10月10日下午，市委财经委员会召开会议，听取全市固定资产投资和重点项目推进情况以及提振消费工作汇报， 审议通过有关文件，研究部署下一步工作。市委书记、市委财经委员会主任孟景伟主持会议并讲话。市长、市委 财经委员会副主任张君毅，市委副书记廖强及市委财经委员会成员出席会议。 会议指出，投资是经济增长的重要引擎，既事关当下更事关长远，必须一抓到底、常抓不懈。要坚持全市"一盘 棋"，抢抓黄金期、大干四季度，全力以赴完成年度投资目标任务。要压实项目工作责任，坚持领导领衔包保、属 地主体、部门主管，完善"5+1+N"等重大项目推进机制，强化工作督导，对项目工作进度严重滞后的要提醒约 谈。要加强工作调度，抓好清单化管理、工作衔接联动，推动在手项目尽快开工、加快建设，形成更多实物工作 量。要加强工作创新，探索项目投融资新模式，创新好房子建设新路径，以创新助力各项工作提升质效。要做好 工作谋划，用足用好上级政策，加强项目谋划及要素保障，提高储备项目转化实施率。要加大招商引资力度，做 好制造业投资项目入规纳统，切实增强发展动能。 会议强调，要坚持有效市场与有为政府相结合，千方百计提振消费、扩大内需。要优化消费供给，立足新消费浪 ...

证券研究报告 2025年10月10日 行业评级：优于大市 评级变动：维持 机械设备行业跟踪：工程机械行业韧性足，内外销 整体边际改善 分析师：谷诚 资格证书：S0650524120002 邮箱：gucheng@mgzq.com 联系人：刘康衡 资格证书：S0650125020014 邮箱：liukangheng@mgzq.com 请务必阅读报告正文后的重要声明部分 摘要 资料来源：麦高证券研究发展部 请务必阅读报告正文后的重要声明部分 1 ➢ 宏观景气度跟踪：2025年8月中国制造业PMI录得49.4%，环比上升0.1个百分点，仍处于收缩区间，其中生产 PMI指数达50.8%，处于扩张区间。新订单PMI、原材料库存PMI指数和新出口订单PMI指数达49.5%、48.0%、 47.2%，相比于7月数据呈现边际改善态势，但是仍处于收缩区间。2025年8月中国工业生产者出厂价格指数 （PPI）同比下降2.9%，环比结束连续8个月下行态势，由下降0.2%转为持平，居民消费价格指数（CPI）由上 月同比持平转为下降0.4%。2025年1-8月全国固定资产投资完成额326111亿元，同比增长0.5%，其中基础设施 投资同 ...

同比增长14.8%！——这是日前公布的1—8月份石家庄固定资产投资增速，比去年同期提高了5.1个百分 点。 经济发展的"晴雨表"上，固定资产投资的动向总能折射出区域发展的底气与潜力。14.8%的增速，分别 高于全国、全省14.3和8.6个百分点。 稳快增长从何而来？ 今年以来，石家庄牢牢把握高质量发展首要任务，聚焦年度投资目标任务，系统谋划、提前储备、加快 前期、优化服务，全力以赴推动投资项目建设。一个个规模大、质量高、带动力强的项目加速推进，一 批批高端化、智能化、绿色化产业集聚发展，迸发出助推全市经济社会高质量发展的"新引擎"和"硬支 撑"。 大项目支撑 发展后劲足 初秋的石家庄，处处涌动着建设热潮。 步入泰威航科全动模拟器生产基地项目的建设现场，只见一号检测楼已封顶，主体生产车间、仓库正在 进行钢结构安装……这个总投资30亿元的省重点项目，预计明年3月竣工投产，可每年生产约10台D级 全动模拟器，年产值超10亿元。 塔吊巨臂挥舞，运输车辆穿梭，焊接火花四溅……走进河北高速集团电子科技产业园项目现场，热火朝 天的繁忙景象扑面而来。项目布局了研发孵化楼、独立厂房、中试车间等49栋多元建筑，积极服务京津 冀协 ...

