昨天（11月24日）上午，苏州市统计局发布了2025年1至10月苏州市经济运行数据，全市前10月规 模以上工业总产值突破4万亿元，工业投资达1934.0亿元、增长9%。 金融方面，10月末全市金融机构本外币存款余额56804.0亿元，同比增长5.7%，金融机构本外币贷 款余额59986.1亿元，同比增长7.8%。 今年以来，苏州坚持稳中求进工作总基调，全力以赴稳外贸、兴产业、抓项目、扩投资、促消费， 全市经济保持平稳运行态势。 投资方面，1至10月全市完成固定资产投资5077.5亿元，同比下降3.8%，扣除房地产开发投资固定 资产投资增长5.2%。工业投资1934.0亿元，增长9.0%，其中，电子信息业投资增长17.1%，通用设备制 造业投资增长19.2%，电气机械及器材制造业投资增长23.9%。 消费方面，1至10月全市社会消费品零售总额7588.4亿元，同比增长3.1%。其中，粮油食品类限额 以上单位商品零售额增长幅度最大，为17.0%，限额以上批发和零售业通过公共网络实现零售额同比增 长8.0%。 外贸方面，1至10月全市进出口总额22789.0亿元，同比增长6.0%。其中，出口总额14259.4亿元， ...

市场销售规模扩大，升级类商品销售快速增长。前10个月，全省社会消费品零售总额8779.8亿元， 同比增长3.5%。从限额以上单位商品零售类值看，基本生活类商品销售稳定增长，粮油、食品类零售 额同比增长13.4%，日用品类增长11.8%，烟酒类增长3.0%。部分升级类商品销售增长较快，可穿戴智 能设备增长15.5倍，能效等级为1级和2级的家用电器增长1.3倍，智能手机增长1.1倍，新能源汽车增长 7.0%。 据海关统计，前10个月，全省货物进出口3383.7亿元，增长9.6%。从出口商品看，农产品出口 276.7亿元，同比增长9.9%；机电产品出口1705.9亿元，增长8.5%，其中电工器材出口168.1亿元，增长 13.2%；船舶出口194.1亿元，增长23.7%；汽车零配件出口123.1亿元，增长7.9%。 此外，居民消费价格总体平稳，工业生产者价格下降。 数据显示，今年前10个月，全省规模以上工业增加值同比增长1.5%。其中，高技术制造业增加值 增长3.9%。 从三大门类看，采矿业增加值同比增长7.8%，制造业增长0.7%，电力、热力、燃气及水生产和供 应业增长0.1%。从经济类型看，国有控股企业增加值同 ...

消费市场增长加快。限额以上企业（单位）消费品零售额同比增长8.2%。其中，商品零售额同比 增长8.8%，餐饮收入同比增长1.6%。消费品以旧换新效应明显，家用电器和音像器材类商品销售额同 比增长42.2%，其中能效等级为1级和2级的商品销售额同比增长73.2%；智能手机销售额同比增长 67.4%；汽车类商品销售额同比增长6.4%，其中新能源汽车销售额同比增长33.7%。网上零售高速增 长，限上单位通过公共网络实现的零售额同比增长25.3%，增速高于限上单位消费品零售额17.1个百分 点，占限上单位消费品零售额的23%。 工业生产较快增长。规模以上工业增加值同比增长8.1%。从三大门类看，采矿业增加值同比增长 9.9%，制造业增加值同比增长6.4%，电力、热力、燃气及水的生产供应业增加值同比增长4.2%。从主 要行业看，煤炭开采和洗选业增加值同比增长11.4%，石油和天然气开采业增加值同比增长4%；装备制 造业增加值同比增长9.9%，其中，电气机械和器材制造业增加值同比增长34.1%，汽车制造业增加值同 比增长23.8%。从产品产量看，汽车产量同比增长5.9%，太阳能电池产量同比增长9.4%，发动机产量同 比增 ...

