Core Viewpoint - The implementation of proactive macro policies has effectively supported economic stability and long-term growth potential, with significant contributions from consumption and investment sectors [1][2]. Economic Performance - In the first three quarters, final consumption expenditure contributed 53.5% to economic growth, an increase of 9 percentage points compared to the previous year [1]. - Equipment and tool investment grew by 14% year-on-year, contributing 2 percentage points to overall investment growth, indicating a strong investment momentum [1]. Capital Market Activity - Stock trading volume in the Shanghai and Shenzhen markets increased by 106.8% year-on-year in the first three quarters, reflecting improved social confidence [2]. Future Outlook - Despite facing risks and challenges, the internal logic for stable economic development remains unchanged, with favorable conditions for achieving annual targets [2]. - The acceleration of new productive forces, particularly in artificial intelligence, is expected to provide new growth engines for the economy [2]. - The continuous effectiveness of macro policies is anticipated to support stable economic operations, with ample policy space and tools available to address various risks [2].

本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 编辑：郭晋嘉 广告等商务合作，请点击这里 国家统计局：实现全年预期目标有基础有支撑 中新网北京10月20日电 10月20日，国家统计局新闻发言人表示，我国三季度4.8%的经济增速水平仍明 显高于多数主要经济体。三季度经济总量达35.5万亿元，超过了全球第三大经济体2024年全年经济总 量。实现全年预期目标仍有较多有利条件。今年前三季度经济增长5.2%，快于上年同期0.4个百分点， 为实现全年主要目标奠定了坚实基础。新质生产力加快培育为高质量发展增添了新动能。宏观政策持续 显效将为经济平稳运行保驾护航，实现全年预期目标有基础有支撑，但也需要付出艰苦努力。 来源：中国新闻网 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The steel price is running at a low level, with short - term downward pressure. Attention should be paid to the narrowing of the spread between hot - rolled coil and rebar [3] Group 3: Summary by Relevant Catalogs Market News - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be held from October 20th to 23rd in Beijing, mainly to study the suggestions for formulating the 15th Five - Year Plan for National Economic and Social Development and analyze the current economic situation and deploy the economic work for the second half of the year [2] - On October 18th, He Lifeng held a video call with the US Treasury Secretary and Trade Representative, and both sides agreed to hold a new round of China - US economic and trade consultations as soon as possible [2] Production Data - Last week, 13 provincial steel mills had production line maintenance and resumption. There were 3 maintenance lines, a decrease of 6 compared with the previous week, and 8 resumption lines, an increase of 1 compared with the previous week. The production affected by maintenance was 215,300 tons last week and is expected to be 63,800 tons this week [2] - The blast furnace iron - making capacity utilization rate of 247 steel mills last week was 90.33%, a decrease of 0.22 percentage points from the previous week and an increase of 2.34 percentage points year - on - year. The daily average hot metal output was 2.4095 million tons, a decrease of 5,900 tons from the previous week and an increase of 65,900 tons year - on - year [2] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide last week was 53.2%, an increase of 2.13 percentage points from the previous week and an increase of 1.32 percentage points year - on - year. The average operating rate was 68.85%, an increase of 1.79 percentage points from the previous week and a decrease of 0.73 percentage points year - on - year [2] Price and Market Analysis - The finished steel prices fluctuated and declined last week, hitting new lows. Rebar was close to 3,000, and hot - rolled coil once fell below 3,200. After the holiday, the fundamentals of steel changed little, and the weak downstream situation improved limitedly. The weekly fundamentals were neutral to weak. Sino - US trade frictions affected market sentiment and caused the steel price to decline. Attention should be paid to Sino - US economic and trade consultations and domestic important meetings [2]

