Core Points - The industrial added value of large-scale industries in October increased by 4.9% year-on-year, with a month-on-month growth of 0.17%. The cumulative growth from January to October was 6.1% [1][5]. Group 1: Industrial Growth by Sector - In October, the mining industry saw a year-on-year growth of 4.5%, manufacturing grew by 4.9%, and the production and supply of electricity, heat, gas, and water increased by 5.4% [3][5]. - Among the 41 major industries, 29 experienced year-on-year growth in added value. Notable growth was seen in coal mining and washing (6.5%), chemical raw materials and products manufacturing (7.1%), and automobile manufacturing (16.8%) [3][5]. Group 2: Economic Type Analysis - State-owned enterprises reported a year-on-year growth of 6.7%, while joint-stock enterprises grew by 5.2%. Foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 4.0%, and private enterprises saw a growth of 2.1% [3][5]. Group 3: Product Output and Sales - In October, out of 623 industrial products, 313 saw a year-on-year increase in output. Notable increases included ethylene (11.7%) and automobile production (11.2%), with new energy vehicles growing by 19.3% [4][6]. - The product sales rate for large-scale industrial enterprises was 96.4%, a decrease of 1.0 percentage points year-on-year. The export delivery value was 1,324.5 billion yuan, a nominal decrease of 2.1% [5][6].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View of the Report In October 2025, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, various regions and departments implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general tone of making progress while maintaining stability, and the national economy maintained a generally stable and progressive development trend, with stable production and supply, overall stable employment, improved prices, and the cultivation and growth of new driving forces [2]. 3. Summary by Relevant Catalogs Industry - In October, the added value of industrial enterprises above designated size increased by 4.9% year - on - year and 0.17% month - on - month. The added value of the mining industry, manufacturing, and the production and supply of electricity, heat, gas, and water increased by 4.5%, 4.9%, and 5.4% respectively. The added value of the equipment manufacturing and high - tech manufacturing industries increased by 8.0% and 7.2% respectively, faster than the overall industrial enterprises above designated size. The output of 3D printing equipment, new energy vehicles, and industrial robots increased by 30.8%, 19.3%, and 17.9% respectively. From January to October, the added value of industrial enterprises above designated size increased by 6.1% year - on - year [2]. - In October, the manufacturing PMI was 49.0%, and the enterprise production and operation activity expectation index was 52.8%. From January to September, the total profit of industrial enterprises above designated size was 5373.2 billion yuan, a year - on - year increase of 3.2% [2]. Services - In October, the national service industry production index increased by 4.6% year - on - year. The production indexes of information transmission, software and information technology services, leasing and business services, and the financial industry increased by 13.0%, 8.2%, and 5.6% respectively, faster than the service industry production index. From January to October, the national service industry production index increased by 5.7% year - on - year. From January to September, the operating income of service enterprises above designated size increased by 7.6% year - on - year [3]. - In October, the service industry business activity index was 50.2%, and the service industry business activity expectation index was 56.1%. The business activity indexes of industries such as railway transportation, air transportation, postal services, accommodation, and culture, sports, and entertainment were in the high - level prosperity range of 60.0% and above [3]. Consumption - In October, the total retail sales of consumer goods were 4629.1 billion yuan, a year - on - year increase of 2.9% and a month - on - month increase of 0.16%. Retail sales in urban and rural areas increased by 2.7% and 4.1% respectively. Retail sales of goods and catering revenue increased by 2.8% and 3.8% respectively. Retail sales of basic necessities and