Core Viewpoint - The industrial production in China remained stable in October 2025, supported by proactive macroeconomic policies and a focus on high-end, intelligent, and green development. Group 1: Industrial Production Overview - In October, the industrial added value of enterprises above designated size grew by 4.9%, continuing to show robust growth and contributing significantly to economic stability and development [1] - Among 41 major industries, 29 reported growth in added value, accounting for 70.7% [1] - Of the 623 major products, 50.2% saw an increase in production [1] - From January to October, the industrial added value increased by 6.1% year-on-year, maintaining overall stability compared to the first nine months [1] Group 2: Equipment Manufacturing Sector - The added value of the equipment manufacturing industry increased by 8% in October, contributing 2.9 percentage points to the overall industrial growth [2] - The automotive manufacturing sector and the manufacturing of railway, shipbuilding, aerospace, and other transportation equipment saw increases of 16.8% and 15.2%, respectively [2] - Production of civil steel ships and generator sets rose by 21.4% and 16.9% [2] Group 3: Digital and Intelligent Transformation - The integration of digital and physical industries is advancing, with high-tech manufacturing and digital product manufacturing increasing by 7.2% and 6.7%, respectively [2] - The production of smart vehicle-mounted equipment surged by 28.4%, while industrial robots and integrated circuits saw production increases of 17.9% and 17.7% [2] Group 4: Green Development - The production of new energy products continued to grow, with lithium-ion batteries for vehicles and new energy vehicles increasing by 30.4% and 19.3%, respectively [2] - The production of wind turbines and bio-based chemical fibers rose by 23.6% and 16.6%, indicating a strong trend towards green transformation [2] Group 5: Corporate Profitability - The profits of industrial enterprises above designated size increased by 3.2% year-on-year from January to September, with a growth acceleration of 2.3 percentage points compared to the previous period [3] - Profits in the equipment manufacturing and high-tech manufacturing sectors grew by 9.4% and 8.7%, respectively, playing a crucial role in the recovery of industrial profits [3]

Economic Overview - In October, the national economy maintained overall stability and progressed steadily, with industrial production continuing to grow, particularly in equipment manufacturing and high-tech manufacturing sectors [1][8]. Industrial Performance - The industrial added value of enterprises above designated size increased by 4.9% year-on-year and 0.17% month-on-month in October. From January to October, the industrial added value grew by 6.1% year-on-year [3][8]. - Specific products showed significant growth: 3D printing equipment production increased by 30.8%, new energy vehicles by 19.3%, and industrial robots by 17.9% [3]. Service Sector - The service production index rose by 4.6% year-on-year in October, with notable growth in information transmission, software and IT services (13.0%), leasing and business services (8.2%), and financial services (5.6%) [3][5]. Consumer Prices - The Consumer Price Index (CPI) increased by 0.2% year-on-year in October, following a decline of 0.3% in the previous month. Month-on-month, the CPI also rose by 0.2% [3][5]. Trade Performance - Goods import and export maintained growth, with general trade increasing by 2.3% from January to October, accounting for 63.4% of total trade. Trade with countries involved in the Belt and Road Initiative grew by 5.9% [5]. Economic Challenges and Outlook - Despite the overall stability, external uncertainties and domestic structural adjustment pressures pose challenges to economic performance. Future efforts will focus on enhancing innovation, expanding domestic demand, and stabilizing employment and market expectations [7][12][14]. - Fixed asset investment saw a year-on-year decline of 1.7% in October, attributed to various factors, although the investment structure is improving, indicating significant potential for future investment [12][14].

Economic Overview - The national economy maintains a stable and progressive development trend, with production supply remaining stable and overall employment conditions being steady [1] Production and Supply - Agricultural production is performing well, with expectations for a bumper grain harvest for the year [3] - Industrial production remains stable, with a year-on-year increase of 4.9% in the added value of industrial enterprises above designated size in October, supported significantly by an 8% increase in the added value of equipment manufacturing [5] Service Sector - The service sector shows steady growth, with a year-on-year increase of 4.6% in the service production index in October, and continuous expansion in market sales [7] Consumer Market - The special actions to boost consumption are showing significant effects, with retail sales of consumer goods in October increasing by 2.9% year-on-year. The sales of goods related to the "old for new" consumption policy are growing rapidly. From January to October, the retail sales of services increased by 5.3%, outpacing the growth rate of goods retail sales [9] Employment and Prices - The employment situation remains generally stable, and there are positive changes in prices [11] Industrial Prices and High-tech Manufacturing - The decline in industrial producer prices has narrowed for three consecutive months. High-tech manufacturing is performing well, with a year-on-year increase of 7.2% in the added value of high-tech manufacturing enterprises above designated size, continuing to outpace overall industrial growth. The added value of digital product manufacturing also increased by 6.7% year-on-year, indicating a steady advancement in the integration of digital and real economies [13]

