Core Viewpoint - The industrial economy in China has shown steady growth in the first three quarters of the year, characterized by innovation-driven development, resilient industries, and green transformation [1][9]. Innovation-Driven Growth - Innovation is a key driver for high-quality industrial development, moving away from traditional factor inputs to focus on original and disruptive technological advancements [2]. - In the first three quarters, the added value of the equipment manufacturing industry grew by 9.7%, accounting for 35.9% of the total industrial output, marking 31 consecutive months above 30% [2]. - High-tech manufacturing also saw a 9.6% increase, outpacing the overall industrial growth by 3.4 percentage points, highlighting its significant impact on industrial expansion [2]. - The demand for new energy vehicles and electronic information has positively influenced the equipment manufacturing sector, creating a virtuous cycle of demand, production, and innovation [2]. Resilient Industries - Industrial resilience is crucial for maintaining stable operations and adapting to external shocks, with the machine tool industry exemplifying this resilience [4]. - The demand for high-end machine tools is increasing due to the rapid development of new industries such as new energy vehicles and aerospace, presenting both opportunities and challenges for domestic manufacturers [4]. - A specific example includes a new machine tool developed by a company that improves processing efficiency by 40% compared to conventional models, reflecting innovation in response to market needs [4]. - Exports of machine tools from Jiangsu province reached 10.97 billion yuan, a 15.3% increase year-on-year, driven by both leading and small enterprises [4]. Green Development - The green transformation of the industrial sector has made significant progress, with notable increases in the production of green products [7][8]. - In the first three quarters, the production of new energy vehicles rose by 29.7%, lithium-ion battery production increased by 46.9%, and charging station production grew by 22.2%, supporting the electric vehicle industry's transition [8]. - The production of green energy equipment also saw substantial growth, with wind turbine production up by 72.4%, nuclear power generator production up by 38.9%, and solar cell production up by 14.0% [8]. Outlook for Future Growth - The conditions for stable growth in the industrial economy remain favorable, with ongoing advancements in new industrialization and the integration of technological and industrial innovation [9]. - Recent policies aimed at promoting green low-carbon development are expected to enhance both the quality and reasonable growth of the industrial sector [9].

7.77万亿，这是前三季度全国全社会用电量，这一数字创下历史新高。其中，一、二、三季度全社会用电量同比分别增长 2.5%、4.9%和6.1%，同比增速逐季回升。 而就在刚刚过去的三季度，多地出现罕见的历史性高温。其中7月和8月，连续两个月全国用电量都突破万亿千万时，相当 于东盟国家全年的用电量，带动三季度全国全社会用电量达到2.9万亿千瓦时。 用电量数据是经济社会运行的"晴雨表""风向标"。近日正式对外公布的前三季度用电量等电力数据显示，经济持续保持平 稳运行，能源供应平稳有力。 用电量创新高的背后，我国能源保供能力的强大韧性进一步彰显。 从能源生产看，今年以来，我国煤、油、气、电等主要能源产品生产都保持增长，与此同时，清洁能源发电量也快速增 长，前三季度，水电、风电、太阳能发电等清洁能源发电占比达到35.3%，比上年同期提高1.9个百分点。 而记者梳理也发现，用电量创新高，更反映出我国经济活力不断增强。第三季度，第二产业用电量比上半年用电量提高2.7 个百分点，第三产业用电量比上半年提高1.2个百分点。在一系列政策拉动下，各行业产能持续释放。 从电力账单看"算力新城"拔节生长 从整体用电量数据上我们感受到了 ...

