CBN丨China maintains recovery despite newfound challenges

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Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

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重点提要 

China's industrial output and retail sales slowed in October;

Chinese regulators allow qualified property developers to withdraw pre-sale funds.

中国经济要闻

China's economy has maintained the recovery trend in October with steady growth in industrial production and investment, while consumption was still weak amid pressures from renewed COVID-19 outbreaks, according to the National Bureau of Statistics on Tuesday.

China's value-added industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, grew by 5 percent in October from a year earlier, slowing from a 6.3 percent rise in September. The output of high-tech manufacturing sector posted a 10.6 percent year-on-year growth, expanding 1.3 percentage points  from the previous month.

In the first 10 months, China's industrial output grew by 4 percent on a yearly basis, 0.1 percentage point faster than that in the first nine months.

Fixed-asset investment increased by 5.8 percent in the January-October period year-on-year, slightly slower than the 5.9 percent rise in the first three quarters. 

Investment in infrastructure and manufacturing gained 8.7 percent and 9.7 percent year on year during the period, respectively. Investment in property development went down 8.8 percent year on year in the period.

China's high-tech industries continued to see a stellar expansion of fixed-asset investment in the first 10 months, with that in the high-tech manufacturing and services sectors jumping by 23.6 percent and 14 percent year on year, respectively.

Retail sales, a key measurement of consumer spending, declined by 0.5 percent year-on-year in October, after the 2.5 percent growth in September. Total retail sales stood at 36 trillion yuan during the first 10 months, up 0.6 percent year on year, as online sales continued to shore up consumption. 

The NBS said China's economy is facing pressures from a more complicated and grimmer environment, and economic growth slowed in October. However, with a series of stabilizing policies, the economy managed to withstand pressures and is expected to continue steady recovery. 

11月15日，国家统计局发布10月份国民经济运行情况。

国家统计局表示，10月份，面对更趋复杂严峻的国际环境和国内疫情新发多发等多重挑战，国民经济延续恢复态势，工业投资稳定增长，就业物价总体平稳，新动能积蓄增强，民生保障有力有效，经济社会大局稳定。

10月份，全国规模以上工业增加值同比增长5.0%，比三季度加快0.2个百分点；环比增长0.33%。其中，采矿业增加值同比增长4.0%，制造业增长5.2%，电力、热力、燃气及水生产和供应业增长4.0%。高技术制造业增加值同比增长10.6%，比上月加快1.3个百分点。1—10月份，全国规模以上工业增加值同比增长4.0%，比1—9月份加快0.1个百分点。

10月份，社会消费品零售总额40271亿元，同比下降0.5%，环比下降0.68%。其中，商品零售36171亿元，同比增长0.5%；餐饮收入4099亿元，下降8.1%。1—10月份，社会消费品零售总额360575亿元，同比增长0.6%，比1—9月份回落0.1个百分点。

国家统计局表示，尽管受到疫情影响，10月份社会消费品零售总额出现了下降，但是基本生活消费持续增长，网上零售增长较快，随着疫情逐步得到控制，稳消费政策效果逐步显现，消费会逐步改善。

10月份，固定资产投资（不含农户）环比增长0.12%。1—10月份，全国固定资产投资（不含农户）471459亿元，同比增长5.8%，比1—9月份回落0.1个百分点。

随着稳投资政策持续加力，重大项目加快推进，前10个月，基础设施投资同比增长8.7%，连续六个月增速加快；制造业投资增长9.7%，明显快于全部投资增速。从先行指标看，前10个月，新开工项目计划总投资同比增长23.1%，连续两个月加快。

国家统计局新闻发言人、国民经济综合统计司司长付凌晖表示，今年受到国际环境复杂严峻、国内疫情多发散发的影响，10月份经济恢复有所放缓。但在一系列稳经济政策的作用下，经济顶住压力持续恢复。从季度变化来看，三季度经济恢复明显好于二季度，10月份总体延续了恢复发展态势。

展望下一阶段，我国经济长期向好的基本面没有变。随着各项稳经济政策显效发力，经济运行有望逐步恢复。

新使命，大未来

Established on December 1, 2021, the Shenzhen Data Exchange Co.Ltd is officially launched at the China Hi-Tech Fair today. There have been 415 transactions registered in the exchange by far, with total transaction volume exceeding 1.1 billion yuan, covering 53 application scenarios such as fintech, digital marketing and public services.  

深圳数据交易所揭牌：15 日，由深圳市人民政府主办的深圳数据交易所揭牌暨数据交易成果发布仪式在深圳成功召开。会上展示了深圳数据要素市场及数据交易系列成果，并启动首批线上数据交易。目前，深圳数据交易所已完成登记备案交易415笔，累计交易金额超11亿元，覆盖金融科技、数字营销、公共服务等53类应用场景，其中跨境交易14笔，交易金额1115万元。

产业及公司新闻

China's electricity consumption maintained stable growth in the first 10 months of the year, data from the National Energy Administration showed on Monday. Power use increased 3.8 percent year on year to nearly 7.18 trillion kilowatt-hours in the period, with 683.4 billion kilowatt-hours in October, up 2.2 percent on a yearly basis.

