Economic Growth - Shenzhen's GDP for the first three quarters of 2025 reached 27,896.44 billion yuan, with a year-on-year growth of 5.5% at constant prices [1] - The primary industry added value was 17.45 billion yuan, showing no growth; the secondary industry increased by 9,946.06 billion yuan, growing by 3.5%; the tertiary industry added 17,932.93 billion yuan, with a growth of 6.6% [1] Industrial Performance - The industrial added value in Shenzhen increased by 5.0% year-on-year, with a growth acceleration of 0.7 percentage points compared to the first half of the year [1] - Key sectors such as general equipment manufacturing grew by 16.6%, instrument manufacturing by 7.5%, and computer, communication, and other electronic equipment manufacturing by 6.0% [1] - High-tech product output saw rapid growth, with civil drones, industrial robots, and 3D printing equipment increasing by 46.9%, 38.2%, and 33.6% respectively [1] Service Sector - The added value of the service industry in Shenzhen was 17,932.93 billion yuan, with a year-on-year growth of 6.6%, accelerating by 0.5 percentage points from the first half of the year [1] - Financial services, information transmission, software and IT services, and leasing and business services grew by 14.5%, 9.7%, and 5.6% respectively [1] Consumer Market - The total retail sales of consumer goods in Shenzhen reached 7,560.81 billion yuan, with a year-on-year growth of 3.6%, slightly up by 0.1 percentage points from the first half of the year [2] - Retail sales of essential goods showed strong growth, with food and daily necessities increasing by 8.4% and 7.5% respectively [2] - The policy for replacing old consumer goods continued to show effects, with retail sales of home appliances and audio-visual equipment increasing by 41.5% [2] Foreign Trade - Shenzhen's total import and export volume for the first three quarters was 33,643.29 billion yuan, with a slight year-on-year increase of 0.1% [2] - Exports amounted to 20,382.04 billion yuan, down by 4.7%, while imports reached 13,261.25 billion yuan, growing by 8.4% [2] - High-tech product exports increased by 9.7% [2] Investment Trends - Fixed asset investment in Shenzhen decreased by 17.4% year-on-year [3] - Real estate development investment fell by 24.8%, while infrastructure investment grew by 6.8% and industrial technological transformation investment surged by 42.7% [3] Financial Sector - As of the end of September, the balance of deposits in Shenzhen's financial institutions (including foreign capital) was 143,649.54 billion yuan, with a year-on-year growth of 5.6% [3] - The balance of loans in financial institutions (including foreign capital) was 99,404.44 billion yuan, growing by 5.0% year-on-year [3]

Core Insights - Guangzhou's GDP for the first three quarters of 2025 reached 23,265.65 billion yuan, showing a year-on-year growth of 4.1% at constant prices [1] - The economic recovery in Guangzhou is accelerating, with GDP growth improving from 3.8% in the first half of the year to 4.1% in the first three quarters [2] Economic Performance - The primary industry added value was 197.94 billion yuan, growing by 4.2% - The secondary industry added value was 5,564.37 billion yuan, with a growth of 2.7% - The tertiary industry added value was 17,503.34 billion yuan, increasing by 4.6% [1] - The industrial added value for large-scale enterprises grew by 1.4%, an increase of 0.7 percentage points compared to the first half of the year [2] Investment Trends - Fixed asset investment in Guangzhou grew by 1.3%, up by 0.5 percentage points from the first half of the year - Industrial investment surged by 9.6%, while infrastructure investment rose by 2.2% - Real estate development investment increased by 2.4%, driven by urban renewal projects - Investment in the automotive manufacturing sector grew by 15.8%, with a notable 38.6% increase in automotive parts manufacturing investment [2] Contribution to GDP - The tertiary sector contributed over 80% to the city's GDP growth - The financial sector, buoyed by an active securities market, achieved a 6.1% increase in added value, contributing significantly to the overall GDP growth [2] Transportation and Logistics - The total passenger volume for the first three quarters reached 254 million, with a year-on-year growth of 6.5% - Air and rail transport saw passenger volume increases of 2.4% and 0.9%, respectively - Cargo transport also showed stability, with a total cargo volume of 700 million tons, growing by 2.4% [3] Economic Outlook - The overall economic performance in Guangzhou is characterized by steady progress and quality improvement - However, challenges remain, including external uncertainties and structural issues in supply and demand - Future strategies will focus on stabilizing existing economic activities, expanding new investments, and enhancing quality to foster high-quality development [3]

