Economic Overview - Shenzhen's GDP for the first three quarters of 2025 reached 27,896.44 billion yuan, reflecting a year-on-year growth of 5.5% at constant prices, indicating strong economic resilience, potential, and vitality in the innovation city [1] Manufacturing Sector - The manufacturing sector continues to be a pillar of growth, with industrial added value above designated size increasing by 5.0% year-on-year, accelerating by 0.7 percentage points compared to the first half of the year [4] - Key industries such as general equipment manufacturing grew by 16.6%, instrument manufacturing by 7.5%, and computer, communication, and other electronic equipment manufacturing by 6.0% [4] - High-tech product output saw significant increases, with civil drones, industrial robots, and 3D printing equipment production rising by 46.9%, 38.2%, and 33.6% respectively, showcasing Shenzhen's strength in high-end manufacturing [4] Service Sector - The service sector showed a robust recovery, with added value reaching 17,932.93 billion yuan, a year-on-year increase of 6.6%, and an acceleration of 0.5 percentage points from the first half of the year [5] - The financial industry performed particularly well, growing by 14.5%, while information transmission, software, and IT services grew by 9.7%, and leasing and business services by 5.6% [5] - The consumer market exhibited a noticeable recovery, with total retail sales of consumer goods amounting to 7,560.81 billion yuan, a year-on-year growth of 3.6% [5] - The "old for new" consumption policy showed effectiveness, 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 [5] - Online retail maintained rapid growth, with retail sales through the internet increasing by 17.8% [5] Foreign Trade and Financial Sector - Shenzhen's foreign trade demonstrated strong resilience, with total import and export volume reaching 33,643.29 billion yuan, a year-on-year increase of 0.1% [6] - Imports amounted to 13,261.25 billion yuan, growing by 8.4%, while high-tech product exports increased by 9.7%, indicating an optimized foreign trade structure [6] - The financial system remained stable, with total deposits in financial institutions reaching 143,649.54 billion yuan, a year-on-year growth of 5.6%, and total loans amounting to 99,404.44 billion yuan, growing by 5.0% [6] - By industry, the primary sector's added value was 17.45 billion yuan, growing by 0.0%; the secondary sector's added value was 9,946.06 billion yuan, growing by 3.5%; and the tertiary sector's added value was 17,932.93 billion yuan, growing by 6.6%, with the service industry being the main driver of economic growth [6]

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, showing no growth; the secondary industry increased by 9,946.06 billion yuan, growing by 3.5%; the tertiary industry added 17,932.93 billion yuan, with a growth of 6.6% [1] Industrial Performance - The industrial added value in Shenzhen increased by 5.0% year-on-year, with a growth acceleration of 0.7 percentage points compared to the first half of the year [1] - Key sectors such as general equipment manufacturing grew by 16.6%, instrument manufacturing by 7.5%, and computer, communication, and other electronic equipment manufacturing by 6.0% [1] - High-tech product output saw rapid growth, 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%, accelerating by 0.5 percentage points from the first half of the year [1] - Financial services, information transmission, software and IT services, and leasing and business services grew by 14.5%, 9.7%, and 5.6% respectively [1] 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 for replacing old consumer goods continued to show effects, with retail sales of home appliances and audio-visual equipment increasing by 41.5% [2] Foreign Trade - Shenzhen's total import and export volume for the first three quarters was 33,643.29 billion yuan, with a slight year-on-year increase of 0.1% [2] - Exports amounted to 20,382.04 billion yuan, down by 4.7%, while imports reached 13,261.25 billion yuan, growing by 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 Shenzhen's financial institutions (including foreign capital) 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, growing by 5.0% year-on-year [3]

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]

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] - The primary industry added value was 64.26 billion yuan, growing by 0.9%; the secondary industry added value was 8,448.67 billion yuan, growing by 3.9%; and the tertiary industry added value was 32,208.24 billion yuan, growing by 5.9% [1] Industrial Performance - The industrial added value in Shanghai increased by 5.2% year-on-year, with the total output value of industrial enterprises above designated size growing by 5.7% [2] - Key manufacturing sectors showed significant growth: railway, shipbuilding, aerospace, and other transport equipment manufacturing grew by 15.9%; electrical machinery and equipment manufacturing grew by 14.3%; and computer, communication, and other electronic equipment manufacturing grew by 12.1% [2] - The three leading manufacturing industries saw an 8.5% increase in output value, outpacing the overall industrial growth by 2.8 percentage points [2] - Strategic emerging industries in manufacturing grew by 7.3%, with the new energy sector growing by 19.6% and the new generation information technology sector growing by 10.9% [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% [2] - The financial sector's added value was 6,965.27 billion yuan, reflecting a growth of 9.8% [2] - The transportation, warehousing, and postal services sector grew by 5.2%, while leasing and business services grew by 3.2% [2] Investment Trends - Fixed asset investment in Shanghai grew by 6.0%, with industrial investment surging by 20.3% [3] - Urban infrastructure investment increased by 11.7%, while real estate development investment grew by 2.2% [3] Consumer Market - The total retail sales of consumer goods reached 12,302.77 billion yuan, with a year-on-year growth of 4.3% [3] - Categories such as sports and entertainment goods, furniture, and home appliances saw significant retail growth, with increases of 27.7%, 22.1%, and 28.2% respectively [3] Financial Market Activity - Major financial market transaction volumes increased by 12.7%, with the Shanghai Stock Exchange's securities transaction volume growing by 38.4% [3] - By the end of September, the balance of deposits in financial institutions reached 23.84 trillion yuan, growing by 8.4% year-on-year [3] Consumer Prices and Income - The consumer price index (CPI) remained stable year-on-year, with a slight decrease of 0.1% in September [4] - The average disposable income per capita in Shanghai was 69,220 yuan, reflecting a year-on-year growth of 4.3% [5] - The average urban unemployment rate was 4.2% [5]

