2025年8月经济数据点评：宏观政策持续发力，结构调整稳步推进

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The macro - policies continue to exert force, and structural adjustment is advancing steadily. In the second half of 2025, the economic growth rate is not expected to decline significantly. Structural issues such as prices are expected to improve trend - wise. Bond yields and the stock market are expected to rise continuously. [1][7] 3. Summary by Related Catalogs Overall Situation - Production: In August, the added value of industrial enterprises above designated size increased by 5.2% year - on - year and 0.37% month - on - month. The equipment manufacturing industry continued to support industrial production, with its added value increasing by 8.1% year - on - year. The high - end trend of the manufacturing industry continued, and the added value of high - tech manufacturing increased by 9.3% year - on - year. [3] - Consumption: In August, the total retail sales of consumer goods reached 396.68 billion yuan, a year - on - year increase of 3.4% and a month - on - month increase of 0.17%. The third batch of consumer goods "trade - in" policy funds were issued, and the retail sales of related "trade - in" goods continued to grow rapidly. The catering revenue stabilized and rebounded. [4] - Investment: From January to August, fixed - asset investment increased by 0.5% year - on - year. The "two - heavy" construction advanced steadily, with infrastructure investment increasing by 2.0% year - on - year. Real estate investment accelerated to find the bottom, with the real estate development investment decreasing by 12.9% year - on - year, and the sales area and sales amount of newly built commercial housing both declining. The National Real Estate Climate Index further declined to 93.05. [5] Market - After the economic data was released at 10:00, the bond market continued the repair market under the support of fundamentals, and the long - term yield fluctuated downward. After the futures closed at noon, the long - term yield rose rapidly, possibly due to the intensification of policies to expand service consumption. [6] Bond Market View - With the revision of economic expectations, bond yields are expected to rise trend - wise. For stock and bond allocation, the view is maintained that in the second half of 2025, the economic growth rate will not decline significantly, structural issues such as prices will improve, and bond yields and the stock market will rise continuously. [7]