（文章来源：国家统计局） 国家统计局数据显示，2025年1—10月份，全国固定资产投资（不含农户）408914亿元，同比下降1.7%。其中，民间固定资产投资同比下降4.5%。从环比 看，10月份固定资产投资（不含农户）下降1.62%。 ...

Group 1 - National fixed asset investment decreased by 0.5% year-on-year from January to September, marking the first negative shift this year, raising concerns as it is a key driver of economic growth [1] - In key cities ranked in the top 20 by GDP, the eastern region is under pressure, while manufacturing investment is stabilizing, with favorable policies being introduced across various regions, suggesting a potential recovery in the fourth quarter [1] Group 2 - According to data from the National Bureau of Statistics, the eastern region's investment decreased by 4.5% year-on-year in the first three quarters, while the central and western regions grew by 1.5%, and the northeastern region saw a decline of 8.4% [2] - The investment trends in key cities reflect these regional disparities more concretely [2]

Core Insights - National fixed asset investment (excluding rural households) reached 371,535 billion yuan from January to September 2025, showing a year-on-year decline of 0.5% [1] - Private fixed asset investment decreased by 3.1% year-on-year [1] - In September, fixed asset investment (excluding rural households) fell by 0.07% month-on-month [1] Investment by Industry - Investment in the primary industry was 7,344 billion yuan, with a year-on-year growth of 4.6% [1] - Investment in the secondary industry totaled 134,063 billion yuan, growing by 6.3% [1] - Investment in the tertiary industry was 230,128 billion yuan, declining by 4.3% year-on-year [1] - Within the secondary industry, industrial investment increased by 6.4% year-on-year [1] - Mining investment grew by 3.7%, manufacturing investment increased by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [1] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) rose by 1.1% year-on-year [1] - Water transport investment grew by 12.8%, railway transport investment increased by 4.2%, and water conservancy management investment rose by 3.0% [1] Regional Investment Trends - Investment in the eastern region declined by 4.5% year-on-year [1] - Investment in the central region increased by 1.5% [1] - Investment in the western region also grew by 1.5% [1] - The northeastern region experienced an investment decline of 8.4% [1] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 0.6% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [1] - Foreign enterprises' fixed asset investment saw a significant decline of 12.6% [1]

Core Viewpoint - The fixed asset investment in China (excluding rural households) for the first nine months of 2025 decreased by 0.5% year-on-year, with private investment declining by 3.1% [1][5]. Investment by Industry - Investment in the primary industry reached 734.4 billion yuan, growing by 4.6% year-on-year [3]. - Investment in the secondary industry totaled 1,340.63 billion yuan, increasing by 6.3% year-on-year, with industrial investment specifically rising by 6.4% [3]. - The tertiary industry saw a decline in investment, totaling 2,301.28 billion yuan, down by 4.3% year-on-year [3]. Secondary Industry Breakdown - Mining investment grew by 3.7%, while manufacturing investment increased by 4.0% [3]. - Investment in the electricity, heat, gas, and water production and supply industry surged by 15.3% [3]. Tertiary Industry Breakdown - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 1.1% year-on-year [3]. - Notable growth in water transportation investment at 12.8% and railway transportation investment at 4.2% [3]. Investment by Region - Eastern region investment decreased by 4.5%, while the central and western regions both saw a growth of 1.5% [3]. - The northeastern region experienced a significant decline of 8.4% in investment [3]. Investment by Registration Type - Domestic enterprises' fixed asset investment fell by 0.6%, while investment from Hong Kong, Macau, and Taiwan enterprises decreased by 0.3% [3]. - Foreign enterprises' fixed asset investment saw a substantial decline of 12.6% [3].

Summary of Key Points Core Viewpoint - In the first eight months of 2025, China's fixed asset investment (excluding rural households) reached 32,611.1 billion yuan, showing a year-on-year growth of 0.5%. However, private fixed asset investment declined by 2.3% [1][3]. Investment by Industry - Investment in the primary industry was 646.1 billion yuan, with a year-on-year increase of 5.5% [3]. - Investment in the secondary industry totaled 11,824.6 billion yuan, growing by 7.6%. Within this sector, industrial investment rose by 7.7%, with mining investment increasing by 3.0%, manufacturing investment by 5.1%, and investment in electricity, heat, gas, and water production and supply up by 18.8% [3]. - The tertiary industry saw investment of 20,140.4 billion yuan, which represented a decline of 3.4%. Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 2.0%, with notable increases in water transport investment (15.9%), water conservancy management (7.4%), and railway transport (4.5%) [3]. Investment by Region - Eastern region investment decreased by 3.5%, while the central region saw a growth of 2.5%, and the western region increased by 2.3%. The northeastern region experienced a decline of 6.0% [3]. Investment by Registration Type - Domestic enterprises' fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3%. In contrast, foreign enterprises' fixed asset investment fell by 15.4% [3].

Core Insights - National fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July 2025, showing a year-on-year growth of 1.6% [1] - Private fixed asset investment experienced a year-on-year decline of 1.5% [1] - On a month-on-month basis, fixed asset investment (excluding rural households) decreased by 0.63% in July [1]

Group 1 - The core viewpoint of the article highlights that from January to April 2025, the national fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, showing a year-on-year growth of 4.0% on a comparable basis [1] - Among the total fixed asset investment, private fixed asset investment experienced a year-on-year increase of 0.2% [1] - In terms of month-on-month performance, fixed asset investment (excluding rural households) grew by 0.10% in April [1]

Foreign Investment - In January-February 2025, 7,574 new foreign-invested enterprises were established, a year-on-year increase of 5.8%, while the actual use of foreign capital amounted to 171.21 billion RMB, a year-on-year decrease of 20.4% [2] - The manufacturing sector attracted 47.82 billion RMB in foreign investment, while the service sector attracted 120.49 billion RMB. High-tech industries received 52.49 billion RMB, with significant growth in e-commerce services (33.5%), biopharmaceutical manufacturing (22.9%), and smart consumer equipment manufacturing (40.7%) [2] Retail Sales - The total retail sales of consumer goods reached 837.31 billion RMB in January-February, with a year-on-year growth of 4.0%. Excluding automobiles, retail sales amounted to 768.38 billion RMB, growing by 4.8% [3] - Urban retail sales were 724.62 billion RMB, up 3.8%, while rural retail sales reached 112.69 billion RMB, growing by 4.6% [3] - Online retail sales totaled 227.63 billion RMB, with a year-on-year increase of 7.3%. Physical goods online retail sales were 186.33 billion RMB, growing by 5.0%, accounting for 22.3% of total retail sales [3] Industrial Production - The industrial added value for large-scale enterprises grew by 5.9% year-on-year in January-February, with a month-on-month increase of 0.51% in February [4] - The mining industry saw a 4.3% increase, manufacturing grew by 6.9%, and the electricity, heat, gas, and water production and supply industry increased by 1.1% [4] - Among 41 major industries, 36 experienced year-on-year growth, with notable increases in coal mining (5.4%), food processing (8.3%), and automotive manufacturing (12.0%) [5] Fixed Asset Investment - Fixed asset investment (excluding rural households) reached 526.19 billion RMB in January-February, with a year-on-year growth of 4.1%, accelerating by 0.9 percentage points compared to the full year of 2024 [7] - Investment in the primary industry grew by 12.2%, the secondary industry by 11.4%, and the tertiary industry by 0.7% [7] - In the secondary industry, industrial investment increased by 11.5%, with manufacturing investment rising by 9.0% and electricity, heat, gas, and water production and supply investment growing by 25.4% [8]