Core Insights - In August 2025, China's crude steel production reached 77.37 million tons, a year-on-year decrease of 0.7%, while pig iron production was 69.79 million tons, an increase of 1.0%, and steel products production was 122.77 million tons, an increase of 9.7% [1] - From January to August 2025, crude steel production totaled 671.81 million tons, down 2.8% year-on-year, pig iron production was 579.07 million tons, down 1.1%, and steel products production was 982.17 million tons, up 5.5% [1] - In August, the value added of the mining industry grew by 5.1%, manufacturing by 5.7%, and the production and supply of electricity, heat, gas, and water by 2.4% [1] Industry Performance - Among 41 major industries, 31 reported year-on-year growth in value added in August [2] - The coal mining and washing industry grew by 5.1%, oil and gas extraction by 4.7%, and the food processing industry by 4.7% [2] - The black metal smelting and rolling industry increased by 7.3%, while non-metallic mineral products grew by 0.5% [2] Product Output - In August, among 623 industrial products, 319 saw year-on-year output growth [2] - Steel production was 12.277 million tons, up 9.7%, while cement production was 14.802 million tons, down 6.2% [5] - The production of ten non-ferrous metals reached 698,000 tons, an increase of 3.8%, and ethylene production was 314,000 tons, up 10.4% [5] Economic Type Analysis - In August, state-controlled enterprises' value added grew by 4.7%, joint-stock enterprises by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 2.3%, and private enterprises by 4.6% [3] - High-tech manufacturing saw a significant increase of 9.3% in value added [3]

Core Insights - In August, the national industrial added value above designated size increased by 5.2% year-on-year and 0.37% month-on-month [1] Group 1: Industrial Performance - The mining industry added value increased by 5.1% year-on-year [1] - The manufacturing sector saw a growth of 5.7% year-on-year [1] - The electricity, heat, gas, and water production and supply industry grew by 2.4% year-on-year [1] Group 2: Subsector Highlights - The equipment manufacturing industry added value increased by 8.1% year-on-year, outperforming the overall industrial growth by 2.9 percentage points [1] - High-tech manufacturing added value grew by 9.3% year-on-year, exceeding the overall industrial growth by 4.1 percentage points [1] Group 3: Economic Type Analysis - State-controlled enterprises' added value increased by 4.7% year-on-year [1] - Joint-stock enterprises experienced a growth of 6.0% year-on-year [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises grew by 2.3% year-on-year [1] - Private enterprises saw an increase of 4.6% year-on-year [1] Group 4: Product Performance - The production of 3D printing equipment increased by 40.4% year-on-year [1] - The output of new energy vehicles grew by 22.7% year-on-year [1] - Industrial robot production rose by 14.4% year-on-year [1]

统计局：8月，规模以上工业增加值同比实际增长5.2%，环比增加0.37%。分经济类型看，8月份，国有控股企业增加值同比增长4.7%；股份制企业增6.0%，外商及港澳台投资企业增2.3%；私营企业增4.6%。（前值分别为5.4%、6.5%、2.8%及5.0%）8月生产钢材12277万吨，同比增加9.7%，前值6.4%；水泥14802万吨，下降6.2%，前值降5.6%；十种有色金属698万吨，增长3.8%，前值增2.2%；乙烯314万吨，增长10.4%，前值增9.1%；汽车275.2万辆，增长10.5%，其中新能源汽车133.3万辆，增长22.7%；发电量9363亿千瓦时，增长1.6%，前值3.1%。原油加工量6346万吨，增长7.6%，前值8.9%。 ...

Core Insights - In August, the national industrial added value above designated size increased by 5.2% year-on-year and 0.37% month-on-month [1] - The mining industry saw a year-on-year increase of 5.1%, manufacturing grew by 5.7%, and the production and supply of electricity, heat, gas, and water increased by 2.4% [1] - The equipment manufacturing industry increased by 8.1% and high-tech manufacturing grew by 9.3%, outperforming the overall industrial added value by 2.9 and 4.1 percentage points respectively [1] Economic Type Analysis - State-controlled enterprises' added value increased by 4.7% year-on-year; joint-stock enterprises grew by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.3%, while private enterprises grew by 4.6% [1] Product Performance - The production of 3D printing equipment, new energy vehicles, and industrial robots increased by 40.4%, 22.7%, and 14.4% year-on-year respectively [1] Overall Industrial Performance - From January to August, the national industrial added value above designated size increased by 6.2% year-on-year [1] - In August, the manufacturing purchasing managers' index was 49.4%, up 0.1 percentage points from the previous month; the business activity expectation index rose to 53.7%, an increase of 1.1 percentage points [1] Profitability - From January to July, the total profit of industrial enterprises above designated size reached 40,204 billion yuan, a year-on-year decrease of 1.7% [1]

Economic Indicators - China's August industrial production increased 52% year-over-year, below the expected 57% [1] - August retail sales increased 34% year-over-year, also below the expected 39% [1] - The surveyed urban unemployment rate in August was 53%, higher than the expected 52% [1] - Fixed asset investment in urban areas increased 05% year-over-year from January to August, below the expected 14% [1]

