China GDP Growth Slowed to 4.8% in 3Q25

China GDP Growth Slowed to 4.8% in 3Q25
China’s economy expanded 4.8% YoY in 3Q25 (vs 5.2% in 2Q25), marking its slowest pace since 3Q24 but in line with market expectations. Retail sales rose at their slowest pace in a year, while unemployment remained near August’s six-month high. Meanwhile, industrial output picked up to a three-month high ahead of Golden Week, and exports and imports beat forecasts on stronger holiday demand. The statistics bureau said 5.2% growth in 9M25 lays a solid base to achieve the full-year target of around 5%. (Trading Economics)

China Halted U.S. Soybean Imports for First Time Since 2018 
China halted soybean imports from the U.S. in Sep-25 — the first suspension since Nov-18 — as trade tensions between the two economies escalated. Customs data showed no soybean imports from the U.S. versus 1.7 mn tons a year earlier, with Chinese buyers shifting to Brazil and Argentina due to high tariffs. Argentina’s shipments surged 91.5% to 1.17 mn tons, accounting for 9% of China’s 12.87 mn tons total imports. (Reuters) 

INDUSTRY 
China Coal Output Fell 1.8% YoY in Sep-25, Prices Strengthened 
China’s coal production fell 1.8% YoY to 411.5 Mt in Sep-25, according to the National Bureau of Statistics, due to ongoing government restrictions under its “anti-involution” policy to curb overcapacity. Despite lower output, production rose from 390.5 Mt in Aug-25 as prices hit an eight-month high amid tighter supply. Cumulative production in Jan–Sep 25 reached 3.57 bn tons, up 2% YoY, signaling continued resilience in the sector despite regulatory limits. (Reuters)

COMPANY 
BCAS: BBCA IJ - 3Q25 Earnings In Line
- BBCA posted 3Q25 net profit of IDR 14.4 tn (-3.3% QoQ; +1.3% YoY), bringing 9M25 net profit to IDR 43.4 tn (+5.7% YoY), in line with consensus at 75.1%. 
- 3Q25 operating income booked at IDR 29.1 tn (+2.2% QoQ; +4.9% YoY), bringing 9M25 operating income to IDR 85.5 tn (+6.7% YoY), in line with street expectations at 74%. 
- Operating profit reached IDR 18.2 tn in 3Q25(-0.7% QoQ; +2.8% YoY), totaling IDR 53.9 tn in 9M25 (+6.0% YoY) - in line at 74% with cons' estimates. 
- Provisioning in 3Q25 surged to IDR 1.5 tn (+54.1% QoQ; +57.2% YoY), totaling IDR 3.5 tn in 9M25 (48.8% YoY) 
- PPOP improved to IDR 19.7 tn (+2.1% QoQ; +5.6% YoY), totaling IDR 57.5 tn in 9M25 (+7.9% YoY). 
- LDR stood at 75.6% (vs Jun-25: 78.0%; Sep-24: 75.1%), gross NPL stable at 2.2%, and CAR strong at 29.9%. 
- The Co. announced a share buyback plan of up to IDR 5 tn, to be executed from 22-Oct-25 to 19-Jan-26 at a maximum price of IDR 9,200/sh.