Core Viewpoint - The overall economic operation in October remained stable, with solid progress in transformation and upgrading, and the new driving forces for development continued to grow [1] Group 1: Economic Performance - In October, the industrial production remained stable, with the added value of industrial enterprises above designated size increasing by 4.9% year-on-year [2] - The added value of the equipment manufacturing industry grew by 8%, significantly outpacing the overall industrial growth [2] - The total retail sales of consumer goods increased by 2.9% year-on-year, with notable growth in communication equipment and cultural office supplies retailing by 23.2% and 13.5% respectively [2] Group 2: High-tech Manufacturing and Green Transition - The added value of high-tech manufacturing above designated size increased by 7.2% year-on-year, continuing to outpace overall industrial growth [3] - The production of green products such as new energy vehicles and lithium-ion batteries for automobiles grew by 19.3% and 30.4% respectively [3] - The digital product manufacturing industry saw a year-on-year increase of 6.7% in added value [3] Group 3: New Economic Drivers - The digital economy and platform economy are expanding, with online retail of physical goods accounting for 25.2% of total retail sales from January to October, up 0.2 percentage points from the previous period [4] - Investment in high-tech sectors such as aerospace and information services grew by 19.7% and 32.7% year-on-year respectively [4] - The export of electromechanical products accounted for 60.7% of total exports from January to October, indicating strong support for foreign trade [4] Group 4: Manufacturing and Economic Resilience - The added value of equipment manufacturing from January to October increased by 9.5%, contributing 58.7% to the growth of industrial added value [5] - The digital manufacturing and intelligent manufacturing sectors are growing rapidly, with increases of 9.5% in added value for digital industries [5] - Emerging industries such as quantum technology and biomanufacturing are expected to become new pillar industries, supporting the growth of new driving forces [5] Group 5: Macroeconomic Stability - The GDP grew by 5.2% year-on-year in the first three quarters, placing China among the top global economies [6] - The urban unemployment rate continued to decline, and the consumer price index turned from decline to increase, showing positive changes [6] - The total import and export volume increased by 3.6% year-on-year from January to October, with foreign trade resilience evident [6] Group 6: Innovation and Policy Support - The integration of technological and industrial innovation is accelerating, with significant growth in smart product manufacturing, such as a 54.7% increase in smart drones [7] - Proactive macro policies and the construction of a unified national market are driving demand and production, stabilizing the economy [7] - The economic foundation remains strong, with multiple favorable factors supporting continued stable growth [7]

Economic Overview - The national economy has maintained a steady and progressive development despite facing various risks and challenges, with favorable conditions for achieving annual targets [1] - The macroeconomic policies continue to exert influence, and the market space is gradually expanding [1] Consumer Trends - Consumption has been a key driver for economic development, with a 4.3% year-on-year increase in total retail sales of consumer goods from January to October, and a 5.3% increase in service retail sales [2] - In October, retail sales of food and daily necessities grew by 9.1% and 7.4% respectively, outpacing overall growth [2] - Online retail sales increased by 9.6% year-on-year, with physical goods retail growing by 6.3%, indicating a robust trend in e-commerce [3] Industrial Production - Industrial production has expanded, with a 4.9% year-on-year growth in the value added of industrial enterprises above designated size in October [4] - The equipment manufacturing sector showed strong support, with an 8% increase in value added, contributing 2.9 percentage points to overall industrial growth [4] Technological Advancements - High-tech manufacturing and digital product manufacturing saw value added growth of 7.2% and 6.7% respectively in October, with smart vehicle equipment manufacturing increasing by 28.4% [6] - The production of lithium-ion batteries for vehicles and new energy vehicles grew by 30.4% and 19.3% respectively, reflecting a positive trend in green technology [6] Economic Resilience - The economy is characterized by stability, with GDP growth of 5.2% year-on-year in the first three quarters, positioning it favorably among major global economies [7] - The unemployment rate has decreased, and consumer prices have shown positive changes, indicating improved economic conditions [7] Emerging Opportunities - New quality productivity is being cultivated, with significant growth in the manufacturing of smart drones and smart vehicle equipment, increasing by 54.7% and 25.5% respectively [8] - Recent policies have introduced 500 billion yuan in new financial tools to stimulate local government investment and enhance private sector investment [8]

Economic Overview - In October, the national economy continued to show a stable and progressive development trend, with notable characteristics including growth in production supply and market sales [2][5]. Employment Situation - The urban surveyed unemployment rate decreased to 5.1% in October, down by 0.1 percentage points from the previous month, marking two consecutive months of decline [1]. Production and Supply - Agricultural production remained strong, with an increase in autumn grain area and yield, indicating a promising harvest [2]. - The industrial production maintained stability, with the industrial added value of large-scale enterprises growing by 4.9% year-on-year in October [2]. - The service sector also showed steady growth, with a production index increase of 4.6% year-on-year [2]. Market Sales - Social retail sales of consumer goods increased by 2.9% year-on-year in October, driven by holiday consumption and the promotion of consumption [5]. - Specific categories such as communication equipment and cultural office supplies saw significant retail growth of 23.2% and 13.5%, respectively [5]. Price Trends - The consumer price index (CPI) turned positive in October, rising by 0.2% year-on-year, while the core CPI increased by 1.2%, marking a continuous expansion in growth for six months [7]. - The producer price index (PPI) saw a narrowing decline of 2.1% year-on-year, indicating a positive trend in industrial pricing [7]. Investment Trends - Investment in high-tech manufacturing showed robust growth, with a year-on-year increase of 7.2% in October [10]. - Investment in sectors such as aerospace and information services grew significantly, with increases of 19.7% and 32.7%, respectively [11]. Emerging Industries - The digital economy and green transformation are gaining momentum, with significant growth in sectors like smart manufacturing and artificial intelligence [12]. - New energy vehicles and lithium-ion batteries saw production increases of 19.3% and 30.4%, respectively, highlighting the growth potential in these areas [10].

