Core Insights - The report highlights the growth in the number of enterprises in the electricity, heat, gas, and water production and supply industry, which reached 23,083 by July 2025, marking an increase of 1,843 enterprises compared to the same period last year, representing a year-on-year growth of 8.68% [1] Industry Overview - The electricity, heat, gas, and water production and supply industry now accounts for 4.43% of the total industrial enterprises [1] - The report is based on data from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] Future Projections - Zhiyan Consulting has released a report titled "Research on Investment Potential and Development Trend Forecast of China's Power Industry from 2025 to 2031," indicating a focus on future investment opportunities within the sector [1]

9月15日周一，国家统计局公布数据显示，2025年1—8月份，全国固定资产投资（不含农户）326111亿元，同比增长0.5%（按可比口径计算，详 见附注7）。其中，民间固定资产投资同比下降2.3%。从环比看，8月份固定资产投资（不含农户）下降0.20%。 分产业看，第一产业投资6461亿元，同比增长5.5%；第二产业投资118246亿元，增长7.6%；第三产业投资201404亿元，下降3.4%。 第二产业中，工业投资同比增长7.7%。其中，采矿业投资增长3.0%，制造业投资增长5.1%，电力、热力、燃气及水生产和供应业投资增长 18.8%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长2.0%。其中，水上运输业投资增长15.9%，水利管理业投资增 长7.4%，铁路运输业投资增长4.5%。 分地区看，东部地区投资同比下降3.5%，中部地区投资增长2.5%，西部地区投资增长2.3%，东北地区投资下降6.0%。 分登记注册类型看，内资企业固定资产投资同比增长0.5%，港澳台企业固定资产投资增长2.3%，外商企业固定资产投资下降15.4%。 | 指 标 | 同比增长(%) | | --- ...

Core Insights - National fixed asset investment (excluding rural households) reached 32,611.1 billion yuan from January to August 2025, showing a year-on-year growth of 0.5% [1][3] - Private fixed asset investment experienced a year-on-year decline of 2.3% [3][4] - In August, fixed asset investment (excluding rural households) decreased by 0.20% month-on-month [1][3] Investment by Industry - First industry investment totaled 646.1 billion yuan, with a year-on-year increase of 5.5% [3][4] - Second industry investment reached 1,182.46 billion yuan, growing by 7.6% [3][4] - Third industry investment was 2,014.04 billion yuan, showing a decline of 3.4% [3][4] - Within the second industry, industrial investment grew by 7.7%, with mining investment increasing by 3.0%, manufacturing investment by 5.1%, and investment in electricity, heat, gas, and water production and supply rising by 18.8% [3][4] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the third industry grew by 2.0% [3][4] - Investment in water transportation increased by 15.9%, water conservancy management by 7.4%, and railway transportation by 4.5% [3][4] - By region, eastern investment declined by 3.5%, while central and western regions saw increases of 2.5% and 2.3%, respectively; northeastern investment fell by 6.0% [3][4] Investment by Registration Type - Domestic enterprise fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3% [3][4] - Foreign enterprise fixed asset investment saw a significant decline of 15.4% [3][4]

Core Insights - National fixed asset investment (excluding rural households) reached 32.6111 trillion yuan from January to August 2025, showing a year-on-year growth of 0.5% [1] - Private fixed asset investment experienced a year-on-year decline of 2.3% [1] Investment by Industry - First industry investment totaled 646.1 billion yuan, with a year-on-year increase of 5.5% [3] - Second industry investment amounted to 11.8246 trillion yuan, growing by 7.6% [3] - Third industry investment was 20.1404 trillion yuan, reflecting a decline of 3.4% [3] - Within the second industry, industrial investment grew by 7.7%, with mining investment increasing by 3.0%, manufacturing investment by 5.1%, and investment in electricity, heat, gas, and water production and supply rising by 18.8% [3] - In the third industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 2.0%, with water transport investment increasing by 15.9%, water conservancy management investment by 7.4%, and railway transport investment by 4.5% [3] Investment by Region - Eastern region investment declined by 3.5% year-on-year [3] - Central region investment increased by 2.5% [3] - Western region investment grew by 2.3% [3] - Northeastern region investment saw a decline of 6.0% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment increased by 0.5% year-on-year [4] - Investment from Hong Kong, Macau, and Taiwan enterprises grew by 2.3% [4] - Foreign enterprises' fixed asset investment decreased by 15.4% [4]

