Core Viewpoint - In October, under the strong leadership of the Central Committee with Xi Jinping at its core, the national economy maintained overall stability and progressed steadily, with improvements in employment, market expectations, and price levels, while promoting the construction of a unified national market and facilitating domestic and international dual circulation [1] Industrial Production - In October, the industrial added value above designated size increased by 4.9% year-on-year and 0.17% month-on-month, with mining, manufacturing, and electricity, heat, gas, and water production and supply sectors growing by 4.5%, 4.9%, and 5.4% respectively [2] - The equipment manufacturing industry saw an 8.0% increase, while high-tech manufacturing grew 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%, and the manufacturing purchasing managers' index was at 49.0% [2] Service Industry - The service production index rose by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services (13.0%), leasing and business services (8.2%), and finance (5.6%) [3] - From January to October, the service production index increased by 5.7%, and the revenue of large-scale service enterprises grew by 7.6% year-on-year [3] Market Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [4] - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail sales at 103,984 billion yuan, a 6.3% increase [4] Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7% [5] - Manufacturing investment grew by 2.7%, while real estate development investment fell by 14.7% [5] Trade and Exports - In October, the total value of goods imports and exports was 37,028 billion yuan, a year-on-year increase of 0.1% [6] - From January to October, the total value of goods imports and exports reached 373,090 billion yuan, up by 3.6% year-on-year [6] Employment - The urban surveyed unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month [7] - The average weekly working hours for employees were 48.4 hours [7] Consumer Prices - In October, the Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing from a decline of 0.3% in the previous month [8] - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with a narrowing decline compared to the previous month [8] Overall Economic Outlook - The national economy showed overall stability in October, with solid progress in transformation and upgrading, and new growth drivers continuing to strengthen [9]

Core Viewpoint - In October, under the strong leadership of the Central Committee with Xi Jinping at its core, the national economy maintained overall stability and progressed steadily, with improvements in employment, market expectations, and price levels, while promoting the construction of a unified national market and facilitating domestic and international dual circulation [1]. Group 1: Industrial Production - In October, the industrial added value above designated size 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%, both outpacing the overall industrial growth by 3.1 and 2.3 percentage points respectively [2]. - The manufacturing purchasing managers' index was recorded at 49.0, indicating a slight contraction in manufacturing activity [2]. Group 2: Service Industry - 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 industry was at 50.2, indicating stable activity levels [3]. - For the first ten months, the service production index grew by 5.7% year-on-year [3]. Group 3: Market Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [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]. - The growth rate of service retail sales accelerated to 5.3% year-on-year in the first ten months [4]. Group 4: Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) totaled 408,914 billion yuan, a year-on-year decrease of 1.7% [5]. - Manufacturing investment increased by 2.7%, while real estate development investment fell by 14.7% [5]. - High-tech industries, such as information services and aerospace manufacturing, saw significant investment growth of 32.7% and 19.7% respectively [5]. Group 5: Trade and Employment - 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]. - The urban surveyed unemployment rate was 5.1% in October, showing a slight decrease from the previous month [7]. - The average working hours for employed persons were recorded at 48.4 hours per week [7]. Group 6: Price Trends - 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 [8]. - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing compared to the previous month [9]. - The core CPI, excluding food and energy, increased by 1.2% year-on-year, reflecting a slight acceleration in inflationary pressures [8].

Core Insights - The 2024 Shanghai Top 100 Foreign Investment Enterprises list was released, with American companies leading in representation [1] - A total of 265 foreign-invested enterprises were included based on revenue, import-export totals, tax contributions, and job creation [1] Group 1: Company Performance - Nine companies made it onto all four lists, 25 companies appeared on three lists, and 58 companies were on two lists [1] - The top 100 foreign enterprises accounted for 31.16% of the total revenue, 44.68% of the total import-export volume, 31.75% of the total tax contributions, and 17.50% of total employment among all foreign-invested enterprises in Shanghai [1] Group 2: Regional and National Distribution - Over half of the listed companies are located in the Pudong New Area, totaling 149, with 128 registered in the China (Shanghai) Pilot Free Trade Zone [1] - There are 87 American companies on the list, an increase of 4 from the previous year, making the U.S. the leading country of origin for these enterprises [1] Group 3: Industry Insights - The top three industries represented in the list are wholesale and retail, manufacturing, and leasing and business services [1] Group 4: Government and Economic Outlook - Shanghai's government officials emphasized the city's commitment to optimizing the investment environment and supporting foreign enterprises [1] - The overall economic fundamentals and high-quality development trends in Shanghai are expected to remain positive [1]

