2024年7月经济数据点评：消费向左投资向右，后续走势如何？

Group 1: Industrial Production - The industrial added value for the first seven months of 2024 increased by 5.9% year-on-year, a slight decline of 0.1 percentage points compared to the first half of the year[2] - In July, the industrial added value grew by 5.1% year-on-year, down 0.2 percentage points from June, with 33 out of 41 major industries showing growth[2] - Equipment manufacturing and high-tech manufacturing sectors saw significant growth, with increases of 7.3% and 8.9% respectively[2] Group 2: Investment Trends - Fixed asset investment (excluding rural households) rose by 3.6% year-on-year in the first seven months, slightly below market expectations, with a 0.3 percentage point decline from the first half[5] - Narrow infrastructure investment grew by 4.9%, down 0.5 percentage points, while water conservancy investment surged by 28.9%[6] - Real estate development investment decreased by 10.2% year-on-year, with a widening decline of 0.1 percentage points compared to the first half[8] Group 3: Consumer Spending - Total retail sales of consumer goods increased by 3.5% year-on-year in the first seven months, with a slight decline of 0.2 percentage points from the first half[14] - In July, retail sales grew by 2.7%, an increase of 0.7 percentage points from June, driven by seasonal tourism and previous consumption promotion policies[15] - The online retail sales for the first seven months reached 83,784 billion yuan, growing by 9.5% year-on-year, although the growth rate slightly declined[14]