国家统计局周三公布数据显示，11月工业品出厂价格（PPI）同比下降2.2%，降幅较上月扩大0.1个百分点，结束连续三个月降幅收窄进程；环比上涨0.1%， 连续两个月上涨。 国家统计局城市司首席统计师董莉娟在当天发布的新闻稿中解读称，PPI同比降幅有所扩大主要是受上年同期对比基数走高影响。我国各项宏观政策不断显 效，价格呈现积极变化。 统计局提到，随着综合整治"内卷式"竞争成效显现，相关行业价格同比降幅收窄。重点行业产能治理持续推进，市场竞争秩序不断优化，煤炭开采和洗选 业、光伏设备及元器件制造、锂离子电池制造价格同比降幅比上月分别收窄3.8个、2.0个和0.7个百分点，均已连续多个月收窄。 记者 辛圆 往后看，西南证券在最近发布的研究报告中指出，随着10月底发布的"十五五"规划推进落地，一系列扩内需与"反内卷"政策的效能将持续释放，有望推动重 点行业价格企稳回升。在宏观政策支持与供需结构改善的背景下，后续价格水平预计将延续向好态势，预计PPI同比降幅将呈现收窄态势。 不过，东方金诚首席宏观分析师王青表示，"反内卷"对年底前基础原材料和工业品价格的带动作用有待进一步观察，需求不足会继续制约工业品价格上行空 间， ...

北京商报讯（记者 和岳）12月10日，国家统计局城市司首席统计师董莉娟表示，综合整治"内卷式"竞 争成效显现，相关行业价格同比降幅收窄。重点行业产能治理持续推进，市场竞争秩序不断优化，今年 11月煤炭开采和洗选业、光伏设备及元器件制造、锂离子电池制造价格同比降幅比上月分别收窄3.8 个、2.0个和0.7个百分点，均已连续多个月收窄；新能源车整车制造价格降幅比上月收窄0.6个百分点。 ...

在"稳"的基础上，中国经济结构优化、动能转换的"进"的步伐坚定有力。2025年，我国高质量发展扎实 推进，新质生产力加速形成。前三季度，规模以上装备制造业和高技术制造业增加值占比分别达35.9% 和16.7%，产业升级态势明显。全球创新指数排名跃升至第10位，创新引领作用愈发突出。设备工器具 购置投资同比增长14%，锂离子电池制造、新能源汽车等新兴产业增加值保持高速增长，彰显创新驱动 与产业升级的深度融合。促进消费、设备更新、技术改造等宏观政策组合拳精准发力，有效激发内需潜 力，推动经济结构的深层优化……这些"进"的成效，表明中国经济正在加快从要素驱动向创新驱动转 变，从规模速度型向质量效率型升级，为2026年进一步深化供给侧结构性改革、塑造发展新优势蓄势增 能。 当前，我国经济运行持续保持总体平稳、稳中有进的发展态势，展现出强大的发展韧性和光明前景。展 望2026年，面对深刻演变的国内外环境，准确把握经济大势，科学谋划发展蓝图，对于巩固和增强经济 回升向好态势，具有至关重要的意义。 "稳"是基本盘，是应对一切风险挑战的底气。审视当前经济，平稳健康运行的主基调依然牢固。从经济 增长看，前三季度国内生产总值（G ...

Group 1: Industrial Growth - The industrial added value in Jiangsu Province increased by 6.8% year-on-year from January to October, with a 5.8% increase in October alone [1] - Among the 40 major industries, 27 experienced year-on-year growth, resulting in a growth coverage of 67.5% [1] - The top ten key industries, including electronics, pharmaceuticals, and power generation, outperformed the provincial average, contributing a total of 4 percentage points to the overall industrial growth [1] Group 2: Equipment Manufacturing - The added value of the equipment manufacturing sector accounted for 55.4% of the total industrial added value, showing an increase of 0.2 and 1.1 percentage points compared to the previous months and 2024, respectively [1] - In October, the equipment manufacturing sector's added value grew by 8%, surpassing the overall industrial growth by 2.2 percentage points, contributing 76.9% to the total industrial added value growth [1] - Key sectors such as electronics and aerospace have maintained double-digit growth for ten consecutive months [1] Group 3: High-tech Manufacturing - High-tech manufacturing and digital core product manufacturing saw year-on-year growth of 11.7% and 9.4%, respectively, exceeding the overall industrial growth by 5.9 and 3.6 percentage points [2] - Specific industries like optoelectronic devices, lithium-ion batteries, and integrated circuits experienced significant growth rates of 21%, 27.6%, and 34.1% [2] - Production volumes for integrated circuits, industrial robots, and semiconductor components also showed robust growth, with increases of 18.5%, 19.9%, 11.3%, and 10.5% [2] Group 4: Fixed Asset Investment and Consumption - From January to October, fixed asset investment in Jiangsu Province decreased by 8.7%, with infrastructure investment down by 2.2% [2] - Manufacturing investment fell by 4.1%, although the decline was 0.4 percentage points less than in the previous months [2] - Real estate development investment saw a significant drop of 19.8% [2] Group 5: Retail Sales - The total retail sales of consumer goods reached 38,816.8 billion yuan, marking a year-on-year growth of 4.0% from January to October [3] - In October, retail sales of household appliances and audio-visual equipment, as well as computers and related products, grew by 7.4% and 48%, respectively [3] - Year-on-year sales growth for wholesale and retail sectors was 5.1% and 7.6%, while accommodation and catering sectors saw increases of 2.7% and 5.1% [3]