some upgraded consumer goods grew rapidly. From January to October, the total retail sales of consumer goods were 41216.9 billion yuan, a year - on - year increase of 4.3%. The national online retail sales were 12791.6 billion yuan, a year - on - year increase of 9.6%. The retail sales of physical goods online were 10398.4 billion yuan, a year - on - year increase of 6.3%, accounting for 25.2% of the total retail sales of consumer goods. From January to October, the retail sales of services increased by 5.3% year - on - year, 0.1 percentage points faster than in the first three quarters [4]. Investment - From January to October, the national fixed - asset investment (excluding rural households) was 40891.4 billion yuan, a year - on - year decrease of 1.7%. Excluding real estate development investment, fixed - asset investment increased by 1.7%. Infrastructure investment decreased by 0.1%, manufacturing investment increased by 2.7%, and real estate development investment decreased by 14.7%. The sales area and sales volume of newly built commercial housing decreased by 6.8% and 9.6% respectively. Investment in the primary, secondary, and tertiary industries increased by 2.9%, 4.8%, and decreased by 5.3% respectively. Private investment decreased by 4.5%. Excluding real estate development investment, private investment increased by 0.2%. Investment in information services, aerospace equipment manufacturing, and computer and office equipment manufacturing in high - tech industries increased by 32.7%, 19.7%, and 4.1% respectively. In October, fixed - asset investment (excluding rural households) decreased by 1.62% month - on - month [5]. Import and Export - In October, the total volume of goods imports and exports was 3702.8 billion yuan, a year - on - year increase of 0.1%. Exports were 2171.6 billion yuan, a decrease of 0.8%, and imports were 1531.1 billion yuan, an increase of 1.4%. From January to October, the total volume of goods imports and exports was 37309 billion yuan, a year - on - year increase of 3.6%. Exports were 22114.6 billion yuan, an increase of 6.2%, and imports were 15194.4 billion yuan, remaining flat year - on - year. General trade imports and exports increased by 2.3%, accounting for 63.4% of the total import and export volume. Imports and exports to countries along the Belt and Road increased by 5.9%. Private enterprise imports and exports increased by 7.2%, accounting for 57.0% of the total import and export volume, 1.9 percentage points higher than the previous year. Exports of mechanical and electrical products increased by 8.7%, accounting for 60.7% of the total export volume [6]. Prices - In October, the national consumer price index (CPI) increased by 0.2% year - on - year and 0.2% month - on - month. Food and tobacco prices decreased by 1.6%, while clothing, housing, daily necessities and services, education, culture and entertainment, medical care, and other supplies and services prices increased. The core CPI excluding food and energy prices increased by 1.2% year - on - year, 0.2 percentage points higher than the previous month. From January to October, the national CPI decreased by 0.1% year - on - year. The national producer price index for industrial products (PPI) decreased by 2.1% year - on - year, with the decline narrowing by 0.2 percentage points, and increased by 0.1% month - on - month. The purchase price index for industrial producers decreased by 2.7% year - on - year, with the decline narrowing by 0.4 percentage points, and increased by 0.1% month - on - month. From January to October, the national PPI and the purchase price index for industrial producers decreased by 2.7% and 3.2% respectively [7]. Employment - From January to October, the average urban surveyed unemployment rate nationwide was 5.2%. In October, the urban surveyed unemployment rate was 5.1%, 0.1 percentage points lower than the previous month. The surveyed unemployment rate of local household registration labor force was 5.3%, and that of migrant labor force was 4.7%, among which the surveyed unemployment rate of migrant agricultural household registration labor force was 4.5%. The surveyed unemployment rate in 31 large - scale cities was 5.1%, 0.1 percentage points lower than the previous month. The average weekly working hours of enterprise employees nationwide were 48.4 hours [8].

