Economic Overview - The preliminary GDP for the first half of 2025 is 66,053.6 billion yuan, showing a year-on-year growth of 5.3% at constant prices [2] - The industrial added value for large-scale industries increased by 6.4% year-on-year in the first half, with a 6.8% growth in June [5] Investment and Consumption - National fixed asset investment (excluding rural households) reached 24,865.4 billion yuan in the first half, marking a year-on-year increase of 2.8% [8] - The total retail sales of consumer goods amounted to 24,545.8 billion yuan in the first half, reflecting a year-on-year growth of 5.0%, with a 4.8% increase in June [11] Price Indices - The Consumer Price Index (CPI) decreased by 0.1% year-on-year in the first half, with a slight increase of 0.1% in June [15] - The Producer Price Index (PPI) fell by 2.8% year-on-year in the first half, with a 3.6% decline in June [16] Financial Indicators - The total social financing scale increased by 22.83 trillion yuan in the first half, which is 4.74 trillion yuan more than the same period last year [19] - New RMB loans added up to 12.92 trillion yuan in the first half [20] - The broad money supply (M2) reached 330.29 trillion yuan at the end of June, showing a year-on-year growth of 8.3% [21] Trade Performance - The total import and export value of goods reached 21.79 trillion yuan in the first half, reflecting a year-on-year growth of 2.9% [25]

Economic Performance - The GDP for the first half of the year reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [1][2] - The industrial added value in June increased by 6.8% year-on-year, surpassing the expected growth of 5.5% [1][2] - The service sector's added value grew by 5.5% year-on-year, and retail sales of consumer goods increased by 5.0% [2][3] Trade and Exports - In the first half of the year, China's total goods trade import and export amounted to 21.79 trillion yuan, a year-on-year increase of 2.9% [5] - Exports reached 13 trillion yuan, growing by 7.2%, while imports decreased by 2.7% [5] - In June, the total import and export scale hit 3.85 trillion yuan, marking a 5.2% increase, with exports at 2.34 trillion yuan, also up by 7.2% [6] Financial Data - M1 growth in June rebounded significantly by 2.3 percentage points to 4.6%, the highest for the same period in nearly five years [8][10] - Social financing increased by 4.2 trillion yuan in June, exceeding market expectations [1][8] - The demand for credit from residents and enterprises showed signs of recovery, with new RMB loans in June reaching 2.77 trillion yuan, an increase of 0.54 trillion yuan year-on-year [9]

统计局：6月，规模以上工业增加值同比实际增长6.8%，环比增加0.5%。分经济类型看，6月份，国有控股企业增加值同比增5.7%；股份制企业7.1%，外商及港澳台投资企业5.5%；私营企业6.2%。（前值分别为3.8%、6.3%、3.9%及5.9%）6月生产钢材12784万吨，同比增加1.8%，前值3.4%；水泥15547吨，下降5.3%，前值降8.1%；十种有色金属695万吨，增长4.4%，前值增2.9%；乙烯285吨，增长5.8%，前值增14.4%；汽车280.9万辆，增长8.8%，其中新能源汽车123.4万辆，增长18.8%；发电量7963亿千瓦时，增长1.7%；原油加工量6224万吨，增长8.5%，前值下降1.8%。 ...

国家统计局：上半年，全国规模以上工业增加值同比增长6.4%。装备制造业增加值同比增长10.2%，高 技术制造业增加值增长9.5%，增速分别快于全部规模以上工业3.8和3.1个百分点。 ...