中经记者 樊红敏 北京报道 "在'双碳'目标等国家战略的顶层设计下，中国的绿色金融与转型金融体系建设展现出惊人的效率。" 联合国全球契约组织驻华代表刘萌在近期举行的ESG中国•创新年会（2025）召开期间接受《中国经营 报》记者采访时表示。 刘萌认为，国际合作正以前所未有的力度加速转型金融的落地，中国金融业在践行ESG理念方面展现出 非常鲜明且符合国情的特点。中国监管部门积极构建了系统的政策框架和标准指引，超过20个省市因地 制宜出台了地方标准。这种"自上而下"的强力引导与"自下而上"的落地探索相结合，形成了全球瞩目的 强大合力。 金融是ESG理念走向主流的"加速器" 《中国经营报》：金融是此次ESG中国·创新年会(2025)聚焦的主要内容之一。你怎么看金融业对推动 ESG转型的作用？ 刘萌：谈及金融业在ESG转型中的作用，首先要回到ESG的源头——ESG理念由联合国全球契约组织在 2004年牵头发布的报告《在乎者赢》中首次正式提出。大家通常会忽略这份报告的副标题，但它清晰地 指明了ESG的起点——《金融业如何将ESG议题更好地纳入分析、资产管理和证券交易》。 因此，从诞生之初，ESG的基因里就刻着金融的烙印 ...

Economic Overview - Heilongjiang Province's GDP for the first three quarters reached 11,489.0 billion yuan, with a year-on-year growth of 4.8% [1] - The primary industry added value was 1,186.0 billion yuan, growing by 4.3%; the secondary industry added value was 3,014.2 billion yuan, increasing by 3.8%; the tertiary industry added value was 7,288.8 billion yuan, rising by 5.2% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery in Heilongjiang Province was 2,275.3 billion yuan, with a year-on-year increase of 4.4% [3] - Vegetable and edible fungus production reached 7.549 million tons, growing by 5.1%; fruit production was 1.704 million tons, increasing by 4.6% [3] - Livestock production saw 18.397 million pigs and 228.091 million live poultry, with growth rates of 4.9% and 7.1%, respectively [3] - Aquaculture produced 710,000 tons of aquatic products, marking a 10.7% increase [3] Industrial Sector - The added value of large-scale industrial enterprises grew by 4.8%, an increase of 7.5 percentage points compared to the previous year [4] - Mining industry added value increased by 5.5%, manufacturing by 4.4%, and electricity, heat, gas, and water production and supply by 3.3% [4] - Key industries such as equipment manufacturing saw a 15.8% increase in added value, with electrical machinery and equipment manufacturing growing by 43.0% [4] Service Sector - The added value of the service industry grew by 5.2%, an increase of 1.1 percentage points year-on-year [5] - The tourism sector welcomed 206.711 million visitors, a growth of 11.2%, with tourism spending reaching 276.99 billion yuan, up by 19.5% [5] - The revenue from cultural, sports, and entertainment industries increased by 6.2%, with sports and entertainment sectors growing by 12.9% and 10.2%, respectively [5] Consumer Market - The total retail sales of consumer goods reached 4,024.6 billion yuan, with a year-on-year growth of 4.5% [6] - Retail sales of communication equipment and home appliances grew significantly by 60.8% and 56.8%, respectively [6] - Online retail sales increased by 16.0%, with physical goods online retail growing by 11.3% [6] Investment Trends - Fixed asset investment decreased by 7.6%, with first industry investment down by 24.0% and third industry investment down by 9.7% [7] - Industrial investment grew by 0.7%, with manufacturing investment increasing by 14.7% [7] - Private investment rose by 12.5%, accounting for 30.6% of total investment, an increase of 5.0 percentage points [7] Income and Price Trends - Per capita disposable income reached 22,810 yuan, growing by 5.0% [7] - The Consumer Price Index (CPI) fell by 0.3% in September, with six categories of goods and services increasing in price [8]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Industrial enterprise profits are recovering at an accelerated pace, with the cumulative year - on - year growth of profits of industrial enterprises above designated size significantly increasing. The profit growth rate in September continued to be high, indicating an accelerated recovery of corporate profitability [4]. - Structurally, the year - on - year total profits of the three major sectors have all increased compared to the previous period, and the equipment manufacturing industry has provided strong support. Profits of enterprises of different types and scales have improved [5][6]. - In the bond market, it showed an independent trend on the day of the report. The central bank will resume open - market treasury bond trading. In the context of economic expectation correction, bond yields are expected to rise trend - wise [7][8]. 