2025年前三季度，中国GDP同比增长5.2%，其中第二季度增速为5.2%，第一季度为5.4%，在全球经济动荡的背景下表现出韧 性。 这一增长是在全国房地产开发投资下降13.9%、商品房销售面积下降5.5%的情况下实现的。 这种经济增速与房地产下行的背 离现象，引发了市场对中国是否会重演日本上世纪90年代房地产泡沫破裂的担忧。 回顾日本历史，1985年"广场协议"后日元大幅升值，日本央行将贴现率从1986年的2.5%大幅降低，导致大量资金涌入房地 产。 1985年至1991年间，日本六大城市商业地价上涨超过3倍，地价总额增量甚至一度超过国民生产总值。 在杠杆水平方面，日本泡沫时期房地产贷款占银行贷款总额的25%，另有55%的贷款间接与土地相关。 而中国居民购房平均首付比例在34%以上，这意味着房价需要下跌三分之一以上才会使房产成为负资产。 较高的首付比例形 成了风险缓冲，与日本普遍的低首付形成对比。 政策响应也有本质差异。 日本政府在泡沫膨胀期反应迟钝，随后又采取急剧紧缩政策，1989年至1990年将贴现率从2.5%大幅 提高至6%，并开征地价税。 相比之下，中国2024年以来实施"降低首付比例、取消房贷利率 ...

Economic Overview - GDP growth for the first three quarters of 2025 is 5.2%, an increase of 0.4 percentage points compared to the same period in 2024 [2] - In Q3 2025, GDP reached 354,550 billion yuan, growing by 4.8% year-on-year, a decrease of 0.4 percentage points from Q2 2025, but an increase of 0.2 percentage points from Q3 2024 [2][10] - High-tech industries continue to grow rapidly, contributing to the overall economic quality improvement despite external pressures [2][10] Supply Side - Industrial added value in September 2025 increased by 6.5% year-on-year, the highest in three months, driven by improved manufacturing orders and policy effects [3][12] - Manufacturing and high-tech industries show resilience in transitioning towards high-quality development, although global demand uncertainty and low real estate investment pose challenges [3][12] Demand Side - Retail sales of consumer goods in September 2025 grew by 3.0% year-on-year, a decline of 0.4 percentage points from the previous month, indicating weak consumption growth [4][15] - Fixed asset investment from January to September 2025 decreased by 0.5% year-on-year, reflecting policy adjustments and a cautious investment sentiment among enterprises [4][18] - Exports in September 2025 totaled 328.57 billion USD, growing by 8.3% year-on-year, with significant increases in exports to non-U.S. countries, particularly in high-tech products [4][19][21] Price Trends - The Consumer Price Index (CPI) in September 2025 decreased by 0.3% year-on-year, primarily due to falling food prices, while industrial consumer goods prices showed slight increases [7][26] - The Producer Price Index (PPI) fell by 2.3% year-on-year, but the decline was narrower than in previous months, indicating some stabilization in industrial prices [7][31] Monetary and Financial Conditions - New social financing in September 2025 was 35,296 billion yuan, a decrease of 6.2% year-on-year, reflecting weak overall financing demand [8][34] - M1 growth accelerated to 7.2% year-on-year, indicating improved liquidity and increased corporate demand for short-term financing [8][35] - M2 growth slowed to 8.4% year-on-year, suggesting a stable but cautious monetary supply environment [8][44]

105176.98亿元，同比增长4.1%——广东今年前三季度经济数据出炉。 这是经济第一大省前三季度GDP数据首次突破10万亿元大关，这一数据与2019年全年广东GDP总量相当 ——107671.07亿元。 去年前三季度，广东实现地区生产总值99939.18亿元，同比增长3.4%，距离迈上10万亿元台阶仅一步之 遥。 固定资产投资持续下滑，仍是困扰广东经济发展的一大因素。今年前三季度，广东全省固定资产投资同 比下降14.1%。其中，房地产开发投资下降20.6%，新建商品房销售面积下降12.5%，降幅比上年同期、上 年全年分别收窄14.9个、9.3个百分点。 市场销售方面，广东以旧换新相关商品保持较快增速。前三季度，全省社会消费品零售总额同比增长 2.8%。以旧换新相关商品保持较快增速，限额以上单位文化办公用品类、家用电器和音像器材类、通讯 器材类商品零售额分别增长21.0%、31.0%、16.5%。限额以上单位新能源汽车零售额增长3.4%，比上半年 提高0.7个百分点。 广东省统计局表示，总的来看，前三季度，广东经济运行总体保持稳定。但也要看到，当前外部环境更 趋复杂严峻，国内有效需求不足，经济持续回升向好基 ...

