资料来源:国家统计局 ● 数据 中国 i 2025年前三季度 农业(种植业)增加值 a比增长3.6% 国家统计局10月20日发布数据显示，初步核算，前三季度中国国内生产总值（GDP）1015036亿元，按不变价格计算，同比增长5.2%。 农业生产形势较好 资料来源:国家统计局 ● 数据 中国 2025年前三季度 FULT FT r T 5 同比增长6.2% 资料来源:国家统计局 ● 数据 2025年前三季度 会训班等加值 F F 同比增长5.4% e 服务业平稳增长 资料来源:国家统计局 ● 数据 中国 per 19 2025年前三季度 社会消费品零售总额 FFB7.7474 u 同比增长4.5% · 资料来源:国家统计局 数优 T 2025年前三季度 i 告 山 段 分 - 同比增长4.0% 资料来源:国家统计局 ● 数优 中国 2025年前三季度 货物进出口总额 336078147 同比增长4.0% 资料来源:国家统计局 ● 数据 中国 1 2025年前三季度 国城镇调查关业率 E 3 年均值为5.2% as 21 TEND TE 就业形势总体稳定 THE SIN 数据 中国 T 2025年前三季度 司属 ...

前三季度，全国居民人均消费支出21575元，比上年同期名义增长4.6%，扣除价格因素影响，实际增长4.7%。 国家统计局发布2025年前三季度居民收入和消费支出情况。 前三季度，全国居民人均消费支出21575元，比上年同期名义增长4.6%，扣除价格因素影响，实际增长4.7%。分城乡看，城镇居民人均消费支出26510元， 增长3.8%，扣除价格因素，实际增长3.9%；农村居民人均消费支出14597元，增长5.5%，扣除价格因素，实际增长5.8%。 前三季度，全国居民人均食品烟酒消费支出6359元，增长2.5%，占人均消费支出的比重为29.5%；人均衣着消费支出1126元，增长1.6%，占人均消费支出的 比重为5.2%；人均居住消费支出4665元，增长2.3%，占人均消费支出的比重为21.6%；人均生活用品及服务消费支出1224元，增长9.6%，占人均消费支出的 比重为5.7%；人均交通通信消费支出3103元，增长8.3%，占人均消费支出的比重为14.4%；人均教育文化娱乐消费支出2531元，增长10.3%，占人均消费支 出的比重为11.7%；人均医疗保健消费支出1928元，增长1.5%，占人均消费支出的比重为8 ...

一、居民收入情况 二、居民消费支出情况 前三季度，全国居民人均消费支出21575元，比上年同期名义增长4.6%，扣除价格因素影响，实际增长4.7%。分城乡看，城镇居民人均消费支出26510元， 增长3.8%，扣除价格因素，实际增长3.9%；农村居民人均消费支出14597元，增长5.5%，扣除价格因素，实际增长5.8%。 前三季度，全国居民人均食品烟酒消费支出6359元，增长2.5%，占人均消费支出的比重为29.5%；人均衣着消费支出1126元，增长1.6%，占人均消费支出的 比重为5.2%；人均居住消费支出4665元，增长2.3%，占人均消费支出的比重为21.6%；人均生活用品及服务消费支出1224元，增长9.6%，占人均消费支出的 比重为5.7%；人均交通通信消费支出3103元，增长8.3%，占人均消费支出的比重为14.4%；人均教育文化娱乐消费支出2531元，增长10.3%，占人均消费支 出的比重为11.7%；人均医疗保健消费支出1928元，增长1.5%，占人均消费支出的比重为8.9%；人均其他用品及服务消费支出639元，增长10.3%，占人均消 费支出的比重为3.0%。 图2 2025年前三季度居民人均 ...

文 | 赵伟、屠强、侯倩楠 联系人| 屠强、耿佩璇 报告正文 4. 生产高频跟踪：工业生产有所回落，基建开工也有走弱 上游生产中，高炉开工有所回落，但整体仍维持高位。 本周（10月05日至10月11日），高炉开工持平 前周（84.3%），同比回落1.2pct至3.4%；表观消费环比-18.7%，同比-29.8pct至-17.6%。此外，钢材社会库 存有所回升（环比6.5%）。 中游生产景气回落，石化、汽车相关行业开工率均有下行。 本周（10月05日至10月11日），纯碱开工 率较前周回落0.8%至88.4%，同比-1.5pct至0.6%。纺织相关行业开工也有走弱，PTA开工率环比+1%至 77.5%、同比-2.9pct至-5.6%；涤纶长丝开工率环比-0.5pct、同比-0.5pct至1.8%。此外，汽车半钢胎开工率也 有下滑，环比-27.1%至46.5%、同比-22.9pct至-28.5%。 图 38: 本周,纯碱开工率同比回落 纯碱开工率 2019 =2021 === 2022 · 2020 = 2023 - 2024 =2025 100 % 90 80 70 60 · 1月 2月 3月 4月 5月 6月 ...

