Group 1: Manufacturing PMI Overview - In June, the Manufacturing Purchasing Managers' Index (PMI) was 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] - Large enterprises had a PMI of 51.2%, up 0.5 percentage points, while medium-sized enterprises had a PMI of 48.6%, up 1.1 percentage points, and small enterprises had a PMI of 47.3%, down 2.0 percentage points [4] - The production index was 51.0%, indicating accelerated production activities, and the new orders index was 50.2%, suggesting improved market demand [4][6] Group 2: Employment and Supplier Conditions - The employment index was 47.9%, a slight decrease of 0.2 percentage points, indicating a minor decline in employment sentiment within the manufacturing sector [5] - The supplier delivery time index was 50.2%, an increase of 0.2 percentage points, suggesting that suppliers' delivery times have improved compared to the previous month [6] Group 3: Non-Manufacturing PMI Overview - In June, the Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [10] - The construction industry had a business activity index of 52.8%, up 1.8 percentage points, while the services industry had a business activity index of 50.1%, down 0.1 percentage points [12] Group 4: Non-Manufacturing Demand and Pricing - The new orders index for non-manufacturing was 46.6%, an increase of 0.5 percentage points, indicating a slight recovery in market demand [16] - The input prices index was 49.9%, slightly below the critical point, indicating stable input prices for non-manufacturing activities [16] Group 5: Comprehensive PMI Output Index - The Comprehensive PMI Output Index was 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [23]

Core Insights - From January to May, the total profit of industrial enterprises above designated size in China reached 27,204.3 billion yuan, a year-on-year decrease of 1.1% [1] - The profit performance varied significantly across different types of enterprises, with state-owned enterprises experiencing a decline of 7.4%, while private enterprises saw a growth of 3.4% [1] Group 1: Overall Industrial Performance - The total profit of state-owned enterprises was 8,709.5 billion yuan, down 7.4% year-on-year [1] - The profit from private enterprises amounted to 7,592.5 billion yuan, reflecting a growth of 3.4% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises reported a profit of 6,856.8 billion yuan, an increase of 0.3% [1] Group 2: Sector-Specific Profit Trends - The mining industry saw a profit of 3,580.4 billion yuan, down 29.0% year-on-year [1] - The manufacturing sector achieved a profit of 20,201.4 billion yuan, marking a growth of 5.4% [1] - The electricity, heat, gas, and water production and supply sector reported a profit of 3,422.5 billion yuan, up 3.7% [1] Group 3: Key Industry Highlights - The agricultural and sideline food processing industry experienced a profit increase of 38.2% [2] - The computer, communication, and other electronic equipment manufacturing industry grew by 11.9% [2] - The automotive manufacturing industry faced a profit decline of 11.9% [2] - The coal mining and washing industry saw a significant profit drop of 50.6% [2] - The black metal smelting and rolling industry turned from loss to profit, achieving a total profit of 316.9 billion yuan [2]

Group 1 - In the first five months of 2025, industrial enterprises above designated size achieved a total profit of 27,204.3 billion yuan, showing a year-on-year decline of 1.1% due to multiple factors such as insufficient effective demand and declining industrial product prices [1] - Despite the profit decline, the gross profit margin for these enterprises increased by 1.1% year-on-year, contributing to a 3.0 percentage point increase in overall profits [1] - The operating revenue for industrial enterprises grew by 2.7% year-on-year, indicating a sustained growth trend that creates favorable conditions for future profit recovery [1] Group 2 - The equipment manufacturing industry demonstrated significant resilience, with profits increasing by 7.2% year-on-year, contributing 2.4 percentage points to the overall industrial profit growth [2] - Among the eight sectors within the equipment manufacturing industry, seven reported profit growth, with notable increases in electronics, electrical machinery, and general equipment sectors, achieving growth rates of 11.9%, 11.6%, and 10.6% respectively [2] - The aerospace, aviation, and maritime industries experienced rapid growth, with profits increasing by 56.0% year-on-year, driven by successful commercial operations of domestic large aircraft and advancements in space exploration [2] Group 3 - The "two new" policy effects are becoming increasingly evident, with significant profit growth in general and specialized equipment sectors, achieving increases of 10.6% and 7.1% respectively [3] - The consumer goods sector benefited from policies promoting the replacement of old equipment, with profits in smart consumer devices and kitchen appliances growing by 101.5% and 20.7% respectively [3] - Private and foreign-invested enterprises also saw profit growth, with increases of 3.4% and 0.3% year-on-year, surpassing the average growth rate of all industrial enterprises [3]