Steel Industry Production Situation - In August 2025, the production of pig iron in China reached 69.793 million tons, a year-on-year increase of 1.0% but a month-on-month decrease of 1.4% [2] - The production of crude steel in August was 77.369 million tons, showing a year-on-year decrease of 0.7% and a month-on-month decrease of 2.9% [2] - The production of steel products in August was 122.765 million tons, a year-on-year increase of 9.7% and a month-on-month decrease of 0.1% [2] National Iron Ore Production Situation - In August, the production of iron ore raw ore was 81.633 million tons, a year-on-year increase of 8.8% but a month-on-month decrease of 5.4% [3] - Cumulative production of iron ore raw ore from January to August was 678.104 million tons, a year-on-year decrease of 4.2% [3] - The production of iron concentrate in August was 23.003 million tons, a year-on-year increase of 3.4% but a month-on-month decrease of 0.5% [3] Iron Ore Import Situation - In August, China imported 105.225 million tons of iron ore, a year-on-year increase of 3.9% and a month-on-month increase of 0.6% [4] - The import value was 975.552 million USD, a year-on-year decrease of 2.7% [4] - The average monthly price was 92.72 USD per ton, a year-on-year decrease of 9.7% [4] Iron Ore Supply and Demand Situation - From January to August, the production of pig iron was 57.907 million tons, a year-on-year decrease of 1.1% [5] - The domestic iron ore raw ore production was 67.810 million tons, a year-on-year decrease of 4.2% [5] - The iron ore import volume was 80.162 million tons, a year-on-year decrease of 1.6% [5] - As of the end of August, the port inventory of imported iron ore was 13.763 million tons, a month-on-month increase of 0.6% but a year-on-year decrease of 10.5% [5] Investment Situation in Black Metal Mining Industry - From January to August, the fixed asset investment in the mining industry increased by 3.0%, with black metal mining investment increasing by 15.6%, exceeding the national mining industry growth by 12.6 percentage points [6] - The cumulative growth rate of private investment in the black metal mining sector was 19.0%, higher than the national average by 1.2 percentage points [6] - Investment willingness and activity in the black metal mining sector remain strong [6] Revenue and Profit Situation in Black Metal Mining Industry - From January to August, the total operating revenue of the mining industry was 3,372.77 billion CNY, a year-on-year decrease of 13.1% [7] - The operating revenue of the black metal mining sector was 305.64 billion CNY, a year-on-year decrease of 12.6% [7] - The total profit of the mining industry was 566.11 billion CNY, a year-on-year decrease of 30.6%, while the black metal mining sector's profit was 29.50 billion CNY, a year-on-year decrease of 30.3% [7]

Core Insights - National fixed asset investment (excluding rural households) reached 32.6111 trillion yuan from January to August 2025, showing a year-on-year growth of 0.5% on a comparable basis [1] - Private fixed asset investment experienced a year-on-year decline of 2.3% [1] Investment by Industry - Investment in the primary industry totaled 646.1 billion yuan, with a year-on-year increase of 5.5% [3] - Investment in the secondary industry reached 11.8246 trillion yuan, growing by 7.6% [3] - Investment in the tertiary industry was 20.1404 trillion yuan, reflecting a decline of 3.4% [3] - Within the secondary industry, industrial investment grew by 7.7%, with mining investment up by 3.0%, manufacturing investment up by 5.1%, and investment in electricity, heat, gas, and water production and supply up by 18.8% [3] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) increased by 2.0%, with water transport investment up by 15.9%, water conservancy management investment up by 7.4%, and railway transport investment up by 4.5% [3] Investment by Region - Eastern region investment declined by 3.5% year-on-year, while the central region saw a growth of 2.5%, the western region grew by 2.3%, and the northeastern region experienced a decline of 6.0% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3%. In contrast, foreign enterprises' fixed asset investment fell by 15.4% [4]

Group 1 - The total fixed asset investment in Azerbaijan for January to August 2025 is 113.7 billion manats (66.9 billion USD), showing a year-on-year decrease of 0.2% [1] - Investment in the oil and gas sector has decreased by 16.6%, while investment in the non-oil and gas sector has increased by 8% [1] - Of the total investment, 58 billion manats (34.1 billion USD) is allocated to production, accounting for 51% of the total; 38.2 billion manats (22.5 billion USD) is for the services sector, making up 33.6%; and 17.5 billion manats (10.3 billion USD) is for residential construction, representing 15.4% [1]

Core Insights - Foreign direct investment (FDI) in Azerbaijan's fixed assets reached 2.62 billion manats (154 million USD) from January to August 2025, marking a year-on-year increase of 35.7% [1] - The oil and gas sector attracted 1.93 billion manats (114 million USD) in FDI, reflecting a year-on-year growth of 19.2% [1] - The non-oil and gas sector saw FDI of 690 million manats (41 million USD), which is a significant increase of 120% year-on-year [1] Investment Overview - Total investment attracted by Azerbaijan during the same period amounted to 11.37 billion manats (669 million USD), showing a slight decline of 0.2% year-on-year [1] - Investments in the oil and gas sector decreased by 16.6%, while the non-oil and gas sector experienced an 8% increase [1]

