保持稳中有进发展态势，7月份经济数据发布

Economic Performance - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [1] - The added value of equipment manufacturing increased by 8.4% year-on-year, and high-tech manufacturing increased by 9.3%, outperforming the overall industrial growth by 2.7 and 3.6 percentage points respectively [1] - The service production index increased by 5.8% year-on-year in July [1] Retail and Consumption - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% and a month-on-month decrease of 0.14% [1] - From January to July, the total retail sales of consumer goods amounted to 284,238 billion yuan, with a year-on-year growth of 4.8% [1] - Online retail sales reached 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail sales at 70,790 billion yuan, increasing by 6.3%, accounting for 24.9% of total retail sales [1] - Service retail sales increased by 5.2% year-on-year from January to July [1] Investment Trends - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, with a year-on-year growth of 1.6% [1] - Excluding real estate development investment, fixed asset investment grew by 5.3% [1] - Infrastructure investment increased by 3.2% year-on-year, while manufacturing investment grew by 6.2%, and real estate development investment declined by 12.0% [1] Policy and Economic Outlook - The macroeconomic policies have shown effectiveness in July, helping the national economy to maintain a stable and progressive development despite external and domestic challenges [2] - There is a need to implement policies thoroughly to stabilize employment, businesses, markets, and expectations, effectively releasing domestic demand potential [2] - The focus is on promoting a smooth and healthy economic development through domestic and international dual circulation [2]