Economic Performance Overview - In July, the industrial production showed a rapid growth with a year-on-year increase of 5.7% and a month-on-month increase of 0.38%. For the first seven months, the industrial added value increased by 6.3% year-on-year [1] - The total retail sales of consumer goods in July reached 38,780 billion yuan, marking a year-on-year growth of 3.7% but a month-on-month decline of 0.14% [1] - Fixed asset investment (excluding rural households) for the first seven months amounted to 288,229 billion yuan, with a year-on-year growth of 1.6%. Excluding real estate development investment, the growth rate was 5.3% [1] Economic Stability and Growth Factors - Despite fluctuations in some economic indicators in July, the overall growth rate of major indicators remains stable, with employment and prices generally stable. The economy is maintaining a steady growth trend [2] - The expansion of market demand is supported by ongoing consumption initiatives, with retail sales of consumer goods growing by 4.8% year-on-year in the first seven months, and service retail sales increasing by 5.2% [2] - The high-tech manufacturing industry saw a year-on-year increase of 9.5% in added value for the first seven months, indicating a positive development in new productive forces [3] Trade and Export Dynamics - In July, the total import and export volume increased by 6.7% year-on-year, reflecting strong resilience and vitality in foreign trade [5] - The diversification of foreign trade is showing positive results, with exports to ASEAN, the EU, and countries involved in the Belt and Road Initiative growing by 14.8%, 8.2%, and 11.7% respectively in the first seven months [6] - The export of mechanical and electrical products increased by 9.3%, with integrated circuit exports growing by 21.8% [6] Price Trends and Inflation - In July, the Consumer Price Index (CPI) rose by 0.4% month-on-month, reversing a previous decline, while the Producer Price Index (PPI) saw a month-on-month decrease of 0.2%, with the decline narrowing compared to the previous month [7] - The improvement in market supply and demand relationships has led to some positive changes in prices, with certain sectors experiencing reduced competitive pressure [7]

Economic Overview - In July, China's economy showed steady progress with improved economic data, driven by effective policies to stabilize growth [1][4] - The industrial production, consumption, and service sectors all experienced certain improvements, contributing to a stronger capital market [1][4] Industrial Production - In July, the industrial added value for large-scale enterprises grew by 5.7% year-on-year and 0.38% month-on-month [1] - The equipment manufacturing and high-tech manufacturing sectors performed particularly well, with year-on-year growth rates of 8.4% and 9.3%, respectively [1] Service Sector - The service sector production index increased by 5.8% year-on-year in July, with notable growth in information transmission, software, and financial services [2] - Social retail sales reached 38,780 billion yuan, a year-on-year increase of 3.7%, with online retail sales growing by 9.2% [2] Fixed Asset Investment - From January to July, fixed asset investment rose by 1.6% year-on-year, with a 5.3% increase when excluding real estate development investment [3] - Real estate development investment continued to decline, dropping by 12% year-on-year in July [3] Trade Performance - In July, the total value of goods imports and exports grew by 6.7% year-on-year, with exports increasing by 8% and imports by 4.81% [3] - The trade structure is improving, with a notable upgrade in the value-added of export products [3] Consumer Prices - The Consumer Price Index (CPI) remained flat year-on-year in July, with a month-on-month increase of 0.4% [3] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a need for measures to boost consumption and investment [3] Capital Market Dynamics - The capital market is showing signs of strength, with the Shanghai Composite Index surpassing 3,700 points, indicating increasing investor confidence [1][4] - New stock accounts opened in July approached 2 million, and trading volume has significantly increased, reflecting a growing willingness of outside funds to enter the market [4] Investment Opportunities - Compared to the U.S. stock market, which is at historical highs, A-shares and Hong Kong stocks remain below historical average valuations, presenting a favorable investment opportunity [5] - Investors are encouraged to consider quality stocks or funds to capitalize on the current market conditions for wealth growth [5]

Group 1 - In July, the industrial added value of large-scale industries increased by 5.7% year-on-year, a slight decline of 1.1 percentage points compared to the first half of the year [1] - From January to July, the industrial added value grew by 6.3% year-on-year [1] - Among the three major sectors, mining increased by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% in July [1] Group 2 - In July, 35 out of 41 major industries maintained year-on-year growth in added value, with notable increases in chemical manufacturing (7.2%), transportation equipment manufacturing (13.7%), electrical machinery (10.2%), and computer and electronic equipment manufacturing (10.2%) [1] - The equipment manufacturing sector saw an 8.4% increase in added value, while high-tech manufacturing grew by 9.3%, both exceeding the overall industrial growth rate by 2.7 and 3.6 percentage points respectively [1] - The policy for equipment updates has stimulated demand across industries for upgrading equipment, supported by financial assistance and policy incentives [1] Group 3 - The National Development and Reform Commission announced that 188 billion yuan of special government bonds for equipment updates have been allocated, supporting approximately 8,400 projects across various sectors, leading to a total investment exceeding 1 trillion yuan [2] - Analysts predict that industrial production momentum may weaken in the second half of the year due to declining exports and increased domestic consumption and investment efforts [3] - The overall industrial production growth rate is expected to slow down, potentially aligning with or slightly below GDP growth, indicating a shift in economic growth drivers towards the service sector [3] Group 4 - The Ministry of Industry and Information Technology plans to introduce growth stabilization measures for key industries such as steel, non-ferrous metals, petrochemicals, and building materials [4] - The ministry aims to support major industrial provinces in implementing supportive policies, fostering new growth points, and enhancing industrial transformation to stabilize industrial economic operations [4]

