中国7月经济数据点评：社零有回暖，内需仍待巩固

Economic Performance - In July, China's industrial added value increased by 5.1% year-on-year, slightly below the expected 5.2% and down from 5.3% in the previous month[1] - Retail sales in July rose by 2.7% year-on-year, surpassing the expected 2.6% and improving from 2.0% in June[1] - Fixed asset investment from January to July grew by 3.6% year-on-year, matching the previous month's figure but below the expected 3.9%[1] Sector Analysis - High-tech industries saw a significant year-on-year growth of 10% in July, while the service production index increased by 4.8%[1] - Manufacturing investment rose by 8.3% year-on-year, supported by high export demand and large-scale equipment upgrades[2] - Infrastructure investment growth slowed to 2.0% year-on-year in July, down from 4.6% in June, potentially impacted by weather conditions[4] Real Estate and Consumer Trends - Real estate development investment decreased by 10.2% year-on-year, with residential investment down by 10.6%[1] - Consumer demand for durable goods remains weak, with categories like automobiles showing sluggish performance[2] - The July consumer price index (CPI) data reflected improved retail performance, particularly in travel-related services due to seasonal factors[2] Financial Indicators - Total social financing in July increased by CNY 772.4 billion, a year-on-year increase of CNY 235.8 billion[4] - New RMB loans in July amounted to CNY 260 billion, reflecting a year-on-year decrease of CNY 859 billion, indicating a need for improved financing demand[4] - M1 and M2 growth rates were -6.6% and 6.3%, respectively, showing a decline in M1 and a slight increase in M2 compared to the previous month[4]