing sales area was 65,835 million square meters, down 5.5%, with residential sales area declining by 5.6% [3][12]. - The sales revenue from new commodity housing reached 63,040 billion yuan, a decrease of 7.9%, with residential sales revenue down 7.6% [3][12]. - As of the end of September, the inventory of unsold commodity housing was 75,928 million square meters, a reduction of 241 million square meters from the end of August, with residential unsold area decreasing by 292 million square meters [6][12]. Group 3: Funding Situation - The total funds available to real estate development enterprises amounted to 72,299 billion yuan, down 8.4% year-on-year [6][10]. - Domestic loans accounted for 11,294 billion yuan, a decline of 1.4%, while foreign investment dropped by 37.3% to 18 million yuan [6][10]. - Self-raised funds were 26,111 billion yuan, down 9.3%, and personal mortgage loans decreased by 10.6% to 9,884 billion yuan [6][10]. Group 4: Market Sentiment - The real estate development prosperity index stood at 92.78 in September, indicating a lower level of market sentiment [8][17].

Group 1: Production of Coal, Oil, and Natural Gas - In September, the production of raw coal in large-scale industries was 410 million tons, a year-on-year decrease of 1.8%, with the decline narrowing by 1.4 percentage points compared to August; the average daily output was 13.72 million tons [2] - From January to September, the total raw coal production reached 3.57 billion tons, showing a year-on-year increase of 2.0% [2] - The production of crude oil in September was 17.77 million tons, reflecting a year-on-year growth of 4.1%, with an acceleration of 1.7 percentage points compared to August; the average daily output was 592,000 tons [2] - For the first nine months, the total crude oil production was 162.63 million tons, up by 1.7% year-on-year [3] - The crude oil processing volume in September was 62.69 million tons, a year-on-year increase of 6.8%, with an average daily processing of 2.09 million tons [4] - From January to September, the total crude oil processing volume was 550.81 million tons, increasing by 3.7% year-on-year [5] - Natural gas production in September reached 21.2 billion cubic meters, with a year-on-year growth of 9.4%, accelerating by 3.5 percentage points compared to August; the average daily output was 710 million cubic meters [5] - For the first nine months, the total natural gas production was 194.9 billion cubic meters, reflecting a year-on-year increase of 6.4% [6] Group 2: Electricity Production - The electricity production in large-scale industries in September was 826.2 billion kilowatt-hours, a year-on-year increase of 1.5%; the average daily generation was 27.54 billion kilowatt-hours [7] - From January to September, the total electricity production was 7,255.7 billion kilowatt-hours, showing a year-on-year growth of 1.6% [7] - In September, the production of thermal power decreased by 5.4% year-on-year, while hydropower increased by 31.9%, nuclear power growth slowed to 1.6%, wind power decreased by 7.6%, and solar power increased by 21.1%, with the latter accelerating by 5.2 percentage points compared to August [7]

Core Points - The National Bureau of Statistics of China is conducting a statistical inspection in Fujian Province, authorized by the Central Committee and the State Council, to implement the important speeches and directives of General Secretary Xi Jinping regarding statistical work [1] Group 1 - The inspection team will be stationed in Fujian Province for approximately 13 days [1] - The inspection aims to address issues related to statistical violations and illegal activities in Fujian Province [2] - The inspection period is from October 20, 2025, to November 1, 2025, with specific reporting channels established for violations [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。 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。 1—9月份，规上工业原油加工量55081万吨，同比增长3.7%。 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 ...