总的来看，7月份宏观政策发力显效，国民经济克服外部环境复杂多变和国内极端天气等不利影响，保 持稳中有进发展态势，展现出较强韧性和活力。 来源：央视新闻 校对：彭其华 服务业较快增长，现代服务业增势良好。7月份，全国服务业生产指数同比增长5.8%。 市场销售继续增长，服务零售增长较快。7月份，社会消费品零售总额38780亿元，同比增长3.7%。 固定资产投资继续扩大，制造业投资增长较快。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%。 （原标题：刚刚，国家统计局公布！） 今天（8月15日）上午，国务院新闻办召开新闻发布会，国家统计局公布了今年7月份经济数据。相关负 责人表示，7月份，我国加紧实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济 保持稳中有进发展态势，生产需求持续增长，就业物价总体稳定，新质生产力培育壮大，高质量发展取 得新成效。 具体来看，工业生产较快增长，装备制造业和高技术制造业发展较好。7月份，全国规模以上工业增加 值同比增长5.7%，环比增长0.38%。装备制造业增加值同比增长8.4%，高技术制造业增加值增长9.3%， 分别快于全部规模以上工业增加 ...

Core Viewpoint - The national economy maintained a steady and progressive development trend in July, with continuous growth in production and demand, stable employment and prices, and notable achievements in high-quality development [2][11]. Industrial Production - In July, the industrial added value of enterprises above designated size increased by 5.7% year-on-year and 0.38% month-on-month. The mining industry grew by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [3][17]. - The equipment manufacturing industry saw an 8.4% increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial growth by 2.7 and 3.6 percentage points respectively [3][17]. - The profit of industrial enterprises above designated size totaled 34,365 billion yuan in the first half of the year, a decrease of 1.8% year-on-year [3]. Service Industry - The service production index rose by 5.8% year-on-year in July, with significant growth in information transmission, software, and IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [4][5]. - The revenue of service enterprises above designated size increased by 7.5% year-on-year in the first half of the year [4]. Market Sales - The total retail sales of consumer goods reached 38,780 billion yuan in July, marking a 3.7% year-on-year increase [6][18]. - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail sales at 70,790 billion yuan, a 6.3% increase [6][18]. Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, a year-on-year increase of 1.6%, with manufacturing investment growing by 6.2% [7][18]. - Infrastructure investment rose by 3.2%, while real estate development investment fell by 12.0% [7][18]. Trade and Exports - The total value of goods imports and exports reached 39,102 billion yuan in July, a year-on-year increase of 6.7%, with exports growing by 8.0% and imports by 4.8% [8][18]. - From January to July, the total value of goods imports and exports was 256,969 billion yuan, up 3.5% year-on-year [8][18]. Employment Situation - The urban surveyed unemployment rate averaged 5.2% from January to July, with July's rate at 5.2%, unchanged from the previous month [9][18]. Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [10][18]. - Core CPI, excluding food and energy prices, rose by 0.8% year-on-year, indicating a slight increase compared to the previous month [10][18].

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, under the strong leadership of the Central Committee, the national economy maintained a steady growth trend, with production and demand continuing to rise, and overall employment and prices remaining stable [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. The mining industry grew by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [2]. - The equipment manufacturing industry saw an 8.4% increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial growth by 2.7 and 3.6 percentage points respectively [2]. - From January to July, the industrial added value increased by 6.3% year-on-year, with the manufacturing purchasing managers' index at 49.3% in July [2]. Service Sector - The service production index rose by 5.8% year-on-year in July, with significant growth in information transmission, software, and IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [3]. - From January to July, the service production index increased by 5.9%, and the revenue of large-scale service enterprises grew by 7.5% in the first half of the year [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%, with physical goods online retail sales at 70,790 billion yuan, up 6.3% [4]. Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, a year-on-year increase of 1.6%, with manufacturing investment growing by 6.2% [5]. - Infrastructure investment rose by 3.2%, while real estate development investment fell 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%, with exports growing by 8.0% and imports by 4.8% [6][7]. - From January to July, the total value of goods imports and exports was 256,969 billion yuan, up 3.5% year-on-year [6]. Employment - The urban surveyed unemployment rate averaged 5.2% from January to July, with a slight increase of 0.2 percentage points in July compared to the previous month [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].

