Core Insights - In August 2025, the national industrial crude oil production reached 18.26 million tons, marking a year-on-year increase of 2.4%, with the growth rate accelerating by 1.2 percentage points compared to July [1] - From January to August 2025, the total industrial crude oil production amounted to 144.86 million tons, reflecting a year-on-year growth of 1.4% [1] Production Data - The average daily production in August 2025 was 589,000 tons [1] - The production growth in August indicates a positive trend in the industrial sector, suggesting potential opportunities for investment [1]

Core Viewpoint - The data from the National Bureau of Statistics indicates a significant increase in crude oil processing volume in China, reflecting a positive trend in the industrial sector [1] Group 1: Industry Performance - In August 2025, the national crude oil processing volume reached 63.46 million tons, representing a year-on-year growth of 7.6% [1] - The average daily processing volume in August 2025 was 2.047 million tons [1] - From January to August 2025, the total crude oil processing volume was 488.07 million tons, showing a year-on-year increase of 3.2% [1]

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries decreased by 3.2% year-on-year, with a total output of 390 million tons, showing a narrowing decline compared to July by 0.6 percentage points [1] - The cumulative production of raw coal from January to August reached 3.17 billion tons, representing a year-on-year increase of 2.8% [1] - The production of crude oil in August increased by 2.4% year-on-year, totaling 18.26 million tons, with a daily average output of 589,000 tons [3] - From January to August, the cumulative crude oil production was 144.86 million tons, up 1.4% year-on-year [3] - The processing of crude oil in August saw a significant increase of 7.6% year-on-year, with a total processing volume of 63.46 million tons [3] - Natural gas production in August reached 21.2 billion cubic meters, marking a year-on-year growth of 5.9% [7] - The cumulative natural gas production from January to August was 173.7 billion cubic meters, reflecting a year-on-year increase of 6.1% [7] Group 2: Electricity Production - The electricity generation in large-scale industries in August was 936.3 billion kilowatt-hours, showing a year-on-year increase of 1.6% [9] - The daily average electricity generation exceeded 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [9] - From January to August, the cumulative electricity generation was 6,419.3 billion kilowatt-hours, with a year-on-year growth of 1.5% [9] - In August, the growth rates varied by type: wind power increased by 20.2%, while hydropower decreased by 10.1% [9] - The growth of thermal power was 1.7%, while nuclear power grew by 5.9%, both showing a slowdown compared to July [9] - Solar power generation increased by 15.9%, but the growth rate also slowed down compared to July [9]

Group 1 - In August, the production of flat glass was 82.67 million weight cases, representing a year-on-year decrease of 2% [1] - From January to August, the total production of flat glass reached 648.18 million weight cases, showing a year-on-year decline of 4.5% [1]

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries decreased by 3.2% year-on-year, with a total output of 390 million tons, a reduction in the decline by 0.6 percentage points compared to July [2] - The cumulative production of raw coal from January to August reached 3.17 billion tons, showing a year-on-year increase of 2.8% [2] - The production of crude oil in August increased by 2.4% year-on-year, totaling 18.26 million tons, with an acceleration of 1.2 percentage points compared to July [4] - From January to August, the total crude oil production was 144.86 million tons, reflecting a year-on-year growth of 1.4% [5] - The processing of crude oil in August rose by 7.6% year-on-year, amounting to 63.46 million tons [6] - The cumulative crude oil processing from January to August was 488.07 million tons, with a year-on-year increase of 3.2% [7] - Natural gas production in August reached 21.2 billion cubic meters, marking a year-on-year growth of 5.9% [10] - From January to August, the total natural gas production was 173.7 billion cubic meters, with a year-on-year increase of 6.1% [11] Group 2: Electricity Production - Electricity generation in large-scale industries in August was 936.3 billion kilowatt-hours, representing a year-on-year increase of 1.6% [13] - The average daily electricity generation exceeded 30.2 billion kilowatt-hours for the first time [13] - From January to August, the total electricity generation was 641.93 billion kilowatt-hours, with a year-on-year growth of 1.5% [13] - In August, wind power generation increased by 20.2%, while hydropower generation decreased by 10.1% [13] - Thermal power generation grew by 1.7%, but the growth rate slowed by 2.6 percentage points compared to July [13] - Nuclear power generation increased by 5.9%, with a deceleration of 2.4 percentage points from July [13] - Solar power generation rose by 15.9%, but the growth rate decreased by 12.8 percentage points compared to July [13]

