Core Viewpoint - The industrial added value of enterprises above designated size in July increased by 5.7% year-on-year, indicating a positive trend in industrial growth [1] Group 1 - The growth rate of industrial added value reflects the overall performance of the industrial sector in the economy [1] - The data suggests a recovery in industrial activities, which may influence investment decisions in related sectors [1] - The year-on-year increase of 5.7% is a significant indicator of economic resilience amid various challenges [1]

Group 1: Coal, Oil, and Natural Gas Production - In July, the production of raw coal in large-scale industries decreased to 380 million tons, a year-on-year decline of 3.8%, with an average daily output of 12.29 million tons [2] - From January to July, the total raw coal production reached 2.78 billion tons, showing a year-on-year increase of 3.8% [2] - The oil production in large-scale industries for the first seven months was 12.66 million tons, reflecting a year-on-year growth of 1.3% [4] - In July, the crude oil processing volume was 63.06 million tons, marking an 8.9% increase year-on-year, with a daily average processing of 2.034 million tons [4] - The total crude oil processing from January to July was 424.68 million tons, up 2.6% year-on-year [4] - Natural gas production in July reached 21.6 billion cubic meters, a year-on-year increase of 7.4%, with a daily average output of 0.7 billion cubic meters [8] - For the first seven months, natural gas production totaled 152.5 billion cubic meters, reflecting a year-on-year growth of 6.0% [8] Group 2: Electricity Production - Electricity production in large-scale industries accelerated in July, with a total generation of 926.7 billion kilowatt-hours, a year-on-year increase of 3.1%, and a daily average generation of 29.89 billion kilowatt-hours [10] - From January to July, the total electricity generation was 5,470.3 billion kilowatt-hours, showing a year-on-year growth of 1.3% [10] - In July, the growth rates for various electricity generation types were as follows: thermal power increased by 4.3%, wind power by 5.5%, solar power by 28.7%, while hydropower decreased by 9.8%, and nuclear power growth slowed to 8.3% [10]

（2025年8月15日） 国家统计局 7月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院决策部署，坚持稳中求进工作总基调，完整准确全面贯彻 新发展理念，加快构建新发展格局，加紧实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济保持稳中有进发展态势，生产需求持续增 长，就业物价总体稳定，新质生产力培育壮大，高质量发展取得新成效。 一、工业生产较快增长，装备制造业和高技术制造业发展较好 7月份，全国规模以上工业增加值同比增长5.7%，环比增长0.38%。分三大门类看，采矿业增加值同比增长5.0%，制造业增长6.2%，电力、热力、燃气及水 生产和供应业增长3.3%。装备制造业增加值同比增长8.4%，高技术制造业增加值增长9.3%，分别快于全部规模以上工业增加值2.7和3.6个百分点。分经济类 型看，国有控股企业增加值同比增长5.4%；股份制企业增长6.5%，外商及港澳台投资企业增长2.8%；私营企业增长5.0%。分产品看，3D打印设备、工业机 器人、新能源汽车产品产量同比分别增长24.2%、24.0%、17.1%。1-7月份，全国规模以上工业增加值同比增长6.3%。 ...

Economic Overview - In July, the industrial added value increased by 5.7% year-on-year, with mining growing by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [4] - Among the economic types, state-controlled enterprises saw a 5.4% increase, joint-stock enterprises grew by 6.5%, foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 2.8%, and private enterprises grew by 5.0% [4] Industry Performance - Out of 41 major industries, 35 reported year-on-year growth in added value in July. Notable growth was seen in black metal smelting and rolling (8.6%), non-ferrous metal smelting and rolling (6.8%), and general equipment manufacturing (8.4%) [2][4] - The automotive manufacturing sector grew by 8.5%, with new energy vehicles increasing by 17.1% [3][4] Product Output - In July, among 623 industrial products, 335 saw a year-on-year increase in output. Steel production reached 12.295 million tons (up 6.4%), while cement production fell to 14.557 million tons (down 5.6%) [3] - The output of ethylene was 3.12 million tons (up 9.1%), and automobile production was 2.51 million units (up 8.4%) [3][4] Sales and Exports - The sales rate for industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year. The export delivery value reached 1.2904 trillion yuan, a nominal increase of 0.8% [3][4]

