Economic Overview - The GDP of Tai'an City in Shandong Province grew by 6.2% year-on-year in the first half of the year, reaching 192.34 billion yuan [1] - The total retail sales of social consumer goods increased by 7.6% year-on-year [1] - The total output value of the construction industry rose by 5.7% year-on-year [1] Industry Performance - The agricultural, forestry, animal husbandry, and fishery sector achieved a total output value of 42.08 billion yuan, growing by 4.5% year-on-year [2] - The industrial production value for large-scale enterprises increased by 7.6% year-on-year, with manufacturing leading at 9.3% growth [2] - The construction industry completed a total output value of 61.03 billion yuan, with significant contributions from installation and construction projects [2] Service Sector Growth - The revenue of large-scale service enterprises reached 16.21 billion yuan from January to May, marking an 11.0% year-on-year increase [3] - Among the ten major service sectors, eight experienced positive revenue growth, with seven sectors achieving double-digit growth [3] Investment and Consumption - Fixed asset investment in Tai'an increased by 5.1% year-on-year, with industrial investment rising by 23.3% [4] - Social retail sales of consumer goods grew by 7.6%, with significant contributions from home appliances and food categories [4] Foreign Trade - The total import and export value reached 29.22 billion yuan, reflecting an 18% year-on-year increase, with exports growing by 27.9% [5] - New markets in Africa and Latin America contributed significantly to export growth [5] Financial Stability - The general public budget revenue was 16.62 billion yuan, up by 4.2% year-on-year, while expenditures increased by 5.0% [6] - By the end of June, the balance of deposits in financial institutions reached 738.91 billion yuan, growing by 10.5% [7] Energy Consumption - Total electricity consumption was 14.43 billion kWh, with industrial and service sectors showing growth of 2.0% and 4.9% respectively [7]

Economic Performance - In the first half of 2025, Yunnan Province's GDP reached 1.553744 trillion yuan, marking a year-on-year growth of 4.4% [1] - The growth rate of GDP improved by 1.1 percentage points compared to the previous year and by 0.1 percentage points compared to the first quarter of this year [1] - The province's industrial added value and retail sales of consumer goods also showed growth rates higher than those of the first quarter and the previous year [1] Energy and Industrial Growth - Yunnan Province added 13.7701 million kilowatts of new installed renewable energy capacity, with total power generation increasing by 9.3% year-on-year [1] - The crude oil processing volume grew by 6.7%, and raw coal production increased by 5.9% [1] - The non-ferrous metal industry saw an added value growth of 16.9%, while the new energy battery industry experienced a significant increase of 72.1% [1] Investment and Consumption - The province's fixed asset investment has been consistently growing, with energy, transportation, and water conservancy investments increasing by 30.7%, 17%, and 5.6% respectively [2] - The opening rate of major industrial projects reached 85.13%, with 529 projects attracting over 100 million yuan, a growth of 43.4% [2] - The introduction of 10 billion yuan in consumer vouchers and 30 billion yuan in subsidies stimulated consumption exceeding 30 billion yuan [2] Employment and Income - In the first half of the year, Yunnan Province created 280,400 new urban jobs, and 15.1493 million rural laborers were employed [2] - The per capita disposable income of residents grew by 5.3%, with rural residents' income increasing by 6.2%, surpassing the national average by 0.3 percentage points [2] - The proportion of public spending on people's livelihoods reached 74.8% [2]

金十数据7月29日讯，新加坡金管局本周可能会在今年首次维持货币政策不变，采取观望态度，因为政 策制定者在衡量即将到来的美国关税，这可能会拖累经济增长。机构调查的19位经济学家中，有14位预 测新加坡金管局周三将保持现有政策设定。包括高盛和美国银行在内的五家公司预计宽松周期将继续。 预期维持现状的预测者指出，新加坡的经济稳定是原因之一。本月的初步增长估计显示，该国躲过了技 术性衰退，制造业、服务出口和建筑业引领了高于预期的增长。马银证券的经济学家Chua Hak Bin认 为，考虑到经济前景的韧性以及温和但稳定的核心通胀，新加坡金管局预计将在今年剩余时间内保持现 有政策设置不变。 调查：新加坡金管局本周料按兵不动 ...

