银河证券每日晨报-20250801

Macro Overview - The manufacturing PMI for July is reported at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a slight decline in manufacturing activity [2] - The production index stands at 50.5%, while the new order index has dropped to 49.4%, reflecting a contraction in new orders [3] - Extreme weather conditions in July, including heavy rainfall and high temperatures, have negatively impacted production intensity [3] - The price indices for factory output and raw material purchases have increased, indicating rising costs for manufacturers [4] - Inventory levels are still low, with both finished goods and raw materials inventory indices declining [5] Industry Insights Technology Sector - The report emphasizes the importance of technology innovation in driving new productive forces, with a focus on cultivating internationally competitive emerging pillar industries [20] - Investment recommendations include focusing on artificial intelligence, particularly in three main areas: core infrastructure, overseas leaders, and AI application leaders [23] Banking Sector - The banking sector is expected to benefit from continued supportive macro policies, with an emphasis on stabilizing employment and economic expectations [25] - The government has issued 15.8 trillion yuan in bonds this year, with 5.2 trillion yuan being special bonds, which will support infrastructure and related financing needs [25] - The report suggests that retail banking and technology finance are likely to benefit from policies aimed at expanding domestic demand [26] Textile and Apparel Sector - The report highlights the government's focus on expanding domestic demand and service consumption, which is expected to benefit the textile and apparel industry [30] - The textile export figures show a slight increase, but the sector faces uncertainties due to ongoing U.S.-China tariff disputes [31] - The use of new materials in textiles is becoming more widespread, driving industry transformation and upgrades [32] Communication Sector - The communication industry is positioned for growth, driven by technology innovation and the development of new productive forces [35] - The report identifies key areas of focus, including operators, artificial intelligence, and space computing, which are expected to enhance the industry's growth potential [38]