（上接A01版） ● 本报记者 连润 三季度是经济稳增长的关键窗口期。业内人士认为，近日发布的挖掘机、物流、中小企业等领域的数据 指标呈现向好态势，折射出经济韧性与活力。 投资稳：挖掘机指数向好 挖掘机是基础设施建设的标配，是反映基础设施建设、观察固定资产投资等经济变化的风向标。 从开工率来看，9月16日发布的央视财经挖掘机指数显示，8月，全国工程机械平均开工率为43.42%。 其中，全国共有17个省份开工率超过50%。再观销量，中国工程机械工业协会统计显示，今年前8个月 挖掘机主要制造企业共销售挖掘机154181台，同比增长17.2%。其中，国内销量80628台，同比增长 21.5%。 中联重科相关负责人在接受中国证券报记者采访时表示，6月至8月，公司挖掘机国内销量同比增速分别 为6.2%、17.2%和14.8%。非土方机械方面，7月和8月，汽车起重机、随车起重机、履带起重机三类工 程起重机国内销量呈同频增长的良好态势，其中8月汽车起重机和随车起重机国内销量更是加速增长。 对于后续基建投资走势，中诚信国际研究院研究报告认为，近期，有关部门释放积极信号，加快设立投 放新型政策性金融工具，重点投向新兴产业、基础 ...

Group 1 - The article highlights that a significant amount of high-interest fixed deposits made by residents will mature between 2025 and 2026, with a total of 66.54 trillion yuan in fixed deposits added from 2021 to 2024, leading to a peak maturity of 22.28 trillion yuan in 2025 and 9.4 trillion yuan in 2026 [3][9] - In August, there was a notable decrease in bank deposits, with only 110 billion yuan saved compared to a typical 600 billion yuan, indicating a shift of funds from banks to other investments, particularly the stock market, as evidenced by a 7.97% increase in the Shanghai Composite Index and a 24.13% increase in the ChiNext Index [10][11] - The M2-M1 growth rate difference is narrowing, suggesting a transition from "dead money" (fixed deposits) to "live money" (liquid assets), reflecting a recovery in economic activity as businesses and consumers are more willing to invest and spend [12][15] Group 2 - The article suggests that the upcoming maturity of high-interest fixed deposits in 2025 and 2026, combined with a sustained positive performance in the stock market, could enhance liquidity in the stock market as more fixed deposits convert to liquid assets [15]

Group 1: Railway Industry - In the first eight months of this year, the national railway transported 3.2 billion passengers, marking a year-on-year increase of 6.7%, achieving a historical high for the same period [2][3] - The average daily operation of passenger trains reached 11,127, reflecting a year-on-year growth of 7.7% [3] Group 2: Logistics Industry - The logistics industry's business activity expectation index averaged 55.4 in the first eight months, which is 0.4 percentage points higher than the same period last year, indicating stable growth [5] - In August, the logistics industry prosperity index was reported at 50.9, maintaining a positive growth zone for six consecutive months [6] Group 3: Express Delivery and Postal Services - In the first eight months, the total express delivery volume reached 128.2 billion pieces, showing a year-on-year increase of 17.8% across various segments including same-city, intercity, and international deliveries [7] - The postal industry completed a total of 139.92 billion items in the first eight months, reflecting a year-on-year growth of 15.5% [8]

Core Insights - The new economic development momentum index for China in 2024 is 136.0, reflecting a growth of 14.2% compared to the previous year [1] Economic Development Momentum Index Breakdown - The network economy index stands at 142.4, with a growth of 16.2%, contributing 35.2% to the total index growth [1] - The innovation-driven index is at 138.5, showing a growth of 13.2%, contributing 28.5% to the total index growth [1] - The economic vitality index is recorded at 130.9, increasing by 14.5%, contributing 19.6% to the total index growth [1] - The transformation and upgrading index is at 127.8, with a growth of 12.5%, contributing 16.7% to the total index growth [1] Overall Economic Implications - The new economic development momentum is crucial for expanding new growth points, promoting economic upgrades, and accelerating the establishment of a new development pattern [1] - The sustained growth of new momentum, characterized by new industries, new business formats, and new models, indicates strong economic vitality and effective innovation-driven development [1]

