第四季度中国企业信用指数保持稳中向好发展态势 中新网北京1月26日电 (记者 刘亮)市场监管总局26日公布，2025年第四季度中国企业信用指数为 162.18，企业信用水平总体保持稳中向好的发展态势。 第四季度中国企业信用指数较第三季度上升0.52点，低于第二季度0.11点。尽管季度间略有波动，企业 信用水平总体仍延续了长期向好的基本态势，并处于历史较高水平。12月，中国企业信用指数为 162.32，较11月下降0.34点。 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 第四季度，全国多数区域信用指数环比实现正增长，但整体呈窄幅波动。在此背景下，安徽、陕西、北 京、天津、重庆保持领先。12月，信用指数排名前五的省份分别为安徽、浙江、重庆、陕西、天津，整 体运行平稳。其中，广西等地指数环比增幅明显，排名大幅上升。 相较于第三季度，第四季度所有行业信用指数均实现环比增长，其中金融业、房地产业、 ...

工业生产较快增长，装备制造业和高技术制造业增势较好。全年全国规模以上工业增加值比上年增长 5.9%。分三大门类看，采矿业增加值增长5.6%，制造业增长6.4%，电力、热力、燃气及水生产和供应 业增长2.3%。装备制造业增加值增长9.2%，高技术制造业增加值增长9.4%，增速分别快于规模以上工 业3.3、3.5个百分点。 本报讯（记者李如意）今天上午，国务院新闻办公室举行新闻发布会，国家统计局介绍2025年国民经济 运行情况。2025年，国民经济运行顶压前行、向新向优，高质量发展取得新成效，经济社会发展主要目 标任务圆满实现，"十四五"胜利收官。 初步核算，全年国内生产总值1401879亿元，按不变价格计算，比上年增长5.0%。分产业看，第一产业 增加值93347亿元，比上年增长3.9%；第二产业增加值499653亿元，增长4.5%；第三产业增加值808879 亿元，增长5.4%。分季度看，一季度国内生产总值同比增长5.4%，二季度增长5.2%，三季度增长 4.8%，四季度增长4.5%。从环比看，四季度国内生产总值增长1.2%。 粮食增产丰收，畜牧业稳定增长。全年全国粮食总产量71488万吨，比上年增加838万 ...

Economic Overview - In the first ten months of 2025, Suzhou's industrial output value exceeded 4 trillion yuan, with industrial investment reaching 193.4 billion yuan, an increase of 9% [1] - The city's economy has maintained a stable operation, focusing on stabilizing foreign trade, promoting industries, and expanding investment and consumption [1] Industrial Performance - The added value of large-scale industries increased by 7.6% year-on-year, with total industrial output value at 4,000.9 billion yuan, growing by 4.0% [1] - Key sectors showed growth: electronic information industry increased by 5.5%, metal products industry by 9.5%, and instrument manufacturing by 9.9% [1] - High-tech industries contributed 2,240.4 billion yuan, growing by 6.5% [1] Service Sector - From January to September, the revenue of large-scale service industries grew by 7.7%, with transportation, warehousing, and postal services increasing by 9.4% [1] - Software and information technology services saw a growth of 10.9%, while leasing and business services grew by 12.1% [1] Investment Trends - Fixed asset investment totaled 507.75 billion yuan, a decrease of 3.8% year-on-year, but excluding real estate development, it grew by 5.2% [1] - Industrial investment reached 193.4 billion yuan, up by 9.0%, with electronic information industry investment increasing by 17.1% [1] - General equipment manufacturing investment rose by 19.2%, and electrical machinery and equipment manufacturing investment grew by 23.9% [1] Consumer Market - Social retail sales of consumer goods totaled 758.84 billion yuan, with a year-on-year growth of 3.1% [2] - The largest growth in retail sales was seen in grain and oil food categories, which increased by 17.0% [2] - Online retail sales through wholesale and retail sectors grew by 8.0% [2] Foreign Trade - The total import and export value reached 2,278.9 billion yuan, growing by 6.0% year-on-year [2] - Exports totaled 1,425.94 billion yuan, an increase of 7.0%, while imports were 852.96 billion yuan, up by 4.5% [2] - Trade with countries and regions involved in the Belt and Road Initiative grew by 15.7%, accounting for 44.7% of total trade [2] Financial Sector - By the end of October, the balance of deposits in financial institutions was 5,680.4 billion yuan, a year-on-year increase of 5.7% [2] - The balance of loans in financial institutions reached 5,998.61 billion yuan, growing by 7.8% year-on-year [2] Price Trends - In October, consumer prices in urban areas rose by 0.1% year-on-year, with clothing prices increasing by 1.7% and housing by 0.3% [2] - Prices for daily necessities and services rose by 2.4%, while healthcare increased by 1.7% [2] - Food and tobacco prices decreased by 2.2%, and transportation and communication costs fell by 1.1% [2]

