月度宏观经济回顾与展望：如何理解经济数据的改善快于预期

Regional Investment Performance - Qinghai's fixed asset investment shows significant government-driven growth, with mining investment up 14.3% and power, heat, gas, and water supply investment up 13.7% in the first three quarters[9] - Ningxia's investment in electricity, heat, gas, and water supply surged by 41.2% in the first three quarters, with water conservancy investment growing by 38.2%[10] - Xinjiang saw a 26.8% year-on-year increase in investment from newly registered projects, with an average project size growth of 56.7%[10] Regional Consumption Trends - Ningxia's retail sales grew by 15.2% in September, with home appliances and audio-visual equipment sales up 33.9% due to trade-in policies[11] - Gansu's retail sales growth outpaced the national average by 0.6 percentage points, with home appliances and audio equipment sales up 29% in the first nine months[12] Macroeconomic Indicators - Industrial added value in September increased by 5.4% year-on-year, with manufacturing up 5.2% and power, gas, and water supply up 10.1%[16] - Exports in the first nine months grew by 4.3% year-on-year, with strong performance in automotive exports, up 20.7%[17] Policy and Risk Factors - The continuation of pro-growth policies is crucial for sustaining macroeconomic recovery, with expectations of further signals from upcoming central economic and political meetings[4] - Risks include potential volatility from U.S. monetary policy and domestic policy implementation uncertainties[21]