Core Viewpoint - In September, the industrial added value of large-scale enterprises increased by 6.5% year-on-year, indicating a robust growth trend in the industrial sector [1][3]. Group 1: Industrial Growth - In September, the industrial added value increased by 0.64% month-on-month, with a year-to-date growth of 6.2% [1]. - By sector, mining increased by 6.4%, manufacturing by 7.3%, and electricity, heat, gas, and water production and supply by 0.6% in September [3]. - Among 41 major industries, 36 reported year-on-year growth in added value, with notable increases in coal mining (6.4%), oil and gas extraction (8.9%), and automotive manufacturing (16.0%) [3]. Group 2: Product Output - In September, out of 623 industrial products, 362 saw a year-on-year increase in output, including steel (12.421 million tons, up 5.1%) and automobiles (3.227 million units, up 13.7%) [4]. - New energy vehicles specifically grew by 20.3%, reaching 1.58 million units [4]. - The total power generation was 826.2 billion kWh, reflecting a 1.5% increase [4]. Group 3: Sales and Exports - The product sales rate for large-scale industrial enterprises was 96.7%, up by 0.6 percentage points year-on-year [5]. - The export delivery value reached 1.476 trillion yuan, showing a nominal growth of 3.8% year-on-year [5].

Core Viewpoint - The fixed asset investment in China (excluding rural households) for the first nine months of 2025 decreased by 0.5% year-on-year, with private investment declining by 3.1% [1][5]. Investment by Industry - Investment in the primary industry reached 734.4 billion yuan, growing by 4.6% year-on-year [3]. - Investment in the secondary industry totaled 1,340.63 billion yuan, increasing by 6.3% year-on-year, with industrial investment specifically rising by 6.4% [3]. - The tertiary industry saw a decline in investment, totaling 2,301.28 billion yuan, down by 4.3% year-on-year [3]. Secondary Industry Breakdown - Mining investment grew by 3.7%, while manufacturing investment increased by 4.0% [3]. - Investment in the electricity, heat, gas, and water production and supply industry surged by 15.3% [3]. Tertiary Industry Breakdown - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 1.1% year-on-year [3]. - Notable growth in water transportation investment at 12.8% and railway transportation investment at 4.2% [3]. Investment by Region - Eastern region investment decreased by 4.5%, while the central and western regions both saw a growth of 1.5% [3]. - The northeastern region experienced a significant decline of 8.4% in investment [3]. Investment by Registration Type - Domestic enterprises' fixed asset investment fell by 0.6%, while investment from Hong Kong, Macau, and Taiwan enterprises decreased by 0.3% [3]. - Foreign enterprises' fixed asset investment saw a substantial decline of 12.6% [3].

Group 1: Commercial Vehicle Production and Sales - In September 2025, commercial vehicle production and sales reached 376,000 and 368,000 units respectively, with month-on-month growth of 19.3% and 16.3%, and year-on-year growth of 27.7% and 29.6% [2] - From January to September 2025, commercial vehicle production and sales totaled 3.091 million and 3.117 million units, reflecting year-on-year growth of 9.4% and 7.8% [3] Group 2: Bus Production and Sales - In September 2025, bus production and sales were 54,000 and 56,000 units respectively, with month-on-month growth of 20.5% and 25%, and year-on-year growth of 21.2% and 33.7% [5] - From January to September 2025, bus production and sales reached 405,000 and 407,000 units, showing year-on-year growth of 12.6% and 12.7% [6] Group 3: Truck Production and Sales - In September 2025, truck production and sales amounted to 322,000 and 312,000 units respectively, with month-on-month growth of 19.1% and 14.9%, and year-on-year growth of 28.9% [8] - From January to September 2025, truck production and sales were 2.687 million and 2.71 million units, with year-on-year growth of 8.9% and 7.1% [8]