Core Insights - Shenzhen's GDP for the first three quarters reached 27,896.44 billion yuan, showing a year-on-year growth of 5.5%, indicating resilience in a complex environment [1] - The service sector is increasingly contributing to economic growth, aligning with trends observed in developed economies [5] - Fixed asset investment is under pressure but shows quality improvement, particularly in industrial technology transformation investments [6] - There is an accelerating trend in consumption upgrades, enhancing consumption's role in driving economic growth [7] Economic Performance - The first industry recorded a value-added of 17.45 billion yuan, achieving zero growth, an improvement from a 2.1% decline last year [1] - The second industry had a value-added of 9,946.06 billion yuan, growing by 3.5%, a significant slowdown from last year's 8.7% [1][2] - The third industry saw a value-added of 17,932.93 billion yuan, with a growth rate of 6.6%, up from 3.5% last year [1] Industrial Insights - The industrial output value for the first three quarters grew by 5.0%, down from 10.2% last year, but showed a quarterly improvement [2] - Key industries such as general equipment manufacturing grew by 16.6%, while instrument manufacturing and electronic equipment manufacturing grew by 7.5% and 6.0%, respectively [2] - High-tech product outputs saw significant growth, with civil drones up by 46.9%, industrial robots by 38.2%, and 3D printing equipment by 33.6% [3] Service Sector Performance - The financial sector grew by 14.5%, and the information transmission, software, and IT services sector grew by 9.7% [3] - Revenue from large-scale service enterprises increased by 7.4% from January to August, with IT services growing by 10.3% [3] Consumption Trends - Total retail sales of consumer goods reached 7,560.81 billion yuan, growing by 3.6%, a significant increase from last year's 0.7% [3] - Retail sales in home appliances and audio-visual equipment surged by 41.5%, while cultural and office supplies grew by 28.2% [3] Foreign Trade and Investment - Shenzhen's total import and export volume was 33,643.29 billion yuan, with exports at 20,382.04 billion yuan (down 4.7%) and imports at 13,261.25 billion yuan (up 8.4%) [4] - Fixed asset investment decreased by 17.4%, with real estate development investment down by 24.8% [4] Strategic Recommendations - Short-term strategies should focus on supporting industrial technology transformation, stimulating consumption potential, stabilizing real estate market expectations, and expanding foreign trade markets [7] - Long-term strategies should aim at deepening service sector reforms, enhancing technological innovation, and transitioning economic growth from investment and export-driven models to a more balanced approach involving consumption [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In August 2025, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, the national economy maintained a generally stable and progressive development trend. Production and demand were basically stable, employment and prices were generally stable, and new driving forces were cultivated and strengthened [3]. 3. Summary by Relevant Catalogs Industry - In August, the added value of industrial enterprises above designated size increased by 5.2% year - on - year and 0.37% month - on - month. The added value of the mining industry, manufacturing, and the production and supply of electricity, heat, gas, and water increased by 5.1%, 5.7%, and 2.4% year - on - year respectively. The added value of the equipment manufacturing industry and high - tech manufacturing industry increased by 8.1% and 9.3% year - on - year respectively, faster than the overall industrial added value [3]. - From January to August, the added value of industrial enterprises above designated size increased by 6.2% year - on - year. In August, the manufacturing purchasing managers' index was 49.4%, up 0.1 percentage points from the previous month; the enterprise production and operation activity expectation index was 53.7%, up 1.1 percentage points [3]. - From January to July, the total profit of industrial enterprises above designated size was 40204 billion yuan, a year - on - year decrease of 1.7% [3]. Services - In August, the national service industry production index increased by 5.6% year - on - year. The production indexes of information transmission, software and information technology services, finance, and leasing and business services increased by 12.1%, 9.2%, and 7.4% year - on - year respectively, faster than the service industry production index [4]. - From January to August, the national service industry production index increased by 5.9% year - on - year. From January to July, the operating income of service enterprises above designated size increased by 7.4% year - on - year [4]. - In August, the service industry business activity index was 50.5%, up 0.5 percentage