新华财经北京11月14日电（记者安娜）加快培育新动能，促进经济结构优化升级，有利于促进经济发 展。今年以来，我国在新动能成长和经济结构调整方面有哪些成效？国家统计局新闻发言人付凌晖14日 在国新办发布会上介绍了三方面相关积极变化。 一是市场需求焕新提升，新需求不断扩大。 从消费看，随着科技进步和消费理念转变，消费新业态、新模式、新场景不断拓展，数字、绿色、智能 产品消费快速壮大，服务消费稳步扩大。1至10月份，实物商品网上零售额占整个社会消费品零售总额 的比重达到25.2%，比1至9月份提高0.2个百分点。高能效等级家电、新能源汽车零售额均保持较快增 长。智能家电、智能家居等产品需求不断扩大，文体休闲服务类、旅游咨询租赁服务类零售额均保持两 位数增长。 从投资看，聚焦关键领域和薄弱环节扩大有效投资，高技术领域投资较快增长，新能源、新材料、人工 智能等领域投资不断扩大，投资质效不断提升。1至10月份，航空、航天器及设备制造业投资同比增长 19.7%，信息服务业投资增长32.7%。 （文章来源：新华财经） 三是新兴产业发展壮大，引领支撑作用日益增强。 数字经济快速发展，绿色低碳转型持续深入，人工智能赋能产业发展， ...

Economic Growth - Shenzhen's GDP for the first three quarters of 2025 reached 27,896.44 billion yuan, with a year-on-year growth of 5.5% at constant prices [1] - The primary industry added value was 17.45 billion yuan (0.0% growth), the secondary industry was 9,946.06 billion yuan (3.5% growth), and the tertiary industry was 17,932.93 billion yuan (6.6% growth) [1] Industrial Performance - The industrial added value above designated size in Shenzhen grew by 5.0% year-on-year, accelerating by 0.7 percentage points compared to the first half of the year [1] - Key sectors such as general equipment manufacturing, instrument manufacturing, and computer, communication, and other electronic equipment manufacturing saw growth rates of 16.6%, 7.5%, and 6.0% respectively [1] - High-tech product output continued to grow rapidly, with civil drones, industrial robots, and 3D printing equipment increasing by 46.9%, 38.2%, and 33.6% respectively [1] Service Sector - The added value of the service industry in Shenzhen was 17,932.93 billion yuan, with a year-on-year growth of 6.6%, which is an acceleration of 0.5 percentage points from the first half of the year [2] - Financial services, information transmission, software, and IT services, as well as leasing and business services grew by 14.5%, 9.7%, and 5.6% respectively [2] Consumer Market - The total retail sales of consumer goods in Shenzhen reached 7,560.81 billion yuan, with a year-on-year growth of 3.6%, slightly up by 0.1 percentage points from the first half of the year [2] - Retail sales of essential goods showed strong growth, with food and daily necessities increasing by 8.4% and 7.5% respectively [2] - The policy of replacing old consumer goods continued to show effects, with retail sales of home appliances and audio-visual equipment, cultural and office supplies, and communication equipment increasing by 41.5%, 28.2%, and 6.1% respectively [2] - Online retail sales grew rapidly, with a 17.8% increase in retail sales through the internet [2] Foreign Trade - Shenzhen's total import and export volume reached 33,643.29 billion yuan, with a year-on-year growth of 0.1% [2] - Exports were 20,382.04 billion yuan (down 4.7%), while imports were 13,261.25 billion yuan (up 8.4%) [2] - High-tech product exports increased by 9.7% [2] Investment Trends - Fixed asset investment in Shenzhen decreased by 17.4% year-on-year [3] - Real estate development investment fell by 24.8%, while infrastructure investment grew by 6.8% and industrial technological transformation investment surged by 42.7% [3] Financial Sector - As of the end of September, the balance of deposits in financial institutions (including foreign capital) in Shenzhen was 143,649.54 billion yuan, with a year-on-year growth of 5.6% [3] - The balance of loans in financial institutions (including foreign capital) was 99,404.44 billion yuan, with a year-on-year growth of 5.0% [3]

