数据来源：国家统计局，智研咨询整理 根据国家统计局数据显示：2025年6月中国十种有色金属产量为695万吨，同比增长4.4%；2025年1-6月 中国十种有色金属累计产量为4031.9万吨，累计增长2.9%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：紫金矿业（601899）,洛阳钼业（603993）,中国铝业（601600）,北方稀土（600111）,江西铜 业（600362）,云南铜业（000878）,驰宏锌锗（600497）,中金黄金（600489）,西部矿业（601168）,盛 和资源（600392） 相关报告：智研咨询发布的《2025-2031年中国有色金属冶炼和压延加工行业市场动态分析及未来趋势 研判报告》 ...

Group 1: Retail Sales - In July 2025, the total retail sales of consumer goods reached 38,780 billion yuan, with a year-on-year growth of 3.7%. Excluding automobiles, retail sales amounted to 34,931 billion yuan, growing by 4.3% [2][4] - From January to July 2025, the total retail sales of consumer goods reached 284,238 billion yuan, with a growth rate of 4.8%. Excluding automobiles, retail sales were 257,014 billion yuan, growing by 5.3% [2][4] Group 2: Fixed Asset Investment - From January to July 2025, national fixed asset investment (excluding rural households) totaled 288,229 billion yuan, with a year-on-year growth of 1.6%. Private fixed asset investment decreased by 1.5% [5][6] - In July 2025, fixed asset investment (excluding rural households) decreased by 0.63% month-on-month [6] - By industry, the first industry saw an investment of 5,646 billion yuan (growth of 5.6%), the second industry 104,455 billion yuan (growth of 8.9%), and the third industry 178,128 billion yuan (decline of 2.3%) [6] Group 3: Industrial Production - In July 2025, the industrial added value of enterprises above designated size grew by 5.7% year-on-year, with a month-on-month increase of 0.38% [7][8] - From January to July 2025, the industrial added value increased by 6.3% year-on-year [8] - By sector, mining industry added value grew by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [8] Group 4: Energy Production - In July 2025, the production of crude oil was stable, with an output of 1,812 million tons, a year-on-year increase of 1.2% [17] - Natural gas production accelerated, reaching 216 billion cubic meters in July, with a year-on-year growth of 7.4% [19] - Electricity production increased by 3.1% year-on-year in July, totaling 9,267 billion kilowatt-hours [21]

Economic Overview - The economy in July shows signs of weak recovery, with a potential trend of high-to-low performance throughout the year, indicating increased volatility due to external uncertainties[1] - The nominal GDP is projected to reach around 140 trillion yuan, with limited elasticity in growth rates and GDP deflator index in the second half of the year[12] Industrial Growth - In July, the industrial added value increased by 5.7% year-on-year, slightly below market expectations, while month-on-month growth was 0.38%[14] - Manufacturing demand is recovering but showing signs of marginal slowdown, with the new orders index at 49.4%, indicating a decrease in manufacturing market demand[16] Consumer Spending - The retail sales of consumer goods in July grew by 3.7% year-on-year, down from 4.8% in June, with a notable decline of 1.1 percentage points[19] - Factors affecting retail sales include reduced funding for the "old-for-new" policy, which decreased from 162 billion yuan in the first half of 2025 to 138 billion yuan in the second half[21] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288.229 billion yuan, growing by 1.6%, which is below market expectations of 2.7%[29] - Infrastructure investment grew by 3.2%, while real estate development investment saw a significant decline of 12.0%[29] Employment Trends - The urban surveyed unemployment rate in July was 5.2%, slightly up from the previous month, reflecting seasonal pressures from the graduation season[6] - Employment policies are being implemented to mitigate youth unemployment, including support for job creation in various sectors[6] Investment Outlook - Manufacturing investment growth was 6.2% year-on-year, but July recorded a negative growth of -0.3%, the first negative reading since July 2020, primarily due to high base effects and uncertainties from trade tensions[45] - The overall investment environment remains cautious, with private investment declining by 1.5% year-on-year, particularly in the real estate sector[29]