Core Insights - Chengdu's industrial added value for the first seven months of the year increased by 8.0% year-on-year [1] - Fixed asset investment in Chengdu (excluding rural households) grew by 4.5% year-on-year, with private investment rising by 5.6% [1] Industry Performance - Out of 37 major industries, 24 reported an increase in added value [1] - The automotive manufacturing industry saw a significant growth of 22.9% [1] - The computer, communication, and other electronic equipment manufacturing industry experienced a growth of 17.2% [1] Key Product Output - The production of new energy vehicles surged by 326.2% [1] - Smart watch production increased by 135.2% [1] - Lithium-ion battery output grew by 41.4% [1]

Economic Performance - The industrial added value of large-scale industries in Sichuan increased by 7.2% year-on-year, outpacing the national growth rate by 0.9 percentage points [1] - In July, the industrial added value grew by 7.6% year-on-year, exceeding the national average by 1.9 percentage points [1] - Among 41 major industrial categories, 35 experienced growth, indicating a stable growth rate of over 80% across industries [1] Key Industries - The automotive manufacturing sector saw a significant increase in added value, growing by 19.8% year-on-year [1] - The computer, communication, and other electronic equipment manufacturing industries reported a 15.0% increase in added value [1] - Production of smartwatches and integrated circuits surged by 109.3% and 13.2% respectively [1] - Lithium-ion battery production rose by 50.5% year-on-year [1] Investment Trends - Fixed asset investment (excluding rural households) in Sichuan grew by 2.0% year-on-year, surpassing the national growth rate by 0.4 percentage points [1] - Investment in six key advantageous industries increased by 10.7%, accounting for 32.0% of total investment, which is 2.5 percentage points higher than the previous year [1] - High-tech manufacturing investment rose by 7.8%, outpacing overall manufacturing investment by 1.1 percentage points [1] - Clean energy industry investment saw a substantial increase of 22.3% [1] Consumer Market - The total retail sales of consumer goods in Sichuan reached 16,513.2 billion yuan, marking a year-on-year growth of 5.6%, which is 0.8 percentage points higher than the national average [1] - In July, retail and catering revenues from large enterprises through public networks grew by 34.7% and 29.3% year-on-year respectively [1] - The "old-for-new" policy had a notable impact, with retail sales of communication equipment increasing by 103.0% year-on-year [1]

Economic Overview - Beijing's economy showed stable performance in the first seven months of 2025, with industrial production growing rapidly and fixed asset investment expanding [1][2] - The overall economic operation remained stable, supported by continuous policy efforts [1] Industrial Production - The industrial added value in Beijing increased by 6.1% year-on-year, with high-end manufacturing making significant contributions [1] - Key sectors such as computer, communication, and other electronic equipment manufacturing grew by 24.2%, while automotive manufacturing increased by 11.5% [1] - Strategic emerging industries and high-tech manufacturing added value grew by 17.2% and 9.5%, respectively [1] Fixed Asset Investment - Fixed asset investment (excluding rural households) rose by 10.8% year-on-year, with equipment purchase investment surging by 80.3% [2] - Infrastructure investment grew by 4.3%, while real estate development investment declined by 9.9% [2] - High-tech industry investment remained active, increasing by 58.7% [2] Consumer Market - Total market consumption in Beijing increased by 0.7%, driven by service consumption growth of 4.6% [3] - Retail sales of consumer goods totaled 767.43 billion yuan, a decrease of 4.2% [3] - The "trade-in" policy positively impacted sales of home appliances, which grew by 6.9% [3] Price Stability - Consumer prices in Beijing fell by 0.3% year-on-year, with food prices down by 1.8% [4] - Industrial producer prices continued to decline, with a year-on-year decrease of 1.8% [4] - In July, consumer prices decreased by 0.2% year-on-year, while industrial producer prices fell by 1.9% [4]

Industrial Performance - Jiangsu's industrial economy showed strong performance from January to April, with a year-on-year increase of 8.1% in industrial added value for large-scale industries [1] - In April, the industrial added value for large-scale industries grew by 8%, with significant growth in equipment manufacturing (10.9%), high-tech manufacturing (12.9%), and core digital product manufacturing (11.4%) [1] - Key industries such as computer, communication, and other electronic equipment manufacturing, electrical machinery and equipment manufacturing, and automobile manufacturing saw growth rates of 14.7%, 11.5%, and 11.6% respectively [1] Investment Trends - Fixed asset investment in Jiangsu decreased by 0.2% from January to April, but infrastructure investment increased by 10.9% and manufacturing investment rose by 4.7% [1] - Investment in the purchase of large-scale equipment and tools increased by 11.1% year-on-year during the same period [1] Consumer Market Insights - The total retail sales of social consumer goods in Jiangsu reached 15,991.9 billion yuan, marking a year-on-year growth of 5.5% from January to April [2] - The "old-for-new" policy boosted retail sales in April, with household appliances and audio-visual equipment sales increasing by 13.2% and automotive sales by 9.1%; new energy vehicle sales surged by 59.7% [2] - Year-on-year sales growth in wholesale and retail sectors was 8.5% and 11.3% respectively, while accommodation and catering sectors saw increases of 6.6% and 9.3% [2] Price Trends - In the industrial producer price sector, both the producer's ex-factory prices and purchase prices decreased by 2.5% and 2.3% respectively from January to April [2] - In April, the ex-factory prices and purchase prices fell by 2.8% and 2.7% year-on-year [2]