Economic Overview - In October, some economic indicators showed a downward trend due to last year's high base, deep adjustments in the real estate sector, and weak domestic demand [2][6] - Despite the downturn, there were positive signs such as a rebound in service retail sales driven by the National Day and Mid-Autumn Festival holidays, indicating significant consumption potential [2][6] Industrial Performance - The industrial added value for October grew by 4.9% year-on-year, a decline of 1.6 percentage points from the previous month, marking the lowest monthly growth this year [6][12] - The manufacturing sector is transitioning towards high-end production, with equipment manufacturing increasing by 8%, outpacing overall industrial growth [6][10] Investment Trends - From January to October, fixed asset investment (excluding rural households) decreased by 1.7%, with infrastructure investment down by 0.1% and real estate development investment down by 14.7% [7][14] - High-tech sectors such as aerospace and information services saw significant investment growth, with aerospace manufacturing up by 19.7% and information services up by 32.7% [7][12] Trade Dynamics - In October, the total import and export volume grew by 0.1% year-on-year, with exports declining by 0.8% and imports increasing by 1.4% [8][9] - The trade growth slowdown was attributed to last year's high base, with some exports delayed from September due to typhoons [9][10] Policy Measures - The government is implementing policies to enhance the adaptability of supply and demand in consumer goods, aiming to stimulate consumption and investment [3][13] - Recent policies include the introduction of 500 billion yuan in new policy financial tools and the acceleration of local government bond usage to support effective investment [13][14] Economic Outlook - Despite the challenges, the overall economic operation remains stable, with a GDP growth of 5.2% in the first three quarters, laying a solid foundation for achieving the annual target of around 5% [12][15] - Analysts suggest that additional policy measures may be necessary to counteract weak demand and support economic recovery, particularly in the real estate sector [14][15]

Economic Overview - In October, economic indicators showed a downward trend due to factors such as last year's high base, deep adjustments in the real estate sector, and weak domestic demand [1][4] - Despite the downturn, there were positive signs in the economy, particularly in service retail sales, which rebounded due to the National Day and Mid-Autumn Festival holidays, indicating significant consumption potential [1][11] Production and Investment - The industrial added value and service production index both recorded their lowest monthly growth rates of the year in October, with industrial added value growing by 4.9%, down 1.6 percentage points from the previous month [5][11] - Fixed asset investment (excluding rural households) decreased by 1.7% year-on-year from January to October, with infrastructure investment down by 0.1% and real estate development investment down by 14.7% [6][12] Trade and Exports - In October, the total import and export volume grew by only 0.1%, with exports declining by 0.8% and imports increasing by 1.4%, reflecting a significant drop in growth compared to previous months [7][11] Policy Measures - The State Council is implementing measures to enhance the adaptability of supply and demand in consumer goods, aiming to stimulate consumption and improve project funding arrangements [2][12] - Recent policies include the accelerated deployment of 500 billion yuan in new policy financial tools and the utilization of 500 billion yuan in local government debt limits to boost effective investment [12][14] Economic Challenges and Outlook - The economy faces challenges from weak domestic demand and structural issues, necessitating stronger growth policies to reverse the current downward trend and promote recovery [13][14] - Despite the pressures, achieving the annual growth target of around 5% remains likely, with expectations for further fiscal and monetary policy support in the coming months [13][14]

Core Viewpoint - The national economy in October 2023 continued to show a stable growth trend, with steady production demand, stable employment and prices, and ongoing transformation and upgrading [1] Economic Operation Overview - Production supply continued to grow, with agricultural production performing well and industrial production remaining stable, as evidenced by a 4.9% year-on-year increase in industrial added value in October [2] - Market sales expanded, with a 2.9% year-on-year increase in total retail sales of consumer goods in October, driven by consumption-boosting initiatives and holiday economic activities [2] Employment and Price Stability - The urban unemployment rate was 5.1% in October, marking a decline for two consecutive months [3] - Positive changes in prices were noted, with consumer prices turning from decline to increase and a narrowing decrease in industrial producer prices [3] Investment Structure and Potential - Fixed asset investment saw a year-on-year decline of 1.7% from January to October, with a 1.1% decrease in exports during the same period [4] - Despite the slowdown in investment growth, manufacturing investment increased by 2.7% year-on-year, accounting for 25.6% of total investment, up by 1.1 percentage points from the previous year [4] Outlook for the Year - There are favorable conditions for achieving the annual economic and social development goals, despite facing risks and challenges [5] - The economy has shown rapid growth this year, with stable employment and prices, laying a solid foundation for achieving annual targets [6] - The potential for demand continues to be released, with active market sales and a focus on strengthening domestic circulation [6]