Core Viewpoint - The recent implementation of a new growth stabilization plan in the automotive industry aims to boost consumer confidence and support the stable operation of the passenger car market through continuous new model launches by companies [1]. Production and Sales Data - In September 2025, passenger car production and sales reached 2.9 million and 2.859 million units, respectively, representing a month-on-month increase of 16% and 12.5%, and a year-on-year increase of 15.9% and 13.2% [3]. - From January to September 2025, passenger car production and sales totaled 21.241 million and 21.246 million units, showing a year-on-year growth of 13.9% and 13.7% [4]. - In September 2025, domestic sales of passenger cars were 2.299 million units, with a month-on-month increase of 14.5% and a year-on-year increase of 11.2% [9]. - For the same period, passenger car exports reached 4.201 million units, reflecting a year-on-year growth of 15.6% [8]. Segment Performance - In September 2025, among the main types of passenger cars, the production of crossover vehicles saw a slight decline, while sales experienced a slight increase. Other three major categories of passenger cars showed double-digit growth [6]. - From January to September 2025, all four major categories of passenger cars exhibited varying degrees of growth compared to the same period last year, with crossover vehicles showing the most significant growth [7]. - In September 2025, passenger car exports amounted to 560,000 units, with a month-on-month increase of 5% and a year-on-year increase of 22.4% [10].

Group 1: Industrial Producer Price Changes - In September, the industrial producer price index showed a year-on-year decline of 2.3%, with a narrowing decrease of 0.6 percentage points compared to the previous month [3] - The prices of production materials decreased by 2.4%, contributing approximately 1.81 percentage points to the overall decline in industrial producer prices [2] - The average industrial producer price from January to September decreased by 2.8% compared to the same period last year [3] Group 2: Price Changes by Category - In the category of industrial producer purchase prices, fuel and power prices fell by 8.1%, while chemical raw materials decreased by 5.5% [5] - The prices of food decreased by 1.7%, while durable consumer goods saw a significant decline of 3.9% [2][8] - The prices of non-ferrous metal materials and wires increased by 6.6%, indicating a contrasting trend within the industrial materials sector [5][8] Group 3: Month-on-Month Price Changes - In September, the industrial producer prices remained stable month-on-month, with production materials prices unchanged [6] - The prices of mining industries increased by 1.2%, while processing industry prices saw a slight decline of 0.1% [6] - The purchase prices for industrial producers showed a month-on-month increase of 0.1%, with notable increases in non-ferrous metal materials and fuel prices [6][8]

Core Viewpoint - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5%. Food prices fell by 4.4%, while non-food prices increased by 0.7%. The average CPI from January to September showed a decline of 0.1% compared to the same period last year [1][4][8]. Price Changes by Category (Year-on-Year) - In September, the prices of food, tobacco, and alcohol decreased by 2.6%, contributing approximately 0.74 percentage points to the CPI decline. Notably, fresh vegetable prices dropped by 13.7%, impacting the CPI by about 0.35 percentage points, while pork prices fell by 17.0%, contributing 0.26 percentage points to the decline [4][8]. - Other categories showed mixed results, with prices for other goods and services, living goods and services, and clothing rising by 9.9%, 2.2%, and 1.7%, respectively. Medical care, education, culture, and housing prices increased by 1.1%, 0.8%, and 0.1%, while transportation and communication prices decreased by 2.0% [4][8]. Price Changes by Category (Month-on-Month) - In September, food, tobacco, and alcohol prices increased by 0.5%, contributing approximately 0.13 percentage points to the CPI increase. Fresh vegetable prices rose by 6.1%, impacting the CPI by about 0.13 percentage points, while pork prices decreased by 0.7%, contributing to a slight CPI decline [6][8]. - Other categories experienced varied changes, with prices for other goods and services and clothing rising by 1.3% and 0.7%, respectively. Living goods and services, as well as medical care, saw increases of 0.3% and 0.2%, while transportation and education prices fell by 0.9% and 0.4% [6][8]. Summary of Price Changes - The overall CPI for September showed a month-on-month increase of 0.1% and a year-on-year decrease of 0.3%. Urban CPI remained flat, while rural CPI increased by 0.2%. Food prices rose by 0.7% month-on-month but fell by 4.4% year-on-year [1][8]. - The breakdown of CPI changes indicates that while food prices are under pressure, other categories like clothing and services are experiencing price increases, reflecting a complex inflationary environment [4][6][8].

