Core Viewpoint - In August, the industrial economy showed steady progress with most industries and products experiencing growth, supported by the equipment manufacturing sector and a rebound in raw materials manufacturing, while the transformation towards high-end, intelligent, and green manufacturing continued to yield results [1][4]. Industrial Production - From January to August, the industrial added value of large-scale enterprises increased by 6.2% year-on-year, 0.4 percentage points higher than the same period last year, maintaining a rapid growth trend [1]. - In August, the industrial added value increased by 5.2% year-on-year, with a month-on-month increase of 0.37% after seasonal adjustments [1]. - Among the three major sectors, manufacturing added value grew by 5.7%, outpacing the overall industrial growth by 0.5 percentage points [1]. Equipment Manufacturing - In August, the added value of large-scale equipment manufacturing increased by 8.1%, accounting for 35.6% of total industrial output, an increase of 1.0 percentage points compared to 2024 [2]. - All eight industries within equipment manufacturing maintained growth, with the railway, shipbuilding, and aerospace sectors achieving a double-digit growth rate of 12.0% [2]. - Key products in the mid-to-high-end equipment sector saw significant production increases, including civil steel ships (39.8%), generator sets (30.7%), and urban rail vehicles (15.3%) [2]. Raw Materials Manufacturing - The added value of large-scale raw materials manufacturing increased by 6.8% in August, the highest growth rate in 18 months [2]. - The non-ferrous metal industry experienced a growth of 9.1%, driven by high prices and good profits, while the chemical industry saw a 7.6% increase [2]. High-Tech Manufacturing - High-tech manufacturing maintained rapid growth, with an added value increase of 9.3% in August, contributing 28.5% to the overall industrial growth [3]. - Key sectors such as aircraft manufacturing and biopharmaceuticals saw substantial growth rates of 27.9% and 14.5%, respectively [3]. - Notable product growth included servers (86.2%), mobile communication base station equipment (48.9%), and 5G smartphones (15.6%) [3]. Digital Production - The digital product manufacturing sector's added value grew by 8.6% in August, exceeding the overall industrial growth by 3.4 percentage points [3]. - Industries such as smart vehicle equipment manufacturing and electronic components manufacturing reported growth rates of 17.7% and 13.1%, respectively [3]. Green Transformation - The production of "new three types" products, including new energy vehicles and lithium-ion batteries, showed impressive growth rates of 22.7% and 44.2% [4]. - Green equipment such as wind turbine generators and charging piles also saw rapid production increases of 78.1% and 14.9% [4]. - The supply of green materials increased, with carbon fiber and bio-based chemical fibers growing by 62.0% and 22.8%, respectively [4].

Core Insights - The industrial economy is showing steady progress with most industries and products experiencing growth, supported by robust equipment manufacturing and a rebound in raw materials manufacturing [1][2][5] Group 1: Industrial Production Growth - In the first eight months of the year, the industrial added value above designated size increased by 6.2% year-on-year, 0.4 percentage points higher than the same period last year [2] - In August, the industrial added value increased by 5.2% year-on-year, with a month-on-month growth of 0.37% after seasonal adjustments [2] - Among the three major sectors, manufacturing added value grew by 5.7%, outpacing the overall industrial growth by 0.5 percentage points [2] Group 2: Equipment Manufacturing - The added value of equipment manufacturing above designated size increased by 8.1% year-on-year, accounting for 35.6% of total industrial output, an increase of 1.0 percentage points from 2024 [3] - All eight industries within equipment manufacturing maintained growth, with the railway, shipbuilding, and aerospace sectors achieving a double-digit growth rate of 12.0% [3] - Key products in the mid-to-high-end equipment sector saw significant production increases, including civil steel ships (39.8%), generator sets (30.7%), and urban rail vehicles (15.3%) [3] Group 3: Raw Materials Manufacturing - The added value of raw materials manufacturing increased by 6.8% year-on-year, marking the highest growth rate in 18 months [3] - The non-ferrous metal industry saw a 9.1% increase in added value, driven by sustained high prices [3] - The petroleum processing industry maintained a double-digit growth rate of 10.2% [3] Group 4: High-Tech Manufacturing - High-tech manufacturing added value grew by 9.3% year-on-year, contributing 28.5% to the overall industrial growth [4] - Key sectors such as aircraft manufacturing and biopharmaceuticals saw substantial growth rates of 27.9% and 14.5%, respectively [4] - Notable product growth included servers (86.2%), mobile communication base station equipment (48.9%), and 5G smartphones (15.6%) [4] Group 5: Green Transition - The production of new energy vehicles, lithium-ion batteries for vehicles, and solar cells saw year-on-year increases of 22.7%, 44.2%, and 16.8%, respectively [5] - Green equipment production, such as wind turbines and charging piles, experienced rapid growth rates of 78.1% and 14.9% [5] - The supply of green materials also increased, with carbon fiber and bio-based chemical fibers growing by 62.0% and 22.8% [5]

