Group 1 - In July, China's lead production reached 629,000 tons, a year-on-year increase of 0.5% [1] - In July, China's zinc production was 617,000 tons, showing a significant year-on-year increase of 13.8% [1] - From January to July, China's cumulative lead production totaled 4,468,000 tons, reflecting a year-on-year decrease of 0.8% [1] - From January to July, China's cumulative zinc production reached 4,166,000 tons, with a year-on-year increase of 1.3% [1]

国家统计局数据显示，2025年7月中国氧化铝产量756.5万吨，同比增长4.6%；1-7月累计产量5267.2万 吨，同比增长8.5%。 7月电解铝产量377.9万吨，同比增长0.6%；1-7月累计产量2637.7万吨，同比增长2.8%。 7月铝合金产量153.6万吨，同比增长10.7%；1-7月累计产量1062.8吨，同比增长14.8%。 7月铝材产量548.4万吨，同比下降1.6%；1-7月累计产量3847.0万吨，同比增长0.8%。 资讯编辑：冯诗奇 021-26093556 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

Core Insights - National fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July, showing a year-on-year growth of 1.6% [1] Group 1: Equipment Investment - The "Two New" policies have led to a significant increase in equipment purchase investment, which grew by 15.2% year-on-year, outpacing overall investment growth by 13.6 percentage points, contributing 2.2 percentage points to total investment growth [2] Group 2: Manufacturing Investment - Manufacturing investment has seen a robust increase, growing by 6.2% year-on-year, which is 4.6 percentage points higher than the overall investment growth, contributing 1.5 percentage points to total investment growth. Notably, consumer goods manufacturing investment rose by 10.8%, while equipment manufacturing investment increased by 4.8%. High-tech manufacturing sectors such as aerospace and equipment manufacturing saw investment growth of 33.9% and 16.0%, respectively [3] Group 3: Infrastructure Investment - Infrastructure investment has shown a steady growth of 3.2% year-on-year, exceeding overall investment growth by 1.6 percentage points, with a contribution rate of 43.0% to total investment growth, an increase of 6.0 percentage points from the first half of the year. Key sectors include water transportation (18.9% growth), water management (12.6% growth), and railway transportation (5.9% growth) [4] Group 4: Green Energy Investment - Green energy investment has surged, with the electricity, heat, gas, and water production and supply sector growing by 21.5% year-on-year, contributing 1.4 percentage points to total investment growth. Investments in solar, wind, nuclear, and hydropower collectively increased by 21.9% [5] Group 5: High-Tech Service Investment - High-tech service investment has expanded, growing by 6.2% year-on-year, which is 4.6 percentage points higher than overall investment growth. This sector now accounts for 5.1% of total service industry investment, up by 0.4 percentage points from the same period last year, with information service investment increasing by 32.8% [6] Group 6: Project Investment - National project investment (excluding real estate development) grew by 5.3% year-on-year, surpassing overall investment growth by 3.7 percentage points. Projects with total planned investments of 100 million yuan and above saw a 4.1% increase, contributing 2.3 percentage points to total investment growth. Private sector project investment (excluding real estate) rose by 3.9%, with notable growth in accommodation and catering (19.6%), infrastructure (8.8%), and cultural, sports, and entertainment sectors (8.1%) [7]

Group 1 - In July, the industrial production in China maintained steady growth, with the industrial added value increasing by 5.7% year-on-year, and a month-on-month increase of 0.38% after seasonal adjustment [1] - From January to July, the industrial added value grew by 6.3%, which is 0.4 percentage points higher than the same period last year [1] - Among the three major sectors, the manufacturing sector's added value increased by 6.2%, surpassing the overall industrial growth by 0.5 percentage points [1] Group 2 - The equipment manufacturing industry showed robust performance, with a year-on-year increase of 8.4% in added value, consistently outperforming the overall industrial growth for 24 consecutive months [2] - All eight sub-sectors within equipment manufacturing experienced growth, with electronics, electrical machinery, and automotive sectors each growing by 10.2%, 10.2%, and 8.5% respectively [2] - High-end equipment products saw rapid production growth, with steam turbines for power plants, mobile communication base station equipment, and generator sets increasing by 52.0%, 43.2%, and 34.6% respectively [2] Group 3 - The high-end, intelligent, and green transformation of the manufacturing sector is advancing, with high-tech manufacturing added value increasing by 9.3% year-on-year in July [3] - Key industries such as integrated circuit manufacturing and biopharmaceuticals saw significant growth, with increases of 26.9% and 12.1% respectively [3] - The digital product manufacturing sector also grew by 8.4%, with intelligent equipment manufacturing increasing by 13.4% [3] Group 4 - The "Two New" policies are yielding positive results, with industries like boiler and prime mover manufacturing seeing added value growth of 20.0% and 15.9% respectively [4] - The production of new energy vehicles increased by 17.1% due to vehicle replacement subsidy policies, along with significant growth in related products like lithium-ion batteries [4] - Overall, industrial production in July showed rapid growth, but challenges such as weak effective demand and low corporate profitability remain [4]

Energy Production Overview - In July 2025, the total industrial electricity generation reached 926.7 billion kWh, marking a year-on-year increase of 3.1%, with a growth acceleration of 1.4 percentage points compared to June [1][10] - From January to July 2025, the total industrial electricity generation was 5470.3 billion kWh, reflecting a year-on-year growth of 1.3% [2][10] - The average daily electricity generation in July was 29.89 billion kWh [1][10] Breakdown by Energy Source - In July, the growth rates for various energy sources were as follows: - Thermal power increased by 4.3%, accelerating by 3.2 percentage points from June - Wind power grew by 5.5%, with an acceleration of 2.3 percentage points - Solar power surged by 28.7%, accelerating by 10.4 percentage points - Hydropower saw a decline of 9.8%, with the drop expanding by 5.8 percentage points - Nuclear power increased by 8.3%, but the growth rate slowed by 2.0 percentage points [1][11] Coal, Oil, and Gas Production - In July, the production of raw coal decreased to 38 million tons, down 3.8% year-on-year, with a daily average of 12.29 million tons [5] - Raw oil production in July was stable at 18.12 million tons, reflecting a year-on-year increase of 1.2% [6] - Natural gas production in July reached 21.6 billion cubic meters, showing a year-on-year growth of 7.4%, with an acceleration of 2.8 percentage points from June [8] Industrial Value Added - The industrial value added in July grew by 5.7% year-on-year, with a month-on-month increase of 0.38% [12][13] - From January to July, the industrial value added increased by 6.3% year-on-year [13] - The growth rates by sector in July were: - Mining industry: 5.0% - Manufacturing: 6.2% - Electricity, heat, gas, and water production and supply: 3.3% [13] Product Sales and Exports - The product sales rate for large-scale industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year [15] - The export delivery value for large-scale industrial enterprises reached 1.2904 trillion yuan, reflecting a nominal year-on-year growth of 0.8% [15]

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]