Core Viewpoint - In the first seven months of 2025, China's total goods trade value reached 25.7 trillion yuan, reflecting a year-on-year growth of 3.5%, with exports increasing by 7.3% and imports decreasing by 1.6% [5]. Trade Performance - Total goods trade value for July 2025 was 3.91 trillion yuan, marking a growth of 6.7%, with exports at 2.31 trillion yuan (up 8%) and imports at 1.6 trillion yuan (up 4.8%) [5]. - General trade and processing trade both saw increases, with general trade at 16.44 trillion yuan (up 2.1%) and processing trade at 4.6 trillion yuan (up 6.3%) [5][6]. Trade Partners - ASEAN emerged as China's largest trading partner with a total trade value of 4.29 trillion yuan (up 9.4%), followed by the EU at 3.35 trillion yuan (up 3.9%) and the US at 2.42 trillion yuan (down 11.1%) [5][6]. Enterprise Contributions - Private enterprises contributed significantly with a total trade value of 14.68 trillion yuan (up 7.4%), accounting for 57.1% of total foreign trade [6]. - Foreign-invested enterprises had a trade value of 7.46 trillion yuan (up 2.6%), while state-owned enterprises saw a decline to 3.49 trillion yuan (down 8.8%) [6]. Export Composition - Mechanical and electrical products constituted 60% of exports, totaling 9.18 trillion yuan (up 9.3%), with notable growth in integrated circuits (up 21.8%) and automobiles (up 10.9%) [6]. - Labor-intensive products saw a slight decline in exports, totaling 2.41 trillion yuan (down 0.8%) [6]. Import Trends - Major bulk commodity prices fell, with iron ore imports at 6.97 million tons (down 2.3%) and crude oil at 3.27 million tons (up 2.8%) [7]. - Imports of mechanical and electrical products increased to 4.09 trillion yuan (up 5.8%) [7].

Group 1 - In July, Beijing's Consumer Price Index (CPI) shifted from a decrease of 0.4% in the previous month to an increase of 0.7% [1] - Food prices decreased by 0.9%, with fresh fruit prices dropping by 7.4%, while pork prices turned from a decrease of 1.1% to an increase of 0.6% [1] - Prices for air tickets, accommodation, and travel agency services increased by 37.8%, 11.8%, and 6.1% respectively [1] Group 2 - Year-on-year, Beijing's CPI decreased by 0.2%, with food prices shifting from an increase of 0.7% to a decrease of 1.5% [2] - Prices for travel agency services and accommodation fell by 10.0% and 7.0%, while air ticket prices increased by 8.5% [2] - The Producer Price Index (PPI) for industrial producers decreased by 1.9% year-on-year and 0.2% month-on-month [2]

Core Insights - The Producer Price Index (PPI) for industrial producers shows a month-on-month decline of 0.2% and a year-on-year decline of 3.6%, with the rate of decline narrowing by 0.2 percentage points compared to the previous month [1] - The Producer Purchase Price (PPP) has a year-on-year decline of 4.5% and a month-on-month decline of 0.3%, with the rate of decline narrowing by 0.4 percentage points compared to the previous month [1] Group 1: Producer Prices - The decline in producer prices is influenced by a 0.2% decrease in both production materials and living materials, contributing approximately 0.17 percentage points and 0.06 percentage points to the overall decline in producer prices, respectively [4] - The prices of production materials decreased by 4.3%, impacting the overall producer price level by approximately 3.20 percentage points, while living materials saw a decrease of 1.6%, contributing about 0.42 percentage points to the decline [4] - Specific declines in material prices include black metal materials down 8.0%, fuel and power down 10.8%, chemical raw materials down 6.5%, agricultural products down 4.6%, building materials and non-metallic materials down 3.8%, textile raw materials down 2.5%, and an increase in non-ferrous metal materials and wires by 2.8% [4] Group 2: Purchase Prices - The purchase prices for agricultural products remained stable, while building materials and non-metallic materials decreased by 1.4%, textile raw materials by 0.1%, and fuel and power by 0.6% [6] - The prices of black metal materials decreased by 0.7%, chemical raw materials by 0.5%, and non-ferrous metal materials and wires increased by 0.7% [6]

（文章来源：深圳商报） ...

Group 1 - The core viewpoint of the article indicates a decline in industrial producer prices in July 2025, with a month-on-month decrease of 0.2% for ex-factory prices and 0.3% for purchase prices, showing a narrowing decline compared to the previous month [1] - Year-on-year, industrial producer ex-factory prices fell by 3.6%, while purchase prices decreased by 4.5% [1] - From January to July, the average industrial producer ex-factory prices decreased by 2.9% compared to the same period last year, and purchase prices fell by 3.2% [1]

