Core Insights - The industrial production in China showed a steady growth in July, with a year-on-year increase of 5.7% in industrial added value for large-scale enterprises, indicating a robust industrial economy [1][2][3] Group 1: Industrial Growth - In the first seven months of the year, the industrial added value for large-scale enterprises grew by 6.3%, surpassing the same period last year by 0.4 percentage points [2] - In July, the manufacturing sector's added value increased by 6.2%, outpacing the overall industrial growth by 0.5 percentage points [2] - Among 41 industrial categories, 35 reported a year-on-year increase in added value, and 335 out of 623 major industrial products saw production growth [2] Group 2: Equipment Manufacturing - The added value of large-scale equipment manufacturing rose by 8.4% in July, exceeding the overall industrial growth by 2.7 percentage points, marking 24 consecutive months of higher growth than the overall industrial sector [2] - Key sectors within equipment manufacturing, such as electronics, electrical machinery, and automobiles, each grew by 10.2%, 10.2%, and 8.5% respectively, contributing a total of 36.4% to the overall industrial growth [2] Group 3: High-Tech Manufacturing - The added value of high-tech manufacturing increased by 9.3% in July, with significant growth in sectors like integrated circuit manufacturing and biopharmaceuticals [4] - The railway, shipbuilding, and aerospace industries experienced a 13.7% increase in added value, driven by major national projects [4] Group 4: Green Development - The production of new energy vehicles, lithium-ion batteries, and solar cells saw impressive growth rates of 17.1%, 29.4%, and 16.0% respectively [4] - Green equipment production, including solid waste treatment devices and wind turbine generators, also grew rapidly, with increases of 57.2% and 19.3% respectively [4] Group 5: Policy Impact - The implementation of equipment renewal policies led to significant growth in industries such as boiler manufacturing and electric motor production, with increases of 20.0% and 15.9% respectively [5] - The production of related products, including packaging equipment and electric forklifts, saw substantial growth rates of 32.3% and 30.0% [5][6] Group 6: Consumer Demand and Investment - The government's subsidy policies for vehicle replacement have driven a 17.1% increase in new energy vehicle production, along with a 48.2% rise in related lithium-ion battery production [6] - The National Development and Reform Commission announced the allocation of 188 billion yuan in long-term special bonds to support various sectors, facilitating over 1 trillion yuan in total investment [6]

Core Insights - The industrial production in China showed steady growth, with a 6.3% increase in the first seven months of the year, surpassing the same period last year by 0.4 percentage points [3] - In July, the industrial added value for large-scale industries grew by 5.7%, with significant contributions from equipment manufacturing and high-tech manufacturing sectors [2][3] Industrial Growth - The manufacturing sector's added value increased by 6.2% in July, outpacing the overall industrial growth by 0.5 percentage points [3] - Among the 41 industrial categories, 35 reported year-on-year growth in added value, indicating broad-based industrial performance [3] Equipment Manufacturing - The added value of large-scale equipment manufacturing rose by 8.4% in July, consistently outperforming overall industrial growth for 24 consecutive months [3] - Key sectors within equipment manufacturing, such as electronics and automotive, saw growth rates of 10.2% and 8.5%, contributing 36.4% to the overall industrial growth [3] High-Tech Manufacturing - High-tech manufacturing added value increased by 9.3% in July, with rapid growth in sectors like integrated circuit manufacturing and biopharmaceuticals [5] - The railway, shipbuilding, and aerospace industries experienced a 13.7% increase in added value, reflecting strong demand for major national projects [5] Digital Transformation - The digital product manufacturing sector's added value grew by 8.4% in July, with smart device manufacturing seeing a notable increase of 13.4% [5] - The robotics industry is thriving, with production of industrial robots increasing by 24.0% [5] Green Development - New energy vehicles, lithium-ion batteries, and solar cells showed impressive production growth rates of 17.1%, 29.4%, and 16.0% respectively [5] - The production of solid waste treatment equipment and wind turbines also surged, with growth rates of 57.2% and 19.3% [5] Policy Impact - The implementation of equipment renewal policies has led to significant growth in sectors such as boiler manufacturing and electric motor production, with increases of 20.0% and 15.9% respectively [6] - The government's investment in long-term special bonds for equipment updates has supported over 8,400 projects, driving total investment beyond 1 trillion yuan [7]

