Group 1: Manufacturing Sector - In October, the Manufacturing Purchasing Managers' Index (PMI) decreased to 49%, down 0.8 percentage points from September, indicating a slowdown in manufacturing activities [1] - The production index and new orders index for manufacturing were 49.7% and 48.8%, respectively, reflecting declines of 2.2 and 0.9 percentage points from September [1] - PMI for large, medium, and small enterprises were 49.9%, 48.7%, and 47.1%, showing declines of 1.1, 0.1, and 1.1 percentage points respectively [1] Group 2: Key Industries - The PMIs for high-tech manufacturing, equipment manufacturing, and consumer goods sectors were 50.5%, 50.2%, and 50.1%, respectively, all remaining in the expansion zone and significantly above the overall manufacturing level [2] - The high-energy-consuming industries had a PMI of 47.3%, down 0.2 percentage points from September, indicating a decline in economic activity [2] Group 3: Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index rose to 50.1%, up 0.1 percentage points from September, indicating expansion in the non-manufacturing sector [3] - The service sector's business activity index was 50.2%, reflecting a slight increase and improved economic conditions, particularly in transportation, accommodation, and entertainment sectors, which saw indices above 60.0% [3] - The construction sector's business activity index fell to 49.1%, down 0.2 percentage points from September, indicating a slight decline in construction activity [3] Group 4: Economic Outlook - Overall, the non-manufacturing sector continues to stabilize, with positive changes in investment and consumption-related activities [4] - The effectiveness of growth-stabilizing policies is expected to strengthen domestic demand in the fourth quarter, supporting the achievement of annual economic and social development goals [4]

新华财经北京10月31日电（记者高婷）近日，住房和城乡建设部等9部门联合发布《贯彻落实〈中共中 央办公厅、 国务院办公厅关于推进新型城市基础设施建设打造韧性城市的意见〉行动方案（2025— 2027年）》（以下简称"行动方案"），探索推动新一代信息技术与城市基础设施建设深度融合，助力宜 居、韧性、智慧城市建设。预计到2027年底前，新型城市基础设施建设各项重点任务取得明显进展，形 成一批可复制可推广的经验做法。 业内人士认为，推动新一代信息技术与城市基础设施深度融合，已成为提升城市治理能力和保障城市安 全发展的关键；推进新型城市基础设施建设可加大全社会投资，有利于经济稳定，也有利于包括房地产 在内的各行业稳定发展。 数字化、网络化、智能化城市基础设施建设深度转型 此次行动方案是对去年12月发布的《中共中央办公厅、国务院办公厅关于推进新型城市基础设施建设打 造韧性城市的意见》的细化和落实。 住房和城乡建设部副部长董建国近日在"高质量完成'十四五'规划"系列主题新闻发布会上表示，五年 来，住房和城乡建设部以更实举措推进好房子、好小区、好社区、好城区"四好"建设，打造宜居、韧 性、智慧城市。建设数字化、网络化、智能 ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 [Table_A 解运亮 uthor 宏观首席 ] 分析师 执业编号：S1500521040002 联系电话：010-83326858 邮 箱：xieyunliang@cindasc.com 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱：mailinyue@cindasc.com [Table_Title] 四季度增量刺激政策出台概率较低 [Table_ReportDate] 2025 年 10 月 31 日 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 [➢Table_Summary] 制造业景气度回落超预期，其拖累主要来自生产端。10 月制造业景气度 下滑的主要拖累来自生产端。尽管历年 10 月，制造业生产活动都会受到 国庆假期、工作日减少的影响，但当前生产端的下滑幅度或已超出常规波 动范围。我们认为，生产端景气度的回落可能源于双重压力， ...

Yesterday, on 30 October 2025, the 100% subsidiary of Aktsiaselts Infortar (Infortar), OÜ Infortar Agro (registry code 11504910) and OÜEesti Biogaas (registry code 14754903) entered into a share purchase agreement under which OÜ Infortar Agro will acquire a 60% shareholding in OÜ Oisu Biogaas. The transaction follows Infortar’s acquisition earlier this year of Estonia Farmid, one of Estonia’s largest agricultural companies. The farm complex and biomethane plant located in Oisu form an integrated unit, and t ...

