2024年9月经济数据解读：经济数据部分好转，关注增量政策效果

Economic Data Overview - In Q3 2024, China's GDP grew by 4.6% year-on-year, while the cumulative GDP growth for the first three quarters was 4.8%[5] - To achieve the annual GDP growth target of around 5%, Q4 GDP must grow by approximately 5.4% year-on-year[5] Industrial Production - In September, industrial added value increased by 5.4% year-on-year, exceeding expectations by 0.9 percentage points[6] - The manufacturing sector's added value rose by 5.2%, with high-tech manufacturing growing by 10.1% year-on-year, significantly outpacing overall manufacturing growth[6] Consumer Spending - Retail sales of consumer goods in September reached 41,112 billion yuan, growing by 3.2% year-on-year, which is 1.1 percentage points higher than the previous value[8] - The restaurant sector saw a decline in revenue, indicating low consumer confidence and spending willingness[9] Investment Trends - Fixed asset investment in September showed a cumulative year-on-year growth of 3.4%, with significant increases in infrastructure and manufacturing investments[11] - Broad infrastructure investment rose by 17.5% year-on-year, while narrow infrastructure investment increased by 2.2%[12] Real Estate Sector - The real estate sector continues to face challenges, with a year-on-year decline in development funds of 18.4% in September[13] - New construction and completion metrics showed significant year-on-year declines, indicating ongoing difficulties in the real estate market[14]