2025年1—7月份，全国固定资产投资（不含农户）288229亿元，同比增长1.6%（按可比口径计算，详 见附注7）。其中，民间固定资产投资同比下降1.5%。从环比看，7月份固定资产投资（不含农户）下 降0.63%。 分产业看，第一产业投资5646亿元，同比增长5.6%；第二产业投资104455亿元，增长8.9%；第三产业 投资178128亿元，下降2.3%。 第二产业中，工业投资同比增长9.0%。其中，采矿业投资增长3.0%，制造业投资增长6.2%，电力、热 力、燃气及水生产和供应业投资增长21.5%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长3.2%。其中，水上 运输业投资增长18.9%，水利管理业投资增长12.6%，铁路运输业投资增长5.9%。 分地区看，东部地区投资同比下降2.4%，中部地区投资增长3.2%，西部地区投资增长3.6%，东北地区 投资下降3.0%。 分登记注册类型看，内资企业固定资产投资同比增长1.7%，港澳台企业固定资产投资增长3.5%，外商 企业固定资产投资下降15.7%。 | | (1) M H M N K | 1 = X >> JH | | | - ...

7月份，规模以上工业增加值同比实际增长5.7%（增加值增速均为扣除价格因素的实际增长率）。从环比 看，7月份，规模以上工业增加值比上月增长0.38%。1—7月份，规模以上工业增加值同比增长6.3%。 分三大门类看，7月份，采矿业增加值同比增长5.0%，制造业增长6.2%，电力、热力、燃气及水生产和供 应业增长3.3%。 分经济类型看，7月份，国有控股企业增加值同比增长5.4%；股份制企业增长6.5%，外商及港澳台投资企 业增长2.8%；私营企业增长5.0%。 分行业看，7月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长 4.2%，石油和天然气开采业增长4.1%，农副食品加工业增长5.6%，酒、饮料和精制茶制造业增长0.1%， 纺织业增长1.7%，化学原料和化学制品制造业增长7.2%，非金属矿物制品业下降0.6%，黑色金属冶炼和 压延加工业增长8.6%，有色金属冶炼和压延加工业增长6.8%，通用设备制造业增长8.4%，专用设备制造 业增长3.8%，汽车制造业增长8.5%，铁路、船舶、航空航天和其他运输设备制造业增长13.7%，电气机械 和器材制造业增长10.2%，计算机、通信和其 ...

Core Insights - National fixed asset investment (excluding rural households) reached 28,822.9 billion yuan from January to July 2025, showing a year-on-year growth of 1.6% [1] - Private fixed asset investment experienced a year-on-year decline of 1.5% [1] - In July, fixed asset investment (excluding rural households) decreased by 0.63% month-on-month [1] Investment by Industry - First industry investment totaled 564.6 billion yuan, with a year-on-year increase of 5.6% [1] - Second industry investment amounted to 1,044.55 billion yuan, growing by 8.9% [1] - Third industry investment reached 1,781.28 billion yuan, declining by 2.3% [1] - Within the second industry, industrial investment grew by 9.0%, with mining investment increasing by 3.0%, manufacturing investment rising by 6.2%, and investment in electricity, heat, gas, and water production and supply surging by 21.5% [1] - In the third industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 3.2%, with water transport investment increasing by 18.9%, water conservancy management investment rising by 12.6%, and railway transport investment growing by 5.9% [1] Regional Investment Trends - Eastern region investment declined by 2.4% year-on-year [1] - Central region investment increased by 3.2% [1] - Western region investment grew by 3.6% [1] - Northeastern region investment decreased by 3.0% [1] Investment by Registration Type - Domestic enterprise fixed asset investment rose by 1.7% year-on-year [1] - Investment from Hong Kong, Macau, and Taiwan enterprises increased by 3.5% [1] - Foreign enterprise fixed asset investment saw a significant decline of 15.7% [1]