Core Viewpoint - The automotive market in China is experiencing steady growth, driven by favorable macroeconomic policies and a strong domestic demand, with production and sales growth rates remaining above 10% for five consecutive months [1]. Production and Sales Data - In September 2025, automotive production and sales reached 3.276 million and 3.226 million units, respectively, with month-on-month increases of 16.4% and 12.9%, and year-on-year increases of 17.1% and 14.9% [3]. - Passenger vehicle production and sales in September 2025 were 2.9 million and 2.859 million units, showing month-on-month growth of 16% and 12.5%, and year-on-year growth of 15.9% and 13.2% [4]. - From January to September 2025, passenger vehicle production and sales totaled 21.241 million and 21.246 million units, reflecting year-on-year growth of 13.9% and 13.7% [5]. - Total automotive production and sales from January to September 2025 were 24.333 million and 24.363 million units, with year-on-year growth of 13.3% and 12.9% [6]. New Energy Vehicles - In September 2025, new energy vehicle production and sales reached 1.617 million and 1.604 million units, with year-on-year growth of 23.7% and 24.6% [7]. - From January to September 2025, new energy vehicle production and sales were 11.243 million and 11.228 million units, marking year-on-year growth of 35.2% and 34.9% [7]. Commercial Vehicles - In September 2025, commercial vehicle production and sales were 376,000 and 368,000 units, with month-on-month growth of 19.3% and 16.3%, and year-on-year growth of 27.7% and 29.6% [8]. - From January to September 2025, commercial vehicle production and sales totaled 3.091 million and 3.117 million units, reflecting year-on-year growth of 9.4% and 7.8% [9]. Domestic and Export Sales - Domestic automotive sales from January to September 2025 reached 19.414 million units, with a year-on-year increase of 12.5% [11]. - Automotive exports in the same period totaled 4.95 million units, showing a year-on-year growth of 14.8% [12]. - In September 2025, automotive exports were 652,000 units, with month-on-month growth of 6.7% and year-on-year growth of 21% [13]. - Domestic sales in September 2025 were 2.574 million units, with month-on-month growth of 14.6% and year-on-year growth of 13.4% [14].

Core Viewpoint - The automotive market in China is experiencing stable growth, supported by favorable macroeconomic policies and initiatives such as the vehicle trade-in program, which has positively impacted production and sales figures [3]. Group 1: Economic Environment - In September 2025, various regions and departments intensified the implementation of proactive macro policies to strengthen domestic circulation, ensuring policy continuity and stability, which has contributed to a steady economic development trend [3]. - The sustained improvement in the macro economy has played a crucial role in the stable operation of the automotive market [3]. Group 2: Market Performance - The automotive market has shown a positive trend, with production and sales growth rates maintaining over 10% year-on-year for five consecutive months [3]. - The recent vehicle trade-in policy has continued to show effectiveness, with some previously paused regions beginning to recover, and local auto exhibitions are thriving [3]. Group 3: Industry Initiatives - The Ministry of Industry and Information Technology, along with eight other departments, issued the "Automotive Industry Stabilization and Growth Work Plan (2025-2026)," which outlines 15 measures across four dimensions: expanding domestic consumption, improving supply quality, optimizing the industrial development environment, and enhancing international cooperation [3]. - These initiatives aim to provide a clear path for stable growth and high-quality development in the automotive industry, ensuring continued positive market conditions [3].