Core Insights - In July, China's electricity consumption exceeded 1 trillion kilowatt-hours for the first time in a single month, equivalent to Japan's total annual electricity consumption [1] - The increase in electricity usage reflects the enhanced economic vitality of China and the effective response of the energy system to extreme weather challenges [1] - The country will continue to strengthen energy security measures to ensure normal economic development and social operations following the peak summer electricity demand [1] Summary by Categories Electricity Consumption - July's electricity consumption reached over 1 trillion kilowatt-hours, marking a significant milestone for the country [1] - This consumption level is comparable to the total annual electricity usage of Japan, highlighting the scale of China's energy demand [1] Economic Impact - The growth in electricity consumption indicates a recovery and improvement in China's economic activity [1] - The energy system's ability to cope with extreme weather events, such as high temperatures and heavy rainfall, showcases its resilience [1] Energy Security - As the peak summer electricity demand period concludes, the focus will shift to enhancing energy security to support ongoing economic and social stability [1]

Group 1 - The core point of the article highlights a significant shift in household savings from bank deposits to non-bank financial products, indicating a movement towards capital markets due to low interest rates and a recovering stock market [1][2] - In July, household deposits decreased by 780 billion yuan year-on-year, while non-bank deposits increased by 1.39 trillion yuan, reflecting a trend where residents are reallocating their savings into investment vehicles such as bank wealth management, funds, and insurance [1] - The decline in deposit interest rates, with major banks' one-year fixed deposit rates falling below 1%, has diminished the attractiveness of traditional savings accounts, prompting a shift towards more lucrative investment options [1][2] Group 2 - The movement of deposits to capital markets signifies a transition from indirect financing to direct financing, which broadens the financing channels for the financial market and supports the development of innovative enterprises, aligning with national economic transformation strategies [2] - Increased efficiency in fund utilization is expected as the central bank injects liquidity into the financial system, aiming for these funds to reach businesses and consumers to stimulate economic growth [2] - The trend of deposit migration is likely to continue, with excess savings expected to accelerate towards equity markets, becoming a major source of new funds for the A-share market [2]

Group 1 - Shenzhen Metro's daily passenger flow reached a record high of 11.21 million on August 8, 2023, marking the second time in history it surpassed 11 million in a single day [1][2] - The average daily passenger flow for Shenzhen Metro during the summer transportation peak in July was 9.65 million, exceeding last year's figure of 9.3 million, setting a new monthly average record [2][3] - Shenzhen Metro has recorded 38 days this year with passenger flow exceeding 10 million, significantly higher than the 15 days recorded in previous years [1][2] Group 2 - The passenger flow at key transportation hubs has shown significant growth, with notable increases at Houhai Station (19.5%), Songgang Station (18.1%), and Gangxia North Station (16.4%) compared to the previous year [2] - The average daily passenger flow for the entire metro network from January to July 2023 was 8.81 million, reflecting a year-on-year increase of 610,500 passengers, with a growth rate of 7.45% [3] - The passenger flow at port stations increased by 11.0% in the first half of the year, indicating a strong trend in cross-border consumption between Shenzhen and Hong Kong [3]