党的二十届四中全会刚刚结束，经济第一大省广东经济三季报就新鲜出炉。 10月24日，广东省统计局发布数据显示，前三季度广东实现地区生产总值105176.98亿元，同比增长 4.1%。其中，第一产业增加值3838.50亿元，增长4.5%；第二产业增加值39270.75亿元，增长2.7%；第 三产业增加值62067.73亿元，增长4.9%。 南方财经记者伍素文 广州报道 广东省统计局分析，全省经济顶压前行，运行总体平稳、稳中有进。同时，当前外部环境更趋复杂严 峻，国内有效需求不足，经济持续回升向好基础仍需加力巩固。 从数据来看，广东经济"稳"与"升"的信号都十分明显。 对广东这一经济总量超过10万亿的省份而言，"稳"是经济大省挑大梁的重要基础。对比GDP增速可以看 出，广东前三季度4.1%的GDP增速，与上半年、一季度基本持平，显示出"总体平稳"的基本态势。并 且，这一增速比去年同期相比快了0.7个百分点。 同时，广东经济"升"的迹象也较明显。除工业、服务业等多个核心指标增速加快之外，新动能的不断壮 大，对广东经济高质量发展形成了有力的结构性优化和支撑。 譬如，前三季度广东机器人、无人机、3D打印设备、新能源汽车等 ...

无人值守店的机器人为顾客拿取商品。 王刚 摄 与此同时，该省新兴产业发展步伐持续加快。前三季度，浙江规模以上工业中，高技术制造业、数字经 济核心产业制造业、装备制造业和战略性新兴产业增加值同比分别增长12.4%、11.6%、10.6%和9.6%， 分别拉动规模以上工业增加值增长2.2、2.1、5.3和3.4个百分点。浙江新兴产业投资保持活跃，高技术产 业和数字经济核心产业投资分别增长12.3%、10.0%，增速均明显高于全部投资。 浙江是民营经济大省。浙江省统计局新闻发言人褚英国介绍，前三季度，浙江规模以上工业民营企业增 加值同比增长7.4%，增速高于规模以上工业0.3个百分点，拉动规模以上工业增加值增长5.4个百分点， 增长贡献率达76.2%；民营企业进出口占浙江全省进出口比重达82%，拉动全省进出口增长6.3个百分 点，其中出口增长9.4%，领跑各类型企业，对浙江出口增长的贡献率达96.6%。 中新网杭州10月24日电(鲍梦妮)据浙江省统计局、国家统计局浙江调查总队10月24日消息，前三季度， 浙江全省地区生产总值达68495亿元，按不变价格计算，同比增长5.7%。 分产业看，该省实现第一产业增加值173 ...

Core Viewpoints - The main contradiction in the current macroeconomic environment is insufficient domestic demand, particularly in consumer spending, highlighting the strategic importance of enhancing consumption [2][9] - It is recommended to maintain the actual GDP growth rate above the potential growth rate of 5.2% for 2025 and set the 2026 GDP growth target around 5% to signal stability [2][37] - A gradual approach to price level control is suggested, aiming for a three-step process to achieve a core CPI growth target of 2% over two to three years [2][38] Macroeconomic Overview - The GDP growth rate for the first three quarters of 2025 is 5.2%, aligning closely with the potential growth rate, indicating a stable economic operation [6] - Industrial profits have shown positive improvement, with a 0.9% year-on-year increase in profits for large industrial enterprises from January to August 2025 [7] - The service sector has also experienced growth, with a 5.4% year-on-year increase in value added, particularly in modern service industries [8] Current Economic Contradictions - The primary contradiction in the macroeconomy is on the demand side, characterized by insufficient consumer demand, with retail sales growth slowing to 4.5% year-on-year in the first three quarters [9][11] - Investment demand has also declined, with fixed asset investment showing a -0.5% year-on-year growth, a drop of 3.3 percentage points from the first half of the year [9] Macroeconomic Policy Evaluation - The monetary policy index for the first three quarters of 2025 is 44.0, indicating a slight increase in policy strength, with M2 growth at 8.4% by the end of September [12] - The fiscal policy index stands at 57.9, reflecting an increase in fiscal policy strength, with public budget expenditure growing by 3.1% year-on-year [13] - The overall efficiency of stabilization policies is rated at 50.0, showing a positive trend in policy effectiveness [26] Policy Recommendations - It is advised to enhance stabilization policies to address the lack of effective domestic demand, with a focus on both monetary and fiscal measures [38] - Growth policies should prioritize the development of new productive forces, with an emphasis on employment-friendly industrial policies [39] - Structural policies need to optimize investment, industrial, and income distribution structures to better balance total supply and demand [39]

