Industrial Producer Price Changes - In July, the industrial producer's ex-factory prices saw a year-on-year decline of 3.6%, with production material prices dropping by 4.3%, contributing approximately 3.20 percentage points to the overall decline [8][9] - The mining industry experienced a significant price drop of 14.0%, while raw material prices fell by 5.4% and processing industry prices decreased by 3.1% [8][9] - Consumer goods prices decreased by 1.6%, with food prices down by 1.8% and durable goods prices down by 3.5% [8][9] Industrial Producer Purchase Price Changes - The purchase prices for industrial producers fell by 4.5% year-on-year, with fuel and power prices decreasing by 10.8% and black metal materials down by 8.0% [10] - Chemical raw materials saw a decline of 6.5%, while agricultural products dropped by 4.6% [10] - In contrast, prices for non-ferrous metal materials and wires increased by 2.8% [10] Monthly Price Changes - Month-on-month, the industrial producer's ex-factory prices decreased by 0.2%, with production materials down by 0.2% and consumer goods prices also declining by 0.2% [7][8] - The mining sector's prices fell by 0.2%, while raw materials and processing industries saw decreases of 0.1% and 0.3%, respectively [7][8] - The purchase prices for industrial producers decreased by 0.3% month-on-month, with notable declines in building materials and non-metallic prices by 1.4% [10]

Core Insights - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices decreasing by 0.3% [1] - Food prices decreased by 1.6% year-on-year, while non-food prices increased by 0.3% [1] - The average CPI from January to July 2025 showed a decline of 0.1% compared to the same period last year [1] Year-on-Year Price Changes - In July, the prices of food, tobacco, and alcohol decreased by 0.8% year-on-year, contributing to a 0.21 percentage point decline in CPI [3] - Specific food items such as eggs, fresh vegetables, and pork saw significant price drops of 11.2%, 7.6%, and 9.5% respectively, impacting CPI by 0.07, 0.16, and 0.13 percentage points [3] - Other categories showed price increases, with "other goods and services" rising by 8.0%, and education, culture, and entertainment prices increasing by 0.9% [3] Month-on-Month Price Changes - In July, the prices of food, tobacco, and alcohol decreased by 0.1% month-on-month, leading to a 0.04 percentage point decline in CPI [7] - Fresh fruit prices dropped by 3.4%, while fresh vegetables increased by 1.3% month-on-month [7] - Other categories experienced price increases, with transportation and communication rising by 1.5% and education and culture by 1.3% [7] Detailed Price Index Data - The CPI for July showed a month-on-month increase of 0.4% and a year-on-year change of 0.0% [9] - Food prices decreased by 0.2% month-on-month and 1.6% year-on-year, while non-food prices increased by 0.5% month-on-month and 0.3% year-on-year [9] - The index for transportation and communication saw a month-on-month increase of 1.5% but a year-on-year decrease of 3.1% [9]

| 指 标 名 称 | 单位 | 本月止累计 | 去年同期 | 增长(增加)% | | --- | --- | --- | --- | --- | | 主要财务指标 | | | | | | 企业数量 | 个 | 5173 | 5077 | 96 | | 应收账款 | 亿元 | 4973.1 | 5189. 2 | -4.2 | | 产成品 | 亿元 | 895.7 | 802.5 | 11.6 | | 流体及叶化经济绩 | 亿元 | 34825.7 | 34923. 3 | -0.3 | | 一九九州 | 亿元 | 79058.8 | 77419.3 | 2.1 | | 负债合计 | 亿元 | 47887.9 | 46378.7 | 3.3 | | 营业收入 | 亿元 | 12424.7 | 15732.7 | -21.0 | | 营业成本 | 亿元 | 9023.1 | 10482.3 | -13.9 | | 销售费用 | 亿元 | 170.3 | 192.7 | -11.6 | | 管理费用 | 亿元 | 802.6 | 893.5 | -10.2 | | 财务费用 | 亿元 | 259.3 | 297. ...