Economic Overview - In October, the national economy continued to show a stable growth trend, with industrial production increasing by 4.9% year-on-year, and the service sector production index growing by 4.6% [5][6][7] - The agricultural sector is performing well, with an increase in autumn grain planting area and yield, indicating a potential bumper harvest for the year [5][62] Market Sales - Retail sales of consumer goods increased by 2.9% year-on-year in October, driven by holiday consumption and the effectiveness of consumption promotion initiatives [6][35] - The sales of communication equipment and cultural office supplies saw significant growth, with increases of 23.2% and 13.5% respectively [6][38] Employment Situation - The urban surveyed unemployment rate decreased to 5.1% in October, marking a continuous decline for two months [6][41] - The unemployment rate for migrant agricultural workers was 4.5%, lower than the overall urban unemployment rate, indicating stability in employment for key groups [6][41] Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing the previous month's decline, with core CPI (excluding food and energy) increasing by 1.2% [7][28] - 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, indicating a potential stabilization in industrial prices [7][52] Investment Trends - Fixed asset investment decreased by 1.7% year-on-year in the first ten months, with real investment volume still showing slight growth when adjusted for price factors [11][12] - Manufacturing investment grew by 2.7% year-on-year, with significant increases in high-tech sectors such as aerospace and information services, which saw growth rates of 19.7% and 32.7% respectively [13][14] Foreign Trade - In the first ten months, total goods import and export volume increased by 3.6% year-on-year, with exports growing by 6.2% [15][16] - Despite challenges, trade with ASEAN and EU countries grew by 9.1% and 4.9% respectively, indicating a diversification of trade partnerships [16][17] Industrial Production - The industrial production maintained stability, with a 4.9% increase in the value added of industrial enterprises above designated size in October [47][48] - High-tech manufacturing and digital product manufacturing saw increases of 7.2% and 6.7% respectively, reflecting a trend towards modernization and digitalization in the industry [48][49] Real Estate Market - The real estate market showed signs of stabilization, with the decline in new housing sales narrowing to 6.8% year-on-year in the first ten months [57][58] - The inventory of unsold commercial housing decreased, indicating progress in the ongoing efforts to manage the real estate market [57][58]

Core Insights - The overall industrial production in China is stable with significant growth in various sectors, indicating a solid advancement towards high-quality development [1] Group 1: Industrial Production Overview - In the first ten months of the year, the industrial added value for large-scale industries increased by 6.1% year-on-year, surpassing the previous year's growth by 0.3 percentage points [1] - In October, the industrial added value grew by 4.9% year-on-year, with a month-on-month increase of 0.17% after seasonal adjustments [1] - Among the three major sectors, manufacturing increased by 4.9%, while mining and electricity, heat, gas, and water production and supply grew by 4.5% and 5.4%, respectively [1] - Out of 41 major industrial categories, 29 experienced year-on-year growth, resulting in a growth coverage of 70.7% [1] - Of the 623 major industrial products tracked, 313 saw an increase in production, representing a growth coverage of 50.2% [1] Group 2: Equipment Manufacturing Sector - The added value of large-scale equipment manufacturing increased by 8.0% year-on-year, accounting for 36.1% of the total industrial output, which is an increase of 1.5 percentage points compared to the entire year of 2024 [2] - All eight industries within equipment manufacturing reported growth, with the automotive and electronics sectors leading at growth rates of 16.8% and 8.9%, contributing 22.8% and 19.3% to the overall industrial growth, respectively [2] - The railway, shipbuilding, and aerospace sectors have maintained double-digit growth since December 2024, with a growth rate of 15.2% in October [2] - High-end equipment products are steadily developing, with production increases of 71.3% for railway locomotives, 21.4% for civil steel ships, and 16.9% for generator sets [2] Group 3: Emerging Industries and Digital Integration - The integration of the real economy and digital economy is deepening, with high-tech manufacturing and digital product manufacturing increasing by 7.2% and 6.7% year-on-year, respectively, both exceeding the overall industrial growth by 2.3 and 1.8 percentage points [3] - Specific sectors such as electronic materials, integrated circuits, and smart vehicle equipment saw substantial growth rates of 35.5%, 33.7%, and 28.4%, respectively [3] - The rapid development of "artificial intelligence+" has led to production increases of 34.0% for servers and 17.7% for integrated circuits; the robotics sector is also thriving, with production of robot reducers and industrial robots increasing by 4.6 times and 17.9%, respectively [3] Group 4: Traditional Industries - The petroleum processing industry saw an 8.1% year-on-year increase in added value, with the biofuel processing sector growing by 19.1%, contributing 1.9 percentage points more than the same period in 2024 [4] - The chemical fiber industry grew by 7.3%, with bio-based materials manufacturing increasing by 26.3%, contributing 13.3 percentage points more than the same period in 2024 [4] - Other traditional industries also showed positive growth, with chemical and coal industries increasing by 7.1% and 6.5%, respectively; non-ferrous and ferrous metal mining grew by 6.2% and 5.9% [4] - The long-term positive conditions and trends for China's industrial economy remain unchanged, although challenges such as insufficient effective demand and pressure on corporate profits persist [4]

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 - 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 - 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]

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]