Group 1 - The railway sector has shown robust growth during the summer transportation period, with a total of 456 million passengers sent from July 1 to August 1, representing a year-on-year increase of 3.6% [1] - The logistics industry is experiencing expansion, with the logistics business activity index reaching 50.5 in July, indicating continued growth in logistics activities [1] - The total social financing scale increased by 22.83 trillion yuan in the first half of the year, reflecting strong financial support for the real economy [1] Group 2 - The total social logistics volume for the first half of the year reached 171.3 trillion yuan, with a year-on-year growth of 5.6%, indicating that logistics demand is supporting stable economic development [2] - The ratio of social logistics costs to GDP decreased to 14% in the first half of the year, the lowest level since records began, saving over 130 billion yuan in logistics costs for society [2] - Financial support for the real economy has intensified, with an increase of 12.74 trillion yuan in RMB loans to the real economy, which is 279.6 billion yuan more than the previous year [2][3] Group 3 - The increase in social financing of 4.74 trillion yuan compared to the previous year indicates a sustained effort to support the real economy through more proactive macro policies [3] - The growth rates of medium and long-term loans to the manufacturing sector, loans to "specialized, refined, and innovative" enterprises, and inclusive small and micro loans have all exceeded the overall loan growth rate [3] - Financial institutions are increasingly directing funds to key areas and weak links, aiding in production expansion and innovation, which is essential for economic growth [3]

Economic Growth and Trade - China's service trade showed a steady growth with a total import and export value of 32,543.6 billion RMB, marking a year-on-year increase of 7.7% in the first five months of 2025, with exports growing by 15.1% and imports by 2.7% [1] - Knowledge-intensive service imports and exports reached 12,492.7 billion RMB, growing by 5.0% [3] - Travel services continued to grow rapidly, with imports and exports reaching 9,200.5 billion RMB, an increase of 12.2%, making it the largest sector in service trade [5] Policy Support and Manufacturing - The main policies supporting technological innovation and high-quality development in manufacturing resulted in tax reductions and refunds amounting to 636.1 billion RMB in the first five months of 2025 [7] - High-tech industry sales revenue increased by 14.2%, significantly outpacing the overall national growth rate, while manufacturing sales revenue grew by 4.2% [8] Commodity Prices and Futures Market - The commodity price index in China rose to 110.8 points in June, reflecting a 0.5% month-on-month increase, indicating a recovery in production and business activities [10] - The futures market saw a cumulative trading volume of 4.076 billion contracts and a trading value of 339.73 trillion RMB in the first half of 2025, with year-on-year increases of 17.82% and 20.68% respectively [10] Renewable Energy Development - The Jiangsu Dafeng offshore wind power project, the farthest offshore wind project in China, has begun grid-connected power generation with a total installed capacity of 800 MW, capable of supplying over 2.6 billion kWh of clean electricity annually [13] International Trade and Logistics - The "Zheng He" international multimodal transport train service launched from Kunming, Yunnan, to Vientiane, Laos, with new routes to Thailand, Singapore, and Bangladesh, significantly reducing transportation distance and time [14][17]

Economic Performance Overview - In May, China's economic resilience and vitality were highlighted by a 6.2% year-on-year increase in the service sector production index, driven by strong consumer engagement during the "May Day" and "Dragon Boat" holidays [1] - The "618" online shopping promotion, which started on May 13, saw a 6.3% year-on-year increase in online retail sales of physical goods, boosted by a policy encouraging the exchange of old consumer goods for new ones [1] External Trade and Tourism - The expansion of visa-free entry for foreign nationals has stimulated the domestic consumption market, with a notable increase in foreign tourists participating in local cultural experiences [2] - Payment transactions from foreign visitors to China surged, with the number of transactions increasing by 2.4 times and the transaction amount rising by 1.3 times [2] Innovation and Industrial Development - The manufacturing of intelligent unmanned aerial vehicles and smart vehicle-mounted devices has gained positive recognition, indicating a rapid advancement in industrial intelligence and its role in promoting industrial upgrades [2] - The transition from old to new economic drivers is ongoing, with innovation playing a crucial role in driving development [2] Economic Strategy and Future Outlook - Despite uncertainties in the international environment and persistent domestic economic challenges, there is a strong emphasis on expanding domestic demand and strengthening the domestic circulation to ensure sustainable economic growth [2]