1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report analyzes the economic growth, inflation, and related market trends in July 2025, including production, demand, CPI, and PPI indicators, and points out the price changes and influencing factors of various products and industries [4]. 3. Summary According to the Table of Contents 3.1 Economic Growth: Cement Prices Approach Previous Lows 3.1.1 Production: Power Plant Daily Consumption Fluctuates at a High Level - Power plant daily consumption fluctuates at a high level. On July 29, the average daily consumption of 6 major power - generation groups was 882,100 tons, a 0.01% decrease from July 22. On July 22, the daily consumption of power plants in eight southern provinces was 2.18 million tons, a 4.0% decrease from July 15 [4][11]. - The blast furnace operating rate remains at a high level. On July 25, the national blast furnace operating rate was 83.5%, unchanged from July 18; the capacity utilization rate was 90.8%, a 0.1 - percentage - point decrease from July 18. On July 25, the blast furnace operating rate of steel mills in Tangshan was 92.0%, unchanged from July 18 [4][14]. - The tire operating rate shows weak and stable operation. On July 24, the operating rate of all - steel truck tires was 65.0%, a 0.1 - percentage - point decrease from July 17; the operating rate of semi - steel car tires was 75.9%, a 0.1 - percentage - point decrease from July 17. The operating rate of looms in the Jiangsu and Zhejiang regions declined moderately [4][16]. 3.1.2 Demand: Cement Prices Approach Previous Lows - The new - home sales in 30 cities turned negative month - on - month. From July 1 - 29, the average daily sales area of commercial housing in 30 large and medium - sized cities was 201,000 square meters, a 31.4% decrease compared to the same period in June, an 18.8% decrease compared to the same period in July last year, and a 34.7% decrease compared to the same period in July 2023 [4][22]. - The retail sales of the auto market are stable and relatively strong. In July, retail sales increased by 9% year - on - year, and wholesale sales increased by 17% year - on - year [4][23]. - Steel prices maintain resilience. On July 29, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 2.1%, 0.8%, 0.9%, and 0.9% respectively compared to July 22 [4][30]. - Cement prices approach previous lows. On July 29, the national cement price index decreased by 1.6% compared to July 22, with prices in the East China and Yangtze River regions decreasing by 2.3% and 2.7% respectively [4][31]. - Glass prices corrected. On July 29, the active futures contract price of glass was 1,182 yuan/ton, a 1.7% decrease from July 22 [4][37]. - The container shipping freight index has declined for seven consecutive weeks. On July 25, the CCFI index decreased by 3.2% compared to July 18, and the SCFI index decreased by 3.3% [4][40]. 3.2 Inflation: Pig Prices Weaken 3.2.1 CPI: Pig Prices Weaken - Pig prices weaken. On July 29, the average wholesale price of pork was 20.5 yuan/kg, a 1.2% decrease from July 22 [4][46]. - The agricultural product price index fluctuates weakly. On July 29, the agricultural product wholesale price index decreased by 0.04% compared to July 22. By variety, eggs (+5.1%) > fruits (+1.7%) > mutton (+0.9%) > vegetables (+0.7%) > chicken (+0.4%) > beef (-0.02%) > pork (-1.2%) [4][50]. 3.2.2 PPI: Oil Prices Rise - Oil prices rise. On July 29, the spot prices of Brent and WTI crude oil were 71.6 and 69.2 dollars/barrel respectively, increasing by 2.2% and 6.0% compared to July 22 [4][53]. - Copper and aluminum prices decline. On July 29, the prices of LME 3 - month copper and aluminum decreased by 0.9% and 1.2% respectively compared to July 22 [4][58]. - The month - on - month increase of the domestic commodity index widens. On July 29, the Nanhua Industrial Products Index decreased by 0.8% compared to July 22, and the CRB index decreased by 0.3% [4][58]. - Most industrial product prices rise. Since July, most industrial product prices have increased, with wire rod, cement, and steam coal prices decreasing month - on - month, while other industrial product prices increasing month - on - month, with coking coal and coke having the largest increases. The year - on - year decline of most industrial product prices has narrowed [62].

数据公布后，美国总统特朗普在其社交平台"真实社交"上发文，再次呼吁美联储降息。（央视记者 曹 健） 美国商务部经济分析局7月30日公布的首次预估数据显示，美国2025年第二季度实际国内生产总值 （GDP）按年率计算增长3.0%。 ...

美国白宫国家经济委员会主任哈塞特：预计第三季度经济增长4%。 ...

白宫国家经济委员会主任哈塞特表示，预计第三季度经济增长4%。 ...

加拿大央行行长麦克勒姆：下半年经济增长取决于美加谈判。 ...

加拿大央行：升级情景中，2025年经济增长下降，然后在2026年上半年回升，并升至平均2%；通胀率 在2026年第三季度上升到略高于2.5%，然后在2027年下降到2%左右。 ...

