Core Insights - In July, the revenue of large-scale industrial enterprises increased by 0.9% year-on-year, while profits decreased by 1.5%, with the decline narrowing by 2.8 percentage points compared to June [1] - Manufacturing profits grew by 6.8% year-on-year in July, accelerating by 5.4 percentage points from June [1][2] - The profit improvement in July indicates structural recovery signals, with certain industries experiencing profit enhancements due to external environment improvements and internal policy support [1][2] Revenue and Profit Trends - From January to July, the revenue of large-scale industrial enterprises increased by 2.3% year-on-year, while profits decreased by 1.7%, with the decline narrowing by 0.1 percentage points compared to the first half of the year [1] - In July, medium and small-sized enterprises showed significant profit improvements, with profits turning from declines of 7.8% and 9.7% in June to increases of 1.8% and 0.5% respectively [1] Sector Performance - Manufacturing sector profits contributed significantly to the recovery of overall industrial profits, with raw material manufacturing profits rebounding from a 5.0% decline in June to a 36.9% increase in July [2] - High-tech manufacturing profits also improved, rising from a 0.9% decline in June to an 18.9% increase in July [2] - The aerospace and semiconductor sectors showed strong profit growth, with aerospace profits increasing by 40.9% and semiconductor-related sectors seeing profits rise by 176.1%, 104.5%, and 27.1% respectively [2] Policy Impact - The "Two New" policies have driven rapid profit growth in related industries, with significant increases in profits for sectors such as electronic and electrical machinery manufacturing [3] - Inventory growth for large-scale industrial enterprises decreased, with finished goods inventory at 6.67 trillion yuan, growing by 2.4%, which is a 0.7 percentage point decline from June [3] - Future expectations indicate a moderate recovery in industrial profits, supported by policy efforts and a return to normalcy in supply and demand [3][4]

Core Insights - In the first seven months of the year, the total profit of industrial enterprises above designated size in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [5] - The manufacturing sector achieved a profit of 30,235.8 billion yuan, marking a growth of 4.8% [5] - In July, manufacturing profits increased by 6.8%, with high-tech manufacturing profits rebounding from a decline of 0.9% in June to a growth of 18.9% [10] Industrial Profit Trends - The profit decline for industrial enterprises has been narrowing, with July showing a year-on-year decrease of 1.5%, an improvement of 2.8 percentage points from June [6] - The profit margins for industrial enterprises have improved, with gross profit turning from a decline of 1.3% in June to a growth of 0.1% in July [6] - The operating income for industrial enterprises in the first seven months was 78.07 trillion yuan, reflecting a year-on-year growth of 2.3% [5] Sector Performance - Among various sectors, the mining industry saw a significant profit decline of 31.6%, while the manufacturing sector's profit growth of 4.8% was notable [8] - Specific industries within manufacturing showed strong profit growth, such as the agricultural and food processing industry at 14.5%, and electrical machinery manufacturing at 11.7% [8] - High-tech manufacturing sectors, particularly in aerospace and semiconductor industries, demonstrated remarkable profit increases, with profits growing by 40.9% and 176.1% respectively [10] Policy Impact - The implementation of "two new" policies has positively influenced profit growth in related industries, with significant increases in sectors like electronic and electrical machinery manufacturing [9] - The government's focus on expanding domestic demand and promoting innovation is expected to support the ongoing recovery of industrial profits [10]

Group 1: High-Tech Manufacturing Index - The Guosen weekly high-tech manufacturing diffusion index A recorded 0, while index B remained at 51.4, unchanged from the previous week[1] - The prices of lithium hexafluorophosphate and dynamic random access memory (DRAM) increased, indicating a rise in the prosperity of the new energy and semiconductor sectors[1] - The prices of acrylonitrile and 6-amino penicillanic acid decreased, reflecting a decline in the aerospace and pharmaceutical sectors[1] Group 2: Price Tracking and Policy Trends - The price of 6-amino penicillanic acid is 180 RMB/kg, down 32 RMB/kg from last week; acrylonitrile is 8,250 RMB/ton, down 100 RMB/ton[2] - DRAM price increased to $1.8140, up $0.072 from last week; wafer price is $2.81 per piece, up $0.03[2] - The Ministry of Industry and Information Technology announced measures to regulate the photovoltaic industry, aiming to curb low-price competition and promote the orderly exit of outdated capacity[2] Group 3: Industry Events and Risks - The 2025 World Humanoid Robot Games concluded on August 17, featuring 26 events and 487 matches with participation from 280 teams across 16 countries[3] - Risks include potential indicator failures due to structural adjustments in high-tech manufacturing, economic policy interventions, and a slowdown in economic growth[4]