Core Insights - The total profit of industrial enterprises above designated size in China from January to May reached 27,204.3 billion yuan, a year-on-year decrease of 1.1% [1] - The profit performance varied across different types of enterprises, with state-owned enterprises experiencing a 7.4% decline, while private enterprises saw a 3.4% increase in profits [1][11] - The mining industry faced a significant profit drop of 29.0%, while the manufacturing sector reported a profit increase of 5.4% [1][11] Group 1: Profit and Revenue Overview - From January to May, the total operating revenue of industrial enterprises was 547,596.2 billion yuan, reflecting a year-on-year growth of 2.7% [11] - The operating costs amounted to 468,815.0 billion yuan, which is a 3.0% increase compared to the previous year [11] - The operating profit margin was 4.97%, showing a decrease of 0.19 percentage points year-on-year [2][11] Group 2: Industry-Specific Performance - The agricultural and sideline food processing industry saw a profit increase of 38.2%, while the automotive manufacturing sector experienced a decline of 11.9% [2][11] - The computer, communication, and other electronic equipment manufacturing industry reported a profit growth of 11.9% [2][11] - The coal mining and washing industry faced a drastic profit decline of 50.6% [2][11] Group 3: Financial Ratios and Metrics - As of the end of May, the total assets of industrial enterprises were 182.36 trillion yuan, a year-on-year increase of 5.1% [2] - The total liabilities reached 105.26 trillion yuan, reflecting a growth of 5.3% [2] - The asset-liability ratio stood at 57.7%, which is an increase of 0.1 percentage points compared to the previous year [2] Group 4: Accounts Receivable and Inventory - The accounts receivable for industrial enterprises amounted to 26.40 trillion yuan, marking a year-on-year increase of 9.0% [3] - The finished goods inventory was recorded at 6.65 trillion yuan, which is a 3.5% increase [3] - The average collection period for accounts receivable was 70.5 days, an increase of 4.1 days year-on-year [4]

Group 1: Production and Operating Conditions - The cultural and related industries achieved a record revenue of 19.1423 trillion yuan in 2024, marking a 7.1% increase from the previous year [2] - The cultural service sector generated 1.09134 trillion yuan, growing by 7.4% and accounting for 57.0% of total cultural industry revenue [2] - Nine major sectors within the cultural industry saw revenue growth, with notable increases in cultural equipment production (11.2%), news information services (8.6%), and content creation (8.4%) [2] Group 2: Asset and Profitability Conditions - The total assets of the cultural industry reached 34.3987 trillion yuan at the end of 2024, reflecting a 5.0% increase year-on-year [3] - The cultural industry generated a total profit of 1.7737 trillion yuan, up 7.9% from the previous year, with large-scale cultural enterprises contributing significantly to this growth [4] - The profit margin for the cultural industry was 9.3%, a slight increase of 0.1 percentage points compared to the previous year [4] Group 3: Technological Innovation and Investment Conditions - Research and development (R&D) expenditure in the cultural industry amounted to 162.5 billion yuan, representing a 1.7% increase [5] - The revenue from new cultural business models reached 666 billion yuan, growing by 12.4%, which is 5.3 percentage points higher than the overall cultural industry growth rate [6] - Fixed asset investment in the cultural industry increased by 2.9%, with significant growth in sectors such as cultural consumer terminal production (16.3%) and news information services (11.8%) [7]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 27 products experiencing price increases, 17 seeing declines, and 6 remaining stable as of mid-June 2025 compared to early June 2025 [1][3]. Group 1: Price Changes in Major Categories - In the black metal category, rebar prices decreased slightly by 0.7% to 3110.4 yuan per ton, while wire rod prices increased by 0.8% to 3270.2 yuan per ton [2]. - In the non-ferrous metal category, electrolytic copper rose by 0.2% to 78898.6 yuan per ton, while zinc ingot prices fell by 2.2% to 22165.7 yuan per ton [2]. - Chemical products saw significant increases, with methanol rising by 6.1% to 2267.6 yuan per ton and pure benzene increasing by 6.4% to 6272.0 yuan per ton [2]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices decreased by 0.7% to 4233.2 yuan per ton, while gasoline prices increased, with 95 gasoline rising by 2.3% to 8564.7 yuan per ton [2]. - Coal prices showed a downward trend, with anthracite coal decreasing by 5.6% to 863.7 yuan per ton and coking coal dropping by 3.3% to 1096.4 yuan per ton [2]. Group 3: Agricultural Products and Inputs - In agricultural products, the price of wheat increased by 0.1% to 2418.8 yuan per ton, while corn prices rose by 1.2% to 2339.0 yuan per ton [4]. - Fertilizer prices showed a decline, with urea prices falling by 2.1% to 1825.6 yuan per ton, while pesticide prices increased by 2.1% to 24342.9 yuan per ton [4]. Group 4: Monitoring Methodology - The price monitoring encompasses a wide range of products, with data collected from over 2000 wholesalers, agents, and distributors across more than 300 trading markets in 31 provinces [7][8]. - The methodology includes on-site price collection, as well as inquiries via phone, instant messaging, and email [8].

