Economic Growth and Stability - In August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year, with high-tech manufacturing growing by 9.3% [1] - The total import and export value reached 38,744 billion yuan, reflecting a year-on-year growth of 3.5% [1] - The overall operation of the national economy remains stable, with high-quality development being steadily advanced [1] Sector Performance - The manufacturing value added for smart vehicle equipment and electronic components grew by 17.7% and 13.1% respectively, while integrated circuit manufacturing increased by 23.5% [2] - The modern service industry showed positive momentum, with the production index for information transmission software and IT services growing by 12.1%, and leasing and business services by 7.4% [2] - The production of new energy vehicles and lithium-ion batteries for vehicles surged by 22.7% and 44.2% respectively in August [2] Trade and Policy Impact - From January to August, the import and export value with countries involved in the Belt and Road Initiative increased by 5.4%, outpacing the overall import and export growth rate [2] - The macroeconomic policies are effectively supporting economic stability and growth, with ongoing reforms and deepening of opening-up measures [2] - The underlying conditions for long-term economic improvement remain unchanged, driven by the release of consumption potential, cultivation of new driving forces, and enhanced market vitality [2]

9月15日，国家统计局发布8月份国民经济运行情况最新数据：全国规模以上工业增加值同比增长 5.2%，全国服务业生产指数同比增长5.6%，货物进出口总额38744亿元……从多项主要指标看，8月份 宏观政策协同发力，国民经济运行保持总体平稳、稳中有进发展态势。 运行总体稳定。从指标变化看，前8个月主要生产需求指标保持平稳增长，规模以上工业增加值、 服务业生产指数、社会消费品零售总额、货物进出口增速与1至7月份基本相当，经济增长"稳"没有改 变。8月份全国城镇调查失业率为5.3%，就业"稳"没有改变。8月份扣除食品和能源后的核心CPI同比上 涨0.9%，涨幅连续4个月扩大，价格"稳"也没有改变。 转型升级持续，创新引领作用突出。8月份，智能车载设备制造、电子元器件及设备制造增加值分 别增长17.7%、13.1%，集成电路制造增加值增长23.5%。8月份，信息传输软件和信息技术服务业、租 赁和商务服务业生产指数分别增长12.1%和7.4%。 政策作用持续显现 今年以来，中国大力提振消费，提高投资效益，全方位扩大国内需求，纵深推进全国统一大市场建 设。政策效果如何？ 付凌晖说，从8月份数据来看，各项政策对于扩内需、优供 ...

Economic Overview - The macroeconomic policies are effectively coordinated, leading to a stable overall operation of the national economy, with steady progress in transformation and upgrading, and new achievements in high-quality development [1] - The economic growth remains stable, with key production and demand indicators showing consistent growth in the first eight months [2] Employment and Prices - The urban survey unemployment rate in August was 5.3%, slightly up from the previous month but consistent with the same period last year, indicating stable employment [2] - In August, the consumer price index (CPI) decreased by 0.4% year-on-year, primarily due to falling food prices, while the core CPI, excluding food and energy, rose by 0.9%, marking an expansion in the price increase for four consecutive months [2] Industrial Growth and Innovation - The transformation and upgrading of industries continue, with significant growth in sectors such as smart vehicle equipment manufacturing (17.7% increase) and integrated circuit manufacturing (23.5% increase) in August [3] - The high-tech manufacturing sector saw an 8.1% increase, while modern service industries like information technology services grew by 12.1% [3] Policy Effects - The implementation of proactive macro policies has shown positive effects, with consumer demand being stimulated through policies like the third batch of consumption upgrades [4] - Retail sales in categories such as home appliances and furniture maintained double-digit growth in August, reflecting the effectiveness of these policies [4] Market Dynamics - The logistics industry showed improvement, with an increase in railway freight volume and rapid growth in express delivery services [5] - The Producer Price Index (PPI) stabilized in August, indicating positive changes in production prices, particularly in coal mining and black metal industries [5] Future Outlook - The long-term supportive conditions for economic growth remain unchanged, with macro policies effectively promoting stability and the dual circulation strategy gradually taking shape [6] - Consumer potential is expected to continue being released, with new consumption patterns emerging and significant growth in sectors like green and digital consumption [6] Market Vitality - The construction of a unified national market is enhancing market vitality, with manufacturing profits increasing by 4.8% year-on-year in the first seven months [7] - The manufacturing and service sectors showed positive business activity expectations in August, indicating a favorable outlook for future economic performance [7]

