相关报告：智研咨询发布的《2025-2031年中国零售支付行业市场全景调研及发展潜力研判报告》 数据来源：国家统计局 2025年8月，全国建筑及装潢材料类商品零售类值当期值为133.4亿元，环比下滑1.19%，同比下滑 0.7%；2025年1-8月全国建筑及装潢材料类商品零售类值累计值为1088亿元，同比增长1.8%。 近一年全国建筑及装潢材料类商品零售类值当期值与同比增长统计图 2015-2025年全国建筑及装潢材料类商品零售类值累计值与累计增长统计图 数据来源：国家统计局 ...

相关报告：智研咨询发布的《2025-2031年中国零售支付行业市场全景调研及发展潜力研判报告》 2025年1-6月，全国建筑及装潢材料类商品零售类值累计值为824.4亿元，同比增长2.6%，比上年同期增 幅增加3.8个百分点。 近一年全国建筑及装潢材料类商品零售类值当期值与同比增长统计图 数据来源：国家统计局 数据来源：国家统计局 2015-2025年全国建筑及装潢材料类商品零售类值累计值与累计增长统计图 ...

Core Viewpoint - The article emphasizes the resilience of the economy driven by policy support and export growth, while also highlighting the weakening trends in real estate and manufacturing sectors [2][3]. Group 1: Economic Stability - The investment sector shows strong performance, with equipment purchases contributing 64.5% to overall investment growth from January to April, with a year-on-year increase of 18.2% [5][11]. - Consumer demand for durable goods remains robust, with retail sales of home appliances and related categories contributing 27.4% to total retail sales in April, reflecting a growth rate of 10.6% for durable goods [5][11]. - The trade sector continues to perform well, with a trade surplus growth rate of 33.6% in April, supported by an 8.1% year-on-year increase in exports [5][11]. Group 2: Economic Changes - The real estate market shows signs of weakening, particularly in the "strong five cities" (Beijing, Shanghai, Shenzhen, Hangzhou, Chengdu), where the average price of second-hand homes fell by 0.2% in April, compared to a 0.46% increase in March [6][13]. - Manufacturing investment growth is slowing, particularly in the raw materials sector, which saw a significant decline in investment growth to 2.7% from January to April, down from previous levels [7][17]. Group 3: April Economic Data Overview - In April, industrial production growth was recorded at 6.1%, while service sector production index grew by 6.0%. Retail sales growth was 5.1%, down from 5.9% in March [21][22]. - The real estate sector experienced a decline in sales area by 2.1% year-on-year in April, with fixed asset investment growth slowing to 3.5% [21][30]. - The consumer price index (CPI) showed a slight deflation at -0.1%, while the producer price index (PPI) decreased by 2.7% [21][22]. Group 4: Employment and Investment Trends - The urban unemployment rate decreased to 5.1% in April, indicating a slight improvement in the job market [23]. - Fixed asset investment growth was recorded at 3.6% in April, with manufacturing investment showing a cumulative growth of 8.8% from January to April [37].

Economic Recovery - The economic recovery in China is supported by a solid foundation, with retail sales and service production indices growing by 4.7% and 5.9% respectively from January to April, showing a slight acceleration compared to the previous quarter [1] - Exports increased by 7.5% and industrial added value grew by 6.4% during the same period, indicating overall stability despite external shocks [1] Policy Support - The implementation of proactive macroeconomic policies has intensified, with significant contributions from equipment investment, which rose by 18.2% year-on-year from January to April, accounting for 64.5% of total investment growth [2] - Recent measures include reductions in reserve requirements and interest rates, along with the establishment of new policy financial tools to support technological innovation and consumption [2] Consumer Potential - Various regions and departments are actively promoting consumption through special initiatives, with retail sales in categories related to home appliances and cultural products contributing 1.4 percentage points to overall retail growth [2] - Service retail sales grew by 5.1% in the first four months, with domestic travel during the "May Day" holiday increasing by 6.4% year-on-year, indicating a strengthening consumer demand [2] Innovation and Industry Growth - There is a strong push for the integration of technological and industrial innovation, with high-tech manufacturing value added growing by 10% in April, outpacing overall industrial growth [3] - The production of smart drones surged by 74.2% and new energy vehicle output increased by 38.9%, reflecting advancements in key technology sectors [3] Overall Economic Outlook - Supported by multiple favorable factors, China's economy is expected to maintain a stable and progressive development trend [4]

Core Viewpoint - The National Bureau of Statistics indicates that the effects of policies aimed at boosting consumption are becoming evident, leading to a sustained increase in consumption's contribution to economic growth [1] Group 1: Policy Implementation and Effects - Various regions and departments are actively implementing the Central Committee's decisions to boost consumption through special actions and the "two new" policies [1] - The innovation of diverse consumption scenarios and the active expansion of service consumption are showing positive results [1] Group 2: Consumption Data - In April, the retail sales of home appliances, audio-visual equipment, cultural and office supplies, furniture, communication equipment, and construction materials collectively contributed 1.4 percentage points to the growth of total retail sales of consumer goods [1] - From January to April, service retail sales grew by 5.1%, accelerating for two consecutive months [1] - During the "May Day" holiday, the number of domestic travelers increased by 6.4% year-on-year [1] Group 3: Future Outlook - As the effects of policies continue to manifest and consumption momentum strengthens, the contribution of consumption to economic growth is expected to enhance further [1]