Core Viewpoint - The GDP growth for Q3 2025 is reported at 4.8%, a decrease of 0.4 percentage points from the previous quarter, but the overall economic development remains stable and progressive [1] - The GDP growth for the first three quarters of the year is 5.2%, exceeding the government's target of around 5% for the year, laying a solid foundation for achieving the annual goal [1] Supply Side Analysis - Industrial production has accelerated, with the cumulative industrial added value from January to September growing by 6.2%, which is 0.4 percentage points higher than the same period last year [1] - In September, the industrial added value increased by 6.5%, up 1.3 percentage points from August [1] - The strong performance in exports and the implementation of policies to expand domestic demand, such as the "two new" policies, have contributed to the rapid growth of high-tech manufacturing and equipment manufacturing sectors [4] Demand Side Analysis - The total retail sales of consumer goods increased by 4.5% year-on-year in the first three quarters, but the growth rate in September fell to 3.0%, indicating weak recovery momentum [5][7] - Fixed asset investment decreased by 0.5% year-on-year from January to September, marking a significant slowdown [7][9] - Manufacturing investment grew by 4.0%, but this represents a decline of 1.1 percentage points compared to the previous months, continuing a six-month downward trend [9][10] Policy Measures - The government has introduced measures to stimulate investment, including the issuance of 500 billion yuan in new policy financial tools and the activation of 500 billion yuan in local government debt limits [10] - A series of consumer support policies have been rolled out, including childcare subsidies and personal consumption loans, which are expected to boost future consumption recovery [10] Economic Outlook - Analysts predict that the GDP growth rate for Q4 could reach around 4.7%, allowing for the achievement of the annual growth target of approximately 5% [11][12] - The internal driving force for economic growth is expected to strengthen, supported by structural monetary policy tools and the stabilization of the real estate market [11]