Core Insights - National fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July 2025, showing a year-on-year growth of 1.6% [1][5] - Private fixed asset investment declined by 1.5% year-on-year during the same period [1][5] - In July 2025, fixed asset investment (excluding rural households) decreased by 0.63% month-on-month [1] Investment by Industry - First industry investment totaled 5,646 billion yuan, with a year-on-year increase of 5.6% [3][5] - Second industry investment reached 104,455 billion yuan, growing by 8.9% [3][5] - Third industry investment was 178,128 billion yuan, experiencing a decline of 2.3% [3][5] Second Industry Breakdown - Industrial investment within the second industry grew by 9.0% year-on-year [4] - Mining investment increased by 3.0%, manufacturing investment rose by 6.2%, and investment in electricity, heat, gas, and water production and supply surged by 21.5% [4] Third Industry Insights - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the third industry grew by 3.2% [4] - Notable increases in water transportation investment (18.9%), water conservancy management investment (12.6%), and railway transportation investment (5.9%) were observed [4] Regional Investment Trends - Eastern region investment declined by 2.4%, while the central region saw a growth of 3.2%, and the western region increased by 3.6% [4] - Northeast region investment decreased by 3.0% [4] Investment by Registration Type - Domestic enterprise fixed asset investment grew by 1.7%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 3.5% [4] - Foreign enterprise fixed asset investment saw a significant decline of 15.7% [4]

Economic Performance - In July, the mining industry added value increased by 5.0% year-on-year, manufacturing grew by 6.2%, and the electricity, heat, gas, and water production and supply industry grew by 3.3% [2] - State-owned enterprises' added value increased by 5.4%, joint-stock enterprises grew by 6.5%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.8%, and private enterprises grew by 5.0% [2] Industry Analysis - Out of 41 major industries, 35 maintained year-on-year growth in added value in July. Key sectors included coal mining and washing (4.2% growth), oil and gas extraction (4.1% growth), and agricultural and sideline food processing (5.6% growth) [2] - Notable growth was observed in black metal smelting and rolling (8.6%), non-ferrous metal smelting and rolling (6.8%), general equipment manufacturing (8.4%), and automotive manufacturing (8.5%) [2] Product Output - Among 623 industrial products, 335 saw year-on-year output growth in July. Steel production reached 12.295 million tons (6.4% growth), cement production was 14.557 million tons (5.6% decline), and automotive production was 2.51 million units (8.4% growth) [3] - New energy vehicles saw significant growth of 17.1%, with production reaching 1.176 million units [3] Sales and Exports - The sales rate for products from large-scale industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year [4] - The export delivery value for large-scale industrial enterprises was 1.2904 trillion yuan, reflecting a nominal year-on-year growth of 0.8% [4]

7月份，规模以上工业增加值同比实际增长5.7%（增加值增速均为扣除价格因素的实际增长率）。从环比看，7月份，规模以上工业增加值比上月增长 0.38%。1—7月份，规模以上工业增加值同比增长6.3%。 分三大门类看，7月份，采矿业增加值同比增长5.0%，制造业增长6.2%，电力、热力、燃气及水生产和供应业增长3.3%。 分经济类型看，7月份，国有控股企业增加值同比增长5.4%；股份制企业增长6.5%，外商及港澳台投资企业增长2.8%；私营企业增长5.0%。 分行业看，7月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长4.2%，石油和天然气开采业增长4.1%，农副食品加工业 增长5.6%，酒、饮料和精制茶制造业增长0.1%，纺织业增长1.7%，化学原料和化学制品制造业增长7.2%，非金属矿物制品业下降0.6%，黑色金属冶炼和压 延加工业增长8.6%，有色金属冶炼和压延加工业增长6.8%，通用设备制造业增长8.4%，专用设备制造业增长3.8%，汽车制造业增长8.5%，铁路、船舶、航 空航天和其他运输设备制造业增长13.7%，电气机械和器材制造业增长10.2%，计算机、通信和其他电子设 ...

