Group 1 - The total retail sales of consumer goods in June 2025 reached 42,287.4 billion yuan, with a month-on-month growth of 2.33% and a year-on-year growth of 4.8% [1] - The cumulative total retail sales of consumer goods from January to June 2025 amounted to 245,458.4 billion yuan, reflecting a year-on-year growth of 5% [1] Group 2 - A statistical chart showing the monthly total retail sales and year-on-year growth over the past year is available [2] - A cumulative total retail sales and growth chart from 2015 to 2025 is also provided [2]

Economic Performance - The Beijing-Tianjin-Hebei region achieved a GDP of 5.7 trillion yuan in the first half of the year, with a year-on-year growth of 5.4% at constant prices [1] - The industrial output value of large-scale industries in the three regions grew by 7.0%, 5.1%, and 7.4% respectively [1] - The added value of strategic emerging industries in large-scale industries in Beijing and Hebei increased by 16.8% and 10.6% respectively [1] Service Sector - The service sector in the Beijing-Tianjin-Hebei region generated an added value of 4.1 trillion yuan, growing by 5.5% [1] - The information transmission, software, and IT service industries in Beijing saw growth rates of 11.1% and 8.1% in the financial sector [1] - In Tianjin, the information transmission, software, and IT service industries, as well as leasing and business services, achieved double-digit growth [1] Investment and Consumption - Fixed asset investment in the three regions grew by 14.1%, 5.5%, and 6.5% respectively [1] - The total retail sales of consumer goods in the region reached 1.60978 trillion yuan, with a growth of 0.7% [2] - The per capita disposable income for residents in the three regions was 45,144 yuan, 29,176 yuan, and 17,795 yuan, with growth rates of 4.8%, 4.7%, and 5.3% respectively [2]

Economic Performance - Chengdu's industrial added value increased by 8% year-on-year in the first seven months of 2025, with a product sales rate of 96.4% among large-scale industrial enterprises [1] - Out of 37 major industries, 24 experienced growth in added value, with notable increases in automotive manufacturing (22.9%), computer and electronic equipment manufacturing (17.2%), electrical machinery and equipment manufacturing (9.5%), and tobacco products (3.8%) [1] - Key industrial products saw significant production increases, including new energy vehicles (326.2%), smartwatches (135.2%), and lithium-ion batteries (41.4%) [1] Investment Trends - Fixed asset investment in Chengdu (excluding rural households) grew by 4.5% year-on-year, with private investment rising by 5.6% [1] - Investment in the primary industry increased by 18.2%, while the secondary industry saw a growth of 30.4%, with industrial investment specifically growing by 31.0% [1] Consumer Market - The total retail sales of consumer goods in Chengdu reached 654.98 billion yuan, marking a year-on-year growth of 5.9% [2] - Urban retail sales amounted to 573.9 billion yuan (5.8% growth), while rural retail sales were 81.08 billion yuan (6.2% growth) [2] - Notable growth in specific consumer categories included telecommunications equipment (75.8%), gold and jewelry (38.9%), home appliances (30.1%), and sports and entertainment products (19.1%) [2] Financial Sector - By the end of July, Chengdu's financial institutions had a total deposit balance of 6.7481 trillion yuan, reflecting a year-on-year increase of 10.4% [2] - Household deposits reached 3.1334 trillion yuan, growing by 11.9%, while the total loan balance was 7.1545 trillion yuan, also up by 10.4% [2]

Group 1 - The overall consumption market in China showed a stable development trend in July 2025, with total retail sales of consumer goods reaching 3.88 trillion yuan, a year-on-year increase of 3.7%, which is 1 percentage point higher than the same period last year [1] - From January to July, the total retail sales of consumer goods amounted to 28.42 trillion yuan, with a year-on-year growth of 4.8%. The retail sales of services increased by 5.2%, and the combined retail sales of goods and services grew by approximately 5% [1] - The retail sales of goods saw steady growth, with a year-on-year increase of 4.0% in July. The retail sales of home appliances, furniture, mobile phones, and cultural office supplies showed significant growth, with increases of 28.7%, 20.6%, 14.9%, and 13.8% respectively [1] Group 2 - The summer consumption season highlighted strong performance in cultural, sports, and tourism sectors, with double-digit growth in retail sales for leisure services, tourism consulting, and transportation services from January to July [2] - The popularity of summer vacation destinations surged, with a significant increase in search interest for "summer cooling destinations." Museum bookings saw a year-on-year growth of over 200%, and the box office for summer films exceeded 10 billion yuan, with many domestic films achieving both critical and commercial success [2] - Online consumption grew rapidly, with online retail sales increasing by 9.2% year-on-year from January to July, outpacing the growth of total retail sales of consumer goods by 1.5 percentage points [2]

