本报讯 （记者毛艺融）11月14日，毕马威发布2025年四季度《中国经济观察》报告（以下简称"报告"）。报告指出，2025 年前三季度，中国经济实际GDP同比增长5.2%，高于去年同期0.4个百分点，完成全年5%左右增长目标的进度良好。 产出方面，报告提到，展望下一阶段，内需回升将带动生产修复。伴随政策性金融工具的投放与使用，制造业投资、基建 投资需求回升，相关投资所需设备器具、上游建材等产品有望迎来新一轮生产扩张。 （编辑 郭之宸） 消费方面，报告提到，前三季度服务消费表现维持较强韧性。此外，新型消费业态蓬勃发展，数字消费增长强劲。展望四 季度，在线上"双十一""双十二"等促销活动与线下中秋国庆等假期消费的共同提振下，消费市场仍有一定支撑。预计服务消费 仍是四季度消费增长的重要拉动力。 投资方面，报告提到，展望下一阶段，制造业投资表现有望在四季度迎来修复。在政策支持引导下，基建投资与房地产投 资也将逐步回升，步入新稳态。 ...

Summary of Conference Call Records Industry Overview - The textile and apparel industry is experiencing a divergence in export performance between China and Vietnam, with China’s textile and apparel exports in April amounting to $24.2 billion, reflecting a growth of 1.5%, but a significant month-over-month decline of 11.4 percentage points [1] - In contrast, Vietnam's textile exports reached $3.07 billion, showing a robust growth of 17.7%, while footwear exports were $2.23 billion, up 20.5%, indicating a strong acceleration compared to the previous month [1] Key Insights - The upcoming US-China trade talks are viewed as a positive signal for the industry, with expectations of a rebound in high-quality manufacturing [1] - In Q1 2025, major brands in the apparel sector such as Anta, FILA, and 361 Degrees reported significant revenue growth, with increases ranging from 65% to 70% for high-end products [2] - The home textile sector, particularly brands like Luolai, showed better-than-expected profit recovery, while brands like Fuanna and Mercury experienced declines [2] - The performance of men's and women's clothing is mixed, with brands like HLA and Geli Si seeing strong profit recovery in youth apparel, while the children's clothing segment remains weak [2] Additional Important Points - A meeting was held in Shenzhen with various listed companies, including Anta, Li Ning, and 361 Degrees, to discuss current operations and future outlooks [3] - The management of a medical supply company emphasized their commitment to product innovation and comprehensive solutions in the medical field, focusing on smart manufacturing [3] - Investment analysis suggests a focus on domestic demand recovery in 2025, highlighting key areas such as sports and outdoor brands, discount retail, and policy-driven companies [3] - The global textile supply chain is evolving, with a clear direction towards the recovery of Nike's supply chain and the expansion of textile manufacturing overseas [3]