Core Insights - Shenzhen's total electricity consumption reached 96.85 billion kWh in the first three quarters of the year, marking a year-on-year increase of 4.39% [1] Group 1: Electricity Consumption Breakdown - The electricity consumption by the secondary and tertiary industries, as well as residential use, were 44.37 billion kWh, 35.42 billion kWh, and 17.01 billion kWh respectively, with year-on-year growth rates of 2.48%, 6.25%, and 5.65% [1] - Industrial electricity consumption in Shenzhen was 42.75 billion kWh, reflecting a year-on-year increase of 3.12%, accounting for 44.1% of total electricity consumption [1] - Within the industrial sector, manufacturing electricity consumption was 34.45 billion kWh, with a year-on-year growth of 2.9% [1] Group 2: Sector-Specific Growth - The automotive manufacturing and computer, communication, and other electronic equipment manufacturing sectors saw significant electricity consumption growth rates of 22.81% and 9.49% respectively [1] - The tertiary sector's electricity consumption growth was notably strong, particularly in the information transmission, software and IT services, wholesale and retail, and leasing and business services industries, which grew by 23.12%, 18.82%, and 9.60% respectively [1] - This growth reflects the increasing electricity demand from data centers, charging services, and large commercial districts in Shenzhen [1]

Core Viewpoint - The article discusses the tax and fee incentives provided by the Chinese government to support the development of the manufacturing industry, highlighting policies related to accelerated depreciation for fixed assets in various sectors [2][12]. Summary by Sections Enjoyment Subjects - Enterprises in all manufacturing sectors, as well as those in information transmission, software, and information technology services, are eligible for the accelerated depreciation policy [2][3]. Enjoyment Content - Six specific industries, including biopharmaceuticals and aerospace, can shorten depreciation periods or adopt accelerated depreciation methods for fixed assets purchased after January 1, 2014 [3]. - Key industries such as light industry, textiles, machinery, and automobiles can also choose to shorten depreciation periods or use accelerated depreciation for fixed assets purchased after January 1, 2015 [3]. - As of January 1, 2019, the scope of industries eligible for accelerated depreciation has been expanded to include all manufacturing sectors [3]. Enjoyment Conditions - The minimum depreciation period for shortened depreciation cannot be less than 60% of the standard depreciation period as per the Corporate Income Tax Law [4][6]. - Enterprises can choose between the double declining balance method or the sum-of-the-years-digits method for accelerated depreciation [4][6]. Enjoyment Time - The incentives have been in effect since January 1, 2014, and will continue to be available [5]. Application Timing - Enterprises must submit monthly, quarterly, and annual corporate income tax prepayment and settlement declarations to enjoy the benefits [7][17]. Required Documentation - Enterprises must retain documentation proving their eligibility, including invoices for fixed asset purchases and records of tax and accounting differences [8][17]. Enjoyment Methods - The application for benefits can be processed through online platforms such as the electronic tax bureau or in-person at tax service halls [9][18]. Policy Basis - The policies are based on several official notifications and regulations issued by the Ministry of Finance and the State Administration of Taxation, including notices from 2014, 2015, and 2019 [12][19].