Economic Performance - The national economy is maintaining overall stability and progress, with macro policies expected to support steady economic performance in the third quarter [1] - In August, the industrial added value of large-scale enterprises grew by 5.2% year-on-year, while the service production index increased by 5.6%, indicating a better growth trend than the industrial sector [1] - The total retail sales of consumer goods in August rose by 3.4% year-on-year, with a notable increase in the sales of products related to trade-in programs [1] Investment and Consumption - Fixed asset investment from January to August increased by 0.5% year-on-year, with manufacturing investment growing by 5.1%, significantly outpacing overall investment growth [1] - The implementation of consumption-boosting policies, such as trade-in programs and various social welfare measures, is expected to enhance consumer capacity and willingness [3] Sectoral Growth - The economic transformation and upgrading are ongoing, with significant growth in artificial intelligence and digitalization, leading to rapid growth in related industries [2] - In August, the manufacturing value added for smart vehicle equipment and electronic components grew by 17.7% and 13.1%, respectively [2] - The production of new energy vehicles and lithium-ion batteries for vehicles increased by 22.7% and 44.2%, respectively, reflecting a steady pace in green transformation [2] Policy and Future Outlook - The implementation of a series of policies to support the development of the private economy and promote private investment is expected to optimize the investment environment and support growth [3] - The upcoming Mid-Autumn Festival and National Day holidays are anticipated to further stimulate consumer spending, contributing to the expansion and quality improvement of consumption [3]

Core Viewpoint - The national economy of China is maintaining overall stability and progress, with steady growth in production, expanding domestic demand, and increasing foreign trade despite global economic uncertainties [1][2][5]. Economic Performance - Production is showing stable growth, with industrial value-added in August increasing by 5.2% year-on-year, and manufacturing value-added growing by 5.7%, outpacing overall industrial growth [1][2]. - The service sector is also performing well, with a production index growth of 5.6% in August, driven by increased travel and dining activities during the summer [1][2]. Domestic Demand - Domestic consumption is expanding, with retail sales of consumer goods increasing by 3.4% year-on-year in August, and service consumption, particularly in tourism and entertainment, showing strong growth [2]. - Fixed asset investment has grown by 0.5% in the first eight months, with manufacturing investment rising by 5.1%, indicating robust support for manufacturing upgrades [2]. Foreign Trade and Reserves - China's foreign trade remains resilient, with total goods trade increasing by 3.5% year-on-year in August, and exports of electromechanical products growing by 9.2% in the first eight months [2]. - Foreign exchange reserves increased by $29.9 billion at the end of August, reflecting a stable upward trend [2]. Stability Indicators - Key economic indicators have shown stable growth from January to August, with the urban unemployment rate at 5.3%, remaining consistent with the previous year [3]. - Consumer prices decreased by 0.4% year-on-year in August, primarily due to falling food prices, while core CPI (excluding food and energy) rose by 0.9% [3]. Transformation and Innovation - The rise of artificial intelligence and digitalization is driving growth in related industries, with significant increases in the manufacturing of smart vehicle equipment (17.7%) and integrated circuits (23.5%) in August [4]. - The modern service sector is also thriving, with information technology services growing by 12.1% [4]. Future Outlook - The long-term supportive conditions for China's economy remain unchanged, with macroeconomic policies expected to continue fostering stable growth [5].

产业升级态势良好。"人工智能+"行动深入实施，智能终端产品日益受到青睐。8月份，工业机器 人、机器人减速器等新产品产量都保持了较快增长，集成电路制造、电子专用材料制造行业增加值增速 均超过20%。 从服务业看，服务业生产指数同比增长5.6%。现代服务业增势较好，信息传输软件和信息技术服 务业、租赁和商务服务业生产指数分别增长12.1%和7.4%。前8个月，服务零售额同比增长5.1%，增速 快于商品零售额增速。 从投资看，1—8月份，固定资产投资同比增长0.5%，其中制造业投资增长5.1%，明显快于全部投 资，为制造业升级发展提供有力支撑。 今年以来，大规模设备更新对投资的带动作用继续显现。前8个月，设备工器具购置投资同比增长 14.4%。 0:00/2:14 国务院新闻办公室今天（9月15日）举行新闻发布会。国家统计局发布的最新数据显示，8月份宏观 政策协同发力，新动能培育壮大，生产需求基本平稳，就业物价总体稳定，国民经济保持总体平稳、稳 中有进发展态势。 从农业看，早稻小幅增产，秋粮播种面积稳中略增。从工业看，8月份，规模以上工业增加值同比 增长5.2%。其中，制造业增加值同比增长5.7%，装备制造业和高技 ...