Group 1 - The core viewpoint of the articles highlights that China's digital economy core industry is projected to achieve 500,000 invention patent authorizations in 2024, ranking first globally with a year-on-year growth of 23.1%, significantly surpassing the global average growth rate [1] - The digital economy core industry encompasses various economic activities that rely on digital technologies, products, services, and infrastructure, including digital product manufacturing, digital product services, and digital technology applications [1] - The number of overseas invention patent authorizations in China's digital economy core industry has increased from 21,000 in 2016 to 52,000 in 2024, indicating a robust growth in international patent activity [1] Group 2 - The construction of data intellectual property systems has been steadily advancing, with a total of 58,000 data intellectual property registration applications accepted nationwide as of June this year, and nearly 30,000 registration certificates issued [2] - Over 90% of the registration entities for data intellectual property are enterprises, and the registered data covers 83 out of 97 major categories of the national economy [2] - The cumulative financing amount for data intellectual property has exceeded 10 billion yuan, with transaction licensing amounts surpassing 580 million yuan and securitization amounts exceeding 200 million yuan [2]

Core Insights - In August, the sales revenue growth rate of enterprises nationwide accelerated by 0.9 percentage points compared to July, indicating multiple positive trends [1] Manufacturing Sector - The manufacturing sector maintained steady development, with sales revenue growth in August outpacing the overall national enterprise growth by 1.5 percentage points, accounting for 30.7% of total sales revenue [1] - High-end and digital transformation in manufacturing continued to progress, with sales revenue in equipment manufacturing and digital product manufacturing increasing by 7.4% and 9.6% year-on-year, respectively [1] High-Tech Industry - The sales revenue of the high-tech industry grew by 14.5% year-on-year in August, continuing a rapid growth trend [1] - Breakthroughs in large model high-tech companies accelerated the application of AI technology in intelligent manufacturing, providing sustained momentum for the sector [1] - Sales revenue for industrial robots, special operation robots, and service robots increased by 12.6%, 52.9%, and 64.2% year-on-year, respectively [1] Service Consumption - Service consumption potential continued to be released, driven by summer travel and leisure activities, maintaining a good growth trend since July [1] - Sales revenue for travel agency services, leisure sightseeing activities, and sports venue management increased by 10.3%, 16.9%, and 32.1% year-on-year, respectively [1] - This growth also positively impacted sales revenue for catering delivery services and homestay services, which rose by 9.3% and 13% year-on-year, respectively [1]

Group 1 - In July, the industrial production in China maintained steady growth, with the industrial added value of large-scale enterprises increasing by 5.7% year-on-year, and a month-on-month increase of 0.38% after seasonal adjustment [1] - From January to July, the industrial added value grew by 6.3%, which is 0.4 percentage points higher than the same period last year [1] - Among the three major sectors, the manufacturing industry saw an added value growth of 6.2%, surpassing the overall industrial growth by 0.5 percentage points [1] Group 2 - The equipment manufacturing industry showed robust performance, with an added value growth of 8.4% in July, exceeding the overall industrial growth by 2.7 percentage points [2] - All eight sectors within equipment manufacturing experienced growth, with electronics, electrical machinery, and automotive sectors each growing by 10.2%, 10.2%, and 8.5% respectively [2] - High-end equipment products such as steam turbines for power plants and mobile communication base station equipment saw significant production increases of 52.0% and 43.2% respectively [2] Group 3 - The high-tech manufacturing sector's added value increased by 9.3% in July, with notable growth in integrated circuit manufacturing (26.9%) and electronic special materials (21.7%) [3] - The aerospace and railway industries benefited from strong demand, with added value growth of 17.3% in the aerospace sector and a 1.5 times increase in railway locomotive production [3] - The digital product manufacturing sector also grew by 8.4%, with smart device manufacturing increasing by 13.4% [3] Group 4 - The "Two New" policies have positively impacted various industries, with boiler and prime mover manufacturing increasing by 20.0% and electric motor manufacturing by 15.9% [4] - The production of new energy vehicles rose by 17.1%, supported by vehicle replacement subsidy policies [4] - The production of electric bicycles and 5G smartphones also saw rapid growth, with increases of 45.3% and 8.1% respectively [4]