实现全年目标仍有较多有利条件。 10月20日，国家统计局新闻发言人就2025年前三季度国民经济运行情况答记者问。 1.今年以来，面对复杂环境中国经济运行情况如何？请问如何评价前三季度的经济运行总体表现？ 答：今年以来，我国经济发展历程很不平凡。面对外部压力加大和内部困难较多的复杂局面，以习近平 同志为核心的党中央总揽全局、科学决策，各地区各部门沉着应对、狠抓落实，全国上下同心同德、共 克时艰，我国经济发展顶住压力，取得了难能可贵的发展成绩，经济运行持续保持总体平稳、稳中有进 发展态势。 一是经济平稳运行的主基调没有改变。经济增长、就业、价格和国际收支是观察经济运行最为重要的宏 观指标。从经济增长看，前三季度国内生产总值（GDP）同比增长5.2%，比上年全年和上年同期分别 加快0.2、0.4个百分点；经济增量达到39679亿元，同比多增1368亿元。对于我国这样超大体量的经济体 而言，能够保持稳定发展殊为不易，在各种风险挑战交织的背景下更显可贵。从就业物价看，前三季 度，全国城镇调查失业率平均值为5.2%，与上半年持平；居民消费价格指数（CPI）同比略降0.1%，但 扣除食品和能源的核心CPI上涨0.6%，其中 ...

Core Viewpoint - The synthetic rubber market is experiencing downward pressure due to concerns over potential tariffs in the U.S. and a bearish outlook on supply and demand fundamentals, although there are expectations of potential positive macroeconomic developments from upcoming meetings between U.S. and Chinese leaders [1][3]. Market Overview - This week, the prices of styrene-butadiene rubber (SBR) and polybutadiene rubber (BR) have shown a downward trend, influenced by tariff concerns and a bearish supply-demand outlook. Despite some speculative demand due to lower prices, the overall market remains under pressure [1][5]. - The average price of natural rubber (NR) has decreased by 2.91% compared to last week, while the average price of butadiene has dropped by 1.03% [1]. - SBR prices fell by 2.99% and BR prices decreased by 1.57% compared to the previous week, reflecting a downward shift in market sentiment [1][5]. Macroeconomic Factors - There has been no official announcement regarding tariff issues from overseas, leading to a lack of clarity in the market. Domestically, there is a strong stance on rare earth controls and shipping fees, with limited other relevant news [3]. - Anticipation of meetings between U.S. and Chinese leaders at the end of October may create a positive sentiment regarding policy and tariff easing [3]. Natural Rubber Market - The futures prices of natural rubber have declined, causing the spot market prices to follow suit. The initial drop in prices led to increased purchasing activity from factories, providing some support at lower price levels [3][5]. - However, as rubber prices rebounded, purchasing enthusiasm from downstream buyers has cooled, leading to a more subdued trading environment [3]. Synthetic Rubber Supply and Demand - The price of butadiene has slightly decreased, which negatively impacts the synthetic rubber market. Most production facilities, except for a few undergoing maintenance, are operating at high capacity, maintaining pressure on overall supply [5]. - Downstream tire manufacturers are gradually resuming operations post-holiday, but low raw material inventories provide some support for bottom prices. However, seasonal weakness in overseas orders is limiting demand, further pressuring synthetic rubber prices [5]. Price Outlook - The outlook for SBR and BR prices next week is expected to be characterized by strong fluctuations due to two main factors: potential positive macroeconomic developments and increased speculative demand supporting the market [6].

Core Viewpoint - The macroeconomic policies implemented in China have effectively supported economic stability and growth, with significant contributions from consumer spending and industrial upgrades [1][2][3][4] Group 1: Consumer Spending - In 2023, the contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year [2] - The government allocated 300 billion yuan in special bonds to support the replacement of old consumer goods, leading to a significant increase in retail sales of household appliances and other consumer goods [2] - The number of applications for vehicle replacements exceeded 8.3 million by September 10, indicating strong consumer demand for new vehicles [2] Group 2: Industrial Upgrades - Investment in equipment and tools increased by 14.0% year-on-year in the first three quarters, contributing 2.0 percentage points to overall investment growth [2] - Key manufacturing sectors such as general equipment and aerospace saw investment growth rates of 11.8% and 22.3%, respectively [2] Group 3: New Growth Drivers - The production value of industries related to lithium-ion batteries, shipbuilding, and electric motors grew by 29.8%, 22.9%, and 17.1% year-on-year, respectively [3] - The output of new energy vehicles and electric bicycles increased by 29.7% and 27.1%, respectively, reflecting a shift towards high-quality products [3] Group 4: Economic Circulation - The focus on expanding domestic demand has improved market competition and accelerated the flow of goods, personnel, and capital [4] - The Producer Price Index (PPI) showed a narrowing decline for two consecutive months, indicating improved market conditions [4] - The trading volume of stocks in the Shanghai and Shenzhen markets increased by 106.8% year-on-year in the first three quarters, boosting social confidence [4]

