Core Viewpoint - The concept of "good housing" has gained significant attention in the real estate sector since its introduction in the government work report at the beginning of the year, with various regions intensifying efforts to construct and upgrade housing to meet high-quality standards [1][9]. Group 1: Policy and Demand Changes - The construction of "good housing" is seen as a crucial opportunity for the real estate market to transition from extensive growth to high-quality development, driven by changing demand [2][3]. - Local governments are optimizing housing supply structures in response to population shifts towards urban clusters, enhancing housing quality to attract new residents [3][4]. - Specific measures have been implemented in cities like Beijing and Hubei to improve housing quality through policy adjustments, such as optimizing planning and increasing public service facilities [2][3]. Group 2: Technological Empowerment - Various regions are enhancing "good housing" initiatives through technological advancements, with provinces like Guangdong and Jiangxi focusing on technology-driven solutions [4][8]. - The integration of smart technologies in communities, such as real-time monitoring systems for elderly residents, exemplifies the innovative approaches being adopted [4][8]. - The shift towards high-quality housing is prompting real estate companies to embrace new technologies and sustainable practices, creating a new competitive landscape [4][8]. Group 3: Integration with Urban Renewal - The "good housing" initiative is being integrated into urban renewal strategies, receiving policy support across planning, land use, finance, and other areas [9][12]. - Upgrading old housing to "good housing" standards is expected to stimulate investment, consumption, and improve living conditions, thereby enhancing urban competitiveness [12]. - The initiative aims to provide clear quality guidelines for urban renewal projects, ensuring a focus on both aesthetic and functional improvements [12].

Economic Performance Overview - In July, the industrial added value above designated size increased by 5.7% year-on-year, indicating stable growth in production supply [1][2] - The total retail sales of consumer goods rose by 3.7% year-on-year, reflecting a steady increase in consumption [1][2] - The total import and export of goods grew by 6.7% year-on-year, showing resilience in foreign trade [1][2] Industrial Growth - The equipment manufacturing industry saw a significant increase, with added value rising by 8.4% year-on-year, outpacing the overall industrial growth rate [2] - High-tech manufacturing also performed well, with added value increasing by 9.3% year-on-year, continuing to exceed the industrial growth rate [3] - The integrated circuit manufacturing sector experienced a remarkable growth of 26.9% year-on-year, while the production of new energy vehicles increased by 17.1% [3] Consumer Market Dynamics - The implementation of consumption-boosting policies has effectively stimulated demand, with retail sales of household appliances and audio-visual equipment increasing by 28.7% year-on-year [4] - Service retail, particularly in tourism and cultural sectors, has shown robust growth, with various service categories maintaining double-digit growth rates [4] - Overall, the combined retail of goods and services is estimated to have grown by around 5% year-on-year from January to July, indicating a stable upward trend in consumption [4][5] Future Economic Outlook - Despite some fluctuations in economic indicators, the overall trend remains stable, with employment and prices under control [6][7] - The macroeconomic policies are expected to continue supporting economic stability and growth, with a focus on expanding market demand and enhancing new productive forces [7][8] - The International Monetary Fund has raised its growth forecast for China's economy by 0.8 percentage points, reflecting increased confidence from the international community [8]

Core Viewpoint - The Chinese express delivery industry, despite its rapid growth, is facing challenges due to a price war leading to "involution" and a call for a shift from low-cost competition to high-quality development [1][3][7] Industry Growth and Challenges - The express delivery industry in China has been growing at an average annual rate of 30%, making it the largest express market globally [1] - In July, the postal industry reported a revenue of 1,449.8 billion yuan, with express delivery revenue reaching 1,206.4 billion yuan, reflecting an 8.9% year-on-year growth [3] - However, there is a mismatch between the growth in business volume and revenue, with some companies experiencing a decline in per-package revenue [3][5] Price War and Its Implications - The industry is experiencing a "volume increase, profit decrease" phenomenon, known as "price inversion," where companies are forced to lower prices to gain market share [3][5] - The average price of express delivery has dropped to around 1 yuan, with extreme cases of prices as low as 0.8 yuan for nationwide delivery [3][5] - The competition is characterized by high levels of service homogeneity, leading to price being the primary competitive factor [5] Response to Involution - Industry associations are advocating for a transition to high-quality development, emphasizing that price increases should be accompanied by service improvements [1][6][7] - Technological upgrades, such as the introduction of unmanned delivery vehicles, are seen as key to enhancing service quality and reducing costs [6] - Service innovations, including scheduled deliveries and optimized cash-on-delivery services, are being introduced to differentiate offerings and improve customer retention [6] Policy Support and Future Outlook - Recent government policies, such as a unified 6% VAT rate for express services, aim to reduce tax burdens and support quality improvements [6] - The industry is also witnessing consolidation through mergers and acquisitions, which may help companies achieve profitability [6][7] - The ultimate challenge lies in balancing price increases with enhanced service quality to retain customers and achieve sustainable growth [7]