Economic Overview - Liaoning Province's economy showed overall stability from January to July, with industrial added value above designated size increasing by 3.9% year-on-year, and high-tech manufacturing added value growing by 7.8% [1] - The mining industry saw a significant increase in added value by 10.9%, while manufacturing and electricity, heat, gas, and water production and supply industries grew by 3.0% and 1.1%, respectively [1] Investment Trends - Fixed asset investment in Liaoning Province decreased by 3.5%, while manufacturing investment surged by 22.8%, with high-tech manufacturing investment rising by 37.0% [2] - Infrastructure investment fell by 1.7%, and real estate development investment dropped significantly by 25.7% [2] Retail and Consumption - The total retail sales of social consumer goods reached 597.72 billion yuan, marking a year-on-year increase of 5.5%, with significant growth in essential goods such as grain and oil, which rose by 17.0% [2] - Sales of upgraded consumer goods showed strong growth, with smart phones increasing by 130% and wearable smart devices by 98.2% [2] Trade Performance - From January to July, the total import and export volume in Liaoning Province reached 437.61 billion yuan, a slight increase of 0.4%, with exports growing by 13.6% to 234.78 billion yuan [3] - Key export categories included agricultural products, steel, and electromechanical products, with notable growth rates of 9.1%, 11.1%, and 8.9%, respectively [3] Price Trends - Consumer prices in Liaoning Province experienced a slight decline, with the Consumer Price Index (CPI) decreasing by 0.1% year-on-year [3] - The Producer Price Index (PPI) for industrial producers fell by 4.8%, indicating a decrease in industrial production prices [3]

Group 1: New Energy Vehicle Production - In the first seven months, the production of new energy vehicles in Beijing increased by 150% year-on-year [1] - The production of lithium-ion batteries saw a significant increase of 260% during the same period [1] - The overall industrial production value in Beijing grew by 6.1% in comparable prices [1] Group 2: Investment and Economic Growth - Fixed asset investment in Beijing (excluding rural households) grew by 10.8% in the first seven months [1] - Investment in equipment purchases, reflecting enterprise capacity expansion, surged by 80.3% [1] - High-tech industry investment experienced a remarkable growth of 58.7% [1] Group 3: Service Consumption - Service consumption in Beijing increased by 4.6% driven by information services, transportation, and cultural entertainment sectors [2] - The total retail sales of consumer goods reached 767.43 billion yuan in the same period [2] - Specific categories such as home appliances and audio-visual equipment saw a growth of 6.9% due to the "old-for-new" policy [2]

Economic Overview - In the first seven months of 2023, Beijing's industrial added value above designated size grew by 6.1% year-on-year in comparable prices [1] - The export delivery value of industrial enterprises above designated size reached 119.59 billion yuan, an increase of 4.6% [1] Key Industries Performance - The computer, communication, and other electronic equipment manufacturing industry saw a significant growth of 24.2% [1] - The automotive manufacturing industry grew by 11.5% [1] - The electricity and heat production and supply industry increased by 4.7% [1] - The pharmaceutical manufacturing industry experienced a decline of 9.3% [1] - The five major equipment manufacturing industries collectively grew by 9.5% [1] High-tech and Strategic Emerging Industries - The added value of strategic emerging industries and high-tech manufacturing increased by 17.2% and 9.5% respectively [1] - Notable growth in production for high-end or emerging products included lithium batteries (increased by 2.6 times), new energy vehicles (1.5 times), wind turbine units (38.6%), and integrated circuits (17.8%) [1]