Economic Overview - The overall economic operation in Anhui Province is stable in the first seven months of the year, with industrial production growing rapidly and a good development trend in equipment manufacturing and high-tech manufacturing [1] - The total retail sales of consumer goods reached 1,393.21 billion yuan, a year-on-year increase of 5.2% [1] Industrial Production - The industrial added value of enterprises above designated size increased by 8.5% year-on-year [1] - The equipment manufacturing industry saw an added value growth of 16.9%, with the computer, communication, and other electronic equipment manufacturing sector growing by 31.1% [1] - High-tech manufacturing increased by 25.3% [1] - Specific product outputs included industrial robots up by 46.4%, notebook computers up by 22.7%, and lithium-ion batteries up by 15.4% [1] Consumer Market - Retail sales in categories such as cultural and office supplies grew by 53.7%, communication equipment by 52.2%, and household appliances and audio-visual equipment by 21.2% [1] - Other categories showed growth as well, including food and oil by 12.0%, daily necessities by 11.3%, and furniture by 10.5% [1] Investment Trends - Fixed asset investment decreased by 3.7% in the first seven months [1] - Infrastructure investment grew by 5.8%, with railway transportation investment up by 14.4% and road transportation investment up by 8.1% [1] - Real estate development investment saw a significant decline of 13.3% [1] Financial Sector - By the end of July, the balance of RMB deposits in financial institutions reached 96,387.9 billion yuan, a year-on-year increase of 10.5% [2] - The balance of RMB loans was 91,648.7 billion yuan, growing by 9.1% [2] Price Trends - The consumer price index rose by 0.3% year-on-year [2] - Price changes included a decrease in food, tobacco, and alcohol prices by 0.7%, while clothing prices increased by 1.5% [2] - Other categories showed varied price changes, with transportation and communication prices down by 2.7% and medical care prices up by 3.0% [2]

Core Insights - Shanghai's total retail sales of consumer goods reached 955.18 billion yuan from January to July, showing a year-on-year growth of 2.5% [1] Retail Performance by Category - Retail sales of goods amounted to 840.98 billion yuan, with a year-on-year increase of 3.3% [1] - Restaurant revenue was 114.20 billion yuan, experiencing a decline of 2.9% [1] Key Retail Categories - Grain and oil, food retail sales reached 84.28 billion yuan, growing by 10.1% [1] - Clothing, shoes, and textile products sales were 191.54 billion yuan, increasing by 3.3% [1] - Cosmetics sales totaled 76.25 billion yuan, up by 5.0% [1] - Gold and silver jewelry sales were 23.81 billion yuan, with a growth of 1.5% [1] - Daily necessities sales reached 73.96 billion yuan, declining by 0.8% [1] - Home appliances and audio-visual equipment sales were 29.55 billion yuan, showing a significant increase of 22.4% [1] - Cultural and office supplies sales amounted to 29.07 billion yuan, growing by 15.4% [1] - Communication equipment sales reached 46.99 billion yuan, increasing by 9.2% [1] - Automobile sales were 90.05 billion yuan, declining by 10.3% [1]

Core Insights - Jiangsu Province's total retail sales of consumer goods reached 27,441.2 billion yuan from January to July, reflecting a year-on-year growth of 4.4% [1] Retail Performance - In July, retail sales of household appliances and audio-visual equipment increased by 9.9% year-on-year, while communication equipment sales rose by 13.1% [1] - Retail sales of energy-efficient products rated 1 and 2, as well as smart home appliances, saw significant growth, with increases of 34.7% and 44.0% respectively [1] Sector-Specific Trends - The retail sales of furniture and hardware materials experienced year-on-year growth of 17.2% and 11.5% respectively, driven by policies related to old home renovations and partial kitchen and bathroom upgrades [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Although economic data weakened in July, market expectations for policy intensification have increased [2]. - The market is focusing on the semi - annual reports of listed companies. The net profit growth rates of the four broad - based indexes are positive, and the improved fundamentals of some listed companies support the stock market, but the potential drag from companies with unannounced reports should be watched [2]. - With high valuations in the US stock market, A - shares with reasonable valuations are attracting foreign capital inflows, bringing incremental funds to the market. It is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs Futures盘面 - **Contract Prices**: IF, IH, IC, and IM主力合约（2509）prices are 4270.0, 2851.2, 6695.2, and 7276.0 respectively, with increases of +49.0, +30.4, +92.4, and +88.6. Their corresponding secondary - main contracts also showed price increases [2]. - **Contract Spreads**: Various contract spreads such as IF - IH, IC - IF, etc. showed changes, with most spreads increasing [2]. - **Quarter - to - Month Spreads**: Spreads between quarterly and monthly contracts of different varieties changed, with some increasing and some decreasing [2]. Futures持仓头寸 - The net positions of the top 20 in IF, IH, and IC decreased by - 1677.0, - 437.0, and - 1152.0 respectively, while that of IM increased by +50.0 [2]. Spot Price - The prices of the Shanghai and Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 increased by +48.0, +34.6, +72.8, and +62.6 respectively. The basis of the corresponding futures contracts also changed [2]. Market Emotions - A - share trading volume was 24,484.14 billion yuan, a decrease of - 1922.65 billion yuan. Margin trading balance increased by +293.85 billion yuan. Other indicators such as north - bound trading volume, reverse repurchase, etc. also showed corresponding changes [2]. Wind Market Strength - Weakness Analysis - All A - shares, technical aspects, and capital aspects showed increases of +1.90, +1.30, and +2.30 respectively [2]. Industry News - From January to July 2025, national fixed - asset investment (excluding rural households) was 288229 billion yuan, with a year - on - year increase of 1.6%. Real estate development investment decreased by 12.0% year - on - year. Other economic data such as social consumer goods retail and industrial added value also had corresponding changes [2]. - On August 20, 2025, the 1 - year LPR was 3.0% and the 5 - year LPR was 3.5%, remaining unchanged from the previous period [2]. Key Event Schedule - On August 21, at 15:00 - 16:30, the preliminary values of SPGI manufacturing, service, and composite PMIs for France, Germany, the Eurozone, and the UK in August will be released; at 21:45, the preliminary values of SPGI manufacturing, service, and composite PMIs for the US in August will be released [3]. - On August 22, at 22:00, Federal Reserve Chairman Powell will give a speech at the Jackson Hole Global Central Bank Annual Meeting [3].