Economic Overview - In July, the industrial added value above designated size increased by 5.7% year-on-year, with manufacturing added value growing by 6.2%, indicating a stable growth trend despite some fluctuations in economic indicators [2][3] - The overall economic operation remains stable, supported by strong resilience and vitality, with new growth drivers steadily developing [2][8] Industrial Performance - The equipment manufacturing sector showed robust growth, with added value increasing by 8.4% year-on-year, significantly supporting the overall industrial growth [3] - High-tech manufacturing added value rose by 9.3%, with notable increases in integrated circuits (26.9%) and electronic special materials (21.7%) [3] - The production of green and low-carbon products is rapidly increasing, with new energy vehicles, lithium-ion batteries, and wind turbine generators growing by 17.1%, 29.4%, and 19.3% respectively [3] Digital and Intelligent Transformation - The digital product manufacturing sector saw an 8.4% year-on-year increase, outpacing overall industrial growth, with smart device manufacturing and electronic components growing by 13.4% and 11% respectively [4] - The production of industrial robots and service robots increased by 24% and 12.8%, reflecting the rapid advancement of artificial intelligence applications [4] Consumer Market Trends - In July, total retail sales of consumer goods grew by 3.7% year-on-year, with a notable increase in sales of home appliances and communication equipment due to the old-for-new consumption policy [5] - The retail sales of cultural and sports goods increased by 13.7% and 8.2%, indicating a growing demand for quality consumer goods [5][6] - Online retail and new consumption models are thriving, with physical goods online retail sales increasing by 6.3% year-on-year [7] Economic Outlook - Despite facing risks and challenges, the foundation for economic growth remains strong, with the International Monetary Fund raising China's economic growth forecast by 0.8 percentage points [8] - The expansion of market demand is supported by ongoing consumption stimulus actions and the diversification of foreign trade markets [8][9] - Continued efforts in reform and opening up are expected to enhance economic resilience and vitality, promoting stable economic growth [9]

Group 1: Industrial Economic Performance - The industrial economy shows a stable and positive trend, with a national industrial added value growth of 6.4% year-on-year in the first half of the year, accelerating by 0.6 percentage points compared to the full year of 2024 [2] - Manufacturing added value increased by 7.0%, outperforming the overall industrial growth rate by 0.6 percentage points, while mining and electricity, heat, gas, and water production and supply industries grew by 6.0% and 1.9% respectively [2] - In June, the industrial added value grew by 6.8%, accelerating by 1.0 percentage point compared to May [2] Group 2: Export Resilience - Industrial product exports demonstrated resilience, with a 4.2% year-on-year increase in the first half of the year despite external uncertainties [3] - The shipbuilding industry saw a significant export growth of 24.0%, driven by strong global demand, with metal ship manufacturing and marine engineering equipment exports increasing by 38.6% and 20.0% respectively [3] - Specialized equipment exports grew by 9.6%, with notable increases in textile, plastic processing, and semiconductor equipment exports of 32.5%, 17.1%, and 14.9% respectively [3] Group 3: Industrial Upgrading and Transformation - The equipment manufacturing sector's added value grew by 10.2%, contributing 3.4 percentage points to the overall industrial growth, with its share of total industrial output rising to 35.5% [4] - All eight sectors within equipment manufacturing maintained growth, with notable increases in railway, aerospace, electrical machinery, and automotive sectors [4] - High-end equipment production saw significant growth, with generator sets, railway passenger cars, and EMUs increasing by 60.5%, 49.8%, and 41.4% respectively [4] Group 4: High-Tech Manufacturing Growth - High-tech manufacturing added value increased by 9.5%, contributing 23.3% to the overall industrial growth [5] - The aerospace and aircraft manufacturing sectors grew by 8.4%, with spacecraft and rocket manufacturing increasing by 58.6% and 18.0% respectively [5] - The electronics and communication equipment manufacturing sector grew by 12.7%, with smart vehicle equipment and integrated circuit manufacturing increasing by 27.7% and 21.2% respectively [5] Group 5: Digital and Green Manufacturing - The digital product manufacturing sector saw a 9.9% year-on-year growth, outperforming the overall industrial growth by 3.5 percentage points [6] - Significant production increases were noted in servers (126.7%), 3D printing equipment (43.1%), and industrial robots (35.6%) [6] - Green products also showed strong growth, with new energy vehicles, lithium-ion batteries, and solar cells increasing by 36.2%, 53.3%, and 18.2% respectively [6] Group 6: Policy Impact - The "Two New" policies have effectively stimulated industrial production, with notable growth in shipbuilding, electrical machinery, and general parts manufacturing [7][8] - The automotive sector benefited from vehicle replacement policies, leading to a 10.8% increase in production, alongside a 25.6% increase in charging station production [8] - A survey indicated increased satisfaction among industrial enterprises regarding various supportive policies, particularly in foreign trade and financing [8]

