关注政策组合拳落地效果

Economic Growth - China's GDP grew by 5.3% year-on-year in the first half of the year, with the first quarter at 5.4% and the second quarter at 5.2% [1] - The primary industry increased by 3.7%, the secondary industry by 5.3%, and the tertiary industry by 5.5%, indicating a shift towards a service-oriented economy [1] Consumption and Trade - Consumer demand and foreign trade are key drivers of economic growth, with high-tech products expanding consumption scenarios [2] - The rise of smart home products has met consumer demand for intelligent living, boosting related product consumption [2] Investment Trends - Fixed asset investment nominally grew by 2.8% year-on-year, with actual growth at 5.3% after adjusting for price factors, indicating a disparity between nominal and actual growth [3] - Manufacturing investment increased by 7.5%, while real estate development investment fell by 11.2%, reflecting a cautious investment climate [3][4] Industrial Performance - Industrial output for large enterprises grew by 6.4%, with significant increases in equipment manufacturing (10.2%) and high-tech manufacturing (9.5%) [8] - New industries and technologies are positively impacting China's overall economic competitiveness and are expected to reshape the global industrial division [8] Consumer Price Index - The Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 2.8%, indicating subdued demand in both consumption and investment [8][9] - The core CPI rose by 0.7%, suggesting potential inflationary pressures that need to be monitored [8]