Xin Lang Cai Jing·2025-08-11 00:00Core Viewpoint - The report from China Galaxy Securities indicates that the Producer Price Index (PPI) continues to remain at a low level year-on-year, with limited potential for improvement in the future, making it unlikely for PPI to turn positive within the year [1] Group 1: Real Estate Market - The real estate market has been weakening since the second quarter, with the total sales area and sales revenue of commercial housing in the first six months declining by 3.5% and 5.5% year-on-year, respectively [1] - In July, the transaction area of commercial housing in 30 major cities showed a year-on-year decrease of 18.6%, compared to a decrease of 8.4% in June [1] Group 2: Economic Dynamics - There is insufficient momentum among microeconomic entities, leading to weak investment from enterprises and low consumer spending willingness [1] - The industrial capacity utilization rate in the second quarter was 74%, showing a downward trend both year-on-year and month-on-month, indicating continued weak demand [1] Group 3: Market Competition - The ongoing optimization of market competition is leading to a narrowing of price declines in related industries, but the sustained improvement effect remains to be observed [1]