宏观周报：三季度GDP同比增长4.6%

Economic Growth - In Q3 2024, GDP grew by 4.6% year-on-year, continuing a downward trend from previous quarters[6] - The GDP for the first three quarters totaled 94,974.6 billion yuan, with a year-on-year growth of 4.8%[6] - The government set a GDP growth target of around 5.0% for 2024, consistent with the previous year's target[6] Industrial Performance - In September 2024, industrial output increased by 5.4% year-on-year, accelerating by 0.9 percentage points from the previous month[6] - From January to September 2024, industrial output grew by 5.8% year-on-year[6] - Among 41 major industries, 36 reported year-on-year growth in output in September[6] Consumer Spending - Retail sales of consumer goods reached 41,112 billion yuan in September, up 3.2% year-on-year, with a 1.1 percentage point increase from the previous month[7] - Online retail sales totaled 108,928 billion yuan from January to September, growing by 8.6% year-on-year[7] - Excluding automobiles, retail sales grew by 3.6% in September[7] Real Estate Market - New residential property sales prices in first-tier cities fell by 4.7% year-on-year in September, with declines in Beijing, Guangzhou, and Shenzhen[8] - From January to September 2024, real estate investment dropped by 10.1% year-on-year, with residential investment down by 10.5%[8] - The area of new housing starts decreased by 22.2% year-on-year during the same period[8]