Group 1: Industrial Growth - In October, the industrial added value of large-scale enterprises in China increased by 4.9% year-on-year and 0.17% month-on-month [2] - By sector, mining industry added value grew by 4.5%, manufacturing by 4.9%, and electricity, heat, gas, and water production and supply by 5.4% [2] - Equipment manufacturing added value rose by 8.0%, and high-tech manufacturing increased by 7.2%, outpacing the overall industrial growth by 3.1 and 2.3 percentage points respectively [2] - From January to October, the industrial added value increased by 6.1% year-on-year [2] Group 2: Economic Types and Product Performance - State-owned enterprises saw a 6.7% year-on-year increase in added value, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2] - Notable product performance included 3D printing equipment, which grew by 30.8%, new energy vehicles by 19.3%, and industrial robots by 17.9% [2] Group 3: Service Sector Growth - The service sector also experienced stable growth, with the service production index increasing by 4.6% year-on-year in October [3] - Key sectors within services included information transmission, software, and IT services, which grew by 13.0%, leasing and business services by 8.2%, and financial services by 5.6%, all exceeding the overall service production index growth [3] - From January to October, the service production index increased by 5.7% year-on-year [4]

Core Insights - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year, a decline of 1.6 percentage points compared to September. For the period from January to October, the industrial added value grew by 6.1% [1] - The manufacturing Purchasing Managers' Index (PMI) for October was 49.0%, down 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [1] - Among the three major sectors, mining added value grew by 4.5%, manufacturing by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4% in October [1] Economic Type Analysis - In October, state-owned enterprises saw a 6.7% year-on-year increase in added value, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2] High-tech Manufacturing Insights - High-tech manufacturing added value increased by 7.2% year-on-year in October, surpassing the overall industrial added value growth by 2.3 percentage points. Cumulatively, from January to October, high-tech manufacturing added value rose by 9.3% [3] Industry Performance - Out of 41 major industries, 29 reported year-on-year growth in added value in October. Notable growth was seen in the automotive manufacturing sector at 16.8%, transportation equipment manufacturing at 15.2%, electrical machinery and equipment manufacturing at 4.9%, and computer, communication, and other electronic equipment manufacturing at 8.9% [5] - The decline in industrial production momentum in October is attributed to the fading impact of short-term factors from September and a decrease in export growth, which is expected to affect industrial production [5] Policy and Economic Outlook - The National Development and Reform Commission announced that 500 billion yuan in new policy financial tools have been fully allocated, supporting 2,300 projects with a total investment of approximately 7 trillion yuan. Additionally, 500 billion yuan in special bonds have been allocated to support local investment projects [6] - Analysts predict a potential slight rebound in exports in November, supported by fiscal policies aimed at stabilizing growth, which may bolster industrial production [6] - The economic growth momentum is expected to shift from manufacturing to services, marking a significant change from the previous year [6] - Despite supportive policies, challenges remain with a persistent imbalance between strong supply and weak demand, alongside pressures from slowing exports and rising base effects [6][7]

Economic Overview - In October, the value added of the mining industry increased by 4.5%, manufacturing by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4% [2] - The value added of state-controlled enterprises grew by 6.7%, joint-stock enterprises by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2] Industry Performance - Out of 41 major industries, 29 experienced year-on-year growth in value added in October. Notable growth was seen in coal mining and washing (6.5%), chemical raw materials and products manufacturing (7.1%), and automotive manufacturing (16.8%) [2] - The manufacturing of automobiles and railway, shipbuilding, aerospace, and other transportation equipment saw significant increases of 16.8% and 15.2%, respectively [2] Product Output - Among 623 industrial products, 313 saw a year-on-year increase in output. Notable increases included ethylene (11.7%), automobiles (11.2%), and electricity generation (7.9%) [3] - The production of cement and steel, however, declined by 15.8% and 0.9%, respectively [3][6] Sales and Exports - The sales rate of industrial products was 96.4%, a decrease of 1.0 percentage points year-on-year [4] - The export delivery value of industrial enterprises was 1,324.5 billion yuan, a nominal decrease of 2.1% year-on-year [4][6]

Core Insights - National fixed asset investment (excluding rural households) reached 4,089.14 billion yuan from January to October 2025, showing a year-on-year decline of 1.7% [1] - Private fixed asset investment decreased by 4.5% year-on-year [1] Investment by Industry - Investment in the primary industry was 80.75 billion yuan, with a year-on-year growth of 2.9% [3] - Investment in the secondary industry totaled 1,484.11 billion yuan, growing by 4.8% [3] - Investment in the tertiary industry was 2,524.29 billion yuan, declining by 5.3% [3] - Within the secondary industry, industrial investment increased by 4.9%, with mining investment up by 3.8%, manufacturing investment up by 2.7%, and investment in electricity, heat, gas, and water production and supply up by 12.5% [3] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) saw a slight decline of 0.1% [3] Regional Investment Trends - Eastern region investment decreased by 5.4% year-on-year [3] - Central region investment fell by 0.5% [3] - Western region investment grew by 0.4% [3] - Northeastern region investment declined significantly by 11.7% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 1.7% year-on-year [4] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 1.8% [4] - Foreign enterprises' fixed asset investment saw a notable decline of 12.1% [4]

Core Insights - National fixed asset investment (excluding rural households) in China for January to October 2025 reached 408.914 billion yuan, representing a year-on-year decline of 1.7% [1] - Private fixed asset investment saw a year-on-year decrease of 4.5% [1] - In October, fixed asset investment (excluding rural households) decreased by 1.62% month-on-month [1] Investment by Industry - First industry investment totaled 80.75 billion yuan, with a year-on-year growth of 2.9% [3] - Second industry investment reached 1,484.11 billion yuan, growing by 4.8% year-on-year, with industrial investment specifically increasing by 4.9% [3] - Within the second industry, mining investment grew by 3.8%, manufacturing investment increased by 2.7%, and investment in electricity, heat, gas, and water production and supply surged by 12.5% [3] - Third industry investment amounted to 2,524.29 billion yuan, showing a year-on-year decline of 5.3% [3] - Infrastructure investment in the third industry (excluding electricity, heat, gas, and water production and supply) saw a slight decrease of 0.1% [3] - Notable growth in infrastructure investment included pipeline transportation (up 13.8%), water transportation (up 9.4%), and railway transportation (up 3.0%) [3] Investment by Region - Eastern region investment declined by 5.4% year-on-year [3] - Central region investment decreased by 0.5% [3] - Western region investment experienced a slight increase of 0.4% [3] - Northeastern region investment fell significantly by 11.7% [3] Investment by Registration Type - Domestic enterprise fixed asset investment decreased by 1.7% year-on-year [3] - Investment from Hong Kong, Macau, and Taiwan enterprises declined by 1.8% [3] - Foreign enterprise fixed asset investment saw a notable drop of 12.1% [3]

