1-7月，规模以上工业增加值达到2613亿元，同比增长6.9%，高于全国平均水平。值得关注的是，计算 机通信和其他电子设备制造业、汽车制造业、电气机械和器材制造业三大行业表现尤为突出，成为拉动 工业增长的"主力军"。报告显示，计算机通信和其他电子设备制造业、汽车制造业、电气机械和器材制 造业增加值分别增长17.0%、30.1%和8.5%。 在产业结构优化升级进程中，1-7月，高新技术产业、战略性新兴产业、装备制造业增加值分别增长 8.3%、9.7%和10.3%，增速均高于规模以上工业平均水平，分别高出1.4、2.8和3.4个百分点。 在智能制造领域，杭州同样展现强劲发展势头。1-7月，工业控制计算机及系统产量增长101.3%，工业 机器人产量增长110.1%。 服务业迅速增长新兴服务业成增长亮点 商报讯(记者徐菁菁通讯员李叶彩方志)日前，杭州市统计局发布2025年1-7月杭州经济运行情况。总的来 看，在消费政策的稳步推进下，消费市场继续恢复，工业稳健支撑基本面，总体保持平稳运行态势，展 现出较强的韧性与活力。 部分升级类商品消费活跃民生消费筑牢根基 1-7月，全市消费市场展现出强劲活力与多元态势，消费对经济增 ...

今年以来，我国消费市场在政策支持和内生动力的共同作用下呈现出"总体平稳、结构优化"的发展态势。 据国家统计局数据，7月社会消费品零售总额3.88万亿元，同比增长3.7%，增速比去年同期高1个百分点。1-7月，社会消费品零售总额28.42万亿元，同比增 长4.8%，服务零售额同比增长5.2%，商品和服务零售合并同比增长5%左右。 7月整体消费增速环比有所放缓，但政策驱动型消费却表现强劲。商务部表示，7月份限额以上单位家电、家具、通讯器材、文化办公用品零售额同比分别增 长28.7%、20.6%、14.9%和13.8%。受访专家认为，这种分化显示当前消费增长动力正在向政策引导、结构性托举型转变的深层逻辑。 8月22日召开的国务院常务会议提出，大规模设备更新和消费品以旧换新政策，在稳投资、扩消费、促转型、惠民生等方面取得明显成效，要进一步强化财 税金融等政策支持。 | 指标 | 当期値 | | --- | --- | | 家用电器和音像器材类 | 978 | | 家具类 | 170 | | 通讯器材类 | 657 | 今年以来，以旧换新政策持续发力，涉及产品越来越多。在政策带动下，消费活力持续释放，效果显著。国家统计 ...

今年以来，我国消费市场在政策支持和内生动力的共同作用下呈现出"总体平稳、结构优化"的发展态势。 据国家统计局数据，7月社会消费品零售总额3.88万亿元，同比增长3.7%，增速比去年同期高1个百分点。1-7月，社会消费品零售总额28.42万亿元，同比增 长4.8%，服务零售额同比增长5.2%，商品和服务零售合并同比增长5%左右。 7月整体消费增速环比有所放缓，但政策驱动型消费却表现强劲。商务部表示，7月份限额以上单位家电、家具、通讯器材、文化办公用品零售额同比分别增 长28.7%、20.6%、14.9%和13.8%。受访专家认为，这种分化显示当前消费增长动力正在向政策引导、结构性托举型转变的深层逻辑。 8月22日召开的国务院常务会议提出，大规模设备更新和消费品以旧换新政策，在稳投资、扩消费、促转型、惠民生等方面取得明显成效，要进一步强化财 税金融等政策支持。 在汽车消费方面，新能源车表现亮眼。据中国汽车流通协会乘联会数据，7月份乘用车零售量同比增长6.3%，其中新能源乘用车零售量增长12.0%，渗透率 达54%。 今年前七月，全国乘用车市场累计零售1272.8万辆，同比增长10.1%，其中7月乘用车零售182. ...

● 本报记者 连润 王舒嫄 近日召开的国务院常务会议和全国消费品以旧换新工作推进电视电话会议对下阶段消费品以旧换新作出 部署，释放出政策支持加力信号。 专家表示，从当前各地对以旧换新政策优化调整的路径看，后续以旧换新政策有可能在上调资金支持规 模、扩大品类范围等方面发力，同时将进一步强化政策协同与技术赋能，确保政策红利直达消费者，有 效扩大内需、提振消费。 政策效果明显 今年以来，以旧换新政策持续发力，范围有所扩大，涉及产品越来越多。在政策带动下，传统消费领域 和智能消费领域活力持续释放，政策效果显著。 最新数据显示，7月，限额以上单位家用电器和音像器材类、文化办公用品类、家具类和通讯器材类商 品零售额同比分别增长了28.7%、13.8%、20.6%、14.9%，均明显快于商品零售额增速，继续支撑商品 销售增长。 以旧换新政策同样惠及汽车行业。最新发布的增值税发票数据显示，2024年4月至2025年7月，全国新能 源车销量同比增长81.7%，增长势头迅猛。 国家统计局新闻发言人付凌晖表示："消费品以旧换新政策加力扩围，对相关商品销售带动作用继续显 现。" 支持力度料加码 从中央层面看，加力支持以旧换新的政策信 ...