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]

2025.10. 20 题，我国经济从来都是在攻坚克难中不断发展壮大的。 尽管经济增速有所回落，但经济稳中有进发展态势没有变。从增长水平看，我国三季度4.8%的经济增 速水平仍明显高于多数主要经济体，对于这么大体量的经济体尤为难能可贵。三季度经济总量达35.5 万亿元，超过了全球第三大经济体2024年全年经济总量。 国家统计局表示，实现全年目标仍有较多有利条件。从发展态势看，前三季度经济平稳增长为完成全年 目标打下了较好基础。从发展动能看，新质生产力加快培育为高质量发展增添了新动能。从发展支撑 看，宏观政策持续显效将为经济平稳运行保驾护航。 本文字数：1332，阅读时长大约2分钟 作者 | 第一财经 祝嫣然 备受市场关注的三季度经济数据10月20日揭晓。 国家统计局发布的数据显示，初步核算，前三季度国内生产总值1015036亿元，按不变价格计算，同 比 增 长 5.2% 。 分 季 度 看 ， 一 季 度 国 内 生 产 总 值 同 比 增 长 5.4% ， 二 季 度 增 长 5.2% ， 三 季 度 增 长 4.8%。从环比看，三季度国内生产总值增长1.1%。 国家统计局新闻发言人表示，尽管外部环境复杂演 ...

Core Viewpoint - The overall economic performance in the first three quarters shows stability and progress, with effective high-quality development measures being implemented [1] Economic Indicators - Major macroeconomic indicators remain stable, indicating a steady economic operation with positive developments [1] - The need for further consolidation of the economic recovery foundation is emphasized due to existing risks and challenges [1] Policy Recommendations - The next phase should focus on implementing more proactive macro policies to enhance effectiveness [1] - Key areas of focus include stabilizing employment, businesses, markets, and expectations to promote sustainable and healthy economic development [1]

Core Viewpoint - The article emphasizes that despite facing complex external and internal challenges, China's economy has shown resilience and achieved a GDP growth of 5.2% in the first three quarters of 2025, indicating a stable and progressive economic performance [4][6][8]. Economic Performance - China's GDP for the first three quarters of 2025 reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%, which is an acceleration of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [5]. - The average urban unemployment rate remained stable at 5.2%, while the Consumer Price Index (CPI) slightly decreased by 0.1%, with the core CPI (excluding food and energy) rising by 0.6% [5][10]. - The total import and export volume reached a historical high, with a year-on-year growth of 6.0% in the third quarter, and foreign exchange reserves remained above 3.3 trillion USD [5][10]. High-Quality Development - The article highlights the ongoing efforts towards high-quality development, with significant advancements in new production capacities and economic structure optimization [6][18]. - The proportion of added value from equipment manufacturing and high-tech manufacturing reached 35.9% and 16.7%, respectively, indicating a shift towards more advanced industries [6]. - The share of non-fossil energy consumption in total energy consumption increased by approximately 1.7 percentage points year-on-year, reflecting progress in green and low-carbon transformation [6][18]. Economic Resilience - China's economy demonstrated strong resilience, achieving a 5.2% growth rate despite global economic uncertainties and trade protectionism [7][10]. - The article notes that this growth rate is among the highest compared to other major economies, showcasing China's role as a stable and reliable driver of global economic growth [7][10]. Policy Implementation - The implementation of proactive macroeconomic policies has played a crucial role in stabilizing the economy, with measures aimed at expanding domestic demand and enhancing market vitality [13][14]. - The contribution of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year, highlighting the effectiveness of consumption-boosting policies [13][14]. New Quality Productivity - The development of new quality productivity has been emphasized as a key driver for high-quality growth, with significant investments in R&D and innovation leading to advancements in various sectors [16][17]. - The added value of high-tech manufacturing increased by 9.6%, with notable growth in industries such as integrated circuits and industrial robots [16][17]. Green Transformation - The article discusses the steady progress in green transformation, with significant increases in renewable energy production and the adoption of green technologies [18][23]. - The production of new energy products, such as electric vehicles and solar batteries, has seen substantial growth, contributing to a more sustainable economic model [18][23].