Group 1 - The core viewpoint of the article highlights that in July, the industrial added value of large-scale enterprises in the country grew by 5.7% year-on-year, indicating stable industrial production and growth across most sectors and products [1] - The equipment manufacturing industry has shown strong support for industrial growth, with its added value growth rate exceeding that of the overall industrial sector by 2.7 percentage points, marking 24 consecutive months of outperformance [11] - High-tech manufacturing industries also experienced significant growth, with the added value of the railway, shipbuilding, and aerospace sectors increasing by 13.7%, accelerating by 3.6 percentage points compared to June [18] Group 2 - The digital product manufacturing sector saw a year-on-year increase of 1%, with notable growth in the production of robots, including a 48.0% increase in robot reducers, a 24.0% increase in industrial robots, and a 12.8% increase in service robots [25] - In terms of green development, the production of new energy vehicles, lithium-ion batteries, and solar cells grew by 17.1%, 29.4%, and 16.0% respectively [28] - The manufacturing of boilers and prime movers, electric motors, and general components also saw significant year-on-year growth of 20.0%, 15.9%, and 13.7% respectively, driven by policies such as the automobile scrapping and replacement subsidy [30]

Group 1 - In July, the industrial production in China maintained steady growth, with the industrial added value increasing by 5.7% year-on-year, and a month-on-month increase of 0.38% after seasonal adjustment [1] - From January to July, the industrial added value grew by 6.3%, which is 0.4 percentage points higher than the same period last year [1] - Among the three major sectors, the manufacturing sector's added value increased by 6.2%, surpassing the overall industrial growth by 0.5 percentage points [1] Group 2 - The equipment manufacturing industry showed robust performance, with a year-on-year increase of 8.4% in added value, consistently outperforming the overall industrial growth for 24 consecutive months [2] - All eight sub-sectors within equipment manufacturing experienced growth, with electronics, electrical machinery, and automotive sectors each growing by 10.2%, 10.2%, and 8.5% respectively [2] - High-end equipment products saw rapid production growth, with steam turbines for power plants, mobile communication base station equipment, and generator sets increasing by 52.0%, 43.2%, and 34.6% respectively [2] Group 3 - The high-end, intelligent, and green transformation of the manufacturing sector is advancing, with high-tech manufacturing added value increasing by 9.3% year-on-year in July [3] - Key industries such as integrated circuit manufacturing and biopharmaceuticals saw significant growth, with increases of 26.9% and 12.1% respectively [3] - The digital product manufacturing sector also grew by 8.4%, with intelligent equipment manufacturing increasing by 13.4% [3] Group 4 - The "Two New" policies are yielding positive results, with industries like boiler and prime mover manufacturing seeing added value growth of 20.0% and 15.9% respectively [4] - The production of new energy vehicles increased by 17.1% due to vehicle replacement subsidy policies, along with significant growth in related products like lithium-ion batteries [4] - Overall, industrial production in July showed rapid growth, but challenges such as weak effective demand and low corporate profitability remain [4]

Core Viewpoint - The economic performance in July 2025 demonstrates resilience and vitality despite external pressures and adverse weather conditions, with steady growth in production, consumption, and investment, alongside stable employment and prices [7][10][20]. Economic Performance Overview - The industrial output in July showed a year-on-year increase of 5.7%, with the equipment manufacturing sector growing by 8.4%, indicating strong industrial growth [7][51]. - The service sector also performed well, with a production index growth of 5.8% in July, driven by increased tourism and related services [7][15]. - Social retail sales increased by 3.7% year-on-year in July, with a notable 4% growth in goods retail [8][14]. - Fixed asset investment grew by 1.6% from January to July, with significant contributions from equipment updates and manufacturing investments [8][45]. Trade and Employment - The total import and export volume increased by 6.7% year-on-year in July, reflecting the resilience of foreign trade despite a complex international environment [8][31]. - The urban unemployment rate remained stable at 5.2%, indicating a steady employment situation [9][20]. New Growth Drivers - High-tech manufacturing saw a 9.3% increase in output, with significant growth in sectors like integrated circuits and new energy vehicles [10][38]. - The digital economy is rapidly developing, with a 8.4% increase in digital product manufacturing in July [10][38]. Consumer Trends - Consumer demand is being stimulated by policies such as the "old for new" consumption initiative, leading to increased sales in home appliances and cultural products [8][14]. - The service sector is experiencing growth, particularly in tourism and digital services, with a notable increase in transportation and cultural service indices [15][56]. Investment Landscape - Investment in manufacturing is growing, with a 6.2% increase in manufacturing investment from January to July, particularly in textiles and automotive sectors [45][46]. - Infrastructure investment is also on the rise, with water management and information transmission sectors seeing significant growth [46][47]. Policy Impact - The implementation of proactive macroeconomic policies is supporting production and investment growth, with a focus on stabilizing employment and market expectations [10][23]. - The government's commitment to deepening reform and opening up is enhancing the resilience and vitality of the economy [21][32].

