工业经济延续稳健增长态势。1—10月，全省规模以上工业增加值同比增长6.8%，工业生产韧性持 续显现。10月当月，规上工业增加值同比增长5.8%，其中高端制造领域表现亮眼：装备制造业、高技 术制造业、数字核心产品制造业分别增长8.0%、11.7%、9.4%，增速高于整体水平；计算机通信和其他 电子设备制造业、铁路船舶航空航天和其他运输设备制造业分别实现12.3%、18.1%的增长，彰显江苏 工业转型升级的坚实成效。 记者11月20日从省统计局获悉，今年以来全省坚守稳中求进工作总基调，持续加力稳就业、稳企 业、稳市场、稳预期，推动各项宏观政策落地见效，前10月经济运行总体平稳、稳中有进，工业、消 费、服务业等关键领域呈现诸多亮点。 消费市场持续回暖，内需潜力稳步释放。1—10月，全省社会消费品零售总额达38816.8亿元，同比 增长4.0%。10月当月，限额以上家用电器和音像器材类商品零售额同比增长7.4%，计算机及其配套产 品类更是增长48%，升级类、数码类消费需求旺盛。从累计数据看，1—10月全省限额以上批发业、零 售业销售额分别增长5.1%、7.6%，限额以上住宿业、餐饮业营业额分别增长2.7%、5.1% ...

居民消费如何成为中国经济最厚实的底气？ 增强供需适配性，将积极财政政策转向"投资于人"，释放的不仅是消费的潜力，更是经济社会的活力。 最近的国务院常务会议再次聚焦消费，明确增强供需适配性是进一步释放消费潜力、畅通经济循环的有 效举措，要以消费升级引领产业升级，以优质供给更好满足多元需求，实现供需更高水平动态平衡。 当前科技变革正加速经济社会变迁，提高细分市场的精准匹配效率，消费者个性化需求与随需而变的生 产供给体系，正在变得越发默契，消费新场景、新业态正在形成，精准匹配成为国内消费挖潜增效的关 键突破口。 近年来决策系统频繁聚焦消费，出台了大量刺激政策，形成了一个相对系统的消费促进战略，尤其是在 财政金融领域，致力于营造消费友好型的财政货币政策，极大降低了供需匹配的成本和难度。 最近财政部部长蓝佛安就"十五五"期间如何发挥积极财政政策作用等问题明确指出，要既着眼释放当期 消费潜力，统筹用好财政补贴、贷款贴息等政策工具，扩大商品和服务消费，培育壮大新的消费增长 点，打造消费新场景；又着眼增强长期消费能力，积极发挥税收、社会保障、转移支付等调节作用，加 大"投资于人"的力度，多渠道增加居民收入，将惠民生与促消费更 ...

对于10月经济和金融数据，需采取结构性的视角加以审慎观察。逆周期调节政策需要对投资和消费两方 面进行发力，保证总需求稳中有升。今年出口增速仍能保持韧性，需关注国际局势的潜在影响。而有利 于物价回升的因素也在增多，CPI和PPI的传导将有利于价格逐步回升至目标区间。下个月中央经济工作 会议即将召开，市场将高度关注明年的经济工作安排。 21世纪经济报道评论员 胡光旗 客观看待10月金融数据的结构性变化趋势 其次，政府债券融资对社融的贡献度回落。10月政府债券融资额新增4893亿元，同比少增5602亿元。今 年超长期特别国债和特殊再融资债已基本完成全年额度，四季度或难再有大规模新增。过去两年由于国 家层面推进地方政府化债，政府债"以旧换新"下的供给规模较大，在过去较高基数的影响下，10月新增 规模有所减少也是合理的。不过四季度开始财政支出或将显著加力提升，对于金融数据回升或可形成一 定支持。 10月非银机构新增存款18500亿元，同比多增7700亿元，相对于9月环比大幅多增，非银存款的高增主要 与资金流入股市有关。 面对10月信贷走势，央行在三季度货币政策执行报告专栏1中也给予回应。央行倾向于通过社会融资规 模结构 ...