前10个月云南新能源电池产业增加值同比增长76.7% 中新网昆明11月18日电 (记者 韩帅南)云南省统计局、国家统计局云南调查总队18日发布今年1至10月云 南省经济运行情况。其中，新能源电池、绿色铝、硅光伏云南工业"新三样"增加值同比分别增长 76.7%、10.5%、5.2%，较1至9月分别加快3.7、0.3、2.1个百分点。 1至10月，云南省规模以上工业增加值同比增长3.6%。分三大门类看，采矿业增加值增长8.4%，制造业 增加值增长3.9%，电力、热力、燃气及水生产和供应业增加值增长1.6%。 云南省加力扩围实施提振消费专项行动，促消费政策持续发力显效，消费市场总体平稳，市场规模不断 扩大。1至10月，全省实现社会消费品零售总额10597.72亿元，同比增长3.5%。 同时，云南省持续抓好项目谋划储备和招商引资，稳步推进项目落地和开工建设，加快重大项目建设进 度，稳定房地产开发投资，激发民间投资活力。1至10月，全省固定资产投资同比下降0.5%。分产业 看，第一产业投资增长5.6%，第二产业投资下降0.5%，第三产业投资下降1.3%。 数据还显示，1至9月，云南省规模以上服务业(错月指标)实现营业收 ...

Core Insights - The article highlights that the economic policies aimed at stabilizing employment and the economy have been effective, leading to a generally stable macroeconomic environment with positive outcomes in high-quality development [1] Economic Performance - The main macroeconomic indicators have remained stable, indicating a steady progress in economic operations [1] - There is a recognition of ongoing risks and challenges in the current economic landscape, particularly due to external uncertainties and the need for stronger domestic economic recovery [1] Policy Recommendations - The next steps involve adhering to a principle of seeking progress while maintaining stability, with a focus on implementing more proactive macroeconomic policies [1] - Emphasis is placed on stabilizing employment, businesses, markets, and expectations to ensure sustained and healthy economic development [1]

Economic Overview - The total retail sales of consumer goods in Zhaoqing reached 81.677 billion yuan from January to August 2025, showing a year-on-year growth of 2.5% [2] - Online retail sales from above-designated size enterprises increased by 8.1%, contributing 1.4 percentage points to overall consumption [2] - The retail sales of home appliances and cultural office supplies grew significantly by 89.4% and 71.0% respectively [2] - Rural consumption growth (3.0%) slightly outpaced urban growth (2.4%) [2] Industrial Production - The industrial production maintained a positive trend, with the added value of above-scale industries increasing by 4.7% year-on-year, an improvement of 0.6 percentage points compared to January-July [2] - The manufacturing sector, along with electricity, heat, gas, and water production and supply, saw growth rates of 5.0% and 2.1% respectively, while the mining industry experienced a decline of 8.0% [2] - Key industries such as computer communication and other electronic equipment manufacturing, automotive manufacturing, electrical machinery and equipment manufacturing, and chemical raw materials and products manufacturing contributed significantly to industrial growth, with respective growth rates of 13.4%, 26.2%, 16.8%, and 7.5% [2] - Newly registered above-scale industrial enterprises in the previous year saw an impressive added value growth of 86.1% from January to August, contributing 1.7 percentage points to the overall industrial growth [2] Investment and Real Estate - Fixed asset investment in the city decreased by 24.2% year-on-year from January to August [3] - Investment in the primary industry grew by 3.7%, while the secondary and tertiary industries saw declines of 30.2% and 17.2% respectively [3] - Infrastructure investment showed a slight increase of 0.2%, while construction and installation engineering investment fell by 18.4% [3] - Real estate development investment dropped significantly by 42.2%, with the sales area of commercial housing at 1.265 million square meters, down 30.0% year-on-year, although the decline rate narrowed by 5.5 percentage points compared to January-July [3] Financial Stability and Price Trends - The financial sector remained stable, with the balance of deposits and loans reaching 407.354 billion yuan and 361.993 billion yuan respectively by the end of August, both maintaining a growth rate of over 7.4% [3] - The Consumer Price Index (CPI) saw a year-on-year decrease of 0.4%, driven by a significant drop in food prices (-3.6%), while service prices experienced a slight increase of 0.2% [3]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On September 29, equity indices rose while CGB futures fell, and commodities showed mixed performances with coking coal and coke leading the declines [9][12] - The NDRC will strengthen the implementation of macro - economic policies in a timely manner as the current economic operation still faces challenges [40][41] Summaries by Directory 1. China Futures 1.1 Overview - On September 29, equity indices rose (IM up 2.0%), CGB futures fell (TL down 0.5%), and commodities had mixed results. Top gainers in commodities were silver (up 3.9% with 6.5% m - o - m open interest drop), gold (up 1.3% with 0.4% m - o - m open interest drop), and apple (up 1.2% with 4.5% m - o - m open interest drop). Top decliners were coking coal (down 5.0% with 9.5% m - o - m open interest drop), silicon metal (down 4.3% with 14.2% m - o - m open interest drop), and coke (down 4.2% with 3.5% m - o - m open interest drop) [9][10][11] 1.2 Daily Raise - **Gold & Silver**: On September 29, gold rose 1.3% to 866.52 yuan/gram, and silver rose 3.9% to 10939 yuan/kg. During the National Day holiday, U.S. non - farm payroll and PMI data release and the risk of data delay due to a U.S. government shutdown should be noted. Gold's bullish trend persists, and in Q4, Fed rate - cut expectations and independence risks will drive the upward trend. In H1 2026, a shift to "recovery trade" may pose correction risks. Long - term, gold is a preferred asset for hedging U.S. dollar credit risks. Silver has greater short - term upside flexibility and may challenge its 2011 historical high [16][17][19] 1.3 Daily Drop - **Coke**: On September 29, coke fell 4.2% to 1647 yuan/ton. Mainstream coke enterprises have raised prices due to profit pressure, but steel mills haven't responded. Short - term price fluctuations are expected. Supply decreased due to poor profits, demand was supported by rising molten iron output, and inventories showed steel mills increasing stocks and coke enterprises slightly reducing stocks [24][26][28] - **Coking Coal**: On September 29, coking coal fell 5.0% to 1154 yuan/ton. Supply recovery is slow, and short - term mid - and downstream stockpiling demand can be sustained. Short - term price fluctuations are expected. Some coal mines in Shanxi resumed production, and imports decreased. Coke output declined slightly, but mid - and downstream purchasing was active [30][32][34] 2. China News 2.1 Macro News - The NDRC stated that in August, China's economy was generally stable. However, it still faces challenges, and the NDRC will strengthen macro - economic policies in a timely manner [40][41] - China will add a visa category for young sci - tech talents to promote exchanges [40][41] - Premier Li Qiang met with DPRK Foreign Minister Choe Son hui, and both sides are willing to implement the consensus of the top leaders [40] - From January to August, SOEs' total operating revenue increased 0.2% YoY, while total profits decreased 2.7% YoY [41]

