Group 1 - The implementation of large-scale equipment updates and the trade-in policy for consumer goods has shown significant effects over the past year, aiding in industrial transformation and stimulating diverse consumer demand, thus promoting economic circulation [1][2] - From April 2024 to July 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with notable growth in the information transmission software and technology service sectors at 27.8% and 28.3% respectively, highlighting the supportive role of equipment updates [1] - In the traditional and smart consumption sectors, retail sales have surged, with home appliances and audiovisual equipment sales increasing by 44.5% and 22.8% respectively, while furniture and sanitary ware retail sales rose by 30.1% and 13.6% [1] Group 2 - The sales revenue of the manufacturing industry increased by 5.8% year-on-year, driven by the significant growth in retail demand, which in turn has encouraged manufacturing enterprises to accelerate equipment upgrades [2] - The sales of service robots have seen a remarkable year-on-year growth of 51.1%, indicating a strong market response to the policies [1] - The new energy vehicle sales nationwide surged by 81.7% from April 2024 to July 2025, reflecting the positive impact of the trade-in policy on the automotive industry [1]

Group 1 - The implementation of large-scale equipment renewal and the old-for-new consumption policy has shown continuous effectiveness in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation [1] - From April 2024 to July 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [3] - The information transmission and software industry, along with the technology service industry, experienced nearly a 30% increase in equipment procurement, indicating that the large-scale equipment renewal policy is providing new momentum for industrial transformation [3] Group 2 - The old-for-new policy has significantly driven diverse consumer demand, with daily household appliance sales increasing by 44.5% year-on-year and furniture retail sales rising by 30.1% from April 2024 to July 2025 [6] - The demand for smart consumption has surged, with sales in the service robot manufacturing industry increasing by over 50% [6] - The policy has also benefited the automotive sector, with nationwide sales of new energy vehicles growing by 81.7% year-on-year, indicating a rapid growth trend [6] Group 3 - Since the implementation of the "two new" policies, retail demand has continued to grow, prompting manufacturing enterprises to accelerate equipment upgrades, creating a positive interaction from policy drive to demand release and then to industrial upgrading [10] - From April 2024 to July 2025, manufacturing sales revenue increased by 5.8% year-on-year, contributing to a smoother economic internal circulation [10]

| 分行业 | 2025M7 | 2025M6 | 涨幅(25M7-25M6) | | | --- | --- | --- | --- | --- | | 总指数 | 89. 0 | 89. 0 | t | 0. 0 | | 工业 | 89. 5 | 89. 7 | → | -0.2 | | 建筑业 | 89. 6 | 89. 0 | t | 0. 6 | | 交通运输业 | 83. 7 | 83. 3 | t | 0.4 | | 房地产业 | 91.6 | 91.3 | ۔ | 0. 3 | | 批发零售业 | 88. 8 | 88. 9 | → | -0. 1 | | 社会服务业 | 89. 1 | 88. 8 | ﮩ | 0. 3 | | 信息传输软件业 | 89. 2 | 88. 9 | t | 0. 3 | | 住宿餐饮业 | 80. 8 | 80. 5 | 1 | 0. 3 | 责任编辑：韦子蓉 8月10日，中国中小企业协会发布，7月中国中小企业发展指数（SMEDI）为89.0，与上月持平。分行业 指数6升2降。7月份，建筑业、交通运输业、房地产业、社会服务业、信息传输软件业和住宿餐饮业上 升幅度 ...

Group 1 - The development index for small and medium-sized enterprises (SMEs) in China was reported at 89.2 in April, a slight decrease of 0.3 points from March, following a significant rise in the first quarter [1] - Among the sub-indices, 1 increased while 7 decreased, with 2 industry indices rising and 6 falling, indicating mixed performance across sectors [1] - The regional indices for SMEs showed declines across all areas, with the eastern, central, western, and northeastern regions reporting indices of 90.2, 89.5, 88.8, and 81.2 respectively, all lower than in March [1] Group 2 - The macroeconomic sentiment index, comprehensive operation index, market index, funding index, labor index, input index, and efficiency index all saw declines compared to March, with decreases ranging from 0.2 to 0.9 points [1] - The cost index shifted from a decrease to an increase, rising by 0.1 points from March, indicating a fluctuation in the economic environment for SMEs [1] - The real estate and wholesale retail sectors experienced a slight recovery, each increasing by 0.1 points compared to March, while other sectors like industry, construction, transportation, social services, information transmission software, and accommodation and catering saw declines [1] Group 3 - The executive vice president of the China SME Association emphasized the need to implement recent policies from the Central Political Bureau, including enhancing domestic market demand and providing support for private SMEs [2] - The government is encouraged to strengthen assistance for private SMEs to build resilience and create favorable conditions for stabilizing employment, businesses, markets, and expectations [2]

Core Viewpoint - The development index for small and medium-sized enterprises (SMEs) in China decreased to 89.2 in April, down 0.3 points from March, indicating a slight decline after a significant rise in the first quarter [1] Sub-item Index Summary - The sub-item indices show 1 increase and 7 decreases, with the funding index and labor index remaining above the critical value of 100. The macroeconomic sentiment index, comprehensive operation index, market index, funding index, labor index, input index, and efficiency index all decreased by 0.9, 0.3, 0.3, 0.2, 0.3, 0.5, and 0.2 points respectively compared to the previous month. The cost index shifted from decline to increase, rising by 0.1 points, indicating a fluctuation in the SME prosperity level [1] Industry Index Summary - In April, the real estate and wholesale retail industries saw a reversal, each increasing by 0.1 points compared to the previous month. Conversely, the industrial, construction, transportation, social services, information transmission software, and accommodation and catering industries decreased by 0.6, 0.3, 0.6, 0.3, 0.6, and 0.3 points respectively. The overall industry performance showed mixed results, with a still unstable foundation for recovery [1] Regional Index Summary - In April, the development indices for SMEs in the eastern, central, western, and northeastern regions were 90.2, 89.5, 88.8, and 81.2 respectively, reflecting decreases of 0.1, 0.5, 0.2, and 0.2 points from the previous month [1]