Quantitative Models and Construction 1. Model Name: Odds + Win Rate Strategy - **Model Construction Idea**: This strategy combines the risk budget of the odds-based strategy and the win-rate-based strategy to create a comprehensive scoring system for asset allocation[3][48][54] - **Model Construction Process**: 1. The odds-based strategy allocates more to high-odds assets and less to low-odds assets under a target volatility constraint[48] 2. The win-rate-based strategy derives macro win-rate scores from five factors: monetary, credit, growth, inflation, and overseas, and allocates accordingly[51] 3. The combined strategy sums the risk budgets of the two strategies to form a unified allocation model[54] - **Model Evaluation**: The model demonstrates stable performance with low drawdowns and consistent returns over different time periods[54] 2. Model Name: Industry Rotation Strategy - **Model Construction Idea**: This strategy evaluates industries based on three dimensions: momentum/trend, turnover/volatility/beta (crowding), and IR (information ratio) over the past 12 months[43] - **Model Construction Process**: 1. Momentum and trend are measured using the IR of industries over the past 12 months[43] 2. Crowding is assessed using turnover ratio, volatility ratio, and beta ratio[43] 3. The strategy ranks industries based on these metrics and allocates to those with strong trends, low crowding, and high IR[43] - **Model Evaluation**: The strategy has shown strong excess returns and low tracking errors, making it a robust framework for industry allocation[43] --- Model Backtesting Results 1. Odds + Win Rate Strategy - **Annualized Return**: - 2011 onwards: 7.0% - 2014 onwards: 7.6% - 2019 onwards: 7.2%[54] - **Maximum Drawdown**: - 2011 onwards: 2.8% - 2014 onwards: 2.7% - 2019 onwards: 2.8%[54] - **Sharpe Ratio**: - 2011 onwards: 2.86 - 2014 onwards: 3.26 - 2019 onwards: 2.85[56] 2. Industry Rotation Strategy - **Excess Return**: - 2011 onwards: 13.1% - 2014 onwards: 13.0% - 2019 onwards: 10.8%[44] - **Tracking Error**: - 2011 onwards: 11.0% - 2014 onwards: 12.0% - 2019 onwards: 10.7%[44] - **IR**: - 2011 onwards: 1.18 - 2014 onwards: 1.08 - 2019 onwards: 1.02[44] --- Quantitative Factors and Construction 1. Factor Name: Value Factor - **Factor Construction Idea**: Measures stocks with strong trends, low crowding, and moderate odds[27] - **Factor Construction Process**: 1. Trend is measured at zero standard deviation[27] 2. Odds are at 0.3 standard deviation[27] 3. Crowding is at -1.3 standard deviation[27] - **Factor Evaluation**: The factor ranks highest among all style factors, making it a key focus for allocation[27] 2. Factor Name: Quality Factor - **Factor Construction Idea**: Focuses on high odds, weak trends, and low crowding, with potential for future trend confirmation[29] - **Factor Construction Process**: 1. Odds are at 1.7 standard deviation[29] 2. Trend is at -1.4 standard deviation[29] 3. Crowding is at -0.8 standard deviation[29] - **Factor Evaluation**: The factor shows left-side buy signals but requires trend confirmation for stronger allocation[29] 3. Factor Name: Growth Factor - **Factor Construction Idea**: Represents high odds, moderate trends, and moderate crowding, suitable for standard allocation[32] - **Factor Construction Process**: 1. Odds are at 0.9 standard deviation[32] 2. Trend is at -0.2 standard deviation[32] 3. Crowding is at 0.1 standard deviation[32] - **Factor Evaluation**: The factor is recommended for standard allocation due to its balanced characteristics[32] 4. Factor Name: Small-Cap Factor - **Factor Construction Idea**: Characterized by low odds, strong trends, and high crowding, with high uncertainty[35] - **Factor Construction Process**: 1. Odds are at -0.7 standard deviation[35] 2. Trend is at 1.6 standard deviation[35] 3. Crowding is at 0.6 standard deviation[35] - **Factor Evaluation**: The factor is not recommended due to its high uncertainty and crowding[35] --- Factor Backtesting Results 1. Value Factor - **Odds**: 0.3 standard deviation - **Trend**: 0 standard deviation - **Crowding**: -1.3 standard deviation[27] 2. Quality Factor - **Odds**: 1.7 standard deviation - **Trend**: -1.4 standard deviation - **Crowding**: -0.8 standard deviation[29] 3. Growth Factor - **Odds**: 0.9 standard deviation - **Trend**: -0.2 standard deviation - **Crowding**: 0.1 standard deviation[32] 4. Small-Cap Factor - **Odds**: -0.7 standard deviation - **Trend**: 1.6 standard deviation - **Crowding**: 0.6 standard deviation[35]