（编辑 楚丽君） 证券日报网讯 11月12日晚间，浙江东日发布公告称，根据证监会行业分类，公司所属"租赁和商务服务 业"，公司在中证指数有限公司查询的最新（数据统计至2025年11月11日）行业静态市盈率为31.29，公 司当前（数据统计至2025年11月11日）的最新市盈率为166.55，远高于行业指数相关指标。敬请广大投 资者注意投资风险，理性决策，审慎投资。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - In October 2025, the national consumer price index (CPI) increased by 0.2% year-on-year, with food prices down 2.9% and non-food prices up 0.9%. The average CPI from January to October decreased by 0.1% compared to the same period last year [4]. - The national producer price index (PPI) for industrial products decreased by 2.1% year-on-year in October 2025, with the decline narrowing by 0.2 percentage points from the previous month, and the month-on-month change turned from flat to an increase of 0.1%. The average PPI from January to October decreased by 2.7% compared to the same period last year, and the purchase price of industrial producers decreased by 3.2% [4]. - China's gold reserves at the end of October 2025 were 74.09 million ounces, an increase of 300,000 ounces from the end of August, showing a continuous increase for 12 months. The scale of foreign exchange reserves at the end of October was US$3.3433 trillion, an increase of US$470 million from the end of September, with a growth rate of 0.14% [4]. - From January to September 2025, the total profit of industrial enterprises above designated size reached 5.3732 trillion yuan, a year-on-year increase of 3.2%. The operating income was 102.08 trillion yuan, a year-on-year increase of 2.4% [5]. - In October 2025, the manufacturing PMI was 49%, a significant decrease of 0.8 percentage points from the previous month, indicating a seasonal decline in the manufacturing prosperity level. The non-manufacturing business activity index was 50.1%, an increase of 0.1 percentage points from the previous month, rising to the expansion range [5]. Summary by Relevant Catalogs National Economic Accounting - The GDP quarterly year-on-year growth rates from Q2 2023 to Q3 2025 were 6.5%, 5%, 5.3%, 5.3%, 4.7%, 4.6%, 5.4%, 5.4%, 5.2%, and 4.8% respectively. Different industries showed varying growth trends during this period [7]. - The contributions of different industries to the GDP growth rate also changed over time. For example, the contribution of the primary industry, secondary industry, and tertiary industry to the constant-price GDP year-on-year growth rate and the pull effect on GDP showed different trends from 2013 to 2025 [13]. Industry - The year-on-year growth rates of added value in different industries showed fluctuations. For example, the coal mining and washing industry, oil and gas extraction industry, and other industries had different growth rates from August 2024 to September 2025 [22]. - The output of major industrial products also showed different trends. For example, the output of crude oil, coal, steel, and other products changed from September 2024 to September 2025 [24]. - In September 2025, China's total social electricity consumption was 888.6 billion kilowatt-hours, a year-on-year increase of 4.5%. The electricity consumption of different industries also showed different growth trends [31]. - From January to September 2025, the total profit of industrial enterprises above designated size reached 5.3732 trillion yuan, a year-on-year increase of 3.2%. Different industries had different profit growth rates, with some industries showing growth and others showing decline [5][35]. - As of the end of September 2025, the finished product inventory of industrial enterprises above designated size was 6.71 trillion yuan, a year-on-year increase of 2.8%. The inventory turnover days were 20.2 days, an increase of 0.2 days compared to the same period last year [5]. Price Index - In October 2025, the CPI increased by 0.2% year-on-year, with food prices having a significant impact on the CPI decline. Different CPI sub-items showed different year-on-year and month-on-month changes [4][49]. - The PPI for industrial products decreased by 2.1% year-on-year in October 2025, with the decline narrowing. Different industries' PPI also showed different trends, with production materials prices generally declining more than living materials prices [56]. - The purchase price of industrial producers also showed different trends, with some categories such as fuel and power showing a decline, while others such as non-ferrous metal materials and wires showing an increase [60].