Economic Overview - In October, China's economy showed signs of structural adjustment with emerging industries growing, supported by consumption during the Mid-Autumn and National Day holidays [1][6] - The overall economic operation remains stable, with industrial production continuing to grow and a notable increase in high-tech manufacturing [6][7] Industrial Performance - The industrial added value for large-scale enterprises grew by 4.9% year-on-year in October, a decrease of 1.6 percentage points from the previous month [1] - The equipment manufacturing sector saw an 8% increase in added value, significantly outpacing the overall industrial growth [1][6] - From January to October, the industrial added value increased by 6.1%, showing overall stability [1] Service Sector - The service production index grew by 4.6% year-on-year in October, with a decline of 1 percentage point from the previous month due to high base effects [1] - The information transmission, software, and IT services sectors saw significant growth, with production indices increasing by 13% and 8.2% respectively [1] Consumer Market - The total retail sales of consumer goods increased by 2.9% year-on-year in October, slightly down from the previous month [2] - The retail sales of communication equipment and cultural office supplies grew by 23.2% and 13.5% respectively, indicating a positive impact from the trade-in policy [2] - Service retail sales increased by 5.3% from January to October, with notable growth in leisure, communication, and travel services [2] Trade and Investment - The total import and export value grew by 0.1% year-on-year in October, with exports declining by 0.8% and imports increasing by 1.4% [2] - Fixed asset investment (excluding rural households) decreased by 1.7% from January to October, with infrastructure investment down by 0.1% [3] - High-tech sector investments, particularly in aerospace and information services, saw significant growth, with increases of 19.7% and 32.7% respectively [3] Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing a previous decline [4] - The Producer Price Index (PPI) decreased by 2.1% year-on-year but showed signs of improvement with a 0.1% month-on-month increase [4] Employment and Economic Stability - The urban unemployment rate was 5.1% in October, a slight decrease from the previous month, indicating a positive trend in job recovery [4] - The government has implemented policies to stimulate economic growth, including the introduction of new financial tools and measures to boost private investment [5][9]

Economic Overview - The national economy is generally stable with a trend of steady progress, characterized by stable production supply, overall employment stability, improved prices, and the cultivation of new growth drivers [1] Production and Supply - Agricultural production is favorable with an increase in autumn grain area and continuous improvement in yield, indicating a promising harvest for the year [3] - Industrial production remains stable, with a 4.9% year-on-year increase in the added value of industrial enterprises above designated size in October, supported significantly by an 8% increase in equipment manufacturing [3] - The service sector shows steady growth, with a 4.6% year-on-year increase in the service production index for October, influenced by the combined effect of the National Day and Mid-Autumn Festival [3] Market Sales - Retail sales continue to expand, with total retail sales of consumer goods reaching 46,291 billion yuan in October, a 2.9% year-on-year increase [4] - Notable growth in retail sales of communication equipment and cultural office supplies, with increases of 23.2% and 13.5% respectively [4] - Service retail sales from January to October grew by 5.3%, outpacing the growth of goods retail sales [4] Employment Situation - The urban survey unemployment rate decreased to 5.1% in October, down 0.1 percentage points from the previous month, marking two consecutive months of decline [5] - The unemployment rate for migrant agricultural workers is notably lower at 4.5%, down 0.2 percentage points from the previous month [5][6] Price Trends - Consumer prices have shifted from decline to increase, with a 0.2% year-on-year rise in October, compared to a 0.3% decline in the previous month [7] - The core Consumer Price Index (CPI), excluding food and energy, rose by 1.2%, with the increase rate expanding for six consecutive months [7] - The Producer Price Index (PPI) saw a narrowing decline of 2.1% year-on-year in October, indicating a positive trend [7] Transformation and Upgrading - High-tech manufacturing continues to grow, with a 7.2% year-on-year increase in added value for high-tech manufacturing enterprises above designated size in October [8] - The export of high-tech products increased by 7.3% in the first ten months [8] - The modern service industry is performing well, with significant growth in information transmission and software services, as well as leasing and business services [8] Investment and Foreign Trade - Fixed asset investment decreased by 1.7% year-on-year from January to October, but the investment structure is optimizing [9] - Manufacturing investment grew by 2.7%, accounting for 25.6% of total investment, an increase of 1.1 percentage points from the previous year [9] - Total import and export volume increased by 3.6% year-on-year in the first ten months, with exports growing by 6.2% [10] - In October, total import and export volume grew by 0.1% year-on-year, with imports increasing by 1.4% [10]