Group 1: Environmental Protection Industry - The report emphasizes the acceleration of the construction of "waste-free cities" and the establishment of ecological environment protection responsibility systems, which are expected to create new opportunities for the environmental protection industry [10] - The implementation of the "Regulations on the Ecological Environment Protection Responsibility System for Local Party and Government Leaders" mandates the integration of ecological protection into development planning, enhancing supervision and accountability [10] - The report suggests focusing on sectors such as ecological restoration, environmental monitoring, and green technology applications, with specific recommendations for companies like Huicheng Environmental Protection and Hongcheng Environment [10] Group 2: Coal Industry - China Shenhua (601088.SH) is initiating a large-scale asset acquisition, planning to purchase coal, coal power, and coal chemical assets from the State Energy Group, which will enhance its resource reserves and operational capabilities [11] - The transaction involves thirteen restructuring targets, indicating a strategic move to optimize resource allocation and improve investor returns [11] - The report projects that China Shenhua will achieve net profits of 50.3 billion, 53.2 billion, and 55.9 billion yuan from 2025 to 2027, maintaining a "buy" rating based on a PE ratio of 14.8, 14.0, and 13.4 times respectively [12] Group 3: Communication Industry - The report highlights that Shijia Photonics (688313.SH) achieved a revenue of 993 million yuan in the first half of 2025, marking a year-on-year growth of 121.1%, with a significant increase in net profit [14] - The company is positioned well within the optical communication sector, benefiting from the ongoing technological advancements and increasing demand for optical devices [15] - Future profit forecasts for Shijia Photonics are set at 457 million, 710 million, and 993 million yuan for 2025, 2026, and 2027, respectively, with a maintained "buy" rating [15] Group 4: Retail Industry - The retail sector is experiencing a stable fundamental environment, with leading companies like Yonghui Supermarket and Chongqing Department Store expected to benefit from recent policy implementations [8] - The report identifies several key players in the new consumption landscape, including Gu Ming and Cha Bai Dao, which are anticipated to see growth due to favorable market conditions [8] - The tourism sector remains robust, with companies such as Xiangyuan Cultural Tourism and Songcheng Performing Arts highlighted as potential beneficiaries of the ongoing recovery [8] Group 5: Home Appliance Industry - Ninebot (689009.SH) reported strong performance in its two-wheeled vehicle segment, with a revenue increase of 27.6% in Q2 2025 [16] - The company is expanding its product matrix, including electric scooters and all-terrain vehicles, which are expected to drive future growth [16] - Profit forecasts for Ninebot indicate a net profit of 1.85 billion, 2.73 billion, and 3.64 billion yuan from 2025 to 2027, with a maintained "overweight" rating [16]

Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints - The current Guosheng fundamental high - frequency index is 126.9 points, with a year - on - year increase of 5.3 points, and the year - on - year growth rate remains unchanged. The long - short signal of interest - rate bonds remains unchanged, with a signal factor of 4.6% [1][9]. - In terms of production, the industrial production high - frequency index is 126.2, with a year - on - year increase of 5.0 points, and the year - on - year growth rate remains unchanged [1][9]. - In terms of total demand, the real - estate sales high - frequency index shows a year - on - year decline of 6.4 points, with the decline rate remaining unchanged; the infrastructure investment high - frequency index has a year - on - year increase of 4.5 points, and the year - on - year growth rate expands; the export high - frequency index has a year - on - year increase of 3.4 points, and the year - on - year growth rate narrows; the consumption high - frequency index has a year - on - year increase of 2.6 points, and the year - on - year growth rate expands [1][9]. - In terms of prices, the CPI monthly - on - monthly forecast is 0.1%, and the PPI monthly - on - monthly forecast is 0.2%, both remaining unchanged from the previous values [1][9]. - The inventory high - frequency index has a year - on - year increase of 9.3 points, and the year - on - year growth rate narrows; the transportation high - frequency index has a year - on - year increase of 9.0 points, and the year - on - year growth rate expands; the financing high - frequency index has a year - on - year increase of 29.7 points, and the year - on - year growth rate expands [2][10]. Summary by Directory 1. Total Index: Fundamental High - Frequency Index Remains Stable - The current Guosheng fundamental high - frequency index is 126.9 points (previous value: 126.8 points), with a year - on - year increase of 5.3 points (previous value: 5.3 points), and the year - on - year growth rate remains unchanged. The long - short signal of interest - rate bonds remains unchanged, with a signal factor of 4.6% (previous value: 4.6%) [1][9]. 