Consumption - The contribution of trade-in programs to retail sales has weakened, with July retail sales growth declining by 1.1 percentage points to 3.7% year-on-year[3] - The personal consumption loan interest subsidy is expected to boost retail sales by approximately 0.2 percentage points, with a historical context showing a 1% subsidy could lead to a greater impact than previous years[4] - The consumer loan consumption rate has remained low, averaging around 2.5% since 2024, indicating a shift towards cash purchases rather than credit expansion[3] Production - Industrial production growth in July was 5.7%, down 1.1 percentage points from the previous value, with a month-on-month increase of only 0.38%[5] - Service sector production also saw a slight decline of 0.2 percentage points to 5.8% year-on-year, with mixed performance across various industries[5] Fixed Investment - Real estate investment has further declined, with July showing a year-on-year drop of 12.0%, and new housing sales showing signs of weakness[6] - Manufacturing investment has decreased by 1.3 percentage points to 6.2%, with significant declines in sectors such as non-ferrous metallurgy and chemical products[6] - Infrastructure investment turned negative for the first time since 2021, with broad infrastructure showing a decline of 1.9% year-on-year in July[6] Economic Outlook - The data from July indicates a further weakening of domestic demand, suggesting increased downward pressure on economic growth in Q4, which may prompt policy adjustments[7] - Risks include potential underperformance of policy measures and unexpected downturns in the U.S. economy[7]

Group 1 - The core point of the article is that Nanling Technology (SZ 300921) announced a scheduled investor research meeting with Changsheng Fund on July 28, 2025, where the company's board secretary, Yu Li, will participate and address investor inquiries [2] Group 2 - For the year 2024, the revenue composition of Nanling Technology is as follows: Other sectors account for 24.15%, Manufacturing accounts for 23.45%, Information Transmission, Software, and IT Services account for 20.75%, Wholesale and Retail account for 17.96%, Financial Services account for 7.47%, and Leasing and Business Services account for 6.22% [2]