7月经济数据点评：静待柳暗花明

Demand Side - In July, the retail sales of consumer goods showed a mild recovery with a month-on-month increase of 0.2% (previous value: 0.7%) [5] - Fixed asset investment decreased by 3.9% month-on-month (previous value: +2.7%), indicating a slowdown in overall investment [23] - Real estate sales continued to decline, with a month-on-month decrease of 4.4% (previous value: -7.6%) [21] Production Side - The industrial added value maintained resilience, with a month-on-month growth of 0.4% (previous value: +0.6%) [32] - Power generation also increased by 0.4% month-on-month (previous value: +0.5%), supporting industrial output [34] - Export delivery value fell by 1.8% month-on-month (previous value: -0.2%), reflecting a slowdown in external demand [35] Employment and Economic Outlook - The urban survey unemployment rate rose to 5.2% in July, up from 5.1% in June [39] - The unemployment rate in 31 major cities increased to 5.3%, indicating greater employment pressure in urban areas [41] - Despite the weak July data, the company maintains that the internal driving force of the Chinese economy remains, with expectations for gradual recovery in the second half of the year [8]