2. Production: Electric Arc Furnace Operating Rate Rebounds - The electric arc furnace operating rate is 62.8%, up from the previous value of 62.2%; the polyester operating rate is 86.8%, down from the previous value of 86.9%; the semi - tire operating rate is 74.5%, down from the previous value of 75.9%; the full - tire operating rate is 61.1%, down from the previous value of 65.0%; the PTA operating rate is 79.7%, down from the previous value of 80.8%; the PX operating rate is 82.4%, the same as the previous value; the coal dispatch at Qinhuangdao Port is 47.5 tons, down from the previous value of 49.4 tons [11][16]. 3. Real - Estate Sales: Property Transactions Continue to Rebound - The transaction area of commercial housing in 30 large and medium - sized cities is 24.4 square meters, up from the previous value of 21.0 square meters; the premium rate of land transactions in 100 large and medium - sized cities is 9.0%, up from the previous value of 7.8% [28]. 4. Infrastructure Investment: Asphalt Operating Rate Rebounds - The operating rate of asphalt plants is 33.1%, up from the previous value of 28.8% [38]. 5. Exports: Export Container Freight Rate Index Continues to Decline - The CCFI index is 1232 points, down from the previous value of 1261 points; the RJ/CRB index is 301.9 points, down from the previous value of 303.8 points [45]. 6. Consumption: Passenger Car Manufacturers' Retail and Wholesale Sales Continue to Rebound - Passenger car manufacturers' retail sales are 66,611 units, up from the previous value of 58,207 units; wholesale sales are 77,867 units, up from the previous value of 57,826 units; the average daily box office is 23,068 yuan, up from the previous value of 14,066 yuan [59]. 7. CPI: Wholesale Prices of Pork and White - Feathered Chicken Decline Slightly - The average wholesale price of pork is 20.5 yuan/kg, down from the previous value of 20.7 yuan/kg; the average wholesale price of 28 key - monitored vegetables is 4.4 yuan/kg, the same as the previous value; the average wholesale price of 7 key - monitored fruits is 7.1 yuan/kg, the same as the previous value; the average wholesale price of white - feathered chicken is 17.2 yuan/kg, down from the previous value of 17.4 yuan/kg [65]. 8. PPI: Steam Coal Price Continues to Rise - The closing price of steam coal (produced in Shanxi) at Qinhuangdao Port is 658 yuan/ton, up from the previous value of 649 yuan/ton; the futures settlement price of Brent crude oil is 72 US dollars/barrel, up from the previous value of 69 US dollars/barrel; the spot settlement price of LME copper is 9672 US dollars/ton, down from the previous value of 9821 US dollars/ton; the spot settlement price of LME aluminum is 2596 US dollars/ton, down from the previous value of 2647 US dollars/ton [68]. 9. Transportation: Passenger Volume Rebounds - The passenger volume of the subway in first - tier cities is 3902 person - times, up from the previous value of 3900 person - times; the highway logistics freight rate index is 1050 points, the same as the previous value; the number of domestic flights is 14,562, up from the previous value of 14,428 [82]. 10. Inventory: Soda Ash Inventory Continues to Decline - The electrolytic aluminum inventory is 18.1 tons, up from the previous value of 15.5 tons; the soda ash inventory is 179.0 tons, down from the previous value of 187.4 tons [90]. 11. Financing: Local Government Bond and Credit Bond Financing Declines - The net financing of local government bonds is 2425 billion yuan, down from the previous value of 2929 billion yuan; the net financing of credit bonds is 134 billion yuan, down from the previous value of 549 billion yuan; the 6M state - owned stock bill transfer discount rate is 0.6%, down from the previous value of 0.74%; the average value of the bill rate - certificate of deposit rate is - 1.1%, down from the previous value of - 0.91% [100].

