宏观月度报告：社零同比增速提高，CPI同比涨幅扩大

Economic Indicators - The manufacturing PMI for August is at 49.1%, a decrease of 0.3 percentage points from the previous month, indicating continued contraction in the manufacturing sector[6] - In July, the industrial added value for large-scale industries grew by 5.1% year-on-year, a slight decline of 0.2 percentage points from the previous month[7] - Fixed asset investment from January to July increased by 3.6% year-on-year, down 0.3 percentage points from the first half of the year[8] Consumer Trends - The total retail sales of consumer goods in July increased by 2.7% year-on-year, up 0.7 percentage points from the previous value[8] - The CPI in July rose by 0.5% year-on-year, an increase of 0.3 percentage points compared to the previous value, primarily driven by stable food prices[13] - The PPI in July decreased by 0.8% year-on-year, with the decline remaining consistent with the previous value[12] Policy and Market Outlook - The government aims for a 25% increase in investment in key energy sectors by 2027 compared to 2023 levels, focusing on energy efficiency upgrades and technology improvements[3] - The implementation of policies to support the replacement of old consumer goods is expected to boost consumer demand and retail sales[8] - Risks include potential changes in monetary policy and increased complexity in international relations[14]