7月消费市场稳中有优：新能源车渗透率过半，以旧换新显效

Group 1: Overall Consumption Trends - The consumption market in China has shown a "generally stable and structurally optimized" development trend this year, supported by policy and internal dynamics [1] - In July, the total retail sales of consumer goods reached 3.88 trillion yuan, a year-on-year increase of 3.7%, which is 1 percentage point higher than the same period last year [1] - From January to July, the total retail sales of consumer goods amounted to 28.42 trillion yuan, with a year-on-year growth of 4.8% [1] Group 2: Policy-Driven Consumption - Policy-driven consumption, particularly in appliances and furniture, has shown strong performance, with retail sales of major household appliances, furniture, communication equipment, and cultural office supplies increasing by 28.7%, 20.6%, 14.9%, and 13.8% respectively in July [1][7] - The State Council's meeting on August 22 emphasized the effectiveness of large-scale equipment updates and the "old-for-new" consumption policy in stabilizing investment and expanding consumption [1][7] Group 3: New Energy Vehicles - The penetration rate of new energy vehicles reached 54% in July, with retail sales of new energy passenger vehicles growing by 12% year-on-year [5][6] - In the first seven months, the cumulative retail sales of passenger vehicles reached 12.728 million units, a year-on-year increase of 10.1% [5] - The decline in oil and petroleum product consumption, which fell by 8.3% year-on-year in July, is closely related to the transformation of energy structure and changes in transportation methods [5][6] Group 4: E-commerce and Digital Transformation - Online retail sales increased by 9.2% year-on-year from January to July, with physical goods online retail growing by 6.3% [10] - The growth of e-commerce has significantly contributed to boosting consumption and promoting industrial digital transformation [10] - The rural logistics system has improved, with over 19.5 million rural online merchants by the end of July, enhancing rural consumption [10][11]