新华财经上海10月22日电上海市统计局10月22日发布2025年前三季度上海市国民经济运行情况。数据显 示，根据地区生产总值统一核算结果，前三季度全市实现地区生产总值40721.17亿元，按不变价格计 算，同比增长5.5%。分产业看，第一产业增加值64.26亿元，增长0.9%；第二产业增加值8448.67亿元， 增长3.9%；第三产业增加值32208.24亿元，增长5.9%。 关于2025年前三季度上海市国民经济运行情况，上海市统计局解读表示，前三季度，上海认真贯彻落实 党中央、国务院和市委、市政府决策部署，坚持稳中求进工作总基调，持续推动宏观政策落地显效，培 育壮大新质生产力，经济运行呈现稳中有进、稳中向好的态势。 前三季度，全市三大先导产业制造业产值同比增长8.5%，增速快于全市规模以上工业总产值2.8个百分 点，其中，人工智能制造业增长12.8%，集成电路制造业增长11.3%。前三季度，高技术制造业产值同 比增长10.3%，增速快于全市规模以上工业总产值4.6个百分点，其中，航空航天器及设备制造业、电子 及通信设备制造业产值同比分别增长20.6%和13.4%。前三季度，风力发电机组、储能用锂电池产量同 ...

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]

Core Viewpoint - The macroeconomic policies implemented in China have effectively supported economic stability and growth, with significant contributions from consumer spending and industrial upgrades [1][2][3][4] Group 1: Consumer Spending - In 2023, the contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year [2] - The government allocated 300 billion yuan in special bonds to support the replacement of old consumer goods, leading to a significant increase in retail sales of household appliances and other consumer goods [2] - The number of applications for vehicle replacements exceeded 8.3 million by September 10, indicating strong consumer demand for new vehicles [2] Group 2: Industrial Upgrades - Investment in equipment and tools increased by 14.0% year-on-year in the first three quarters, contributing 2.0 percentage points to overall investment growth [2] - Key manufacturing sectors such as general equipment and aerospace saw investment growth rates of 11.8% and 22.3%, respectively [2] Group 3: New Growth Drivers - The production value of industries related to lithium-ion batteries, shipbuilding, and electric motors grew by 29.8%, 22.9%, and 17.1% year-on-year, respectively [3] - The output of new energy vehicles and electric bicycles increased by 29.7% and 27.1%, respectively, reflecting a shift towards high-quality products [3] Group 4: Economic Circulation - The focus on expanding domestic demand has improved market competition and accelerated the flow of goods, personnel, and capital [4] - The Producer Price Index (PPI) showed a narrowing decline for two consecutive months, indicating improved market conditions [4] - The trading volume of stocks in the Shanghai and Shenzhen markets increased by 106.8% year-on-year in the first three quarters, boosting social confidence [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) has implemented policies to support the replacement of old consumer goods with new ones, resulting in significant sales growth and consumer engagement in the program [1] Group 1: Policy Implementation - The NDRC, in collaboration with the Ministry of Finance and other departments, has effectively executed the "two new" policy, leading to the orderly distribution of special long-term bonds to support the consumer goods replacement program [1] - A total of 690 billion yuan in special long-term bonds has been allocated in the fourth batch to support the consumer goods replacement initiative, completing the annual target of 300 billion yuan [1] Group 2: Impact on Consumer Goods Sales - From January to August, approximately 330 million people have applied for subsidies under the consumer goods replacement program, driving sales of related products to exceed 2 trillion yuan [1] - Retail sales of household appliances, audio-visual equipment, cultural office supplies, furniture, and communication equipment have seen year-on-year growth rates of 28.4%, 22.3%, 22.0%, and 21.1% respectively, contributing to a 4.6% year-on-year increase in total retail sales of consumer goods [1] Group 3: Future Actions - The NDRC and the Ministry of Finance will continue to guide local authorities in managing the pace of implementation, improving funding usage plans, and ensuring effective expenditure of subsidy funds [1] - There will be a focus on enhancing product quality and price supervision, as well as strict measures against fraudulent claims related to subsidies, to ensure the smooth execution of the consumer goods replacement policy [1]

