Core Insights - The national economy is maintaining overall stability and progress, with industrial value-added growth of 4.9% year-on-year in October and retail sales of consumer goods reaching 46,291 billion yuan, up 2.9% year-on-year [1][2] Economic Performance - Industrial production remains stable, with significant growth in equipment manufacturing, which increased by 8%, contributing positively to overall industrial growth [2] - The accommodation and catering industry saw a production index increase of 3.9% year-on-year, boosted by the overlapping National Day and Mid-Autumn Festival holidays [2] - Retail sales of consumer goods are expanding, with notable growth in communication equipment (23.2%) and cultural office supplies (13.5%) [2] New Demand and Investment - New demands from the digital economy and platform economy are expanding, supporting stable economic operations [4] - Investment in high-tech sectors is growing rapidly, particularly in new energy, new materials, and artificial intelligence [4][5] - The manufacturing value-added of the digital industry increased by 9.5% year-on-year from January to October, with smart equipment and electronic components growing by 11.1% and 12.3%, respectively [5] Future Outlook - The economy is expected to achieve its annual targets due to favorable conditions, including the continuous release of demand potential and the strengthening of domestic and international market cycles [6][7] - The introduction of 500 billion yuan in new policy financial tools aims to enhance local government financial capacity and stimulate effective investment [7] - Recent economic policies are characterized by moderate efforts to ensure the achievement of annual economic and social development goals while promoting growth and high-quality development [8]

● 本报记者 连润 国家统计局11月14日发布数据显示，10月份，全国规模以上工业增加值同比增长4.9%，社会消费品零 售总额46291亿元，同比增长2.9%。国家统计局新闻发言人付凌晖表示，10月份，国民经济保持总体平 稳、稳中有进发展态势。下阶段，要全方位扩大国内需求，着力稳就业、稳企业、稳市场、稳预期，积 极推动宏观政策持续落地增效，全面深化改革开放，进一步强化创新驱动，促进经济质的有效提升和量 的合理增长。 生产需求平稳增长 数据显示，10月份，生产需求平稳增长。 生产供给继续增长。付凌晖表示，工业生产总体稳定，10月份规模以上工业增加值同比增长4.9%，继 续保持总体稳定增长。其中，装备制造业增加值增长8%，明显快于规模以上工业增长，对规模以上工 业增长支撑作用明显。国庆和中秋假期叠加带动相关服务业增长加快，10月份住宿和餐饮业生产指数同 比增长3.9%，比上月加快2.6个百分点。 国家统计局工业司首席统计师孙晓分析，10月份，全国规模以上工业生产稳中有进，多数行业、产品实 现增长，（下转A02版） （上接A01版）产业结构优化升级，新质生产力培育壮大，装备制造业、高技术制造业快速发展，工业 经济高 ...

Core Insights - The 2025 Securities Industry High-Quality Development Conference and the Jin Yuan Group Cup Securities Industry Golden Bull Awards Ceremony were held in Xiamen, Fujian [1] - Dongfang Securities received multiple awards including "Golden Bull Securities Company," "Securities Industry ESG Golden Bull Award," and "Golden Bull Wealth Management Team" [2][11] Financial Performance - For the first three quarters of 2025, Dongfang Securities achieved operating income of 12.71 billion yuan, a year-on-year increase of 39.4% [2] - The net profit attributable to shareholders reached 5.11 billion yuan, up 54.8% year-on-year, indicating significant enhancement in profitability [2] - The weighted average return on equity (ROE) was 6.35%, an increase of 2.19 percentage points compared to the same period last year, reflecting improved capital efficiency [2] Business Segments - The brokerage business showed strong performance with net income from brokerage fees reaching 2.38 billion yuan, a year-on-year increase of 49.1% [4] - In the asset management sector, income was 970 million yuan, a slight decrease of 4.3% year-on-year, but showed a recovery trend with third-quarter income of 370 million yuan, up 20.6% year-on-year [4] - Investment banking revenue for the first three quarters was 1.17 billion yuan, a year-on-year increase of 41.1%, with a strong growth momentum in the third quarter [5] Wealth Management Strategy - Dongfang Securities is focusing on wealth management as a primary direction, enhancing investor education to promote long-term and value-based investment habits [6] - The company has established a comprehensive wealth management service platform centered on customer needs, transitioning towards a "buy-side advisory" model [6] Green Finance Initiatives - Dongfang Securities is enhancing its green finance services, aiming to connect real economy with financial resources and promote green technology [8] - The company has made significant investments in green bonds, with a total of 6.143 billion yuan in environmental bond investments, including 5.799 billion yuan in green bonds [8] - The establishment of the Green Finance Research Institute aims to innovate products and services in the green finance sector [9]

