Economic Overview - The National Bureau of Statistics reported that the national economy maintained a stable and progressive trend in the first three quarters of 2025, with effective policies supporting employment and economic stability [3]. GDP Performance - The GDP for the first three quarters reached 10,150.36 billion yuan, reflecting a year-on-year growth of 5.2% at constant prices [5][6]. Sector Contributions - Agricultural value added grew by 3.6% year-on-year [6]. - Industrial value added for large-scale enterprises increased by 6.2% year-on-year [6]. - The service sector's value added rose by 5.4% year-on-year [6]. Consumer and Investment Trends - The total retail sales of consumer goods amounted to 365.877 billion yuan, with a year-on-year increase of 4.5% [7]. - Fixed asset investment (excluding rural households) was 371.535 billion yuan, showing a year-on-year decline of 0.5%. However, excluding real estate development investment, fixed asset investment grew by 3.0% [7]. Trade and Price Levels - The total value of goods imports and exports reached 336.078 billion yuan, marking a year-on-year growth of 4.0% [8]. - The Consumer Price Index (CPI) saw a slight decline of 0.1% year-on-year [8].

Economic Growth - China's Q3 GDP growth was the lowest in four quarters [1] - China's GDP for the first three quarters increased by 52% year-on-year [1] Consumption & Retail Sales - China's retail sales growth was the lowest since November of last year [1] - The per capita disposable income of residents in the first three quarters increased by 51% nominally year-on-year, and actually increased by 52% after deducting price factors [1] Investment - Investment growth for January-September turned negative for the first time in over five years [1] Employment - The average weekly working hours for employees nationwide is 486 hours [1]

Investment Performance - The investment in gold has yielded a stable return of 200% over six years [1] Personal Investment Strategy - The investor has maintained unwavering confidence in their gold investment since 2019 [1]

Core Insights - The provincial government is focusing on economic stability and growth, emphasizing the importance of high-quality development to contribute to the national economy [2] - There is a strong push to develop the sports economy and enhance leisure consumption through the promotion of quality sports events [3] Economic Performance - The overall economic performance in the first three quarters is stable with progress, and there is a need to implement major decisions from the central government [2] - Strategies include stabilizing employment, businesses, markets, and expectations while promoting industrial growth and supporting enterprises with high capacity utilization [2] Investment and Consumption - The government aims to expand consumption by increasing the supply of cultural tourism and sports resources, as well as enhancing services in areas like home care and childcare [2] - There is a focus on stabilizing and expanding investments, accelerating the completion of ongoing projects, and planning major projects to meet funding needs [2] Safety and Regulation - Emphasis is placed on enhancing safety management capabilities and ensuring stable safety production across various sectors, particularly in gas, electric bicycles, and crowded venues [3] - The government is committed to improving public trust and addressing grievances through targeted actions and better service delivery [3] Sports Economy Development - The government is implementing decisions to develop the sports economy, aiming to enhance the supply of quality sports events and create well-known event brands [3] - There is a focus on integrating sports events with consumer activities to drive high-quality development in the sports industry [3]

