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 | | | - ...

7月份，规模以上工业（以下简称规上工业）原煤生产有所下降，原油生产平稳增长，天然气、电力生产 增速加快。 1—7月份，规上工业原油加工量42468万吨，同比增长2.6%。 一、原煤、原油和天然气生产及相关情况 原煤生产有所下降。7月份，规上工业原煤产量3.8亿吨，同比下降3.8%；日均产量1229万吨。 1—7月份，规上工业原煤产量27.8亿吨，同比增长3.8%。 原油生产稳定增长。7月份，规上工业原油产量1812万吨，同比增长1.2%，增速比6月份放缓0.2个百分点； 日均产量58.5万吨。 1—7月份，规上工业原油产量12660万吨，同比增长1.3%。 原油加工增速加快。7月份，规上工业原油加工量6306万吨，同比增长8.9%，增速比6月份加快0.4个百分 点；日均加工203.4万吨。 400 15 5.8 6.0 2.5 3.1 2.1 350 1.8 5 1.7 0.6 0.9 0.9 0.5 -1.3 298.9 300 -ર 284.9 292.7 273.0 267.5 265.4 252.9 251.0 249.8 250 -15 237.0 238.0 235.8 200 -25 150 - ...

7月份，规模以上工业增加值同比实际增长5.7%（增加值增速均为扣除价格因素的实际增长率）。从环比 看，7月份，规模以上工业增加值比上月增长0.38%。1—7月份，规模以上工业增加值同比增长6.3%。 分三大门类看，7月份，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%。 分经济类型看，7月份，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%。 分行业看，7月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长 4.2%，石油和天然气开采业增长4.1%，农副食品加工业增长5.6%，酒、饮料和精制茶制造业增长0.1%， 纺织业增长1.7%，化学原料和化学制品制造业增长7.2%，非金属矿物制品业下降0.6%，黑色金属冶炼和 压延加工业增长8.6%，有色金属冶炼和压延加工业增长6.8%，通用设备制造业增长8.4%，专用设备制造 业增长3.8%，汽车制造业增长8.5%，铁路、船舶、航空航天和其他运输设备制造业增长13.7%，电气机械 和器材制造业增长10.2%，计算机、通信和其 ...

Real Estate Development Investment - In the first seven months, national real estate development investment reached 53,580 billion yuan, a year-on-year decrease of 12.0%, with residential investment at 41,208 billion yuan, down 10.9% [2][13] Construction and New Starts - The total construction area for real estate development was 638,731 million square meters, a decline of 9.2% year-on-year, with residential construction area at 445,107 million square meters, down 9.4% [4][13] - New construction area was 35,206 million square meters, down 19.4%, with residential new starts at 25,881 million square meters, a decrease of 18.3% [4][13] - The completed construction area was 25,034 million square meters, down 16.5%, with residential completions at 18,067 million square meters, a decline of 17.3% [4][13] Sales of New Commercial Housing - In the first seven months, the sales area of new commercial housing was 51,560 million square meters, a year-on-year decrease of 4.0%, with residential sales area down 4.1% [5][13] - The sales revenue from new commercial housing was 49,566 billion yuan, down 6.5%, with residential sales revenue decreasing by 6.2% [5][13] Inventory Situation - As of the end of July, the inventory of unsold commercial housing was 76,486 million square meters, a decrease of 462 million square meters from the end of June, with residential unsold inventory down by 285 million square meters [7][13] Funding Situation for Real Estate Developers - In the first seven months, the funds available to real estate developers totaled 57,287 billion yuan, a year-on-year decrease of 7.5% [8][13] - Domestic loans amounted to 9,207 billion yuan, showing a slight increase of 0.1%, while self-raised funds decreased by 8.5% to 23,230 billion yuan [8][13] Real Estate Development Prosperity Index - The real estate development prosperity index (National Real Estate Prosperity Index) stood at 93.34 at the end of July [9][13]

Production Overview - In July, the production of raw coal in large-scale industries decreased, while crude oil production remained stable, and the growth rate of natural gas and electricity production accelerated [1][3][7][9] Raw Coal Production - In July, the output of raw coal was 380 million tons, a year-on-year decrease of 3.8%, with an average daily output of 12.29 million tons [1] - From January to July, the total output of raw coal reached 2.78 billion tons, reflecting a year-on-year increase of 3.8% [1] Crude Oil Production - In July, the output of crude oil was 18.12 million tons, showing a year-on-year growth of 1.2%, with a daily average output of 585,000 tons [3] - From January to July, the total output of crude oil was 126.6 million tons, with a year-on-year increase of 1.3% [3] Natural Gas Production - In July, the output of natural gas was 21.6 billion cubic meters, representing a year-on-year increase of 7.4%, with a daily average output of 700 million cubic meters [7] - From January to July, the total output of natural gas was 152.5 billion cubic meters, with a year-on-year increase of 6.0% [7] Electricity Production - In July, the electricity generation was 926.7 billion kilowatt-hours, a year-on-year increase of 3.1%, with a daily average generation of 29.89 billion kilowatt-hours [9] - From January to July, the total electricity generation was 5,470.3 billion kilowatt-hours, reflecting a year-on-year increase of 1.3% [9] - The growth rates for different types of electricity generation in July included: 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% [9]

Group 1: Solar Energy Production - In July, the production of solar cells reached 66.38 million kilowatts, representing a year-on-year increase of 16% [1] - Cumulative production from January to July was 473.96 million kilowatts, showing a year-on-year growth of 19.6% [1] - Solar power generation in July was 55.9 billion kilowatt-hours, marking a year-on-year increase of 28.7% [1] - Cumulative solar power generation from January to July reached 326.8 billion kilowatt-hours, with a year-on-year growth of 22.7% [1] Group 2: Industrial Production Data - Steel production in July was 12.295 million tons, up 6.4% year-on-year, with cumulative production of 86.047 million tons, an increase of 5.1% [3] - Production of ten non-ferrous metals was 681,000 tons in July, a 2.2% increase, with cumulative production of 4.739 million tons, up 2.8% [3] - The output of industrial robots reached 63,740 units in July, a significant increase of 24.0%, with cumulative production of 447,121 units, up 32.9% [3] - New energy vehicles production was 117.6 million units in July, reflecting a year-on-year increase of 17.1%, with cumulative production of 804.9 million units, up 32.9% [3]