生产供给持续增长。工业保持较快增长。1—11月，全省规模以上工业增加值增长7.7%，与1-10月持 平。41个行业中有36个实现增长，增长面为87.8%。其中，铁路船舶、电子、汽车等行业增加值分别增 长15.6%、13.2%、17.4%。服务业稳中有升。1-10月，全省规模以上服务业营业收入增长5.3%，10个行 业门类中9个实现增长，其中租赁和商务服务业、水利环境和公共设施管理业、居民服务修理和其他服 务业、文化体育和娱乐业实现两位数增长，增速分别为16.0%、11.6%、13.7%、10.8%。 民生保障扎实有力。就业形势总体稳定。1—11月，全省城镇新增就业120.5万人，增长0.9%。物价温和 上涨。1-11月，全省居民消费价格下降0.2%，其中，11月当月增长0.4%。分类别看，食品烟酒价格下降 1.3%，生活用品及服务价格上涨0.9%，教育文化娱乐价格上涨1.3%，衣着类价格上涨1.1%，交通通信 价格下降2.5%，医疗保健类价格上涨0.4%。 内外需求保持平稳。消费市场总体稳定。1—11月，全省社会消费品零售总额增长5.2%，其中，限额以 上零售额增长5.7%。固定资产投资承压运行。1—11月， ...

（文章来源：第一财经） 浙江省统计局发布数据显示，11月份，规模以上工业增加值同比增长6.5%。37个工业大类行业中，24 个行业增加值正增长。其中，石油加工、汽车、铁路船舶、计算机通信电子和化纤等行业增加值分别增 长31.4%、23.2%、17.5%、15.7%和9.9%，合计拉动规模以上工业增加值增长4.5个百分点。创新动能持 续增强，规模以上工业新产品产值率为44.4%，同比提高2.1个百分点；规模以上高技术制造业、战略性 新兴产业、数字经济核心产业制造业、装备制造业增加值分别增长11.8%、11.5%、11.0%和10.2%。1— 11月，规模以上工业增加值增长7.0%。 ...

2025年(截止12月10日)全年申万机械设备指数上涨36.11%，相较于其他行业涨幅排名靠前，跑赢上证指 数19.74个百分点，跑赢深证成指8.78个百分点。2025年前三季度机械板块营收和归母净利润增速提升。 从收入端来看，2025年前三季度机械行业营业收入15135.34亿元，同比增长7.35%，同比增速相较于 2024年前三季度有所提升。从利润端来看，归母净利润1080.76亿元，同比增长16.80%，同比增速相较 于2024年前三季度明显提升。 东兴证券发布研报称，2025年机械板块涨幅居前，从利润端来看同比增速相较于2024年前三季度明显提 升。工程机械及摩托车作为我国制造业出海竞争力较强的板块，未来有望持续强化品牌效应，打造"制 造出海"向"品牌出海"升级的典范。另建议关注人形机器人、智能物流、非动力核技术应用、低空经 济、深海科技、冰雪经济和高端计量检测细分机会。锂电、光伏、半导体设备行业有望从粗放式增长转 向高质量发展。 东兴证券主要观点如下： 2025年机械板块涨幅居前，营收利润同比增速提升 反内卷推动光伏、锂电、半导体设备进入高质量发展新周期 2025年中央财经委会议明确将"反内卷"作为 ...

装备制造业保持较快增长。1-10月，全省规模以上装备制造业增加值增长11.9%，上拉全省工业增长3.0 个百分点。其中，汽车、铁路船舶、电气机械、电子、仪器仪表等行业增加值增速分别为17.8%、 14.3%、12.4%、14.7%、11.1%，保持两位数增长，对全部规上工业增长贡献率合计达26.8%。 工业效益延续回升态势。前三季度，全省规上工业企业营业收入增长3.3%，与1-8月持平。利润总额增 长2.6%，较1-8月提高1.2个百分点；营收利润率为3.8%，较1-8月提高0.1个百分点，为今年以来最高水 平。分行业看，电子、有色、汽车等行业收入增长较快，增速为22.1%、15.7%、15.5%，分别高于全部 规上工业18.8、12.4、12.2个百分点。 工业生产运行平稳。1-10月，全省规模以上工业增加值同比增长7.7%。三大门类中，采矿业增长5.5%， 制造业增长8.7%，电力、热力、燃气及水的生产和供应业增长0.4%。从行业看，全省41个大类行业中 有36个行业实现正增长，增长面为87.8%，较前三季度提高2.4个百分点。 12月7日，新黄河记者从山东省统计局获悉，今年以来，山东持续深化实施工业经济 ...

