三季度经济增速和9月实体数据好于预期，后续仍需政策支持

Economic Growth - In Q3, China's GDP growth slowed to 4.6%, slightly above the market expectation of 4.5%[1] - Cumulative GDP growth for the first three quarters fell to 4.8%[1] - Q3 quarter-on-quarter growth improved to 0.9%, but still below the expected 1.1%[1] Consumer Data - In September, retail sales growth rose to 3.2%, up from 2.1% in August, exceeding the market expectation of 2.5%[1] - The two-year compound annual growth rate (CAGR) for retail sales increased to 4.3%[1] - Service retail growth declined to 6.7%, while dining retail growth fell to 3.1%[1] Real Estate Sector - Real estate development investment's cumulative year-on-year decline narrowed to -10.1% in September, slightly worse than the market expectation of -10%[2] - New construction area decline reduced by 0.3 percentage points to -22.2%[2] - Property sales continued to show improvement, with sales area decline at -17.1%, down from -18% in August[2] Investment Trends - Fixed asset investment growth stabilized at 3.4% in September, slightly above the market expectation of 3.3%[1] - Manufacturing investment growth rebounded to 9.2%, reflecting the impact of upgraded equipment renewal policies[2] - Infrastructure investment growth continued to decline, dropping to 4.1%[2] Employment and Inflation - The unemployment rate fell by 0.2 percentage points to 5.1%, better than the expected 5.3%[3] - Core CPI growth dropped to 0.1%, marking the lowest level since March 2021[3] - Private sector credit demand remains weak, indicating ongoing challenges in economic recovery[3]