Core Viewpoint - The article provides an overview of China's GDP accounting methods and preliminary results for the second quarter and first half of 2025, highlighting the importance of GDP as a key economic indicator and the methodologies used for its calculation [1][5]. Summary by Sections 1. GDP Accounting Overview - GDP is defined as the final result of production activities of all resident units in a country during a specific period, serving as a core indicator of national economic performance [5]. - There are three methods for GDP accounting: production method, income method, and expenditure method, each reflecting different aspects of economic activity [5]. 2. Accounting Scope - The production scope includes goods and services produced for other units, self-consumed goods, knowledge products for self-consumption, and housing services [6]. - The accounting subjects include all resident units within China's economic territory, excluding data from Hong Kong, Macau, and Taiwan [7]. 3. Accounting Frequency and Legal Basis - GDP is calculated quarterly, with a shift from cumulative to separate quarterly calculations starting from Q3 2015 [7][8]. - The accounting adheres to the Statistical Law of the People's Republic of China and follows the National Economic Accounting System [8]. 4. GDP Calculation Methods - The article details the classification system for GDP accounting, including the national economic industry classification and the three-sector classification [10]. - Various data sources are utilized for GDP calculation, including national statistical surveys and administrative records [11]. 5. Data Revision and Quality Assessment - The necessity for data revision is emphasized due to the preliminary nature of quarterly GDP estimates, which are later refined with more complete data [14]. - The quality of the underlying data and the methods used for GDP calculation are regularly evaluated to ensure accuracy and reliability [16][17]. 6. Data Publication - Preliminary GDP figures are typically released about 15 days after the end of the quarter, while final verified figures are published in January of the following year [19].

Core Viewpoint - The national economy has shown resilience and stability in the first half of the year, with a GDP growth of 5.3% year-on-year, driven by effective macroeconomic policies and a focus on high-quality development [1][12]. Group 1: Agriculture and Livestock - Agricultural value added increased by 3.7% year-on-year, with summer grain production totaling 149.74 million tons, a slight decrease of 0.1% from the previous year [2]. - Livestock production saw a growth of 2.8%, with pork, beef, and poultry production increasing by 1.3%, 4.5%, and 7.4% respectively [2]. Group 2: Industrial Production - Industrial value added for large enterprises grew by 6.4% year-on-year, with manufacturing increasing by 7.0% and high-tech manufacturing by 9.5% [3]. - The production of 3D printing equipment, new energy vehicles, and industrial robots surged by 43.1%, 36.2%, and 35.6% respectively [3]. Group 3: Service Sector - The service sector's value added rose by 5.5%, with significant growth in information technology services (11.1%) and leasing and business services (9.6%) [4][5]. - The service industry production index increased by 6.0% year-on-year, indicating robust growth in various service sectors [5]. Group 4: Consumer Market - Retail sales of consumer goods reached 2.45458 trillion yuan, growing by 5.0% year-on-year, with significant increases in sales of upgraded consumer goods [6]. - Online retail sales amounted to 742.95 billion yuan, reflecting an 8.5% increase, with physical goods online sales growing by 6.0% [6]. Group 5: Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 2.8% year-on-year, with manufacturing investment increasing by 7.5% [7]. - Infrastructure investment rose by 4.6%, while real estate development investment saw a decline of 11.2% [7]. Group 6: Trade and Exports - Total goods import and export value reached 21.7876 trillion yuan, with exports growing by 7.2% and imports declining by 2.7% [8]. - The share of private enterprises in total imports and exports increased to 57.3%, up by 2.3 percentage points from the previous year [8]. Group 7: Employment and Income - The urban surveyed unemployment rate averaged 5.2%, showing a slight decrease, while the average disposable income per capita reached 21,840 yuan, a nominal increase of 5.3% [10][11]. - Rural residents experienced a faster income growth rate compared to urban residents, with rural disposable income growing by 5.9% [11].