Economic Performance - Chengdu's industrial added value for the first five months of the year increased by 8.0% year-on-year, with a product sales rate of 96.8% among large-scale industrial enterprises [1] - Among different economic types, state-owned enterprises saw a 5.3% increase, foreign and Hong Kong, Macao, and Taiwan-invested enterprises grew by 20.9%, and private enterprises increased by 10.7% [1] - Out of 37 major industries, 24 experienced growth in added value, with notable increases in the automotive manufacturing sector (26.2%), computer, communication, and other electronic equipment manufacturing (18.2%), and electrical machinery and equipment manufacturing (12.9%) [1] Fixed Asset Investment - Fixed asset investment in Chengdu (excluding rural households) grew by 7.0% year-on-year, with private investment increasing by 9.7% [1] - Investment in the primary industry rose by 12.5%, while the secondary industry saw a significant increase of 72.4%, with industrial investment specifically growing by 73.7% [1] Consumer Market - The total retail sales of consumer goods in Chengdu reached 465.0 billion yuan, marking a year-on-year growth of 6.5% [2] - Key product categories showed substantial growth, including telecommunications equipment (92.2%), household appliances and audio-visual equipment (31.3%), and gold and silver jewelry (27.0%) [2] Foreign Trade - Chengdu's total foreign trade import and export volume for the first five months was 351.5 billion yuan, reflecting a year-on-year increase of 10.4% [2] - Exports totaled 205.8 billion yuan, up by 13.7%, while imports reached 145.7 billion yuan, growing by 6.1% [2] Financial Sector - As of the end of May, the balance of deposits in Chengdu's financial institutions was 65.739 billion yuan, an increase of 7.5% year-on-year [2] - The balance of loans in financial institutions was 70.729 billion yuan, reflecting a growth of 10.6% [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In May, the month - on - month decline in second - hand housing prices in all tiers of cities widened, while the year - on - year decline continued to narrow. New housing prices in first - and second - tier cities turned down month - on - month [6]. - The year - on - year decline in the sales price of newly built commercial residential buildings in first - tier cities was 1.7%, narrowing by 0.4 percentage points from the previous month. The prices in second - and third - tier cities decreased by 3.5% and 4.9% year - on - year respectively, with the decline narrowing by 0.4 and 0.5 percentage points [6]. - The year - on - year decline in the sales price of second - hand residential buildings in first - tier cities was 2.7%, narrowing by 0.5 percentage points. The prices in second - and third - tier cities decreased by 6.1% and 6.9% year - on - year respectively, with the decline narrowing [6]. - In May, the added value of industrial enterprises above designated size increased by 5.8% year - on - year and 0.61% month - on - month. From January to May, it increased by 6.3% year - on - year [6]. - In May, the total retail sales of consumer goods were 4,132.6 billion yuan, a year - on - year increase of 6.4%. From January to May, the total retail sales of consumer goods were 20,317.1 billion yuan, a year - on - year increase of 5.0% [7]. - From January to May 2025, the national fixed - asset investment (excluding rural households) was 19,194.7 billion yuan, a year - on - year increase of 3.7% [7]. - From January to May 2025, the national real estate development investment was 3,623.4 billion yuan, a year - on - year decrease of 10.7% [7]. Summary by Relevant Catalogs National Economic Accounting - The GDP quarterly year - on - year growth rates from 2022 Q4 to 2025 Q1 were 3%, 4.7%, 6.5%, 5%, 5.3%, 5.3%, 4.7%, 4.6%, 5.4%, 5.4% respectively [9]. - The contributions of different industries to GDP growth and their year - on - year growth rates in different quarters from 2022 to 2025 are presented in the figures [9][15]. Industry Industrial Growth Rate - The year - on - year growth rates of the added value of major industries in May 2025 are as follows: coal mining and washing increased by 5.5%, oil and gas extraction increased by 5.3%, and the automobile manufacturing industry increased by 11.6% [6]. Major Output of Industrial Enterprises above Designated Size - The output of major industrial products such as crude oil, coal, and steel from May 2024 to May 2025 is presented in the figure [26]. Industry Electricity Consumption - The year - on - year growth rates of electricity consumption in major industries from December 2023 to April 2025 are presented in the figure [34]. Industrial Enterprise Profits - From January to April 2025, the total profits of industrial enterprises above designated size were 2,117.02 billion yuan, a year - on - year increase of 1.4% [37]. - The profits of different industries showed different trends. For example, the profit of the non - ferrous metal smelting and rolling processing industry increased by 24.5%, while the profit of the coal mining and washing industry decreased by 48.9% [37]. Industrial Enterprise Inventory - As of the end of April 2025, the finished - product inventory of industrial enterprises above designated size was 6.61 trillion yuan, a year - on - year increase of 3.9%, and the inventory growth rate decreased slightly [48]. Price Index CPI - In May 2025, the national consumer price index (CPI) decreased by 0.1% year - on - year. Food prices decreased by 0.4%, and non - food prices remained flat [53]. PPI - In May 2025, the national industrial producer price index (PPI) decreased by 3.3% year - on - year and 0.4% month - on - month. The industrial producer purchase price index decreased by 3.6% year - on - year and 0.6% month - on - month [60].

Group 1 - The industrial added value of Xi'an's large-scale industries increased by 13.0% year-on-year from January to May [1] - Fixed asset investment in Xi'an (excluding rural households) grew by 0.6% year-on-year during the same period [1] - The retail sales of consumer goods by enterprises above the designated size reached 114.537 billion yuan, reflecting a year-on-year increase of 2.2% [1]