Investment Rating - The report maintains an "Increase" rating for the agricultural, forestry, animal husbandry, and fishery industry [5] Core Viewpoints - The overall allocation in the agricultural, forestry, animal husbandry, and fishery sector is currently low, below the standard allocation level. The report suggests focusing on leading companies in the breeding sector, which are expected to see continuous profit growth due to high-quality industry development [19][3] - The report highlights a significant increase in allocation towards the feed and breeding sectors, indicating a positive trend in the industry [13][19] Summary by Sections Fund Heavyweight Allocation - As of the end of Q2 2025, the heavy allocation of agricultural, forestry, animal husbandry, and fishery stocks is 1.36%, an increase of 0.37 percentage points quarter-on-quarter but a decrease of 0.38 percentage points year-on-year. This allocation is 0.14 percentage points below the industry average [11][1] - The breeding sector's heavy allocation is 0.41%, up 0.12 percentage points from the previous quarter but down 0.72 percentage points year-on-year. The feed sector's heavy allocation is 0.85%, up 0.28 percentage points quarter-on-quarter and up 0.34 percentage points year-on-year [13][11] Company-Specific Increases - Notable increases in allocation among the top 15 heavy stocks include Haida Group (+0.26 percentage points), Muyuan Foods (+0.1 percentage points), and others. The top five stocks with relative increases in holding value include Haida Group (+2.95%), Bangji Technology (+1.90%), and others [2][15] Investment Recommendations - For the breeding sector, the report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuffs, and Dekang Animal Husbandry, as well as seasonal price rebounds in chicken prices. For the feed and animal health sectors, it suggests looking at leading companies like Haida Group and Bangji Technology [19][3] - The planting sector shows strong profitability stability, with recommendations to focus on companies like Suqian Agricultural Development and Beidahuang. The seed sector is expected to gain attention due to the commercialization of genetically modified seeds, with potential growth opportunities in companies like Dunhuang Seed and Longping High-Tech [19][3]

Investment Rating - The report maintains a "Buy" rating for China Shenhua [5] Core Views - The asset injection is seen as a significant strategy for optimizing resource allocation, enhancing coal resource reserves, and improving integrated operational capabilities [2][3] - The company has demonstrated strong historical performance in protecting shareholder rights and enhancing investor returns [2] - The first half of 2025 performance forecast indicates a net profit of 23.6 billion to 25.6 billion yuan, reflecting a year-on-year decline of 8.6% to 15.7% [2] Financial Performance Summary - The company plans to produce 334.8 million tons of commodity coal and generate 227.1 billion kWh of electricity in 2025, with capital expenditures of 41.793 billion yuan [3] - Revenue for 2025 is projected at 326.226 billion yuan, a decrease of 3.6% year-on-year, while net profit is expected to be 50.282 billion yuan, down 14.3% year-on-year [4] - The report forecasts net profits for 2025-2027 to be 50.3 billion, 53.2 billion, and 55.9 billion yuan respectively, with corresponding P/E ratios of 14.8, 14.0, and 13.4 [3][4] Asset Acquisition Details - The company is planning to acquire assets from the State Energy Group, including coal, coal power, and coal chemical assets, involving up to 13 subsidiaries [11] - The total assets of the targeted companies amount to 285.88 billion yuan, with a net asset value of 125.03 billion yuan [11]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved significant growth in Q2, with revenue of 5.56 billion yuan, a year-on-year increase of 121.5%, and a net profit of 1.23 billion yuan, reflecting a year-on-year growth of 2975% [1] - The company's optical chip and device business has become a major growth driver, with revenue reaching 700 million yuan in the first half of the year, largely due to the increased demand for AWG series products and MPO connector-related businesses [1][2] - The company is well-positioned to benefit from the rapid expansion of AI and data center infrastructure, with its products meeting the growing demand for high-speed, low-power optical communication [3] Financial Summary - The company reported a total revenue of 9.93 billion yuan for the first half of 2025, a year-on-year increase of 121.1%, and a net profit of 2.17 billion yuan, a year-on-year increase of 1712% [1] - The projected net profits for 2025, 2026, and 2027 are 4.57 billion yuan, 7.1 billion yuan, and 9.93 billion yuan, respectively, with