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].

Core Insights - In the first ten months of 2025, China's fixed asset investment (excluding rural households) reached 408,914 billion yuan, showing a year-on-year decline of 1.7% on a comparable basis [3][5] - Private fixed asset investment decreased by 4.5% year-on-year [3][5] - In October 2025, fixed asset investment (excluding rural households) fell by 1.62% month-on-month [3] Investment by Industry - Primary industry investment totaled 8,075 billion yuan, with a year-on-year growth of 2.9% [5] - Secondary industry investment reached 148,411 billion yuan, growing by 4.8% [5] - Tertiary industry investment was 252,429 billion yuan, declining by 5.3% [5] - Within the secondary industry, industrial investment increased by 4.9%, with mining investment up by 3.8% and manufacturing investment rising by 2.7% [5] - The electricity, heat, gas, and water production and supply industry saw a significant growth of 12.5% [5] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary sector decreased by 0.1% [5] - Investment in pipeline transportation grew by 13.8%, while water transportation and railway transportation investments increased by 9.4% and 3.0%, respectively [5] - Investment in the eastern region fell by 5.4%, while the central region saw a decline of 0.5%. The western region experienced a slight growth of 0.4%, and the northeastern region faced a significant drop of 11.7% [5] 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 declined by 1.8% [5] - Foreign enterprises' fixed asset investment saw a notable decrease of 12.1% [5]

Core Insights - National fixed asset investment (excluding rural households) for January to October 2025 reached 408914 billion yuan, showing a year-on-year decrease of 1.7% [1][4] - Private fixed asset investment decreased by 4.5% year-on-year [1][4] - In October, fixed asset investment (excluding rural households) fell by 1.62% month-on-month [1] Investment by Industry - First industry investment totaled 8075 billion yuan, with a year-on-year growth of 2.9% [3][4] - Second industry investment reached 148411 billion yuan, growing by 4.8% year-on-year, with industrial investment specifically increasing by 4.9% [3][4] - Third industry investment was 252429 billion yuan, showing a decline of 5.3% year-on-year [3][4] Breakdown of Second Industry - Mining investment grew by 3.8% [3] - Manufacturing investment increased by 2.7% [3] - Investment in electricity, heat, gas, and water production and supply surged by 12.5% [3] Breakdown of Third Industry - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) saw a slight decline of 0.1% [3] - Pipeline transportation investment rose by 13.8% [3] - Water transportation investment increased by 9.4% [3] - Railway transportation investment grew by 3.0% [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 increased by 0.4% [3] - Northeastern region investment saw a significant decline of 11.7% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 1.7% year-on-year [3][4] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 1.8% [3][4] - Foreign enterprises' fixed asset investment dropped by 12.1% [3][4]

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 2025 showed a growth of 6.1% [5] By Economic Type - In October, state-controlled enterprises saw a value added growth of 6.7%, joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 4.0%, while private enterprises grew by 2.1% [2][5] By Industry - Out of 41 major industries, 29 experienced year-on-year growth in value added in October. Notable growths included coal mining and washing at 6.5%, chemical raw materials and products at 7.1%, and automotive manufacturing at 16.8% [2][5] - The beverage and refined tea manufacturing sector saw a decline of 1.9%, while the non-metallic mineral products industry decreased by 3.2% [2] Product Output - Among 623 industrial products, 313 saw a year-on-year increase in output in October. Key outputs included steel at 11,864 million tons (down 0.9%), cement at 14,775 million tons (down 15.8%), and automobiles at 3.279 million units (up 11.2%) [3][5] - New energy vehicles specifically grew by 19.3% to 1.71 million units [3] Sales and Exports - The sales rate for industrial enterprises above designated size was 96.4%, a decrease of 1.0 percentage points year-on-year [4] - The export delivery value for industrial enterprises was 1,324.5 billion yuan, reflecting a nominal decline of 2.1% year-on-year [4]

Core Insights - National fixed asset investment (excluding rural households) from January to October 2025 reached 4,089.14 billion yuan, a year-on-year decrease of 1.7% [1][5] - Private fixed asset investment saw a year-on-year decline of 4.5% [1][5] Investment by Industry - Investment in the primary industry was 80.75 billion yuan, with a year-on-year growth of 2.9% [3][6] - Investment in the secondary industry totaled 1,484.11 billion yuan, growing by 4.8% [3][6] - Investment in the tertiary industry decreased by 5.3%, amounting to 2,524.29 billion yuan [3][6] - Within the secondary industry, industrial investment grew by 4.9%, with mining investment up by 3.8% and manufacturing investment up by 2.7% [3][6] Investment by Region - Eastern region investment fell by 5.4%, while the central region saw a decrease of 0.5% [3] - Western region investment increased by 0.4%, and the northeastern region experienced a significant decline of 11.7% [3] Investment by Ownership Type - Domestic enterprises' fixed asset investment decreased by 1.7% [4][6] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 1.8% [4][6] - Foreign enterprises' fixed asset investment saw a notable decline of 12.1% [4][6] Detailed Investment Data - The overall fixed asset investment (excluding rural households) showed a decline of 1.7% year-on-year [5] - State-owned holding investments grew slightly by 0.1%, while private investments decreased by 4.5% [5][6] - Specific sectors such as equipment purchase saw a significant increase of 13.0%, while construction and installation projects declined by 5.4% [5][6]

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].