Economic Data Trends - Industrial added value growth in July was 5.7% year-on-year, slowing by 1.1 percentage points from June[1] - Fixed asset investment growth was 1.6% year-on-year, down 1.2 percentage points from the first half of the year[1] - Retail sales of consumer goods increased by 3.7% year-on-year, a decline of 1.1 percentage points from June[1] Market Performance - The Shanghai Composite Index surpassed 3700 points, increasing by 1.7% week-on-week[1] - Daily trading volume in the two markets consistently exceeded 2 trillion yuan[1] - The 10-year government bond yield approached 1.80%, indicating a downward trend in bond prices[1] Factors Influencing Asset Prices - The slowdown in economic growth is not a new marginal change, as weak investment and consumption have been anticipated by the market[1] - Nominal growth may have replaced real growth as a key driver of market trends, with CPI and PPI showing signs of improvement on a month-on-month basis[1] - Increased market risk appetite is evident, with advancements in AI and biomedicine reducing perceived risks from U.S.-China trade disputes[1] Monetary Policy and Foreign Investment - Expectations for a U.S. Federal Reserve rate cut in September may support the appreciation of the yuan, attracting foreign investment in RMB-denominated assets[1] - The positive feedback loop between currency appreciation and foreign capital inflow could sustain a moderate upward trend in A-shares[1] Risks to Consider - Geopolitical risks, domestic policy implementation falling short of expectations, and global recession concerns remain potential threats to market stability[1]

城市竞争，不进则退。 一个主导产业的兴衰，一场地缘局势的波动，一次国家战略的调整，都足以产生深远影响。 面对关税战、产业革命、内循环等大变局，哪些城市稳中有进，哪些城市掉队了？ 01 TOP50城市GDP，谁进谁退？ 这是2025年上半年主要城市GDP数据： | | 地区 | 2025H1 | | 2024H1 增量(含五普) 名义增速 | | 实际增速 | 2024GDP | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 上海 | 26222 | 22346 | 3876 | 17.3% | 5.1% | 53927 | | 2 | 北京 | 25029 | 21791 | 3238 | 14.9% | 5.5% | 49843 | | 3 | 深圳 | 18322 | 17302 | 1020 | 5.9% | 5.1% | 36802 | | 4 | 国夫 | 15930 | 15138 | 791 | 5.2% | 5.0% | 32193 | | ર | 广州 | 15081 | 14298 | 783 | 5.5% | 3.8% | ...