Core Insights - The latest data from the National Bureau of Statistics indicates stable growth in industrial electricity production in China, with May's industrial power generation reaching 737.8 billion kWh, a year-on-year increase of 0.5% [1] - For the first five months of the year, the total industrial power generation was 37,266 billion kWh, reflecting a year-on-year growth of 0.3% [2] Monthly Performance - In May, the daily average power generation was 23.8 billion kWh, with a notable shift in the performance of various energy sources [1] - Thermal power generation in May increased by 1.2% year-on-year, reversing a decline of 2.3% in April [1] - Hydropower generation saw a significant decline of 14.3% year-on-year, worsening from a 6.5% drop in April [1] - Nuclear power generation grew by 6.7%, although this was a slowdown from April's growth rate [1] - Wind power generation increased by 11.0%, with a deceleration compared to April [1] - Solar power generation rose by 7.3%, experiencing a notable slowdown from the previous month [1] Cumulative Performance (January to May) - Cumulatively, thermal power generation totaled 24,448 billion kWh, down 3.1% year-on-year [2] - Hydropower generation reached 4,001 billion kWh, a decrease of 2.5% year-on-year [2] - Nuclear power generation amounted to 1,969 billion kWh, reflecting an increase of 11.5% year-on-year [2] - Wind power generation was 4,742 billion kWh, showing a year-on-year growth of 11.1% [2] - Solar power generation reached 2,105 billion kWh, with a significant year-on-year increase of 18.3% [2]

宏观政策效应持续显现 投资延续平稳增长态势 ——国家统计局投资司首席统计师罗毅飞解读2025年1—5月份投资数据 1—5月份，全国固定资产投资(不含农户)(以下简称全部投资)191947亿元，同比增长3.7%。 一、设备购置投资带动作用明显 "两新"工作加力扩围提质带动效果持续显现，设备购置投资快速增长。1—5月份，设备工器具购置投资 同比增长17.3%，增速比全部投资高13.6个百分点；对全部投资增长的贡献率为63.6%，拉动全部投资增 长2.3个百分点。 积极发展现代服务业，推动科技创新和产业创新加快融合，高技术服务业投资增势良好。1—5月份，高 技术服务业投资同比增长11.6%，增速比1—4月份加快0.3个百分点。其中，信息服务业投资增长 41.4%，专业技术服务业投资增长11.9%。 五、民间项目投资稳定增长 随着一系列促进民营经济发展的政策措施落地实施，民间项目投资稳定增长。1—5月份，民间投资同比 持平。其中，民间项目投资(扣除房地产开发民间投资)同比增长5.8%。分行业看，住宿和餐饮业民间投 资增长25.3%，增速比1—4月份加快2.6个百分点；文化、体育和娱乐业民间投资增长10.0%，增速加快 ...

Core Insights - In May 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow [3][5]. Price Changes in New Residential Properties - Among the 70 cities, 13 cities saw a month-on-month increase in new residential property prices, with Hangzhou leading at a 0.8% increase [4]. - In first-tier cities, new residential property prices decreased by 0.2% month-on-month, with Shanghai increasing by 0.7%, while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.8%, and 0.4% respectively [5]. - Year-on-year, first-tier cities experienced a 1.7% decline in new residential property prices, with Shanghai increasing by 5.9%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.3%, 5.8%, and 2.6% respectively [5]. Price Changes in Second-Hand Residential Properties - In May, first-tier cities' second-hand residential property prices decreased by 0.7% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 0.8%, 0.7%, 0.8%, and 0.5% respectively [7]. - Year-on-year, first-tier cities saw a 2.7% decline in second-hand residential property prices, with the decline narrowing by 0.5 percentage points compared to the previous month [7]. Summary of Key Cities - Beijing: New residential prices down 0.4% month-on-month, down 4.3% year-on-year; second-hand prices down 0.8% month-on-month, down 0.7% year-on-year [9]. - Shanghai: New residential prices up 0.7% month-on-month, up 5.9% year-on-year; second-hand prices down 0.7% month-on-month, down 0.1% year-on-year [9]. - Guangzhou: New residential prices down 0.8% month-on-month, down 5.8% year-on-year; second-hand prices down 0.8% month-on-month, down 6.6% year-on-year [9]. - Shenzhen: New residential prices down 0.4% month-on-month, down 2.6% year-on-year; second-hand prices down 0.5% month-on-month, down 3.2% year-on-year [9].

2025年5月份社会消费品零售总额主要数据 | 指标 | 5月 绝对量 | | 1—5月 | | | --- | --- | --- | --- | --- | | | | | 绝对量 | | | | （亿元） | 同比增长（%） | （亿元） | 同比增长（%） | | 社会消费品零售总额 | 41326 | 6.4 | 203171 | 5.0 | | 其中：除汽车以外的消费品零售额 | 37316 | 7.0 | 184324 | 5.6 | | 其中：限额以上单位消费品零售额 | 16716 | 8.0 | 80749 | 6.3 | | 其中：实物商品网上零售额 | - | - | 49878 | 6.3 | | 按经营地分 | | | | | | 城镇 | 36057 | 6.5 | 176490 | 5.1 | | 乡村 | 5269 | 5.4 | 26681 | 4.9 | | 按消费类型分 | | | | | | 餐饮收入 | 4578 | 5.9 | 22773 | 5.0 | | 其中：限额以上单位餐饮收入 | 1374 | 4.8 | 6583 | 4.5 | | 商品零售额 | 3 ...