points from the previous month; the service industry business activity expectation index was 57.0%, up 0.4 percentage points. Some industries were in the high - level boom range [4]. Consumption - In August, the total retail sales of consumer goods were 39668 billion yuan, a year - on - year increase of 3.4% and a month - on - month increase of 0.17%. The retail sales of urban and rural consumer goods increased by 3.2% and 4.6% year - on - year respectively. The retail sales of goods and catering revenue increased by 3.6% and 2.1% respectively [5]. - From January to August, the total retail sales of consumer goods were 323906 billion yuan, a year - on - year increase of 4.6%. The national online retail sales were 99828 billion yuan, a year - on - year increase of 9.6%. The online retail sales of physical goods were 80964 billion yuan, a year - on - year increase of 6.4%, accounting for 25.0% of the total retail sales of consumer goods [5]. - From January to August, the service retail sales increased by 5.1% year - on - year, with relatively fast growth in cultural and sports leisure services, tourism consulting and leasing services, and transportation services [5]. Investment - From January to August, the national fixed - asset investment (excluding rural households) was 326111 billion yuan, a year - on - year increase of 0.5%. Excluding real estate development investment, it increased by 4.2%. Infrastructure investment increased by 2.0%, manufacturing investment increased by 5.1%, and real estate development investment decreased by 12.9% [6]. - The sales area of newly built commercial housing was 57304 million square meters, a year - on - year decrease of 4.7%; the sales volume was 55015 billion yuan, a year - on - year decrease of 7.3% [6]. - In August, fixed - asset investment (excluding rural households) decreased by 0.20% month - on - month [6]. Import and Export - In August, the total volume of goods imports and exports was 38744 billion yuan, a year - on - year increase of 3.5%. Exports were 23035 billion yuan, an increase of 4.8%; imports were 15709 billion yuan, an increase of 1.7% [7]. - From January to August, the total volume of goods imports and exports was 295696 billion yuan, a year - on - year increase of 3.5%. Exports were 176056 billion yuan, an increase of 6.9%; imports were 119640 billion yuan, a decrease of 1.2% [7]. - From January to August, general trade imports and exports increased by 2.2%, accounting for 63.9% of the total import and export volume. Imports and exports to countries along the Belt and Road increased by 5.4%. Private enterprise imports and exports increased by 7.4%, accounting for 57.1% of the total import and export volume, 2.1 percentage points higher than the previous year [7]. Price - In August, the national consumer price index (CPI) decreased by 0.4% year - on - year and remained flat month - on - month. The core CPI excluding food and energy prices increased by 0.9% year - on - year, with the growth rate expanding by 0.1 percentage points from the previous month [8]. - From January to August, the national consumer price index decreased by 0.1% year - on - year [8]. - In August, the ex - factory price of industrial producers decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points, and remained flat month - on - month; the purchase price of industrial producers decreased by 4.0% year - on - year, with the decline narrowing by 0.5 percentage points, and remained flat month - on - month [8]. Employment - From January to August, the average urban surveyed unemployment rate nationwide was 5.2%. In August, the urban surveyed unemployment rate was 5.3%, up 0.1 percentage points from the previous month, the same as the same month of the previous year [8]. - The surveyed unemployment rate of local household registration labor force was 5.4%; the surveyed unemployment rate of non - local household registration labor force was 5.0%, among which the surveyed unemployment rate of non - local agricultural household registration labor force was 4.7% [8]. - The surveyed unemployment rate in 31 large - scale cities was 5.3%, up 0.1 percentage points from the previous month and down 0.1 percentage points from the same month of the previous year. The average weekly working hours of enterprise employees nationwide were 48.5 hours [8].