Economic Overview - In October, the national economy continued to show a stable growth trend, with industrial production increasing by 4.9% year-on-year, and the service sector production index growing by 4.6% [5][6][7] - The agricultural sector is performing well, with an increase in autumn grain planting area and yield, indicating a potential bumper harvest for the year [5][62] Market Sales - Retail sales of consumer goods increased by 2.9% year-on-year in October, driven by holiday consumption and the effectiveness of consumption promotion initiatives [6][35] - The sales of communication equipment and cultural office supplies saw significant growth, with increases of 23.2% and 13.5% respectively [6][38] Employment Situation - The urban surveyed unemployment rate decreased to 5.1% in October, marking a continuous decline for two months [6][41] - The unemployment rate for migrant agricultural workers was 4.5%, lower than the overall urban unemployment rate, indicating stability in employment for key groups [6][41] Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing the previous month's decline, with core CPI (excluding food and energy) increasing by 1.2% [7][28] - The Producer Price Index (PPI) saw a year-on-year decline of 2.1%, but the rate of decline has narrowed for three consecutive months, indicating a potential stabilization in industrial prices [7][52] Investment Trends - Fixed asset investment decreased by 1.7% year-on-year in the first ten months, with real investment volume still showing slight growth when adjusted for price factors [11][12] - Manufacturing investment grew by 2.7% year-on-year, with significant increases in high-tech sectors such as aerospace and information services, which saw growth rates of 19.7% and 32.7% respectively [13][14] Foreign Trade - In the first ten months, total goods import and export volume increased by 3.6% year-on-year, with exports growing by 6.2% [15][16] - Despite challenges, trade with ASEAN and EU countries grew by 9.1% and 4.9% respectively, indicating a diversification of trade partnerships [16][17] Industrial Production - The industrial production maintained stability, with a 4.9% increase in the value added of industrial enterprises above designated size in October [47][48] - High-tech manufacturing and digital product manufacturing saw increases of 7.2% and 6.7% respectively, reflecting a trend towards modernization and digitalization in the industry [48][49] Real Estate Market - The real estate market showed signs of stabilization, with the decline in new housing sales narrowing to 6.8% year-on-year in the first ten months [57][58] - The inventory of unsold commercial housing decreased, indicating progress in the ongoing efforts to manage the real estate market [57][58]

Group 1 - The core event of the news is the "Green Innovation Cooperation to Build a Green Silk Road" activity held at COP30 in Brazil, which has garnered international attention and approval [1] - The Chinese delegation highlighted the green elements of the event, emphasizing China's commitment to green energy transition [1] - International guests acknowledged China's experience in green energy transition as a model for other countries to learn from [2] Group 2 - Simon Steele, the Executive Secretary of the UN Framework Convention on Climate Change, praised China's efforts in promoting green transformation and South-South cooperation, noting that initiatives like the "Belt and Road" green development international alliance are crucial for this transition [3] - The increasing number of participating countries and partnerships formed by the private sector and charitable organizations indicate the emergence of a new type of economy [3] - Laurence Tubiana, CEO of the European Climate Foundation, stated that China is leading discussions on integrating trade and investment to promote cooperation and support the sharing of benefits from the green economy [5]

