Core Insights - National fixed asset investment (excluding rural households) reached 371,535 billion yuan from January to September 2025, showing a year-on-year decline of 0.5% [1] - Private fixed asset investment decreased by 3.1% year-on-year [1] - In September, fixed asset investment (excluding rural households) fell by 0.07% month-on-month [1] Investment by Industry - Investment in the primary industry was 7,344 billion yuan, with a year-on-year growth of 4.6% [1] - Investment in the secondary industry totaled 134,063 billion yuan, increasing by 6.3% [1] - Investment in the tertiary industry declined by 4.3%, totaling 230,128 billion yuan [1] - Within the secondary industry, industrial investment grew by 6.4% [1] - Mining investment increased by 3.7% [1] - Manufacturing investment rose by 4.0% [1] - Investment in electricity, heat, gas, and water production and supply surged by 15.3% [1] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 1.1% [1] - Investment in water transportation increased by 12.8% [1] - Railway transportation investment rose by 4.2% [1] - Water conservancy management investment grew by 3.0% [1] Regional Investment Trends - Investment in the eastern region declined by 4.5% year-on-year [1] - Investment in the central region increased by 1.5% [1] - Investment in the western region also grew by 1.5% [1] - The northeastern region experienced an investment decline of 8.4% [1] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 0.6% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [1] - Foreign enterprises' fixed asset investment saw a significant decline of 12.6% [1]

从环比看，9月份固定资产投资（不含农户）下降0.07%。 国家统计局发布数据显示，2025年1—9月份，全国固定资产投资（不含农户）371535亿元，同比下降0.5%（按可比口径计算）。其中，民间固定资产投资 同比下降3.1%。从环比看，9月份固定资产投资（不含农户）下降0.07%。 分产业看，第一产业投资7344亿元，同比增长4.6%；第二产业投资134063亿元，增长6.3%；第三产业投资230128亿元，下降4.3%。 第二产业中，工业投资同比增长6.4%。其中，采矿业投资增长3.7%，制造业投资增长4.0%，电力、热力、燃气及水生产和供应业投资增长15.3%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长1.1%。其中，水上运输业投资增长12.8%，铁路运输业投资增长4.2%，水 利管理业投资增长3.0%。 分地区看，东部地区投资同比下降4.5%，中部地区投资增长1.5%，西部地区投资增长1.5%，东北地区投资下降8.4%。 分登记注册类型看，内资企业固定资产投资同比下降0.6%，港澳台企业固定资产投资下降0.3%，外商企业固定资产投资下降12.6%。 ...

Core Insights - In September, the industrial added value of large-scale enterprises in China experienced a year-on-year real growth of 6.5%, indicating a robust industrial performance [1] - Month-on-month, the industrial added value increased by 0.64% in September [1] - For the first nine months of the year, the industrial added value showed a year-on-year growth of 6.2% [1] Industry Breakdown - In September, the mining industry saw a year-on-year added value growth of 6.4% [1] - The manufacturing sector recorded a growth of 7.3% in added value [1] - The electricity, heat, gas, and water production and supply industry had a modest growth of 0.6% [1] Economic Type Analysis - State-controlled enterprises reported a year-on-year added value growth of 6.5% in September [1] - Joint-stock enterprises experienced a growth of 6.8% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises had a growth of 5.8%, while private enterprises grew by 4.6% [1]

智通财经APP获悉，10月20日，国家统计局公布2025年1—9月份全国固定资产投资基本情况。1—9月份，全国固定资产投资(不 含农户)371535亿元，同比下降0.5%(按可比口径计算)。其中，民间固定资产投资同比下降3.1%。从环比看，9月份固定资产投 资(不含农户)下降0.07%。 原文如下： 2025年1—9月份全国固定资产投资基本情况 2025年1—9月份，全国固定资产投资(不含农户)371535亿元，同比下降0.5%(按可比口径计算)。其中，民间固定资产投资同比下 降3.1%。从环比看，9月份固定资产投资(不含农户)下降0.07%。 分产业看，第一产业投资7344亿元，同比增长4.6%；第二产业投资134063亿元，增长6.3%；第三产业投资230128亿元，下降 4.3%。 第二产业中，工业投资同比增长6.4%。其中，采矿业投资增长3.7%，制造业投资增长4.0%，电力、热力、燃气及水生产和供应 业投资增长15.3%。 第三产业中，基础设施投资(不含电力、热力、燃气及水生产和供应业)同比增长1.1%。其中，水上运输业投资增长12.8%，铁路 运输业投资增长4.2%，水利管理业投资增长3.0%。 ...