智通财经7月28日电，印尼财政部长表示，2025年印尼经济将增长约5%。 ...

菲律宾央行行长：今年有望再降息两次。与美国的贸易协议有利于经济增长。 ...

马来西亚央行：预计2025年马来西亚经济增长将在4%至4.8%之间。 ...

道明证券：非农预期值持续下降的情况或引发关注 金十数据7月28日讯，道明证券美国利率策略师Molly Brooks表示，就业数据"是推动经济的主要因素"。 由于整体就业数据的预期值一直在下降，因此我们可以看到，这一情况将成为市场关注并作出反应的关 键因素，因为这关乎经济增长以及劳动力需求放缓的问题。 ...

Core Insights - During the "14th Five-Year Plan" period, China's economic growth is expected to drive tax and fee revenue to exceed 155 trillion yuan [1] Group 1 - The cumulative tax and fee revenue during the "14th Five-Year Plan" period is projected to surpass 155 trillion yuan [1]

Economic Performance - The GDP of Shangqiu City reached 170.17 billion yuan in the first half of 2025, with a year-on-year growth of 7.0% [1] - The primary industry added value was 23.21 billion yuan, growing by 3.1%; the secondary industry added value was 63.09 billion yuan, growing by 6.2%; and the tertiary industry added value was 83.86 billion yuan, growing by 8.9% [1] Agricultural Production - The summer grain production in Shangqiu reached 9.05 billion jin, indicating a stable agricultural production situation [1] - Vegetable and edible fungus production was 4.32 million tons, growing by 3.2%; fruit production was 1.53 million tons, growing by 1.9%; and meat production from pigs, cattle, sheep, and poultry was 330,600 tons, growing by 3.0% [1] Industrial Growth - The added value of industrial enterprises above designated size grew by 8.7%, with 23 out of 34 industrial sectors experiencing growth, resulting in a growth coverage of 67.6% [1] - The added value of coal, chemical, and aluminum smelting industries grew by 13.0%, 13.2%, and 42.1% respectively, collectively contributing 5 percentage points to the overall industrial growth [1] Service Sector Expansion - The added value of the service sector grew by 8.9%, with wholesale and retail growing by 7.7%, transportation, storage, and postal services growing by 8.2%, accommodation and catering growing by 9.1%, and information transmission, software, and IT services growing by 11.2% [1] - From January to May, the operating income of the service sector above designated size increased by 10.3% [1] Investment and Consumption - Fixed asset investment in the city grew by 6.8%, with industrial investment growing by 24.8%, surpassing the overall investment growth by 18 percentage points [2] - Private investment increased by 9.9%, accelerating by 6.6 percentage points compared to the first quarter, and exceeding the overall investment growth by 3.1 percentage points [2] - The total retail sales of consumer goods reached 78.93 billion yuan, growing by 7.6%, with 17 out of 22 categories of goods experiencing growth, resulting in a growth coverage of 77.3% [2] - Notable growth in retail sales included home appliances and audio-visual equipment at 34.4%, communication equipment at 34.6%, and automotive products at 11.4%, indicating a clear trend of consumption upgrading [2]

Economic Growth and Policy Outlook - The economic growth in the first half of the year exceeded expectations due to proactive policies and early implementation of consumption-boosting measures like trade-in programs [1][8] - There is no significant need for large-scale stimulus policies in the short term, as the foundation for economic growth has been established [8] Real Estate Market Trends - Real estate market indicators are showing a downward trend, with new residential sales area down 3.5% and sales value down 5.5% compared to the same period last year [3] - The prices of new residential properties have also entered a downward phase, particularly in major cities where second-hand housing prices have declined since April [3][10] Policy Direction for Real Estate - The focus remains on stabilizing the real estate market, with policies aimed at "stopping the decline and stabilizing" being crucial [7] - Future policies may include measures for old housing renovations, but significant unexpected stimulus is unlikely [7] Consumer Behavior and Investment Insights - The company suggests that first-time homebuyers should consider purchasing but be mindful of opportunity costs, while real estate investors should focus on areas with increasing population density [7] - Historically, real estate has outperformed A-shares, driven by urbanization and population growth, despite current market adjustments [11]