Economic Overview - The province's economy has maintained overall stability and progress, with a focus on releasing domestic demand potential, strengthening industrial support, promoting service industry development, and stabilizing foreign trade [1][2] Industrial Performance - The industrial added value for the first ten months increased by 7.7%, with 36 out of 41 industries experiencing growth, resulting in a growth rate of 87.8% [1] - Key industries such as automotive, electronics, and railway shipbuilding saw significant increases in added value, with growth rates of 17.8%, 14.7%, and 14.3% respectively [1][2] - The added value of the equipment manufacturing industry grew by 11.9%, surpassing the overall industrial growth rate by 4.2 percentage points [2] Service Sector Development - The revenue of the service industry increased by 5.1% in the first three quarters, with nine out of ten major sectors showing growth [1][2] - Notable growth was observed in leasing and business services, water and environmental management, and cultural and entertainment services, with revenue growth rates of 16.0%, 10.7%, and 10.5% respectively [1] Consumer Market Trends - The total retail sales of consumer goods grew by 5.4%, with retail sales above a certain threshold increasing by 6.2% [2] - Online retail sales through public networks reached 195.9 billion yuan, growing by 16.9%, which is 10.7 percentage points higher than the overall retail sales growth [2] Investment Insights - Fixed asset investment saw a structural optimization with a growth rate of 6.0%, supported by strong industrial investment [2] - Significant increases in investment were noted in the metal products industry (19.8%), general equipment manufacturing (28.3%), and automotive manufacturing (33.2%) [2] Foreign Trade Performance - The total import and export volume reached 2.88778 trillion yuan, growing by 4.7%, with exports increasing by 4.0% and imports by 5.7% [2] - Trade with countries involved in the "Belt and Road" initiative amounted to 1.85 trillion yuan, marking an 8.4% increase and accounting for 64.2% of the province's total trade [2] Private Sector Dynamics - The added value of private industrial enterprises grew by 9.3%, exceeding the overall industrial growth rate by 1.6 percentage points [3] - Retail sales from private commercial units increased by 7.4%, outpacing the overall retail sales growth by 1.2 percentage points [3] - Private enterprises accounted for 75.8% of the province's total import and export volume, amounting to 2.19 trillion yuan, with a growth rate of 6.4% [3] Social Welfare Investments - Investments in the social welfare sector increased significantly, with production and supply of electricity, heat, gas, and water growing by 21.6%, and investments in residential services and repairs rising by 13.2% [3]

Core Insights - The economic performance of 15 sub-provincial cities in China varies significantly, with Chengdu and Wuhan showing strong growth in GDP and service sectors [3][6][12] Group 1: Economic Growth and Performance - Chengdu's GDP reached 1.82 trillion yuan in the first three quarters, ranking third among sub-provincial cities, with a year-on-year growth rate of 5.8%, the second highest [3][6] - Wuhan's GDP was 1.55 trillion yuan, ranking fifth, with a year-on-year growth of 5.6%, the fourth highest [3][6] - Shenyang lagged behind with a GDP growth rate of only 2.3%, less than half the national average [3] Group 2: Service Sector Contribution - The rapid growth of the service sector is a key driver for Chengdu and Wuhan, with Chengdu's service sector contributing 70% to its GDP and Wuhan's contributing 65% [6][8] - Both cities achieved service sector growth rates of 6%, surpassing the national average of 5.4% [6][8] - Shenzhen also performed well, with a service sector growth rate of 6.6%, contributing 65% to its GDP [8] Group 3: Industrial Growth in Other Cities - Dalian and Xiamen, part of the third tier of sub-provincial cities, showed significant industrial growth, with Dalian's industrial GDP growing by 8% and Xiamen's by 7% [14][16] - Dalian's GDP for the first nine months was 724.8 billion yuan, while Xiamen's was 641.9 billion yuan [14][16] Group 4: Overall Economic Contribution of Sub-Provincial Cities - The total GDP of the 15 sub-provincial cities reached 19.3 trillion yuan, accounting for 19.06% of the national GDP, marking the highest contribution since the start of the 14th Five-Year Plan [19][20] - The second tier of sub-provincial cities has seen an increase in GDP share from 29.9% in 2019 to 31.6% in 2025 [21][23]

Core Insights - Shandong's GDP for the first three quarters of 2023 reached 77,115 billion yuan, reflecting a growth of 5.6% at constant prices, indicating a stable and improving economic performance [1][4][6] Economic Drivers - The "three driving forces" of consumption, investment, and exports showed stable and increasing trends, with retail sales totaling 30,386.1 billion yuan, also growing by 5.6% [2] - Fixed asset investment decreased by 3.7%, but manufacturing investment rose by 3.6%, with industrial investment growing by 7.7%, highlighting the resilience of Shandong's economy [2] - Total goods import and export volume reached 2.62 trillion yuan, growing by 5.5%, indicating an ongoing improvement in trade structure [2] Sector Performance - The agricultural sector remained stable with a total output value growth of 4.3%, while industrial production saw a significant increase with a 7.8% growth in value added for large-scale industries [3] - Key industries such as equipment manufacturing, automotive, and electronics showed robust growth, with value added increasing by 12.0%, 17.0%, and 16.6% respectively [3] - The service sector also performed well, with revenue from large-scale service industries growing by 5.4% from January to August [3] Future Outlook - Shandong is on track to exceed the 10 trillion yuan GDP milestone, with a projected GDP of 98,565.8 billion yuan for 2024, marking a growth of 5.7% [5] - The province aims to achieve a GDP growth of over 5% this year, aligning with the goals set in the "14th Five-Year Plan" [4][6] - The economic performance in the first three quarters lays a solid foundation for the successful completion of the "14th Five-Year Plan" [6]

