Consumption - Overall consumption shows improvement, driven by seasonal effects and low base from last year[6] - Automotive retail and wholesale volumes have rebounded, with absolute values at the same level as the average for the same period[6] - High-end liquor prices, such as Moutai, have increased by 0.6% week-on-week, indicating a recovery in premium alcohol sales[6] Investment - Infrastructure special bond issuance has accelerated, with a total of CNY 3.66 trillion issued this year, marking the fastest pace since 2020[16] - Real estate sales have shown seasonal recovery, with new home transaction areas in 30 cities increasing, although this is influenced by the holiday effect[16] - Land market cooling is evident, with land transaction area declining and premium rates dropping to 2.18%[16] Trade and Production - Export prices have been affected by tariff policy changes, with domestic export freight rates decreasing by 0.5%[19] - Most production sectors are experiencing declines, particularly in power generation and steel, due to weak demand and profit adjustments[19] - Coal consumption in coastal provinces has decreased seasonally, reflecting reduced electricity demand as autumn approaches[20] Inventory and Prices - Port coal inventories are at their highest levels for the same period, indicating weak short-term demand from non-electric sectors[30] - Industrial prices are generally rising, with the PPI showing a 0.6% increase, while logistics prices have slightly decreased[33] - The CPI shows a mixed trend, with clothing and transportation prices rising, while food prices, excluding eggs, have generally fallen[33] Liquidity - The RMB has appreciated moderately, with the exchange rate moving from 7.1224 to 7.1125 against the USD, supported by changes in interest rate differentials[35] - The central bank's net liquidity injection was CNY 562.3 billion, maintaining reasonable liquidity levels[35]

Group 1 - The overall consumption is improving, with notable increases in automobile retail and wholesale volumes, as well as high-end liquor prices due to seasonal demand and base effects [1] - Service consumption indicators such as urban population mobility and movie box office revenues are also showing improvement, although the inter-city migration index has turned negative year-on-year [1] - Investment in infrastructure is seeing a rapid issuance of special bonds, while the decline in project contract amounts is narrowing; real estate sales are recovering during the peak season, but the land market is cooling down and construction starts remain low [1] Group 2 - In terms of trade, domestic port freight rates have decreased due to tariff policy disruptions [1] - Most industries are experiencing a decline in production, with sectors like power generation and steel adjusting due to demand or profit influences [1] - Inventory levels are primarily focused on replenishment, with industrial prices rising and CPI showing a differentiated trend [1] Group 3 - The US dollar index has slightly increased, while the Chinese yuan has appreciated moderately [1]