上半年深圳工业、外贸、消费持续向好，投资仍待加力｜湾区观察

Core Viewpoint - Shenzhen's economy shows resilience and positive growth in the first half of 2025 despite external challenges, with significant increases in human flow, logistics, and financial flows supporting this outlook [1][5]. Economic Performance - Shenzhen's GDP for the first half of 2025 reached 18,322.26 billion yuan, a year-on-year increase of 5.1%, slightly below the national average by 0.2 percentage points [1]. - The primary industry added value was 10.33 billion yuan (up 2.8%), the secondary industry 6,505.56 billion yuan (up 3.3%), and the tertiary industry 11,806.37 billion yuan (up 6.1%) [1]. Industrial Growth - The city's industrial output value increased by 4.3% year-on-year, with manufacturing growing by 4.2% and electricity, heat, gas, and water production and supply up by 11.8% [1][2]. - Notable growth in general equipment manufacturing (17.1%), instrument manufacturing (8.8%), and electrical machinery (8.2%) was observed [2]. - High-tech product output saw significant increases, with civilian drones up 59.0%, industrial robots up 38.0%, and 3D printing equipment up 35.8% [2]. Service Sector - The service sector's added value was 11,806.37 billion yuan, growing by 6.1%, which is 0.5 percentage points higher than the national average [2]. - Key sectors such as finance (10.9%), transportation and warehousing (9.0%), and information technology services (8.1%) contributed to this growth [2]. Consumer Market - Retail sales of consumer goods totaled 4,948.68 billion yuan, a 3.5% increase year-on-year, although this was 1.5 percentage points lower than the national average [2]. - The policy of replacing old consumer goods positively impacted sales, with significant increases in home appliances (55.7%) and cultural office supplies (32.9%) [3]. Foreign Trade - Shenzhen's total import and export volume was 21,675.45 billion yuan, a decrease of 1.1%, but the decline was less severe than in previous quarters [3]. - Exports amounted to 13,086.81 billion yuan (down 7.0%), while imports rose to 8,588.64 billion yuan (up 9.5%), with high-tech product exports increasing by 8.0% [3]. Investment Trends - Fixed asset investment in Shenzhen fell by 10.9%, with real estate development down 15.1%, while infrastructure investment grew by 7.7% [4]. - Significant growth was noted in information transmission and technology services (47.7%) and transportation (32.5%) [4]. Future Outlook - A series of major investment projects in transportation and urban renewal are planned for the second half of the year, which are expected to improve overall investment performance [5]. - Strong growth in passenger traffic at Shenzhen Airport (10.9%) and container throughput at Shenzhen Port (10.8%) indicates robust logistics performance [5]. - The city has seen a continuous double-digit growth in foreign investment, with actual foreign investment reaching 20.9 billion yuan, a year-on-year increase of 11.3% [6].