Group 1: High-tech Manufacturing Index - The Guosen weekly high-tech manufacturing diffusion index A recorded 0.2, while index B reached 51.4, marking three consecutive weeks of increase[1] - The increase in the index is driven by rising prices in acrylonitrile and dynamic random access memory (DRAM), along with improved conditions in the aerospace and semiconductor sectors[1] - Conversely, the price of 6-amino penicillanic acid decreased, leading to a decline in the pharmaceutical sector's performance[1] Group 2: Price Tracking and Policy Developments - The price of 6-amino penicillanic acid is 212 RMB/kg, down 3 RMB/kg from last week; acrylonitrile is 8,350 RMB/ton, up 150 RMB/ton[2] - DRAM prices increased to $1.7420, up $0.052, while wafer prices rose to $2.78, up $0.06[2] - A new national standard for the transportation of lithium batteries will be implemented on February 1, 2026, enhancing safety and packaging requirements[2] Group 3: Economic Indicators - Fixed asset investment cumulative year-on-year growth is at 2.80%[4] - Retail sales year-on-year growth for the month stands at 4.80%[4] - Monthly export growth is recorded at 7.20%[4] - M2 money supply growth is at 8.80%[4] Group 4: Risks and Challenges - Potential risks include the ineffectiveness of indicators due to structural adjustments in high-tech manufacturing[3] - Economic policies and industrial policy interventions may impact the sector[3] - A slowdown in economic growth poses additional challenges[3]

Economic Growth - In the first half of 2025, the GDP growth rate in the eastern region averaged 5.3%, lagging behind the central (5.5%) and western (5.6%) regions, continuing the "east low, west high" trend[6][12] - The top five provinces accounted for 40% of the national GDP, with the top ten provinces making up 61.6%, indicating stable contributions from major economic provinces[13] Industrial Performance - The industrial added value in the central and western regions grew by 7.9% and 8.2% respectively, surpassing the national average of 6.4%, while eastern regions showed stable growth at 7.1%[27][31] - Eastern regions experienced a profit growth of over 10% in industrial enterprises, contrasting with the central and western regions where profits declined or showed minimal growth[31][30] Investment Trends - Fixed asset investment in the central region grew by 6.6%, exceeding the national level by 3.8 percentage points, while the eastern region's investment growth was only 1.7%[40][44] - Real estate investment in the eastern region decreased by 9.7%, contributing to the overall sluggish investment performance[44] Consumption Patterns - The central region led the nation in retail sales growth at 6.2%, while the eastern region lagged with a growth rate of only 4%[49][52] - The northeastern region saw a retail sales growth of 5.4%, benefiting from tourism and cultural events[52] Export Dynamics - The central and western regions achieved export growth rates of 15.5% and 17.5%, significantly higher than the national average of 7.2%, while the eastern region's export growth was only 1.4%[60] - Guangdong's exports grew by just 1.1%, heavily impacted by U.S. tariff policies and declining demand in the consumer electronics sector[60] Import Trends - In the first half of 2025, 21 provinces experienced negative import growth, particularly in the eastern and northeastern regions, with the eastern region's imports declining by 5.3%[66] - Some provinces in the central and western regions saw positive import growth, driven by resource products, with Anhui and Gansu achieving import growth rates of 13.4% and 30.3% respectively[66]

Economic Growth - In the first half of 2025, the GDP growth rate continued the "East low, West high" pattern, with the average GDP growth rate of the eastern region at 5.3%, lagging behind the central (5.5%) and western (5.6%) regions[6] - The top five provinces accounted for 40% of the national GDP, with the top ten provinces making up 61.6%[13] Industrial Performance - The industrial added value in the central and western regions grew by 7.9% and 8.2%, respectively, surpassing the national average of 6.4%[31] - Eastern provinces saw stable industrial growth at 7.1%, supported by rapid development in high-tech manufacturing and digital economy integration[27] Investment Trends - Fixed asset investment in the central and western regions outpaced the national average, with a growth rate of 6.6%, exceeding the national level by 3.8 percentage points[40] - Eastern regions experienced a decline in real estate investment, with a drop of 9.7%, significantly impacting overall investment growth[40] Consumption Patterns - The central region led the nation in retail sales growth at 6.2%, while the eastern region lagged behind at 4%, influenced by weak wealth effects and income expectations[49] - Hainan's retail sales surged by 11.2%, driven by tourism and new consumption policies[52] Export Dynamics - The central and western regions achieved double-digit export growth rates of 15.5% and 17.5%, respectively, while the eastern region's export growth was only 1.4% due to intensified US-China trade tensions[60] - Guangdong's exports grew by just 1.1%, significantly below the national average, affected by trade policies and global consumption downturns[60] Import Trends - In the first half of 2025, 21 provinces experienced negative import growth, particularly in the eastern and northeastern regions, with a 5.3% decline in the eastern region[66] - Some provinces in the central and western regions saw positive import growth, driven by resource products, with Anhui and Gansu achieving import