Core Insights - National fixed asset investment (excluding rural households) reached 371,535 billion yuan from January to September 2025, showing a year-on-year decline of 0.5% [1] - Private fixed asset investment decreased by 3.1% year-on-year [1] - In September, fixed asset investment (excluding rural households) fell by 0.07% month-on-month [1] Investment by Industry - Investment in the primary industry was 7,344 billion yuan, with a year-on-year growth of 4.6% [1] - Investment in the secondary industry totaled 134,063 billion yuan, increasing by 6.3% [1] - Investment in the tertiary industry declined by 4.3%, totaling 230,128 billion yuan [1] - Within the secondary industry, industrial investment grew by 6.4% [1] - Mining investment increased by 3.7% [1] - Manufacturing investment rose by 4.0% [1] - Investment in electricity, heat, gas, and water production and supply surged by 15.3% [1] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 1.1% [1] - Investment in water transportation increased by 12.8% [1] - Railway transportation investment rose by 4.2% [1] - Water conservancy management investment grew by 3.0% [1] Regional Investment Trends - Investment in the eastern region declined by 4.5% year-on-year [1] - Investment in the central region increased by 1.5% [1] - Investment in the western region also grew by 1.5% [1] - The northeastern region experienced an investment decline of 8.4% [1] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 0.6% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [1] - Foreign enterprises' fixed asset investment saw a significant decline of 12.6% [1]

从环比看，9月份固定资产投资（不含农户）下降0.07%。 国家统计局发布数据显示，2025年1—9月份，全国固定资产投资（不含农户）371535亿元，同比下降0.5%（按可比口径计算）。其中，民间固定资产投资 同比下降3.1%。从环比看，9月份固定资产投资（不含农户）下降0.07%。 分产业看，第一产业投资7344亿元，同比增长4.6%；第二产业投资134063亿元，增长6.3%；第三产业投资230128亿元，下降4.3%。 第二产业中，工业投资同比增长6.4%。其中，采矿业投资增长3.7%，制造业投资增长4.0%，电力、热力、燃气及水生产和供应业投资增长15.3%。 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1.1%。其中，水上运输业投资增长12.8%，铁路运输业投资增长4.2%，水 利管理业投资增长3.0%。 分地区看，东部地区投资同比下降4.5%，中部地区投资增长1.5%，西部地区投资增长1.5%，东北地区投资下降8.4%。 分登记注册类型看，内资企业固定资产投资同比下降0.6%，港澳台企业固定资产投资下降0.3%，外商企业固定资产投资下降12.6%。 ...

智通财经APP获悉，10月20日，国家统计局公布2025年1—9月份全国固定资产投资基本情况。1—9月份，全国固定资产投资(不 含农户)371535亿元，同比下降0.5%(按可比口径计算)。其中，民间固定资产投资同比下降3.1%。从环比看，9月份固定资产投 资(不含农户)下降0.07%。 原文如下： 2025年1—9月份全国固定资产投资基本情况 2025年1—9月份，全国固定资产投资(不含农户)371535亿元，同比下降0.5%(按可比口径计算)。其中，民间固定资产投资同比下 降3.1%。从环比看，9月份固定资产投资(不含农户)下降0.07%。 分产业看，第一产业投资7344亿元，同比增长4.6%；第二产业投资134063亿元，增长6.3%；第三产业投资230128亿元，下降 4.3%。 第二产业中，工业投资同比增长6.4%。其中，采矿业投资增长3.7%，制造业投资增长4.0%，电力、热力、燃气及水生产和供应 业投资增长15.3%。 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1.1%。其中，水上运输业投资增长12.8%，铁路 运输业投资增长4.2%，水利管理业投资增长3.0%。 ...

Core Insights - National fixed asset investment (excluding rural households) for January to September 2025 reached 371,535 billion yuan, showing a year-on-year decline of 0.5% on a comparable basis [1] - Private fixed asset investment decreased by 3.1% year-on-year [1] Investment by Sector - First industry investment totaled 7,344 billion yuan, with a year-on-year growth of 4.6% [1] - Second industry investment amounted to 134,063 billion yuan, reflecting a growth of 6.3% [1] - Third industry investment was 230,128 billion yuan, showing a decline of 4.3% [1] - Within the second industry, industrial investment grew by 6.4% [1] - Mining investment increased by 3.7%, manufacturing investment rose by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [1] - In the third industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 1.1% [1] - Water transport investment increased by 12.8%, railway transport investment grew by 4.2%, and water conservancy management investment rose by 3.0% [1] Regional Investment Trends - Eastern region investment declined by 4.5% year-on-year [1] - Central region investment increased by 1.5% [1] - Western region investment also grew by 1.5% [1] - Northeastern region investment saw a decline of 8.4% [1] Investment by Registration Type - Domestic enterprise fixed asset investment decreased by 0.6% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [1] - Foreign enterprise fixed asset investment dropped significantly by 12.6% [1]

