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，详见附注7）。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%。 | | 2025年1-9月份固定资产投资（不含农户）主要数据 | | | | --- | ...

Economic Overview - In September, the industrial added value increased by 6.5% year-on-year, with mining growing by 6.4%, manufacturing by 7.3%, and electricity, heat, gas, and water production and supply by 0.6% [2][6] - Among economic types, state-controlled enterprises saw a 6.5% increase, joint-stock enterprises grew by 6.8%, foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 5.8%, and private enterprises grew by 4.6% [2][6] Industry Performance - Out of 41 major industries, 36 reported year-on-year growth in added value in September. Notable growth sectors included coal mining and washing (6.4%), oil and gas extraction (8.9%), and automotive manufacturing (16.0%) [2][6] - High-tech manufacturing experienced a significant increase of 10.3% [6] Product Output - In September, among 623 industrial products, 362 saw a year-on-year increase in output. Steel production reached 124.21 million tons (up 5.1%), cement production was 154.44 million tons (down 8.6%), and automotive production was 3.227 million units (up 13.7%), with new energy vehicles growing by 20.3% to 1.58 million units [3][7] - The total power generation was 826.2 billion kWh, reflecting a 1.5% increase [3][7] Sales and Exports - The sales rate for industrial enterprises above designated size was 96.7%, an increase of 0.6 percentage points year-on-year [4][6] - The export delivery value reached 1,476 billion yuan, showing a nominal growth of 3.8% year-on-year [4][6]

Core Insights - National fixed asset investment (excluding rural households) for January to September 2025 reached 371,535 billion yuan, a year-on-year decrease of 0.5% [1] - Private fixed asset investment saw a year-on-year decline of 3.1% [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 amounted to 134,063 billion yuan, showing a growth of 6.3% [3] - Third industry investment was 230,128 billion yuan, reflecting a year-on-year decline of 4.3% [3] Second Industry Breakdown - Industrial investment in the second industry grew by 6.4% year-on-year [4] - 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% [4] Third Industry and Infrastructure - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the third industry grew by 1.1% year-on-year [4] - Water transportation investment increased by 12.8%, railway transportation investment grew by 4.2%, and water conservancy management investment rose by 3.0% [4] Regional Investment Trends - Eastern region investment decreased by 4.5%, while central and western regions both saw a growth of 1.5% [4] - Northeast region investment declined by 8.4% [4] Investment by Registration Type - Domestic enterprise fixed asset investment fell by 0.6% year-on-year [4] - Investment from Hong Kong, Macau, and Taiwan enterprises decreased by 0.3% [4] - Foreign enterprise fixed asset investment dropped significantly by 12.6% [4]

Core Insights - National Bureau of Statistics data indicates that from January to September 2025, national fixed asset investment (excluding rural households) reached 371,535 billion yuan, showing a year-on-year decline of 0.5%, contrary to the expected growth of 0.1% and previous growth of 0.5% [1][3] Investment by Industry - Investment in the primary industry amounted to 7,344 billion yuan, with a year-on-year increase of 4.6% [3] - Investment in the secondary industry reached 134,063 billion yuan, growing by 6.3% year-on-year, with industrial investment specifically increasing by 6.4% [3] - Within the secondary industry, mining investment grew by 3.7%, manufacturing investment increased by 4.0%, and investment in electricity, heat, gas, and water production and supply surged by 15.3% [3] - The tertiary industry saw an investment of 230,128 billion yuan, which represents a year-on-year decline of 4.3% [3] - Infrastructure investment in the tertiary sector (excluding electricity, heat, gas, and water production and supply) grew by 1.1%, with water transport investment increasing by 12.8%, railway transport investment rising by 4.2%, and water conservancy management investment up by 3.0% [3] Investment by Region - Eastern region investment declined by 4.5% year-on-year, while the central and western regions both experienced a growth of 1.5%. The northeastern region saw a significant decline of 8.4% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 0.6%, while investment from Hong Kong, Macau, and Taiwan enterprises fell by 0.3%. Foreign enterprises experienced a notable decline of 12.6% in fixed asset investment [3]