Economic Overview - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, with a year-on-year growth of 5.5% at constant prices [1] Industrial Production - Industrial added value in Shanghai grew by 5.2% year-on-year, with total industrial output value increasing by 5.7% [2] - Key manufacturing sectors showed significant growth: railway, shipbuilding, aerospace, and other transport equipment increased by 15.9%, electrical machinery and equipment by 14.3%, and computer and communication equipment by 12.1% [2] - The three leading manufacturing sectors (AI, integrated circuits, and biomedicine) saw production value growth of 12.8%, 11.3%, and 3.6% respectively [2] - Strategic emerging industries in manufacturing grew by 7.3%, with new energy industries up by 19.6% [2] Tertiary Sector Growth - The tertiary sector's added value increased by 5.9%, with information transmission, software, and IT services growing by 15.5% [3] - The financial sector's added value reached 6,965.27 billion yuan, marking a 9.8% increase [3] Fixed Asset Investment - Fixed asset investment in Shanghai rose by 6.0%, with industrial investment surging by 20.3% [4] - Urban infrastructure investment grew by 11.7%, while real estate development investment saw a modest increase of 2.2% [4] Consumer Market - Retail sales of consumer goods totaled 12,302.77 billion yuan, reflecting a year-on-year growth of 4.3% [5] - Categories such as sports and entertainment goods, furniture, and home appliances experienced significant retail growth, with increases of 27.7%, 22.1%, and 28.2% respectively [5] Financial Market Activity - Major financial markets in Shanghai saw a transaction volume increase of 12.7%, with the Shanghai Stock Exchange's securities transaction volume up by 38.4% [6] - By the end of September, the balance of deposits in financial institutions reached 23.84 trillion yuan, a year-on-year increase of 8.4% [6] Price Stability and Income Growth - Consumer prices remained stable, with the CPI unchanged year-on-year [7] - The average disposable income for residents reached 69,220 yuan, reflecting a growth of 4.3% [7]

Economic Overview - In the first three quarters, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%, accelerating by 0.2 and 0.4 percentage points compared to the previous year and the same period last year respectively [2][3] - The economic increment amounted to 39,679 billion yuan, with a year-on-year increase of 1,368 billion yuan [3] Sector Contributions - The primary industry added value was 58,061 billion yuan, growing by 3.8%, contributing 4.7% to economic growth [3] - The secondary industry added value was 364,020 billion yuan, with a growth of 4.9%, contributing 34.6% to economic growth [3] - The tertiary industry added value was 592,955 billion yuan, growing by 5.4%, contributing 60.7% to economic growth [3] Manufacturing Sector - The value added of the equipment manufacturing industry grew by 9.7%, accounting for 35.9% of the total industrial output, maintaining above 30% for 31 consecutive months [4] - Key industries such as automotive, electrical machinery, and electronics saw growth rates of 11.2%, 11.1%, and 10.9% respectively, contributing significantly to overall industrial growth [4] Consumer Demand - The total retail sales of consumer goods reached 365,877 billion yuan, with a year-on-year growth of 4.5%, accelerating by 1.2 and 1 percentage point compared to the previous year and the same period last year respectively [5] - Final consumption expenditure contributed 53.5% to economic growth, driving GDP growth by 2.8 percentage points [5] High-tech Manufacturing - The value added of high-tech manufacturing grew by 9.6%, with significant increases in integrated circuit manufacturing (22.4%) and electronic special materials manufacturing (20.5%) [5][6] - Production of industrial robots, 3D printing equipment, and industrial control computers saw substantial growth rates of 29.8%, 40.5%, and 98% respectively [5] Digital Economy - The value added of the digital product manufacturing industry increased by 9.7%, while the information transmission, software, and IT services sector grew by 11.2% [6] - Online retail sales experienced a year-on-year growth of 9.8%, driven by emerging consumption models such as instant retail and live streaming e-commerce [6] Innovation and Future Outlook - The integration of innovation and industry is deepening, with new technologies transitioning from laboratories to production lines, continuously injecting new momentum into high-quality development [7] - The resilience of the Chinese economy is highlighted by the 5.2% growth rate, with high-tech manufacturing and digital economy sectors becoming key drivers for sustainable development [7]