1-10月全社会用电量同比增长3.8%：11月14日，国家能源局发布数据显示，1-10月全社会用电量累计71760亿千瓦时，同比增长3.8%。10月份，全社会用电量6834亿千瓦时，同比增长2.2%。

Ant Group Co.’s consumer finance unit is raising 10.5 billion yuan in a scaled-down capital boost from investors after China Cinda Asset Management Co. unexpectedly backed out of its investment plan this year. A subsidiary of Sunny Optical Technology Group Co. will take 1.1 billion yuan of Chongqing Ant Consumer Finance Co.’s capital, for a 6 percent stake, according to an exchange filing Monday. Jiangsu Yuyue Medical Equipment & Supply Co. plans to add 524 million yuan, taking a 4.99 percent stake. Ant Group will contribute 5.25 billion yuan to retain its 50 percent holding, while other backers are also investing, statements showed.

蚂蚁消金敲定105亿增资计划：11月14日晚间，多家上市公司披露的公告显示，时隔一年，重庆蚂蚁消费金融公司增资方案修改后确定，包括蚂蚁集团、杭州金数、舜宇光学、传化智联、鱼跃医疗等多家公司将参与本轮增资的股权认购。公告显示，蚂蚁消金本轮总增资金额为105亿元，该方案仍有待监管部门批准。增资完成后，蚂蚁消金前五大股东分别为蚂蚁集团、杭州金投数字科技、南洋银行、舜宇光学和传化智联，持股比例分比为50%、10%、6.49%、6%和5.01%。

Zhejiang Huayou Cobalt, a Chinese supplier of raw minerals for electric vehicle batteries, said late Sunday it will pay 344 million yuan (IDR764 billion) for 80 percent stake in the limonite ore refinery joint venture that it is setting up with Brazilian iron ore firm Vale in Indonesia through its subsidiary Hua Qi. The project will have an annual production capacity of up to 120,000 tons of nickel.

华友钴业3.4亿锁定锂电池关键原料：11月13日晚间，华友钴业披露，其与淡水河谷印尼（PT Vale Indonesia Tbk）签署了确定性合作协议，计划合作PT Kolaka Nickel Indonesia（KNI）高压酸浸湿法冶炼项目。华友钴业全资子公司华骐公司，与淡水河谷印尼、KNI签署了股份认购协议及合资协议。华骐公司以7640亿印尼盾（约合3.44亿元人民币）认购KNI新增股份。认购完成后，华骐公司将持有KNI的80%股份，淡水河谷印尼将持有KNI的20%股份。该项目将以淡水河谷印尼Pomalaa矿山的镍铁矿为原料，规划产能年产不超过12万吨镍金属量的氢氧化镍钴产品（MHP）。

财报速递

Shares of Zhejiang Leapmotor Technology dropped after the Chinese new energy vehicle startup reported yesterday a net loss of 1.3 billion yuan in the third quarter. Net loss widened over 86 percent in the third quarter from a year earlier, while revenue soared nearly 400 percent to 4.3 billion yuan, buoyed by an increase in sales. Leapmotor delivered 35,600 units in the third quarter, up 186 percent from a year ago.  

零跑汽车上市后首份季报：11月14日，零跑汽车发布2022年三季报显示，今年三季度营收42.88亿元，同比增长达398.5%，环比增长38.8%；今年三季度零跑汽车交付量为3.56万辆，同比增长186%。整体亏损仍在扩大，今年前三季度，零跑汽车已亏损37.84亿元，亏损额度已超越去年，第三季度亏损13.4亿元，同比增长96.48%，经营亏损同比增长91.5%。财报中提到，经营亏损同比扩大，主要是因为销量增长所带来的经营开支上升。

Chinese retailer Miniso saw net profit rise by 126.6 percent year-on-year to 417.4 million yuan in the first quarter of fiscal year 2023 ended September 30, according to its filing on Monday, with gross margins hitting a record high of 35.7 percent. Revenue was 2.77 billion yuan, up 4.5 percent year over year. The company said the growth was primarily driven by a 47.6 percent year-over-year growth in revenue from overseas markets, partly offset by a 8.8 percent decrease in revenue from China. 

名创优品23财年首季净利涨127%：11月14日，名创优品集团公布了2023财年第一财季未经审计财务报告显示，2022年6月1日至9月30日集团总营收达27.7亿元，同比增长4.5%，环比增长19.6%；经调整后净利润为4.17亿元，同比增长126.6%，环比增长87.3%。期内增长主力是海外市场，营收为9.2亿元，占总收入的33.2%，同比增长47.6%；而来自中国市场的整体营收为17亿元，同比减少8.8%。此外，据公告披露，当季名创优品毛利率达到的35.7%，创历史记录。

金融市场消息

Chinese regulators issued a circular on Monday, allowing developers to use down payments made for pre-sold houses to pay off the construction and other debts connected to unfinished projects and diffuse risks from distressed property firms. Real estate companies with a good record can apply to banks for letters of guarantee to withdraw some of the funds from their pre-sale accounts, according to the circular jointly issued by the CSIRC, the Ministry of Housing and Urban-Rural Development and the PBOC. A developer will be allowed to withdraw as much as 30 percent of the pre-sale funds saved for a property project. It added that the withdrawals must not be used to purchase land, make new investments or repay money borrowed from shareholders.