Price Trends - National Bureau of Statistics data indicates a significant increase in steel prices in the national circulation market in late July 2025 [1] - Rebar (Φ20mm, HRB400E) price reached 3304.1 CNY/ton, up 143.5 CNY/ton, a rise of 4.5%, expanding by 2.8 percentage points from the previous period [1] - Wire rod (Φ8-10mm, HPB300) price was 3469.0 CNY/ton, increasing by 141.5 CNY/ton, a rise of 4.3%, with an expansion of 2.4 percentage points from the previous period [1] - Ordinary medium plate (20mm, Q235) price hit 3526.3 CNY/ton, up 123.6 CNY/ton, a rise of 3.6%, expanding by 2.7 percentage points from the previous period [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price reached 3474.3 CNY/ton, increasing by 175.2 CNY/ton, a rise of 5.3%, with an expansion of 3 percentage points from the previous period [1] - Seamless steel pipe (219*6, 20) price was 4167.5 CNY/ton, up 30.6 CNY/ton, a rise of 0.7%, expanding by 0.4 percentage points from the previous period [1] - Angle steel (5) price reached 3573.4 CNY/ton, increasing by 134.2 CNY/ton, a rise of 3.9%, with an expansion of 2.3 percentage points from the previous period [1]

Core Viewpoint - The coal prices in China showed mixed trends in late July, with most coal types experiencing price increases, particularly coking coal, while anthracite prices declined [1] Price Changes Summary - Anthracite (washed middle block, volatile matter ≤8%) price is 835.8 CNY/ton, down 29.6 CNY/ton, a decrease of 3.4% [1] - Ordinary mixed coal (Shanxi powder and lump coal mix, calorific value 4500 kcal) price is 518.1 CNY/ton, up 16.7 CNY/ton, an increase of 3.3% [1] - Shanxi big mix (higher quality mixed coal, calorific value 5000 kcal) price is 583.1 CNY/ton, up 16.7 CNY/ton, an increase of 2.9% [1] - Shanxi premium mix (premium mixed coal, calorific value 5500 kcal) price is 647.3 CNY/ton, up 15.7 CNY/ton, an increase of 2.5% [1] - Datong mixed coal (Datong produced mixed coal, calorific value 5800 kcal) price is 682.6 CNY/ton, up 16.6 CNY/ton, an increase of 2.5% [1] - Coking coal (main coking coal, sulfur content <1%) price is 1375.0 CNY/ton, up 225.0 CNY/ton, an increase of 19.6% [1] - Coking coal prices showed the most significant increase, while anthracite prices shifted from rising to falling, with a mid-July increase of 4.3% [1] - In addition, the national coke (quasi-first-grade metallurgical coke, 12.01% ≤ ash content ≤ 13.50%) price is 1221.4 CNY/ton, up 108.3 CNY/ton, an increase of 9.7% [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for July 2025, with 36 products experiencing price increases, 8 products seeing price decreases, and 6 products remaining stable [1] Price Trends - The price of live pigs (external three yuan) is reported at 14.1 yuan per kilogram, reflecting a month-on-month decrease of 2.1% [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in pricing for July 2025, with 36 products experiencing price increases, 8 products seeing declines, and 6 products remaining stable [1] Price Changes - Cotton (specifically, white cotton grade three) recorded a price of 14,916.3 yuan per ton, which represents an increase of 132.1 yuan per ton, equating to a growth rate of 0.9% compared to the mid-July period [1]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a general upward trend, with 36 products experiencing price increases, while 8 saw declines, and 6 remained stable in late July 2025 compared to mid-July 2025 [1]. Price Changes Summary 1. Black Metals - Rebar (Φ20mm, HRB400E) increased by 143.5 CNY to 3304.1 CNY, a rise of 4.5% - Wire rod (Φ8-10mm, HPB300) rose by 141.5 CNY to 3469.0 CNY, an increase of 4.3% - Ordinary medium plate (20mm, Q235) increased by 123.6 CNY to 3526.3 CNY, a rise of 3.6% - Hot-rolled ordinary plate (4.75-11.5mm, Q235) increased by 175.2 CNY to 3474.3 CNY, a rise of 5.3% [3]. 2. Non-ferrous Metals - Electrolytic copper (1) rose by 1161.1 CNY to 79474.4 CNY, an increase of 1.5% - Aluminum ingot (A00) increased by 175.8 CNY to 20767.5 CNY, a rise of 0.9% - Lead ingot (1) decreased by 53.1 CNY to 16734.4 CNY, a decline of 0.3% - Zinc ingot (0) increased by 528.0 CNY to 22746.3 CNY, a rise of 2.4% [3]. 3. Chemical Products - Sulfuric acid (98%) increased by 10.2 CNY to 704.3 CNY, a rise of 1.5% - Caustic soda (liquid, 32%) decreased by 0.8 CNY to 871.7 CNY, a decline of 0.1% - Methanol (first grade) increased by 34.1 CNY to 2255.5 CNY, a rise of 1.5% - Polyvinyl chloride (SG5) increased by 197.7 CNY to 5056.7 CNY, a rise of 4.1% [3]. 4. Oil and Natural Gas - Liquefied natural gas (LNG) decreased by 1.8 CNY to 4323.7 CNY, remaining stable - Gasoline (95 National VI) increased by 20.7 CNY to 8590.4 CNY, a rise of 0.2% - Diesel (0 National VI) decreased by 2.1 CNY to 7182.9 CNY, remaining stable [3]. 5. Coal - Anthracite (washed lump) decreased by 29.6 CNY to 835.8 CNY, a decline of 3.4% - Ordinary mixed coal (4500 kcal) increased by 16.7 CNY to 518.1 CNY, a rise of 3.3% - Coking coal (main coking coal) increased by 225.0 CNY to 1375.0 CNY, a rise of 19.6% [3]. 6. Non-metallic Building Materials - Ordinary Portland cement (P.O 42.5 bagged) decreased by 6.7 CNY to 355.7 CNY, a decline of 1.8% - Float glass (4.8/5mm) increased by 56.5 CNY to 1268.9 CNY, a rise of 4.7% [3]. 7. Agricultural Products - Rice (glutinous rice) decreased by 1.7 CNY to 4042.3 CNY, remaining stable - Wheat (national standard grade three) remained stable at 2422.9 CNY [4]. 8. Agricultural Production Materials - Urea (medium and small particles) decreased by 10.6 CNY to 1811.8 CNY, a decline of 0.6% - Compound fertilizer (sulfur potassium compound fertilizer) increased by 28.5 CNY to 3177.9 CNY, a rise of 0.9% [4]. 9. Forest Products - Natural rubber (standard rubber SCRWF) increased by 548.0 CNY to 14906.3 CNY, a rise of 3.8% - Pulp (imported needle pulp) increased by 32.4 CNY to 5869.0 CNY, a rise of 0.6% [4].