Core Insights - The economic performance of 15 sub-provincial cities in China varies significantly, with Chengdu and Wuhan showing strong growth in GDP and service sectors [3][6][12] Group 1: Economic Growth and Performance - Chengdu's GDP reached 1.82 trillion yuan in the first three quarters, ranking third among sub-provincial cities, with a year-on-year growth rate of 5.8%, the second highest [3][6] - Wuhan's GDP was 1.55 trillion yuan, ranking fifth, with a year-on-year growth of 5.6%, the fourth highest [3][6] - Shenyang lagged behind with a GDP growth rate of only 2.3%, less than half the national average [3] Group 2: Service Sector Contribution - The rapid growth of the service sector is a key driver for Chengdu and Wuhan, with Chengdu's service sector contributing 70% to its GDP and Wuhan's contributing 65% [6][8] - Both cities achieved service sector growth rates of 6%, surpassing the national average of 5.4% [6][8] - Shenzhen also performed well, with a service sector growth rate of 6.6%, contributing 65% to its GDP [8] Group 3: Industrial Growth in Other Cities - Dalian and Xiamen, part of the third tier of sub-provincial cities, showed significant industrial growth, with Dalian's industrial GDP growing by 8% and Xiamen's by 7% [14][16] - Dalian's GDP for the first nine months was 724.8 billion yuan, while Xiamen's was 641.9 billion yuan [14][16] Group 4: Overall Economic Contribution of Sub-Provincial Cities - The total GDP of the 15 sub-provincial cities reached 19.3 trillion yuan, accounting for 19.06% of the national GDP, marking the highest contribution since the start of the 14th Five-Year Plan [19][20] - The second tier of sub-provincial cities has seen an increase in GDP share from 29.9% in 2019 to 31.6% in 2025 [21][23]

Core Insights - The GDP of Futian District in Shenzhen is expected to exceed 600 billion yuan this year, with a reported GDP of 471.17 billion yuan for the first three quarters, reflecting a year-on-year growth of 9.3% [1][4] - Futian District is the second-largest contributor to Shenzhen's GDP, with a projected GDP of 594.88 billion yuan for 2024, representing a growth of 5.1% compared to the previous year [3] Economic Performance - The rapid growth in Futian's GDP is attributed to the strong performance of its pillar industries, particularly the financial sector, which accounts for over 30% of the district's GDP [4] - The financial industry in Futian is projected to achieve an added value of 220.89 billion yuan in 2024, growing by 6.8%, and has seen a year-on-year increase of 21.4% in the first three quarters of this year [4] - Key indicators in the financial sector, such as securities trading volume and insurance premium income, have increased by 122.6% and 9.7%, respectively [4] Service and Industrial Growth - Futian is also a major hub for the service industry, with the profit-making service sector expected to contribute 116.78 billion yuan in added value in 2024, making up 19.6% of the GDP [4] - The industrial sector has shown positive trends, with a year-on-year increase of 4.6% in industrial added value for the first three quarters, and manufacturing increased by 6.7% [5] - The district's foreign trade has improved, with total import and export volume reaching 696.71 billion yuan, a year-on-year growth of 2.6% [5] Consumer Market - As the leading consumption district in Guangdong, Futian has maintained stable market sales, with retail sales of household appliances and audio-visual equipment increasing by 17.3% and 73.9%, respectively [6] Future Development Plans - Futian District plans to develop "6 innovation valleys, 4 centers, and 4 highlands" as part of its strategic initiatives [8][9] - The district aims to create two trillion-yuan industry clusters in finance and wholesale, along with eight hundred-billion-yuan clusters in various sectors including AI, new energy, and biotechnology [9] - The district's three new engines of growth include the Hong Kong-Shenzhen Innovation Cooperation Zone, the Xiangmi Lake New Financial Center, and the Central Park Vitality Circle [9][10]