growth rates of 13.4% and 30.3%, respectively[66] Future Outlook - Economic growth pressure is expected to increase in the second half of 2025, with the eastern region facing challenges from weak demand and real estate market uncertainties[71] - The central region is anticipated to maintain strong investment demand, benefiting from infrastructure projects and industrial transfers from the east[71]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, the regional economy showed the characteristics of "rapid growth in the central and western regions and remaining resilience in the eastern region." GDP growth continued the pattern of "lower in the east and higher in the west," with the average GDP growth rate in the eastern region (5.3%) lagging behind the central (5.5%) and western (5.6%) regions for two consecutive quarters. The central and western regions benefited from industrial transfer and upgrading, with higher industrial added - value growth rates but the feature of "increasing revenue without increasing profit." The eastern region had better industrial enterprise profit performance supported by the integration of high - tech manufacturing and the digital economy. The central and western regions outperformed the eastern region in investment and consumption under policy support, while the eastern region was deeply affected by the decline in real estate development investment and had weak consumption. In the context of intensified Sino - US tariff game, the central and western regions achieved double - digit export growth, while the eastern region's export was greatly affected by Sino - US game [6]. - Looking ahead to the second half of the year, the economic downward pressure increases. For the central and western regions, attention should be paid to the problems of disorderly competition among enterprises and repeated government investment, and reversing the situation of "increasing revenue without increasing profit." For the eastern region, focus on the bottoming - out of the real estate market in the second half of the year and the implementation effects of consumption - promotion and foreign - trade - stabilization policies. For the northeastern region, pay attention to the industrial transformation and upgrading [6]. 3. Summary by Relevant Catalogs 3.1 Eastern Provinces Show Strong Resilience, Central and Western Provinces Have Faster Growth, and Economic Powerhouses Continue to "Shoulder the Heavy Burden" - In terms of scale, economic powerhouses played a stable "leading" role in H1 2025, with little change in the ranking of provincial GDP scale. The top five provinces in H1 2025 accounted for 40% of the national GDP, and the top ten accounted for 61.6%, basically the same as in 2024. Only Chongqing overtook Liaoning in the ranking. There were also cases of widening and narrowing differences in GDP scale among some provinces. For example, the GDP scale difference between Tianjin and Heilongjiang widened, while that between Guizhou and Shanxi narrowed [7]. - GDP growth continued the "lower in the east and higher in the west" pattern. The central and western provinces were the important engines of national economic growth in H1 2025. Most provincial GDP growth rates were higher than the national average (5.3%). The weighted average GDP growth rate of all provinces was 5.36%. The eastern region's average GDP growth rate was 5.3%, lagging behind the central and western regions for two consecutive quarters. However, the rapid development of high - tech manufacturing in the eastern region provided strong support for its economic growth. The central and western regions had fast economic growth, supported by industrial upgrading, major project construction, and high export growth. The northeastern region's GDP growth rate was 5.2%, lower than the national level, affected by real estate investment and its single - industrial structure [10][11]. - Most provincial GDP actual growth rates in H1 2025 were higher than the expected targets. Among the 31 provinces, 20 had higher growth rates than the targets, and 11 were lower, mainly in the western region. Considering the greater economic growth pressure in the second half of the year, these 11 provinces faced greater pressure to achieve their expected growth targets [11]. 