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深圳市2025年上半年经济数据跟踪与解读:经济运行平稳,推动高质量发展
Guoxin Securities· 2025-08-04 13:31
Economic Performance - Shenzhen's GDP for the first half of 2025 reached CNY 18,322.26 billion, with a year-on-year growth of 5.1%[4] - The GDP growth rate in Shenzhen exceeded that of Guangdong Province by 0.9 percentage points, which recorded a growth of 4.2%[4] Foreign Trade - Total import and export volume in Shenzhen decreased by 1.1% year-on-year to CNY 21,675.45 billion, with exports down 7.0% and imports up 9.5%[8] - The proportion of Shenzhen's foreign trade to Guangdong's total trade increased from 46.31% in Q1 to 47.65% in H1 2025[10] Industrial Production - Shenzhen's industrial added value grew by 4.3% year-on-year, slightly above Guangdong's growth of 4.0%[12][13] - High-tech product output saw significant increases, with civilian drones, industrial robots, and 3D printing equipment growing by 59.0%, 38.0%, and 35.8% respectively[12] Investment Trends - Fixed asset investment in Shenzhen fell by 10.9% year-on-year, primarily due to a 15.1% decline in real estate development investment[18] - Industrial technology renovation investment surged by 47.1%, indicating a shift towards modernization[18] Consumer Market - Retail sales in Shenzhen reached CNY 4,948.68 billion, with a year-on-year growth of 3.5%[21] - The proportion of Shenzhen's retail sales to Guangdong's total increased from 20.54% at the beginning of the year to 21.58% in H1 2025[22] Financial Sector - The balance of deposits in Shenzhen's financial institutions grew by 5.7% year-on-year, reaching CNY 141,600.14 billion[27] - The loan balance increased by 3.5% year-on-year, totaling CNY 98,469.91 billion[27] Price Trends - The Consumer Price Index (CPI) in Shenzhen rose by 0.1% year-on-year, outperforming Guangdong's CPI, which fell by 0.4%[29]