Group 1 - The core viewpoint is that the implementation of the consumption upgrade policy and significant equipment updates have accelerated the procurement of machinery and equipment across various industries in China, with notable growth in high-tech manufacturing and digital transformation sectors [1][3][5] Group 2 - Industrial enterprises have increased their machinery and equipment procurement by 9.4% year-on-year, with high-tech manufacturing showing a robust growth of 14% [1] - The information and technology sectors have seen substantial increases in equipment investment, with procurement amounts rising by 26.8% in information transmission and software services, and 32.5% in scientific research and technical services [3] - The procurement of digital equipment has grown by 18.6%, indicating a strong trend towards digital transformation among enterprises [3] Group 3 - The consumption upgrade policy has had a significant impact, with retail sales in the daily household appliances sector increasing by 48.3% and furniture retail sales by 33.2% year-on-year [5] - Newly included categories such as mobile phones have also experienced a retail sales increase of 19.9% [5] Group 4 - The sales of new energy vehicles have surged, with a year-on-year increase of 30.1% in the first three quarters, reflecting the effectiveness of the automobile consumption upgrade policy [7]

Core Viewpoint - The article discusses the effectiveness of the "Two New" policy, which includes a total issuance of 1.3 trillion yuan in long-term special government bonds to support consumption upgrades and equipment renewal, highlighting significant growth in related industries and consumer spending [3][4]. Group 1: Consumer Spending and Industry Growth - The 300 billion yuan allocated for consumer goods replacement has been fully distributed, with 231 billion yuan utilized in the first three quarters of the year, primarily benefiting the home appliance, furniture, and automotive sectors [3]. - Retail sales in the home appliance sector, such as refrigerators and televisions, saw year-on-year increases of 48.3% and 26.8%, respectively, while furniture and lighting retail sales grew by 33.2% and 17.2% [3]. - The sales of smart home products, particularly service robots like vacuum cleaners, surged by 75%, indicating a strong consumer shift towards advanced technology [3]. Group 2: New Energy Vehicles - New energy vehicle sales experienced a year-on-year growth of 30.1% in the first three quarters, reflecting the ongoing vitality of China's new energy vehicle industry, significantly driven by the vehicle replacement policy [4]. Group 3: Equipment Renewal and Industrial Upgrades - The 200 billion yuan designated for enterprise equipment renewal has led to increased investment in machinery, with industrial enterprises' machinery procurement rising by 9.4% year-on-year [5]. - High-tech manufacturing saw a notable increase in machinery purchases, with a year-on-year growth of 14%, while the power and utilities sector's machinery procurement grew by 10.5% [5]. Group 4: Digital Transformation and Private Sector Growth - The information and technology sectors have ramped up their investment in equipment, with machinery procurement in these areas increasing by 26.8% and 32.5% year-on-year, respectively [6]. - Nationwide, the procurement of digital equipment rose by 18.6%, underscoring the importance of digital transformation for enterprises [6]. - Private enterprises demonstrated a significant role in equipment renewal, with machinery procurement increasing by 13% year-on-year, outpacing state-owned and foreign enterprises [6].