3. Section Summaries Industrial Enterprise Profit Situation - **Overall Profit Growth**: From January to September, the profits of industrial enterprises above designated size increased by 3.2% year - on - year, 2.3 percentage points higher than that from January to August, reaching the highest cumulative growth rate since August 2024. In September, the profits increased by 21.6% year - on - year, 1.2 percentage points higher than in August [4]. - **Factor Analysis**: From January to September, the added value of industrial enterprises above designated size increased by 6.2% year - on - year, remaining the same as from January to August; the PPI of all industrial products decreased by 2.8% year - on - year, with the decline narrowing by 0.1 percentage points; the operating income profit margin decreased by 0.19 percentage points year - on - year, with the decline recovering by 1.68 percentage points. Stable volume, slightly rising prices, and recovering profit margins led to a significant increase in the cumulative profits of industrial enterprises above designated size [5]. Structural Analysis - **By Sector**: From January to September, the total profits of the mining industry decreased by 29.3% year - on - year (previously - 30.6%), the manufacturing industry increased by 9.9% (previously + 7.4%), and the public utilities increased by 10.3% (previously + 9.4%). The profit decline of the mining industry narrowed by 1.3 percentage points, the manufacturing industry increased by 2.5 percentage points, and the public utilities increased by 0.9 percentage points. The profits of the equipment manufacturing industry above designated size increased by 9.4%, 6.2 percentage points higher than the average level of all industrial enterprises above designated size, driving the profit growth of all industrial enterprises above designated size by 3.4 percentage points [5]. - **By Enterprise Nature**: From January to September, the profits of state - owned enterprises decreased by 0.3% year - on - year (previously - 1.7%), joint - stock enterprises increased by 2.8% (previously + 1.1%), foreign - invested and Hong Kong, Macao, and Taiwan - invested enterprises increased by 4.9% (previously + 0.9%), and private enterprises increased by 5.1% (previously + 3.3%). The profit growth of private enterprises was 1.9 percentage points higher than the average level of all industrial enterprises above designated size, and 1.8 percentage points faster than from January to August. The profits of large, medium, and small enterprises all improved [6]. - **By Industrial Chain Position**: From January to September, the cumulative profit of upstream raw material mining accounted for 11.9% of the profits of industrial enterprises above designated size (previously 12.1%), the middle - stream material manufacturing accounted for 15.8% (previously 15.6%), the downstream equipment manufacturing accounted for 38.1% (previously 37.5%), the downstream consumer goods manufacturing accounted for 21.1% (previously 21.3%), other manufacturing accounted for 0.6% (unchanged), and public utilities accounted for 12.5% (previously 12.9%) [6]. Inventory and Asset - Liability Ratio - At the end of September, the nominal and real inventory year - on - year were 2.6% (previously + 2.1%) and 4.9% (previously + 5.0%) respectively, with changes of + 0.5 percentage points and - 0.1 percentage points compared to the previous period. The real inventory decreased year - on - year. The overall asset - liability ratio of industrial enterprises at the end of September was 58.0%, the same as the previous period [7]. Bond Market Situation - **Market Performance**: In the morning session, bond yields rose, possibly pricing in the positive outcome of China - US negotiations. Although the equity market performed well during the day, it did not suppress the bond market. The bond market showed an independent trend, and the yields of interest - rate bonds generally declined. After the central bank's statement on resuming open - market treasury bond trading, long - term yields dropped rapidly. The yield of the 10 - year treasury bond active bond dropped by about 3bp, and the yields of the 10 - year CDB active bond and the 30 - year treasury bond active bond dropped by about 4bp [7]. - **Market Outlook**: In the context of economic expectation correction, bond yields are expected to rise trend - wise. The report maintains its view on stock - bond allocation [8].