Economic Performance Overview - In July, the industrial added value above designated size increased by 5.7% year-on-year, indicating stable growth in production supply [1][2] - The total retail sales of consumer goods rose by 3.7% year-on-year, reflecting a steady increase in consumption [1][2] - The total import and export of goods grew by 6.7% year-on-year, showing resilience in foreign trade [1][2] Production and Investment - The equipment manufacturing sector saw a significant increase, with added value rising by 8.4% in July, outpacing the overall industrial growth [2] - High-tech manufacturing also performed well, with a year-on-year increase of 9.3% in added value [3] - Investment in water conservancy and electricity has rapidly increased, driven by large-scale equipment updates [7] Consumer Market Dynamics - The consumer market is supported by policies aimed at boosting consumption, with a combined growth of approximately 5% in retail sales of goods and services from January to July [4] - Specific categories such as home appliances and cultural products saw substantial growth, with retail sales increasing by 28.7% and 13.8% respectively in July [4] - The service retail sector experienced robust growth, particularly in tourism and cultural services, with double-digit growth rates in several categories [4] Future Outlook - The economic foundation remains strong, with ongoing macroeconomic policies expected to support stable growth [6][7] - The International Monetary Fund has raised its forecast for China's economic growth by 0.8 percentage points, indicating increased confidence from the international community [7] - Continued efforts to enhance consumption and diversify foreign trade markets are anticipated to further stabilize economic performance [7]

Economic Overview - In July, the total retail sales of consumer goods reached 38,780 billion yuan, with a year-on-year growth of 3.7% and a month-on-month decline of 0.14% [1] - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, showing a year-on-year increase of 1.6% [3][10] - The growth rate of fixed asset investment, excluding real estate development, was 5.3% [10] Consumption Trends - The year-on-year growth rate of retail sales in July decreased by 1.1 percentage points compared to the previous month, primarily due to a slowdown in the sales growth of goods [7] - The sales of goods in July amounted to 34,276 billion yuan, with a growth of 4.0%, which is a 1.3 percentage point decrease from the previous month [7] - The decline in consumption growth was attributed to temporary suspensions of the "old-for-new" policy in some regions and ongoing challenges in the real estate market [8] Investment Insights - Infrastructure investment grew by 3.2% year-on-year, while manufacturing investment increased by 6.2%. However, real estate development investment saw a significant decline of 12.0% [10] - The sales area of newly built commercial housing decreased by 4.0% year-on-year, and the sales amount fell by 6.5% [10] - The investment growth rate in the manufacturing sector has been declining since the second quarter, influenced by external environment fluctuations and internal policy changes [11] Future Outlook - The potential for recovery in consumption is anticipated with the reintroduction of the "old-for-new" policy and new subsidies for personal consumption loans [13] - Fixed asset investment is expected to maintain a growth rate of around 6.0% in the second half of the year, supported by the issuance of special bonds for local government projects [14] - Overall, the economic policy is expected to remain stable, focusing on service consumption and risk prevention, with a high probability of achieving a growth target of 5.0% [15]

Group 1 - The national economy is maintaining a steady and progressive development trend, with continuous growth in production and demand [9] - The industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month in July 2025 [2] - The service industry production index rose by 5.8% [3] Group 2 - The total retail sales of consumer goods reached 38,780 billion yuan, an increase of 3.7% [4] - From January to July, fixed asset investment (excluding rural households) amounted to 288,229 billion yuan, showing a growth of 1.6% [5] - The total import and export value of goods was 39,102 billion yuan, up by 6.7% [6]

Core Viewpoint - The July economic indicators released by the National Bureau of Statistics show that despite short-term shocks from extreme weather and a complex international environment, the economy is exhibiting stable growth in production supply, consumption, and investment, with new driving forces continuously expanding [1][3]. Economic Operation Characteristics - The economic operation in July has five main characteristics: 1. Stable growth in production supply 2. Continued growth in consumption and investment 3. Resilience in foreign trade 4. Overall stability in employment and prices 5. Steady growth of new driving forces [3][4]. - In July, the industrial added value above designated size increased by 5.7% year-on-year, maintaining rapid growth. The urban survey unemployment rate rose to 5.2%, a seasonal increase of 0.2 percentage points from the previous month, but remained stable compared to the same period last year [3]. Consumption and Investment Trends - Service consumption has driven overall consumption to maintain a steady upward trend. In July, the total retail sales of consumer goods increased by 3.7% year-on-year, with retail sales of goods growing by 4%. From January to July, service retail sales increased by 5.2% [5]. - Investment growth has slowed due to extreme weather and project construction delays, but the scale of investment continues to expand. From January to July, investment in equipment and tools increased by 15.2% [5]. New Quality Productivity and High-Quality Development - High-tech manufacturing has shown positive development, with the added value of high-tech manufacturing above designated size increasing by 9.3% year-on-year, outpacing the growth rate of overall industrial output. The production indices for information transmission software and IT services, as well as leasing and business services, grew by 11.9% and 8%, respectively [6][7]. - The online consumption sector has also seen rapid growth, with the online retail sales of physical goods increasing by 6.3% year-on-year from January to July, accelerating by 0.3 percentage points compared to the first half of the year [7].