服务业发展势头良好，数字经济引领增长。1—6月，全市规模以上服务业营业收入10944亿元，同比增 长8.6%，增速较1—5月加快0.6个百分点。其中，信息传输、软件和信息技术服务业增长12.7%，科学研 究和技术服务业增长6.2%，增速均有所提升。数字经济核心产业服务业、高技术服务业营业收入分别 增长12.6%和11.8%，成为服务业增长的重要引擎。这表明杭州在打造数字经济第一城方面持续发力， 数字技术创新与产业升级相互促进的发展格局进一步巩固。 杭州市统计局日前发布全市1—7月经济运行情况，数据展示了杭州经济强劲的脉搏——消费政策稳步推 进需求回升，消费市场继续恢复，出口突围验证开放路径有效，工业稳健支撑基本面，新质生产力的迅 速起势更预示着未来转型的动能所在，呈现出既稳得住、又迸发新活力的特点。 消费市场持续回暖，升级类消费表现亮眼。1—7月，全市社会消费品零售总额5271亿元，同比增长 5.1%。在"以旧换新"等促消费政策带动下，家用电器和音像器材类、通讯器材类商品零售额分别增长 86.3%和34.5%，新能源汽车零售额增长23.7%，显示绿色消费、智能消费成为新趋势。升级类消费需求 旺盛，体育娱乐用品 ...

Economic Growth - The main economic indicators in Gansu Province have shown steady growth in the first seven months of the year, with overall economic operation remaining stable [1][2] - The industrial production has increased significantly, with the added value of industrial enterprises above designated size growing by 9.5% year-on-year [1] Industrial Performance - The mining industry saw a value increase of 4.1%, while the manufacturing sector grew by 12.2%, and the electricity, heat, gas, and water production and supply industry increased by 10.2% [1] - Out of 37 major industry categories, 25 reported growth in production activities [1] Fixed Asset Investment - Fixed asset investment in the province grew by 0.8% year-on-year, with a notable increase of 4.4% when excluding real estate development investments [1] - Infrastructure investment rose by 7.4%, and manufacturing investment increased by 10.0%, while real estate development investment declined by 14.2% [1] Consumer Market - The total retail sales of consumer goods reached 2500.8 billion yuan, marking a year-on-year growth of 3.4% [2] - The "old for new" policy has positively impacted retail sales in categories such as home appliances (54.3% growth), communication equipment (37.0% growth), and furniture (20.8% growth) [2] Foreign Trade - The total import and export value reached 394.6 billion yuan, with a year-on-year increase of 24.4% [2] - Exports grew by 33.2% to 95.5 billion yuan, while imports increased by 21.9% to 299.1 billion yuan [2] - Trade with countries involved in the Belt and Road Initiative accounted for 74.4% of total trade, with a growth of 21.0% [2] Fiscal and Financial Stability - The general public budget revenue was 658.3 billion yuan, reflecting a year-on-year growth of 3.7%, while expenditures increased by 5.3% to 2848.6 billion yuan [2] - By the end of July, the balance of deposits in financial institutions reached 30383.8 billion yuan, growing by 8.1%, and the loan balance was 29981.5 billion yuan, up by 4.3% [2]

Economic Performance Overview - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year, indicating stable growth in production supply [1][2] - The total retail sales of consumer goods rose by 3.7% year-on-year, with retail sales of goods increasing by 4% [2][4] - The total import and export volume of goods grew by 6.7% year-on-year, reflecting resilience in foreign trade [1][2] Sectoral Growth Insights - The equipment manufacturing sector saw an increase of 8.4% in added value, outpacing the overall industrial growth rate [2] - High-tech manufacturing added value grew by 9.3%, continuing to exceed the industrial growth rate [3] - The production index for information transmission, software, and IT services rose by 11.9%, while leasing and business services increased by 8% [3] Consumer Market Dynamics - The combined retail of goods and services is estimated to have grown by around 5% year-on-year from January to July, indicating a stable upward trend in consumption [4][5] - The "old for new" consumption policy has positively impacted sales of home appliances, cultural office supplies, furniture, and communication equipment, with respective growth rates of 28.7%, 13.8%, 20.6%, and 14.9% [4] - The tourism and leisure sectors experienced double-digit growth in retail sales, driven by increased consumer demand during the summer [4] Policy and Future Outlook - The government plans to continue implementing measures to boost consumption, focusing on expanding both goods and service consumption [5][7] - Despite facing challenges, the long-term supportive conditions for economic growth remain unchanged, with a focus on stabilizing employment, enterprises, and market expectations [7][8] - The International Monetary Fund has raised its growth forecast for China's economy by 0.8 percentage points, reflecting increased confidence from the international community [8]

