Industrial Production - In October, the industrial added value above designated size increased by 4.9% year-on-year and 0.17% month-on-month [3] - The mining industry saw a year-on-year increase of 4.5%, manufacturing grew by 4.9%, and the production and supply of electricity, heat, gas, and water increased by 5.4% [3] - Equipment manufacturing and high-tech manufacturing grew by 8.0% and 7.2% year-on-year, respectively, outpacing the overall industrial growth by 3.1 and 2.3 percentage points [3] - From January to October, the industrial added value increased by 6.1% year-on-year [3] Service Sector - The service production index increased by 4.6% year-on-year in October [6] - Key sectors such as information transmission, software, and IT services grew by 13.0%, while leasing and business services and finance grew by 8.2% and 5.6%, respectively [6] - From January to October, the service production index increased by 5.7% year-on-year [6] Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [9] - Online retail sales reached 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail sales accounting for 25.2% of total retail sales [9] - From January to October, the total retail sales of consumer goods increased by 4.3% year-on-year [9] Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7% [10] - Manufacturing investment grew by 2.7%, while real estate development investment fell by 14.7% [10] - High-tech industries such as information services and aerospace manufacturing saw significant investment growth of 32.7% and 19.7%, respectively [10] Trade and Exports - In October, the total import and export value reached 37,028 billion yuan, a year-on-year increase of 0.1% [11] - Exports decreased by 0.8% to 21,716 billion yuan, while imports increased by 1.4% to 15,311 billion yuan [11] - From January to October, general trade grew by 2.3%, accounting for 63.4% of total trade [11] Employment - The urban survey unemployment rate averaged 5.2% from January to October, with a slight decrease to 5.1% in October [14] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 4.7% [14] Consumer Prices - In October, the Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing a previous decline [16] - The core CPI, excluding food and energy, increased by 1.2% year-on-year [16] - The Producer Price Index (PPI) decreased by 2.1% year-on-year, with a narrowing decline compared to the previous month [16]

11月13日下午，区工商联组织营商环境观察员走进装备园区（白米镇），以"实地走访+座谈交流"形式，为优化区域营商环境建言献策。区政协副主席、 工商联主席戴忠全，区工商联党组书记、常务副主席郭晓彬，白米镇党委副书记、镇长刘亮，区发改委副主任沈双林以及我区营商环境观察员代表、白米 镇商会会员代表等参加活动。 会上，刘亮介绍装备园区（白米镇）优化营商环境具体举措、成效及下一步工作计划。 营商环境观察员结合实地走访感受与履职经验，围绕企业发展"痛点"、政策落实"堵点"等方面提出针对性意见建议。 白米镇商会会员代表立足企业发展实际，分享在装备园区（白米镇）经营企业的真切体验，交流对营商环境提升的期待与诉求。 212 C e u LTD - 0 2019 y ter 营商环境观察员一行走进钧风电控科技（泰州）有限责任公司生产车间、五星重工项目建设现场，近距离察看企业生产工艺、产品研发及项目推进进度， 并与企业负责人深入交流，详细了解企业在政策支持、要素保障等方面的实际情况，听取有关园区服务、政策落实等方面的意见建议。 117 11:41 and with u e r C 营商环境观察员走进发备园区 （ 白米镇 ）活动 0 ...

Core Viewpoint - The article highlights that China's economy is maintaining a stable and progressive development trend, with improvements in production supply, employment stability, and price recovery, alongside the cultivation of new economic drivers [1]. Economic Performance - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year, with the equipment manufacturing sector growing by 8%, significantly outpacing overall industrial growth [4]. - The total retail sales of consumer goods in October rose by 2.9% year-on-year, exceeding market expectations of 2.73% [4]. - Sales of upgraded consumer goods, such as communication equipment and cultural office supplies, saw significant growth, with increases of 23.2% and 13.5% respectively [4]. Investment Trends - Fixed asset investment decreased by 1.7% year-on-year from January to October, but the physical workload of investments is still increasing, indicating a structural optimization in investment [7]. - Manufacturing investment continues to grow, supported by the transformation and upgrading of traditional industries and the expansion of emerging manufacturing sectors [7]. Price Changes - In October, the Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing from a decline of 0.3% in the previous month, driven by improved domestic supply-demand relationships and rising service and industrial product prices [9]. - The Producer Price Index (PPI) also showed positive changes, with a month-on-month increase for the first time in October, influenced by seasonal energy demand and rising international metal prices [11]. Consumer Behavior - There is a noticeable shift in consumer preferences towards higher quality and brand recognition, with significant growth in sales of essential goods such as food and daily necessities, which increased by 9.1% and 7.4% year-on-year respectively [4]. - The demand for cultural, sports, and entertainment products is expanding, with retail sales in these categories growing by 10.1% and 9.6% year-on-year [4].

