原标题：全省提振消费政策持续显效 1至8月社会消费品零售额8380.76亿元、同比增长4% 总体来看，8月全省市场销售延续增长态势。随着促消费政策深入实施，消费意愿逐步提振，消费需求 充分释放，市场主体经营回暖向好，市场规模稳步扩大，全省消费品市场有望继续稳定向好发展。（记 者 胡晓蓉） 补贴政策持续显效，多类以旧换新商品快速增长。8月，全省商品零售额同比增长3%，与7月持平。限 额以上单位的18类重点零售商品中，半数实现增长，近四成增速快于7月。消费品以旧换新政策持续带 动，限额以上单位通讯器材类、计算机及其配套产品类、家用电器音像器材类和新能源汽车类商品零售 额同比分别增长31.2%、35.6%、32%和16.7%。 基本生活消费稳定，实体零售经营平稳。8月，吃、用等基本生活消费总体稳定，限额以上单位中，粮 油食品类商品零售额增长9%，较7月增速加快4.6个百分点，日用品类商品零售额增长4%。实体零售单 位经营平稳，限额以上有店铺零售业商品零售额同比增长0.1%，其中，折扣店、品牌专卖店、便利店 和百货店零售额同比分别增长23.4%、2.9%、2%和1%。 近日，省统计局发布数据显示：8月，全省实现社会消 ...

Economic Performance - July industrial added value growth slowed to 5.7%, down 1.1 percentage points from the previous month, while retail sales growth fell to 3.7% from 4.8%[2][3] - The weighted year-on-year growth rate of investment, retail, and export delivery value dropped to -0.1%, a decrease of 3 percentage points compared to the previous year[1] Demand and Supply Dynamics - The gap between supply and demand indicators reached 5.8 percentage points, the highest in recent years, indicating a significant demand shortfall[1] - July's industrial production and sales rate was 97.1%, down 0.2 percentage points year-on-year, showing a slight improvement compared to the previous month's decline of 0.3 percentage points[1] Export and Retail Trends - Export delivery value growth decreased to 0.8% in July from 4.0% in June, contributing approximately 0.09 percentage points to industrial added value growth, a drop of 0.35 percentage points from June[2] - Automotive retail sales plummeted to -1.5% in July, significantly impacting overall retail performance, which saw a reduction of 0.4 percentage points in its contribution[3] Investment Insights - Fixed asset investment growth for January to July was 1.6%, with a notable decline of 1.2 percentage points from the previous month, while equipment investment grew by 15.2%, down 2.1 percentage points[4] - July's fixed asset investment year-on-year dropped to -5.3%, influenced by extreme weather conditions affecting outdoor construction activities[4] Real Estate Market - Real estate sales area and sales value in July fell by 7.8% and 14.1% year-on-year, respectively, indicating a continued weakness in the sector[5] - New residential prices in July saw a month-on-month decline of 0.3%, with second-hand housing prices dropping by 0.5%, reflecting ongoing market challenges[5] Overall Economic Outlook - The overall economic data for July indicates a slowdown, with production showing resilience while demand remains weak[6] - The potential for new economic policies may arise in September and October, particularly in the real estate sector, as authorities seek to stabilize the market[5][8]

Group 1: Economic Overview - China's retail sales of consumer goods in the first half of 2025 showed a cumulative year-on-year growth rate of 5.0%, consistent with the growth rate from January to May[18] - The average year-on-year growth rate of retail sales from June 2024 to June 2025 was 4.1%, indicating an overall upward trend[18] - The Consumer Price Index (CPI) year-on-year growth rate during the same period was only 0.1%, highlighting a divergence between the volume and price of consumer spending[18] Group 2: Low Inflation Factors - Low inflation is primarily influenced by weak domestic demand, external input factors, and "involutionary competition" in the market[1] - The correlation coefficient between the year-on-year growth rates of production materials and living materials, after shifting the production materials curve back by 10 months, is 0.7, indicating a strong relationship[22] - The year-on-year decline in profits for coal mining, oil and gas extraction, and black metal mining industries was 53.0%, 11.5%, and 36.2% respectively, contributing to a 5.5 percentage point drag on industrial profits in the first half of 2025[3] Group 3: Impact of Low Inflation - As of June 2025, the average yield on ten-year government bonds was 1.66%, down 44 basis points from September 2024, while the actual interest rate rose slightly to 2.84%, up 12 basis points[3] - The weak inflation level has interfered with the downward path of actual interest rates, limiting the reduction in financing costs for the real economy[46] - The correlation coefficient between urban residents' future income confidence index and the year-on-year growth rate of industrial profits from 2020 to 2024 is 0.5, indicating a positive correlation[3] Group 4: Risks and Challenges - Risks include persistent inflation in developed economies, complex geopolitical situations, and slow recovery of expectations in the real estate sector[4] - The significant decline in real estate investment has negatively impacted construction industry investment growth, further affecting demand in the building materials sector[37]