Core Insights - The overall fixed asset investment in China for the first three quarters of the year reached 371.535 billion yuan, showing a year-on-year decline of 0.5%, primarily influenced by the real estate sector [1] - Excluding real estate development investment, project investment increased by 3.0% year-on-year [1] Group 1: Industrial Investment - Industrial investment grew by 6.4% year-on-year, contributing 2.1 percentage points to total investment growth [1] - Mining investment increased by 3.7%, while manufacturing investment rose by 4.0%, with consumer goods manufacturing up by 6.3% and equipment manufacturing up by 1.6% [1] - Investment in electricity, heat, gas, and water production and supply surged by 15.3%, contributing 1.1 percentage points to total investment growth, with renewable energy investments (solar, wind, nuclear, and hydropower) collectively growing by 13.9% [1] Group 2: Infrastructure Investment - Infrastructure investment saw a year-on-year increase of 1.1%, contributing 0.2 percentage points to total investment growth [1] - Private investment in infrastructure grew by 7.0%, accounting for 20.0% of total infrastructure investment, an increase of 1.1 percentage points from the previous year [1] - Notable growth in private investment was observed in water management (42.4%) and air transport (24.4%) [1] Group 3: Equipment Investment - Equipment purchase investment maintained a growth rate of over 10%, with a year-on-year increase of 14.0%, contributing 2.0 percentage points to total investment growth [2] - This segment accounted for 16.6% of total investment, an increase of 2.2 percentage points compared to the previous year [2] Group 4: High-Tech Service Investment - Investment in high-tech services grew by 6.1% year-on-year, representing 5.3% of total service investment, an increase of 0.5 percentage points from the previous year [3] - Information service investment experienced significant growth of 33.1% [3] Group 5: Agricultural and Related Investment - Investment in the primary industry increased by 4.6% year-on-year, with forestry investment growing by 40.0% and fishery investment by 12.9% [4] - The food processing industry saw a 14.3% increase in investment, while food manufacturing grew by 10.8% [4] - Investment in electricity and heat production and supply rose by 17.9% [4] Future Outlook - The focus will be on implementing new policy financial tools to accelerate project construction and stimulate private investment in new productivity, emerging services, and new infrastructure [4]

Core Insights - The National Bureau of Statistics reported a 6.2% year-on-year growth in industrial added value for the first three quarters of the year [1] Industrial Performance - The mining industry saw a 5.8% year-on-year increase in added value [1] - The manufacturing sector experienced a 6.8% growth [1] - The electricity, heat, gas, and water production and supply industry grew by 2.0% [1] - Equipment manufacturing added value increased by 9.7%, while high-tech manufacturing grew by 9.6%, both exceeding the overall industrial growth by 3.5 and 3.4 percentage points respectively [1] Economic Types - State-controlled enterprises reported a 4.6% year-on-year increase in added value [1] - Joint-stock enterprises grew by 6.7% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a 4.1% increase [1] - Private enterprises experienced a 6.1% growth [1] Product Performance - The production of 3D printing equipment increased by 40.5% year-on-year [1] - Industrial robot production rose by 29.8% [1] - New energy vehicle production grew by 29.7% [1] Monthly Indicators - In September, industrial added value grew by 6.5% year-on-year and 0.64% month-on-month [1] - The manufacturing purchasing managers' index (PMI) was at 49.8, up 0.4 percentage points from the previous month [1] - The business activity expectation index was at 54.1, also up by 0.4 percentage points [1] Profitability - From January to August, the total profit of industrial enterprises above designated size reached 46,930 billion yuan, reflecting a year-on-year growth of 0.9% [1]

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%。 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，详 见附注7）。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%。 ...

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%。 ...

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 - 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]