Core Viewpoint - Momentum stocks that have led the rise in the U.S. stock market this year are experiencing a significant sell-off, indicating a shift in market dynamics and investor sentiment towards quality stocks [1][3]. Group 1: Market Dynamics - The market is undergoing a notable rotation, with significant outflows from momentum stock portfolios based on performance over the past 3, 6, and 12 months [3]. - The sell-off is particularly pronounced in speculative sectors, including heavily shorted stocks, quantum computing concepts, and unprofitable tech companies [1][3]. - Historical data suggests that the momentum factor typically underperforms from November to January, indicating that the current downtrend may not be over [5][7]. Group 2: Performance Data - High Beta 12M Winners have a year-to-date return of 60%, while Global Rare Earths have surged by 258% [4]. - Non-profitable tech stocks have seen an 83% increase, but the overall trend indicates a shift towards quality stocks as speculative assets lead the market decline [4][11]. Group 3: Investor Behavior - Investors are moving from chasing high growth to seeking certainty in fundamentals, reflecting a clear change in risk appetite amid rising market uncertainties [4][11]. - Hedge funds maintain a high exposure to momentum stocks, positioned at the 90th and 94th percentiles over the past year and five years, respectively, which could trigger a cascading sell-off if positions are unwound [7][11]. Group 4: Sector Exposure - Current momentum stocks are heavily concentrated in information technology and industrial sectors, while being short on healthcare and consumer sectors, making them vulnerable to market shifts [11][12]. - The correlation between momentum stocks and gold has increased, suggesting that macroeconomic factors influencing both asset classes may be changing [12][14]. Group 5: Market Breadth - The performance of the S&P 500 has outpaced the "X7 index" (excluding seven major tech giants) in 13 out of the last 15 years, with a 6% annualized performance difference since January 2020 [14].

Market Performance - Developed markets experienced a general rebound, with MSCI Global up by 1.0%, MSCI Developed up by 1.2%, and MSCI Emerging down by 0.4% [6][10] - In the developed markets, the South Korean Composite Index showed the strongest performance with a gain of 3.8%, while the German DAX had the weakest performance with a decline of 1.7% [6][10] - In the emerging markets, the Mexican MXX index performed best with a rise of 1.9%, while the ChiNext Index was the worst performer, down by 5.7% [6][10] Trading Sentiment - The VIX index remained at a high level, indicating elevated market volatility [23] - Trading volumes varied across global markets, with the Shanghai Composite Index and Hang Seng Index seeing increases, while the S&P 500 and Nikkei 225 experienced declines [23][25] - Investor sentiment in Hong Kong was at a historical low, while North American sentiment was at a historical high [23] Earnings Expectations - Earnings expectations for the technology and financial sectors in Europe and the U.S. were revised upward [68] - The 2025 EPS forecast for the Hang Seng Index was downgraded from 2060 to 2055, while the S&P 500's EPS forecast was upgraded from 268 to 269 [68][71] - The Eurozone STOXX50 index maintained its 2025 EPS forecast at 332, with the technology sector seeing the largest upward revision [68][71] Economic Expectations - Economic expectations in Central Europe improved, with the European economic surprise index rising [6] - The U.S. economic surprise index declined due to ongoing government shutdowns and regional banking issues, while the Chinese economic surprise index also fell [6] Fund Flows - The market is pricing in two potential rate cuts by the Federal Reserve by the end of the year, with expectations rising from the previous week [54][59] - Recent fund flows indicated significant inflows into the Hong Kong stock market, totaling 78 billion HKD, with notable contributions from the Stock Connect program [65][67] Valuation Metrics - Developed markets' PE and PB ratios were reported at 24x and 3.9x, respectively, indicating high valuation levels compared to historical norms [32] - Emerging markets showed a decline in valuation metrics, with PE and PB ratios at 16.6x and 2.1x, respectively [36] - Sector valuations in the Hong Kong market showed healthcare and technology sectors with the highest PE ratios, while energy and financial sectors had the lowest [45]