Economic Growth - France's GDP grew by 0.3% in Q2, slightly above the forecasted 0.2% [1] - Household consumption rebounded with a 0.1% increase, following a 0.3% decline in Q1 [1] Domestic Demand - Final domestic demand (excluding inventory) stagnated, contributing zero to economic growth [1] - The contribution of external trade to economic growth was negative, with exports increasing by 0.2% and imports by 0.8%, resulting in a 0.2 percentage point drag [1] Inventory and Manufacturing - Businesses increased inventory, contributing 0.5 percentage points to growth, primarily from the transportation equipment sector, especially aerospace and automotive [1] - Concerns were raised about the increase in inventory indicating unsold goods, suggesting a fragile economic foundation [1] Future Outlook - Economic experts express concerns about the sustainability of growth, noting weak domestic demand and a lack of new manufacturing orders [1]

新华社巴黎7月30日电（记者李文昕）法国国家统计和经济研究所30日发布的初步统计数据显示， 今年第二季度法国国内生产总值（GDP）环比增长0.3%。 数据显示，第二季度，法国家庭消费支出环比增长0.1%；出口环比增长0.2%，进口环比增长 0.8%，外贸对经济增长的贡献为负0.2个百分点；企业囤积库存，对经济增长贡献0.5个百分点。 法国媒体分析认为，尽管经济增速提高令人惊喜，但经济结构令人担忧，特别是库存增加，可能意 味着企业制造的商品找不到买家。安联贸易的经济学家马克西姆·达尔梅表示，法国经济增长的基础仍 较为脆弱，国内需求对于经济增长的贡献不足，此外，"制造业新订单非常少"。 ...

荷兰国际集团宏观研究主管卡斯滕·布热斯基表示，若美国对欧盟征收15%关税，预计将拖累德国经济 0.1至0.2个百分点。 2023年和2024年，德国经济分别萎缩0.3%和0.2%。受美国贸易政策影响，德国出口面临压力，联邦政 府此前将2025年经济增长预期下调至零增长。近期，德国多家主要经济研究机构预测，在基础设施基金 等财政刺激措施带动下，德国经济今年有望实现0.3%左右的增长。 德国经济研究所当天发表声明说，德国经济复苏虽有所放缓，但整体进程尚未中断，近期工业产出和商 业景气指数等指标表现积极。声明同时指出，欧盟与美国日前就关税达成的新贸易协议，将进一步加重 德国经济负担。 新华社柏林7月30日电（记者车云龙 张毅荣）德国联邦统计局30日公布的初步数据显示，经价格、季节 和工作日调整后，今年第二季度德国国内生产总值环比下降0.1%。第一季度德国经济环比增长0.3%。 德国联邦统计局当天发布公报说，继年初经济回暖后，德国经济增长动能有所减弱。数据显示，第二季 度投资环比下降，私人和公共消费支出则有所增长。 ...

Core Viewpoint - Shenzhen's economy showed steady growth in the first half of 2025, with a GDP of 18,322.26 billion yuan, reflecting a year-on-year increase of 5.1% [2]. Economic Performance - The primary industry added value was 10.33 billion yuan, growing by 2.8% - The secondary industry added value was 6,505.56 billion yuan, growing by 3.3% - The tertiary industry added value was 11,806.37 billion yuan, growing by 6.1% [2]. Industrial Growth - The industrial output value above designated size increased by 4.3% year-on-year, with mining growing by 0.5%, manufacturing by 4.2%, and utilities by 11.8% - Notable growth in general equipment manufacturing (17.1%), instrument manufacturing (8.8%), and electrical machinery (8.2%) [2][3]. High-tech Product Production - High-tech product output saw significant increases, with civilian drones up by 59.0%, industrial robots by 38.0%, and 3D printing equipment by 35.8% [3]. Service Sector Performance - The service sector's added value reached 11,806.37 billion yuan, with a year-on-year growth of 6.1% - Financial services grew by 10.9%, transportation and warehousing by 9.0%, and IT services by 8.1% [3]. Investment Trends - Fixed asset investment decreased by 10.9%, with real estate down by 15.1% - However, industrial technology renovation investment surged by 47.1%, and investments in IT services and transportation grew by 47.7% and 32.5%, respectively [4]. Consumer Market Dynamics - Retail sales of consumer goods totaled 4,948.68 billion yuan, with a year-on-year increase of 3.5% - Notable growth in household appliances (55.7%) and online retail (19.4%) [5]. Foreign Trade Overview - Total import and export value was 21,675.45 billion yuan, down by 1.1%, with exports at 13,086.81 billion yuan (down 7.0%) and imports at 8,588.64 billion yuan (up 9.5%) - High-tech product exports increased by 8.0% [5]. Financial Sector Stability - By the end of June, the balance of deposits in financial institutions was 141,600.14 billion yuan, up by 5.7% - The balance of loans was 98,469.91 billion yuan, reflecting a growth of 3.5% [5]. Consumer Price Trends - Consumer prices rose by 0.1% year-on-year, with food and tobacco prices up by 0.5% and clothing by 1.3% - Prices for transportation and communication fell by 2.4% [6]. Future Outlook - Shenzhen aims to maintain steady economic growth while addressing external uncertainties and domestic demand issues, focusing on high-quality development [6].