Report Information - Report Title: High - frequency Economic Weekly (2025.10.12 - 2025.10.18) [3] - Date: October 18, 2025 [1] - Analysts: Huang Weiping, Lv Qiang, Wang Zheyi [1] 1. Industry Investment Rating No information provided in the report. 2. Core View The report presents an analysis of the economic situation from multiple aspects during the period of 2025.10.12 - 2025.10.18, indicating that the industrial production shows a seasonal rebound, personnel flow increases while freight prices decline slightly, consumption has mixed performance, construction investment is weak but the real - estate market rebounds seasonally, and export port throughput decreases with differentiated shipping indices. Also, various major policy events have occurred during this period [3]. 3. Summary by Directory 3.1. Large - Scale Assets - This week, bond indices generally rose, stock indices generally fell, most commodities declined, and foreign currencies generally appreciated. The ChinaBond 7 - 10 - year China Development Bank Bond Index had the largest weekly increase of 0.33%. The STAR 50 Index had the largest weekly decline of 6.16%. The Nanhua Precious Metals Index had the largest increase of 10.76%, and the Nanhua Energy and Chemicals Index had the largest decline of 3.43%. The Japanese yen had the largest increase against the RMB with a weekly increase of 1.22%, and the US dollar appreciated against the RMB with a weekly increase of 0.05% [3]. 3.2. Industrial Production - Production showed a seasonal rebound. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week. The petroleum asphalt plant operation rate increased by 1.30 percentage points to 35.80% week - on - week, the blast furnace operation rate remained the same as last week at 84.25%, and the crude steel output increased by 7.57% week - on - week. In the real - estate chain, the rebar operation rate increased by 1.35 percentage points to 41.33% week - on - week, the float glass operation rate increased by 0.34 percentage points to 76.65%, and the mill operation rate decreased by 0.49 percentage points to 37.89% week - on - week. In the consumer goods chain, the polyester filament operation rate decreased by 0.03 percentage points to 91.06% week - on - week, the PTA operation rate decreased by 1.92 percentage points to 75.56%, and the methanol operation rate increased by 4.00 percentage points to 84.38% week - on - week. In the automobile chain, the automobile semi - steel tire operation rate increased by 26.21 percentage points to 72.72% week - on - week, and the automobile all - steel tire operation rate increased by 20.56 percentage points to 64.52% week - on - week [3]. 3.3. People and Goods Flow - Personnel flow increased, and freight prices declined slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 3.25% week - on - week. The 7DMA of the number of domestic flights decreased by 0.66% week - on - week, and the 7DMA of the number of international flights decreased by 0.11% week - on - week. The subway passenger volumes in Beijing, Shanghai, Shenzhen, and Guangzhou all decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.02% week - on - week, and the total volume was higher than the same period in previous years [3]. 3.4. Consumption - Automobile retail sales declined, and prices showed a mixed performance. The previous - period automobile wholesale decreased by 1.00% year - on - year, and retail increased by 7.00% year - on - year. Both the 4WMA of the wholesale year - on - year growth rate and the 4WMA of the retail year - on - year growth rate declined. The weekly box office of movies decreased by 73% week - on - week, and the 7DMA of the number of movie - goers decreased by 73% week - on - week. Agricultural product prices showed a mixed performance. The pork price decreased by 2.38% week - on - week, and the vegetable price increased by 0.13% week - on - week [3]. 3.5. Investment - Construction showed weak performance, and the real - estate market rebounded seasonally. The cement storage capacity ratio increased by 1.6 percentage points week - on - week, the cement price index increased by 0.01% week - on - week, and the cement shipment rate decreased by 2.1 percentage points week - on - week. The rebar inventory decreased by 2.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 percentage points week - on - week, and the apparent demand for rebar decreased by 39.4% week - on - week. Overall, the terminal demand for construction was weak. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 171.0% week - on - week. By city - tier, the commercial housing transaction areas in first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 165.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate decreased week - on - week [3]. 3.6. Export - Port throughput decreased, and shipping indices showed a mixed performance. The weekly port cargo throughput decreased by 8.4% week - on - week, and the container throughput decreased by 6.1% week - on - week. The Baltic Dry Index (BDI) increased by 6.87% week - on - week, the Shanghai Containerized Freight Index (SCFI) increased by 12.92% week - on - week, and the China Containerized Freight Index (CCFI) decreased by 4.11% week - on - week [3]. 3.7. Major Policies/Events - On October 13, the year - on - year export in September 2025 was 8.3%, exceeding expectations. On October 14, China imposed countermeasures on 5 US subsidiaries of South Korea's Hwa Ocean Co., Ltd. On October 14, the central bank announced a 6 - month repurchase of 600 billion yuan on October 15. On October 15, the year - on - year growth rates of CPI and PPI improved moderately. On October 15, the year - on - year growth rate of the stock of social financing decreased. On October 17, the central government allocated 500 billion yuan from the local government debt balance limit to local governments [3].

Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints The report analyzes the economic situation from multiple aspects, including industrial production, people and freight flow, consumption, investment, export, and the performance of major asset classes. It points out that industrial production shows seasonal recovery, people flow increases while freight prices decline slightly, consumption has mixed performance, construction shows weakness while the real - estate market recovers seasonally, port throughput decreases, and shipping indices are differentiated. Also, major asset classes show distinct trends with bond indices rising, stock indices falling, most commodities dropping, and foreign currencies appreciating [1]. Summary by Directory 1. Major Asset Classes - This week, bond indices generally rose, stock indices generally fell, most commodities declined, and foreign currencies generally appreciated. Among them, the ChinaBond 7 - 10 - year China Development Bank Bond Index rose the most, with a weekly increase of 0.33%; the STAR 50 Index fell the most, with a weekly decline of 6.16%. The Nanhua Precious Metals Index rose the most among commodities, with a gain of 10.76%, and the Nanhua Energy and Chemicals Index fell the most, with a decline of 3.43%. Foreign currencies appreciated against the RMB, with the Japanese yen having the largest increase, a weekly gain of 1.22%, and the US dollar appreciating against the RMB, with a weekly gain of 0.05% [1]. 2. Industrial Production - Production shows seasonal recovery. In the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants increased by 1.30 pcts to 35.80% week - on - week, the blast furnace operating rate remained flat at 84.25% compared with last week, and the crude steel output increased by 7.57% week - on - week. In the real - estate chain, the operating rate of rebar production increased by 1.35 pcts to 41.33% week - on - week, the operating rate of float glass increased by 0.34 pcts to 76.65% week - on - week, and the mill operation rate decreased by 0.49 pcts to 37.89% week - on - week. In the consumer goods chain, the operating rate of polyester filament decreased by 0.03 pcts to 91.06% week - on - week, the operating rate of PTA decreased by 1.92 pcts to 75.56% week - on - week, and the operating rate of methanol increased by 4.00 pcts to 84.38% week - on - week. In the automotive chain, the operating rate of automobile semi - steel tires increased by 26.21 pcts to 72.72% week - on - week, and the operating rate of automobile all - steel tires increased by 20.56 pcts to 64.52% week - on - week [1]. 3. People and Freight Flow - People flow increased, while freight prices declined slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 3.25% week - on - week. The 7DMA of the number of domestic flights decreased by 0.66% week - on - week, and the 7DMA of the number of international flights decreased by 0.11% week - on - week. The subway passenger volumes in Beijing, Shanghai, Shenzhen, and Guangzhou all decreased. In terms of freight flow, the 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.02% week - on - week, but the total volume was higher than the same period in previous years [1]. 4. Consumption - Automobile retail sales showed a decline, and prices were differentiated. The previous period's automobile wholesale sales decreased by 1.00% year - on - year, and retail sales increased by 7.00% year - on - year. The 4WMA of the wholesale and retail year - on - year growth rates both declined. This period's movie box office decreased by 73% week - on - week, and the 7DMA of the number of movie - goers decreased by 73% week - on - week. Agricultural product prices were differentiated, with pork prices decreasing by 2.38% week - on - week and vegetable prices increasing by 0.13% week - on - week [1]. 5. Investment - Construction showed weakness, while the real - estate market recovered seasonally. The cement storage capacity ratio increased by 1.6 pcts week - on - week, the cement price index increased by 0.01% week - on - week, and the cement shipping rate decreased by 2.1 pcts week - on - week. The rebar inventory decreased by 2.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts week - on - week, and the apparent demand for rebar decreased by 39.4% week - on - week. Overall, the terminal demand for construction was weak. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 171.0% week - on - week. By city - tier, the commercial housing transaction areas in first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 165.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [1]. 6. Export - Port throughput decreased, and shipping indices were differentiated. This period's port cargo throughput decreased by 8.4% week - on - week, and the container throughput decreased by 6.1% week - on - week. The BDI index increased by 6.87% week - on - week, the SCFI index increased by 12.92% week - on - week, and the CCFI index decreased by 4.11% week - on - week [1].

