Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of February 3, 2026, is 1.40, an increase of 0.25 from January 27. Key contributors to this rise include the "import dry bulk freight index" and the "30-city commodity housing sales index," which increased by 0.29 and 0.16 respectively [1][4]. Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for January is 49.3%, down 0.8 percentage points from the previous month. Large enterprises maintain a PMI of 50.3%, while medium and small enterprises are at 48.7% and 47.4% respectively [20]. - High-tech manufacturing and equipment manufacturing PMIs remain in the expansion zone at 52.0% and 50.1% respectively [20]. Supply and Demand Indicators - The production index decreased by 1.1 percentage points to 50.6%, while the new orders index fell from 50.8% to 49.2%, and the new export orders index dropped from 49.0% to 47.8% [2][20]. - The purchasing volume index decreased from 51.1% to 48.7%, indicating weakened demand for raw materials [2][20]. Non-Manufacturing Sector - The non-manufacturing business activity index is at 49.4%, down 0.8 percentage points and in the contraction zone. The construction and service sector PMIs are at 48.8% and 49.5% respectively [21]. Price Indices - The main raw material purchasing price index increased by 3.0 percentage points to 56.1%, the highest level since June 2024. The factory price index rose from 48.9% to 50.6% [2][20]. Financial Market Indicators - The central bank's net fund injection through open market operations is 138.3 billion yuan, with a reverse repurchase amount of 1.3895 trillion yuan [7]. - The overnight interbank rate decreased by 5 basis points to 1.43%, while the seven-day repo rate fell by 7 basis points to 1.56% [11][12]. Real Estate Market - New housing transaction areas in first, second, and third-tier cities increased by 8.7%, 30.87%, and 50.31% respectively, while second-hand housing transaction areas decreased by 3.47%, 5.73%, and 34.4% [33]. Commodity Prices - Steel billet prices decreased by 0.34% week-on-week and year-on-year, while cement prices fell by 0.80% week-on-week and 18.57% year-on-year [22]. - The coal price remained stable at 685 yuan/ton, with an increase in the number of vessels at the Qinhuangdao anchorage [26].

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of August 19, 2025, is 1.15, down 0.05 from August 12 [1][3] - The "import dry bulk freight index" fell by 0.10 to 1.02, contributing to the decline in YHEI [1][3] - The "30-city commodity housing sales index" increased by 0.03 to 0.44, fluctuating between 0.41 and 0.45 since early August [1][3] Consumption and Retail - In July, the total retail sales of consumer goods reached 38,780.2 billion yuan, growing by 3.7% year-on-year, a decrease of 1.1 percentage points from the previous month [25] - Retail sales of goods grew by 4.0%, down 1.3 percentage points from last month, while catering revenue increased by 1.1%, up 0.2 percentage points [25] - Excluding automobiles, retail sales of consumer goods grew by 4.3%, down from 4.8% in the previous month [25] Automotive Sector - Automotive sales saw a year-on-year growth of 14.66%, up from 13.83% last month, indicating continuous improvement over four months [25] Foreign Trade - In July, the trade surplus was 98.245 billion USD, a year-on-year increase of 14.93%, but the growth rate decreased by 0.78 percentage points from the previous month [25] - Import and export amounts grew by 4.1% and 7.2% year-on-year, respectively, both higher than last month [25] Industrial Production - In July, the industrial added value for large-scale industries grew by 5.7% year-on-year, a decrease of 1.1 percentage points [26] - High-tech industries saw a growth rate of 9.3%, down 0.4 percentage points [26] - The production index for the service industry grew by 5.8%, slowing down by 0.2 percentage points for two consecutive months [26] Monetary Policy - The central bank's net fund injection through open market operations was 684.2 billion yuan as of August 19 [6] - The 7-day reverse repurchase rate was 1.4% [6] Interest Rates - The overnight interbank rate rose by 21 basis points to 1.57% over the past week [11][12] - The 1-year and 5-year swap rates increased by 2 and 5 basis points to 1.54% and 1.63%, respectively [15][18] Real Estate Market - In the week ending August 19, new and second-hand housing transaction areas in first-tier cities increased by 6.71% and 7.06%, respectively [42][45] - In contrast, third-tier cities saw a decrease in transaction areas by 5.13% and 29.2% for new and second-hand homes [42][45] Shipping and Logistics - The China Coastal Bulk Freight Index (CCBFI) rose by 30.48 points to 1,090.99 points [38] - The Baltic Dry Index fell by 53 points to 1,964 points [38] Global Economic Indicators - The US dollar index increased by 0.21 points to 98.28, while the RMB/USD exchange rate rose by 91 basis points to 7.182 [53][54]