9月经济数据点评：三季度经济放缓，稳增长政策将持续发力

Economic Performance - In Q3 2024, GDP growth was 4.6% year-on-year and 0.9% quarter-on-quarter, marking a slight decline from previous quarters[8] - Industrial added value increased by 5.4% year-on-year in September, up from 4.5%[8] - Fixed asset investment growth remained steady at 3.4% year-on-year, with manufacturing, infrastructure, and real estate investments showing varied performance[8] Industrial and Investment Trends - Manufacturing investment growth rebounded slightly to 9.2%, while high-tech industries saw a minor decline to 10%[31] - Real estate investment decline narrowed to -10.1%, with new construction area showing a slight increase[23] - Infrastructure investment growth rose to 9.26%, driven primarily by power sector investments[29] Consumer Behavior - Retail sales growth accelerated to 3.2% year-on-year in September, surpassing market expectations[34] - Consumer confidence remains low, with disposable income growth slowing to 4.9% after inflation adjustment[34] - The "trade-in" policy for consumer goods has positively impacted sales, particularly in automobiles and home appliances[38] Policy and Market Outlook - A series of macroeconomic policies were introduced to stabilize growth, with expectations for gradual economic recovery in Q4[1] - The ongoing monetary policy remains accommodative, aimed at boosting domestic demand and market confidence[1] - Risks include potential overseas policy changes and continued weakness in consumer spending and housing markets[3]