Core Insights - The industrial production in China showed a robust growth of 5.8% year-on-year in May 2025, with a month-on-month increase of 0.61% after seasonal adjustments [1] - The manufacturing sector outperformed the overall industrial growth, achieving a 6.2% increase, while mining and electricity sectors grew by 5.7% and 2.2% respectively [1] - The equipment manufacturing industry demonstrated significant growth, with a 9.0% year-on-year increase, contributing 54.3% to the overall industrial production growth [2] Industrial Performance - In May, 35 out of 41 major industries reported year-on-year growth, resulting in a growth coverage of 85.4% [1] - Among 623 major industrial products, 326 products saw an increase in output, reflecting a growth coverage of 52.3% [1] - Cumulatively, from January to May, the industrial added value increased by 6.3% year-on-year [1] Equipment Manufacturing - The equipment manufacturing sector maintained a strong performance, with all eight sub-sectors reporting growth [2] - The automotive industry experienced a notable increase of 11.6% in added value, accelerating by 2.4 percentage points compared to April [2] - Other sectors such as railway, shipbuilding, aerospace, and electrical machinery also recorded double-digit growth rates [2] Consumer Goods Manufacturing - The consumer goods manufacturing sector grew by 2.5% year-on-year in May, with 10 out of 13 major categories showing growth [2] - Specific industries like cultural and educational products, chemical fibers, and agricultural products saw increases of 10.1%, 6.1%, and 7.6% respectively [2] - Notable product growth included fiber-reinforced plastic products, carbon fibers, and health foods, with increases of 22.6%, 17.9%, and 14.9% respectively [2] Policy Impact - The "Two New" policy continues to stimulate growth in related industries, with significant increases in sectors like motor manufacturing and shipbuilding [3] - The implementation of vehicle replacement subsidies led to an 11.3% increase in automobile production and a 26.0% rise in charging station production [3] - The overall manufacturing output growth rate has shown signs of slowing down, particularly in high-tech and equipment manufacturing sectors [3] Export and Investment Trends - The production and demand for steel have declined, indicating a slowdown in the industrial sector's output [4] - The export delivery value for large-scale industrial enterprises dropped significantly from 7.7% in March to 0.6% in May, highlighting challenges faced by larger firms [4] - Manufacturing investment growth for the first five months of the year was 8.5%, with a monthly growth rate of 7.8% in May, reflecting a slight decline [5][6]
5月工业生产保持较快增长 制造业投资韧性引关注
Jing Ji Guan Cha Wang·2025-06-16 09:24