Core Insights - In July 2025, the national industrial producer price index (PPI) decreased by 0.2% month-on-month, while the industrial producer purchase price index (PPPI) fell by 0.3%, with the decline narrowing by 0.2 and 0.4 percentage points compared to the previous month respectively [1] - Year-on-year, the PPI dropped by 3.6%, and the PPPI decreased by 4.5% [1] - For the average from January to July, the PPI declined by 2.9% compared to the same period last year, and the PPPI fell by 3.2% [1] Price Changes in July - In July, the prices of production materials decreased by 4.3%, contributing approximately 3.20 percentage points to the overall decline in the PPI [3] - The mining industry saw a price drop of 14.0%, while raw materials and processing industries experienced declines of 5.4% and 3.1% respectively [3] - Prices of living materials decreased by 1.6%, impacting the overall PPI by about 0.42 percentage points, with food prices down by 1.8% and durable goods prices down by 3.5% [3] Month-on-Month Price Changes - In July, the production materials prices decreased by 0.2%, affecting the overall PPI by approximately 0.17 percentage points [8] - The mining industry prices fell by 0.2%, raw materials prices decreased by 0.1%, and processing industry prices dropped by 0.3% [8] - Living materials prices also decreased by 0.2%, with food prices remaining stable and durable goods prices declining by 0.6% [8] Purchase Price Changes - In the PPPI, fuel and power prices decreased by 10.8%, black metal materials by 8.0%, and chemical raw materials by 6.5% [7] - Agricultural products prices fell by 4.6%, while construction materials and non-metallic materials prices decreased by 3.8% [7] - However, prices for non-ferrous metal materials and wires increased by 2.8% [7]

Core Viewpoint - In June 2025, the national industrial producer price index showed a year-on-year decline of 3.6% for ex-factory prices and a 0.4% month-on-month decline, indicating a continued downward trend in industrial pricing pressures [1]. Group 1: Year-on-Year Changes in Industrial Producer Prices - In June, the ex-factory prices of industrial producers saw a decline in production materials by 4.4%, contributing approximately 3.26 percentage points to the overall decrease in ex-factory prices. The mining industry experienced a significant drop of 13.2%, while raw materials and processing industries saw declines of 5.5% and 3.2%, respectively [3]. - Prices for living materials decreased by 1.4%, impacting the overall ex-factory price level by about 0.35 percentage points. Food prices fell by 2.0%, while clothing prices increased by 0.1%, and general daily goods prices rose by 0.8%. Durable consumer goods prices, however, decreased by 2.7% [3]. Group 2: Month-on-Month Changes in Industrial Producer Prices - In June, the month-on-month ex-factory prices of industrial producers showed a 0.6% decline in production materials, affecting the overall price level by approximately 0.42 percentage points. The mining industry prices decreased by 1.2%, raw materials by 0.7%, and processing industry prices by 0.5% [7]. - Living materials prices saw a slight decline of 0.1%, contributing about 0.02 percentage points to the overall price level decrease. Food prices fell by 0.3%, while clothing prices remained stable, and general daily goods prices increased by 0.1% [7]. Group 3: Changes in Industrial Producer Purchase Prices - In June, the purchase prices for industrial producers showed a significant decline in fuel and power categories by 10.4%, black metal materials by 8.0%, and chemical raw materials by 6.2%. Agricultural products also saw a decrease of 4.2%, while construction materials and non-metallic categories dropped by 2.6% [6]. - The textile raw materials category experienced a decline of 2.4%, while prices for non-ferrous metal materials and wires increased by 2.4% [6].

Economic Overview - During the 14th Five-Year Plan period, China's economic total has successively surpassed 110 trillion, 120 trillion, and 130 trillion yuan, with an expected reach of approximately 140 trillion yuan this year [1] - In June, the consumer price index increased by 0.1% year-on-year, while the producer price index for industrial producers decreased by 3.6% year-on-year [2] Trade and Regulatory Developments - The Ministry of Commerce has included eight entities from Taiwan, including Hanxiang Aerospace Industrial Co., Ltd., in the export control list [3] - According to reports, the U.S. Commerce Secretary indicated that a U.S. delegation is expected to meet with Chinese officials next month to discuss trade issues [4] Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.29%, the Shenzhen Component Index increased by 0.36%, and the ChiNext Index gained 0.8%. In contrast, the Hang Seng Index fell by 0.74%, and the Hang Seng Tech Index declined by 1.14% [5]

Group 1 - The core point of the article indicates that in June, the prices in the mining industry decreased by 13.2% year-on-year, contributing significantly to the overall decline in industrial producer prices [1] - The prices of production materials fell by 4.4%, which impacted the total level of industrial producer prices by approximately 3.26 percentage points [1] - The prices of raw materials decreased by 5.5%, while processing industry prices saw a decline of 3.2% [1] Group 2 - The prices of living materials decreased by 1.4%, affecting the total level of industrial producer prices by about 0.35 percentage points [1] - Food prices dropped by 2.0%, while clothing prices increased by 0.1% and general daily necessities rose by 0.8% [1] - Durable consumer goods prices fell by 2.7% [1]

Group 1 - The core point of the article indicates that in June, the national consumer price index (CPI) decreased by 0.1% month-on-month, suggesting a slight deflationary trend in consumer prices [1] - The national industrial producer price index (PPI) also saw a month-on-month decline of 0.4%, reflecting potential challenges in the manufacturing sector [1]