Economic Overview - Shandong's GDP for the first three quarters reached 77,115 billion yuan, with a year-on-year growth of 5.6% at constant prices [2] - The economic performance is characterized by a steady and positive trend, supported by macroeconomic policies and a focus on high-quality development [2] Industrial Performance - The industrial added value for large-scale enterprises grew by 7.8%, an increase of 0.1 percentage points compared to the first half of the year [2] - The manufacturing sector saw a significant increase of 8.9%, with the equipment manufacturing industry growing by 12.0%, contributing 3.0 percentage points to the overall industrial growth [2] - Key industries such as automotive, railway, and electronics reported substantial growth rates of 17.0%, 14.9%, and 16.6% respectively [2] Service Sector - The revenue of large-scale service industries increased by 5.4% from January to August, with 28 out of 32 major industry categories experiencing growth [3] - Notable growth was observed in entertainment, public facilities management, and business services, with revenue growth rates of 19.4%, 18.9%, and 16.9% respectively [3] Consumer Market - The total retail sales of consumer goods reached 30,386.1 billion yuan, growing by 5.6% in the first three quarters [3] - Online retail sales of physical goods increased by 17.1%, significantly outpacing the overall retail sales growth [3] Investment Trends - Industrial investment grew by 7.7%, surpassing the overall investment growth rate by 11.4 percentage points, contributing to a 3.1% increase in total investment [3] - Specific sectors such as specialized equipment manufacturing, metal products, and general equipment manufacturing saw investment growth rates of 10.3%, 21.9%, and 29.5% respectively [3] Trade and Employment - The total import and export value reached 2.62 trillion yuan, with a growth rate of 5.5% [4] - The employment situation remained stable, with urban employment increasing by 105.9 thousand, and per capita disposable income rising to 33,826 yuan, reflecting a nominal growth of 5.0% [4]

Core Viewpoint - Zhejiang's industrial growth in the first three quarters of the year shows resilience and positive momentum, with significant contributions from the manufacturing and digital economy sectors [1][2]. Industrial Growth - In the first three quarters, Zhejiang's industrial added value increased by 7.1% year-on-year, outperforming the national average by 0.9 percentage points [2]. - In September, the industrial added value growth reached 7.5%, indicating a rebound despite a general slowdown in other regions [2]. - The industrial sector contributed 39% of the GDP growth, with a 6.3% increase in total industrial added value [2]. Investment in Manufacturing - Manufacturing investment grew by 10.7% year-on-year from January to September, accounting for approximately 25% of total fixed asset investment [4]. - The investment in major manufacturing projects showed a completion rate of 88.8%, with a high startup rate of 91.5% for new projects [4]. - Key sectors such as telecommunications, automotive, and general equipment are experiencing robust investment growth, contributing to future economic momentum [4]. Structural Transformation - The industrial structure is shifting towards high-tech and strategic emerging industries, with significant growth in high-tech manufacturing and digital economy sectors [3]. - The core manufacturing value of the digital economy grew by 11.6%, with artificial intelligence sectors expected to maintain over 20% revenue growth [3]. - New product output value increased by 6.8%, reflecting ongoing innovation and productivity improvements [3]. Support for Enterprises - Zhejiang is enhancing support for enterprises to stabilize production and exports, including regular industry chain connection activities and assistance for key companies [5]. - Effective policy measures are being implemented to help manufacturing firms develop marketable new products [5]. Major Project Development - The government is focusing on accelerating major project construction, ensuring that all new projects start by the end of October [6]. - A comprehensive management approach is being adopted for project lifecycle management to enhance efficiency and resource coordination [6].

Economic Overview - Dalian's GDP for the first three quarters reached 724.82 billion, with a year-on-year growth of 6.0%, consistent with the first half of the year and 0.8 percentage points higher than the national average [1] - The primary industry added value was 37.03 billion, growing by 4.2%; the secondary industry added value was 257.55 billion, increasing by 8.0%; and the tertiary industry added value was 430.24 billion, rising by 4.9% [1] Industrial Performance - The industrial added value of Dalian increased by 12.8% year-on-year, which is 0.3 percentage points higher than the first half of the year and 10.6 percentage points above the provincial average [2] - Key sectors such as petrochemical and equipment manufacturing showed significant growth, with the petrochemical industry increasing by 8.9% and equipment manufacturing by 17.5%, including a remarkable 64.5% growth in the railway and shipbuilding sector [3] Future Outlook - Dalian aims to achieve a GDP of 951.69 billion by 2024, positioning itself close to the trillion-yuan target, with a strong emphasis on high-quality economic growth [1] - The city is focusing on upgrading traditional industries and has introduced initiatives like the "Green Petrochemical Cluster Cultivation and Enhancement Action Plan (2025-2027)" to enhance its industrial capabilities [2]