Core Insights - As of September 2025, the number of small and medium-sized enterprises (SMEs) in China is projected to reach 63.487 million, indicating stable growth and breakthroughs in high-quality development [1][2] - SMEs play a crucial role in stabilizing economic growth and supporting social development [1] Quantitative Aspects - Among the 63.487 million SMEs, 98.2% are privately owned, and 98.1% are classified as micro-enterprises [1] - In the first nine months, nearly 6 million new SMEs were established [1] - The top five provinces by SME count are Guangdong, Jiangsu, Shandong, Zhejiang, and Henan, aligning with their GDP rankings [1] - The leading industries for SMEs include wholesale and retail, rental and business services, scientific research and technical services, manufacturing, and construction, collectively accounting for 76.5% [1] Qualitative Aspects - A total of 14,600 "little giant" enterprises have been cultivated, with over 140,000 specialized and innovative SMEs and more than 600,000 technology and innovation-driven SMEs [1] - As of September 2025, over 1.78 million SMEs hold patents, and more than 1.23 million have software copyrights [2] - In 2024, "little giant" enterprises are expected to have an average R&D investment accounting for 7% of their revenue, with an average of 22 authorized invention patents, reflecting a 30% year-on-year increase [2]

Economic Performance - Longhua District's GDP reached 236.12 billion, with a year-on-year growth of 6.1%, ranking fourth in the city [1] - The tertiary industry showed remarkable performance, with an added value of 123.53 billion and a growth rate of 7.6% [1] - The secondary industry achieved an added value of 112.56 billion, demonstrating a steady growth of 4.4% [1] Industrial Development - The industrial added value in Longhua District grew by 5.5% year-on-year, with a notable increase in profits of 24.7% for large-scale industrial enterprises [2] - Key sectors such as electrical machinery and equipment manufacturing saw a significant increase in added value by 27.5% [2] - The production of industrial robots, integrated circuits, and 3D printing equipment increased by 26.9%, 33.6%, and 27.6% respectively, highlighting Longhua's advantages in strategic emerging industries [3] Infrastructure Investment - Fixed asset investment in Longhua District grew by 37.5%, with industrial transformation and upgrading investments increasing by 65.2% [4] - Land preparation efforts resulted in 937 hectares being prepared, supporting the development of quality industrial projects [4] Service Sector Growth - The added value of the service sector increased by 7.6%, ranking second in the city, driven by emerging fields like cloud computing and artificial intelligence [5] - The real estate market showed robust growth, with a 46.6% increase in sales area of commercial housing [5] - The retail market experienced a 3.8% year-on-year growth in total retail sales of consumer goods, indicating a recovery in consumer spending [5] Cross-Border E-commerce and New Business Formation - Longhua District saw a significant increase in cross-border e-commerce, with 15 companies obtaining used car export qualifications, leading to a 752.6% increase in used car exports [6] - In the first nine months, 49,800 new business entities were established in the tertiary sector, accounting for 96% of all new registrations [6]

Core Insights - The corporate credit index in China for Q3 2025 is reported at 161.66, indicating a stable and improving credit level overall [1] - The index decreased by 0.63 points from Q2 but is still 0.85 points higher than Q1, reflecting a resilient credit environment despite external pressures [1] - In September, the corporate credit index was 162.29, showing a slight decline of 0.31 points from August, yet the number of companies listed in the operational anomaly directory decreased [1] Regional Analysis - The top five provinces in terms of credit index for Q3 are Anhui, Beijing, Chongqing, Tianjin, and Shaanxi, with most regions showing slight fluctuations [1] - In September, the leading provinces shifted slightly to Anhui, Chongqing, Shaanxi, Beijing, and Zhejiang, with Guangdong showing a significant increase in its index ranking [1] Industry Analysis - The top five industries by credit index in Q3 are leasing and business services, accommodation and catering, manufacturing, information transmission, software and IT services, and culture, sports, and entertainment [2] - Notably, the agriculture, forestry, animal husbandry, and fishery sectors, as well as the mining industry, saw significant increases in their credit indices compared to Q2 [2] - In September, the leading industries were finance, electricity, heat, gas, and water production and supply, education, water conservancy, environment and public facilities management, and manufacturing [2]