Core Insights - The growth rate of industrial electricity production in China accelerated in July, with a total output of 926.7 billion kWh, representing a year-on-year increase of 3.1%, which is 1.4 percentage points higher than June [1] - From January to July, the total industrial electricity production reached 54,703 billion kWh, showing a year-on-year growth of 1.3% [2] Breakdown by Energy Source - In July, the growth rates for various energy sources showed significant variation: - Thermal power increased by 4.3%, up 3.2 percentage points from June - Hydropower decreased by 9.8%, with the decline widening by 5.8 percentage points compared to June - Nuclear power grew by 8.3%, but the growth rate slowed by 2.0 percentage points from June - Wind power increased by 5.5%, accelerating by 2.3 percentage points from June - Solar power surged by 28.7%, with an increase of 10.4 percentage points from June [1] Specific Output Figures - In July, the absolute generation figures were as follows: - Thermal power: 602 billion kWh, up 4.3% year-on-year - Hydropower: 151.3 billion kWh, down 9.8% year-on-year - Nuclear power: 43 billion kWh, up 8.3% year-on-year - Wind power: 74.4 billion kWh, up 5.5% year-on-year - Solar power: 55.9 billion kWh, up 28.7% year-on-year [1] Year-to-Date Performance - For the first seven months of the year, the performance by energy source was: - Thermal power: 35,440 billion kWh, down 1.3% year-on-year - Hydropower: 6,910 billion kWh, down 4.5% year-on-year - Nuclear power: 2,793 billion kWh, up 10.8% year-on-year - Wind power: 6,291 billion kWh, up 10.4% year-on-year - Solar power: 3,268 billion kWh, up 22.7% year-on-year [2]

国家统计局数据显示，2025年1-7月份，全国焦炭、钢材产量继续同比呈增，粗钢和生铁产量则下滑。 具体来看： 1-7月份，全国焦炭产量29168万吨，同比增2.8%。7月份焦炭产量为4186万吨，同比增长0.5%，环比增 长0.4%。 1-7月份，全国生铁产量50583万吨，同比降1.3%。7月份生铁产量为7080万吨，同比下降1.4%，环比下 降1.5%。 1-7月份，全国粗钢产量59447万吨，同比降3.1%。7月份粗钢产量为7966万吨，同比下降4.0%，环比下 降4.2%。 1-7月份，全国钢材产量86047万吨，同比增5.1%。7月份钢材产量为12295万吨，同比增长6.4%，环比下 降3.8%。 ...

据国家统计局数据显示，7月份，我国服装、鞋帽、针纺织品类商品零售额为961亿元，同比增长 1.8%。2025年1-7月份，我国服装、鞋帽、针纺织品类商品零售额为8371亿元，同比增长2.9%。 ...

Price Trends in Key Production Materials - Monitoring of prices for 50 important production materials across 9 categories indicates that in early August 2025, 18 products saw price increases, while 29 experienced declines, and 3 remained stable [1] - Specifically, the price of live pigs (external three yuan) was recorded at 13.9 per kilogram, reflecting a decrease of 1.4% compared to the previous period [1]

Core Insights - In July 2025, China's crude steel production reached 79.66 million tons, a year-on-year decrease of 4.0%, while steel product output increased by 6.4% to 122.95 million tons [1] - From January to July 2025, crude steel production totaled 594.47 million tons, down 3.1% year-on-year, while steel product output grew by 5.1% to 86.05 million tons [1] Industrial Growth - The industrial added value for large-scale industries in July increased by 5.7% year-on-year, with a month-on-month growth of 0.38% [1] - For the first seven months of 2025, the industrial added value grew by 6.3% year-on-year [1] Sector Performance - In July, the mining sector's added value grew by 5.0%, manufacturing by 6.2%, and the electricity, heat, gas, and water production and supply sector by 3.3% [3] - Among 41 major industries, 35 reported year-on-year growth in added value, with notable increases in black metal smelting and rolling (8.6%) and general equipment manufacturing (8.4%) [3][4] Product Output - In July, out of 623 industrial products, 335 saw year-on-year output growth, including steel (122.95 million tons, +6.4%) and automobiles (2.51 million units, +8.4%) [4] - New energy vehicles specifically grew by 17.1% to 1.176 million units in July [4] Economic Type Analysis - In July, state-controlled enterprises' added value increased by 5.4%, while private enterprises grew by 5.0% [3][5] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a lower growth rate of 2.8% [5]

Core Insights - The industrial electricity production in China has accelerated, with July's output reaching 926.7 billion kWh, a year-on-year increase of 3.1%, which is 1.4 percentage points higher than June's growth rate [1] - From January to July, the total industrial electricity production was 5,470.3 billion kWh, reflecting a year-on-year growth of 1.3%, with a daily average increase of 1.8% after adjusting for the number of days [1] Breakdown by Energy Source - In July, the growth rates for various energy sources showed significant changes: - Thermal power increased by 4.3%, accelerating by 3.2 percentage points compared to June [1] - Hydropower experienced a decline of 9.8%, with the drop widening by 5.8 percentage points from June [1] - Nuclear power grew by 8.3%, but the growth rate slowed down by 2.0 percentage points from June [1] - Wind power saw a growth of 5.5%, which is an acceleration of 2.3 percentage points compared to June [1] - Solar power surged by 28.7%, with an increase of 10.4 percentage points from June [1]

