CCSC(SH:601375) Zhongyuan Securities·2025-08-01 00:03Key Points - The official manufacturing PMI for China in July is 49.3, a decrease of 0.4 percentage points month-on-month, while the non-manufacturing PMI is at 50.1, with a composite PMI output index of 50.2 [5][9] - The value added of China's "three new" economy (new industries, new business formats, and new models) is projected to reach 24.3 trillion yuan in 2024, reflecting a growth of 6.7% compared to the previous year [5][9] - The photovoltaic industry index rebounded significantly in July, with a 9.73% increase, outperforming the CSI 300 index [15][16] - The new energy vehicle (NEV) market in China remains the largest globally, with sales expected to reach 11.3 million units in 2024, a year-on-year increase of 40% [19][20] - The new energy storage market is experiencing rapid growth, with China's new energy storage capacity expected to reach 500,000 kilowatts by 2025 [26][27] - The engineering machinery and industrial robotics sectors are showing signs of recovery, with the machinery sector index rising by 7.35% in July [29][30] - The brokerage sector saw a significant increase in performance in June, with the brokerage index rising by 8.85%, outperforming the CSI 300 index [35][36]