Core Viewpoint - The commercial vehicle market in China is experiencing growth in both bus and truck production and sales, with significant year-on-year increases in passenger vehicles and moderate growth in freight vehicles [1][5]. Group 1: Commercial Vehicle Production and Sales - In June 2025, commercial vehicle production and sales reached 354,000 and 369,000 units respectively, with month-on-month increases of 5.3% and 10.3%, and year-on-year increases of 7.1% and 9.5% [1]. - From January to June 2025, commercial vehicle production and sales totaled 2,099,000 and 2,122,000 units, reflecting year-on-year growth of 4.7% and 2.6% [2]. Group 2: Passenger Vehicle Performance - In June 2025, passenger vehicle production and sales were 50,000 and 53,000 units respectively, with month-on-month growth of 14.2% and 22.6%, and year-on-year growth of 24.1% and 22.6% [5]. - For the first half of 2025, passenger vehicle production and sales amounted to 262,000 and 265,000 units, showing year-on-year increases of 8.4% and 8.7% [5]. Group 3: Truck Performance - In June 2025, truck production and sales were 304,000 and 316,000 units, with month-on-month growth of 4% and 8.5%, and year-on-year growth of 4.7% and 7.5% [5]. - From January to June 2025, truck production and sales reached 1,837,000 and 1,856,000 units, with year-on-year growth of 4.2% and 1.8% [6]. - Within the truck segment, heavy and light trucks showed varying degrees of growth, while medium and micro trucks experienced slight declines in production but mixed sales performance [5][6].

上半年新注册登记机动车 1688 万辆，新注册登记汽车 1250 万辆。 2025 年上半年，全国 新注册登记机动车 1688 万辆。其中，汽车新注册登记 1250 万辆，同比增长 0.68% 。 据公安部统计，截至 2025 年 6 月底，全国机动车保有量达 4.6 亿辆，其中汽车 3.59 亿辆， 新能源汽车 3689 万辆；机动车驾驶人 5.5 亿人，其中汽车驾驶人 5.15 亿人。 2025 年上 半年全国新注册登记机动车 1688 万辆，新领证驾驶人 1258 万人。 机动车驾驶人数量达 5.5 亿人。 截至 6 月底，全国机动车驾驶人数量达 5.5 亿人，其中， 汽车驾驶人数量为 5.15 亿人，占驾驶人总数的 93.68% 。 2025 年上半年，全国新领证驾 驶人数量 1258 万人。 网上办理车辆和驾驶证业务 5395 万笔。 2025 年上半年，各地公安交管部门积极推行补换 领牌证等交管业务 " 足不出户 " 网上办。全国网上办理补换领驾驶证和行驶证、发放临时号 牌等业务 5395 万笔。 来源：公安部交通管理局 新能源汽车保有量达 3689 万辆，上半年新注册登记 562.2 万辆。 截 ...

Core Viewpoint - The article highlights the positive trends in the passenger car market in China, driven by policies promoting vehicle trade-ins, increased consumer demand, and the launch of new models by manufacturers [1][3]. Group 1: Production and Sales Data - In June 2025, passenger car production and sales reached 2.441 million and 2.536 million units respectively, with month-on-month increases of 5.5% and 7.8%, and year-on-year increases of 12.1% and 14.5% [1]. - For the first half of 2025, passenger car production and sales totaled 13.522 million and 13.531 million units, reflecting year-on-year growth of 13.8% and 13% [1][6]. Group 2: Market Segmentation - In June 2025, among the main types of passenger cars, the production of crossover vehicles saw a significant decline, while sales experienced slight growth; other categories showed varying degrees of growth in both production and sales [3]. - In the first half of 2025, all four major categories of passenger cars exhibited growth in production and sales compared to the same period last year, with crossover vehicles showing particularly notable growth [3]. Group 3: Domestic and Export Sales - In June 2025, domestic sales of passenger cars reached 2.034 million units, marking a month-on-month increase of 7.9% and a year-on-year increase of 12.3% [5]. - For the first half of 2025, domestic sales totaled 10.95 million units, reflecting a year-on-year growth of 13.6% [6]. - In June 2025, passenger car exports amounted to 502,000 units, with month-on-month growth of 7.3% and year-on-year growth of 24.6% [7]. - In the first half of 2025, passenger car exports reached 2.581 million units, showing a year-on-year increase of 10.3% [8].