服务业同样稳步恢复，前三季度服务业增加值同比增长5.4%，其中，信息传输、软件和信息技术服务 业以11.2%的增速领跑，现代服务业展现出强劲发展动能。 需求端则展现出结构性的增长亮点。消费市场持续恢复，社会消费品零售总额总体保持增长，同比增速 为4.5%。其中，基本生活类和部分升级类商品销售增势较好，限额以上单位粮油食品类、体育娱乐用 品类、金银珠宝类商品零售额增速均超过10%，体育娱乐用品类商品零售额增速甚至接近20%。 值得关注的是，消费品以旧换新政策持续显效，限额以上单位家用电器和音像器材类、家具类、通讯器 材类、文化办公用品类商品零售额增速均在20%左右。 与此同时，就业物价总体稳定。前三季度全国城镇调查失业率平均值为5.2%，与上半年持平。居民消 费价格指数（CPI）同比微降0.1%，而扣除食品和能源价格后的核心CPI上涨0.6%，其中9月份上涨 1.0%，显示内需回暖迹象。 秋意渐浓，中国经济"三季报"如约而至。国家统计局10月20日发布的数据显示，前三季度国内生产总值 同比增长5.2%，这一看似简单的数字背后，是中国经济在复杂国际环境中的一次稳健航行。 从季度走势看，中国经济呈现出温和回升态势。 ...

Economic Overview - The province's GDP for the first three quarters reached 24,283.9 billion yuan, with a year-on-year growth of 4.3% at constant prices [1] - The primary industry added value was 1,611.5 billion yuan, growing by 4.3%; the secondary industry added value was 8,367.7 billion yuan, growing by 2.1%; and the tertiary industry added value was 14,304.7 billion yuan, growing by 5.4% [1] Industry Performance - The industrial added value for large-scale enterprises increased by 2.2% year-on-year, with high-tech manufacturing growing by 6.1% [1][2] - Among 40 major industrial categories, 24 saw a year-on-year increase in added value, resulting in a growth rate of 60.0% [2] - Notable product growth included transformers, civilian steel ships, synthetic ammonia, and new energy vehicles, all showing double-digit growth [2] Service Sector - The service sector's added value grew by 5.4% year-on-year, with wholesale and retail, and accommodation and catering sectors increasing by 6.0% and 5.4%, respectively [2] - The transportation and postal sectors also showed growth, with cargo turnover increasing by 4.3% and postal business volume growing by 20.9% [2] Consumer Trends - Social retail sales totaled 7,866.0 billion yuan, with a year-on-year growth of 4.1% [3] - Urban retail sales reached 6,835.5 billion yuan, growing by 4.2%, while rural retail sales were 1,030.4 billion yuan, growing by 3.3% [3] - Significant growth in retail sales was observed in home appliances (51.0%), furniture (49.2%), and communication equipment (33.2%) [3] Investment Insights - First industry investment grew by 12.1%, while second industry investment increased by 1.6%, with manufacturing investment rising by 12.0% and high-tech manufacturing investment by 11.7% [3] Fiscal Performance - General public budget revenue reached 2,309.1 billion yuan, growing by 0.7%, while expenditure increased by 3.0% to 4,960.3 billion yuan [4] - Per capita disposable income for residents was 31,441 yuan, with urban residents at 37,493 yuan (4.5% growth) and rural residents at 18,691 yuan (5.1% growth) [4] Price Trends - Consumer prices remained stable, while industrial producer prices declined [5]