Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The industrial economy is making steady progress, and economic growth remains resilient. In the second half of 2025, the economic growth rate is not expected to decline significantly, and structural issues such as prices are expected to improve. There will be a continued shift in the allocation between stocks and bonds, with bond yields and the stock market expected to rise. [4][8] - In the bond market, against the backdrop of revised economic expectations, bond yields are expected to rise trend - wise. [8] 3. Summary by Relevant Catalogs Overall Economic Situation - **Production**: In September, the added value of industrial enterprises above designated size increased by 6.5% year - on - year and 0.64% month - on - month. The mining and manufacturing industries drove the year - on - year growth. The equipment manufacturing industry continued to play a key role, with its added value increasing by 9.7% year - on - year in the first three quarters, accounting for 35.9% of all industrial enterprises above designated size. The high - end manufacturing industry also advanced, with the added value of high - tech manufacturing industries above designated size increasing by 10.3% year - on - year in September. [4] - **Consumption**: In September, the total retail sales of consumer goods reached 419.71 billion yuan, a year - on - year increase of 3.0%, a decrease of 0.4 percentage points from August. The catering revenue was under pressure, with a year - on - year increase of 0.9% and a 1.6% decline in catering revenue of units above the designated size. [5] - **Investment**: From January to September, fixed - asset investment decreased by 0.5% year - on - year. Infrastructure investment increased by 1.1% year - on - year, driving the overall investment growth. Real estate investment continued to bottom out, with a 13.9% year - on - year decline from January to September, and a further decline in the national real estate climate index to 92.78. [6] Market Situation - The Sino - US situation sent a signal of relaxation. After the economic data was released, the bond market was insensitive to the data. Due to the low - interest - rate environment, the market paid more attention to the trends of equities and commodities. With the Sino - US signal of relaxation and the strengthening of the equity market, bond yields fluctuated upwards. [7]

前三季度，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真落实更加积极有为的宏观政 策，工业生产实现较快增长，工业品出口彰显韧性，制造业高端化、智能化、绿色化进程持续推进，企 业效益明显改善，工业经济呈现稳中有进的发展态势。 工业企业利润改善，营收利润率有所回升。1—8月份，规模以上工业企业利润同比增长0.9%，扭转了 自今年5月份以来企业累计利润下降态势，其中制造业增长7.4%，保持较高增速。从行业看，有色、电 气机械等行业利润实现两位数增长，分别增长12.7%、11.5%。8月份，规模以上工业企业利润由7月份 下降转为增长20.4%，营业收入利润率为5.83%，同比提高0.90个百分点，工业企业当月利润改善明显。 装备制造业占比持续提升，"压舱石"作用明显。前三季度，规模以上装备制造业增加值同比增长 9.7%，累计增加值占全部规上工业比重达35.9%，已连续31个月超过30%，"压舱石"作用进一步凸显。 从行业看，汽车、电气机械、电子等行业分别增长11.2%、11.1%、10.9%，对全部规上工业增长贡献率 分别达11.0%、11.0%、17.1%，居工业各大类行业前三位。从产品看，中高端装备类产 ...