1—10月份全国固定资产投资同比下降1.7%，民间固定资产投资同比下降4.5%

Core Insights - National fixed asset investment (excluding rural households) for January to October 2025 reached 408914 billion yuan, showing a year-on-year decrease of 1.7% [1][4] - Private fixed asset investment decreased by 4.5% year-on-year [1][4] - In October, fixed asset investment (excluding rural households) fell by 1.62% month-on-month [1] Investment by Industry - First industry investment totaled 8075 billion yuan, with a year-on-year growth of 2.9% [3][4] - Second industry investment reached 148411 billion yuan, growing by 4.8% year-on-year, with industrial investment specifically increasing by 4.9% [3][4] - Third industry investment was 252429 billion yuan, showing a decline of 5.3% year-on-year [3][4] Breakdown of Second Industry - Mining investment grew by 3.8% [3] - Manufacturing investment increased by 2.7% [3] - Investment in electricity, heat, gas, and water production and supply surged by 12.5% [3] Breakdown of Third Industry - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) saw a slight decline of 0.1% [3] - Pipeline transportation investment rose by 13.8% [3] - Water transportation investment increased by 9.4% [3] - Railway transportation investment grew by 3.0% [3] Regional Investment Trends - Eastern region investment decreased by 5.4% year-on-year [3] - Central region investment fell by 0.5% [3] - Western region investment increased by 0.4% [3] - Northeastern region investment saw a significant decline of 11.7% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 1.7% year-on-year [3][4] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 1.8% [3][4] - Foreign enterprises' fixed asset investment dropped by 12.1% [3][4]