央视网消息（新闻联播）：国务院新闻办公室9月15日举行新闻发布会。国家统计局发布的最新数据显示，8月份宏观政策协同发力，新动能培育壮大， 生产需求基本平稳，就业物价总体稳定，国民经济保持总体平稳、稳中有进发展态势。 从农业看，早稻小幅增产，秋粮播种面积稳中略增。从工业看，8月份，规模以上工业增加值同比增长5.2%。其中，制造业增加值同比增长5.7%，装备 制造业和高技术制造业增加值都快于全部规模以上工业，产业高端化发展向好。 从服务业看，服务业生产指数同比增长5.6%。现代服务业增势较好，信息传输软件和信息技术服务业、租赁和商务服务业生产指数分别增长12.1%和 7.4%。前8个月，服务零售额同比增长5.1%，增速快于商品零售额增速。 从投资看，1—8月份，固定资产投资同比增长0.5%，其中制造业投资增长5.1%，明显快于全部投资，为制造业升级发展提供有力支撑。 今年以来，大规模设备更新对投资的带动作用继续显现。前8个月，设备工器具购置投资同比增长14.4%。 产业升级态势良好。"人工智能+"行动深入实施，智能终端产品日益受到青睐。8月份，工业机器人、机器人减速器等新产品产量都保持了较快增长，集 成电路制造、 ...

Core Insights - The rapid growth of artificial intelligence and digitalization is significantly impacting related industries, with notable increases in manufacturing and service sectors [1] Industry Performance - In August, the value added in the manufacturing of smart vehicle equipment and electronic components increased by 17.7% and 13.1% respectively, while integrated circuit manufacturing saw a growth of 23.5% [1] - The value added in equipment manufacturing and high-tech manufacturing industries grew by 8.1% and 9.3% year-on-year, respectively, outpacing the overall industrial growth [1] Modern Services Sector - The modern service industry showed positive momentum, with the production index for information transmission, software, and IT services increasing by 12.1%, and leasing and business services rising by 7.4% in August [1] Green Transition - The green transition is progressing steadily, with production of new energy vehicles and lithium-ion batteries for vehicles increasing by 22.7% and 44.2% respectively in August [1] Trade Diversification - From January to August, China's import and export volume with countries involved in the Belt and Road Initiative grew by 5.4%, surpassing the overall import and export growth rate [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In August 2025, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, the national economy maintained a generally stable and progressive development trend. Production and demand were basically stable, employment and prices were generally stable, and new driving forces were cultivated and strengthened [3]. 3. Summary by Relevant Catalogs Industry - In August, the added value of industrial enterprises above designated size increased by 5.2% year - on - year and 0.37% month - on - month. The added value of the mining industry, manufacturing, and the production and supply of electricity, heat, gas, and water increased by 5.1%, 5.7%, and 2.4% year - on - year respectively. The added value of the equipment manufacturing industry and high - tech manufacturing industry increased by 8.1% and 9.3% year - on - year respectively, faster than the overall industrial added value [3]. - From January to August, the added value of industrial enterprises above designated size increased by 6.2% year - on - year. In August, the manufacturing purchasing managers' index was 49.4%, up 0.1 percentage points from the previous month; the enterprise production and operation activity expectation index was 53.7%, up 1.1 percentage points [3]. - From January to July, the total profit of industrial enterprises above designated size was 40204 billion yuan, a year - on - year decrease of 1.7% [3]. Services - In August, the national service industry production index increased by 5.6% year - on - year. The production indexes of information transmission, software and information technology services, finance, and leasing and business services increased by 12.1%, 9.2%, and 7.4% year - on - year respectively, faster than the service industry production index [4]. - From January to August, the national service industry production index increased by 5.9% year - on - year. From January to July, the operating income of service enterprises above designated size increased by 7.4% year - on - year [4]. - In August, the service industry business activity index was 50.5%, up 0.5 percentage points from the previous month; the service industry business activity expectation index was 57.0%, up 0.4 percentage points. Some industries were in the high - level boom range [4]. Consumption - In August, the total retail sales of consumer goods were 39668 billion yuan, a year - on - year increase of 3.4% and a month - on - month increase of 0.17%. The retail sales of urban and rural consumer goods increased by 3.2% and 4.6% year - on - year respectively. The retail sales of goods and catering revenue increased by 3.6% and 2.1% respectively [5]. - From January to August, the total retail sales of consumer goods were 323906 billion yuan, a year - on - year increase of 4.6%. The national online retail sales were 99828 billion yuan, a year - on - year increase of 9.6%. The online retail sales of physical goods were 80964 billion yuan, a year - on - year increase of 6.4%, accounting for 25.0% of the total retail sales of consumer goods [5]. - From January to August, the service retail sales increased by 5.1% year - on - year, with relatively fast growth in cultural and sports leisure services, tourism consulting and leasing services, and transportation services [5]. Investment - From January to August, the national fixed - asset investment (excluding rural households) was 326111 billion yuan, a year - on - year increase of 0.5%. Excluding real estate development investment, it increased by 4.2%. Infrastructure investment increased by 2.0%, manufacturing investment increased by 5.1%, and real estate development investment decreased by 12.9% [6]. - The sales area of newly built commercial housing was 57304 million square meters, a year - on - year decrease of 4.7%; the sales volume was 55015 billion yuan, a year - on - year decrease of 7.3% [6]. - In August, fixed - asset investment (excluding rural households) decreased by 0.20% month - on - month [6]. Import and Export - In August, the total volume of goods imports and exports was 38744 billion yuan, a year - on - year increase of 3.5%. Exports were 23035 billion yuan, an increase of 4.8%; imports were 15709 billion yuan, an increase of 1.7% [7]. - From January to August, the total volume of goods imports and exports was 295696 billion yuan, a year - on - year increase of 3.5%. Exports were 176056 billion yuan, an increase of 6.9%; imports were 119640 billion yuan, a decrease of 1.2% [7]. - From January to August, general trade imports and exports increased by 2.2%, accounting for 63.9% of the total import and export volume. Imports and exports to countries along the Belt and Road increased by 5.4%. Private enterprise imports and exports increased by 7.4%, accounting for 57.1% of the total import and export volume, 2.1 percentage points higher than the previous year [7]. Price - In August, the national consumer price index (CPI) decreased by 0.4% year - on - year and remained flat month - on - month. The core CPI excluding food and energy prices increased by 0.9% year - on - year, with the growth rate expanding by 0.1 percentage points from the previous month [8]. - From January to August, the national consumer price index decreased by 0.1% year - on - year [8]. - In August, the ex - factory price of industrial producers decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points, and remained flat month - on - month; the purchase price of industrial producers decreased by 4.0% year - on - year, with the decline narrowing by 0.5 percentage points, and remained flat month - on - month [8]. Employment - From January to August, the average urban surveyed unemployment rate nationwide was 5.2%. In August, the urban surveyed unemployment rate was 5.3%, up 0.1 percentage points from the previous month, the same as the same month of the previous year [8]. - The surveyed unemployment rate of local household registration labor force was 5.4%; the surveyed unemployment rate of non - local household registration labor force was 5.0%, among which the surveyed unemployment rate of non - local agricultural household registration labor force was 4.7% [8]. - The surveyed unemployment rate in 31 large - scale cities was 5.3%, up 0.1 percentage points from the previous month and down 0.1 percentage points from the same month of the previous year. The average weekly working hours of enterprise employees nationwide were 48.5 hours [8].

