Economic Performance - Chengdu's industrial added value increased by 8% year-on-year in the first seven months of 2025, with a product sales rate of 96.4% among large-scale industrial enterprises [1] - Out of 37 major industries, 24 experienced growth in added value, with notable increases in automotive manufacturing (22.9%), computer and electronic equipment manufacturing (17.2%), electrical machinery and equipment manufacturing (9.5%), and tobacco products (3.8%) [1] - Key industrial products saw significant production increases, including new energy vehicles (326.2%), smartwatches (135.2%), and lithium-ion batteries (41.4%) [1] Investment Trends - Fixed asset investment in Chengdu (excluding rural households) grew by 4.5% year-on-year, with private investment rising by 5.6% [1] - Investment in the primary industry increased by 18.2%, while the secondary industry saw a growth of 30.4%, with industrial investment specifically growing by 31.0% [1] Consumer Market - The total retail sales of consumer goods in Chengdu reached 654.98 billion yuan, marking a year-on-year growth of 5.9% [2] - Urban retail sales amounted to 573.9 billion yuan (5.8% growth), while rural retail sales were 81.08 billion yuan (6.2% growth) [2] - Notable growth in specific consumer categories included telecommunications equipment (75.8%), gold and jewelry (38.9%), home appliances (30.1%), and sports and entertainment products (19.1%) [2] Financial Sector - By the end of July, Chengdu's financial institutions had a total deposit balance of 6.7481 trillion yuan, reflecting a year-on-year increase of 10.4% [2] - Household deposits reached 3.1334 trillion yuan, growing by 11.9%, while the total loan balance was 7.1545 trillion yuan, also up by 10.4% [2]

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]

Core Insights - The core viewpoint of the article highlights the economic performance of Sichuan Province in the first seven months of 2025, showcasing growth in industrial output and retail sales compared to national averages [1] Economic Indicators - The industrial added value of Sichuan Province increased by 7.2% year-on-year, which is 0.9 percentage points faster than the national growth rate [1] - The total retail sales of consumer goods in the province reached 1,651.32 billion yuan, reflecting a year-on-year growth of 5.6%, outpacing the national growth rate by 0.8 percentage points [1]

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]

Economic Performance - In July, the mining industry added value increased by 5.0% year-on-year, manufacturing grew by 6.2%, and the electricity, heat, gas, and water production and supply industry grew by 3.3% [2] - State-owned enterprises' added value increased by 5.4%, joint-stock enterprises grew by 6.5%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.8%, and private enterprises grew by 5.0% [2] Industry Analysis - Out of 41 major industries, 35 maintained year-on-year growth in added value in July. Key sectors included coal mining and washing (4.2% growth), oil and gas extraction (4.1% growth), and agricultural and sideline food processing (5.6% growth) [2] - Notable growth was observed in black metal smelting and rolling (8.6%), non-ferrous metal smelting and rolling (6.8%), general equipment manufacturing (8.4%), and automotive manufacturing (8.5%) [2] Product Output - Among 623 industrial products, 335 saw year-on-year output growth in July. Steel production reached 12.295 million tons (6.4% growth), cement production was 14.557 million tons (5.6% decline), and automotive production was 2.51 million units (8.4% growth) [3] - New energy vehicles saw significant growth of 17.1%, with production reaching 1.176 million units [3] Sales and Exports - The sales rate for products from large-scale industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year [4] - The export delivery value for large-scale industrial enterprises was 1.2904 trillion yuan, reflecting a nominal year-on-year growth of 0.8% [4]

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]

Core Insights - In July, the industrial added value of enterprises above designated size experienced a year-on-year real growth of 5.7%, adjusted for price factors [1] - Month-on-month, the industrial added value increased by 0.38% in July compared to the previous month [1] - From January to July, the year-on-year growth of industrial added value was 6.3% [1]