China’s industrial value added increased +0.17% MoM and +4.9% YoY in October 2025, reflecting steady but uneven momentum across major sectors and product categories.

• Mining output rose +4.5% YoY, manufacturing increased +4.9% YoY, and electricity-heat-gas-water supply grew +5.4% YoY, showing broad contributions across all three industrial categories.

• By ownership, state-controlled enterprises posted +6.7% YoY growth, joint-stock enterprises +5.2%, foreign-invested firms +4.0%, and private enterprises +2.1%, indicating stronger gains among state-linked and larger corporate groups.

• Major industries showed wide variation: chemical materials rose +7.1% YoY, general equipment +6.9%, autos +16.8%, transport equipment +15.2%, and electronics +8.9%, while wine-beverage-tea (-1.9%), non-metallic minerals (-3.2%), and pharmaceuticals (-1.6%) contracted.

• Auto production reached 3.279M units (+11.2% YoY), including 1.710M NEVs (+19.3%), highlighting continued strength in vehicle demand.

• Steel output slipped -0.9% YoY, cement fell -15.8% YoY, and crude steel was down -12.1% YoY, pointing to persistent weakness in construction-related materials.

• High-tech and advanced equipment categories performed strongly: integrated circuits output rose +17.7% YoY, industrial robots +17.9%, and generator sets +16.9%, underscoring ongoing expansion in technology-intensive manufacturing.

• Power generation increased +7.9% YoY, with hydropower surging +28.2% and solar up +5.9%, while thermal generation rose +7.3% despite YoY declines earlier in the year.

• The product sales rate fell to 96.4% (-1.0 ppts YoY), and export delivery value declined -2.1% YoY, indicating softer external demand relative to domestic production trends.