Core Viewpoint - Beijing's economy has shown unexpected resilience and vitality in 2023, with a GDP growth of 5.6% in the first three quarters, marking the second-highest point since 2022 [1] Economic Performance - In the first three quarters, Beijing's GDP reached 3.8 trillion yuan, growing 5.6% year-on-year, which is 0.4 percentage points higher than the national average [4] - Fixed asset investment in Beijing increased by 9% year-on-year, achieving 80.4% of the annual target, with a significant investment structure optimization [4] - The three major industries—manufacturing, information transmission, software and IT services, and finance—contributed over 80% to the GDP growth, solidifying their role as the economic "ballast" [4][5] Sectoral Insights - The information transmission, software, and IT services sector was the strongest growth driver, contributing 2.5 percentage points to GDP growth, with profits in this sector rising by 21.3% year-on-year [5] - Strategic emerging industries in the industrial sector grew by 17.9%, contributing 116.5% to industrial growth, while high-tech service industries saw a growth of 13.2% [7] - New quality productivity is accelerating industry upgrades, with equipment investment surging by 83.1% and digital product manufacturing value-added increasing by 22.4% [8] Consumer Trends - Consumer upgrades are evident, with significant growth in inbound tourism and spending, increasing by 42.9% and 48.3% respectively in the first three quarters [9] - The rise of intelligent consumption and personalized trends is notable, with experience-based consumption becoming a key direction for upgrades [10][11] Future Actions - Six major special actions will be implemented in the fourth quarter to ensure economic stability, including actions to activate consumption potential and enhance industrial momentum [12] - The government plans to launch 160 key projects and promote urban renewal, with a total investment of no less than 200 billion yuan for the year [13]

Economic Overview - Guangdong's GDP for the first three quarters reached 10,517.698 billion yuan, with a year-on-year growth of 4.1% at constant prices [1] - The primary industry added value was 383.85 billion yuan, growing by 4.5%, while the secondary industry grew by 2.7% to 3,927.075 billion yuan, and the tertiary industry increased by 4.9% to 6,206.773 billion yuan [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery increased by 4.9%, with early rice production up by 1.0% [2] - Vegetable and edible fungus production rose by 3.1%, while garden fruit and tea production both increased by 6.3% [2] - Livestock production accelerated, with pig slaughter and pork production increasing by 4.6% and 4.7%, respectively [2] Industrial Sector - The added value of industrial enterprises above designated size grew by 3.5%, an increase of 1.3 percentage points compared to January-August [3] - Key industries showed stability, with the computer, communication, and other electronic equipment manufacturing sector growing by 7.5% [3] - New energy products saw significant growth, with industrial robots and service robots increasing by 33.7% and 15.2%, respectively [3] Service Sector - The added value of the service industry increased by 4.9%, accelerating by 0.3 percentage points compared to the first half of the year [4] - The financial sector grew by 9.8%, while transportation, storage, and postal services increased by 4.3% [4] - The information transmission, software, and IT services sector saw revenue growth of 9.5% [4] Investment Trends - Fixed asset investment in Guangdong decreased by 14.1% year-on-year [5] - Infrastructure investments in rail transport, water transport, and air transport grew by 1.8%, 31.8%, and 28.9%, respectively [5] - Investment in research and experimental development increased by 12.7%, with internet and related services growing by 81.2% [5] Consumer Market - The total retail sales of consumer goods increased by 2.8%, with urban retail sales growing by 3.0% and rural retail sales by 0.9% [6] - Retail sales of basic living goods and some upgraded consumption goods showed stable growth, with food and daily necessities increasing by 10.8% and 7.6%, respectively [6] - Online retail through public networks grew by 16.2%, significantly outpacing overall retail growth [7]