Core Viewpoint - The automotive industry in China is experiencing a positive trend with significant growth in production and sales, driven by policies such as the vehicle trade-in program and the introduction of new models by companies [1][12][62]. Group 1: Overall Automotive Production and Sales - In September, automotive production and sales reached 3.276 million and 3.226 million units respectively, marking a month-on-month increase of 16.4% and 12.9%, and a year-on-year increase of 17.1% and 14.9% [12]. - From January to September, total automotive production and sales were 24.433 million and 24.436 million units, reflecting year-on-year growth of 13.3% and 12.9% [12][13]. Group 2: Domestic Sales Performance - In September, domestic automotive sales were 2.574 million units, with a month-on-month increase of 14.6% and a year-on-year increase of 13.4% [13]. - For the first nine months, domestic sales totaled 19.414 million units, showing a year-on-year increase of 12.5% [13][38]. Group 3: Export Performance - In September, automotive exports reached 652,000 units, with a month-on-month increase of 6.7% and a year-on-year increase of 21% [18]. - From January to September, total automotive exports were 4.95 million units, reflecting a year-on-year growth of 14.8% [18][19]. Group 4: New Energy Vehicles (NEVs) - In September, NEV production and sales reached 1.617 million and 1.604 million units respectively, with year-on-year growth of 23.7% and 24.6% [62]. - For the first nine months, NEV production and sales were 11.243 million and 11.228 million units, showing year-on-year growth of 35.2% and 34.9% [62][69]. Group 5: Key Enterprises and Market Concentration - The top fifteen automotive groups sold a total of 22.476 million units from January to September, with a year-on-year increase of 12.9%, accounting for 92.3% of total automotive sales [78]. - The top fifteen NEV groups sold a total of 10.666 million units, reflecting a year-on-year growth of 36.8%, representing 95% of total NEV sales [80].

Core Viewpoint - China's foreign trade has shown resilience and growth in the first three quarters of the year, with total imports and exports reaching 33.61 trillion yuan, a year-on-year increase of 4% [4][6]. Group 1: Trade Performance - In the first three quarters, exports amounted to 19.95 trillion yuan, growing by 7.1%, while imports were 13.66 trillion yuan, a slight decline of 0.2% [4][5]. - The trade growth rate has accelerated each quarter, with the third quarter showing a 6% increase, marking eight consecutive quarters of year-on-year growth [4][5]. - The trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, up 6.2%, accounting for 51.7% of total trade [4][5]. Group 2: Export Trends - Exports of mechanical and electrical products reached 12.07 trillion yuan, increasing by 9.6%, representing 60.5% of total exports [5]. - High-tech product exports, including electronic information and high-end equipment, grew significantly, with increases of 8.1%, 22.4%, and 15.2% respectively [5]. - The export of cultural and traditional products has gained popularity, with items like dragon boats and wood carvings seeing strong demand [11]. Group 3: Import Dynamics - Imports began to recover, with a 0.3% increase in the second quarter and a further acceleration to 4.7% in the third quarter [5]. - Key imports such as crude oil and metal ores saw year-on-year increases of 4.9% and 10.1% respectively [5]. - The number of foreign trade enterprises reached 700,000, with private enterprises accounting for 61.3% of total trade [5][6]. Group 4: Regional Trade Developments - The western region of China saw a robust trade performance, with imports and exports totaling 3.21 trillion yuan, a year-on-year increase of 10.2% [14][15]. - The development of infrastructure and trade channels, such as the Western Land-Sea New Corridor, has significantly boosted trade in the western region [14][15]. Group 5: APEC and Bilateral Trade - Trade with APEC economies grew by 2%, reaching 19.41 trillion yuan, which constitutes 57.8% of China's total trade [20]. - Trade with South Korea amounted to 1.74 trillion yuan, with exports growing by 0.6% and imports by 3.1% [20][21]. Group 6: Private Enterprises - Private enterprises contributed significantly to trade, with a total of 19.16 trillion yuan in imports and exports, marking a 7.8% increase [25][26]. - These enterprises have been proactive in exploring new markets, with notable growth in exports to emerging markets like ASEAN and Africa [26]. Group 7: Cross-Border E-commerce - Cross-border e-commerce exports reached approximately 1.63 trillion yuan, growing by 6.6% in the first three quarters [35][36]. - The government has implemented various measures to facilitate the growth of cross-border e-commerce, including streamlined customs processes [36][37]. Group 8: Processing Trade - Processing trade reached 6.18 trillion yuan, a year-on-year increase of 6.9%, accounting for 18.4% of total trade [56][57]. - The sector is increasingly moving towards high-value-added processes, with a notable rise in high-tech product exports [56][57]. Group 9: Trade with ASEAN - Trade with ASEAN reached 5.57 trillion yuan, growing by 9.6%, maintaining ASEAN's status as China's largest trading partner [62][63]. - The upcoming upgrade of the China-ASEAN Free Trade Area is expected to further enhance trade relations [63].