Core Viewpoint - The macroeconomic indicators for August show a stable and improving trend in China's economy, with notable growth in industrial production, service sector, and retail sales, despite challenges in fixed asset investment and external uncertainties [12]. Group 1: Industrial Production - In August, the industrial added value for large-scale enterprises increased by 5.2% year-on-year and 0.37% month-on-month [1][4] - From January to August, the industrial added value grew by 6.2% year-on-year [1][4] - The manufacturing sector saw a 5.7% increase, with equipment manufacturing and high-tech manufacturing growing by 8.1% and 9.3% respectively [4] Group 2: Service Sector - The service sector production index rose by 5.6% year-on-year in August, with significant growth in information transmission, finance, and business services [5] - From January to August, the service sector production index increased by 5.9% year-on-year [5] Group 3: Retail Sales - In August, the total retail sales of consumer goods reached 39,668 billion yuan, a year-on-year increase of 3.4% [2][6] - Online retail sales for the first eight months totaled 99,828 billion yuan, growing by 9.6% year-on-year [7] Group 4: Fixed Asset Investment - From January to August, fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5% [3][8] - Real estate development investment saw a significant decline of 12.9% year-on-year [3][8] Group 5: Trade and Employment - In August, the total value of goods imports and exports was 38,744 billion yuan, with exports growing by 4.8% [9] - The urban surveyed unemployment rate in August was 5.3%, showing a slight increase from the previous month [10] Group 6: Price Indices - The Consumer Price Index (CPI) in August decreased by 0.4% year-on-year, while the core CPI rose by 0.9% [11] - The Producer Price Index (PPI) for industrial producers fell by 2.9% year-on-year, with a narrowing decline compared to the previous month [11]