Core Insights - In August 2025, China's crude steel production was 77.37 million tons, a year-on-year decrease of 0.7%, while pig iron production increased by 1.0% to 69.79 million tons, and steel products rose by 9.7% to 122.77 million tons [1] - From January to August 2025, crude steel production totaled 671.81 million tons, down 2.8% year-on-year, while pig iron production decreased by 1.1% to 57.91 million tons, and steel products increased by 5.5% to 982.17 million tons [1] Industrial Growth - In August 2025, the value added of the mining industry grew by 5.1%, manufacturing by 5.7%, and the production and supply of electricity, heat, gas, and water by 2.4% [2] - By economic type, state-controlled enterprises saw a 4.7% increase, joint-stock enterprises grew by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.3%, and private enterprises grew by 4.6% [2] Sector Performance - Among 41 major industries, 31 reported year-on-year growth in value added in August 2025, with notable increases in coal mining (5.1%), oil and gas extraction (4.7%), and the processing of agricultural and sideline products (4.7%) [2] - The automotive manufacturing sector experienced an 8.4% growth, while the manufacturing of railway, shipbuilding, aerospace, and other transportation equipment surged by 12.0% [2] Product Output - In August 2025, out of 623 industrial products, 319 saw year-on-year production growth, including steel (122.77 million tons, up 9.7%), ethylene (3.14 million tons, up 10.4%), and automobiles (2.752 million units, up 10.5%) [3] - New energy vehicles specifically grew by 22.7% to 1.333 million units [3] Key Industrial Data - The total industrial output value for August 2025 was reported with a 5.2% increase, while the cumulative growth from January to August was 6.2% [5] - High-tech manufacturing saw a significant increase of 9.3% in August 2025 [5]

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries decreased by 3.2% year-on-year, with a total output of 390 million tons, showing a narrowing decline compared to July by 0.6 percentage points [1] - The cumulative production of raw coal from January to August reached 3.17 billion tons, representing a year-on-year increase of 2.8% [1] - The production of crude oil in August increased by 2.4% year-on-year, totaling 18.26 million tons, with a daily average output of 589,000 tons [3] - From January to August, the cumulative crude oil production was 144.86 million tons, up 1.4% year-on-year [3] - The processing of crude oil in August saw a significant increase of 7.6% year-on-year, with a total processing volume of 63.46 million tons [3] - Natural gas production in August reached 21.2 billion cubic meters, marking a year-on-year growth of 5.9% [7] - The cumulative natural gas production from January to August was 173.7 billion cubic meters, reflecting a year-on-year increase of 6.1% [7] Group 2: Electricity Production - The electricity generation in large-scale industries in August was 936.3 billion kilowatt-hours, showing a year-on-year increase of 1.6% [9] - The daily average electricity generation exceeded 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [9] - From January to August, the cumulative electricity generation was 6,419.3 billion kilowatt-hours, with a year-on-year growth of 1.5% [9] - In August, the growth rates varied by type: wind power increased by 20.2%, while hydropower decreased by 10.1% [9] - The growth of thermal power was 1.7%, while nuclear power grew by 5.9%, both showing a slowdown compared to July [9] - Solar power generation increased by 15.9%, but the growth rate also slowed down compared to July [9]

| / גריע ( / / ואימע | 11771 | 7.1 | 1706 | D.D | | --- | --- | --- | --- | --- | | 十种有色金属(万吨) | ୧୪୫ | 3.8 | 5432 | 3 1 | | 其中:原铝(电解铝) (万吨) | 380 | -0.5 | 3014 | 2.2 | | 金属切削机床(万台) | 7 | 16.4 | રેર | 14.6 | | 工业机器人(套) | 63747 | 14.4 | 512129 | 299 | | 服务机器人(套) | 1459525 | -6.5 | 11856113 | 18.9 | | 汽车(万辆) | 275.2 | 10.5 | 2082.9 | 10.5 | | 其中:轿车(万辆) | 107.9 | 11.6 | 791.7 | 10.2 | | 运动型多用途乘用车(SUV)(万辆) | 116.7 | 7.1 | 878.3 | 87 | | 其中:新能源汽车(万辆) | 133.3 | 22.7 | 938.2 | 31.4 | | 发电机组(发电设备)(万千瓦) | 3002 | 30 7 ...

