China’s industrial production rose +0.38% MoM, the weakest since April and the 2nd weakest of 2025, and +5.7% YoY (vs +5.9% YoY) in July 2025, with YTD growth at +6.3% YoY.

• Manufacturing output rose +6.2% YoY, mining +5.0%, and utilities +3.3%.
• By ownership, joint-stock enterprises grew +6.5% YoY, state-controlled +5.4%, private +5.0%, and foreign/HK/Macau/Taiwan-invested +2.8%.
• Key industry gains: transport equipment manufacturing (+13.7%), electrical machinery (+10.2%), autos (+8.5%, NEVs +17.1%), and ferrous metal smelting (+8.6%); non-metallic minerals fell -0.6%.
• Product highlights: crude oil processing (+8.9% YoY), steel (+6.4%), cement (-5.6%), ethylene (+9.1%), and power generation (+3.1%).
• Export delivery value was up +0.8% YoY in July, down from 4.0% YoY in June, while the product sales rate eased -0.2 ppts YoY to 97.1%.