Economic Overview - Shenzhen's total retail sales of consumer goods reached 672.34 billion yuan, with a year-on-year growth of 3.8% [5] - The overall economic operation of Shenzhen remains stable with progress [1] Industrial Production - The industrial added value above designated size grew by 4.4% year-on-year from January to August, accelerating by 0.3 percentage points compared to the previous period [2] - In August, the industrial added value increased by 7.0% year-on-year, up by 2.0 percentage points from July [2] - Key sectors such as general equipment manufacturing and electrical machinery manufacturing saw significant growth rates of 16.9% and 7.4%, respectively [2] Service Sector Growth - The revenue of service enterprises above designated size increased by 7.8% from January to July, with notable growth in information transmission and software services at 10.6% [3] - Airport passenger throughput rose by 8.8% and port container throughput increased by 7.8% in the same period [3] Infrastructure Investment - Infrastructure investment in Shenzhen grew by 5.7% from January to August, with industrial technological transformation investment soaring by 48.6% [4] - Investment in information transmission and software services surged by 50.7% [4] Market Sales - In August, the retail sales of consumer goods increased by 5.4% year-on-year, accelerating by 1.1 percentage points from July [5] - Basic living goods showed strong growth, with daily necessities and grain and oil retail sales increasing by 11.9% and 7.9%, respectively [5] - Online retail sales through designated units grew by 18.5% [5] Trade Performance - From January to August, the total import and export volume reached 29,625.75 billion yuan, with a slight year-on-year increase of 0.3% [6] - Exports decreased by 4.6% to 17,959.52 billion yuan, while imports increased by 9.0% to 11,666.23 billion yuan [6] Financial Sector - By the end of August, the balance of deposits in financial institutions reached 147,053.20 billion yuan, growing by 9.3% year-on-year [7] - The balance of loans in financial institutions was 98,685.06 billion yuan, with a year-on-year growth of 4.4% [7] Consumer Price Trends - The consumer price index in Shenzhen rose by 0.1% year-on-year, with food and tobacco prices increasing by 0.4% [9] - Prices for clothing rose by 1.2%, while transportation and communication prices fell by 2.5% [9]