Core Insights - In October 2025, China's fixed asset investment (excluding rural households) reached 408.914 billion yuan, showing a year-on-year decline of 1.7% [1][6] - Private fixed asset investment decreased by 4.5% year-on-year [1][6] Investment by Industry - Investment in the primary industry was 80.75 billion yuan, with a year-on-year growth of 2.9% [3] - The secondary industry saw an investment of 1,484.11 billion yuan, growing by 4.8% [3] - The tertiary industry experienced a decline in investment of 5.3%, totaling 2,524.29 billion yuan [3] Secondary Industry Breakdown - Industrial investment in the secondary industry grew by 4.9% year-on-year [4] - Mining investment increased by 3.8%, while manufacturing investment rose by 2.7% [4] - Investment in the electricity, heat, gas, and water production and supply industry surged by 12.5% [4] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) saw a slight decline of 0.1% [4] - Investment in pipeline transportation grew by 13.8%, while water transportation and railway transportation investments increased by 9.4% and 3.0%, respectively [4] - Investment in the eastern region fell by 5.4%, while the central region saw a decrease of 0.5%. The western region experienced a slight growth of 0.4%, and the northeastern region faced a significant decline of 11.7% [4] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 1.7% year-on-year [5] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 1.8% [5] - Foreign enterprises' fixed asset investment saw a notable decline of 12.1% [5]

Economic Overview - In October, the value added of the mining industry increased by 4.5%, manufacturing by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4% [2] - The overall industrial value added for the first ten months of the year grew by 6.1% [6] By Economic Type - State-controlled enterprises saw a value added increase of 6.7%, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2][6] By Industry - Out of 41 major industries, 29 experienced year-on-year growth in value added in October. Notable growth was seen in coal mining and washing (6.5%), chemical raw materials and products manufacturing (7.1%), and automotive manufacturing (16.8%) [2][6] - The beverage and refined tea manufacturing sector declined by 1.9%, while textile manufacturing grew by 0.2% [2] Product Output - Among 623 industrial products, 313 saw a year-on-year increase in output. Key products included ethylene (314,000 tons, up 11.7%) and automobiles (3.279 million units, up 11.2%), with new energy vehicles growing by 19.3% [3][7] - Cement production fell by 15.8% to 14.775 million tons, and steel production decreased by 0.9% to 11.864 million tons [3][7] Sales and Exports - The sales rate for industrial enterprises was 96.4%, a decrease of 1.0 percentage points year-on-year. The export delivery value was 1.3245 trillion yuan, a nominal decrease of 2.1% [4][6]

Core Viewpoint - The overall economic operation in October remains stable, with improvements in employment, consumer prices, and industrial production, while challenges persist in external environments and structural adjustments [1][10]. Group 1: Industrial Production - In October, the industrial added value for large-scale enterprises increased by 4.9% year-on-year and 0.17% month-on-month [2]. - The equipment manufacturing industry saw an 8.0% year-on-year increase, while high-tech manufacturing grew by 7.2%, outperforming the overall industrial growth by 3.1 and 2.3 percentage points respectively [2]. - The manufacturing purchasing manager index stood at 49.0, indicating a slight contraction in manufacturing activity [2]. Group 2: Service Sector - The service production index increased by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services at 13.0% [3]. - The business activity index for the service sector was recorded at 50.2, indicating stable conditions [3]. Group 3: Market Sales - The total retail sales of consumer goods reached 46,291 billion yuan in October, marking a 2.9% year-on-year increase [4]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods accounting for 25.2% of total retail sales [4]. Group 4: Fixed Asset Investment - Fixed asset investment (excluding rural households) totaled 408,914 billion yuan from January to October, showing a year-on-year decline of 1.7% [5]. - Manufacturing investment increased by 2.7%, while real estate development investment fell by 14.7% [5]. Group 5: Trade and Exports - In October, the total value of goods imports and exports was 37,028 billion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [6][7]. - From January to October, general trade grew by 2.3%, accounting for 63.4% of total trade [7]. Group 6: Employment and Prices - The urban survey unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9].