Economic Overview - The national economy showed a stable and progressive development trend in July, with new achievements in high-quality development [1] Industrial Growth - The industrial added value of enterprises above designated size increased by 5.7% year-on-year in July, with the equipment manufacturing sector performing particularly well, growing by 8.4%, which is 2.7 percentage points higher than the overall industrial growth [3] Service Sector Performance - The service production index rose by 5.8% year-on-year in July, driven by increased tourism during the summer [5] Consumer and Investment Trends - Consumption and investment continued to grow, with retail sales of consumer goods increasing by 3.7% year-on-year in July, and retail sales of goods growing by 4%. From January to July, service retail sales increased by 5.2%. Investment in equipment and tools rose by 15.2% during the same period due to the effects of large-scale equipment renewal policies [7] Emerging Growth Drivers - The added value of high-tech manufacturing industries increased by 9.5% year-on-year from January to July, with electronic and communication equipment manufacturing and aerospace equipment manufacturing growing by 12.8% and 8.6%, respectively. The digital economy also saw rapid growth, with the added value of digital product manufacturing increasing by 8.4% in July [9]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View In July 2025, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, the national economy maintained a steady - advancing development trend, with sustained growth in production and demand, overall stable employment and prices, the cultivation and expansion of new - quality productive forces, and new achievements in high - quality development [3]. 3. Summary by Relevant Catalogs Industry - In July, the national above - scale industrial added value increased by 5.7% year - on - year and 0.38% month - on - month. From January to July, it increased by 6.3% year - on - year. The manufacturing PMI was 49.3%, and the enterprise production and operation activity expectation index was 52.6%. From January to June, the total profit of above - scale industrial enterprises was 34365 billion yuan, a year - on - year decrease of 1.8% [3]. Service - In July, the national service industry production index increased by 5.8% year - on - year. From January to July, it increased by 5.9% year - on - year. The service industry business activity index was 50.0%, and the service industry business activity expectation index was 56.6%. Some industries were in the high - level boom range [4]. Consumption - In July, the total retail sales of consumer goods were 38780 billion yuan, a year - on - year increase of 3.7% and a month - on - month decrease of 0.14%. From January to July, the total retail sales of consumer goods were 284238 billion yuan, a year - on - year increase of 4.8%. The national online retail sales were 86835 billion yuan, a year - on - year increase of 9.2%. The service retail sales from January to July increased by 5.2% year - on - year [5]. Investment - From January to July, the national fixed - asset investment (excluding rural households) was 288229 billion yuan, a year - on - year increase of 1.6%. Excluding real estate development investment, it increased by 5.3%. Infrastructure investment increased by 3.2%, manufacturing investment increased by 6.2%, and real estate development investment decreased by 12.0% [6]. Import and Export - In July, the total value of goods imports and exports was 39102 billion yuan, a year - on - year increase of 6.7%. From January to July, the total value of goods imports and exports was 256969 billion yuan, a year - on - year increase of 3.5%. Exports increased by 7.3%, and imports decreased by 1.6% [7]. Price - In July, the national consumer price (CPI) was flat year - on - year and increased by 0.4% month - on - month. The core CPI increased by 0.8% year - on - year. The national industrial producer price index (PPI) decreased by 3.6% year - on - year and 0.2% month - on - month [8]. Employment - From January to July, the average national urban surveyed unemployment rate was 5.2%. In July, it was 5.2%, up 0.2 percentage points from the previous month and the same as the same month last year [9].

8月13日，人民网2025"行进中国"大型融媒体系列调研行江苏站在苏州昆山市启动。适逢"十四五"规划收官之年， 调研采访团将深入挖掘江苏各地在科技创新、动能转化、乡村振兴、社会治理等方面的先进做法，全方位展现五 年来江苏高质量发展的最新实践。 昆山素有"最强县级市"之称，综合实力连续20年位居全国百强县（市）首位，"十四五"期间经济总量突破5000亿 元大关，规上工业产值在万亿级规模基础上连续稳定增长。目前，当地拥有高新技术企业超3000家，集聚了全球 80个国家和地区的1万多个外资项目。 235.6米高的通力电梯测试塔是昆山高新区的地标建筑。人民网 范尧摄 人民网2025"行进中国"调研行以"高质量发展这五年"为主题，努力讲好中国经济创新发展、全面深化改革的故 事。活动自5月启动，一直持续到年底，各调研采访团将充分运用融媒体报道形式，发挥人民网多语种、全媒体传 播优势，立体展现各地五年来的建设发展成就，激发团结奋进的精气神。 2024年，人民网首次启动"行进中国"调研行，340名年轻记者深入500余个基层一线点位采访，推出600余件融媒体 作品，在各平台总阅读量超过15亿。（赵强、汪峥嵘、赵岍、吴纪攀、张妍 ...