原煤生产降幅收窄。8月份，规上工业原煤产量3.9亿吨，同比下降3.2%，降幅比7月份收窄0.6个百分 点；日均产量1260万吨。 8月份，规模以上工业（以下简称规上工业）原煤生产降幅收窄，原油生产增速加快，天然气、电力生 产平稳增长。 一、原煤、原油和天然气生产及相关情况 1—8月份，规上工业天然气产量1737亿立方米，同比增长6.1%。 二、电力生产情况 规上工业电力生产平稳增长。8月份，规上工业发电量9363亿千瓦时，同比增长1.6%；日均发电首次突 破300亿千瓦时，达302.0亿千瓦时。1—8月份，规上工业发电量64193亿千瓦时，同比增长1.5%，扣除 天数原因，日均发电量同比增长1.9%。 分品种看，8月份，规上工业风电增速加快，水电降幅扩大，火电、核电、太阳能发电增速放缓。其 中，规上工业火电同比增长1.7%，增速比7月份放缓2.6个百分点；规上工业水电下降10.1%，降幅比7月 份扩大0.3个百分点；规上工业核电增长5.9%，增速比7月份放缓2.4个百分点；规上工业风电增长 20.2%，增速比7月份加快14.7个百分点；规上工业太阳能发电增长15.9%，增速比7月份放缓12.8个百分 点。 资 ...

一、原煤、原油和天然气生产及相关情况 原煤生产有所下降。7月份，规上工业原煤产量3.8亿吨，同比下降3.8%；日均产量1229万吨。 1—7月份，规上工业原煤产量27.8亿吨，同比增长3.8%。 原油生产稳定增长。7月份，规上工业原油产量1812万吨，同比增长1.2%，增速比6月份放缓0.2个百分 点；日均产量58.5万吨。 转自：北京日报客户端 7月份，规模以上工业（以下简称规上工业）原煤生产有所下降，原油生产平稳增长，天然气、电力生 产增速加快。 1—7月份，规上工业原油产量12660万吨，同比增长1.3%。 原油加工增速加快。7月份，规上工业原油加工量6306万吨，同比增长8.9%，增速比6月份加快0.4个百 分点；日均加工203.4万吨。 1—7月份，规上工业原油加工量42468万吨，同比增长2.6%。 天然气生产增速加快。7月份，规上工业天然气产量216亿立方米，同比增长7.4%，增速比6月份加快2.8 个百分点；日均产量7.0亿立方米。 1—7月份，规上工业天然气产量1525亿立方米，同比增长6.0%。 二、电力生产情况 规上工业电力生产增长加快。7月份，规上工业发电量9267亿千瓦时，同比增长3 ...

Group 1: Production Overview - In July, the production of raw coal in large-scale industries decreased to 380 million tons, a year-on-year decline of 3.8%, with an average daily output of 12.29 million tons [1] - Raw oil production remained stable, reaching 18.12 million tons in July, a year-on-year increase of 1.2%, with an average daily output of 585,000 tons [1] - Natural gas production accelerated, with July output at 21.6 billion cubic meters, a year-on-year increase of 7.4% [1] Group 2: Electricity Production - Electricity generation in large-scale industries increased to 926.7 billion kilowatt-hours in July, a year-on-year growth of 3.1%, with an average daily generation of 29.89 billion kilowatt-hours [1] - The total electricity generation from January to July reached 54,703 billion kilowatt-hours, reflecting a year-on-year increase of 1.3% [1] Group 3: Breakdown by Energy Source - In July, thermal power generation grew by 4.3%, with an acceleration of 3.2 percentage points compared to June [2] - Hydropower generation saw a decline of 9.8%, with the drop expanding by 5.8 percentage points from June [2] - Solar power generation surged by 28.7%, with an increase of 10.4 percentage points compared to June [2]