Core Viewpoint - In July, the manufacturing Purchasing Managers' Index (PMI) decreased to 49.3%, indicating a decline in manufacturing activity compared to the previous month [1] Summary by Category Overall PMI - The manufacturing PMI for July is 49.3%, down 0.4 percentage points from the previous month, reflecting a downturn in manufacturing sentiment [1] By Enterprise Size - Large enterprises' PMI stands at 50.3%, a decrease of 0.9 percentage points from last month, remaining above the critical point [1] - Medium enterprises' PMI is at 49.5%, an increase of 0.9 percentage points from last month, but still below the critical point [1] - Small enterprises' PMI is at 46.4%, a decrease of 0.9 percentage points from last month, remaining below the critical point [1] Component Indices - Among the five component indices of the manufacturing PMI, the production index and supplier delivery time index are above the critical point, while the new orders index, raw material inventory index, and employment index are below the critical point [1] - The production index is at 50.5%, down 0.5 percentage points from last month, indicating continued expansion in manufacturing production [1] - The new orders index is at 49.4%, down 0.8 percentage points from last month, suggesting a slowdown in market demand for manufacturing [1] - The raw material inventory index is at 47.7%, down 0.3 percentage points from last month, indicating a continued decrease in major raw material inventories in manufacturing [1] - The employment index is at 48.0%, up 0.1 percentage points from last month, indicating a slight recovery in employment conditions within manufacturing [1] - The supplier delivery time index is at 50.3%, up 0.1 percentage points from last month, indicating that the delivery times from raw material suppliers continue to accelerate [1]

一、中国制造业采购经理指数运行情况 7月份，制造业采购经理指数(PMI)为49.3%，比上月下降0.4个百分点，制造业景气水平有所回落。 从企业规模看，大型企业PMI为50.3%，比上月下降0.9个百分点，高于临界点；中型企业PMI为49.5%，比上月上升0.9个百分点，低于临界点；小型企业 PMI为46.4%，比上月下降0.9个百分点，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临 界点。 生产指数为50.5%，比上月下降0.5个百分点，仍高于临界点，表明制造业生产延续扩张。 新订单指数为49.4%，比上月下降0.8个百分点，表明制造业市场需求有所放缓。 投入品价格指数为50.3%，比上月上升0.4个百分点，表明非制造业企业用于经营活动的投入品价格总体水平有所上涨。分行业看，建筑业投入品价格指数 为54.5%，比上月上升6.2个百分点；服务业投入品价格指数为49.6%，比上月下降0.6个百分点。 销售价格指数为47.9%，比上月下降0.9个百分点，表明非制造业销售价格总体水平较上月下降。分行业看，建筑业 ...