| | | 10月21日，交运股份大宗交易成交160万股，成交额1124.8万元，占当日总成交额的1.91%，成交价7.03元，较市场收盘价7.03元持平。 ...

报告还说，事故发生时两节车厢分别载有27人和33人，均未超载。事故发生在缆车开始行驶约20秒后， 撞击时车厢速度估计为每小时41至49公里。 该机构表示，后续检测将进一步确定钢缆断裂原因。 责编：李磊、姚凯红 新华社里斯本10月20日电（记者荀伟）葡萄牙航空和铁路事故预防与调查办公室20日发布里斯本缆车事 故初步调查报告。报告指出，连接两节车厢的钢缆不符合运营公司技术规格，也未获得用于载客设备的 安全认证。 9月3日下午6时左右，里斯本市中心一著名景点的有轨升降缆车发生脱轨撞击事故，造成16人死亡，20 人受伤。事发时一根钢缆在涉事缆车1号车厢顶部断裂，被损毁的车厢高速下滑并脱轨撞击沿途建筑， 尽管操作员启动了气动和手动制动，但由于设计原因，一旦钢缆断裂，制动系统无法阻止车厢滑行。这 根断裂的钢缆安装还不到一年，仍在规定的使用寿命之内。 调查报告说，该钢缆规格不适用于缆车的连接系统。初步分析显示，断裂为长期逐渐形成。调查还发 现，缆车运营公司在采购、验收和质量控制环节存在多重失误，导致使用了不合规钢缆。 ...

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] Investment by Industry - First industry investment totaled 7,344 billion yuan, with a year-on-year growth of 4.6% [3] - Second industry investment was 134,063 billion yuan, growing by 6.3% year-on-year, with industrial investment specifically increasing by 6.4% [3] - Within the second industry, mining investment grew by 3.7%, manufacturing investment by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [3] - Third industry investment reached 230,128 billion yuan, declining by 4.3% year-on-year, with infrastructure investment (excluding electricity, heat, gas, and water production and supply) increasing by 1.1% [3] Regional Investment Trends - Eastern region investment fell by 4.5% year-on-year, while central and western regions both saw a growth of 1.5% [3] - Northeast region investment decreased by 8.4% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment declined by 0.6% year-on-year, while investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3% [3] - Foreign enterprises' fixed asset investment saw a significant drop of 12.6% [3]

Core Viewpoint - The national economy of China has shown overall stability in the first three quarters, with a solid advancement in high-quality development under the strong leadership of the central government [1] Economic Performance - In the first three quarters, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [2] - The primary industry added value was 580.61 billion yuan, growing by 3.8%, contributing 4.7% to economic growth [2] - The secondary industry added value was 3,640.20 billion yuan, with a growth of 4.9%, contributing 34.6% to economic growth [2] - The tertiary industry added value was 5,929.55 billion yuan, growing by 5.4%, contributing 60.7% to economic growth [2] - In the third quarter, GDP was 354.50 billion yuan, with a year-on-year growth of 4.8% [3] Production and Supply - All sectors showed stable growth, with agriculture increasing by 4.0%, contributing 0.3 percentage points to economic growth [3] - Industrial production grew by 6.1%, contributing 1.8 percentage points to economic growth [3] - The service sector showed steady improvement, with significant contributions from information transmission, software, and IT services, which grew by 11.2% [3] Domestic Demand and Trade - Final consumption expenditure contributed 53.5% to economic growth, adding 2.8 percentage points to GDP [4] - Capital formation contributed 17.5% to economic growth, adding 0.9 percentage points to GDP [5] - Net exports contributed 29.0% to economic growth, adding 1.5 percentage points to GDP [5] Market Dynamics and New Growth Drivers - The digital economy has shown significant support, with revenue from the information transmission, software, and IT services sector growing by 12.1% from January to August [6] - The manufacturing sector is undergoing rapid transformation, with equipment manufacturing and high-tech manufacturing growing by 9.7% and 9.6% respectively [6] - Investment in high-tech services grew by 6.1%, surpassing the overall fixed asset investment growth rate [6]

Core Points - The preliminary GDP results for the third quarter of 2025 indicate a GDP of 354,500 billion with a year-on-year growth of 4.8% and a growth of 5.2% for the first three quarters [8][5][4] - The primary industry grew by 4.0%, the secondary industry by 4.2%, and the tertiary industry by 5.4% in the third quarter [8][5] - The manufacturing sector showed a robust growth of 6.3%, while the construction industry faced a decline of 2.3% [8][5] GDP Growth Rates - Year-on-year growth rates for GDP from 2020 to 2025 show fluctuations, with 2025 projected to have a growth of 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3 [5][4] - The quarterly growth rates indicate a consistent recovery post-pandemic, with 2023 showing a growth of 4.7% in Q1 and 6.5% in Q2 [5][4] Industry Performance - The agricultural sector (including forestry, animal husbandry, and fishery) reported a growth of 4.1% in Q3 2025 [8] - The industrial sector, particularly manufacturing, continues to be a strong contributor to GDP, with a growth rate of 6.3% [8] - The financial sector also showed positive growth at 5.2%, while the real estate sector faced challenges with a slight decline of 0.2% [8] Data Sources and Methodology - The GDP data is calculated using the production method, which reflects the value added by various industries [12][11] - The classification of industries follows the national standards set by the National Bureau of Statistics, ensuring consistency in reporting [22][23] - The GDP figures are subject to revisions as more comprehensive data becomes available, ensuring accuracy in reflecting economic conditions [33][34]