据中国汽车工业协会分 析 ， 今年以来，面对更趋复杂严峻的外部环境，国家层面实施更加积极有为的宏观 政策，加快落实稳就业稳经济推动高质量发展若干举措，经济运行总体平稳。上半年，汽车市场延续良好态 势，产销较同期均实现 10% 以上较高增长 。 2025 年 6 月， 汽车产销分别完成 279.4 万辆和 290.4 万辆，环比分别增长 5.5% 和 8.1% ，同比分别增 长 11.4% 和 13.8% 。 2025 年 1-6 月， 汽车产销分别完成 1562.1 万辆和 1565.3 万辆，同比分别增长 12.5% 和 11.4% 。 2025 年 6 月， 乘用车产销分别完成 244.1 万辆和 253.6 万辆，环比分别增长 5.5% 和 7.8% ，同比分别 增长 12.1% 和 14.5% 。 2025 年 1-6 月， 新能源汽车产销分别完成 696.8 万辆和 693.7 万辆，同比分别增长 41.4% 和 40.3% 。 2025 年 1-6 月， 商用车产销分别完成 209.9 万辆和 212.2 万辆，同比分别增长 4.7% 和 2.6% 。 2025 年 6 月， 新能源汽车产销分别完 ...

Core Viewpoint - The automotive market in China has shown strong growth in the first half of the year, driven by favorable macroeconomic policies, a boost in domestic demand, and rapid growth in the new energy vehicle (NEV) sector [1][2]. Group 1: Overall Automotive Production and Sales - In June, automotive production and sales reached 2.794 million and 2.904 million units, respectively, with month-on-month increases of 5.5% and 8.1%, and year-on-year increases of 11.4% and 13.8% [6]. - For the first half of the year, production and sales totaled 15.621 million and 15.653 million units, with year-on-year growth of 12.5% and 11.4% [6]. Group 2: Domestic Sales - In June, domestic sales of automobiles were 2.312 million units, reflecting a month-on-month increase of 8.3% and a year-on-year increase of 11.9% [12]. - For the first half of the year, domestic sales reached 12.57 million units, with a year-on-year growth of 11.7% [12]. Group 3: Export Situation - In June, automobile exports totaled 592,000 units, with a month-on-month increase of 7.4% and a year-on-year increase of 22.2% [13]. - For the first half of the year, exports amounted to 3.083 million units, showing a year-on-year growth of 10.4% [13]. Group 4: New Energy Vehicles (NEVs) - In June, NEV production and sales reached 1.268 million and 1.329 million units, respectively, with year-on-year growth of 26.4% and 26.7% [62]. - For the first half of the year, NEV production and sales totaled 6.968 million and 6.937 million units, with year-on-year growth of 41.4% and 40.3% [62]. Group 5: Key Enterprises - In the first half of the year, the top fifteen automotive groups sold a total of 14.434 million units, representing a year-on-year increase of 9.8% and accounting for 92.2% of total automotive sales [80]. - The top fifteen NEV groups sold a total of 6.599 million units, with a year-on-year growth of 43%, making up 95.1% of total NEV sales [82].

