Core Viewpoint - In the third quarter of 2025, the actual GDP of the United States reached an annualized growth rate of 4.3%, exceeding market expectations, primarily driven by strong performance in consumer spending and net exports [1] Economic Performance - The robust performance of the US GDP in Q3 2025 is attributed to better-than-expected contributions from household consumption and net exports [1] - Despite the strong GDP growth, there are signs of weakening resilience in corporate investment [1] Future Outlook - Considering the impact of government shutdowns on the US economy, it is anticipated that the actual GDP growth rate for Q4 2025 may decline compared to Q3 2025 [1] - Recent trends indicate a slowdown in the overall economic growth momentum in the United States [1]
中信证券:预计2025年四季度美国实际GDP增速较2025年三季度或将有所回落