新华财经北京11月14日电（记者安娜）加快培育新动能，促进经济结构优化升级，有利于促进经济发 展。今年以来，我国在新动能成长和经济结构调整方面有哪些成效？国家统计局新闻发言人付凌晖14日 在国新办发布会上介绍了三方面相关积极变化。 一是市场需求焕新提升，新需求不断扩大。 从消费看，随着科技进步和消费理念转变，消费新业态、新模式、新场景不断拓展，数字、绿色、智能 产品消费快速壮大，服务消费稳步扩大。1至10月份，实物商品网上零售额占整个社会消费品零售总额 的比重达到25.2%，比1至9月份提高0.2个百分点。高能效等级家电、新能源汽车零售额均保持较快增 长。智能家电、智能家居等产品需求不断扩大，文体休闲服务类、旅游咨询租赁服务类零售额均保持两 位数增长。 从投资看，聚焦关键领域和薄弱环节扩大有效投资，高技术领域投资较快增长，新能源、新材料、人工 智能等领域投资不断扩大，投资质效不断提升。1至10月份，航空、航天器及设备制造业投资同比增长 19.7%，信息服务业投资增长32.7%。 （文章来源：新华财经） 三是新兴产业发展壮大，引领支撑作用日益增强。 数字经济快速发展，绿色低碳转型持续深入，人工智能赋能产业发展， ...

Economic Overview - In October, the national economy maintained a stable and progressive development trend, with industrial added value increasing by 4.9% year-on-year, service production index rising by 4.6%, and retail sales of consumer goods growing by 2.9% [1][10]. Industrial Production - The industrial added value for October increased by 4.9% year-on-year and 0.17% month-on-month. The mining industry grew by 4.5%, manufacturing by 4.9%, and electricity, heat, gas, and water production and supply by 5.4% [3]. - Equipment manufacturing and high-tech manufacturing sectors showed strong growth, with increases of 8.0% and 7.2% respectively, outpacing the overall industrial growth by 3.1 and 2.3 percentage points [3]. - The profit of industrial enterprises from January to September reached 53,732 billion yuan, a year-on-year increase of 3.2% [3]. Service Sector - The service production index rose by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services (13.0%), leasing and business services (8.2%), and finance (5.6%) [4]. - The business activity index for the service sector was at 50.2%, indicating stable activity levels [4]. Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [5]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail accounting for 25.2% of total retail sales [5]. Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7%. However, manufacturing investment grew by 2.7% [6]. - Real estate development investment saw a significant decline of 14.7% [6]. Trade and Exports - In October, the total import and export value was 37,028 billion yuan, a slight increase of 0.1% year-on-year, with exports decreasing by 0.8% and imports increasing by 1.4% [7]. - From January to October, the total import and export value reached 373,090 billion yuan, a year-on-year increase of 3.6% [7]. Employment and Prices - The urban surveyed unemployment rate in October was 5.1%, showing a slight decrease from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9]. - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing compared to the previous month [9]. Conclusion - Overall, the national economy in October showed stability and progress, with ongoing structural adjustments and challenges ahead. The focus remains on expanding domestic demand and stabilizing employment and market expectations [10].

Economic Overview - The national economy in October showed overall stability with a trend of steady progress, supported by strong leadership and effective implementation of policies [1][10] Industrial Production - In October, the industrial added value for large-scale enterprises increased by 4.9% year-on-year and 0.17% month-on-month, with mining, manufacturing, and electricity sectors showing growth rates of 4.5%, 4.9%, and 5.4% respectively [2] - The equipment manufacturing sector saw an 8.0% year-on-year increase, while high-tech manufacturing grew by 7.2%, outperforming the overall industrial growth by 3.1 and 2.3 percentage points respectively [2] - From January to October, the industrial added value increased by 6.1% year-on-year, with a profit total of 53,732 billion yuan, reflecting a 3.2% increase [2] Service Sector - The service sector production index rose by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services at 13.0% [3] - The overall service sector revenue increased by 7.6% year-on-year from January to September, indicating robust performance [3] Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, marking a 2.9% year-on-year increase [4] - Online retail sales grew by 9.6% year-on-year, with physical goods online retail accounting for 25.2% of total retail sales [4] Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) totaled 408,914 billion yuan, showing a year-on-year decline of 1.7% [5] - Manufacturing investment increased by 2.7%, while real estate development investment fell by 14.7% [5] Trade Performance - In October, the total value of goods imports and exports was 37,028 billion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [7] - From January to October, the total trade value grew by 3.6%, with exports increasing by 6.2% [7] Employment Situation - The urban survey unemployment rate in October was 5.1%, a decrease of 0.1 percentage points from the previous month [8] - The average weekly working hours for employees were reported at 48.4 hours [8] Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9] - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with a narrowing decline compared to the previous month [9]