7月份，规模以上工业（以下简称规上工业）原煤生产有所下降，原油生产平稳增长，天然气、电力生产 增速加快。 1—7月份，规上工业原油加工量42468万吨，同比增长2.6%。 一、原煤、原油和天然气生产及相关情况 原煤生产有所下降。7月份，规上工业原煤产量3.8亿吨，同比下降3.8%；日均产量1229万吨。 1—7月份，规上工业原煤产量27.8亿吨，同比增长3.8%。 原油生产稳定增长。7月份，规上工业原油产量1812万吨，同比增长1.2%，增速比6月份放缓0.2个百分点； 日均产量58.5万吨。 1—7月份，规上工业原油产量12660万吨，同比增长1.3%。 原油加工增速加快。7月份，规上工业原油加工量6306万吨，同比增长8.9%，增速比6月份加快0.4个百分 点；日均加工203.4万吨。 400 15 5.8 6.0 2.5 3.1 2.1 350 1.8 5 1.7 0.6 0.9 0.9 0.5 -1.3 298.9 300 -ર 284.9 292.7 273.0 267.5 265.4 252.9 251.0 249.8 250 -15 237.0 238.0 235.8 200 -25 150 - ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - The prices of treasury bond futures fluctuated, with the T2509 contract down 0.01%. The IRR of CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, with no arbitrage opportunities. Short - term market interest rates were mixed, and the yields of key - term treasury bonds generally increased. Overseas, the yields of US, German, and Japanese treasury bonds also rose. The external environment became more complex, with increased global economic uncertainty due to the "reciprocal tariff" policy. The domestic market had insufficient effective demand, and the prices of treasury bond futures fluctuated more due to the enhanced expectation of real - estate stabilization policies [2][3] Summary by Relevant Catalogs Futures Market - **Price and Volume**: The prices of treasury bond futures on the previous trading day were mixed. For example, the T2509 contract fell 0.01%, and the trading volume and open interest of each contract changed. The open interest of TS2509 decreased by 418, while that of TS2512 increased by 231 [2] - **Arbitrage**: The IRR of CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, indicating no arbitrage opportunities [2] Spot Market - **Domestic Treasury Bond Yields**: The yields of key - term domestic treasury bonds generally increased. The 10Y treasury bond yield rose 0.47bp to 1.66%, and the spread between long - and short - term (10 - 2) treasury bonds was 23.61bp [2] - **Overseas Treasury Bond Yields**: The yields of overseas key - term treasury bonds increased. The US 10Y treasury bond yield rose 8bp, the German 10Y treasury bond yield rose 6bp, and the Japanese 10Y treasury bond yield rose 0.9bp [2] Macro News - **Central Bank Operations**: On July 11, the central bank conducted 847 billion yuan of 7 - day reverse repurchase operations, with a net injection of 507 billion yuan. There will be 4257 billion yuan of reverse repurchases and 1000 billion yuan of MLF maturing this week [3] - **Diplomatic Meetings**: Chinese Foreign Minister Wang Yi met with US Secretary of State Rubio in Kuala Lumpur, and both sides agreed to strengthen communication and dialogue [3] - **Policy Regulations**: The Ministry of Finance required state - owned commercial insurance companies to improve asset - liability management and adjusted the assessment methods of some indicators [3] - **Economic Data**: In the second quarter, high - frequency data in multiple domestic fields improved. The offline consumption heat index increased by 25.5% year - on - year, and the online retail sales of major home appliances rose by 28.0% [3] - **International Trade**: US President Trump announced tariffs on products from Mexico, the EU, and Canada, increasing market concerns about inflation and trade tensions [3] - **Japanese Central Bank Action**: The Bank of Japan launched a "morning quote" for spot transactions, lending Japanese government bonds to support market liquidity [3] Industry Information - **Interest Rate Changes**: On July 11, most money - market interest rates in China increased. US Treasury yields rose across the board, driven by Trump's tariff announcements [3] Comments and Strategies - **Market Situation**: The central bank's open - market operations shifted from net withdrawal to net injection last week. Shibor remained low, and the domestic money market was relatively stable. Overseas, tariff announcements increased concerns about inflation and trade tensions. The domestic economy was generally expanding in June, but market demand was weak, and commodity prices were affected by policies [3] - **Market Outlook**: The external environment became more complex, with increased global economic uncertainty. The domestic market had insufficient effective demand, and the central bank maintained a supportive monetary policy. The "anti - involution" market trend continued, increasing the expectation of real - estate stabilization policies and causing greater fluctuations in treasury bond futures prices [3]