Group 1 - In July, the Consumer Price Index (CPI) showed positive changes, with a month-on-month increase of 0.4%, reversing the previous month's decline of 0.1% [1] - The rise in CPI was primarily driven by increases in service and industrial consumer goods prices, with significant price hikes in transportation-related services due to the summer travel season [1][2] - The core CPI, which excludes food and energy prices, increased by 0.8% year-on-year, marking a 0.1 percentage point increase from the previous month, indicating a steady upward trend [2][3] Group 2 - The increase in core CPI is attributed to effective implementation of consumption-boosting policies and gradual release of consumption potential, alongside the establishment of a unified domestic market [3] - Prices of industrial consumer goods, excluding energy, rose by 1.2% year-on-year, with household appliances seeing a 2.8% increase, reflecting a positive impact on CPI [3] - Service prices also experienced a year-on-year increase of 0.5%, with notable rises in household and educational services, contributing to the overall CPI growth [3][4] Group 3 - Overall, the CPI in July remained stable, with positive changes continuing to emerge, although the market still faces a situation of strong supply and weak demand [4] - Future policies aimed at expanding domestic demand and furthering the construction of a unified national market are expected to continue yielding positive effects on price levels [4]

Core Insights - The core CPI has expanded for three consecutive months, primarily due to the implementation of consumption-boosting initiatives and the regulation of corporate competition [1][2] - In July, the national consumer price index remained flat year-on-year, with a month-on-month increase of 0.4%, indicating a low operating trend for the year [1] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year in July, with the growth rate increasing by 0.1 percentage points from the previous month [1] Economic Factors - The implementation of consumption-boosting initiatives has gradually released the potential for goods and services consumption, enhancing price momentum [1] - The steady progress in building a unified domestic market has curbed disorderly low-price competition among enterprises, contributing to price recovery [1] Price Structure - Both industrial consumer goods prices and service prices have shown stable increases, driving the expansion of the core CPI [1] - In July, industrial consumer goods prices, excluding energy, rose by 1.2% year-on-year, marking three consecutive months of growth [1] - Service prices increased by 0.5% year-on-year, surpassing the CPI growth rate, and have been on the rise since March [1] - The prices of gold and platinum jewelry increased significantly in July, by 37.1% and 27.3% year-on-year, respectively, contributing to the rise in core CPI [1]

Group 1: Industrial Production - 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 manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 8.4% and 9.3% respectively [1] - The profit of large-scale industrial enterprises from January to June was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] Group 2: Service Industry - In July, the service production index increased by 5.8% year-on-year, with significant growth in information transmission, finance, and business services [2] - The business activity index for the service industry was at 50.0%, indicating stable activity levels [2] - From January to July, the service production index grew by 5.9% year-on-year [2] Group 3: Market Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [3] - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail accounting for 24.9% of total retail sales [3] - The retail sales of household appliances and audio-visual equipment increased by 28.7% year-on-year [3] Group 4: Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) was 288,229 billion yuan, a year-on-year increase of 1.6% [4] - Manufacturing investment grew by 6.2%, while real estate development investment decreased by 12.0% [4] - High-tech industries such as aerospace and information services saw significant investment growth of 33.9% and 32.8% respectively [4] Group 5: Trade and Exports - In July, the total import and export value reached 39,102 billion yuan, a year-on-year increase of 6.7% [5] - Exports grew by 8.0% year-on-year, while imports increased by 4.8% [5] - Private enterprises accounted for 57.1% of total imports and exports, with a growth rate of 7.4% [5] Group 6: Employment - The urban surveyed unemployment rate in July was 5.2%, showing a seasonal increase [6] - The average working hours for employees in enterprises was 48.5 hours per week [6] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 5.1% [6] Group 7: Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [7] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a slight increase in inflationary pressure [7] - The Producer Price Index (PPI) for industrial producers decreased by 3.6% year-on-year [7] Group 8: Overall Economic Outlook - The macroeconomic policies have shown effectiveness, maintaining a stable growth trend despite external challenges [8] - The focus remains on stabilizing employment, businesses, and market expectations while promoting domestic demand [8] - The government aims to implement policies thoroughly to ensure steady and healthy economic development [8]