Core Viewpoint - The national economy in October 2023 continued to show a stable growth trend, with steady production demand, stable employment and prices, and ongoing transformation and upgrading [1] Economic Operation Overview - Production supply continued to grow, with agricultural production performing well and industrial production remaining stable, as evidenced by a 4.9% year-on-year increase in industrial added value in October [2] - Market sales expanded, with a 2.9% year-on-year increase in total retail sales of consumer goods in October, driven by consumption-boosting initiatives and holiday economic activities [2] Employment and Price Stability - The urban unemployment rate was 5.1% in October, marking a decline for two consecutive months [3] - Positive changes in prices were noted, with consumer prices turning from decline to increase and a narrowing decline in producer prices; specific industries like lithium-ion battery manufacturing and photovoltaic equipment saw price increases of 0.2% and 0.6% respectively [3] Investment Structure and Potential - Fixed asset investment saw a year-on-year decline of 1.7% from January to October, with a 1.1% decrease in exports; however, investment in manufacturing grew by 2.7% during the same period, indicating an optimization in investment structure [4] - The manufacturing sector's investment accounted for 25.6% of total investment, up 1.1 percentage points from the previous year, highlighting the ongoing potential for investment growth in various sectors [4] Outlook for the Year - The economic environment is conducive to achieving annual development goals, despite facing risks and challenges; the long-term positive trends and support conditions for the economy remain unchanged [5] - The economy has shown rapid growth this year, with stable employment and prices, and a balanced international payment situation, laying a solid foundation for achieving annual targets [6] - Demand potential continues to be released, with active market sales in tourism, culture, sports, and online consumption, indicating a robust domestic market [6] - The cultivation of new productive forces is evident, with significant growth in smart product manufacturing and green material production [6] - Ongoing macro policies are effectively implemented, contributing to demand expansion and economic stability [6]

Core Insights - The overall economic operation remains stable, with steady growth in production and demand, stable employment and prices, and ongoing transformation and upgrading of the economy [1][2][7] Economic Performance - In October, industrial production maintained stability, with the industrial added value of large enterprises increasing by 4.9% year-on-year [2] - The service sector's production index grew by 4.6% year-on-year, although the growth rate slightly declined due to a high base from the previous year [2] - Retail sales of consumer goods increased by 2.9% year-on-year in October, supported by holiday economic activities [2] Employment and Prices - The urban unemployment rate was 5.1% in October, marking a decrease for two consecutive months, with specific groups showing improved employment rates [2] - The consumer price index (CPI) turned from decline to growth in October, with the core CPI rising by 1.2% year-on-year, indicating a positive price trend [3] Structural Adjustments and New Growth Drivers - The economy is undergoing structural adjustments, with new growth drivers such as the digital economy and platform economy expanding rapidly [4][6] - The proportion of advanced manufacturing and modern services is increasing, with the added value of equipment manufacturing growing by 9.5% year-on-year [5] Future Outlook - The economic foundation remains strong, with favorable conditions for achieving annual targets, including a GDP growth of 5.2% year-on-year in the first three quarters [7][8] - The government is implementing proactive macro policies to stimulate demand and production, including a new policy financial tool worth 500 billion yuan [8]

Core Viewpoint - The national economy in October 2025 continued to show a stable growth trend, with steady production demand, stable employment and prices, and ongoing transformation and upgrading [1] Economic Operation Overview - Production supply continued to grow, with agricultural production performing well and industrial production remaining stable, as evidenced by a 4.9% year-on-year increase in industrial added value in October [2] - Market sales expanded, with a 2.9% year-on-year increase in total retail sales of consumer goods in October, driven by consumption-boosting initiatives and holiday economic activities [2] Employment and Price Stability - The urban surveyed unemployment rate in October was 5.1%, marking a decline for two consecutive months [3] - Positive changes in prices were noted, with consumer prices turning from decline to increase and a narrowing of the decline in industrial producer prices [3] Investment Structure and Potential - Fixed asset investment saw a year-on-year decline of 1.7% from January to October, with a 1.1% decrease in exports in October [4] - Despite the slowdown in investment growth, the structure is optimizing, particularly in manufacturing, which saw a 2.7% year-on-year increase in investment from January to October [4] Outlook for the Year - There are favorable conditions for achieving the annual economic and social development goals, despite existing risks and challenges [5] - The economy has laid a solid foundation for achieving annual targets, with stable growth, employment, and prices, as well as a balanced international payment situation [6] Demand and Production Capacity - Market sales are steadily expanding, with active tourism, cultural, sports, and online consumption [6] - New productive forces are being cultivated, with significant growth in smart product manufacturing, including a 54.7% year-on-year increase in smart unmanned aerial vehicle manufacturing [6] Macro Policy Effects - The implementation of more proactive macro policies has positively impacted demand expansion and production increase, contributing to economic stability [6] - The overall economic foundation remains strong, with multiple advantages and resilience, supporting continued positive development [6]