Economic Overview - In July, the industrial added value increased by 5.7% year-on-year, with mining growing by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [4] - Among the economic types, state-controlled enterprises saw a 5.4% increase, joint-stock enterprises grew by 6.5%, foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 2.8%, and private enterprises grew by 5.0% [4] Industry Performance - Out of 41 major industries, 35 reported year-on-year growth in added value in July. Notable growth was seen in black metal smelting and rolling (8.6%), non-ferrous metal smelting and rolling (6.8%), and general equipment manufacturing (8.4%) [2][4] - The automotive manufacturing sector grew by 8.5%, with new energy vehicles increasing by 17.1% [3][4] Product Output - In July, among 623 industrial products, 335 saw a year-on-year increase in output. Steel production reached 12.295 million tons (up 6.4%), while cement production fell to 14.557 million tons (down 5.6%) [3] - The output of ethylene was 3.12 million tons (up 9.1%), and automobile production was 2.51 million units (up 8.4%) [3][4] Sales and Exports - The sales rate for industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year. The export delivery value reached 1.2904 trillion yuan, a nominal increase of 0.8% [3][4]

Core Viewpoint - In June, the industrial added value of large-scale enterprises increased by 6.8% year-on-year, indicating a robust growth trend in the industrial sector [2]. Group 1: Industrial Growth - The industrial added value for the first half of the year (January to June) grew by 6.4% year-on-year [2]. - In June, the month-on-month growth of industrial added value was 0.5% [2]. Group 2: Sector Performance - In June, the mining industry saw a year-on-year increase of 6.1%, manufacturing grew by 7.4%, and the production and supply of electricity, heat, gas, and water increased by 1.8% [3]. - Among 41 major industries, 36 reported year-on-year growth in added value [4]. Group 3: Economic Type Analysis - In June, state-controlled enterprises' added value increased by 5.7%, joint-stock enterprises by 7.1%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 5.5%, and private enterprises by 6.2% [4]. Group 4: Product Output - In June, out of 623 industrial products, 379 saw a year-on-year increase in output [5]. - Notable product outputs included steel at 12.784 million tons (up 1.8%), cement at 15.547 million tons (down 5.3%), and automobiles at 2.809 million units (up 8.8%) [5]. Group 5: Sales and Exports - The sales rate of products from large-scale industrial enterprises was 94.3%, a decrease of 0.3 percentage points year-on-year [6]. - The export delivery value reached 1.3676 trillion yuan, reflecting a nominal year-on-year growth of 4.0% [6].

Core Insights - The non-ferrous metal industry in China is experiencing reasonable growth, with fixed asset investment increasing by over 10% [1][5] - In May, the industrial added value of the non-ferrous metal industry grew by 7.7% year-on-year, with a cumulative growth of 7.0% from January to May [1][4] - The production of ten types of non-ferrous metals reached 6.827 million tons in May, marking a 2.9% year-on-year increase [4] Industry Performance - The added value of the non-ferrous metal mining sector grew by 5.1% in May, while the smelting and rolling processing sector saw an 8.1% increase [1] - From January to May, the mining sector's growth was 6.3%, slightly narrowing from the previous month, while the smelting and rolling sector's growth was 7.1%, expanding by 0.2 percentage points [1] Production Data - The production of primary aluminum (electrolytic aluminum) in May was 3.828 million tons, reflecting a 5.0% increase [4] - Cumulatively, from January to May, the production of ten non-ferrous metals reached 33.404 million tons, with a year-on-year growth of 2.8% [4] Investment Trends - Nationally, fixed asset investment in the industrial sector grew by 11.6%, while investment in the non-ferrous metal industry surged by 19.9%, exceeding the national average by 8.3 percentage points [5][6] - Investment in the non-ferrous metal mining sector increased by 44.0%, and the smelting and rolling processing sector saw a 14.3% rise [5]

Industrial Value Added - In May 2025, the industrial value added of enterprises above designated size increased by 5.8% year-on-year, with a month-on-month growth of 0.61% [2][3] - From January to May 2025, the industrial value added grew by 6.3% year-on-year [3] - By sector, mining increased by 5.7%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 2.2% in May [4] Fixed Asset Investment - From January to May 2025, national fixed asset investment (excluding rural households) reached 191,947 billion yuan, a year-on-year increase of 3.7% [8][9] - The investment in the primary industry grew by 8.4%, while the secondary industry saw an increase of 11.4%, and the tertiary industry experienced a decline of 0.4% [10] - Within the secondary industry, industrial investment rose by 11.6%, with manufacturing investment increasing by 8.5% [11] Retail Sales - In May 2025, the total retail sales of consumer goods reached 41,326 billion yuan, marking a year-on-year growth of 6.4% [15][19] - Urban retail sales amounted to 36,057 billion yuan, growing by 6.5%, while rural retail sales reached 5,269 billion yuan, increasing by 5.4% [16] - Online retail sales for the first five months totaled 60,402 billion yuan, reflecting a year-on-year increase of 8.5% [18] Energy Production - In May 2025, the production of raw coal, crude oil, and natural gas saw accelerated growth, while electricity production remained stable [20] - Raw coal production reached 400 million tons in May, with a year-on-year increase of 4.2% [21] - The electricity generation in May was 7,378 billion kilowatt-hours, showing a year-on-year growth of 0.5% [29]