Core Viewpoint - In the first seven months of 2025, China's total goods trade value reached 25.7 trillion yuan, reflecting a year-on-year growth of 3.5%, with exports increasing by 7.3% and imports decreasing by 1.6% [5]. Trade Performance - Total goods trade value for July 2025 was 3.91 trillion yuan, marking a growth of 6.7%, with exports at 2.31 trillion yuan (up 8%) and imports at 1.6 trillion yuan (up 4.8%) [5]. - General trade and processing trade both saw increases, with general trade at 16.44 trillion yuan (up 2.1%) and processing trade at 4.6 trillion yuan (up 6.3%) [5][6]. Trade Partners - ASEAN emerged as China's largest trading partner with a total trade value of 4.29 trillion yuan (up 9.4%), followed by the EU at 3.35 trillion yuan (up 3.9%) and the US at 2.42 trillion yuan (down 11.1%) [5][6]. Enterprise Contributions - Private enterprises contributed significantly with a total trade value of 14.68 trillion yuan (up 7.4%), accounting for 57.1% of total foreign trade [6]. - Foreign-invested enterprises had a trade value of 7.46 trillion yuan (up 2.6%), while state-owned enterprises saw a decline to 3.49 trillion yuan (down 8.8%) [6]. Export Composition - Mechanical and electrical products constituted 60% of exports, totaling 9.18 trillion yuan (up 9.3%), with notable growth in integrated circuits (up 21.8%) and automobiles (up 10.9%) [6]. - Labor-intensive products saw a slight decline in exports, totaling 2.41 trillion yuan (down 0.8%) [6]. Import Trends - Major bulk commodity prices fell, with iron ore imports at 6.97 million tons (down 2.3%) and crude oil at 3.27 million tons (up 2.8%) [7]. - Imports of mechanical and electrical products increased to 4.09 trillion yuan (up 5.8%) [7].

Group 1 - In July, the national consumer price index (CPI) remained flat year-on-year, with urban areas unchanged and rural areas decreasing by 0.3% [1] - Food prices decreased by 1.6%, while non-food prices increased by 0.3% [1] - The average CPI from January to July decreased by 0.1% compared to the same period last year [1] Group 2 - In July, the month-on-month CPI increased by 0.4%, with urban areas rising by 0.4% and rural areas by 0.3% [1] - Food prices decreased by 0.2%, while non-food prices increased by 0.5% [1] - Consumer goods prices increased by 0.2%, and service prices rose by 0.6% [1]

Economic Performance - Shenzhen's GDP for the first half of 2025 reached CNY 18,322.26 billion, with a year-on-year growth of 5.1%[3] - The GDP growth rate in Shenzhen exceeded that of Guangdong Province by 0.9 percentage points, with Guangdong's GDP growing by 4.2%[3] Trade Dynamics - Total import and export volume in Shenzhen decreased by 1.1% year-on-year, totaling CNY 21,675.45 billion[8] - Exports fell by 7.0% to CNY 13,086.81 billion, while imports increased by 9.5% to CNY 8,588.64 billion[8] - Shenzhen's share of Guangdong's total trade rose from 46.31% in Q1 to 47.65% in H1 2025[10] Industrial Production - Industrial added value in Shenzhen grew by 4.3% year-on-year, slightly above Guangdong's 4.0%[15][16] - Key sectors such as general equipment manufacturing and electrical machinery saw growth rates of 17.1% and 8.2%, respectively[15] Investment Trends - Fixed asset investment in Shenzhen declined by 10.9%, with real estate development investment down by 15.1%[18] - Industrial technology renovation investment surged by 47.1%[18] Consumer Market - Retail sales in Shenzhen reached CNY 4,948.68 billion, growing by 3.5% year-on-year[23] - The proportion of Shenzhen's retail sales to Guangdong's total increased from 20.54% at the beginning of 2025 to 21.58% in H1[24] Financial Sector - Financial institutions in Shenzhen reported a deposit balance of CNY 141,600.14 billion, up 5.7% year-on-year[31] - Loan balances increased by 3.5% to CNY 98,469.91 billion[31] Price Levels - The Consumer Price Index (CPI) in Shenzhen rose by 0.1% year-on-year, while Guangdong's CPI fell by 0.4%[37]

Group 1: Economic Overview - China's retail sales of consumer goods in the first half of 2025 showed a cumulative year-on-year growth rate of 5.0%, consistent with the growth rate from January to May[18] - The average year-on-year growth rate of retail sales from June 2024 to June 2025 was 4.1%, indicating an overall upward trend[18] - The Consumer Price Index (CPI) year-on-year growth rate during the same period was only 0.1%, highlighting a divergence between the volume and price of consumer spending[18] Group 2: Low Inflation Factors - Low inflation is primarily influenced by weak domestic demand, external input factors, and "involutionary competition" in the market[1] - The correlation coefficient between the year-on-year growth rates of production materials and living materials, after shifting the production materials curve back by 10 months, is 0.7, indicating a strong relationship[22] - The year-on-year decline in profits for coal mining, oil and gas extraction, and black metal mining industries was 53.0%, 11.5%, and 36.2% respectively, contributing to a 5.5 percentage point drag on industrial profits in the first half of 2025[3] Group 3: Impact of Low Inflation - As of June 2025, the average yield on ten-year government bonds was 1.66%, down 44 basis points from September 2024, while the actual interest rate rose slightly to 2.84%, up 12 basis points[3] - The weak inflation level has interfered with the downward path of actual interest rates, limiting the reduction in financing costs for the real economy[46] - The correlation coefficient between urban residents' future income confidence index and the year-on-year growth rate of industrial profits from 2020 to 2024 is 0.5, indicating a positive correlation[3] Group 4: Risks and Challenges - Risks include persistent inflation in developed economies, complex geopolitical situations, and slow recovery of expectations in the real estate sector[4] - The significant decline in real estate investment has negatively impacted construction industry investment growth, further affecting demand in the building materials sector[37]