Core Insights - The real estate development investment in China from January to August reached 60,309 billion yuan, showing a year-on-year decline of 12.9% [2][11] - Residential investment accounted for 46,382 billion yuan, down 11.9% compared to the previous year [2][11] - New commercial housing sales area totaled 57,304 million square meters, reflecting a decrease of 4.7% year-on-year [5][11] Group 1: Real Estate Development Investment - The total real estate development investment was 60,309 billion yuan, down 12.9% year-on-year [2][11] - Residential investment was 46,382 billion yuan, a decline of 11.9% [2][11] - Investment in office buildings and commercial properties also saw declines of 17.8% and 9.5% respectively [11] Group 2: New Housing Sales and Inventory - New housing sales area was 57,304 million square meters, down 4.7% year-on-year [5][11] - The sales revenue from new housing reached 55,015 billion yuan, a decrease of 7.3% [5][11] - The inventory of unsold commercial housing stood at 76,169 million square meters, an increase of 3.1% from the previous month [11] Group 3: Construction Activity - The total construction area for real estate development was 643,109 million square meters, down 9.3% year-on-year [4][11] - New construction area was 39,801 million square meters, reflecting a significant decline of 19.5% [4][11] - The completion area was 27,694 million square meters, down 17.0% year-on-year [4][11] Group 4: Funding Situation - The total funds available to real estate developers amounted to 64,318 billion yuan, a decrease of 8.0% year-on-year [8][11] - Domestic loans increased slightly by 0.2% to 10,232 billion yuan, while foreign investment dropped by 11.5% to 18 million yuan [8][11] - Personal mortgage loans fell by 10.5% to 8,857 billion yuan [8][11]

Core Insights - National fixed asset investment (excluding rural households) reached 32,611.1 billion yuan from January to August 2025, showing a year-on-year growth of 0.5% [1][3] - Private fixed asset investment experienced a year-on-year decline of 2.3% [3][4] - In August, fixed asset investment (excluding rural households) decreased by 0.20% month-on-month [1][3] Investment by Industry - First industry investment totaled 646.1 billion yuan, with a year-on-year increase of 5.5% [3][4] - Second industry investment reached 1,182.46 billion yuan, growing by 7.6% [3][4] - Third industry investment was 2,014.04 billion yuan, showing a decline of 3.4% [3][4] - Within the second industry, industrial investment grew by 7.7%, with mining investment increasing by 3.0%, manufacturing investment by 5.1%, and investment in electricity, heat, gas, and water production and supply rising by 18.8% [3][4] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the third industry grew by 2.0% [3][4] - Investment in water transportation increased by 15.9%, water conservancy management by 7.4%, and railway transportation by 4.5% [3][4] - By region, eastern investment declined by 3.5%, while central and western regions saw increases of 2.5% and 2.3%, respectively; northeastern investment fell by 6.0% [3][4] Investment by Registration Type - Domestic enterprise fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3% [3][4] - Foreign enterprise fixed asset investment saw a significant decline of 15.4% [3][4]

Core Insights - The production of ten non-ferrous metals in August 2025 reached 6.98 million tons, representing a year-on-year increase of 3.8% [1] - Cumulative production from January to August 2025 totaled 54.32 million tons, with a year-on-year growth of 3.1% [1] - In August 2025, the production of electrolytic aluminum was 3.8 million tons, showing a slight decrease of 0.5% year-on-year [1] - The cumulative production of electrolytic aluminum from January to August 2025 was 30.14 million tons, reflecting a year-on-year increase of 2.2% [1]

Group 1 - In August 2025, China's crude steel production was 77.37 million tons, a year-on-year decrease of 0.7% [1] - In August 2025, China's pig iron production was 69.79 million tons, a year-on-year increase of 1.0% [1] - In August 2025, China's steel product output was 122.77 million tons, a year-on-year increase of 9.7% [1] Group 2 - From January to August 2025, China's crude steel production totaled 671.81 million tons, a year-on-year decrease of 2.8% [1] - From January to August 2025, China's pig iron production totaled 579.07 million tons, a year-on-year decrease of 1.1% [1] - From January to August 2025, China's steel product output totaled 982.17 million tons, a year-on-year increase of 5.5% [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 September 2025 compared to late August 2025 [1] Price Trends - Out of the 50 monitored products, 8 experienced price increases, while 40 saw price declines, and 2 remained stable [1] - The average national price for live pigs (external three yuan) is reported at 13.7 yuan per kilogram, showing no change compared to the previous period [1]