Core Viewpoint - The article highlights a continued decline in domestic demand as evidenced by various economic indicators, necessitating increased policy support to stimulate demand and improve economic conditions [2][10]. Group 1: Domestic Demand and Consumption - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, a slowdown of 1.1 percentage points compared to June [4]. - The "trade-in" policy's impact weakened, with retail sales growth for related categories dropping from 11.5% to 5%, contributing to a slowdown in overall retail sales growth [4]. - Restaurant consumption growth was at 1.1%, showing slight improvement but remaining at a low level [4]. Group 2: Fixed Asset Investment - From January to July, fixed asset investment saw a cumulative year-on-year growth of 1.6%, a decline of 1.2 percentage points from the previous period, with a significant monthly drop of 5.3% in July, the largest since April 2020 [5]. - Investment in construction and other expenses primarily dragged down fixed asset investment, while equipment and tool investment maintained a relatively high growth rate [5]. Group 3: Real Estate Market - The real estate sector continues to show weakness, with new housing sales area and amount in July declining by 7.8% and 14.1% year-on-year, respectively [7]. - The average price of new homes in 70 cities remained stable, while second-hand home prices showed a year-on-year decline of 10.3% [7]. - Real estate investment saw a year-on-year decline of 17.0% in July, indicating a lack of investment willingness and capability among developers [32]. Group 4: Manufacturing and Production - Manufacturing investment from January to July grew by 6.2%, but the monthly growth rate fell to -0.3% in July, reflecting weak demand and profit conditions [8]. - Industrial value-added growth in July was 5.7%, down from 6.8% in June, indicating a slowdown in production despite being better than demand-side data [9]. Group 5: Policy and Market Outlook - The article suggests that the current economic data indicates a need for policy intervention to support demand, especially in light of the weak performance in fixed asset investment and retail sales [10]. - The expectation of improved liquidity and supportive policies may help stabilize market sentiment, particularly in sectors like AI, defense, and innovative pharmaceuticals [11].
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