Core Viewpoint - In June 2025, the national consumer price index (CPI) showed a year-on-year increase of 0.1%, with urban prices rising by 0.1% and rural prices declining by 0.2% [1] Group 1: Year-on-Year Price Changes - In June, the prices of food, tobacco, and alcohol increased by 0.1%, contributing approximately 0.03 percentage points to the CPI [2] - Fresh fruit prices rose by 6.1%, impacting the CPI by approximately 0.12 percentage points; aquatic product prices increased by 3.4%, contributing about 0.07 percentage points [2] - Egg prices decreased by 7.7%, negatively affecting the CPI by about 0.05 percentage points; meat prices fell by 4.2%, leading to a 0.13 percentage point decline in the CPI, with pork prices down by 8.5% [2] - Grain prices decreased by 1.2%, impacting the CPI by approximately 0.02 percentage points; fresh vegetable prices fell by 0.4%, contributing a 0.01 percentage point decline [2] - Other categories saw price increases, with other goods and services, clothing, and education/culture/entertainment rising by 8.1%, 1.6%, and 1.0% respectively [2] Group 2: Month-on-Month Price Changes - In June, food, tobacco, and alcohol prices decreased by 0.3%, contributing approximately 0.09 percentage points to the CPI decline [4] - Fresh fruit prices fell by 3.3%, impacting the CPI by about 0.07 percentage points; egg prices decreased by 2.9%, contributing a 0.02 percentage point decline [4] - Meat prices saw a slight decrease of 0.6%, affecting the CPI by approximately 0.02 percentage points, with pork prices down by 1.2% [5] - Fresh vegetable prices increased by 0.7%, contributing approximately 0.01 percentage points to the CPI [5] - Other categories showed mixed results, with other goods and services, daily necessities, and healthcare prices rising by 0.5%, 0.2%, and 0.1% respectively [5]

Core Viewpoint - In June 2025, the national industrial producer price index showed a year-on-year decline of 3.6% for ex-factory prices and a 0.4% month-on-month decline, indicating a continued downward trend in industrial pricing pressures [1]. Group 1: Year-on-Year Changes in Industrial Producer Prices - In June, the ex-factory prices of industrial producers saw a decline in production materials by 4.4%, contributing approximately 3.26 percentage points to the overall decrease in ex-factory prices. The mining industry experienced a significant drop of 13.2%, while raw materials and processing industries saw declines of 5.5% and 3.2%, respectively [3]. - Prices for living materials decreased by 1.4%, impacting the overall ex-factory price level by about 0.35 percentage points. Food prices fell by 2.0%, while clothing prices increased by 0.1%, and general daily goods prices rose by 0.8%. Durable consumer goods prices, however, decreased by 2.7% [3]. Group 2: Month-on-Month Changes in Industrial Producer Prices - In June, the month-on-month ex-factory prices of industrial producers showed a 0.6% decline in production materials, affecting the overall price level by approximately 0.42 percentage points. The mining industry prices decreased by 1.2%, raw materials by 0.7%, and processing industry prices by 0.5% [7]. - Living materials prices saw a slight decline of 0.1%, contributing about 0.02 percentage points to the overall price level decrease. Food prices fell by 0.3%, while clothing prices remained stable, and general daily goods prices increased by 0.1% [7]. Group 3: Changes in Industrial Producer Purchase Prices - In June, the purchase prices for industrial producers showed a significant decline in fuel and power categories by 10.4%, black metal materials by 8.0%, and chemical raw materials by 6.2%. Agricultural products also saw a decrease of 4.2%, while construction materials and non-metallic categories dropped by 2.6% [6]. - The textile raw materials category experienced a decline of 2.4%, while prices for non-ferrous metal materials and wires increased by 2.4% [6].

Core Viewpoint - The article highlights the significant growth in China's automobile exports to "Belt and Road" countries, indicating a strong market presence and increasing demand for both traditional and new energy vehicles. Group 1: Export Data - In the first five months of 2025, the total value of automobile exports from China to "Belt and Road" countries reached 52.39 billion USD, representing a year-on-year increase of 12% and accounting for 58.2% of the total automobile export value [1] - The export of complete vehicles amounted to 1.855 million units, showing a year-on-year growth of 18.6% and constituting 65% of the total complete vehicle exports [1] - The export of new energy vehicles reached 574,000 units, with a remarkable year-on-year increase of 62.5%, making up 49.2% of the total new energy vehicle exports [1]