国泰海通｜宏观：总量仍稳定，结构需平衡——2025年二季度经济数据点评

Group 1 - The core viewpoint of the article indicates that China's economy remains stable in the second quarter, with manufacturing showing significant resilience and competitiveness, although structural issues such as supply-demand relationships and price-volume dynamics need to be balanced [1] - Despite external disturbances, China's economy has shown resilience in the second quarter, with growth rates exceeding annual targets; however, the demand side requires policy support [1] - The production side maintains a high growth rate, with strong performance in high-end manufacturing and export chains, while the real estate chain is relatively weak [1] Group 2 - On the demand side, there has been a slight decline in consumption and investment growth, with significant drops in June for restaurant consumption, infrastructure investment, and real estate sales [1] - Overall, issues such as supply-demand imbalance and low inflation persist, and it is expected that proactive policies will be implemented [1] - Future measures should focus on optimizing real estate policies, increasing infrastructure investment, and boosting consumer spending to expand domestic demand and promote a virtuous cycle of supply and demand [1] Group 3 - Additionally, there is a need to address overcapacity in the production sector through "anti-involution" strategies, reducing ineffective supply, and optimizing the economic structure [1]