3.2 Central and Western Regions Lead in Industrial Added - Value Growth, and Eastern Region Has Bright Performance in Industrial Enterprise Profits - The eastern region had stable growth in industrial added - value and bright performance in industrial enterprise profits. The industrial added - value of eastern provinces increased by 7.1% in H1 2025, higher than the end of last year and the same period last year. High - tech manufacturing development, digital economy integration, and high R & D investment were the main driving forces. Some provinces like Hainan, Fujian, and Jiangsu had both industrial added - value growth rates above 7% and industrial enterprise profit growth rates over 10%. Shanghai had a relatively low industrial added - value growth rate of 5.1% but a high profit growth rate of 11.8%. Guangdong's industrial added - value only increased by 4%, lower than the national level for 11 consecutive months [13][14]. - The central and western regions had fast industrial added - value growth but poor overall profit performance, with some provinces showing a significant feature of "increasing revenue without increasing profit." The central and western regions' industrial added - value increased by 7.9% and 8.2% respectively in H1 2025, higher than the national level (6.4%), but industrial enterprise profits decreased by 5.1% in the central region and increased by 1.4% in the western region. Some resource - based provinces in the central and western regions had a significant decline in industrial enterprise profits, while Tibet and Guangxi had good performance in both industrial added - value and profit growth. The northeastern region's industrial added - value increased by 5.4%, and industrial enterprise profits decreased by 13.7%, significantly lower than other regions [15]. 3.3 Supported by "Two Major" Project Construction, Central and Western Regions' Fixed - Asset Investment Growth Rates Outperform the National Average, and the Impact of Real Estate Investment Decline on the Eastern Region Continues to Deepen - The central and western regions benefited from national support for "two major" project construction, with higher fixed - asset investment growth rates than the national average in H1 2025. The western region's fixed - asset investment increased by 6.6%, 3.8 percentage points higher than the national level, with 4 out of 5 provinces with investment growth rates over 10% in the western region. The central region's fixed - asset investment increased by 3%, slightly higher than the national level, driven by manufacturing investment in some provinces. The eastern region's fixed - asset investment growth was 1.7%, lower than the national level, dragged down by real estate development investment, which had been declining since September last year. Beijing led the eastern region with a 14.1% growth rate in fixed - asset investment. The northeastern region's fixed - asset investment decreased by 1.3%, mainly due to a 17% decline in real estate development investment. The fixed - asset investment growth rate of debt - resolving provinces was 0.9 percentage points lower than that of non - debt - resolving provinces, but the gap was narrowing [22][23]. 3.4 Central Region Leads in Social Retail Sales Growth Rate, and Eastern Region Has Weak Consumption - The central region's social retail sales (社零) growth rate continued to be higher than other regions, while the eastern region's was significantly lower than the national level. The central region had a bright consumption performance in H1 2025, with a 6.2% growth rate in social retail sales, leading the country, supported by population advantages and the "old - for - new" consumer goods policy. All six central provinces had social retail sales growth rates higher than the national level. The northeastern region's social retail sales increased by 5.4% driven by cultural and tourism economy and ice - snow economy. The western region had large differences in social retail sales growth rates among provinces. The eastern region's social retail sales growth was 4%, lower than the national level, affected by weak wealth effects and income expectations. Hainan was an exception, with an 11.2% growth rate in social retail sales, driven by multiple factors [27][28]. 3.5 Eastern Region's Exports Are Greatly Affected by Tariff Game, and Central and Western Regions Achieve Double - Digit Export Growth - The central and western regions had an export growth rate of over 15% in H1 2025, while the eastern region's export growth rate was significantly lower than the national level. In the context of Sino - US tariff game, weak external demand, and increasing trade disputes, the central and western regions' exports increased by 15.5% and 17.5% respectively, much higher than the national level (7.2%). They benefited from industrial transfer, forming export advantages in "new three items" and taking advantage of the Belt and Road Initiative and transit trade. The northeastern region's exports increased by 8.4%. The eastern region's exports only increased by 1.4%, mainly affected by Sino - US game, with Guangdong being the most affected. Shanghai had a 9.8% export growth, driven by high - tech product exports [31]. - Due to weak domestic demand, most provinces had negative import growth in H1 2025. There were 21 provinces with negative import growth, mainly in the eastern and northeastern regions. The eastern region's imports decreased by 5.3%, while the northeastern region's decreased by 13.5%. Ten provinces in the central and western regions had positive import growth, driven by resource - related products [35].