Core Insights - In July, the total retail sales of consumer goods reached 38,780 billion yuan, with a year-on-year growth of 3.7% [6] - From January to July, the total retail sales of consumer goods amounted to 284,238 billion yuan, growing by 4.8% [6] Group 1: Overall Retail Performance - Excluding automotive sales, the retail sales of consumer goods in July were 34,931 billion yuan, reflecting a growth of 4.3% [8] - For the first seven months, retail sales excluding automotive reached 257,014 billion yuan, with a growth rate of 5.3% [8] Group 2: Urban vs Rural Consumption - In July, urban retail sales were 33,620 billion yuan, showing a year-on-year increase of 3.6%, while rural retail sales were 5,160 billion yuan, growing by 3.9% [3] - From January to July, urban retail sales totaled 246,669 billion yuan, with a growth of 4.8%, and rural retail sales reached 37,569 billion yuan, growing by 4.7% [3] Group 3: Retail Formats and Online Sales - From January to July, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 7.0%, 5.2%, 1.1%, 5.8%, and 1.9% respectively [5] - The online retail sales for the first seven months were 86,835 billion yuan, with a year-on-year growth of 9.2%, and physical goods online retail sales were 70,790 billion yuan, growing by 6.3% [5] - Online retail sales accounted for 24.9% of the total retail sales of consumer goods [5] Group 4: Breakdown by Product Categories - In July, the retail sales of food, clothing, and daily necessities showed significant growth, with food sales increasing by 8.6% and daily necessities by 8.2% [8] - The sales of home appliances and audio-visual equipment surged by 28.7%, while sales of cultural and office supplies grew by 13.8% [8] - Conversely, sales in the petroleum and products category declined by 8.3% [8]

Group 1: Real Estate Development Investment - From January to July, national real estate development investment reached 535.8 billion yuan, a year-on-year decrease of 12.0% [1][10] - Residential investment accounted for 412.08 billion yuan, down 10.9% [1][10] - Investment in office buildings and commercial properties saw declines of 17.8% and 8.8% respectively [10] Group 2: Construction and New Starts - The total construction area for real estate development was 638.731 million square meters, a decrease of 9.2% year-on-year [2][11] - New construction area was 35.206 million square meters, down 19.4%, with residential new starts at 25.881 million square meters, a decline of 18.3% [2][11] - The completed construction area was 25.034 million square meters, down 16.5%, with residential completions at 18.067 million square meters, a decrease of 17.3% [2][11] Group 3: Sales and Inventory - From January to July, the sales area of new commercial housing was 51.56 million square meters, down 4.0%, with residential sales area decreasing by 4.1% [3][11] - The sales revenue for new commercial housing was 495.66 billion yuan, a decline of 6.5%, with residential sales revenue down 6.2% [3][11] - As of the end of July, the inventory of unsold commercial housing was 76.486 million square meters, a decrease of 462,000 square meters from the end of June [5] Group 4: Funding Situation - From January to July, the total funds available to real estate development enterprises amounted to 572.87 billion yuan, a year-on-year decrease of 7.5% [6][11] - Domestic loans increased slightly by 0.1% to 92.07 billion yuan, while self-raised funds decreased by 8.5% to 232.3 billion yuan [6][11] - Personal mortgage loans fell by 9.3% to 79.18 billion yuan [6][11] Group 5: Market Sentiment - The real estate development prosperity index (National Real Estate Prosperity Index) stood at 93.34 at the end of July, indicating a lower level of market sentiment [7]

Core Insights - In the first seven months of 2025, China's fixed asset investment (excluding rural households) reached 288,229 billion yuan, showing a year-on-year growth of 1.6% on a comparable basis [1][5][17] - Private fixed asset investment experienced a decline of 1.5% year-on-year [1][5] - In July 2025, fixed asset investment (excluding rural households) decreased by 0.63% month-on-month [1] Investment by Industry - Investment in the primary industry amounted to 5,646 billion yuan, with a year-on-year increase of 5.6% [3][6] - The secondary industry saw an investment of 104,455 billion yuan, growing by 8.9% year-on-year, with industrial investment specifically increasing by 9.0% [3][6] - The tertiary industry experienced a decline in investment, totaling 178,128 billion yuan, down 2.3% year-on-year [3][6] - Within the secondary industry, mining investment grew by 3.0%, manufacturing investment increased by 6.2%, and investment in electricity, heat, gas, and water production and supply surged by 21.5% [3][6] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary industry rose by 3.2% year-on-year, with notable increases in water transport (18.9%), water conservancy management (12.6%), and railway transport (5.9%) [3][6] - Investment trends varied by region: eastern regions saw a decline of 2.4%, while central and western regions experienced growth of 3.2% and 3.6%, respectively; northeastern regions faced a decline of 3.0% [3][6] Investment by Ownership Type - Domestic enterprises' fixed asset investment grew by 1.7%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 3.5%; foreign enterprises, however, saw a significant decline of 15.7% [4][6]