Economic Overview - Dalian's economy showed stable performance in the first eight months of the year, with industrial production improving and consumer momentum continuing to release [1] - The city's industrial added value for enterprises above designated size increased by 12.8% year-on-year, maintaining the same growth rate as the previous month [1] Industrial Performance - The added value of high-tech manufacturing increased by 15.9% year-on-year, continuing a double-digit growth trend [1] - State-owned enterprises saw a significant increase in added value by 21.9%, while joint-stock enterprises grew by 16.7%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.2%, and private enterprises by 2.3% [2] - Mining industry added value surged by 61.5%, while manufacturing grew by 13.3% and the production and supply of electricity, heat, gas, and water increased by 6.8% [2] - Key industries such as petrochemical increased by 7.1%, equipment manufacturing by 17.8%, with notable growth in the railway and shipbuilding industry at 62.0% and the automotive industry at 27.7% [2] - Pharmaceutical manufacturing saw a remarkable increase of 42.9%, with raw material drug manufacturing skyrocketing by 536.3% [2] Service Sector - The service sector in Dalian remained stable, with most industries experiencing growth [3] - The total turnover of road, water, and air transport increased by 1.8%, 4.1%, and 2.5% respectively [3] - Retail sales for large-scale units reached 579.9 billion yuan, marking an 8.2% year-on-year increase, with significant growth in categories such as building materials (990.7%) and home appliances (285.9%) [3] Consumer Prices and Electricity Consumption - Consumer prices in Dalian continued to operate at low levels, with food and beverage prices decreasing by 1.6% [4] - Total electricity consumption in the city reached 33.79 billion kWh, a year-on-year increase of 2.7%, with industrial electricity consumption at 20.49 billion kWh, growing by 1.6% [4]

Economic Overview - Jinan's economy showed overall stability in the first eight months of 2023, with a focus on implementing national macro policies effectively [1] - The city's industrial production increased significantly, with a year-on-year growth of 8.1% in the value added of above-scale industries [1] Industrial Performance - The six key industries in Jinan experienced a combined value added growth of 13.0%, surpassing the overall industrial growth by 4.9 percentage points [1] - The computer, communication, and other electronic equipment manufacturing sectors saw remarkable growth, with increases of 63.3% and 27.6% in the automotive manufacturing sector [1] - The equipment manufacturing industry maintained a strong growth rate of 21.3%, contributing 9.6 percentage points to the overall industrial growth [1] - High-tech manufacturing also performed well, with a year-on-year growth of 21.1%, contributing 4.2 percentage points to the overall industrial growth [1] Service Sector - The service sector showed steady growth, with above-scale service industry revenues reaching 275.54 billion yuan, a year-on-year increase of 6.0% [2] - Among the ten major service sectors, eight reported revenue growth, with transportation, storage, and postal services generating 115.58 billion yuan, up 5.2% [2] - The leasing and business services sector achieved a revenue of 45.68 billion yuan, growing by 15.9% [2] - Private enterprises in the above-scale service sector generated 109.12 billion yuan, accounting for 39.6% of the total service revenue, with an 8.8% growth rate [2] Retail and Consumption - Retail sales in Jinan showed a stable growth, with a total retail sales of consumer goods reaching 131.92 billion yuan, a year-on-year increase of 2.1% [3] - Basic living goods performed well, with food and oil retail sales increasing by 5.8% and daily necessities by 8.4% [3] - Online consumption remained active, with retail sales through public networks reaching 35.26 billion yuan, growing by 21.2% [3] - The "trade-in" policy positively impacted sales, with significant growth in communication equipment (34.7%), cultural and office supplies (32.5%), and new energy vehicles (12.8%) [3] Financial and Trade Performance - Financial institutions in Jinan reported a total deposit balance of 3.19063 trillion yuan, a growth of 6.9% year-to-date [4] - The total loan balance reached 3.42752 trillion yuan, increasing by 10.2% since the beginning of the year [4] - Jinan's foreign trade saw rapid growth, with total imports and exports reaching 178.03 billion yuan, a year-on-year increase of 26.2% [4] - Exports amounted to 118.16 billion yuan (up 21.7%), while imports were 59.87 billion yuan (up 36.3%) [4] - Private enterprises accounted for 59.5% of the total trade, with a total of 105.92 billion yuan in imports and exports, growing by 17.5% [4] Price Trends - The Consumer Price Index (CPI) in Jinan increased by 0.2% cumulatively in the first eight months, with a year-on-year decrease of 0.8% in August [5] - Prices of eight major categories of goods and services showed a "five up, three down" trend, with healthcare and living services rising by 0.3%, clothing by 1.6%, and education and entertainment by 5.8% [5] - Conversely, housing prices decreased by 0.6%, food and tobacco prices fell by 1.7%, and transportation and communication prices dropped by 2.9% [5]