Investment Rating - The industry is rated as outperforming the market, with an expected relative increase of over 10% in the next six months compared to the market index [49]. Core Insights - In July 2025, the total retail sales of consumer goods in China reached 38,780 billion yuan, showing a year-on-year growth of 3.7%, which is an increase of 1.0 percentage points compared to the same month last year, although it represents a decline of 1.1 percentage points from June [2][13]. - The growth rate of commodity retail continues to decline, while the growth rate of catering revenue has slightly rebounded compared to the previous month [17]. - The performance of various consumer goods categories shows that home appliances and audio-visual equipment, as well as furniture, have seen significant growth, both exceeding 20% [3][21]. Summary by Sections Overall Performance - The total retail sales of consumer goods in July 2025 increased by 3.7% year-on-year, with a total of 38,780 billion yuan. The growth rate improved by 1.0 percentage points year-on-year but decreased by 1.1 percentage points month-on-month [2][13]. - The Consumer Price Index (CPI) rose by 0.5% year-on-year in July, up from 0.1% in June [14]. Segment Analysis - Among 16 categories of goods, three categories (oil and petroleum products, automobiles, and building and decoration materials) experienced negative growth, while the remaining categories showed positive growth. Notably, home appliances and audio-visual equipment, as well as furniture, demonstrated remarkable growth, both exceeding 20% [3][21]. - Essential goods such as grain and oil (+8.6%), daily necessities (+8.2%), and traditional Chinese and Western medicines (+0.1%) showed varying growth rates, with grain and oil experiencing a slight decline [21][23]. Online Retail Performance - From January to July 2025, the cumulative online retail sales reached 86,835 billion yuan, reflecting a year-on-year growth of 9.2%, accounting for 30.55% of total retail sales of consumer goods [40][42]. - The online retail sales of physical goods amounted to 70,790 billion yuan, with year-on-year growth of 6.3%, and specific categories such as food, clothing, and daily necessities saw growth rates of 14.7%, 1.7%, and 5.8%, respectively [40][44]. Investment Recommendations - The report suggests focusing on sectors such as food and beverages, social services, and retail, highlighting opportunities in the liquor industry, baby-related products, and domestic cosmetics brands due to favorable policies and market conditions [46][47]. - In the retail sector, the attractiveness of gold as a safe-haven asset is expected to increase, and domestic beauty brands are gaining market share, making them potential investment targets [47].

Economic Performance - July industrial added value grew by 5.7% year-on-year, down 1.1 percentage points from June and slightly below the consensus expectation of 5.8%[4] - Retail sales in July increased by 3.7% year-on-year, a decline of 1.1 percentage points from June, with non-automotive retail sales growing by 4.3%[12] - Fixed asset investment from January to July showed a cumulative year-on-year growth of 1.6%, with private investment declining by 1.5%[23] Sector Analysis - From January to July, manufacturing investment rose by 6.2%, while real estate investment fell by 12.0%[25] - High-tech industries saw a cumulative year-on-year growth of 9.5% in industrial added value, indicating resilience in this sector[7] - Service consumption in July grew by 5.2% year-on-year, supported by strong demand during the summer travel season[15] Challenges and Risks - Economic data for July reflects significant downward pressure on growth, influenced by complex external conditions and adverse domestic weather factors[34] - Price factors continue to drag down nominal growth rates in retail sales and fixed asset investment[34] - Risks include potential global inflation resurgence and rapid economic downturns in Europe and the U.S.[36] Policy Recommendations - The report suggests that proactive macroeconomic policies are essential to stimulate domestic demand and support growth[35] - Attention should be given to the implementation of consumption loan interest subsidies and the impact of U.S.-China trade negotiations on foreign trade dynamics[35]

Group 1: Overall Consumption Trends - In the first seven months, the total retail sales of consumer goods reached 28,423.8 billion yuan, growing by 4.8% year-on-year; in July alone, the retail sales totaled 3,878 billion yuan, with a year-on-year growth of 3.7% [1] - The consumption market shows a stable development trend, with basic living and upgraded goods sales improving, and the "old-for-new" policy contributing to the growth of certain products [4][5] Group 2: Service Consumption Growth - The service retail sales increased by 5.2% year-on-year in the first seven months, outpacing the growth of goods retail sales by 0.3 percentage points [2] - The rural market's sales growth outpaced urban areas, with rural retail sales reaching 516 billion yuan, growing by 3.9% [2] Group 3: Specific Product Categories - In July, retail sales of basic living and upgraded goods showed positive trends, with over 70% of product categories in large retail units experiencing growth; categories like sports and entertainment goods grew by 13.7%, jewelry by 8.2%, and daily necessities by 8.2% [4] - The "old-for-new" policy has led to significant growth in home appliances and audio-visual equipment retail sales, which increased by 28.7% year-on-year [4][5] Group 4: Online Consumption Dynamics - Online retail sales reached 86,835 billion yuan in the first seven months, with a year-on-year growth of 9.2%; physical goods online retail sales grew by 6.3%, accounting for 24.9% of total retail sales [6] - New consumption models such as live-streaming e-commerce are maturing, contributing to the growth of the silver economy and first-release economy [7] Group 5: Future Outlook - The overall consumption market is expected to maintain stability, with ongoing implementation of macro policies aimed at boosting consumption and improving the consumption environment [7]