Core Viewpoint - The macroeconomic indicators for August show a stable and improving trend in China's economy, with notable growth in industrial production, service sector, and retail sales, despite challenges in fixed asset investment and external uncertainties [12]. Group 1: Industrial Production - In August, the industrial added value for large-scale enterprises increased by 5.2% year-on-year and 0.37% month-on-month [1][4] - From January to August, the industrial added value grew by 6.2% year-on-year [1][4] - The manufacturing sector saw a 5.7% increase, with equipment manufacturing and high-tech manufacturing growing by 8.1% and 9.3% respectively [4] Group 2: Service Sector - The service sector production index rose by 5.6% year-on-year in August, with significant growth in information transmission, finance, and business services [5] - From January to August, the service sector production index increased by 5.9% year-on-year [5] Group 3: Retail Sales - In August, the total retail sales of consumer goods reached 39,668 billion yuan, a year-on-year increase of 3.4% [2][6] - Online retail sales for the first eight months totaled 99,828 billion yuan, growing by 9.6% year-on-year [7] Group 4: Fixed Asset Investment - From January to August, fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5% [3][8] - Real estate development investment saw a significant decline of 12.9% year-on-year [3][8] Group 5: Trade and Employment - In August, the total value of goods imports and exports was 38,744 billion yuan, with exports growing by 4.8% [9] - The urban surveyed unemployment rate in August was 5.3%, showing a slight increase from the previous month [10] Group 6: Price Indices - The Consumer Price Index (CPI) in August decreased by 0.4% year-on-year, while the core CPI rose by 0.9% [11] - The Producer Price Index (PPI) for industrial producers fell by 2.9% year-on-year, with a narrowing decline compared to the previous month [11]

Economic Overview - In August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year, with a month-on-month growth of 0.37% [1][3] - The total retail sales of consumer goods reached 39,668 billion yuan in August, growing by 3.4% year-on-year [1][5] - Fixed asset investment (excluding rural households) amounted to 326,111 billion yuan from January to August, with a year-on-year increase of 0.5% [1][7] - The real estate development investment from January to August was 60,309 billion yuan, showing a decline of 12.9% [1][7] Industrial Production - The manufacturing sector saw a year-on-year growth of 5.7%, while the equipment manufacturing and high-tech manufacturing sectors grew by 8.1% and 9.3% respectively [3] - The production index for the service industry increased by 5.6% in August, with significant growth in information transmission, software, and financial services [4] Consumer Market - The online retail sales reached 99,828 billion yuan from January to August, with a year-on-year growth of 9.6% [5] - The retail sales of essential and upgraded consumer goods showed positive growth, with furniture and home appliances retail sales increasing by 18.6% and 14.3% respectively [5] Investment Trends - Manufacturing investment grew by 5.1%, while real estate investment saw a decline of 12.9% [7] - Infrastructure investment increased by 2.0%, indicating a focus on enhancing public facilities [7] Trade Performance - The total import and export value in August was 38,744 billion yuan, with exports growing by 4.8% [8] - Private enterprises accounted for 57.1% of total imports and exports, reflecting their increasing role in the economy [8] Employment and Prices - The urban unemployment rate was stable at 5.3% in August, with a slight seasonal increase [9] - The Consumer Price Index (CPI) decreased by 0.4% year-on-year, while the core CPI rose by 0.9% [10]

Economic Overview - The national economy is operating smoothly with a solid push towards high-quality development, supported by proactive macro policies and the construction of a unified national market [2][5] - In August, the industrial added value for large-scale enterprises grew by 5.2% year-on-year, with manufacturing sector growth at 5.7%, indicating a favorable development trend [2][4] Consumption and Investment - Social retail sales increased by 3.4% year-on-year in August, with significant growth in the retail of products related to trade-in programs [3] - Fixed asset investment rose by 0.5% from January to August, with manufacturing investment growing by 5.1%, providing strong support for the upgrade and development of the manufacturing sector [3] Foreign Trade and Reserves - In August, the total import and export value increased by 3.5% year-on-year, with both exports and imports achieving growth for three consecutive months [3][4] - By the end of August, foreign exchange reserves increased by $29.9 billion, reflecting a stable upward trend [3] Employment and Prices - The urban unemployment rate in August was 5.3%, slightly up from the previous month but consistent with the same period last year, indicating stable employment conditions [4] - Consumer prices fell by 0.4% year-on-year in August, primarily due to a decline in food prices, while core CPI rose by 0.9%, marking an expansion in the inflation rate for four consecutive months [4] Industry Transformation and Innovation - The rise of artificial intelligence and accelerated digitalization are driving rapid growth in related industries, with significant increases in the manufacturing of smart vehicle equipment (17.7%), electronic components (13.1%), and integrated circuits (23.5%) [5] - The high-tech manufacturing sector saw an increase of 9.3% in added value, outpacing overall industrial growth, while modern service industries also performed well, with information technology services growing by 12.1% [5] - The production of new energy vehicles and lithium-ion batteries for vehicles surged by 22.7% and 44.2%, respectively, indicating a robust green transition [5]

