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 Growth - Sichuan Province's industrial added value increased by 7.2% year-on-year from January to July this year [1] - State-owned enterprises saw an 8.0% increase in added value, while joint-stock enterprises grew by 6.4% [1] Industry Performance - Out of 41 major industries, 35 reported year-on-year growth in added value [1] - The automotive manufacturing industry experienced a significant growth of 19.8% [1] - Chemical raw materials and products manufacturing grew by 16.6% [1] - The computer, communication, and other electronic equipment manufacturing sector increased by 15.0% [1] - Black metal smelting and rolling industry grew by 13.5% [1] - Electrical machinery and equipment manufacturing saw an 11.0% increase [1] Production Output - Natural gas production rose by 11.9% year-on-year [1] - Electricity generation increased by 2.2% [1] - Smart watch production surged by 109.3% [1] - Lithium-ion battery output grew by 50.5% [1] - Generator sets production increased by 48.7% [1] - Automotive production rose by 36.2% [1] - Industrial boiler output increased by 31.6% [1] - LCD screen production grew by 28.7% [1] - Integrated circuit output increased by 13.2% [1] Consumer Spending - Total retail sales of consumer goods reached 1,651.32 billion yuan, a year-on-year increase of 5.6% [2] - Urban retail sales amounted to 1,336.68 billion yuan, growing by 5.5% [2] - Rural retail sales reached 314.64 billion yuan, with a growth of 5.9% [2] - Catering revenue was 225.46 billion yuan, increasing by 3.8% [2] - Retail sales of goods totaled 1,425.86 billion yuan, growing by 5.8% [2]

经济观察网四川省统计局8月18日发布2025年1—7月四川省国民经济主要指标数据。数据显示，1—7 月，全省规模以上工业增加值同比增长7.2%，增速比全国快0.9个百分点；全省实现社会消费品零售总 额16513.2亿元，同比增长5.6%，增速比全国快0.8个百分点。 ...

Core Insights - The industrial added value for July increased by 5.7% year-on-year and 0.38% month-on-month [1] By Industry Category - Mining industry grew by 5.0% [1] - Manufacturing industry saw an increase of 6.2% [1] - Electricity, heat, gas, and water production and supply industry rose by 3.3% [1] By Economic Type - State-owned enterprises increased by 6.5% [2] - Shareholding enterprises grew by 5.4% [2] - Foreign and Hong Kong, Macao, and Taiwan enterprises increased by 5.0% [2] - Private enterprises saw a growth of 2.8% [2] By Specific Industries - Out of 41 major industries, 35 maintained year-on-year growth [3] - Coal mining and washing industry grew by 4.2% [3] - Oil and natural gas extraction increased by 4.1% [3] - Agricultural and sideline food processing industry grew by 5.6% [3] - Chemical raw materials and chemical products manufacturing increased by 7.2% [3] - Black metal smelting and rolling processing industry rose by 8.6% [3] - General equipment manufacturing increased by 8.4% [3] - Automotive manufacturing grew by 8.5% [4] By Product - Among 623 industrial products, 335 saw year-on-year growth [4] - Automotive production reached 2.51 million units, an increase of 8.4% [5] - New energy vehicles reached 1.176 million units, growing by 17.1% [5] - Power generation was 926.7 billion kWh, up by 3.1% [5] - Crude oil processing volume was 63.06 million tons, an increase of 8.9% [5]

Core Viewpoint - In July, the national industrial added value for large-scale enterprises in China experienced a year-on-year growth of 5.7% and a month-on-month growth of 0.38% [1] Group 1 - The industrial added value growth of 5.7% year-on-year indicates a positive trend in the industrial sector [1] - The month-on-month growth of 0.38% suggests a slight recovery in industrial activities compared to the previous month [1]

分三大门类看，7月份，采矿业增加值同比增长5.0%，制造业增长6.2%，电力、热力、燃气及水生产和供应业增长3.3%。 分经济类型看，7月份，国有控股企业增加值同比增长5.4%；股份制企业增长6.5%，外商及港澳台投资企业增长2.8%；私营企业增长5.0%。 分行业看，7月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长4.2%，石油和天然气开采业增长4.1%，农副食品加工业 增长5.6%，酒、饮料和精制茶制造业增长0.1%，纺织业增长1.7%，化学原料和化学制品制造业增长7.2%，非金属矿物制品业下降0.6%，黑色金属冶炼和压 延加工业增长8.6%，有色金属冶炼和压延加工业增长6.8%，通用设备制造业增长8.4%，专用设备制造业增长3.8%，汽车制造业增长8.5%，铁路、船舶、航 空航天和其他运输设备制造业增长13.7%，电气机械和器材制造业增长10.2%，计算机、通信和其他电子设备制造业增长10.2%，电力、热力生产和供应业增 长3.4%。 分产品看，7月份，规模以上工业623种产品中有335种产品产量同比增长。其中，钢材12295万吨，同比增长6.4%；水泥14557万吨， ...

Economic Performance - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [1] - The added value of equipment manufacturing increased by 8.4% year-on-year, and high-tech manufacturing increased by 9.3%, outperforming the overall industrial growth by 2.7 and 3.6 percentage points respectively [1] - The service production index increased by 5.8% year-on-year in July [1] Retail and Consumption - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% and a month-on-month decrease of 0.14% [1] - From January to July, the total retail sales of consumer goods amounted to 284,238 billion yuan, with a year-on-year growth of 4.8% [1] - Online retail sales reached 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail sales at 70,790 billion yuan, increasing by 6.3%, accounting for 24.9% of total retail sales [1] - Service retail sales increased by 5.2% year-on-year from January to July [1] Investment Trends - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, with a year-on-year growth of 1.6% [1] - Excluding real estate development investment, fixed asset investment grew by 5.3% [1] - Infrastructure investment increased by 3.2% year-on-year, while manufacturing investment grew by 6.2%, and real estate development investment declined by 12.0% [1] Policy and Economic Outlook - The macroeconomic policies have shown effectiveness in July, helping the national economy to maintain a stable and progressive development despite external and domestic challenges [2] - There is a need to implement policies thoroughly to stabilize employment, businesses, markets, and expectations, effectively releasing domestic demand potential [2] - The focus is on promoting a smooth and healthy economic development through domestic and international dual circulation [2]

Group 1 - The core viewpoint is that the industrial added value of large-scale enterprises in July experienced a year-on-year actual growth of 5.7% [1] - Month-on-month, the industrial added value in July increased by 0.38% compared to the previous month [1] - From January to July, the year-on-year growth of industrial added value for large-scale enterprises was 6.3% [1]

人民财讯8月15日电，国家统计局发布数据，7月份，规模以上工业增加值同比实际增长5.7%(增加值增 速均为扣除价格因素的实际增长率)。从环比看，7月份，规模以上工业增加值比上月增长0.38%。1—7 月份，规模以上工业增加值同比增长6.3%。 ...

Core Viewpoint - In July, China's industrial added value above designated size increased by 5.7% year-on-year, a decrease from the previous value of 6.8% [1] Summary by Category - **Industrial Performance** - The industrial added value growth rate for July was reported at 5.7% year-on-year, down from 6.8% in the previous month [1]