1—8月份，规模以上工业增加值同比增长6.2%。 据国家统计局，8月份，规模以上工业增加值同比实际增长5.2%（增加值增速均为扣除价格因素的实际增长率）。从环比看，8月份，规模以上工业增加值 比上月增长0.37%。1—8月份，规模以上工业增加值同比增长6.2%。 分三大门类看，8月份，采矿业增加值同比增长5.1%，制造业增长5.7%，电力、热力、燃气及水生产和供应业增长2.4%。 分经济类型看，8月份，国有控股企业增加值同比增长4.7%；股份制企业增长6.0%，外商及港澳台投资企业增长2.3%；私营企业增长4.6%。 分行业看，8月份，41个大类行业中有31个行业增加值保持同比增长。其中，煤炭开采和洗选业增长5.1%，石油和天然气开采业增长4.7%，农副食品加工业 增长4.7%，酒、饮料和精制茶制造业下降2.4%，纺织业增长1.5%，化学原料和化学制品制造业增长7.6%，非金属矿物制品业增长0.5%，黑色金属冶炼和压 延加工业增长7.3%，有色金属冶炼和压延加工业增长9.1%，通用设备制造业增长7.3%，专用设备制造业增长4.0%，汽车制造业增长8.4%，铁路、船舶、航 空航天和其他运输设备制造业增长12.0 ...

8月份，规模以上工业增加值同比实际增长5.2%（增加值增速均为扣除价格因素的实际增长率）。从环比看，8月份，规模以上工业增加值比上月增长 0.37%。1—8月份，规模以上工业增加值同比增长6.2%。 分三大门类看，8月份，采矿业增加值同比增长5.1%，制造业增长5.7%，电力、热力、燃气及水生产和供应业增长2.4%。 分经济类型看，8月份，国有控股企业增加值同比增长4.7%；股份制企业增长6.0%，外商及港澳台投资企业增长2.3%；私营企业增长4.6%。 分行业看，8月份，41个大类行业中有31个行业增加值保持同比增长。其中，煤炭开采和洗选业增长5.1%，石油和天然气开采业增长4.7%，农副食品加工业 增长4.7%，酒、饮料和精制茶制造业下降2.4%，纺织业增长1.5%，化学原料和化学制品制造业增长7.6%，非金属矿物制品业增长0.5%，黑色金属冶炼和压 延加工业增长7.3%，有色金属冶炼和压延加工业增长9.1%，通用设备制造业增长7.3%，专用设备制造业增长4.0%，汽车制造业增长8.4%，铁路、船舶、航 空航天和其他运输设备制造业增长12.0%，电气机械和器材制造业增长9.8%，计算机、通信和其他电子设备 ...

Core Insights - National fixed asset investment (excluding rural households) reached 326.111 billion yuan from January to August 2025, showing a year-on-year growth of 0.5% [1][4] - Private fixed asset investment experienced a decline of 2.3% year-on-year [1][5] Investment by Industry - Investment in the primary industry was 64.61 billion yuan, with a year-on-year increase of 5.5% [3][5] - Investment in the secondary industry totaled 1182.46 billion yuan, growing by 7.6% [3][5] - Investment in the tertiary industry was 2014.04 billion yuan, reflecting a decrease of 3.4% [3][5] - Within the secondary industry, industrial investment rose by 7.7%, with mining investment increasing by 3.0%, manufacturing investment by 5.1%, and investment in electricity, heat, gas, and water production and supply rising by 18.8% [3][5] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary industry grew by 2.0%, with water transport investment increasing by 15.9%, water conservancy management investment by 7.4%, and railway transport investment by 4.5% [3][5] - Investment in the eastern region declined by 3.5%, while the central region saw a growth of 2.5%, the western region increased by 2.3%, and the northeastern region experienced a decline of 6.0% [3][5] Investment by Registration Type - Domestic enterprises' fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3%. In contrast, foreign enterprises' fixed asset investment fell by 15.4% [3][5]