PMI 数据点评 10 月制造业 PMI 49.0%，超季节性回落 10 月制造业 PMI 为 49.0%，较前值下降 0.8 个百分点，低于季节性水平； 非制造业 PMI 为 50.1%，较前值上升 0.1 个百分点，升至扩张区间；综合 PMI 产出指数为 50.0%，较前值下降 0.6 个百分点，位于临界点。 固定收益 | 固定收益点评 供需双弱，价格分化 证券研究报告 2025 年 10 月 31 日 10 月 PMI 数据呈现"制造业回落、非制造业微升"的组合，制造业 PMI 超季节性回落，呈现"供需双弱"的格局，主因在于"十一"长假前部分 需求提前释放，生产和内需同步回落，以及国际环境更趋复杂，出口景气 度明显下滑，我们预计四季度 GDP 增速可能边际放缓。 10 月制造业：供需双弱，价格上下游分化 供需方面：10 月生产指数为 49.7%，比上月下降 2.2 个百分点，位于荣枯 线以下，表现弱于季节性；新订单指数为 48.8%，比上月下降 0.9 个百分点， 需求景气度有所回落。 新出口订单为 45.9%，比上月下降 1.9 个百分点，为年内次低。主因全球经 济增长放缓、国际贸易不确定性上升，导致 ...

Manufacturing Sector - The manufacturing PMI for October 2025 is reported at 49.0%, a significant decrease of 0.8 percentage points from the previous month, which is notably higher than the seasonal average decline of 0.4 percentage points observed from 2020 to 2024[2][5] - The production index fell by 2.2 percentage points to 49.7%, while the new orders index decreased by 0.9 percentage points to 48.8%[5][15] - The new export orders index dropped to 45.9%, down 1.9 percentage points, marking the second-lowest level since the introduction of high tariffs in April 2025[5][20] - Small enterprises experienced a notable decline in PMI, falling 1.1 percentage points to 47.1%, while large enterprises' PMI decreased to 49.9%[6] Non-Manufacturing Sector - The non-manufacturing PMI for October 2025 is at 50.1%, slightly up from 50.0% in the previous month, driven by holiday consumption[2][28] - The service sector showed improvement, with indices for transportation, retail, and entertainment exceeding 60%, indicating strong performance in consumer-related services[28] - The construction PMI fell to 49.1%, but new orders and business activity expectations increased, suggesting a potential recovery in infrastructure activities[34] Economic Outlook - The report highlights that the construction sector may benefit from the introduction of 500 billion yuan in new policy financial tools and an additional 200 billion yuan in special bond issuance, which could support infrastructure investment[4][34] - The overall economic environment remains cautious due to external trade uncertainties and domestic demand stability, particularly in high-energy-consuming industries[16][20]

Core Viewpoint - The overall revenue and net profit of all A-shares in the first three quarters have achieved year-on-year growth, with a notable improvement in net profit growth rates, driven by low base effects from the previous year and strong performance in TMT and non-bank sectors [1][21]. Group 1: Overall Performance - All A-shares achieved a cumulative year-on-year revenue growth of 1.35% in Q3 2025, an increase of 1.23 percentage points from H1 2025 [1]. - The cumulative year-on-year net profit growth for all A-shares in Q3 2025 was 5.54%, a significant increase of 2.95 percentage points from H1 2025 [3]. - The cumulative year-on-year growth rate of net profit for non-financial A-shares in Q3 2025 was 1.92%, up by 0.70 percentage points from H1 2025 [3]. Group 2: Sector Performance - The TMT sector continued to show high prosperity, with a net profit growth of 21.66% in Q3 2025, reflecting a marginal increase of 4.42 percentage points from H1 2025 [52][53]. - The non-bank financial sector drove the overall A-share net profit growth, with a year-on-year increase of 38.97% in Q3 2025 [61]. - The materials sector led the net profit growth at 36.43% in Q3 2025, showing a significant improvement from previous quarters [52]. Group 3: Financial Metrics - The overall return on equity (ROE) for all A-shares in Q3 2025 was 7.73%, a slight increase of 0.13 percentage points from Q2 2025 [34]. - The net cash flow from operating activities as a percentage of revenue for non-financial A-shares was 10.54% in Q3 2025, indicating a positive trend [41]. - The total revenue for all A-shares in Q3 2025 was 458.582 billion, a 0.70% increase from Q3 2024 [22]. Group 4: Inventory and Production - The willingness to replenish inventory and expand production among non-financial A-shares remains weak, with a year-on-year inventory growth of -2.47% in Q3 2025 [45]. - Capital expenditure for non-financial A-shares showed a year-on-year decline of 2.43% in Q3 2025, indicating cautious investment behavior [45]. Group 5: Future Outlook - The positive outcomes from Sino-US economic negotiations and the gradual implementation of new domestic growth policies are expected to further enhance the profitability trend of listed companies [21].

