Group 1: Industrial Production - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [1] - The manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 8.4% and 9.3% respectively [1] - The profit of large-scale industrial enterprises from January to June was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] Group 2: Service Industry - In July, the service production index increased by 5.8% year-on-year, with significant growth in information transmission, finance, and business services [2] - The business activity index for the service industry was at 50.0%, indicating stable activity levels [2] - From January to July, the service production index grew by 5.9% year-on-year [2] Group 3: Market Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [3] - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail accounting for 24.9% of total retail sales [3] - The retail sales of household appliances and audio-visual equipment increased by 28.7% year-on-year [3] Group 4: Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) was 288,229 billion yuan, a year-on-year increase of 1.6% [4] - Manufacturing investment grew by 6.2%, while real estate development investment decreased by 12.0% [4] - High-tech industries such as aerospace and information services saw significant investment growth of 33.9% and 32.8% respectively [4] Group 5: Trade and Exports - In July, the total import and export value reached 39,102 billion yuan, a year-on-year increase of 6.7% [5] - Exports grew by 8.0% year-on-year, while imports increased by 4.8% [5] - Private enterprises accounted for 57.1% of total imports and exports, with a growth rate of 7.4% [5] Group 6: Employment - The urban surveyed unemployment rate in July was 5.2%, showing a seasonal increase [6] - The average working hours for employees in enterprises was 48.5 hours per week [6] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 5.1% [6] Group 7: Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [7] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a slight increase in inflationary pressure [7] - The Producer Price Index (PPI) for industrial producers decreased by 3.6% year-on-year [7] Group 8: Overall Economic Outlook - The macroeconomic policies have shown effectiveness, maintaining a stable growth trend despite external challenges [8] - The focus remains on stabilizing employment, businesses, and market expectations while promoting domestic demand [8] - The government aims to implement policies thoroughly to ensure steady and healthy economic development [8]

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]

Economic Overview - In July, macro policies showed effectiveness, allowing the national economy to maintain a stable and progressive development trend despite complex external environments and extreme weather conditions [1][10] - The economy demonstrated strong resilience and vitality, with continuous growth in production and demand, stable employment and prices, and new achievements in high-quality development [1][10] Industrial Production - In July, the industrial added value above designated size increased by 5.7% year-on-year and 0.38% month-on-month [2] - The manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 8.4% and 9.3%, respectively, outpacing the overall industrial growth [2] - The profit of industrial enterprises above designated size totaled 34,365 billion yuan in the first half of the year, a year-on-year decrease of 1.8% [2] Service Sector - The service production index rose by 5.8% year-on-year in July, with significant growth in information transmission, finance, and business services [3] - The business activity index for the service sector was at 50.0%, indicating stable activity levels [3] Retail Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [4] - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail accounting for 24.9% of total retail sales [4] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) was 288,229 billion yuan, a year-on-year increase of 1.6% [5] - Manufacturing investment grew by 6.2%, while real estate development investment decreased by 12.0% [5] Trade and Exports - In July, the total value of goods imports and exports reached 39,102 billion yuan, a year-on-year increase of 6.7% [7] - Exports grew by 8.0%, while imports increased by 4.8% [7] Employment - The urban survey unemployment rate averaged 5.2% from January to July, with a slight increase in July [8] - The average weekly working hours for employed persons were 48.5 hours [8] Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [9] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a slight increase in inflationary pressure [9]

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 national economy maintained a steady growth trend, with industrial production increasing by 5.7% year-on-year and 0.38% month-on-month [30][31] - The mining industry saw a value-added growth of 5.0%, manufacturing grew by 6.2%, and the electricity, heat, gas, and water production and supply industry increased by 3.3% [31] Industrial Production - Among the 41 major industries, 35 reported year-on-year growth in value-added, with notable increases in black metal smelting and rolling (8.6%), non-ferrous metal smelting and rolling (6.8%), and general equipment manufacturing (8.4%) [3][31] - High-tech manufacturing experienced a significant growth of 9.3%, outperforming the overall industrial growth by 3.6 percentage points [31] Product Output - In July, out of 623 industrial products, 335 saw a year-on-year increase in output, including steel (12.295 million tons, up 6.4%), ethylene (3.12 million tons, up 9.1%), and automobiles (2.51 million units, up 8.4%) [4][5] - New energy vehicles production rose by 17.1%, indicating a strong demand in the electric vehicle sector [7] Sales and Exports - The sales rate of industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year, while the export delivery value reached 1.2904 trillion yuan, a nominal increase of 0.8% [5][7] Investment Trends - Fixed asset investment (excluding rural households) reached 288.229 billion yuan in the first seven months, with manufacturing investment growing by 6.2% [34] - High-tech industries such as aerospace and computer equipment manufacturing saw substantial investment growth, with increases of 33.9% and 16.0% respectively [34] Trade Performance - In July, the total value of goods imports and exports was 39.102 billion yuan, a year-on-year increase of 6.7%, with exports growing by 8.0% [35] - Private enterprises accounted for 57.1% of total trade, reflecting an increase in their participation in the market [35]

Core Insights - In July, the industrial added value of large-scale enterprises in China increased by 5.7% year-on-year and 0.38% month-on-month [1] - The mining industry saw a year-on-year increase of 5.0%, manufacturing increased by 6.2%, and the production and supply of electricity, heat, gas, and water grew by 3.3% [1] - The equipment manufacturing industry experienced an 8.4% year-on-year increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial added value by 2.7 and 3.6 percentage points respectively [1] Economic Type Analysis - State-controlled enterprises' added value increased by 5.4% year-on-year; joint-stock enterprises grew by 6.5%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises rose by 2.8%, and private enterprises increased by 5.0% [1] Product Performance - The production of 3D printing equipment, industrial robots, and new energy vehicles increased by 24.2%, 24.0%, and 17.1% year-on-year respectively [1] Overall Industrial Performance - From January to July, the industrial added value of large-scale enterprises increased by 6.3% year-on-year [1] - In July, the manufacturing purchasing managers' index was at 49.3%, while the business activity expectation index was at 52.6% [1] Profitability - From January to June, the total profit of large-scale industrial enterprises reached 34,365 billion yuan, a year-on-year decrease of 1.8% [1]

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]