（2025年8月15日） 国家统计局 7月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院决策部署，坚持稳中求进工作总基调，完整准确全面贯彻 新发展理念，加快构建新发展格局，加紧实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济保持稳中有进发展态势，生产需求持续增 长，就业物价总体稳定，新质生产力培育壮大，高质量发展取得新成效。 一、工业生产较快增长，装备制造业和高技术制造业发展较好 7月份，全国规模以上工业增加值同比增长5.7%，环比增长0.38%。分三大门类看，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%。装备制造业增加值同比增长8.4%，高技术制造业增加值增长9.3%，分别快于全部规模以上工业增加值2.7和3.6个百分点。分经济类 型看，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%。分产品看，3D打印设备、工业机 器人、新能源汽车产品产量同比分别增长24.2%、24.0%、17.1%。1-7月份，全国规模以上工业增加值同比增长6.3%。 ...

Core Insights - The manufacturing sector in China has shown stable growth in sales revenue, with a notable increase in high-end and high-tech manufacturing, contributing significantly to economic stability [1][2] - In June, the profits of large-scale manufacturing enterprises turned from a decline of 4.1% in May to a growth of 1.4%, indicating a recovery trend [2][12] - The "Two New" policies have effectively supported various industries, leading to significant profit improvements, particularly in sectors like medical equipment and smart drones [5][6] Group 1: Manufacturing Performance - In the first half of the year, manufacturing sales revenue growth outpaced the overall growth of enterprises by 1.5 percentage points, with equipment manufacturing and high-tech manufacturing revenues increasing by 8.9% and 11.9% respectively [1] - The profit growth in the automotive sector was particularly striking, with a 96.8% increase in June, driven by promotional activities and investment returns [2][9] - The overall profit of large-scale industrial enterprises in June was 715.58 billion yuan, a year-on-year decline of 4.3%, but the decline was less severe than in May [2][12] Group 2: Policy Impact - The implementation of the "Two New" policies has expanded support categories and subsidies, leading to rapid profit growth in related industries [5][6] - The government has introduced financial measures, including the issuance of 200 billion yuan in long-term special bonds to support equipment upgrades, which has significantly boosted the equipment manufacturing sector [7][8] - The policies have created a positive cycle in the industry, enhancing operational efficiency and vitality within the supply chain [4][7] Group 3: Future Outlook - The manufacturing sector is expected to continue its recovery trend in the second half of the year, supported by stable domestic policies and a potential rebound in external demand [12] - The growth in high-end, intelligent, and green manufacturing is anticipated to provide a stable foundation for high-quality industrial development [10][11] - The market for equipment upgrades is projected to exceed 5 trillion yuan annually, indicating substantial potential for growth in the equipment manufacturing sector [7]

Group 1: New Business Entities - In the first half of the year, a total of 13.278 million new business entities were established in China, including 4.62 million new enterprises, 8.629 million new individual businesses, and 29,000 new farmers' cooperatives, indicating stable growth across various business types [1] - The number of newly established private enterprises reached 4.346 million, representing a year-on-year increase of 4.6% [2] - The number of newly established foreign-funded enterprises was 33,000, with a year-on-year growth of 4.1% [2] Group 2: Foreign Investment - Actual foreign investment in the manufacturing sector amounted to 109.06 billion yuan, while the service sector attracted 305.87 billion yuan [2] - High-tech industries saw actual foreign investment of 127.87 billion yuan, with significant growth in e-commerce services (127.1%), pharmaceutical manufacturing (53%), aerospace equipment manufacturing (36.2%), and medical device manufacturing (17.7%) [2] - Investment from ASEAN countries increased by 8.8%, while Switzerland, Japan, the UK, Germany, and South Korea saw respective increases of 68.6%, 59.1%, 37.6%, 6.3%, and 2.7% [2] Group 3: Economic Structure and Growth - The growth in new business entities reflects a shift in economic structure, with 601,000 new entities in the primary industry, 965,000 in the secondary industry, and 1.1712 million in the tertiary industry [3] - By the end of June, there were 25.361 million registered "new economy" enterprises, accounting for 40.2% of the total, with a year-on-year growth of 6.6% [3] - The value added by the "new economy" in 2024 was projected at 24.2908 trillion yuan, growing by 6.7% year-on-year, and accounting for 18.01% of GDP [3] Group 4: Cultural Industry Highlights - The cultural industry showed significant growth, with new enterprises in the "cultural, sports, and entertainment" sector increasing by 17.5%, leading all sectors of the national economy [5] - Revenue from large-scale cultural and related industries reached 71.292 billion yuan, a year-on-year increase of 7.4%, while total profits grew by 19.3% to 6.298 billion yuan [6] - The cultural new economy, characterized by 16 sub-sectors, generated 31.564 billion yuan in revenue, growing by 13.6% year-on-year, outpacing the overall growth of large-scale cultural enterprises by 6.2 percentage points [6]