Core Insights - The national industrial capacity utilization rate for large-scale industries in Q3 2025 is reported at 74.6%, which is an increase of 0.6 percentage points from Q2 but a decrease of 0.5 percentage points compared to the same period last year [2][4]. Group 1: Overall Capacity Utilization - The overall capacity utilization rates for different sectors in Q3 2025 are as follows: mining at 72.5%, manufacturing at 74.8%, and electricity, heat, gas, and water production and supply at 74.3% [1][4]. - The year-on-year changes in capacity utilization for these sectors show a decline, with mining down by 2.1 percentage points, manufacturing down by 0.4 percentage points, and the electricity and water supply sector remaining unchanged [4]. Group 2: Sector-Specific Capacity Utilization - In the mining sector, coal mining and washing have a capacity utilization rate of 68.9%, while oil and gas extraction stands at 91.2%, reflecting a 1.0 percentage point increase year-on-year [1][4]. - The food manufacturing industry has a capacity utilization rate of 70.1%, and the textile industry is at 77.2%, both showing slight declines compared to the previous year [1][4]. - The black metal smelting and rolling industry has the highest capacity utilization at 80.1%, with a year-on-year increase of 2.7 percentage points, while the non-metallic mineral products industry is the lowest at 62.0% [1][4].

Core Insights - In September, the industrial added value of enterprises above designated size in China experienced a year-on-year growth of 6.5%, with a month-on-month increase of 0.64%. For the first nine months, the growth rate was 6.2% [1][5]. Group 1: Industrial Performance - The mining industry saw a year-on-year increase of 6.4% in added value, while the manufacturing sector grew by 7.3%. The electricity, heat, gas, and water production and supply industry had a modest growth of 0.6% in September [3][5]. - Among different economic types, state-controlled enterprises reported a 6.5% increase, joint-stock enterprises 6.8%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises 5.8%, and private enterprises 4.6% [3][6]. Group 2: Sectoral Analysis - Out of 41 major industries, 36 reported year-on-year growth in added value. Notable growth was observed in coal mining and washing (6.4%), oil and gas extraction (8.9%), and food processing (6.0%). The automotive manufacturing sector experienced significant growth of 16.0% [3][4]. - High-tech manufacturing achieved a growth rate of 10.3% in September, indicating robust performance in this segment [5][6]. Group 3: Product Output - In September, 362 out of 623 industrial products saw a year-on-year increase in output. Steel production reached 12.421 million tons, up 5.1%, while automotive production totaled 3.227 million units, marking a 13.7% increase. Notably, new energy vehicles surged by 20.3% to 1.58 million units [4][7]. - The sales rate for products from industrial enterprises above designated size was 96.7%, reflecting a 0.6 percentage point increase year-on-year. The export delivery value reached 1.476 trillion yuan, a nominal growth of 3.8% [4][7].

Group 1: Industrial Production and Export - Industrial production has shown steady growth, with the industrial added value for large-scale enterprises increasing by 6.2% year-on-year in the first three quarters [2] - The manufacturing sector grew by 6.8%, outperforming the overall industrial growth by 0.6 percentage points, while mining and utilities sectors grew by 5.8% and 2.0% respectively [2] - In September, the industrial added value increased by 6.5% year-on-year, accelerating by 1.3 percentage points compared to August [2] - Industrial exports have also improved, with the export delivery value for large-scale industries increasing by 3.3% year-on-year in the first three quarters [3] - In September, the export delivery value turned to growth at 3.8%, with significant improvements in key sectors such as railway, shipbuilding, and aerospace [3] Group 2: Structural Optimization and New Productive Forces - The proportion of equipment manufacturing has continued to rise, with its added value increasing by 9.7% year-on-year, accounting for 35.9% of total industrial output [4] - Key sectors such as automotive, electrical machinery, and electronics contributed significantly to industrial growth, with respective growth rates of 11.2%, 11.1%, and 10.9% [4] - High-tech manufacturing added value grew by 9.6%, contributing 24.7% to overall industrial growth, with notable increases in integrated circuit manufacturing and biopharmaceuticals [5] - Traditional manufacturing sectors are also transforming, with the chemical fiber industry growing by 7.6% and the petroleum processing sector by 6.9% [6] Group 3: Improvement in Corporate Profitability and Capacity Utilization - Industrial enterprises have seen profit improvements, with profits for large-scale industrial enterprises increasing by 0.9% year-on-year from January to August, reversing a declining trend [7] - The profit margin for industrial enterprises rose to 5.83% in August, an increase of 0.90 percentage points year-on-year [7] - Capacity utilization for large-scale industrial enterprises increased to 74.6% in the third quarter, with 51.2% of industries showing a rise in utilization rates [8] - There is a positive outlook for the fourth quarter, with expectations for comprehensive business conditions and employment rising [8]

