城记丨稳在哪、进在哪？解析上海前三季度GDP增长5.5%的成色

Core Insights - Shanghai's GDP surpassed 40 trillion yuan for the first time in the first three quarters, achieving a year-on-year growth of 5.5%, which is higher than the national average and an increase of 0.4 percentage points compared to the first half of the year [1][7] - The economic performance reflects strong resilience and high-quality development amid complex international conditions and significant structural adjustment pressures [1][7] Economic Performance - The financial sector's value added reached 696.53 billion yuan, growing by 9.8% year-on-year, contributing over 20% to the growth of the tertiary industry [2][3] - The total transaction volume in major financial markets increased by 12.7%, with notable growth in securities (38.4%), gold (40.2%), and futures (11.5%) [2][3] Financial Sector Support - By the end of September, the total deposits of financial institutions reached 23.84 trillion yuan, up 8.4%, while loans amounted to 12.89 trillion yuan, growing by 7.1% [3] - The financial sector's rapid growth serves as a stabilizing force for the overall economy, especially in the face of global uncertainties [3] Trade and Industry - Shanghai's total import and export volume grew by 5.4%, with exports increasing by 11.3%, outperforming the national average by 4.2 percentage points [4][5] - The manufacturing sector showed stable growth, with industrial output increasing by 5.2% and strategic emerging industries performing particularly well [5] Innovation and High-tech Growth - The three leading industries in Shanghai saw a manufacturing output growth of 8.5%, with significant increases in artificial intelligence (12.8%), integrated circuits (11.3%), and biomedicine (3.6%) [5] - The number of valid invention patents reached 306,000, a year-on-year increase of 12.7%, indicating strong technological innovation [5] Consumer Market Recovery - Shanghai's retail sales reached 1.2303 trillion yuan, growing by 4.3%, with a notable increase in tourism, receiving 25.485 million visitors, up 19.7% [6][7] - Policies such as "trade-in" have effectively stimulated consumption, with significant growth in categories like sports and entertainment (27.7%) and home appliances (28.2%) [7] Overall Economic Outlook - The economic performance in the first three quarters indicates a stable and improving trend, with various factors supporting the achievement of annual economic development goals [7][8] - Continued implementation of macro policies is expected to further stimulate market vitality and foster new growth drivers [7][8]