Core Viewpoint - The Yangtze River Delta region demonstrates strong economic resilience and growth potential, contributing significantly to China's overall economic stability and high-quality development [1] Economic Performance - GDP totals for the Yangtze River Delta show Guangdong (10,517.7 billion), Jiangsu (10,281.1 billion) surpassing the 10 trillion mark, while Zhejiang (684.95 billion), Shanghai (407.21 billion), and Anhui (397.70 billion) also report substantial figures [2] - Economic growth rates in the region outpace the national average of 5.2%, with Zhejiang leading at 5.7%, followed by Shanghai at 5.5%, and both Jiangsu and Anhui at 5.4% [2] - Shanghai's service sector remains a key economic driver, with a growth rate of 5.9% in the tertiary industry, particularly in information technology services (15.5% growth) and finance (9.8% growth) [2] Domestic Demand and Consumption - The domestic market in the Yangtze River Delta shows a stable recovery with an emphasis on quality consumption, particularly in Zhejiang where smart consumption and green products are on the rise [3][4] - Retail sales of wearable smart devices and smartphones in Zhejiang increased by 105.6% and 62.6% respectively, while green appliances and new energy vehicles saw growth rates of 58.4% and 14.9% [3] - In Jiangsu, retail sales of home appliances and communication equipment grew by 16.9% and 17.4%, with green and smart appliances also seeing significant increases [3] New Quality Productivity - The Yangtze River Delta has made notable progress in cultivating new quality productivity, which is crucial for regional economic growth and industrial structure optimization [5] - Jiangsu's equipment manufacturing sector saw a 9.4% increase in value added, contributing 73.7% to the overall industrial growth, with significant growth in electronics and transportation equipment [5][6] - Zhejiang's digital economy and high-tech service sectors reported revenue growth of 13.3% and 12.9% respectively, with internet data services growing by 33.4% [6][7] Future Development Strategies - The Yangtze River Delta is focusing on project construction, investment, and industrial development to meet annual goals and the "14th Five-Year Plan" objectives [8][9] - Shanghai aims to enhance economic recovery through major projects and open cooperation, while Zhejiang emphasizes investment stability and market expansion [8][9] - Jiangsu's cities are prioritizing technology innovation and project execution, while Anhui is focusing on investment and project construction with a total investment of 332.38 billion for 587 major projects [9]

Core Insights - Guangdong's economic performance in the first three quarters of the year reflects effective macro policies and showcases impressive achievements across various dimensions, including industrial structure, development momentum, and livelihood security [2][3]. Economic Performance - The agricultural sector shows stability with a total output value growth of 4.9%, which is 0.2 percentage points higher than the first half of the year, providing a solid foundation for the economy [3]. - The industrial sector also demonstrates significant growth, with the added value of large-scale industries increasing by 3.5% year-on-year, an improvement of 1.3 percentage points compared to January-August. The manufacturing sector specifically grew by 3.9% [3][5]. - Advanced manufacturing and high-tech manufacturing are key drivers of growth, with added values increasing by 5.4% and 6.4%, respectively, significantly above the average level [5]. Sectoral Highlights - Specific industries such as electronic and communication equipment manufacturing, computer and office equipment manufacturing, and advanced equipment manufacturing saw added values grow by 7.0%, 11.0%, and 7.8%, respectively [6]. - High-tech and high-value-added products experienced explosive growth, with industrial robots, service robots, civilian drones, and 3D printing equipment seeing production increases of 33.7%, 15.2%, 44.8%, and 40.3%, respectively. Additionally, production of new energy vehicles, lithium-ion batteries for energy storage, wind turbine generators, and solar cells grew by 24.6%, 37.6%, 55.8%, and 75.3% [6][7]. Service Sector Growth - The service sector continued to accelerate, with added value increasing by 4.9% year-on-year, a 0.3 percentage point increase from the first half of the year [8]. - The financial sector grew by 9.8%, while the information transmission, software, and information technology services sector saw revenue growth of 9.5%, injecting