Economic Overview - In August, under the strong leadership of the Central Committee, the national economy maintained overall stability with a steady development trend, supported by macro policy adjustments and the promotion of a unified national market [1][9]. Industrial Production - In August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year and 0.37% month-on-month. The mining industry grew by 5.1%, manufacturing by 5.7%, and electricity, heat, gas, and water production and supply by 2.4% [2][18]. - The equipment manufacturing industry saw an 8.1% increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial growth by 2.9 and 4.1 percentage points respectively [2][18]. - From January to August, the industrial added value increased by 6.2% year-on-year [2][18]. Service Sector - The service production index rose by 5.6% year-on-year in August, with significant growth in information transmission, software, and IT services (12.1%), finance (9.2%), and leasing and business services (7.4%) [3][18]. - For the first eight months, the service production index increased by 5.9% year-on-year [3][18]. Retail Sales - In August, the total retail sales of consumer goods reached 39,668 billion yuan, a year-on-year increase of 3.4% [4][18]. - Online retail sales amounted to 99,828 billion yuan, growing by 9.6% year-on-year, with physical goods online retail sales at 80,964 billion yuan, a 6.4% increase [4][18]. Fixed Asset Investment - From January to August, fixed asset investment (excluding rural households) totaled 326,111 billion yuan, a year-on-year increase of 0.5% [5][18]. - Manufacturing investment grew by 5.1%, while real estate development investment fell by 12.9% [5][18]. Trade and Exports - In August, the total value of goods imports and exports reached 38,744 billion yuan, a year-on-year increase of 3.5%, with exports at 23,035 billion yuan (up 4.8%) and imports at 15,709 billion yuan (up 1.7%) [6][18]. - From January to August, the total value of goods imports and exports was 295,696 billion yuan, also a 3.5% increase year-on-year [6][18]. Employment - The urban surveyed unemployment rate in August was 5.3%, a slight increase of 0.1 percentage points from the previous month [7][18]. - The average working hours for employed persons were 48.5 hours per week [7][18]. Price Trends - In August, the Consumer Price Index (CPI) decreased by 0.4% year-on-year, with food prices down by 2.5% [8][18]. - The Producer Price Index (PPI) for industrial producers fell by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points from the previous month [8][18].

Economic Overview - In August, the national economy maintained overall stability and progressed steadily, with a focus on implementing the decisions of the central government and enhancing macro policy adjustments [30][38] - The industrial added value above designated size increased by 5.2% year-on-year in August, with a month-on-month increase of 0.37% [31][38] - From January to August, the industrial added value grew by 6.2% year-on-year [31][38] Industrial Performance - The mining industry saw a year-on-year increase of 5.1%, while the manufacturing sector grew by 5.7%, and the electricity, heat, gas, and water production and supply industry increased by 2.4% in August [31][38] - High-tech manufacturing and equipment manufacturing industries performed well, with growth rates of 9.3% and 8.1% respectively, surpassing the overall industrial growth [31][38] Product Output - Among 623 industrial products, 319 saw year-on-year output growth in August, including steel (12.3 million tons, +9.7%), ethylene (314,000 tons, +10.4%), and automobiles (2.752 million units, +10.5%) [7][31] - New energy vehicles experienced significant growth, with production increasing by 22.7% [31][38] Service Sector Growth - The service sector production index rose by 5.6% year-on-year in August, with notable growth in information transmission, software, and financial services [32][38] - The business activity index for the service sector was at 50.5, indicating expansion [32][38] Investment Trends - Fixed asset investment (excluding rural households) reached 326.111 billion yuan from January to August, with a year-on-year increase of 0.5% [34][38] - Manufacturing investment grew by 5.1%, while real estate development investment declined by 12.9% [34][38] Trade Performance - In August, the total value of goods imports and exports was 38,744 billion yuan, a year-on-year increase of 3.5%, with exports growing by 4.8% [35][38] - From January to August, the total value of goods imports and exports reached 295,696 billion yuan, with exports increasing by 6.9% [35][38] Employment and Price Trends - The urban survey unemployment rate was 5.3% in August, showing a slight increase from the previous month [36][38] - The Consumer Price Index (CPI) decreased by 0.4% year-on-year in August, while the industrial producer prices fell by 2.9% [37][38]