Group 1 - The overall industrial production remains stable, with a 4.9% increase in the value added of industrial enterprises above designated size in October, contributing to economic stability and growth [1] - Among 41 major industries, 29 reported growth in value added, accounting for 70.7%, while 50.2% of 623 major products saw an increase in output [1] - From January to October, the cumulative value added of industrial enterprises above designated size grew by 6.1%, maintaining overall stability compared to the previous months [1] Group 2 - The equipment manufacturing sector shows strong support, with a year-on-year increase of 8% in October, contributing 2.9 percentage points to the overall industrial growth [2] - The automotive manufacturing industry and other transportation equipment manufacturing sectors reported significant growth, with increases of 16.8% and 15.2% respectively [2] - The production of civil steel ships and generator sets grew by 21.4% and 16.9% respectively [2] Group 3 - The digital and intelligent transformation is progressing steadily, with high-tech manufacturing and digital product manufacturing increasing by 7.2% and 6.7% respectively in October [2] - The manufacturing of smart vehicle-mounted devices surged by 28.4%, while industrial robots and integrated circuits saw production increases of 17.9% and 17.7% respectively [2] Group 4 - The green development trend is strong, with lithium-ion batteries for vehicles and new energy vehicles increasing in production by 30.4% and 19.3% respectively in October [2] - The production of wind turbine generators and bio-based chemical fibers also saw significant growth, with increases of 23.6% and 16.6% respectively [2] Group 5 - Corporate profits are improving, with a 3.2% year-on-year increase in profits for industrial enterprises above designated size from January to September, accelerating by 2.3 percentage points compared to the previous month [3] - The profits of equipment manufacturing and high-tech manufacturing sectors grew by 9.4% and 8.7% respectively, playing a crucial role in the recovery of industrial profits [3] - Overall, industrial production is maintaining steady growth, with ongoing transformation and upgrading efforts, despite challenges from external environments and insufficient market demand [3]

Group 1: Industrial Production - In October, the industrial added value above designated size increased by 4.9% year-on-year and 0.17% month-on-month [1] - The equipment manufacturing industry 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 [1] - The manufacturing purchasing manager index was recorded at 49.0, indicating a slight contraction in manufacturing activity [1] Group 2: Service Sector - The service production index increased by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services at 13.0% [2] - The business activity index for the service sector was at 50.2, indicating stable growth expectations [2] - For the first ten months, the service production index grew by 5.7% year-on-year [2] Group 3: Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [3] - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods accounting for 25.2% of total retail sales [3] - The retail sales of basic living goods and some upgraded consumption categories saw rapid growth, with food and beverage retail increasing by 3.8% [3] Group 4: Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) totaled 408,914 billion yuan, a year-on-year decrease of 1.7% [4] - Manufacturing investment grew by 2.7%, while real estate development investment fell by 14.7% [4] - High-tech industries such as information services and aerospace manufacturing saw significant investment growth of 32.7% and 19.7% respectively [4] Group 5: Trade and Exports - In October, the total import and export value was 37,028 billion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [5] - For the first ten months, the total trade value grew by 3.6%, with exports increasing by 6.2% [5] - Private enterprises accounted for 57.0% of total trade, reflecting a 1.9 percentage point increase from the previous year [5] Group 6: Employment - The urban survey unemployment rate averaged 5.2% from January to October, with a slight decrease to 5.1% in October [6] - The unemployment rate for local registered labor was 5.3%, while for migrant workers it was 4.7% [6] - The average weekly working hours for employees were recorded at 48.4 hours [6] Group 7: Prices - 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 [7] - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with a narrowing decline compared to the previous month [7] - Core CPI, excluding food and energy, increased by 1.2% year-on-year, indicating a slight acceleration in inflation [7] Group 8: Overall Economic Outlook - The overall economic operation in October was stable, with ongoing efforts in transformation and upgrading [8] - Challenges remain due to external uncertainties and domestic structural adjustments [8] - Future strategies include expanding domestic demand and stabilizing employment and market expectations [8]