Core Viewpoint - The Chinese economy is maintaining a stable growth trajectory despite facing various risks and challenges, supported by proactive macroeconomic policies and a focus on innovation and market expansion [1][2][3] Group 1: Economic Performance - The GDP growth rate for the first three quarters of the year is 5.2%, positioning China among the leading major economies globally [1] - From January to October, the industrial added value and service production index increased by 6.1% and 5.7% year-on-year, respectively, indicating robust growth [1] - The urban unemployment rate has continued to decline, and consumer prices have shown positive changes, transitioning from a decrease to an increase [1] Group 2: Demand Potential - The total retail sales of consumer goods increased by 4.3% year-on-year in the first ten months, surpassing the growth rate of the previous year [2] - Exports to ASEAN, the EU, and countries involved in the Belt and Road Initiative grew by 9.1%, 4.9%, and 5.9%, respectively, outpacing the overall growth rate of total goods imports and exports [2] - The focus on strengthening domestic circulation and promoting dual circulation is expected to further expand market demand [2] Group 3: New Productive Forces - The integration of technological and industrial innovation is accelerating, with new productive forces such as artificial intelligence, digital economy, and green economy gaining momentum [2] - The manufacturing value added for smart drones and smart vehicle-mounted devices increased by 54.7% and 25.5% year-on-year, respectively, reflecting strong growth in intelligent product manufacturing [2] - Production of bio-based chemical fibers and carbon fibers increased by 18.9% and 12.8%, respectively, indicating robust growth in green materials [2] Group 4: Macroeconomic Policies - Proactive macroeconomic policies are being implemented, including the introduction of 500 billion yuan in new policy financial tools to enhance local government financial capacity and stimulate effective investment [3] - Recent positive changes in market supply and demand have led to improved corporate profitability, with industrial enterprise profits increasing by 3.2% year-on-year from January to September [3] - The successful convening of the 20th Central Committee of the Communist Party has provided a strong impetus for high-quality development, reinforcing confidence in economic growth [3]

付凌晖谈到，从下阶段情况来看，尽管经济运行还面临不少风险挑战，但我国经济长期向好的支撑条件 和基本趋势没有变化，宏观政策持续发力，市场空间逐步拓展，新质生产力培育壮大，实现全年预期目 标具备较多有利条件。 南都讯 记者潘珊菊 发自北京 今年中国经济社会发展目标已开始最后冲刺，根据前10个月数据，全年目 标能否实现？国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办回应外界关 切时认为，中国实现今年预期目标具备较多有利条件。其中，前三季度国内生产总值同比增长5.2%， 在全球主要经济体中位居前列。与此同时，前10个月社会消费品零售总额同比增长4.3%，快于上年全 年。 国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖。 "近期市场供求出现积极变化，企业效益逐步改善，积极因素继续累积，有利于经济向好发展。"他说。 一是经济运行总体平稳。从宏观经济四大指标来看，我国经济平稳运行的态势没有改变，为实现全年目 标打下了坚实基础。经济较快增长。前三季度国内生产总值同比增长5.2%，在全球主要经济体中位居 前列。1-10月份，规模以上工业增加值、服务业生产指数同比分别增长6.1%和5.7%，继 ...

Economic Overview - In October, China's economy showed signs of structural adjustment with emerging industries growing, supported by consumption during the Mid-Autumn and National Day holidays [1][6] - The overall economic operation remains stable, with industrial production continuing to grow and a notable increase in high-tech manufacturing [6][7] Industrial Performance - The industrial added value for large-scale enterprises grew by 4.9% year-on-year in October, a decrease of 1.6 percentage points from the previous month [1] - The equipment manufacturing sector saw an 8% increase in added value, significantly outpacing the overall industrial growth [1][6] - From January to October, the industrial added value increased by 6.1%, showing overall stability [1] Service Sector - The service production index grew by 4.6% year-on-year in October, with a decline of 1 percentage point from the previous month due to high base effects [1] - The information transmission, software, and IT services sectors saw significant growth, with production indices increasing by 13% and 8.2% respectively [1] Consumer Market - The total retail sales of consumer goods increased by 2.9% year-on-year in October, slightly down from the previous month [2] - The retail sales of communication equipment and cultural office supplies grew by 23.2% and 13.5% respectively, indicating a positive impact from the trade-in policy [2] - Service retail sales increased by 5.3% from January to October, with notable growth in leisure, communication, and travel services [2] Trade and Investment - The total import and export value grew by 0.1% year-on-year in October, with exports declining by 0.8% and imports increasing by 1.4% [2] - Fixed asset investment (excluding rural households) decreased by 1.7% from January to October, with infrastructure investment down by 0.1% [3] - High-tech sector investments, particularly in aerospace and information services, saw significant growth, with increases of 19.7% and 32.7% respectively [3] Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing a previous decline [4] - The Producer Price Index (PPI) decreased by 2.1% year-on-year but showed signs of improvement with a 0.1% month-on-month increase [4] Employment and Economic Stability - The urban unemployment rate was 5.1% in October, a slight decrease from the previous month, indicating a positive trend in job recovery [4] - The government has implemented policies to stimulate economic growth, including the introduction of new financial tools and measures to boost private investment [5][9]