Core Viewpoint - The national economy of China has shown overall stability in the first three quarters, with a solid advancement in high-quality development under the strong leadership of the central government [1] Economic Performance - In the first three quarters, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [2] - The primary industry added value was 580.61 billion yuan, growing by 3.8%, contributing 4.7% to economic growth [2] - The secondary industry added value was 3,640.20 billion yuan, with a growth of 4.9%, contributing 34.6% to economic growth [2] - The tertiary industry added value was 5,929.55 billion yuan, growing by 5.4%, contributing 60.7% to economic growth [2] - In the third quarter, GDP was 354.50 billion yuan, with a year-on-year growth of 4.8% [3] Production and Supply - All sectors showed stable growth, with agriculture increasing by 4.0%, contributing 0.3 percentage points to economic growth [3] - Industrial production grew by 6.1%, contributing 1.8 percentage points to economic growth [3] - The service sector showed steady improvement, with significant contributions from information transmission, software, and IT services, which grew by 11.2% [3] Domestic Demand and Trade - Final consumption expenditure contributed 53.5% to economic growth, adding 2.8 percentage points to GDP [4] - Capital formation contributed 17.5% to economic growth, adding 0.9 percentage points to GDP [5] - Net exports contributed 29.0% to economic growth, adding 1.5 percentage points to GDP [5] Market Dynamics and New Growth Drivers - The digital economy has shown significant support, with revenue from the information transmission, software, and IT services sector growing by 12.1% from January to August [6] - The manufacturing sector is undergoing rapid transformation, with equipment manufacturing and high-tech manufacturing growing by 9.7% and 9.6% respectively [6] - Investment in high-tech services grew by 6.1%, surpassing the overall fixed asset investment growth rate [6]

Economic Growth - China's GDP grew by 5.2% year-on-year in the first three quarters of this year, with industrial production increasing by 6.2% [1][3] - Manufacturing investment saw a rapid growth of 4.0% year-on-year [1] Consumer Market - The total retail sales of consumer goods reached 365,877 billion yuan, with a year-on-year growth of 4.5%, accelerating by 1.2 percentage points compared to the same period last year [4] - Urban and rural markets are expanding, with urban retail sales growing by 4.4% and rural retail sales by 4.6%, the latter outpacing urban growth by 0.2 percentage points [4] Income and Consumption - Rural residents' per capita disposable income increased by 6%, surpassing urban growth of 1.5% and the national average [7] - Online retail sales grew by 9.8% year-on-year, with green consumption and high-efficiency appliances also seeing significant growth [7] Service Sector - The service sector achieved a year-on-year growth of 5.4%, contributing 60.7% to the national economic growth [10] - Key areas such as information transmission, software, and IT services saw increases of 11.2% and 9.2% respectively [10] Innovation and New Consumption Models - The integration of "AI + consumption" is accelerating, with new technologies enhancing consumer experiences and meeting demands for quality and diversity [9][13] - The "service +" model is expanding, linking various service sectors like dining, accommodation, and travel, driving service consumption growth [16]

Core Points - The preliminary GDP results for the third quarter of 2025 indicate a GDP of 354,500 billion with a year-on-year growth of 4.8% and a growth of 5.2% for the first three quarters [8][5][4] - The primary industry grew by 4.0%, the secondary industry by 4.2%, and the tertiary industry by 5.4% in the third quarter [8][5] - The manufacturing sector showed a robust growth of 6.3%, while the construction industry faced a decline of 2.3% [8][5] GDP Growth Rates - Year-on-year growth rates for GDP from 2020 to 2025 show fluctuations, with 2025 projected to have a growth of 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3 [5][4] - The quarterly growth rates indicate a consistent recovery post-pandemic, with 2023 showing a growth of 4.7% in Q1 and 6.5% in Q2 [5][4] Industry Performance - The agricultural sector (including forestry, animal husbandry, and fishery) reported a growth of 4.1% in Q3 2025 [8] - The industrial sector, particularly manufacturing, continues to be a strong contributor to GDP, with a growth rate of 6.3% [8] - The financial sector also showed positive growth at 5.2%, while the real estate sector faced challenges with a slight decline of 0.2% [8] Data Sources and Methodology - The GDP data is calculated using the production method, which reflects the value added by various industries [12][11] - The classification of industries follows the national standards set by the National Bureau of Statistics, ensuring consistency in reporting [22][23] - The GDP figures are subject to revisions as more comprehensive data becomes available, ensuring accuracy in reflecting economic conditions [33][34]

国家统计局新闻发言人表示，三季度GDP增速回落是多种因素共同作用的结果。尽管经济增速有所回 落，但经济稳中有进发展态势没有变。实现全年预期目标（5%左右）有基础有支撑，但也需要付出艰 苦努力。 二是生产继续强于需求。9月工业增加值同比增长6.5%，与9月中国出口增速8.3%相呼应，其中高技术 制造业同比增长10.3%。9月服务业生产指数同比增长5.6%，其中信息传输、软件和信息技术服务业同 比增长12.8%，体现出产业转型升级对经济的支撑力度。 供需分化的"温差"也在价格中有所体现。三季度GDP平减指数为-1.1%，相比二季度的-1.3%略有收窄， 还需要通过改革发力、政策给力来着力缩小"温差"。尽管四季度受高基数影响，经济增速或许会面临一 定挑战，但通过政策发力，相信全年能够顺利实现5%的增长目标。 一方面，消费和出口的韧性仍强。四季度社零增速或在高基数等因素的影响下，有所放缓。但值得关注 的是，目前政策正在加大对服务消费的支持力度，且服务消费的韧性更强，预计最终消费对GDP的支撑 或有望维持一定韧性。今年9月，商务部等9部门印发《关于扩大服务消费的若干政策措施》，提出培育 服务消费促进平台、丰富高品质服务 ...