Core Insights - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year, a decline of 1.6 percentage points compared to September. For the period from January to October, the industrial added value grew by 6.1% [1] - The manufacturing Purchasing Managers' Index (PMI) for October was 49.0%, down 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [1] - Among the three major sectors, mining added value grew by 4.5%, manufacturing by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4% in October [1] Economic Type Analysis - In October, state-owned enterprises saw a 6.7% year-on-year increase in added value, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2] High-tech Manufacturing Insights - High-tech manufacturing added value increased by 7.2% year-on-year in October, surpassing the overall industrial added value growth by 2.3 percentage points. Cumulatively, from January to October, high-tech manufacturing added value rose by 9.3% [3] Industry Performance - Out of 41 major industries, 29 reported year-on-year growth in added value in October. Notable growth was seen in the automotive manufacturing sector at 16.8%, transportation equipment manufacturing at 15.2%, electrical machinery and equipment manufacturing at 4.9%, and computer, communication, and other electronic equipment manufacturing at 8.9% [5] - The decline in industrial production momentum in October is attributed to the fading impact of short-term factors from September and a decrease in export growth, which is expected to affect industrial production [5] Policy and Economic Outlook - The National Development and Reform Commission announced that 500 billion yuan in new policy financial tools have been fully allocated, supporting 2,300 projects with a total investment of approximately 7 trillion yuan. Additionally, 500 billion yuan in special bonds have been allocated to support local investment projects [6] - Analysts predict a potential slight rebound in exports in November, supported by fiscal policies aimed at stabilizing growth, which may bolster industrial production [6] - The economic growth momentum is expected to shift from manufacturing to services, marking a significant change from the previous year [6] - Despite supportive policies, challenges remain with a persistent imbalance between strong supply and weak demand, alongside pressures from slowing exports and rising base effects [6][7]

Economic Overview - In October, China's economy continued to show stable growth with production and demand maintaining a steady increase, employment and prices remaining generally stable, and ongoing transformation and upgrading trends [1][4] Production and Supply - Agricultural production is favorable, with an increase in autumn grain area and yield, indicating a promising harvest for the year. The industrial production remains stable, with a year-on-year increase of 4.9% in the added value of large-scale industries in October. The equipment manufacturing sector saw an 8% increase, significantly contributing to overall industrial growth [1][3] Market Sales - The market sales scale continues to expand, with a 2.9% year-on-year increase in total retail sales of consumer goods in October. Notably, sales of communication equipment and cultural office supplies grew by 23.2% and 13.5%, respectively. The service retail sector also saw a 5.3% increase from January to October, outpacing the growth of goods retail [2][3] Employment Situation - The urban survey unemployment rate decreased to 5.1% in October, down 0.1 percentage points from the previous month, marking two consecutive months of decline. The unemployment rate for migrant agricultural workers was 4.5%, indicating a stable employment situation despite external challenges [2][3] Price Trends - Positive changes in prices were observed, with the Consumer Price Index (CPI) rising by 0.2% year-on-year in October, reversing a 0.3% decline in the previous month. The core CPI, excluding food and energy, increased by 1.2%, marking a continuous expansion over six months. The Producer Price Index (PPI) saw a year-on-year decline of 2.1%, but the rate of decline has narrowed for three consecutive months [3][4] Transformation and Upgrading - The high-tech manufacturing sector showed strong growth, with a 7.2% year-on-year increase in added value for large-scale high-tech manufacturing in October. The export of high-tech products grew by 7.3% in the first ten months. The modern service industry also performed well, with significant growth in information transmission and software services [3][4]

Economic Overview - The national economy continues to show a stable and progressive development trend, with steady growth in production and demand, stable employment and prices, and ongoing transformation and upgrading [1][4] Production and Supply - Agricultural production remains strong, with an increase in autumn grain area and yield, indicating a good harvest for the year. Industrial production is stable, with a 4.9% year-on-year increase in the added value of large-scale industries in October. The equipment manufacturing sector outperformed, growing by 8% [1][3] Market Sales - Retail sales of consumer goods increased by 2.9% year-on-year in October, driven by holiday economic activities. Notably, sales of communication equipment and cultural office supplies grew by 23.2% and 13.5%, respectively [2][3] Employment Situation - The urban survey unemployment rate decreased to 5.1% in October, down 0.1 percentage points from the previous month. The unemployment rate for migrant agricultural workers was 4.5%, indicating a stable employment situation overall [2][3] Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing a previous decline. The core CPI, excluding food and energy, increased by 1.2%, marking a continuous expansion in the growth rate [3] Transformation and Upgrading - High-tech manufacturing continues to grow, with a 7.2% year-on-year increase in added value for large-scale high-tech manufacturing in October. The export of high-tech products rose by 7.3% in the first ten months [3][4]