宏观点评：中国经济数据点评（2024年二季度）-波动修复

Economic Overview - China's GDP growth in Q2 2024 was 4.7%, slightly below market expectations, down 0.6 percentage points from Q1[4] - The industrial capacity utilization rate increased by 1.3 percentage points to 74.9% in Q2, indicating initial progress in capacity clearance[17] Demand and Consumption - Retail sales growth in June was 2.0%, below expectations, with a month-on-month decline of 0.12%, marking the first negative growth of the year[10] - Service consumption grew by 5.4% year-on-year, while automotive consumption continued to decline, exacerbating the overall retail sales recovery[10] Investment Trends - Fixed asset investment growth was 3.9% in June, slightly down from May, primarily affected by real estate investment pressures[20] - Manufacturing investment maintained a high growth rate of 9.5% year-on-year, supported by industrial upgrades and favorable financing policies[10] Real Estate Sector - Real estate sales in June saw a decline of 14.5% in area and 14.3% in value, but the rate of decline narrowed compared to May[8] - Real estate investment growth improved slightly to -10.1%, indicating some recovery in the sector[8] Export Performance - In June, export values exceeded $900 billion, with a year-on-year growth of 5.7%, contributing positively to economic growth[17] - The trade surplus in June was $99.1 billion, reflecting strong external demand despite domestic challenges[10]