Economic Overview - The national economy is operating smoothly with high-quality development being steadily advanced under the strong leadership of the central government [1] - In the first three quarters, China's GDP reached 10,150.36 billion yuan, growing by 5.2% year-on-year [2] - The GDP for the third quarter was 3,545 billion yuan, with a year-on-year growth of 4.8% [3] Production and Supply - All sectors showed stable growth, with agriculture, industry, and services contributing positively to economic growth [4] - Agricultural production increased by 4.0%, contributing 0.3 percentage points to economic growth [4] - Industrial production grew by 6.1%, contributing 1.8 percentage points to economic growth [4] - The service sector's value added increased by 5.4%, contributing 3.1 percentage points to GDP growth [23] Domestic Demand and Trade - Final consumption expenditure contributed 53.5% to economic growth, adding 2.8 percentage points to GDP [5] - Capital formation contributed 17.5% to economic growth, adding 0.9 percentage points to GDP [6] - Net exports contributed 29.0% to economic growth, adding 1.5 percentage points to GDP [6] Market Dynamics and New Growth Drivers - The digital economy showed significant support, with revenue from information transmission and software services growing by 12.1% [7] - The manufacturing sector is undergoing transformation, with high-tech manufacturing increasing by 9.6% [7] - Investment in high-tech services grew by 6.1%, indicating a shift towards new growth drivers [30] Agricultural Sector - The agricultural economy is showing a stable and positive trend, with autumn grain production expected to be stable [8] - Livestock production is also stable, with pork production increasing by 3.0% [10] Industrial Development - Industrial production increased by 6.2% in the first three quarters, with 37 out of 41 major industrial sectors showing growth [14] - The export value of industrial products grew by 3.3%, indicating resilience in the industrial sector [14] Energy Sector - Energy production is steadily increasing, with coal production at 3.57 billion tons, up 2.0% year-on-year [18] - The share of non-fossil energy consumption is steadily rising, with a 1.7 percentage point increase compared to the previous year [21] Service Sector Growth - The service sector's value added reached 592,955 million yuan, growing by 5.4% [23] - The modern service industry is thriving, with significant growth in information technology and business services [24] Investment Trends - Fixed asset investment reached 371,535 billion yuan, a slight decline of 0.5% year-on-year, primarily due to real estate investment [26] - Industrial investment grew by 6.4%, contributing positively to overall investment growth [27] Consumer Market Expansion - Retail sales of consumer goods reached 365,877 billion yuan, growing by 4.5% year-on-year [33] - Online retail sales increased by 9.8%, indicating a shift towards digital consumption [36] Employment Stability - The urban unemployment rate averaged 5.2%, with major cities showing slightly lower rates [38] - Employment in key sectors such as transportation and hospitality has increased, reflecting a stable job market [39] Resident Income and Consumption - Per capita disposable income reached 32,509 yuan, growing by 5.1% year-on-year [41] - Per capita consumption expenditure was 21,575 yuan, with significant growth in categories like household goods and services [43]

Economic Overview - The preliminary data for the first three quarters indicates that the GDP reached 10,150.36 billion yuan, reflecting a year-on-year growth of 5.2% at constant prices, showcasing a stable and progressive economic operation with positive outcomes in high-quality development [1] Agriculture Sector - The agricultural production situation is favorable, with the value added in agriculture (planting) increasing by 3.6% year-on-year. The summer grain and early rice output increased by 190,000 tons compared to the previous year, and the overall autumn grain production remains stable, indicating a potential for another bumper harvest for the year [1] Industrial Sector - The industrial production has shown rapid growth, with the value added of large-scale industrial enterprises increasing by 6.2% year-on-year in the first three quarters. Specifically, the value added in equipment manufacturing and high-tech manufacturing grew by 9.7% and 9.6% respectively [1] Service Sector - The service industry has experienced steady growth, with a year-on-year increase of 5.4% in value added. Notably, the information transmission, software, and IT services sector saw an increase of 11.2%, while leasing and business services, as well as transportation, warehousing, and postal services, grew by 9.2% and 5.8% respectively [1] Consumer Spending and Investment - The total retail sales of consumer goods reached 3,658.77 billion yuan, marking a year-on-year growth of 4.5%. Additionally, manufacturing investment increased by 4.0% year-on-year [1] Income Growth - The per capita disposable income for residents reached 32,509 yuan, reflecting a nominal year-on-year growth of 5.1%, and a real growth of 5.2% after adjusting for price factors [2]

