2024年9月经济数据点评：生产提速，需求改善

Economic Performance - In September, the industrial added value increased by 5.4% year-on-year, accelerating by 0.9 percentage points from the previous month[9] - Fixed asset investment from January to September reached 378,978 billion yuan, with a year-on-year growth of 3.4%[9] - Social retail sales in September totaled 41,112 billion yuan, growing by 3.2% year-on-year, an increase of 1.1 percentage points from the previous month[9] Investment Trends - Infrastructure investment continues to slow but remains above the overall investment growth rate[21] - Real estate development investment from January to September was 78,680 billion yuan, down 10.1% year-on-year, with the decline narrowing by 0.1 percentage points from the previous month[16] - Manufacturing investment showed a slight recovery, increasing by 0.1 percentage points, supporting fixed asset investment growth[14] Consumption Insights - Urban consumption retail sales grew by 3.1% year-on-year, while rural consumption increased by 3.9%[18] - The rebound in consumption is particularly driven by automotive sales, which have shown significant improvement[19] Market Outlook - The macroeconomic environment is expected to stabilize and recover, providing a solid foundation for the capital market[4] - Recent policies aimed at stimulating growth and expanding domestic demand are anticipated to support economic recovery and achieve annual development goals[5] Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China's monetary policy[24]