Core Viewpoint - The event held on November 12, 2025, in Shanghai aimed to promote the integration of Kunshan into the Yangtze River Delta, showcasing over 300 cooperation scenarios across various sectors, including industrial innovation, transportation logistics, financial investment, education, healthcare, and modern cultural tourism [1] Group 1: Development Initiatives - The event highlighted Kunshan's strategic use of its geographical advantages and its proactive role in supporting national strategies [1] - The "Action Plan for High-Quality Integration of Kunshan into the Yangtze River Delta" was introduced, outlining six key areas and 22 measures to enhance regional collaboration [1] - A total of 28 cooperation projects between Shanghai and Kunshan were signed, focusing on public services, leading institutions, major capital, and modern cultural tourism [1] Group 2: Economic Performance - Kunshan is accelerating its industrial upgrade by establishing a new emerging industry system categorized as "2+3+3," transitioning from consumer electronics to automotive electronics and expanding from complete machine manufacturing to smart wearable technology [1] - In the first three quarters of the year, Kunshan's GDP and industrial output value increased by 6% and 5.3% year-on-year, respectively, indicating a positive economic trend [1] - The city aims to enhance its quality of life, making it a desirable place for talent, businesses, and residents, while fostering mutually beneficial development [1]

Group 1: Business Operations - The company's main business operations include engineering construction and clean energy generation, with a strong focus on equipment manufacturing [2] - As of September 30, 2025, the total remaining contract amount for signed but uncompleted construction projects is approximately CNY 185.1 billion, and the amount for projects that have been bid but not yet signed is about CNY 26 billion [2] - The gross profit margins for construction projects in the first half of the year are as follows: residential construction at 6.84%, hydropower at 7.30%, municipal engineering at 6.47%, and an overall construction gross profit margin of 7.27% [2] Group 2: Market Opportunities - The company aims to leverage its superior qualifications in four categories and five types of engineering construction to capture opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on infrastructure projects in transportation, water conservancy, and municipal sectors [3] - The company has not yet engaged in overseas clean energy investment projects [3] Group 3: Financial Performance - The net cash flow from operating activities for the first three quarters has significantly decreased, primarily due to local government debt resolution policies and the annual budget arrangement for fiscal funds, with a concentration of payments expected by the end of 2024 [3] Group 4: Clean Energy Projects - As of September 30, the total installed capacity of clean energy projects that have been put into operation is 4.8614 million kilowatts, including hydropower (380,500 kW), wind power (772,400 kW), photovoltaic power (3,608,500 kW), and energy storage (100,000 kW) [3] - The main regions for the company's clean energy projects include Xinjiang, Gansu, Guangdong, Hunan, and Shandong [3] Group 5: Equipment Manufacturing - The company's equipment manufacturing includes clean energy equipment such as wind turbine towers, photovoltaic brackets, and construction machinery, with an annual design capacity of approximately 300,000 tons [3] Group 6: Accounts Receivable Management - The company emphasizes accounts receivable management by actively pursuing collections on construction projects, ensuring timely cash flow recovery [3]

Economic Performance - The economic indicators for October show a stable and improving trend, with a solid long-term positive outlook for the economy [1][9] - The consumption market is maintaining a stable upward momentum, characterized by the expansion of lower-tier markets and the leading role of cultural and tourism experiences [3][9] Consumption Trends - In October, the offline consumption heat index increased by 17.3% year-on-year, with significant growth in lower-tier cities, which saw a 31.2% increase [3][9] - The "Double Festival" period (National Day and Mid-Autumn Festival) led to a notable increase in domestic travel, with 8.88 billion trips and total spending of 809 billion yuan, reflecting substantial growth compared to the previous year [3][9] - The consumption market is evolving into a dual-driven model of expanding lower-tier markets and leading cultural tourism consumption, injecting new momentum into economic recovery [3][9] Infrastructure Development - In October, the construction start rate and workload increased month-on-month, with the central region showing the highest growth [5][7] - The average construction machinery operating rate rose by 1.4% month-on-month, and the workload increased by 5.25%, indicating resilience in infrastructure investment despite seasonal and holiday disruptions [7] - The operating rate for lifting equipment reached 70.74%, indicating a concentration of ongoing infrastructure projects, particularly in the central region [7] Industrial Production - Industrial production activity continued to strengthen in October, with a year-on-year increase of 0.5 percentage points in the operating rate of major industrial products and a 19.8% increase in the industrial park production heat index [9][11] - The employment demand in industrial enterprises remains strong, with the wage index rising by 8.1% year-on-year, and the vitality of startups and innovative enterprises showing significant growth [11] - The foreign trade activity index in bonded areas increased by 17.7% year-on-year, indicating a recovery in external trade dynamics, supported by improving Sino-US trade relations [11]

Core Viewpoint - The company, Jingcheng Shares (600860.SH), primarily engages in equipment manufacturing, focusing on gas storage and transportation equipment as well as intelligent manufacturing. The company has not invested in Xiaomi Robotics or Tiangong Robotics [1]. Company Overview - The main business of the company is equipment manufacturing [1]. - Key products include gas storage and transportation equipment and intelligent manufacturing solutions [1]. Investment Activity - The company has confirmed that it has not made investments in Xiaomi Robotics or Tiangong Robotics [1].