1-7月份，全国固定资产投资（不含农户）288229亿元，同比增长1.6%。其中，民间固定资产投资同比下降1.5%。从环比看，7月 份固定资产投资（不含农户）下降0.63%。 分产业看，第一产业投资5646亿元，同比增长5.6%；第二产业投资104455亿元，增长8.9%；第三产业投资178128亿元，下降 2.3%。 第二产业中，工业投资同比增长9.0%。其中，采矿业投资增长3.0%，制造业投资增长6.2%，电力、热力、燃气及水生产和供应 业投资增长21.5%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长3.2%。其中，水上运输业投资增长18.9%，水 利管理业投资增长12.6%，铁路运输业投资增长5.9%。 分地区看，东部地区投资同比下降2.4%，中部地区投资增长3.2%，西部地区投资增长3.6%，东北地区投资下降3.0%。 分登记注册类型看，内资企业固定资产投资同比增长1.7%，港澳台企业固定资产投资增长3.5%，外商企业固定资产投资下降 15.7%。 | 指 标 | 同比增长(%) | | --- | --- | | 固定资产投资(不含农户) | 1.6 | | 其中:国 ...

Economic Overview - In July, the industrial added value increased by 5.7% year-on-year, with mining growing by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [4] - Among the economic types, state-controlled enterprises saw a 5.4% increase, joint-stock enterprises grew by 6.5%, foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 2.8%, and private enterprises grew by 5.0% [4] Industry Performance - Out of 41 major industries, 35 reported year-on-year growth in added value in July. Notable growth was seen in black metal smelting and rolling (8.6%), non-ferrous metal smelting and rolling (6.8%), and general equipment manufacturing (8.4%) [2][4] - The automotive manufacturing sector grew by 8.5%, with new energy vehicles increasing by 17.1% [3][4] Product Output - In July, among 623 industrial products, 335 saw a year-on-year increase in output. Steel production reached 12.295 million tons (up 6.4%), while cement production fell to 14.557 million tons (down 5.6%) [3] - The output of ethylene was 3.12 million tons (up 9.1%), and automobile production was 2.51 million units (up 8.4%) [3][4] Sales and Exports - The sales rate for industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year. The export delivery value reached 1.2904 trillion yuan, a nominal increase of 0.8% [3][4]

Core Insights - In the first seven months of 2025, China's fixed asset investment (excluding rural households) reached 288,229 billion yuan, showing a year-on-year growth of 1.6% on a comparable basis [1][5][17] - Private fixed asset investment experienced a decline of 1.5% year-on-year [1][5] - In July 2025, fixed asset investment (excluding rural households) decreased by 0.63% month-on-month [1] Investment by Industry - Investment in the primary industry amounted to 5,646 billion yuan, with a year-on-year increase of 5.6% [3][6] - The secondary industry saw an investment of 104,455 billion yuan, growing by 8.9% year-on-year, with industrial investment specifically increasing by 9.0% [3][6] - The tertiary industry experienced a decline in investment, totaling 178,128 billion yuan, down 2.3% year-on-year [3][6] - Within the secondary industry, mining investment grew by 3.0%, manufacturing investment increased by 6.2%, and investment in electricity, heat, gas, and water production and supply surged by 21.5% [3][6] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary industry rose by 3.2% year-on-year, with notable increases in water transport (18.9%), water conservancy management (12.6%), and railway transport (5.9%) [3][6] - Investment trends varied by region: eastern regions saw a decline of 2.4%, while central and western regions experienced growth of 3.2% and 3.6%, respectively; northeastern regions faced a decline of 3.0% [3][6] Investment by Ownership Type - Domestic enterprises' fixed asset investment grew by 1.7%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 3.5%; foreign enterprises, however, saw a significant decline of 15.7% [4][6]

Group 1 - The capacity utilization rate for the electricity, heat, gas, and water production and supply industry in the second quarter of 2025 was 71.5%, which represents a 0.1 percentage point increase compared to the same period last year [1] - For the first half of 2025, the cumulative capacity utilization rate for the industry was 72.6%, showing a 1.3 percentage point increase compared to the same period last year [1]