Economic Overview - The city's economy has shown stable recovery and continuous improvement from January to August, with a more pronounced upward trend [1] - Industrial production remains steady, with the industrial added value of large-scale enterprises increasing by 7.7% year-on-year [1] Industrial Performance - The manufacturing sector leads the growth, with an added value increase of 8.5%, contributing 6.7 percentage points to the overall industrial growth [1] - Among 37 industrial categories, 27 reported year-on-year growth, resulting in a growth coverage of 73.0% [1] - Key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing saw added value increases of 9.3%, 8.9%, and 8.8% respectively [1] Investment Trends - Fixed asset investment in the city grew by 3.7% year-on-year, with significant growth in the secondary industry at 22.9% [2] - Industrial investment increased by 22.8%, with manufacturing investment rising by 20.0% [2] - New momentum investments, including "Four New" investments and high-tech industry investments, grew by 11.0% and 24.2% respectively [2] Consumer Market - The retail market accelerated recovery, with retail sales of above-limit units reaching 36.91 billion yuan, a year-on-year increase of 14.5% [2] - Categories such as home appliances and audio-visual equipment, grain and oil products, and petroleum products saw significant retail sales growth of 48.7%, 18.3%, and 16.6% respectively [2] Service Sector - The revenue of large-scale service enterprises increased by 11.6% year-on-year, with 19 out of 29 industry categories showing growth [3] - Key sectors like scientific research, information technology services, and cultural and entertainment services experienced double-digit growth [3] Financial Indicators - The city's general public budget revenue reached 18.53 billion yuan, a year-on-year increase of 3.8% [3] - By the end of August, the balance of deposits in financial institutions was 738.65 billion yuan, up 11.0% year-on-year [3] Energy Consumption - Total electricity consumption reached 20.65 billion kilowatt-hours, a year-on-year increase of 5.0%, with industrial and tertiary sector electricity consumption growing by 3.0% and 8.8% respectively [3] Price Trends - The Consumer Price Index (CPI) was 99.6, reflecting a year-on-year decrease of 0.4%, with five categories of goods and services experiencing price increases [3]

Economic Growth - The industrial added value above designated size in the province increased by 7.2% year-on-year, outpacing the national growth rate by 1 percentage point [1][2] - In the first eight months, 35 out of 41 major industries achieved growth, with five industries experiencing double-digit growth [3] Key Industries - The six major advantageous industries saw an added value increase of 7.6%, surpassing the provincial average by 0.4 percentage points [3] - The electronic information industry grew by 16.7%, driven by rapid advancements in big data and artificial intelligence [3] Production Growth - Significant production increases were noted in high-tech sectors, with smart TV production up by 71.7%, industrial robot production up by 51.8%, and new energy vehicle production increasing by 200% [3][4] Consumer Market - The total retail sales of social consumer goods reached 1,876.14 billion yuan, with a year-on-year growth of 5.7%, exceeding the national growth rate by 1.1 percentage points [1][4] - Online consumption showed a notable increase, with restaurant income and retail sales through public networks growing by 27.8% and 25.9% respectively [4][5] Upgrading Consumption - Retail sales of upgraded products such as cosmetics, jewelry, and cultural office supplies saw significant growth, with jewelry sales increasing by 22.3% [4][5] - The "old-for-new" policy continued to boost sales in home appliances, digital products, and automobiles, with communication equipment sales rising by 57.7% [5]

Core Insights - The State Council Information Office held a press conference on September 15 to discuss the national economic performance for August 2025, highlighting the continued effectiveness of expanding domestic demand [1] Group 1: Economic Performance - In August, retail sales of household appliances and audio-visual equipment, furniture, and cultural office supplies maintained double-digit growth [1] - For the first eight months, investment in the purchase of equipment and tools increased by 14.4% year-on-year, contributing 2.1 percentage points to fixed asset investment growth [1]