7月数据点评：地产及基建投资增速双降，静待政策加码

Investment Rating - The industry rating is "Outperform the Market" [2] Core Insights - Cement and glass production has seen a cumulative year-on-year decline of -4.5% and -5.0% respectively, with a slight narrowing in the decline of glass production [7][10] - Downstream investment shows a significant increase in the decline of completed area, with infrastructure investment turning negative [12][18] - Real estate investment has decreased by -17.1% year-on-year in July 2025, compared to -12.4% in June, while infrastructure investment growth has shifted from positive to negative [18] Summary by Sections Cement and Glass Production - Cumulative year-on-year cement production from January to July 2025 is -4.5%, with July's month-on-month decline at -5.6%, consistent with June's figures [7] - Cumulative year-on-year glass production for the same period is -5.0%, with July's month-on-month decline at -3.4%, showing a continued narrowing from June [10] Downstream Investment Situation - In July 2025, year-on-year changes in commodity housing sales, construction, new starts, and completed area are -8.4%, -16.4%, -15.2%, and -29.5% respectively, indicating a broadening decline compared to June [12] - The broad inventory de-stocking cycle is 5.33 years as of July 2025, slightly increasing from the previous month [15] Real Estate and Infrastructure Investment - Real estate investment has seen a year-on-year decline of -17.1% in July 2025, while infrastructure investment has decreased by -1.9% [18] - Cumulative year-on-year fixed asset investment for the first seven months of 2025 is 1.6%, with infrastructure investment at 7.3% [18]