Investment Chain - Prices of copper, aluminum, zinc, lead, gold, and silver have risen since September 2025. Fixed asset investment growth rate has decreased to 0.50%, with real estate development investment declining by 12.90% and manufacturing fixed asset investment growth at 5.10% [1] - Infrastructure investment growth rate has also decreased to 5.42%. Prices of tin and nickel have fallen, while the price of thermal coal has slightly increased to 676 RMB per ton [1] Consumption Chain - In August 2025, automobile sales growth rate increased to 16.44%, while home appliance retail sales growth rate decreased to 19.90%. The nominal growth rate of social consumption fell to 3.40% [2] - The cumulative nominal growth rate has decreased by 4.60%, and the sales area of commercial housing has seen a decline of 5.44% [2] Export Chain - In August 2025, export growth rate to the US decreased, while it increased for the EU, Japan, and ASEAN. The overall export growth rate rose to 25.52% [3] - Exports of furniture, refined oil, coke, ships, plastics, and auto parts have seen an increase, while agricultural products, toys, lighting, coal, steel, and aluminum exports have decreased [3] Price Chain - Oil prices have risen to 63.41 USD per barrel as of September 23, 2025. Prices for PVC have increased to 4695 RMB per ton, while prices for MDI have decreased [4] - Pork prices have dropped to 13.71 RMB per kilogram, and the price of domestic urea has also decreased compared to July 2025 [4]

Group 1 - Guangzhou's fixed asset investment recorded a year-on-year growth of 0.3% from January to August, significantly outperforming the provincial decline of 12.4% and aligning closely with the national growth of 0.5% [2] - Industrial investment in Guangzhou grew by 10.1% during the same period, with industrial technological transformation investment accelerating by 16.0% and automotive manufacturing investment increasing by 14.1%, particularly in the auto parts sector which saw a 39.4% rise [2] - Real estate development investment increased by 3.9%, driven by urban village renovation projects, while equipment and tool purchases grew by 12.0% due to large-scale equipment renewal policies [2] Group 2 - The automotive industry remains under pressure, with the industrial added value of the automotive manufacturing sector declining by 5.3%, although the decline has narrowed compared to previous months, and new energy vehicle production increased by 14.3% [2] - In terms of new economic drivers, the electrical machinery and equipment manufacturing sector grew by 10.4%, while specialized equipment manufacturing rose by 5.8%. The electronic components sector saw industrial added value growth of 17.4% [3] - The production of liquid crystal display modules and integrated circuits surged by 1.4 times and 14.7%, respectively, while the aerospace manufacturing and repair sectors experienced industrial added value growth of 20.1% and 18.0% [3]

Group 1: Economic Overview - The latest GDP data for Q2 2025 shows significant economic performance among the world's major economies: the US, EU, and China [1][2][4] - GDP is a crucial indicator of economic health, reflecting the total market value of all final products and services produced in a region [1] Group 2: United States Economic Performance - In Q2 2025, the US GDP reached $7.18 trillion, with a quarter-on-quarter growth of 2.7%, up from 2.3% in Q1 [2][4] - The growth was primarily driven by a 3.1% increase in personal consumption expenditures and a 5.2% rise in business investment [4] - Challenges include inflation remaining above the Federal Reserve's 2% target, with a CPI increase of 2.7% year-on-year in June 2025, and a 1.2% decline in residential investment due to high mortgage costs [4] Group 3: European Union Economic Performance - The EU's GDP for Q2 2025 was approximately €4.92 trillion (about $5.38 trillion), with a quarter-on-quarter growth of 0.3% and a year-on-year growth of 1.2% [4][5] - Economic growth varied among member states, with Germany's GDP growing only 0.1%, while Spain showed stronger growth at 0.6% [5] - The European Central Bank has lowered interest rates to support economic activity, indicating a cautious recovery [5] Group 4: China's Economic Performance - China's GDP for Q2 2025 was ¥33.81 trillion (approximately $4.66 trillion), with a year-on-year growth of 5.3%, up from 5.0% in Q1 [6] - Key growth drivers included a 4.8% increase in retail sales, stable industrial production growth of 5.7%, and a 5.6% increase in the service sector [6] - Challenges include a 10.1% decline in real estate investment and ongoing employment pressures, with an urban unemployment rate of 5.0% [6] Group 5: Comparative Analysis - The absolute GDP figures show the US as the largest economy at $7.18 trillion, followed by the EU at $5.38 trillion and China at $4.66 trillion [7] - In terms of growth rates, China's 5.3% year-on-year growth outpaces the US's 2.7% and the EU's 1.2% [9] - Each economy faces unique challenges: the US contends with inflation and a weak housing market, the EU grapples with structural reforms and geopolitical risks, while China deals with real estate adjustments and employment issues [9]