Group 1: Coal, Oil, and Natural Gas Production - In July, the production of raw coal decreased, with an output of 380 million tons, a year-on-year decline of 3.8% [2] - The cumulative production of raw coal from January to July reached 2.78 billion tons, showing a year-on-year increase of 3.8% [2] - Raw oil production remained stable, with July output at 18.12 million tons, a year-on-year increase of 1.2% [4] - From January to July, the cumulative raw oil production was 126.6 million tons, reflecting a year-on-year growth of 1.3% [4] - The processing of raw oil accelerated, with July processing volume at 63.06 million tons, a year-on-year increase of 8.9% [5] - Cumulative raw oil processing from January to July was 424.68 million tons, up 2.6% year-on-year [5] - Natural gas production saw an accelerated growth, with July output at 21.6 billion cubic meters, a year-on-year increase of 7.4% [9] - From January to July, the cumulative natural gas production was 152.5 billion cubic meters, reflecting a year-on-year growth of 6.0% [9] Group 2: Electricity Production - Electricity production in July increased, with a total generation of 926.7 billion kilowatt-hours, a year-on-year growth of 3.1% [11] - The cumulative electricity generation from January to July was 5,470.3 billion kilowatt-hours, showing a year-on-year increase of 1.3% [11] - In July, the daily average electricity generation was 29.89 billion kilowatt-hours, with a year-on-year daily average growth of 1.8% after adjusting for the number of days [11] - By type, thermal power generation increased by 4.3% year-on-year, while hydropower saw a decline of 9.8% [11] - Nuclear power generation grew by 8.3%, although the growth rate slowed by 2.0 percentage points compared to June [11] - Wind power generation increased by 5.5%, with an acceleration in growth compared to previous months [11]

Economic Overview - In July, under the strong leadership of the Central Committee, the national economy maintained a steady growth trend, with production and demand continuing to rise, and overall employment and prices remaining stable [1][9] Industrial Production - In July, the industrial added value above designated size increased by 5.7% year-on-year and 0.38% month-on-month. The mining industry grew by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [2] - The equipment manufacturing industry saw an 8.4% increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial growth by 2.7 and 3.6 percentage points respectively [2] - The manufacturing purchasing managers' index was at 49.3, indicating a slight contraction in manufacturing activity [2] Service Sector - The service production index rose by 5.8% year-on-year in July, with significant growth in information transmission, software, and IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [3] - The business activity index for services was at 50.0, indicating stable activity levels [3] Retail Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [4] - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods accounting for 70,790 billion yuan, a 6.3% increase [4] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, a year-on-year increase of 1.6% [5] - Manufacturing investment grew by 6.2%, while real estate development investment declined by 12.0% [5] Trade and Exports - In July, the total value of goods imports and exports reached 39,102 billion yuan, a year-on-year increase of 6.7% [6] - Exports amounted to 23,077 billion yuan, growing by 8.0%, while imports were 16,026 billion yuan, increasing by 4.8% [6] Employment - The urban survey unemployment rate averaged 5.2% from January to July, with July's rate at 5.2%, a 0.2 percentage point increase from the previous month [7] Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [8] - Core CPI, excluding food and energy, rose by 0.8%, indicating a slight increase in underlying inflation pressures [8]

Group 1: Coal, Oil, and Natural Gas Production - In July, the production of raw coal decreased, with an output of 380 million tons, a year-on-year decline of 3.8% [2] - From January to July, the cumulative production of raw coal reached 2.78 billion tons, showing a year-on-year increase of 3.8% [2] - Oil production remained stable, with July output at 18.12 million tons, a year-on-year increase of 1.2% [4] - The cumulative oil production from January to July was 126.6 million tons, reflecting a year-on-year growth of 1.3% [5][6] - The processing of crude oil accelerated, with July processing volume at 63.06 million tons, a year-on-year increase of 8.9% [5] - Natural gas production saw a significant increase, with July output at 21.6 billion cubic meters, a year-on-year growth of 7.4% [8] - From January to July, the total natural gas production was 152.5 billion cubic meters, up 6.0% year-on-year [9] Group 2: Electricity Production - Electricity production in July increased, with a total generation of 926.7 billion kilowatt-hours, a year-on-year growth of 3.1% [11] - The cumulative electricity generation from January to July was 5,470.3 billion kilowatt-hours, reflecting a year-on-year increase of 1.3% [11] - In July, the growth rates varied by type: thermal power increased by 4.3%, hydropower decreased by 9.8%, nuclear power grew by 8.3%, wind power increased by 5.5%, and solar power surged by 28.7% [11]

2025年1—7月份，全国固定资产投资（不含农户）288229亿元，同比增长1.6%（按可比口径计算，详 见附注7）。其中，民间固定资产投资同比下降1.5%。从环比看，7月份固定资产投资（不含农户）下 降0.63%。 分产业看，第一产业投资5646亿元，同比增长5.6%；第二产业投资104455亿元，增长8.9%；第三产业 投资178128亿元，下降2.3%。 第二产业中，工业投资同比增长9.0%。其中，采矿业投资增长3.0%，制造业投资增长6.2%，电力、热 力、燃气及水生产和供应业投资增长21.5%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长3.2%。其中，水上 运输业投资增长18.9%，水利管理业投资增长12.6%，铁路运输业投资增长5.9%。 分地区看，东部地区投资同比下降2.4%，中部地区投资增长3.2%，西部地区投资增长3.6%，东北地区 投资下降3.0%。 分登记注册类型看，内资企业固定资产投资同比增长1.7%，港澳台企业固定资产投资增长3.5%，外商 企业固定资产投资下降15.7%。 | | (1) M H M N K | 1 = X >> JH | | | - ...