Core Viewpoint - Sichuan province's industrial value added for the first five months of 2023 increased by 7.1% year-on-year, outpacing the national growth rate by 0.8 percentage points [1] Economic Indicators - The total retail sales of consumer goods in Sichuan reached 1,173.45 billion yuan, reflecting a year-on-year growth of 5.6%, which is 0.6 percentage points higher than the national average [1] Industry Performance - Out of 41 major industry categories, 35 reported an increase in value added during the first five months [1] - The automotive manufacturing industry saw a significant increase in value added, growing by 22.2% year-on-year [1] - The chemical raw materials and chemical products manufacturing industry experienced a growth of 18.8% year-on-year [1] - The computer, communication, and other electronic equipment manufacturing industry grew by 14.9% year-on-year [1] - The black metal smelting and rolling processing industry also increased by 14.9% year-on-year [1] - The electrical machinery and equipment manufacturing industry reported a growth of 10.3% year-on-year [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides a comprehensive overview of the overnight and spot market conditions of various commodities, including palm oil, soybeans, and crude oil. It also presents important fundamental information, international and domestic supply - demand situations, macro - economic news, and details on fund flows and arbitrage tracking. Summary by Directory 01 Overnight行情 - Overnight, the closing prices and price changes of various commodities were reported. For example, the closing price of BMD's August palm oil was 4086.00, with a previous day's decline of 4.48% and an overnight decline of - 0.41%. Brent's August crude oil on ICE closed at 72.50, with a previous day's decline of - 3.56% and an overnight increase of 1.47% [1]. - The latest prices and price changes of several currency exchange rates were also given, such as the US dollar index at 98.12 with a change of 0.01% [1]. 02 现货行情 - Spot prices, basis, and basis changes of DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions were presented. For instance, the spot price of DCE palm oil 2509 in North China was 8840, with a basis of 400 and a basis change of - 90 [2]. - CNF quotes and CNF premium changes of imported soybeans from different regions were also provided, like the CNF premium of Brazilian soybeans at 172 cents per bushel and a CNF quote of 456 dollars per ton [2]. 03 重要基本面信息 - The future weather outlook for US soybean - producing states from June 21 - 25 shows that temperatures will be higher than normal, and precipitation will be normal to above the median [3]. - In the US Midwest, there will be scattered showers, which are not conducive to field operations. The overall weather pattern may be similar to last week, increasing soil moisture in the west but hindering field work [5]. - International supply - demand information includes a 4% decrease in Malaysian palm oil production from June 1 - 15, an increase in palm oil exports, potential cost increases in Malaysia's oleochemical industry due to tax changes, and details on US soybean growth, export, and crushing data [7][8]. - Domestic supply - demand information shows an increase in the total trading volume of soybean oil and palm oil on June 16, changes in the trading volume and开机 rate of soybean meal, and changes in the commercial inventories of palm oil, soybean oil, and imported soybeans [13][14]. 04 宏观要闻 - International news includes the probability of the Fed maintaining or cutting interest rates in June and July, the US June New York Fed manufacturing index, and OPEC's monthly report on global crude oil demand and production [17]. - Domestic news includes the exchange rate of the US dollar against the RMB, the central bank's reverse - repurchase operation, unemployment rates, industrial added - value, social consumer goods retail sales, and real - estate development data [19]. 05 资金流向 On June 16, 2025, the futures market had a net capital outflow of 5.11 billion yuan. Commodity futures had a net capital inflow of 2.867 billion yuan, while stock - index futures had a net capital outflow of 7.977 billion yuan [22]. 06 套利跟踪 No relevant content provided.

Economic Growth - Sichuan Province's industrial added value increased by 7.1% year-on-year from January to May [1] - State-owned enterprises' added value grew by 7.4%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a significant increase of 17.5% [1] Industry Performance - Out of 41 major industries, 35 experienced growth in added value, with notable increases in automotive manufacturing (22.2%), chemical raw materials and products (18.8%), and computer and electronic equipment manufacturing (14.9%) [1] - The black metal smelting and rolling processing industry also grew by 14.9%, while electrical machinery and equipment manufacturing increased by 10.3% [1] Production Output - Key industrial product outputs included natural gas (up 11.2%), electricity generation (up 2.8%), and significant growth in smartwatches (95.2%), generators (60.8%), and lithium-ion batteries (49.0%) [1] - Other notable increases were seen in automotive production (36.4%), industrial boilers (33.1%), LCD screens (28.6%), integrated circuits (14.6%), and smartphones (14.2%) [1] Fixed Asset Investment - Fixed asset investment (excluding rural households) in Sichuan Province grew by 3.0% year-on-year, with the primary industry seeing a 17.8% increase and the secondary industry growing by 14.1% [1] - Industrial investment specifically rose by 14.3% [1] Retail Sales - The total retail sales of consumer goods in Sichuan reached 1,173.45 billion yuan, marking a 5.6% year-on-year increase [2] - Urban retail sales accounted for 950.47 billion yuan (up 5.5%), while rural retail sales reached 222.99 billion yuan (up 6.1%) [2] Consumer Trends - Restaurant income grew by 4.5%, with significant growth in household appliances and audio-visual equipment (20.2%), food and oil products (13.2%), and cultural office supplies (11.9%) [2] - Jewelry sales increased by 11.3%, and beverage sales rose by 10.7% [2]