Economic Overview - The national economy shows a steady growth trend, with industrial added value above designated size increasing by 5.7% year-on-year in July and 6.3% from January to July [1][3] - The service industry continues to grow rapidly, contributing significantly to economic stability [6] Industrial Production - Industrial production maintains robust growth, with high-quality development progressing steadily, showcasing resilience and potential [1] - High-tech manufacturing added value increased by 9.3% year-on-year in July, with significant growth in integrated circuits and electronic materials [2] - Equipment manufacturing and high-tech manufacturing sectors are key contributors, with respective growth rates of 8.4% and 9.3% [1][2] Investment Trends - Fixed asset investment continues to expand, with a total of 288,229 billion yuan from January to July, marking a 1.6% year-on-year increase [3] - Manufacturing investment grew by 6.2%, with high-tech industries such as aerospace and information services seeing substantial increases [3] Consumer Market - Retail sales showed positive growth, with total retail sales reaching 38,780 billion yuan in July, up 3.7% year-on-year [4] - Online retail sales increased by 9.2%, indicating a strong shift towards e-commerce [4][5] - The consumption upgrade policy, including trade-in programs, has positively impacted sales of upgraded goods [5] Service Sector Growth - The service sector's contribution to economic growth is significant, with a 5.5% year-on-year increase in added value in the first half of 2025 [6] - The service production index rose by 5.8% in July, with information technology services growing at 11.9% [6]

Report Overview - The report is an event review of the economic data for July 2025 released by the National Bureau of Statistics on August 15, 2025, covering production, consumption, investment, market, and bond market views [1]. Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - In the second half of 2025, the economic growth rate may not decline significantly; structural issues such as prices are trending towards improvement; the allocation between stocks and bonds will continue to shift, with bond yields and the stock market expected to rise continuously [6]. Summary by Section Production - In July, the year - on - year growth rate of the added value of industrial enterprises above the designated size was 5.7%, 1.1 percentage points slower than that in June, and the month - on - month growth rate was 0.38%. The growth rate slowed down slightly due to seasonal factors [2]. - The equipment manufacturing industry continued to play a key role in industrial production. In July, the year - on - year growth rate of the added value of the equipment manufacturing industry above the designated size was 8.4%, significantly supporting the growth of industrial enterprises above the designated size [2]. - The high - end trend of the manufacturing industry continued. In July, the year - on - year growth rates of the added value of the high - tech manufacturing industry and the digital product manufacturing industry above the designated size were 9.3% and 8.4% respectively, both higher than the growth rate of industrial enterprises above the designated size. The integrated circuit and electronic special material manufacturing industries grew by 26.9% and 21.7% respectively [2]. Consumption - In July, the year - on - year growth rate of the total retail sales of consumer goods was 3.7%, 1.1 percentage points slower than that in June, and the month - on - month decline was 0.14%. The year - on - year decline in total retail sales was mainly due to the suspension of national subsidies in some regions [3]. - In July, the year - on - year growth rates of catering revenue and catering revenue of units above the designated size were 1.1% and - 0.3% respectively, up 0.2 and 0.1 percentage points from June. With the cooling of subsidies on food delivery platforms, catering revenue is expected to bottom out and rebound [3]. Investment - From January to July, the year - on - year growth rate of fixed asset investment was 1.6%, 1.2 percentage points lower than that from January to June; after excluding real estate development investment, the year - on - year growth rate of national fixed asset investment was 5.3%, 1.3 percentage points lower than that from January to June [4]. - The investment in water conservancy management and information transmission industries from January to July increased by 12.6% and 8.3% respectively. The investment in equipment and tools increased by 15.2% year - on - year, accounting for 16.2% of the total investment and driving the overall investment growth by 2.2 percentage points [4]. - From January to July, the year - on - year decline in real estate development investment was 12%, 0.8 percentage points wider than that from January to June. The sales area and sales volume of newly built commercial housing decreased by 4.0% and 6.5% respectively year - on - year, with the decline rates 0.5 and 1.0 percentage points wider than those from January to June, both at the lowest growth rates of the year. The real estate investment is searching for the bottom. The national real estate climate index further declined to 93.34, still in a low - level climate range [4]. Market - After the economic data were released at 10:00, the yields fluctuated downward under the push of the fundamentals and the support of funds. However, after the mid - day break, affected by the strong performance of the stock market, the yields fluctuated upward again [5]. Bond Market Viewpoints - Under the revision of economic expectations, bond yields are expected to rise trendingly. For the allocation between stocks and bonds, the report maintains the view that in the second half of 2025, the economic growth rate may not decline significantly; structural issues such as prices are trending towards improvement; the allocation between stocks and bonds will continue to shift, with bond yields and the stock market expected to rise continuously [6].