Core Insights - The national industrial capacity utilization rate for large-scale industries in Q3 2025 is 74.6%, an increase of 0.6 percentage points from Q2, but a decrease of 0.5 percentage points compared to the same period last year [1] Group 1: Overall Capacity Utilization - The capacity utilization rate in the mining industry is 72.5% [1] - The manufacturing industry has a capacity utilization rate of 74.8% [1] - The electricity, heat, gas, and water production and supply industry shows a capacity utilization rate of 74.3% [1] Group 2: Industry-Specific Capacity Utilization - The coal mining and washing industry has a capacity utilization rate of 68.9% [1] - The food manufacturing industry reports a capacity utilization rate of 70.1% [1] - The textile industry has a capacity utilization rate of 77.2% [1] - The chemical raw materials and chemical products manufacturing industry shows a capacity utilization rate of 72.5% [1] - The non-metallic mineral products industry has a capacity utilization rate of 62.0% [1] - The black metal smelting and rolling processing industry reports a capacity utilization rate of 80.1% [1] - The non-ferrous metal smelting and rolling processing industry has a capacity utilization rate of 77.8% [1] - The general equipment manufacturing industry shows a capacity utilization rate of 78.9% [1] - The special equipment manufacturing industry reports a capacity utilization rate of 75.5% [1] - The automobile manufacturing industry has a capacity utilization rate of 73.3% [1] - The electrical machinery and equipment manufacturing industry shows a capacity utilization rate of 74.9% [1] - The computer, communication, and other electronic equipment manufacturing industry reports a capacity utilization rate of 79.0% [1]

2025年1—9月份，全国固定资产投资（不含农户）371535亿元，同比下降0.5%。其中，民间固定资产投资同比下降3.1%。从环比看，9月份固定资产投资 （不含农户）下降0.07%。 分登记注册类型看，内资企业固定资产投资同比下降0.6%，港澳台企业固定资产投资下降0.3%，外商企业固定资产投资下降12.6%。 | 指 标 | 同比增长(%) | | --- | --- | | 固定资产投资(不含农户) | -0.5 | | 其中:国有控股 | 1.0 | | 其中:民间投资 | -3.1 | | 按构成分 | | | 建筑安装工程 | -4.1 | | 设备工器具购置 | 14.0 | | 其他费用 | -0.2 | | 分产业 | | | 第一产业 | 4.6 | | 第二产业 | 6.3 | | 第三产业 | -4.3 | | 分行业 | | | 农林牧渔业 | 3.6 | | 采矿业 | 3.7 | | 制造业 | 4.0 | | 其中:农副食品加工业 | 14.3 | | 食品制造业 | 10.8 | | 纺织业 | 11.2 | | 化学原料和化学制品制造业 | -5.6 | | 医药制造业 | ...

Core Insights - In September, the industrial value added of major industries showed positive growth, with mining increasing by 6.4%, manufacturing by 7.3%, and electricity, heat, gas, and water production and supply by 0.6% [2] - The overall industrial value added for September increased by 6.5% year-on-year, with state-owned enterprises growing by 6.5%, joint-stock enterprises by 6.8%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 5.8%, and private enterprises by 4.6% [5] - Among 41 major industries, 36 reported year-on-year growth in value added, with notable increases in coal mining (6.4%), oil and gas extraction (8.9%), and automotive manufacturing (16.0%) [2][5] By Industry - Mining industry value added increased by 6.4% in September, while manufacturing saw a growth of 7.3% [2][5] - High-tech manufacturing grew by 10.3%, indicating a strong performance in this sector [5] - The automotive manufacturing sector experienced significant growth of 16.0%, with new energy vehicles rising by 20.3% [3][5] By Product - In September, out of 623 industrial products, 362 saw year-on-year production growth, including steel (12.421 million tons, up 5.1%) and automobiles (3.227 million units, up 13.7%) [3][4] - The production of new energy vehicles reached 1.58 million units, marking a 20.3% increase [3][5] - Cement production, however, declined by 8.6% to 15.444 million tons [3][5] Sales and Exports - The sales rate of products from large-scale industrial enterprises was 96.7%, an increase of 0.6 percentage points year-on-year [4] - The export delivery value for large-scale industrial enterprises reached 1.476 trillion yuan, a nominal increase of 3.8% year-on-year [4][5]