Core Insights - National fixed asset investment (excluding rural households) for January to September 2025 reached 371,535 billion yuan, showing a year-on-year decline of 0.5% on a comparable basis [1] - Private fixed asset investment decreased by 3.1% year-on-year [1] Investment by Sector - First industry investment totaled 7,344 billion yuan, with a year-on-year growth of 4.6% [1] - Second industry investment amounted to 134,063 billion yuan, reflecting a growth of 6.3% [1] - Third industry investment was 230,128 billion yuan, showing a decline of 4.3% [1] - Within the second industry, industrial investment grew by 6.4% [1] - Mining investment increased by 3.7%, manufacturing investment rose by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [1] - In the third industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 1.1% [1] - Water transport investment increased by 12.8%, railway transport investment grew by 4.2%, and water conservancy management investment rose by 3.0% [1] Regional Investment Trends - Eastern region investment declined by 4.5% year-on-year [1] - Central region investment increased by 1.5% [1] - Western region investment also grew by 1.5% [1] - Northeastern region investment saw a decline of 8.4% [1] Investment by Registration Type - Domestic enterprise fixed asset investment decreased by 0.6% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [1] - Foreign enterprise fixed asset investment dropped significantly by 12.6% [1]

Core Insights - The national industrial capacity utilization rate for large-scale industries in Q3 2025 is 74.6%, an increase of 0.6 percentage points from Q2, but a decrease of 0.5 percentage points compared to the same period last year [1] Group 1: Overall Capacity Utilization - The capacity utilization rate in the mining industry is 72.5% [1] - The manufacturing industry has a capacity utilization rate of 74.8% [1] - The electricity, heat, gas, and water production and supply industry shows a capacity utilization rate of 74.3% [1] Group 2: Industry-Specific Capacity Utilization - The coal mining and washing industry has a capacity utilization rate of 68.9% [1] - The food manufacturing industry reports a capacity utilization rate of 70.1% [1] - The textile industry has a capacity utilization rate of 77.2% [1] - The chemical raw materials and chemical products manufacturing industry shows a capacity utilization rate of 72.5% [1] - The non-metallic mineral products industry has a capacity utilization rate of 62.0% [1] - The black metal smelting and rolling processing industry reports a capacity utilization rate of 80.1% [1] - The non-ferrous metal smelting and rolling processing industry has a capacity utilization rate of 77.8% [1] - The general equipment manufacturing industry shows a capacity utilization rate of 78.9% [1] - The special equipment manufacturing industry reports a capacity utilization rate of 75.5% [1] - The automobile manufacturing industry has a capacity utilization rate of 73.3% [1] - The electrical machinery and equipment manufacturing industry shows a capacity utilization rate of 74.9% [1] - The computer, communication, and other electronic equipment manufacturing industry reports a capacity utilization rate of 79.0% [1]

Core Viewpoint - China's GDP for the first three quarters of 2025 reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% at constant prices [2] Economic Performance - The economy demonstrated resilience and vitality, with stable production and supply, overall employment and price stability, and steady growth of new drivers [2] - GDP growth rates by quarter: Q1 at 5.4%, Q2 at 5.2%, and Q3 at 4.8% [2] Agricultural Sector - Agricultural value added grew by 3.6%, with summer grain and early rice production totaling 178.25 million tons, a slight increase of 0.1% [3] - Livestock production increased by 3.8%, with pork, beef, and poultry production rising by 3.0%, 3.3%, and 7.2% respectively [3] Industrial Sector - Industrial value added for large enterprises grew by 6.2%, with manufacturing up by 6.8% and high-tech manufacturing by 9.6% [4] - Notable growth in 3D printing equipment (40.5%), industrial robots (29.8%), and new energy vehicles (29.7%) [4] Service Sector - Service sector value added increased by 5.4%, with significant growth in information technology services (11.2%) and leasing services (9.2%) [5] - The service industry production index rose by 5.6% in September [5][6] Retail and Consumption - Total retail sales of consumer goods reached 3,658.77 billion yuan, growing by 4.5% [7] - Online retail sales amounted to 1,128.30 billion yuan, a 9.8% increase, with physical goods online sales at 915.28 billion yuan, growing by 6.5% [7] Investment Trends - Fixed asset investment (excluding rural households) was 3,715.35 billion yuan, down by 0.5%, while manufacturing investment grew by 4.0% [8] - High-tech industries saw significant investment growth, particularly in information services (33.1%) and aerospace manufacturing (20.6%) [8] Trade Performance - Total goods import and export reached 3,360.78 billion yuan, with exports growing by 7.1% [9] - Private enterprises accounted for 57.0% of total trade, reflecting a 2.0 percentage point increase from the previous year [9] Price Trends - The national CPI decreased by 0.1%, with food prices down by 0.8% [10][11] - Core CPI, excluding food and energy, rose by 0.6%, indicating a slight increase in inflationary pressures [11] Employment and Income - The urban unemployment rate averaged 5.2%, with a slight decrease in September [12] - Per capita disposable income reached 32,509 yuan, with rural income growth outpacing urban income [13]