Economic Overview - The preliminary data for the first three quarters indicates that the GDP reached 10,150.36 billion yuan, reflecting a year-on-year growth of 5.2% at constant prices, demonstrating a stable and progressive economic operation with positive outcomes in high-quality development [1] Agriculture Sector - The agricultural production situation is favorable, with the value added in agriculture (planting) increasing by 3.6% year-on-year. The summer grain and early rice production increased by 190,000 tons compared to the previous year, and the overall autumn grain production remains stable, suggesting a potential for another bumper harvest for the year [1] Industrial Sector - The industrial production has shown rapid growth, with the value added of large-scale industrial enterprises increasing by 6.2% year-on-year in the first three quarters. Specifically, the value added in equipment manufacturing and high-tech manufacturing grew by 9.7% and 9.6% respectively [1] Service Sector - The service industry has experienced steady growth, with the value added increasing by 5.4% year-on-year. Notably, the information transmission, software, and IT services sector saw an increase of 11.2%, while leasing and business services, as well as transportation, warehousing, and postal services, grew by 9.2% and 5.8% respectively [1] Consumer Spending and Investment - The total retail sales of consumer goods reached 3,658.77 billion yuan, marking a year-on-year growth of 4.5%. Additionally, manufacturing investment increased by 4.0% year-on-year [1] Income Growth - The per capita disposable income of residents reached 32,509 yuan, reflecting a nominal year-on-year growth of 5.1%, and a real growth of 5.2% after adjusting for price factors [2]

Core Insights - The A-share market opened high and maintained a high-level fluctuation, with a slight increase in trading volume. The communication sector led the gains, while technology sectors such as batteries, robotics, and circuit boards experienced a general rebound [6][10]. Market Performance - The Shanghai Composite Index rose by 0.63%, the Shenzhen Component Index increased by 0.98%, the ChiNext Index surged by 1.98%, the SSE 50 Index gained 0.24%, the CSI 300 Index rose by 0.53%, the STAR 50 Index increased by 0.35%, and the CSI 1000 Index rose by 0.75%. The total market turnover was 1.75 trillion yuan, with 4,064 stocks rising [10][10]. Sector Performance - On October 20, 2025, within the primary sectors of A-shares, the telecommunications sector led with a gain of 3.15%, followed by coal (+2.96%), power and new energy equipment (+1.53%), and transportation (+1.40%). Conversely, sectors such as metal materials and mining (-0.99%), agricultural products (-0.87%), and banking (-0.13%) saw declines. Notably, concepts like cultivated diamonds (+13.43%), superhard materials (+9.59%), optical modules (+5.07%), and lithium battery electrolytes (+4.75%) led the gains, while gold jewelry, rare earths, nickel ore, and feed concepts declined [10][10]. Market Drivers - The market's upward movement was attributed to a temporary alleviation of overseas uncertainties, with a rebound in hard technology sectors. Notable gains were seen in computing hardware stocks such as optical modules and optical communications. A leading humanoid robot company secured a significant order exceeding 100 million yuan, boosting the robotics sector. Additionally, coal entered its seasonal peak, attracting capital inflows into defensive sectors like coal and natural gas. The emergence of the world's largest cultivated diamond in Henan also spurred a surge in related stocks [10][10]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, particularly for October, anticipating favorable policies following the 20th Central Committee's Fourth Plenary Session. The report supports the views outlined in previous strategies, emphasizing that the key macroeconomic theme for 2025 is "the liquidity of monetary policy." It expects a gradual recovery in the fundamentals, predicting a bullish market trend, drawing parallels with bull markets in 1999, 2014, and 2019 [10][10]. Investment Strategy - The report suggests focusing on the technology sector and value-oriented sectors that are gradually recovering. Specific areas of interest include: 1. Technology growth sectors, particularly "double innovation" and the Hang Seng Technology Index, with attention to lithium batteries, military industry, and Hong Kong internet stocks. 2. Value sectors, particularly those with consecutive increases in revenue growth and gross margins over the past two quarters, including fiberglass, cement, paper, fine chemicals, oil services, and medical services. 3. In the medium to long term, attention should be given to the non-bank sector within a slow bull market context [10][10].

Core Viewpoint - The Hong Kong dividend sector showed strong performance with major indices rising, indicating a favorable environment for dividend assets amidst market volatility and uncertainty [1] Market Performance - The Hang Seng High Dividend Low Volatility Index increased by 1.3% - The CSI Dividend Value Index rose by 0.9% - The CSI Dividend Index saw a 0.7% increase - The CSI Dividend Low Volatility Index experienced a slight rise of 0.1% [1] Investment Outlook - According to Guotai Junan Securities, dividend assets are expected to outperform in terms of relative returns due to recent market fluctuations [1] - Hong Kong dividend assets are noted to have a superior dividend yield compared to A-shares, making them attractive for investment [1] - There is an anticipated increase in demand for dividend assets from insurance funds in the fourth quarter, supported by a backdrop of easing overseas liquidity [1]