Economic Overview - October PMI data indicates a renewed weakening of economic recovery momentum, with manufacturing PMI dropping to 49.0%, down 0.8 percentage points from the previous month and below the seasonal norm[3] - Non-manufacturing PMI slightly increased to 50.1%, up 0.1 percentage points, primarily driven by holiday consumption and seasonal service industry demand[3] - Overall, the composite PMI fell to 50.0%, a decrease of 0.6 percentage points, reflecting a continued divergence in economic conditions between sectors[3] Manufacturing Sector Insights - Manufacturing PMI at 49.0% indicates a return to low levels for the year, with large enterprises at 49.9%, medium enterprises at 48.7%, and small enterprises at 47.1%, showing increased operational pressure across all sizes[3] - Key sub-indices show production index at 49.7% (down 2.2 percentage points), new orders index at 48.8% (down 0.9 percentage points), and employment index at 48.3% (down 0.2 percentage points), indicating a significant decline in production and demand[3] - Industries such as food processing and automotive show stronger supply and demand, while textiles and chemicals remain below the prosperity line, indicating weak sector performance[3] Non-Manufacturing Sector Insights - Non-manufacturing PMI at 50.1% suggests moderate expansion, with construction PMI at 49.1% and service PMI at 50.2%, indicating a mixed performance across sectors[4] - New orders index for non-manufacturing remains weak at 46.0%, reflecting limited short-term demand recovery potential[4] - Employment index for non-manufacturing at 45.2% indicates ongoing labor market pressures, with business activity expectations index rising to 56.1%, suggesting optimism for future operations[4] Policy and Future Outlook - Short-term economic improvement is expected to require stronger policy support, with a focus on the effectiveness of financial tools and special bond allocations in Q4[3] - The upcoming "14th Five-Year Plan" is anticipated to influence medium to long-term policy direction, making 2026's economic performance critical for future strategies[3] - Risks include potential export weakness, real estate market downturns, and insufficient policy momentum[4]

《21世纪》：10月28日发布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提 出，建设安全、舒适、绿色、智慧的"好房子"，实施房屋品质提升工程和物业服务质量提升行动。未 来"好房子"作用有望强化，如何看待政策和时代机遇？ 中山正春：中国政府提出"推动房地产高质量发展"和"好房子"的理念，与松下推进的事业方向非常契 合。中国房地产行业正从"有没有"转向"好不好"的深刻变革，这不仅是政策的引导，更是市场发展、消 费升级的必然结果。 房地产从投资目的变成实际住宅需求，这蕴含着巨大的机遇。中国消费者对"好房子"的定义，已超越单 纯的面积和区位，转向对健康、舒适、绿色和智能的综合追求。这也给外资企业带来了机遇，松下推进 的WST（Wellness Smart Town，松下智感健康生活）业务已展开41个项目，订单户数达到1.7万户。我 们不再仅仅是设备的供应商，而是努力成为"好房子"标准的共建者与高品质生活解决方案的提供者。 《21世纪》：在你看来，中国消费者对"好房子"的定义，与日本市场相比有何独特之处？中国高质量住 宅空间的需求会如何演变？ 在中国经济迈向高质量发展之际，民众对"好房子"的需求也日 ...

今年以来，卖房款无法覆盖房贷尾款，有业主面临"卖不起 房"的尴尬。一位中介告诉经济观察报，他的一位客户与买家 已经签约，但由于借不到钱还尾款，最终没有完成交易，"买 家比较同情卖家，没有收违约金"。 作者： 田国宝 封图：图虫创意 10月10日下午，杨清为卖房去了一趟银行和小区门口的中介门店，汇总银行和中介的信息后，杨 清发现，现在卖掉房子所得的钱还不够支付贷款的尾款。 杨清的小两居位于一线城市的核心区，2019年底购入，目前房贷尾款本金还剩230多万元。中介告 诉她，房子的成交价预计在220万元左右，她简单算了一下，想要卖掉房子，还需要补上十几万 元。 杨清的情况并非个例。2025年9月底，因计划回老家发展，王斌打算卖掉自住的房子，向中介咨询 后，他发现200多万元购入的房子，目前只能卖到100万元出头，而他贷款的尾款还剩下120万元左 右。 2025年中，马燕为了卖掉老家的房子，向工作所在地城市的银行贷款20万元，才勉强还清了银行 尾款。她说，买房时，她和丈夫分别向同学借了不少钱才凑够首付款，没想到卖房时还得借钱，虽 然损失惨重，但她也解脱了。 今年以来，卖房款无法覆盖房贷尾款，有业主面临"卖不起房"的尴 ...