Economic Overview - In August, the industrial added value increased by 5.2% year-on-year, with mining growing by 5.1%, manufacturing by 5.7%, and electricity, heat, gas, and water production and supply by 2.4% [5] - Among economic types, state-controlled enterprises saw a 4.7% increase, joint-stock enterprises grew by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.3%, and private enterprises grew by 4.6% [5] Industry Performance - Out of 41 major industries, 31 maintained year-on-year growth in added value in August. Notable growth was seen in coal mining and washing (5.1%), oil and gas extraction (4.7%), and chemical raw materials and products manufacturing (7.6%) [2][5] - The automotive manufacturing sector experienced an 8.4% increase, while the railway, shipbuilding, aerospace, and other transportation equipment manufacturing grew by 12.0% [2][5] Product Output - In August, among 623 industrial products, 319 saw year-on-year output growth. Steel production reached 12.277 million tons, up 9.7%, while cement production fell by 6.2% to 14.802 million tons [3][5] - The output of new energy vehicles surged by 22.7% to 1.333 million units, contributing to a total automotive production of 2.752 million units, which is a 10.5% increase [3][5] Sales and Exports - The sales rate of products from large-scale industrial enterprises was 96.6%, a decrease of 0.1 percentage points year-on-year. The export delivery value reached 1.3029 trillion yuan, reflecting a nominal decline of 0.4% [4][5]

Economic Indicators - August 2025 domestic CPI is expected to be approximately 0.1% month-on-month, with a year-on-year decline to -0.3%[3] - July 2025 PPI is projected to increase by about 0.4% month-on-month, with a significant year-on-year recovery to -2.5%[3] - Industrial added value is anticipated to rebound slightly to 6.0% year-on-year in August 2025[3] - Retail sales of consumer goods are expected to rise to 4.5% year-on-year in August 2025[3] Investment and Trade - Fixed asset investment is forecasted to continue declining, reaching a cumulative year-on-year growth of 1.3%[3] - Exports in dollar terms are projected to decrease to around 6.0% year-on-year[3] - Trade surplus for August 2025 is estimated at 992 million USD, up from 982 million USD in the previous period[4] Financial Metrics - Monthly increase in credit is expected to be 10,500 million CNY, a significant improvement from a decrease of 500 million CNY previously[4] - Total social financing is projected to increase by 26,000 million CNY for the month, compared to 11,320 million CNY previously[4] - M2 year-on-year growth rate is expected to remain stable at 8.8%[4]

Economic Overview - Shenzhen's GDP for the first half of 2025 reached 18,322.26 billion yuan, with a year-on-year growth of 5.1% [3] - The economic performance of various districts showed stability, with some districts experiencing better growth in Q2 compared to Q1 [2][4] District Performance - The top three districts by GDP in the first half of 2025 are Nanshan District (4,980.06 billion yuan), Futian District (2,953.15 billion yuan), and Longgang District (2,809.67 billion yuan) [3] - Seven districts outperformed the city-wide GDP growth rate, with the highest growth in Shenshan Special Cooperation Zone (12.4%), Dapeng New District (8.7%), and Futian District (7.9%) [3] Industrial Growth - The industrial added value above designated size in Shenzhen grew by 4.3% year-on-year, slightly above the provincial average of 4.0% [5] - The Shenshan Special Cooperation Zone saw a significant industrial growth of 22.0%, driven mainly by the automotive manufacturing sector [5] - Nanshan District's industrial added value increased by 6.5%, reflecting a strong performance in high-tech industries [5] Consumption Trends - The total retail sales of social consumer goods in Shenzhen reached 4,948.68 billion yuan, with a year-on-year growth of 3.5% [7] - Nanshan District led in retail sales growth at 13.1%, while Bao'an District recorded a growth of 7.2% [7] - Various districts are actively promoting consumption through initiatives like issuing consumption vouchers and hosting events [7][8] Investment Insights - Fixed asset investment in Shenzhen decreased by 10.9% year-on-year, with real estate development investment down by 15.1% [8] - Five districts achieved positive growth in fixed asset investment, with Nanshan District leading at 6.5% [8] - Industrial technological transformation investment saw a remarkable increase of 47.1%, indicating a focus on industrial upgrading [8][9]

Economic Performance - In the first seven months of 2025, Chengdu's industrial added value above designated size increased by 8.0% year-on-year [1] - Fixed asset investment in the city (excluding rural households) grew by 4.5% year-on-year, with private investment rising by 5.6% [1]

Economic Overview - The overall economic operation of the province is stable from January to July, with a year-on-year industrial added value growth of 3.9% [1] - High-tech manufacturing industry shows a significant growth of 7.8% [1] Industrial Performance - Mining industry increased by 10.9%, while manufacturing and electricity, heat, gas, and water production and supply industries grew by 3.0% and 1.1% respectively [1] - Among 40 major industrial categories, 23 experienced year-on-year growth, representing a growth rate of 57.5% [1] - Notable growth in chemical fiber manufacturing (9.3 times), and double-digit growth in several sectors including pharmaceutical manufacturing and electrical machinery [1] Investment Trends - Manufacturing investment increased by 22.8%, with high-tech manufacturing investment rising by 37.0% [2] - First industry investment decreased by 7.1%, while second industry investment grew by 7.9% [2] - Construction project investment increased by 1.8%, with projects over 100 million yuan growing by 6.0% [2] Consumer Market - Retail sales of consumer goods reached 597.72 billion yuan, with a year-on-year growth of 5.5% [2] - Significant growth in essential goods, with food retail sales increasing by 17.0% and daily necessities by 12.9% [2] - Upgraded products like smartphones and wearable devices saw substantial sales growth, with smartphones increasing by 130% [2] Trade Performance - Total import and export value reached 437.61 billion yuan, with exports growing by 13.6% [3] - Agricultural product exports increased by 9.1%, while steel and electromechanical products also saw growth [3] Price Trends - A slight decline in consumer prices and a decrease in industrial producer prices were noted [4]