#投资我 15 岁的时候玩魔兽世界做地精，赚了很多 G。后来有了金团，做老板进去消费，最好的装备都直接买了，绕过了进团 farm 赚 DKP 的过程。可惜直到快 30 岁才玩 Crypto 做投资，发现和 15 岁做的事情一模一样，也赚了一点。在现实里喜欢的东西大部分不用考虑价格，终结了打工 farm 赚工资的过程。仅仅考虑钱的方面，这 15 年确实走了弯路😂所以我敬佩那些少年天才，更喜欢他们从无到有，快速变强的那个版本。那也是 15 岁的我，在当时的现实情况下，把自己喜欢的事情做成了。秋田散人 (@lnkybtc):我们 20 岁之前为梦幻西游魔兽世界充的钱，不亚于 00 后在币圈交的学费。但这两笔钱对于财务与真实世界的理解和教学来说，大概是意义相差甚远的。 ...

Investment Philosophy - Strong individuals appreciate other strong individuals [1] - Weak individuals tend to be jealous, slander, and insult strong individuals [2] - Most people in the world are weak [3] - When unable to confirm facts, the choice of version depends on whether one wants to be strong or weak [3]

Core Insights - Dave Ramsey emphasizes a straightforward approach to retirement planning, focusing on consistent saving, debt avoidance, wise investing, and a long-term perspective on retirement [1][2] Retirement Planning - Retirement planning starts with setting clear goals, yet only about 52% of individuals have calculated their necessary retirement savings according to the 34th Annual Retirement Confidence Survey [3] - Ramsey encourages individuals to visualize their ideal retirement lifestyle to motivate goal achievement [3] Investment Strategy - Ramsey recommends investing 15% of gross income in mutual funds through tax-advantaged accounts like IRAs or 401(k)s, which is deemed sufficient for significant progress towards retirement goals while allowing for short-term financial objectives [4] - For example, an individual earning $100,000 annually and investing 15% ($15,000) at an average annual return of 8% could accumulate nearly $1.1 million in 25 years without increasing contributions [5] Debt Management - Ramsey advocates for a debt-free lifestyle, advising individuals to pay off all debts, excluding mortgages, well before retirement [6] Key Questions for Retirement - Important questions to consider include desired retirement age, activities during retirement, necessary savings, monthly investment amounts, investment choices, and preparation for medical and long-term care expenses [7]

Core Viewpoint - The recent fluctuations in gold prices have caused anxiety among investors, highlighting the need for a more rational approach to investment decisions rather than succumbing to market panic [1][3]. Group 1: Market Sentiment - The gold price recently broke the 990 mark, leading to heightened anxiety among investors, with one individual expressing fear of missing out on potential gains [1]. - The article emphasizes that market volatility often triggers irrational behavior among investors, leading to poor decision-making [3]. Group 2: Investment Strategy - Gold is characterized as a "stabilizing asset" in an investment portfolio, but it is not the most lucrative option compared to high-quality stocks in the long term [3]. - The article suggests that younger generations are finding alternative ways to engage with gold, such as renting for ceremonial purposes, which alleviates the pressure of high purchase costs [3]. - It is advised that investors should focus on their risk tolerance and investment horizon rather than fixating on short-term market movements [3].