Economic Overview - In the first seven months, Sichuan Province achieved a total retail sales of social consumer goods amounting to 16,513.2 billion yuan, with a year-on-year growth of 5.6%, outpacing the national growth rate by 0.8 percentage points [1] - The industrial added value in Sichuan increased by 7.2% year-on-year, also exceeding the national growth rate by 0.9 percentage points [1] Industry Performance - Out of 41 major industries, 35 reported year-on-year growth in added value [1] - Notable growth sectors include: - Automotive manufacturing: 19.8% increase - Chemical raw materials and products manufacturing: 16.6% increase - Computer, communication, and other electronic equipment manufacturing: 15.0% increase - Black metal smelting and rolling processing: 13.5% increase - Electrical machinery and equipment manufacturing: 11.0% increase [1] Industrial Product Output - Key industrial product outputs showed significant year-on-year growth: - Natural gas: 11.9% increase - Power generation: 2.2% increase - Smartwatches: 109.3% increase - Lithium-ion batteries: 50.5% increase - Generator sets: 48.7% increase - Automobiles: 36.2% increase - Industrial boilers: 31.6% increase - LCD screens: 28.7% increase - Integrated circuits: 13.2% increase [1] Investment Trends - Fixed asset investment (excluding rural households) grew by 2.0% year-on-year, surpassing the national growth rate by 0.4 percentage points [2] - Investment in the primary industry rose by 14.7%, while the secondary industry saw a 9.3% increase, with industrial investment specifically growing by 9.5% [2] - The tertiary industry experienced a decline of 1.6% in investment [2] Real Estate Market - Real estate development investment decreased by 6.5% year-on-year, with the construction area of commercial housing down by 12.4% and the sales area of new commercial housing down by 6.7% [2] Consumer Market Insights - The catering revenue reached 2,254.6 billion yuan, reflecting a year-on-year growth of 3.8% [2] - Retail sales of goods amounted to 14,258.6 billion yuan, with a year-on-year increase of 5.8% [2] - Online retail sales through large enterprises reached 1,260.9 billion yuan, marking a 23.7% increase [2] Hot Product Categories - Retail sales growth in specific categories included: - Communication equipment: 56.5% increase - Gold and silver jewelry: 19.3% increase - Household appliances and audio-visual equipment: 17.8% increase - Cultural and office supplies: 13.8% increase - Grain, oil, and food: 13.1% increase [2]

Investment Overview - Shanghai's total fixed asset investment from January to July increased by 6.0% compared to the same period last year [1] - Investment in urban infrastructure rose by 16.9%, industrial investment grew by 22.5%, and real estate development investment increased by 3.3% [1] - The actual funds in place for investment in the city increased by 2.5% year-on-year [1] Industrial Performance - The total industrial output value of large-scale industrial enterprises in Shanghai reached 22,479.30 billion yuan, marking a 5.6% increase year-on-year [1] - The industrial sales rate stood at 99.0%, unchanged from the previous year [1] - Export delivery value from large-scale industrial enterprises was 4,558.67 billion yuan, up by 8.4% compared to last year [1] Consumer Retail Trends - The total retail sales of consumer goods in Shanghai amounted to 9,551.79 billion yuan, reflecting a year-on-year growth of 2.5% [1] - Retail sales of goods reached 8,409.84 billion yuan, with a growth of 3.3%, while catering revenue decreased by 2.9% to 1,141.95 billion yuan [1] Retail Sector Breakdown - Retail sales of grain and oil, food categories reached 842.76 billion yuan, up by 10.1% [2] - Sales in clothing, shoes, and textiles were 1,915.43 billion yuan, growing by 3.3% [2] - Home appliances and audio-visual equipment saw a significant increase of 22.4%, totaling 295.52 billion yuan [2] - Automotive sales, however, declined by 10.3%, amounting to 900.53 billion yuan [2]