Core Insights - The industrial capacity utilization rate for Q3 2025 is reported at 74.6%, showing a decrease of 0.5 percentage points compared to the same period last year [4] - The mining industry has a capacity utilization rate of 72.5%, down by 2.1 percentage points year-on-year [4] - The manufacturing sector's capacity utilization stands at 74.8%, reflecting a decline of 0.4 percentage points from the previous year [4] - The electricity, heat, gas, and water production and supply industry maintains a capacity utilization rate of 74.3%, unchanged from the previous year [4] Industry Breakdown - In the mining sector, coal mining and washing have a capacity utilization rate of 68.9%, down 3.8 percentage points year-on-year [4] - The oil and gas extraction industry shows a high capacity utilization rate of 91.2%, an increase of 1.0 percentage points from the previous year [4] - The food manufacturing industry has a capacity utilization rate of 70.1%, decreasing by 0.6 percentage points [4] - The textile industry reports a capacity utilization of 77.2%, down by 0.7 percentage points [4] - The chemical raw materials and products manufacturing industry has a capacity utilization rate of 72.5%, down 3.5 percentage points [4] - The black metal smelting and rolling industry shows a strong capacity utilization rate of 80.1%, up by 2.7 percentage points [4] - The non-metallic mineral products industry has a low capacity utilization rate of 62.0%, slightly up by 0.3 percentage points [4] - The automotive manufacturing industry reports a capacity utilization of 73.3%, with a minor increase of 0.1 percentage points [4] - The computer, communication, and other electronic equipment manufacturing industry has a capacity utilization rate of 79.0%, up by 1.1 percentage points [4]

2025年1—9月份，全国固定资产投资（不含农户）371535亿元，同比下降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3.1%。 从环比看，9月份固定资产投资（不含农户）下降0.07%。 分产业看，第一产业投资7344亿元，同比增长4.6%；第二产业投资134063亿元，增长6.3%；第三产业投资230128亿元，下降4.3%。 第二产业中，工业投资同比增长6.4%。其中，采矿业投资增长3.7%，制造业投资增长4.0%，电力、热力、燃气及水生产和供应业投资增长15.3%。 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1.1%。其中，水上运输业投资增长12.8%，铁路运输业投资增长4.2%，水 利管理业投资增长3.0%。 分地区看，东部地区投资同比下降4.5%，中部地区投资增长1.5%，西部地区投资增长1.5%，东北地区投资下降8.4%。 分登记注册类型看，内资企业固定资产投资同比下降0.6%，港澳台企业固定资产投资下降0.3%，外商企业固定资产投资下降12.6%。 2025年1—9月份固定资产投资（不含农户）主要数据 | | 指 标 同比增长（%） | ...

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - In the second half of 2025, the economic growth rate may not decline significantly, and structural issues such as prices are expected to improve trend - wise [6] - The allocation between stocks and bonds will continue to shift, with bond yields and the stock market expected to rise continuously [6] 3. Summary by Relevant Catalogs 3.1 Price Data Overview - On October 15, the National Bureau of Statistics released the price data for September 2025. In September, CPI rose 0.1% month - on - month and fell 0.3% year - on - year; core CPI was flat month - on - month and rose 1.0% year - on - year; PPI was flat month - on - month and fell 2.3% year - on - year [3] 3.2 Resident - end Price Analysis 3.2.1 CPI Analysis - CPI rose from flat to an increase month - on - month. Affected by the decline in service and energy prices, the month - on - month increase was slightly lower than the average of September in the past five years. Food and tobacco prices rose 0.5% month - on - month, and other seven major categories of prices showed four increases, one flat, and two decreases [4] - CPI decreased year - on - year, mainly due to the carry - over effect. Food prices decreased 4.4% year - on - year, and energy prices decreased 2.7% year - on - year, which were the main factors affecting the year - on - year decline of CPI [4] 3.2.2 Core CPI Analysis - Core CPI rose 1.0% year - on - year, with the increase expanding for the fifth consecutive month, and the increase returned to 1% for the first time since March 2024. The year - on - year increase in the prices of industrial consumer goods excluding energy continued to expand [4] 3.3 Industrial - end Price Analysis 3.3.1 PPI Analysis - PPI was flat month - on - month, and the year - on - year decline narrowed for two consecutive months. The year - on - year decline in production materials prices was 2.4%, and the year - on - year decline in living materials prices was 1.7% [5] - The supply - demand structure improvement led to a significant stabilization of prices in some industries, such as coal, photovoltaic, and lithium - battery industries [5] 3.4 Market Performance - The market was still insensitive to fundamental data. After the price data was released on October 15 at 9:30, in a low - interest - rate environment, the market was more concerned about the trends of the equity and commodity markets. The bond market trading might still be affected by the performance of the equity market and the implementation of regulations related to fund redemption fees. The intraday trend of long - term yields showed an "N" shape [5]