国家发展改革委政策研究室副主任、新闻发言人李超29日在新闻发布会上表示，8月份规模以上装备制 造业，高技术制造业增加值同比分别增长了8.1%和9.3%，比工业增加值整体增速快了2.9和4.1个百分 点。集成电路、航空航天器、工业机器人、民用无人机、新能源汽车等领域保持了快速增长。（中国汽 车报） ...

在国家发改委今日召开的新闻发布会上，国家发改委政策研究室副主任、新闻发言人李超表示，当前经济运行当中依然面临着不少的风险和 挑战，外部环境仍然严峻复杂，经济回升向好的基础仍需进一步巩固。下一步，国家发展改革委将持续发力，适时加力实施宏观政策。发布 会重要内容如下： 国家发改委：经济运行仍存挑战 将适时加力实施宏观政策 国家发展改革委政策研究室副主任、新闻发言人李超9月29日表示，8月份，在宏观政策持续发力等因素的带动之下，我国经济运行总体平 稳。从供给侧看，生产平稳增长，制造业、服务业的重点领域增势良好；从需求侧看，政策效能持续显现，展现出较强的韧性和抗压能力。 在消费方面，以旧换新相关零售额继续保持较快的增长。不过，当前经济运行当中依然面临着不少的风险和挑战，外部环境仍然严峻复杂， 经济回升向好的基础仍需进一步巩固。下一步，国家发展改革委将持续发力，适时加力实施宏观政策。同时国家发展改革委也将持续加强经 济的监测、预测、预警，做好政策预研储备，根据形势变化及时推出。 国家发展改革委政策研究室副主任、新闻发言人李超29日在新闻发布会上表示，8月份规模以上装备制造业，高技术制造业增加值同比分别 增长了8.1%和 ...

Economic Performance - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year, with a month-on-month growth of 0.38%[4] - The manufacturing sector's added value grew by 6.2%, indicating its core support role in the economy[4] - Fixed asset investment from January to July rose by 1.6% year-on-year, with a month-on-month decline of 0.63% in July[4] Sector Analysis - 35 out of 41 industrial categories reported growth, achieving a growth coverage of 85.4%[4] - High-tech manufacturing saw a significant increase, with added value growing by 9.3%, led by integrated circuit manufacturing at 26.9%[4] - Real estate development investment from January to July was 53,580 billion yuan, down 12.0% year-on-year, marking a historical low[4] Consumer Trends - The total retail sales of consumer goods in July reached 38.7 billion yuan, with a year-on-year increase of 3.7%[5] - Durable goods consumption, particularly in home appliances (+28.7%) and communication equipment (+14.9%), showed strong growth[5] - Service retail sales from January to July increased by 5.2%, driven by summer tourism and sports events[5] Future Outlook - The economic growth rate in the third quarter is expected to be lower than in the second quarter, primarily due to the real estate sector's challenges[5] - Despite potential slowdowns, achieving the annual economic growth target of 5% remains feasible due to ongoing export support and consumption policies[5] - Risks include the possibility of domestic demand recovery being slower than anticipated[5]

Report Industry Investment Rating No relevant information provided. Core Views - The economy grew steadily in the first half of the year, with GDP up 5.3% year-on-year, showing a mild recovery. The service industry was the core of economic growth, and industrial production continued to rise in June. However, there were risks such as potential pork overcapacity and PPI deflation spreading to the consumer side [4]. - Domestic demand showed resilience, but external uncertainties increased. The economy maintained high growth in the first half, with new productive forces accelerating industrial upgrading. However, trade protectionism and geopolitical risks posed challenges [6]. Summary by Directory Growth: Steady Growth - The GDP in the first half of the year increased by 5.3% year-on-year, with the service industry contributing significantly. In June, industrial production continued to grow, and high-tech and equipment manufacturing industries maintained relatively fast growth [4][11]. Inflation: PPI Under Pressure - In June 2025, PPI decreased by 3.6% year-on-year and 0.4% month-on-month. The decline was mainly due to factors like loose energy and raw material supply, pressure on export - dependent industries, and international input adjustments. Some high - tech and consumer - related sectors showed positive changes [21][22]. Investment: Marginal Slowdown - From January to June 2025, national fixed - asset investment increased by 2.8% year-on-year, with a slowdown in growth. Manufacturing investment was the main driver, and high - tech fields performed well. However, private investment overall declined, excluding real estate [58]. Production: Widening Differentiation - In the first half of 2025, the added value of large - scale industries increased by 6.4% year-on-year. There was significant industry differentiation, with high - tech sectors like the automotive and computer equipment manufacturing leading in capacity utilization, while upstream raw material industries were weak [64]. Consumption: Policy Effectiveness - In June 2025, the consumer market continued to recover, with the total retail sales of consumer goods up 4.8% year-on-year. The "trade - in" policy was effective, and online sales and service consumption showed strong growth [73]. Real Estate: Investment Under Pressure - In the first half of 2025, the real estate market was at the bottoming stage. Real estate development investment decreased by 11.2% year-on-year, and the sales side showed regional differentiation. Policy support was in place, but the market still faced challenges such as investment pressure and regional disparities [81]. Appendix: National Bureau of Statistics Announcement - The national economy showed a stable and positive trend in the first half of the year. GDP grew by 5.3% year-on-year, with stable growth in production and demand, stable employment, increased resident income, and the growth of new driving forces [103].