corresponding P/E ratios of 56, 36, and 26 [3] - The company is expected to see a revenue growth rate of 102.5% in 2025, followed by 42.5% in 2026 and 32.1% in 2027 [5]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has demonstrated strong performance in its two-wheeler business, with significant revenue growth and profitability in the first half of 2025 [1][2]. - The expansion of the product matrix, including self-balancing scooters and all-terrain vehicles, contributes to the company's growth trajectory [2]. - Future profit forecasts indicate continued growth, driven by the two-wheeler segment and the rollout of robotics [3]. Financial Performance Summary - In H1 2025, the company achieved total revenue of 11.74 billion yuan, a year-on-year increase of 76.1%, and a net profit attributable to shareholders of 1.24 billion yuan, up 108.45% [1]. - Q2 2025 revenue reached 6.63 billion yuan, reflecting a 61.5% increase year-on-year, with a net profit of 790 million yuan, up 70.8% [1]. - The electric two-wheeler segment generated revenue of 3.96 billion yuan in Q2 2025, a year-on-year increase of 80.6%, with sales of 1.3887 million units, up 77.3% [1]. - The gross margin for the two-wheeler segment in H1 2025 was 23.7%, an increase of 1.4 percentage points year-on-year [1]. Product Expansion Summary - The self-balancing scooter segment generated revenue of 929 million yuan in Q2 2025, a year-on-year increase of 27.6%, with sales of 383,800 units, up 4.7% [2]. - The all-terrain vehicle segment achieved revenue of 323 million yuan in Q2 2025, a year-on-year increase of 10.6%, with sales of 8,000 units, up 21% [2]. - The company has introduced multiple new products, enhancing its product matrix [2]. Profitability Metrics - The company's gross margin in Q2 2025 was 30.9%, an increase of 0.5 percentage points year-on-year [2]. - The net profit margin for Q2 2025 was 12%, reflecting a year-on-year increase of 0.79 percentage points [2]. - The company’s operating expenses as a percentage of revenue showed a decrease in sales and management expenses, while R&D expenses increased slightly [2]. Future Profit Forecast - The company is projected to achieve net profits of 1.85 billion yuan, 2.73 billion yuan, and 3.64 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 70.7%, 47.3%, and 33.6% [3].

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The report highlights the positive impact of recent policies such as the Hainan Free Trade Port closure and the central childcare subsidy, which are expected to drive growth for companies that capitalize on these opportunities [1] - The duty-free environment is stabilizing, with a noted decline in duty-free shopping amounts and visitor numbers, but an increase in average spending per customer [2] - Companies in the overseas market are facing challenges due to rising costs and changing demand, but some are expected to maintain high growth through channel expansion and cost control [3] - Retail chains are undergoing significant adjustments, with many reporting improved sales and profitability following store modifications [4] - The overall retail sector remains stable, with some companies showing positive trends and continued investment in new business models and digitalization [10] Summary by Sections Trade and Retail - The Hainan Free Trade Port is set to officially start on December 18, 2025, with detailed policies on tax exemptions and regulations [1] - The central government has introduced a childcare subsidy of 3,600 yuan per child per year starting January 1, 2025, which is expected to stimulate economic growth [1] Duty-Free Environment - Duty-free shopping in the first half of 2025 saw a total of 16.761 billion yuan, a year-on-year decline of 9.2%, with visitor numbers down by 26.2% [2] - China Duty-Free Group reported a revenue of 11.4 billion yuan in Q2 2025, a decrease of 8.5% year-on-year [2] Overseas Market - Companies exporting to the U.S. are expected to face challenges due to increased costs and demand fluctuations, but some, like Xiaogoods City and Anker Innovation, are projected to maintain high growth [3] Retail Chains - Retail chains like Yonghui Supermarket and Chongqing Department Store are seeing positive results from store adjustments, with significant increases in customer traffic and sales [4] Overall Industry Outlook - The retail sector's fundamentals remain stable, with a focus on new consumption trends and digital transformation, highlighting companies such as Gu Ming and Bubble Mart as key players [10]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [6]. Core Insights - The report highlights the acceleration of ecological environment protection responsibility system construction and the rapid development of waste-free city