中国9 月工业生产超预期，投资不及预期；2025 - 26 年 GDP 预期调整至 4.9%-China_ September industrial production beat while investment missed; 2025_26 GDP forecasts adjusted to 4.9
2025-10-21 01:52
20 October 2025 | 2:00PM HKT Economics Research China: September industrial production beat while investment missed; 2025/26 GDP forecasts adjusted to 4.9%/4.3% Bottom line: China's Q3 GDP report came in marginally above market consensus (though in line with our forecast) amid mixed September activity data — industrial production (IP) meaningfully beat market expectations, retail sales was in line, while fixed asset investment (FAI) missed notably, reflecting that the economy remains bifurcated. Real GDP gr ...