Core Insights - Azerbaijan's GDP for the first nine months of 2025 reached 95.23 billion manats (56.02 billion USD), reflecting a year-on-year growth of 1.3% [1] - The oil and gas sector experienced a decline of 1.9%, while the non-oil sector grew by 2.9% [1] - Per capita GDP for the same period was 9,300.3 manats (5,470.8 USD) [1] Sector Contributions - Industry accounted for 34.2% of GDP [1] - Trade and automotive repair contributed 10.5% [1] - Transportation and storage made up 7% [1] - Agriculture, forestry, and fishing represented 6.8% [1] - Construction sector contributed 6.6% [1] - Tourism, accommodation, and catering accounted for 2.8% [1] - Information and communication sector comprised 1.8% [1] - Other industries collectively made up 20.7% [1]

一、背景情况 山东省民营经济持续发挥"主力军"作用，成为推动经济增长、促进创新、吸纳就业的重要力量，2024年 全省民营经济增加值占GDP比重达51.7%，新登记经营主体占98.9%。 省统计局立足职能定位，聚焦数据赋能、精准施策，将统计监测、分析研判与服务决策相结合，创新构 建"统计+服务"工作机制，全面助力民营经济高质量发展。 二、主要做法 (一)着力加强民营经济统计工作 一方面，根据民营经济统计监测数据、企业问卷调查及实地调研情况，加强民营经济运行监测，对民营 重点行业、企业打开分析，切实反映民营经济阶段性发展成果，及时发现和解决制约民营经济发展的实 际问题。今年以来，共报送民营经济有关信息、民营经济专题分析40余篇，其中《一季度全省民营经济 运行情况的分析》《关于上半年全省民营经济运行情况的分析》《关于前三季度全省民营经济运行情况 的分析》《关于2024年全省民营经济运行情况的分析》等获省领导同志批示。另一方面，强化部门合 作，联合省工商联开展民营经济发展情况调研，撰写的《关于山东省民营经济转型发展的调研报告》获 得省领导批示。 (三)高效做好民营经济数据提供工作 围绕民营经济发展态势和运行情况，提供 ...

Core Points - China's GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%, indicating resilience and vitality in the economy [1][2][5] Economic Growth - The GDP growth of 5.2% positions China among the top major economies globally, highlighting its role as a significant growth source for the world economy [5] - The first industry added value was 58.06 billion yuan, growing by 3.8%; the second industry added value was 364.02 billion yuan, growing by 4.9%; and the third industry added value was 592.95 billion yuan, growing by 5.4% [2] Structural Adjustment - The economy is experiencing a steady growth while accelerating structural adjustments, with emerging industries rapidly developing and traditional industries undergoing transformation [7][9] - The rapid growth of emerging industries and the transformation of traditional industries are crucial for supporting high-quality economic development [9] Industrial Production - The industrial production saw a significant increase, with the added value of large-scale industries growing by 6.2% year-on-year, particularly in equipment manufacturing and high-tech manufacturing [11] - The service sector's added value grew by 5.4%, indicating stable growth, while retail sales reached 365.877 billion yuan, with a year-on-year increase of 4.5% [11] Quality and Quantity of Economic Development - The data from the first three quarters reflect an effective improvement in the quality of economic development and reasonable growth in quantity, with measures to boost domestic demand and stabilize foreign trade [13]

Core Insights - The European Central Bank (ECB) indicates that tariff measures may continue to "weigh on business and consumer confidence" [1] - Irish workers are the most affected group within the EU by U.S. tariffs, with heightened concerns about potential unemployment risks [1] Group 1: Tariff Impact on Employment - In July, the U.S. agreed to impose a 15% tariff on all EU goods, finalized in August, significantly impacting Irish exports, particularly pharmaceuticals [1] - The ECB's analysis shows that since the announcement of the tariffs, the majority of EU workers have not increased their concerns about unemployment, with 85% reporting unchanged or reduced unemployment expectations [1] - Only 15% of workers expressed increased concerns about job loss, suggesting that most employers are not directly affected by declining U.S. consumer demand [1] Group 2: Sector-Specific Vulnerabilities - Workers in industries such as manufacturing, construction, and trade are more susceptible to the negative impacts of tariffs due to their reliance on exports to the U.S. [2] - Financial services and information and communication technology sectors also show heightened unemployment concerns among employees due to U.S. tariffs [2] - Ireland and the Netherlands have a higher proportion of jobs dependent on U.S. exports, with Ireland at 6.7%, more than double that of the Netherlands at 3.2% [1][2]