Core Viewpoint - In May, the industrial production in China showed a robust growth, with the industrial added value of large-scale enterprises increasing by 5.8% year-on-year, supported by the equipment manufacturing sector and stable growth in consumer goods manufacturing [1][2]. Group 1: Industrial Production Data - The industrial added value of large-scale enterprises grew by 5.8% year-on-year in May, with a month-on-month increase of 0.61% after seasonal adjustments [1]. - Manufacturing sector growth was recorded at 6.2%, surpassing the overall industrial growth by 0.4 percentage points [1]. - Among 41 major industries, 35 experienced year-on-year growth, resulting in a growth coverage of 85.4% [1]. Group 2: Equipment Manufacturing Sector - The added value of the equipment manufacturing sector increased by 9.0% year-on-year, contributing 54.3% to the overall industrial growth [2]. - The automotive industry saw a significant increase in added value by 11.6%, with a month-on-month acceleration of 2.4 percentage points [2]. - All eight sub-sectors within equipment manufacturing reported growth, with notable increases in railway, shipbuilding, aerospace, and electrical machinery sectors [2]. Group 3: High-end, Intelligent, and Green Manufacturing - High-tech manufacturing added value rose by 8.6% year-on-year, contributing 1.4 percentage points to overall industrial growth [3]. - Key products in high-end manufacturing, such as aircraft and industrial control systems, saw substantial growth rates of 18.7% and 15.5% respectively [3]. - The digital economy's integration into industrial production is increasing, with digital product manufacturing growing by 9.1% [3]. Group 4: Green Transformation and New Energy Products - The demand for new energy products and green materials is expanding, with the production of new energy vehicles and lithium-ion batteries increasing by 31.7% and 52.5% respectively [4]. - The supply of green products is also on the rise, with high-performance chemical fibers and bio-based chemical fibers seeing production increases of 92.2% and 21.5% [4]. Group 5: Policy Impact and Economic Recovery - The "two new" policy effects are positively influencing industrial production, with significant growth in sectors like motor manufacturing and shipbuilding [5]. - The automotive sector benefited from vehicle replacement subsidies, leading to an 11.3% increase in production [6]. - Overall, the manufacturing purchasing managers' index rose by 0.5 percentage points, indicating improved business expectations [6].

从生产端看，工业生产平稳增长，服务业增长加快。5月份，全国规模以上工业增加值同比增长5.8%。 其中，装备制造业增加值同比增长9%，高技术制造业增加值增长8.6%，分别快于全部规模以上工业增 加值3.2和2.8个百分点。全国服务业生产指数同比增长6.2%，比上月加快0.2个百分点。 从需求端看，市场销售明显回升，固定资产投资继续扩大。在消费品以旧换新政策、网售促销等因素影 响下，市场销售增长加快。5月份，社会消费品零售总额同比增长6.4%，比上月加快1.3个百分点。1至5 月份，全国固定资产投资（不含农户）同比增长3.7%；扣除房地产开发投资，全国固定资产投资增长 7.7%。 经济运行平稳与否，不仅要看生产需求指标的变化，还要看就业、物价的情况。 5月份，全国城镇调查失业率为5%，比上月下降0.1个百分点。尽管受到国际输入性因素和部分食品价 格下降影响，5月份全国居民消费价格指数（CPI）同比小幅下降，但扣除食品和能源价格后的核心CPI 同比上涨0.6%，涨幅比上月扩大0.1个百分点。 新华社北京6月16日电 题：顶压前行 向优向新——透视5月份我国经济运行态势 新华社记者潘洁、张晓洁 5月份我国主要经济指标 ...