Core Insights - The implementation of large-scale equipment renewal and consumer goods replacement policies has significantly boosted equipment investment and consumption growth in China since March 2024 [1][2][3] Group 1: Equipment Investment - Industrial enterprises have shown a positive trend in equipment renewal, with machinery equipment purchases increasing by 9.4% year-on-year in the first three quarters of this year [1] - High-tech manufacturing has maintained strong growth, with machinery equipment purchases rising by 14% [1] - The electricity, heat, gas, and water production and supply industry saw a 10.5% increase in machinery equipment purchases, with thermal production and supply specifically growing by 16.4% [1] Group 2: Digital Equipment Investment - The information and technology sectors have increased their investment in equipment, with machinery equipment purchases in the information transmission, software, and IT services sector growing by 26.8%, and scientific research and technical services by 32.5% [2] - Nationally, the purchase of digital equipment by enterprises rose by 18.6%, indicating a strong push towards digital transformation [2] - High-end manufacturing sectors, such as shipbuilding and computing, reported increases in digital equipment purchases of 17.3% and 22.7%, respectively [2] Group 3: Private Sector Contribution - Private enterprises have played a significant role in equipment renewal, with machinery equipment purchases increasing by 13% year-on-year, surpassing state-owned and foreign enterprises [2] - Innovative sectors within the private economy, such as the internet and smart unmanned aerial vehicles, saw substantial growth in machinery equipment purchases, with increases of 32.8% and 70.5%, respectively [2] Group 4: Consumer Goods Demand - Retail sales of home appliances and furniture have surged, with sales of daily-use appliances like refrigerators increasing by 48.3% and home audio-visual equipment by 26.8% [2] - The furniture and lighting retail sectors reported sales growth of 33.2% and 17.2%, respectively, with smart home products like robotic vacuum cleaners experiencing a remarkable 75% increase in sales [2] - The retail sales of mobile communication devices, newly included in the policy scope, grew by 19.9% [2] Group 5: New Energy Vehicles - Sales of new energy vehicles have continued to rise, with a year-on-year increase of 30.1% in the first three quarters, reflecting the vitality of China's new energy vehicle industry [3] - The implementation of the vehicle replacement policy has effectively stimulated automotive consumption potential [3] Group 6: Policy Impact - The "Two New" policies have played a crucial role in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods [3] - The tax data indicates that the policies have effectively promoted the production and application of advanced equipment, enhancing the proportion of advanced capacity [3] - The tax authorities will continue to support the "Two New" policies to further unleash domestic demand potential and contribute to high-quality development [3]

Core Insights - The implementation of large-scale equipment renewal and consumption upgrade policies since March 2024 has significantly boosted equipment investment and consumption growth in China [1][3]. Group 1: Industrial Equipment Investment - Industrial enterprises have shown a positive trend in equipment renewal, with machinery equipment purchases increasing by 9.4% year-on-year in the first three quarters of this year [1]. - High-tech manufacturing maintained strong growth, with machinery equipment purchases rising by 14% [1]. - The electricity, heat, gas, and water production and supply sectors saw a 10.5% increase in machinery equipment purchases, with thermal production and supply specifically growing by 16.4% [1]. Group 2: Information and Technology Sector - The information and technology sectors have increased their investment in equipment, with machinery equipment purchases in information transmission, software, and IT services rising by 26.8%, and scientific research and technical services by 32.5% [2]. Group 3: Digital Equipment Investment - National enterprises have shown strong motivation for digital equipment updates, with purchases increasing by 18.6% year-on-year in the first three quarters [2]. - High-end manufacturing sectors, such as shipbuilding and computing, have accelerated their digital investments, with increases of 17.3% and 22.7% respectively [2]. Group 4: Private Enterprises - Private enterprises have played a significant role in equipment renewal, with machinery equipment purchases increasing by 13% year-on-year, surpassing state-owned and foreign enterprises [2]. - Innovative sectors within the private economy, such as the internet and smart drone industries, have seen substantial growth, with equipment purchases rising by 32.8% and 70.5% respectively [2]. Group 5: Consumer Goods and Home Appliances - Sales of home appliances and furniture have surged, with retail sales of daily-use appliances like refrigerators increasing by 48.3% and home audio-visual equipment by 26.8% [2]. - The furniture and lighting retail sectors also experienced significant growth, with sales increasing by 33.2% and 17.2% respectively, particularly in smart home products like robotic vacuum cleaners, which saw a 75% increase in sales [2]. - The retail sales of mobile communication devices, following the expansion of the market, grew by 19.9% [2]. Group 6: New Energy Vehicles - Sales of new energy vehicles have continued to grow, with a year-on-year increase of 30.1% in the first three quarters, reflecting the vitality of China's new energy vehicle industry [3]. - The "old-for-new" vehicle policy has effectively stimulated automotive consumption potential [3].