Summary of Key Points Core Viewpoint - In the first eight months of 2025, China's fixed asset investment (excluding rural households) reached 32,611.1 billion yuan, showing a year-on-year growth of 0.5%. However, private fixed asset investment declined by 2.3% [1][3]. Investment by Industry - Investment in the primary industry was 646.1 billion yuan, with a year-on-year increase of 5.5% [3]. - Investment in the secondary industry totaled 11,824.6 billion yuan, growing by 7.6%. Within this sector, industrial investment rose by 7.7%, with mining investment increasing by 3.0%, manufacturing investment by 5.1%, and investment in electricity, heat, gas, and water production and supply up by 18.8% [3]. - The tertiary industry saw investment of 20,140.4 billion yuan, which represented a decline of 3.4%. Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 2.0%, with notable increases in water transport investment (15.9%), water conservancy management (7.4%), and railway transport (4.5%) [3]. Investment by Region - Eastern region investment decreased by 3.5%, while the central region saw a growth of 2.5%, and the western region increased by 2.3%. The northeastern region experienced a decline of 6.0% [3]. Investment by Registration Type - Domestic enterprises' fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3%. In contrast, foreign enterprises' fixed asset investment fell by 15.4% [3].

8月份，规模以上工业增加值同比实际增长5.2%（增加值增速均为扣除价格因素的实际增长率）。从环比看，8月份，规模以上工业增加值比上月增长 0.37%。1—8月份，规模以上工业增加值同比增长6.2%。 分三大门类看，8月份，采矿业增加值同比增长5.1%，制造业增长5.7%，电力、热力、燃气及水生产和供应业增长2.4%。 分经济类型看，8月份，国有控股企业增加值同比增长4.7%；股份制企业增长6.0%，外商及港澳台投资企业增长2.3%；私营企业增长4.6%。 分行业看，8月份，41个大类行业中有31个行业增加值保持同比增长。其中，煤炭开采和洗选业增长5.1%，石油和天然气开采业增长4.7%，农副食品加工业 增长4.7%，酒、饮料和精制茶制造业下降2.4%，纺织业增长1.5%，化学原料和化学制品制造业增长7.6%，非金属矿物制品业增长0.5%，黑色金属冶炼和压 延加工业增长7.3%，有色金属冶炼和压延加工业增长9.1%，通用设备制造业增长7.3%，专用设备制造业增长4.0%，汽车制造业增长8.4%，铁路、船舶、航 空航天和其他运输设备制造业增长12.0%，电气机械和器材制造业增长9.8%，计算机、通信和其他电子设备 ...

Economic Overview - In August, the industrial added value increased by 5.2% year-on-year, with mining growing by 5.1%, manufacturing by 5.7%, and electricity, heat, gas, and water production and supply by 2.4% [5] - Among economic types, state-controlled enterprises saw a 4.7% increase, joint-stock enterprises grew by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.3%, and private enterprises grew by 4.6% [5] Industry Performance - Out of 41 major industries, 31 maintained year-on-year growth in added value in August. Notable growth was seen in coal mining and washing (5.1%), oil and gas extraction (4.7%), and chemical raw materials and products manufacturing (7.6%) [2][5] - The automotive manufacturing sector experienced an 8.4% increase, while the railway, shipbuilding, aerospace, and other transportation equipment manufacturing grew by 12.0% [2][5] Product Output - In August, among 623 industrial products, 319 saw year-on-year output growth. Steel production reached 12.277 million tons, up 9.7%, while cement production fell by 6.2% to 14.802 million tons [3][5] - The output of new energy vehicles surged by 22.7% to 1.333 million units, contributing to a total automotive production of 2.752 million units, which is a 10.5% increase [3][5] Sales and Exports - The sales rate of products from large-scale industrial enterprises was 96.6%, a decrease of 0.1 percentage points year-on-year. The export delivery value reached 1.3029 trillion yuan, reflecting a nominal decline of 0.4% [4][5]