initiatives, which directly benefit the environmental protection industry and green technology application sectors [1][20]. - The implementation of the "Waste-Free Island" initiative in Hainan Province aims to establish a comprehensive waste management system by 2030, significantly increasing demand in environmental governance, ecological restoration, and environmental monitoring industries [1][21]. Summary by Sections Investment Views - The issuance of the "Regulations on the Responsibility System for Ecological Environment Protection of Local Party and Government Leaders" is expected to enhance the integration of environmental protection into development planning, benefiting sectors such as ecological restoration and environmental monitoring [9][20]. - The "Waste-Free Island" initiative in Hainan outlines a comprehensive plan for solid waste management, including the construction of 105 new construction waste treatment facilities by 2030, which will boost demand in waste treatment services and high-precision environmental monitoring [21][23]. Market Performance - The environmental protection sector underperformed compared to the broader market, with a decline of 1.29% during the week, while the Shanghai Composite Index fell by 0.94% [3]. - Key stocks in the environmental sector showed varied performance, with Anchek Testing leading with a gain of 12.69%, while Huicheng Environmental faced a decline of 6.81% [3]. Industry News - The report notes significant developments in the waste management sector, including the establishment of a smart organic waste treatment system by ShenGao Environment and the central government's economic deployment for the second half of the year [2][3].

Group 1 - The July Politburo meeting decided to hold the Fourth Plenary Session of the 20th Central Committee in October to discuss the formulation of the "14th Five-Year Plan" [1][16] - The meeting emphasized the need for macro policies to focus on "implementation and detail," removing references to "timely reserve requirement ratio cuts and interest rate reductions," indicating a shift from "quantity" to "quality" [1][16] - The "de-rolling" policy was officially included in the policy framework, with a focus on "key industries" and a shift away from price-related discussions [1][17] Group 2 - The manufacturing PMI for July was reported at 49.3%, a decrease of 0.4 percentage points month-on-month, indicating a contraction [2][18] - Recent supply-demand policies have led to price increases in some commodities, which may boost PPI expectations, but historical data suggests that strong expectations do not always translate into strong realities [2][19] - The PPI's improvement will depend on both supply-side adjustments and demand stabilization [2][19] Group 3 - The recent China-US-Sweden trade talks resulted in a 90-day extension of tariff measures, indicating limited short-term impact from Trump's tariff policies [3][22] - Long-term risks from reciprocal tariffs should not be underestimated, as the outcomes of the trade talks did not exceed expectations and merely postponed risk points [3][24] - Historical experiences from the 2018 trade war suggest that Trump's stance can be unpredictable, which may affect future trade relations [3][24] Group 4 - The A-share market has seen a significant improvement in funding, with financing balances exceeding 2024 levels and creating a new high [4][26] - The relationship between the bond market and the stock market is characterized by a "see-saw" effect, where funds may shift from bonds to stocks, potentially driving A-share market performance [4][26] - However, the risk of diminishing incremental funding remains, and financing balances should be viewed as a synchronous indicator rather than a leading one [4][27] Group 5 - The overall profit expectations for A-shares in 2025 are likely to be weak, with a downward trend expected in the second and third quarters, followed by a potential rebound in the fourth quarter [5][29] - The A-share profit cycle showed improvement in the first quarter of this year, but the recovery may face constraints due to pressure on revenue growth [5][29] - The main driver of profit growth in Q1 2025 is expected to be the year-on-year increase in net profit margins, while revenue growth remains under pressure [5][29] Group 6 - The upcoming mid-year report disclosures in August are expected to increase the importance of performance trading [6][34] - Stocks with characteristics of "high growth in performance + high opening" are likely to yield good returns, especially when combined with relative performance growth screening [6][34] - Key industries for August include motorcycles, optical electronics, traditional Chinese medicine, lighting equipment, and agriculture [6][34]