Economic Overview - In August, China's exports increased by 4.8% year-on-year, marking six consecutive months of positive growth in monthly exports [2] - The total retail sales of consumer goods grew by 3.4% year-on-year, with a declining growth rate for three consecutive months [2] - Fixed asset investment (excluding rural households) saw a year-on-year increase of 0.5% in the first eight months, a decline of 1.1 percentage points compared to the previous seven months [2] Trade Performance - The total value of imports and exports in the first eight months increased by 3.5% year-on-year, with exports rising by 6.9% [5] - Exports of mechanical and electrical products reached 10.6 trillion yuan, growing by 9.2% and accounting for 60.2% of total exports [5] - ASEAN became China's largest trading partner, with trade totaling 4.93 trillion yuan, an increase of 9.7% [5] Consumer and Investment Trends - Retail sales growth declined from 6.4% in May to 3.4% in August, with restaurant revenue showing negative growth in some months [8] - Fixed asset investment growth fell from 4.2% in the first quarter to 0.5% in the first eight months, with private investment in real estate down by 16.7% [9] - The decline in investment is attributed to reduced real estate development, impacting overall investment growth [9] Policy Implications - Analysts suggest that to stimulate consumption, policies should focus on increasing employment and residents' income [2][4] - There is a call for significant expansion of government public product investment to boost infrastructure and improve overall economic conditions [10] - The government is expected to introduce new macroeconomic measures in the fourth quarter to stabilize economic growth and employment [4]

Economic Overview - In the first quarter, the province achieved a GDP of 13,543.49 billion yuan, with a year-on-year growth of 6.3% [1] - The primary industry added value was 828.69 billion yuan, growing by 3.2%; the secondary industry added value was 5,344.85 billion yuan, growing by 6.4%; and the tertiary industry added value was 7,369.95 billion yuan, growing by 6.5% [1] Agriculture - The agricultural sector's added value was 876.42 billion yuan, with a growth of 3.4% [1] - Key agricultural products showed stable production, with pork output at 968,400 tons, increasing by 6.2% [1] - Vegetable production reached 10,076,000 tons, growing by 3.8%, while fruit production increased by 10.1% to 284,500 tons [1] Industrial Production - The added value of large-scale industrial enterprises grew by 8.1%, accelerating by 0.4 percentage points compared to the previous year [1] - High-tech manufacturing saw a significant increase of 21.4%, contributing 36.4% to the growth of large-scale industry [1] - Major industries such as electrical, computer communication electronics, and chemicals experienced substantial growth rates, with electrical industry growing by 22.8% [1] Service Sector - The service sector's added value grew by 6.5%, with transportation and warehousing increasing by 13.7% [3] - The revenue of large-scale service enterprises reached 2,129.54 billion yuan, growing by 13.8% [3] - Financial institutions reported a deposit balance of 99,630.54 billion yuan, increasing by 8.7% year-on-year [3] Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 6.6%, with manufacturing investment increasing by 12.1% [4] - Infrastructure investment rose by 4.4%, while real estate development investment declined by 5.5% [4] - High-tech industry investment increased by 12.8%, with aerospace and computer equipment manufacturing seeing significant growth [4] Consumer Market - The total retail sales of social consumer goods reached 6,887.19 billion yuan, growing by 7.3% [5] - Sales of home appliances and furniture saw substantial increases, with growth rates of 21.1% and 26.3% respectively [5] - Online retail sales grew by 24.3%, indicating a strong shift towards e-commerce [6] Trade and Exports - The province's total import and export volume reached 1,743.1 billion yuan, with exports growing by 22.4% [7] - General trade accounted for 80.9% of the total trade volume, indicating a robust trade structure [7] - Machinery and electrical products exports increased by 19.2%, making up 54.7% of total exports [7] Employment and Income - The urban unemployment rate averaged 5.4%, remaining stable compared to the previous year [9] - The per capita disposable income for residents was 11,075 yuan, growing by 5.4% [10] - The income gap between urban and rural residents narrowed, with the ratio decreasing to 2.06 [10]

Income Overview - In the first quarter, the national per capita disposable income reached 12,179 yuan, representing a nominal growth of 5.5% year-on-year, and a real growth of 5.6% after adjusting for price factors [1][6] - Urban residents had a per capita disposable income of 15,887 yuan, with a nominal growth of 4.9% and a real growth of 5.0%, while rural residents had a per capita disposable income of 7,003 yuan, showing a nominal growth of 6.2% and a real growth of 6.5% [1][6] - The per capita disposable income from wages was 6,976 yuan, growing by 5.9%, accounting for 57.3% of the total disposable income [1][6] Income Sources - The per capita net operating income was 2,071 yuan, increasing by 5.7%, making up 17.0% of the disposable income [1][6] - Per capita net property income was 1,015 yuan, with a growth of 2.7%, contributing 8.3% to the disposable income [1][6] - Per capita net transfer income was 2,117 yuan, growing by 5.5%, representing 17.4% of the disposable income [1][6] Median Income - The national median per capita disposable income was 9,939 yuan, with a growth of 5.0%, which is 81.6% of the average income [1][6] - The median for urban residents was 13,450 yuan, growing by 4.5%, accounting for 84.7% of the average income, while for rural residents, it was 5,575 yuan, with a growth of 6.3%, representing 79.6% of the average income [1][6] Consumption Expenditure Overview - In the first quarter, the national per capita consumption expenditure was 7,681 yuan, showing a nominal growth of 5.2% and a real growth of 5.3% after adjusting for price factors [4][6] - Urban residents had a per capita consumption expenditure of 9,363 yuan, with a nominal growth of 4.7% and a real growth of 4.8%, while rural residents had a per capita consumption expenditure of 5,333 yuan, reflecting a nominal growth of 5.6% and a real growth of 5.9% [4][6] Consumption Categories - Per capita expenditure on food, tobacco, and alcohol was 2,420 yuan, growing by 2.8%, accounting for 31.5% of total consumption expenditure [4][7] - Per capita expenditure on clothing was 498 yuan, with a growth of 1.2%, making up 6.5% of total consumption [4][7] - Per capita expenditure on transportation and communication was 1,044 yuan, increasing by 10.4%, representing 13.6% of total consumption [4][7] - Per capita expenditure on education, culture, and entertainment was 823 yuan, growing by 13.9%, accounting for 10.7% of total consumption [4][7]