substantial financial and digital vitality into the real economy [9]. Domestic Demand and Investment - Despite pressure on investments, Guangdong's domestic demand market showed resilience and potential for upgrades, becoming a crucial driver of economic growth [10]. - Retail sales of consumer goods increased by 2.8% year-on-year, with significant growth in upgraded consumer goods such as gold and jewelry (9.2% increase) and home appliances (31.0% increase) [11]. - Investment structure is continuously optimizing, with positive growth in equipment and tool purchases, and significant increases in research and development, internet services, and software investments of 12.7%, 81.2%, and 23.5%, respectively [12][13]. Income and Living Standards - The per capita disposable income in Guangdong reached 42,842 yuan, a nominal increase of 4.4% year-on-year, with rural residents seeing a growth of 5.5%, indicating a narrowing income gap between urban and rural areas [13]. Future Economic Strategy - The Guangdong Provincial Committee is focusing on strategies to achieve economic goals for the fourth quarter, emphasizing proactive measures to consolidate and expand the economic recovery [14][15]. - Plans include enhancing industrial project management, promoting consumption through policies, and facilitating trade logistics to support businesses in expanding domestic and international markets [15][16].

Core Insights - Data is recognized as the fifth production factor, with its value extraction process being more complex than traditional production factors due to its non-competitive, replicable, and infinite growth characteristics [1] - The development of a market for data elements is increasingly reliant on a clear policy framework and implementation pathways, with local data trading institutions and data merchants becoming central to this evolution [1][2] - The domestic data element market is expected to grow at a compound annual growth rate (CAGR) of approximately 20.26%, surpassing 300 billion yuan by 2028 [6] Current Status of the Data Element Industry - The data element market system is gradually improving, driven by policy guidance and industrial construction, focusing on data, technology, and infrastructure [2] - The digital economy's core industries are becoming significant drivers of the overall economic system, with the digital economy scale growing from 27.2 trillion yuan in 2017 to 53.9 trillion yuan in 2023, doubling in six years [6] Policy Analysis - The improvement of the policy framework for the data industry value chain and the establishment of local data systems are crucial for the circulation of data element value [4] - The introduction of the "Data Twenty Articles" policy has initiated the gradual improvement of the data element rights system, which is essential for efficient data value circulation [11] Market Size Estimation - The domestic data element industry is projected to reach approximately 200 billion yuan by 2025 and exceed 300 billion yuan by 2028, with data processing and analysis being the largest segment [6] Data Value Chain Circulation - The establishment of a data value circulation system is supported by advanced technology capabilities and regulatory compliance [8] - The data asset registration process is critical for ensuring the rights and interests of data participants, with a focus on public data as a core resource [13] Data Asset Capitalization - The entry of data assets into financial statements marks a significant step in the capitalization of data elements, with the implementation of relevant regulations starting in 2024 [19] - The market for data asset transactions is characterized by a "cold inside, hot outside" distribution pattern, with off-market transactions dominating due to their flexibility and customization [21] Industry Practices - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion yuan by 2028, driven by the integration of data elements [31] - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, with a focus on high-quality data sets and trusted data spaces [34] Trends - The construction of high-quality data sets is becoming a key factor in advancing the artificial intelligence industry, with a focus on systematic data collection and processing [39] - The establishment of trusted data spaces is essential for ensuring the safe circulation and high-value application of data elements, with plans for over 100 such spaces by 2028 [42]