Core Viewpoint - The economic performance of China remains stable, with key indicators showing a solid foundation for achieving annual targets despite facing various risks and challenges [1][7]. Group 1: Economic Indicators - In October, the industrial added value for large-scale industries grew by 4.9% year-on-year, while the total retail sales of consumer goods reached 46,291 billion yuan, marking a 2.9% increase year-on-year [1][2]. - From January to October, fixed asset investment (excluding rural households) totaled 408,914 billion yuan, reflecting a 1.7% year-on-year decline; however, excluding real estate development investment, fixed asset investment grew by 1.7% [1][2]. Group 2: Production and Consumption - Industrial production remains stable, with equipment manufacturing value-added increasing by 8%, significantly outpacing the overall industrial growth [2]. - The holiday economy has positively impacted service sectors, with accommodation and catering production indices rising by 3.9% year-on-year in October, an acceleration of 2.6 percentage points from the previous month [2]. Group 3: Investment Trends - Manufacturing investment continues to grow, driven by the transformation and upgrading of traditional manufacturing and the expansion of emerging manufacturing sectors [4]. - Investment in high-end industries and green transition-related projects is also on the rise, indicating substantial potential and space for investment in China [4]. Group 4: Future Economic Strategy - The focus will be on high-quality development, optimizing investment structures, and enhancing the investment environment to stimulate private investment and support domestic demand [5]. - The government plans to leverage new policy financial tools worth 5 trillion yuan to enhance local government financial capacity and expand effective investment [7].

Core Viewpoint - The Chinese economy is showing resilience and maintaining a steady growth trajectory despite facing various external and internal challenges, supported by proactive macroeconomic policies and the ongoing development of a unified national market [1][4]. Group 1: Economic Performance - The overall economic operation remains stable, with GDP growth of 5.2% year-on-year in the first three quarters, positioning China among the leading global economies [2]. - From January to October, the industrial added value and service production index increased by 6.1% and 5.7% year-on-year, respectively, indicating robust growth [2]. - The urban unemployment rate has continued to decline, and consumer prices have shown positive changes, with a year-on-year increase in October [2]. Group 2: Demand Potential - Consumer retail sales grew by 4.3% year-on-year in the first ten months, surpassing the total growth for the previous year, driven by active tourism, cultural sports, and online consumption [2]. - China's foreign trade remains resilient, with imports and exports to ASEAN, the EU, and Belt and Road countries increasing by 9.1%, 4.9%, and 5.9% respectively [2]. Group 3: New Productive Forces - The integration of technological and industrial innovation is accelerating, with significant growth in smart product manufacturing, such as a 54.7% increase in the production of smart drones and a 25.5% increase in smart vehicle equipment [3]. - The production of green materials is also on the rise, with bio-based chemical fibers and carbon fibers increasing by 18.9% and 12.8% respectively [3]. Group 4: Macroeconomic Policies - Proactive macroeconomic policies are being implemented, including the introduction of 500 billion yuan in new policy financial tools to enhance local government financial capacity and stimulate effective investment [3]. - Recent measures have been introduced to invigorate private investment, contributing to a positive shift in market supply and demand [3].