Economic Overview - The overall economic operation of the province remained stable in the first four months of the year, with a year-on-year industrial added value growth of 3.0% [2] - High-tech manufacturing saw a significant increase, with added value growing by 10.9% [2] Industrial Performance - Among the 40 major industrial categories, 30 experienced year-on-year growth, resulting in a growth rate of 75.0% [2] - Specific product outputs showed remarkable increases: transformer output grew by 100%, mining equipment by 25%, industrial robots by 19.1%, and synthetic ammonia by 17.2% [2] Fixed Asset Investment - Fixed asset investment increased by 5.2% year-on-year, with infrastructure investment rising by 11.9% and manufacturing investment by 10.8% [3] - Real estate development investment, however, saw a significant decline of 25.1% [3] - Investment in the primary industry surged by 31.1%, while the secondary and tertiary industries saw growths of 2.9% and 5.9%, respectively [3] Market Sales - Social retail sales totaled 3313.8 billion yuan, marking a year-on-year increase of 6.8% [3] - Sales of essential goods, such as grain and food, rose by 20.2%, while smart phones and energy-efficient home appliances saw increases of 66.4% and 50.6%, respectively [3] Export and Import Trends - The province's total import and export value reached 2409.3 billion yuan, a decrease of 3.2% year-on-year [4] - Exports amounted to 1251.3 billion yuan, reflecting a growth of 7.7%, while imports fell by 12.8% to 1158.0 billion yuan [4] - Notably, high-tech product exports, particularly in computer integrated manufacturing technology, grew by 21.6% [4]

Group 1 - In April, the production of new energy vehicles reached 1.228 million units, representing a year-on-year increase of 38.9% [1] - Among 623 industrial products, 341 showed a year-on-year increase in production [1] - The overall automobile production was 2.604 million units, with a growth of 8.5% [1] Group 2 - Steel production was 125.09 million tons, increasing by 6.6% year-on-year [1] - Cement production decreased by 5.3% to 165.3 million tons [1] - The production of ten non-ferrous metals was 6.76 million tons, up by 3.1% [1] Group 3 - Ethylene production reached 2.98 million tons, marking a growth of 10.1% [1] - Electricity generation was 711.1 billion kilowatt-hours, with a slight increase of 0.9% [1] - Crude oil processing volume was 58.03 million tons, showing a decline of 1.4% [1]

Core Insights - In April, the industrial added value of enterprises above designated size increased by 6.1% year-on-year, with a month-on-month growth of 0.22% [1]. - From January to April, the industrial added value grew by 6.4% year-on-year [1]. Group 1: Industrial Growth by Sector - In April, the mining industry saw a year-on-year increase of 5.7%, manufacturing grew by 6.6%, and the production and supply of electricity, heat, gas, and water increased by 2.1% [3]. - Among 41 major industries, 36 reported year-on-year growth in added value in April [4]. Group 2: Economic Type Performance - In April, state-controlled enterprises' added value grew by 2.9%, while joint-stock enterprises increased by 6.6%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 3.9%, and private enterprises by 6.7% [4][7]. - High-tech manufacturing within the manufacturing sector experienced a growth rate of 10.0% in April [7]. Group 3: Key Industry Performance - Notable growth in specific industries includes coal mining and washing at 6.3%, petroleum and natural gas extraction at 4.3%, and food processing at 7.3% [4]. - The automotive manufacturing sector grew by 9.2%, with a significant increase in new energy vehicles at 38.9% [5][10]. Group 4: Product Output and Sales - In April, out of 623 industrial products, 341 saw a year-on-year increase in output, including steel at 12,509 million tons (up 6.6%) and cement at 16,530 million tons (down 5.3%) [5][10]. - The product sales rate for industrial enterprises above designated size was 97.2%, a decrease of 0.2 percentage points year-on-year [6][10]. Group 5: Export Performance - The export delivery value of industrial enterprises reached 12,469 billion yuan, reflecting a nominal year-on-year growth of 0.9% [6][10].