Core Viewpoint - The data released by the National Bureau of Statistics indicates a decline in the sales prices of commercial residential properties in 70 large and medium-sized cities in July 2025, with a narrowing of the year-on-year decline overall [1]. Group 1: Price Changes in First-Tier Cities - In July 2025, the sales price of newly built commercial residential properties in first-tier cities decreased by 0.2% month-on-month, a reduction of 0.1 percentage points compared to the previous month [1]. - The year-on-year decline for newly built commercial residential properties in first-tier cities was 1.1%, with a narrowing of 0.3 percentage points from the previous month [1]. - The sales price of second-hand residential properties in first-tier cities fell by 1.0% month-on-month, with an increase in the decline of 0.3 percentage points compared to the previous month [1]. - The year-on-year decline for second-hand residential properties in first-tier cities was 3.4%, with an increase in the decline of 0.4 percentage points from the previous month [1]. Group 2: Price Index Data for Various Cities - The price index for newly built commercial residential properties in Beijing was 100.0 month-on-month and 95.1 year-on-year [2]. - In Shanghai, the price index for newly built commercial residential properties was 99.3 month-on-month and 97.5 year-on-year [2]. - The price index for second-hand residential properties in Beijing was 98.9 month-on-month and 97.1 year-on-year [4]. - In Guangzhou, the price index for second-hand residential properties was 99.0 month-on-month and 90.8 year-on-year [4]. Group 3: Price Changes by Property Size - For newly built commercial residential properties, the price index for properties 90m² and below in Beijing was 99.8 month-on-month and 96.7 year-on-year [5]. - The price index for properties between 90-144m² in Shanghai was 99.8 month-on-month and 98.3 year-on-year [5]. - For properties larger than 144m² in Beijing, the price index was 100.2 month-on-month and 96.5 year-on-year [5].

Group 1 - In July 2025, the sales prices of new residential properties in first-tier cities decreased by 0.2% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [3] - The month-on-month sales prices of new residential properties in second-tier cities fell by 0.4%, with the decline expanding by 0.2 percentage points [3] - The month-on-month sales prices of new residential properties in third-tier cities decreased by 0.3%, with the decline remaining the same as the previous month [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities dropped by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [4] - In July, the year-on-year sales prices of new residential properties in second-tier cities decreased by 2.8%, with the decline narrowing by 0.2 percentage points [4] - The year-on-year sales prices of new residential properties in third-tier cities fell by 4.2%, with the decline narrowing by 0.4 percentage points [4] Group 3 - In July, the month-on-month sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, with the decline expanding by 0.3 percentage points compared to the previous month [3] - The month-on-month sales prices of second-hand residential properties in second-tier cities fell by 0.5%, with the decline narrowing by 0.1 percentage points [3] - The month-on-month sales prices of second-hand residential properties in third-tier cities also decreased by 0.5%, with the decline narrowing by 0.1 percentage points [3] Group 4 - Year-on-year, the sales prices of second-hand residential properties in first-tier cities dropped by 3.4%, with the decline expanding by 0.4 percentage points compared to the previous month [4] - The year-on-year sales prices of second-hand residential properties in second-tier cities decreased by 5.6%, with the decline narrowing by 0.2 percentage points [4] - The year-on-year sales prices of second-hand residential properties in third-tier cities fell by 6.4%, with the decline narrowing by 0.3 percentage points [4]

Core Viewpoint - The new residential sales price index for 70 large and medium-sized cities in July 2025 shows a mixed trend, with some cities experiencing price increases while others see declines, indicating a varied real estate market across different regions [1][4][7]. Price Index Summary - The price index for Beijing remains stable at 100.0, with a year-on-year decrease of 3.6% [1]. - Cities like Fuzhou and Urumqi show significant increases in their price indices, with Fuzhou at 100.5 and Urumqi at 100.3, indicating a strong demand in these areas [6][10]. - Conversely, cities such as Shijiazhuang and Taiyuan show declines, with indices at 99.3 and 99.2 respectively, reflecting weaker market conditions [4][8]. Price Category Breakdown - For residential properties under 90m², the average price index is 99.7, with a year-on-year decrease of 5.5% [7]. - The 90-144m² category shows a similar trend, with an index of 99.8 and a year-on-year decrease of 4.4% [8]. - Larger properties over 144m² have a slightly better performance, with an index of 100.0, indicating stability in this segment [7][10]. Regional Variations - Eastern cities like Hangzhou and Nanjing show resilience with indices of 99.7 and 99.6 respectively, while cities in the north like Harbin and Hohhot are experiencing declines [6][9]. - Southern cities such as Guangzhou and Shenzhen maintain stable indices around 99.4, suggesting a balanced market in these regions [5][10]. Overall Market Sentiment - The overall sentiment in the real estate market remains cautious, with fluctuations in prices reflecting local economic conditions and demand-supply dynamics [1][4][6].