GDP grew by 4.7% in the first half of the year, landing at the midpoint of the full-year target range of 4.5%–5%, with overall economic volume remaining stable. However, structural contradictions intensified markedly in the second quarter. Fixed-asset investment posted an across-the-board decline of -5.7%. Manufacturing investment turned negative for the first time this year, sliding from a 4.1% rise in Q1 to a 1.2% drop in the first half. Real estate development investment sustained a steep plunge of -18.0%, and retail sales of consumer goods remained extremely sluggish with a growth rate of only 1.3%. By contrast, industrial output (+5.4%) and exports (+17.6%) stayed robust. The gap between ample supply and weak demand widened rather than narrowed in Q2. This structural dynamic has created persistent demand-side pressure on domestically priced bulk commodities.