Macroeconomics

1. [GDP] National Bureau of Statistics: Preliminary calculations show that GDP in the first three quarters reached 101,503.6 billion yuan, a year-on-year increase of 5.2% at constant prices. By industry, the added value of the primary industry reached 5,806.1 billion yuan, a year-on-year increase of 3.8%; the added value of the secondary industry reached 36,402.0 billion yuan, a year-on-year increase of 4.9%; and the added value of the tertiary industry reached 59,295.5 billion yuan, a year-on-year increase of 5.4%. By quarter, GDP grew by 5.4% year-on-year in the first quarter, 5.2% in the second quarter, and 4.8% in the third quarter. Quarter-on-quarter, GDP grew by 1.1% in the third quarter.

2. [Industrial Capacity Utilization] National Bureau of Statistics: In the third quarter of 2025, the national capacity utilization rate of industrial enterprises above designated size was 74.6%, up 0.6 percentage points from the second quarter and down 0.5 percentage points from the same period last year. Looking at the three major sectors, by the third quarter of 2025, the mining industry's capacity utilization rate is projected to be 72.5%; the manufacturing industry's capacity utilization rate is 74.8%; and the electricity, heat, gas, and water production and supply industry's capacity utilization rate is 74.3%.

3. [US-Australia Agreement] US President Trump and Australian Prime Minister Anthony Albanese signed an agreement on rare earth and critical minerals at the White House on Monday. As part of the agreement, both sides agreed to reduce approval processes for mining, processing facilities, and related operations to increase production of rare earth and critical minerals. The White House statement stated that the US and Australian governments plan to jointly invest over $3 billion in critical mineral projects over the next six months, with an estimated recoverable resource value of $53 billion.

Building Materials

1. [Glass] Nanhe County Changhong Glass Co., Ltd., Nanhe Changhong Second Line (designed capacity 600 tons/day), plans to convert European gray glass to white glass on October 21st.

2. [Wood Pulp] The Administrative Approval Bureau of Taicang Port Economic and Technological Development Zone recently announced Nine Dragons Paper (Taicang) Co., Ltd.'s intelligent manufacturing technology transformation project to introduce advanced equipment and produce 80,000 tons of specialty new materials annually.

3. [White Cardboard] In October 2025, the Liansheng Forest Pulp and Paper Integrated Project in the Chihu Industrial Park in Zhangzhou, Fujian Province, will be fully operational. With a total investment of 22 billion yuan, the project will produce 3.9 million tons of white cardboard annually. Using intelligent production technology, it reduces energy consumption per ton of paper by 18% compared to the industry average.

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