Group 1 - The overall livestock production in Jiangsu province showed a positive trend in the first half of the year, with significant increases in the production of meat, eggs, and milk [1] - Total meat production from pigs, cattle, sheep, and poultry reached 1.754 million tons, a year-on-year increase of 10.1% [1] - Poultry egg production was 1.029 million tons, up 19.4%, while raw milk production reached 392,000 tons, increasing by 6.6% [1] Group 2 - The number of live pigs in Jiangsu province reached 14.145 million by the end of June, marking a 13% year-on-year increase, with 12.381 million pigs slaughtered in the first half of the year, a growth of 10.6% [1] - The poultry sector also experienced growth, with a total poultry stock of 320 million by the end of June, up 7.6%, and 420 million poultry slaughtered in the first half, an increase of 10.6% [1] Group 3 - Consumer prices in Jiangsu decreased by 0.5% compared to the same period last year, primarily driven by falling prices of fresh vegetables, with food prices down by 1.1% [1] - Energy prices also saw a decline of 3.6% year-on-year due to fluctuations in international oil prices, while core consumer prices, excluding food and energy, remained stable [1] - Prices for household and medical services increased, contributing to a 0.2% rise in service prices, while prices for fuel and new energy vehicles decreased, leading to a 0.4% drop in industrial consumer goods prices [1]

Core Insights - In June 2025, Heilongjiang Province's consumer price index (CPI) turned to a slight increase of 0.1% year-on-year after four months of decline, while month-on-month it continued to show a seasonal decrease of 0.2%, though the decline was less than the previous month’s 0.3% [1][2] Year-on-Year Price Changes - The year-on-year price changes in Heilongjiang showed a "five increases and three decreases" pattern across eight major categories of goods and services. The largest increase was in other goods and services, up 8.4%, followed by clothing at 3.7%, and other increases included daily necessities (1.1%), education and cultural entertainment (0.9%), and housing (0.3%). The categories that saw decreases included transportation and communication (down 3.7%), food, tobacco, and alcohol (down 0.5%), and healthcare (down 0.1%) [1][2] Month-on-Month Price Changes - Month-on-month, the price changes in Heilongjiang reflected a "four increases, one decrease, and three stable" trend. The main factor for the overall month-on-month decline was the 0.9% decrease in food, tobacco, and alcohol prices due to seasonal drops in vegetable and fruit prices. The four categories that increased were other goods and services (1.1%), daily necessities (0.3%), transportation and communication (0.2%), and education and cultural entertainment (0.1%), while clothing, housing, and healthcare prices remained stable [2] Core CPI Insights - The core CPI, excluding food and energy prices, showed a year-on-year increase of 1.0%, which is an increase of 0.2 percentage points from the previous month (0.8%), marking the highest increase of the year. This core CPI contributed to a 0.7 percentage point rise in the overall consumer price level, indicating a solid long-term price trend. In contrast, food prices and energy prices decreased by 1.1% and 4.5% year-on-year, negatively impacting the overall consumer price level by 0.2 and 0.4 percentage points, respectively [2]

Group 1: Service Trade Growth - In the first five months of 2025, China's service trade grew steadily, with a total import and export value of 32,543.6 billion yuan, an increase of 7.7% year-on-year [4] - Service exports reached 14,033.7 billion yuan, growing by 15.1%, while imports were 18,509.9 billion yuan, increasing by 2.7% [4] - The service trade deficit was 4,476.2 billion yuan, a decrease of 1,352.2 billion yuan compared to the same period last year [4] Group 2: Knowledge-Intensive Services - Knowledge-intensive service trade maintained growth, with imports and exports totaling 12,492.7 billion yuan, up by 5.0% [4] - Major contributors included other business services and telecommunications, computer, and information services, with respective trade values of 5,384.1 billion yuan and 4,400.6 billion yuan, growing at 3.2% and 10.7% [4] - Knowledge-intensive service exports were 7,196.5 billion yuan, increasing by 6.6%, while imports were 5,296.2 billion yuan, up by 2.9%, resulting in a surplus of 1,900.3 billion yuan, an increase of 293 billion yuan year-on-year [4] Group 3: Travel Services - Travel services experienced the fastest growth, with total imports and exports reaching 9,200.5 billion yuan, a growth of 12.2%, making it the largest sector in service trade [5] - Travel service exports surged by 74.2%, while imports grew by 5.3% [5]