Group 1 - The U.S. is set to impose tariffs on various steel appliances, which may impact the manufacturing sector and related supply chains [1] - Iran's Foreign Minister is scheduled to meet with President Putin, potentially affecting geopolitical dynamics and energy markets [1] - Key economic indicators such as manufacturing PMIs from France, Germany, the Eurozone, and the UK will be released, providing insights into the health of the manufacturing sector in these regions [1] Group 2 - The European Central Bank President Lagarde will deliver an introductory speech, which may influence market expectations regarding monetary policy [1] - The U.S. will release its May existing home sales data, which is crucial for understanding the housing market trends [1] - Several Federal Reserve officials, including Daly, Bowman, and Goolsbee, are scheduled to speak, which could provide insights into future monetary policy directions [1]

Group 1: General Automation Equipment - In May 2025, the production of metal cutting machine tools in China was approximately 67,000 units, a year-on-year increase of 6.3%, with a month-on-month decline of 9.3 percentage points [1] - The cumulative production from January to May 2025 reached about 332,000 units, reflecting a year-on-year growth of 13.3%, with a month-on-month decline of 3.5 percentage points [1] - The production of industrial robots in May 2025 was around 69,000 units, showing a year-on-year increase of 35.5%, but a month-on-month decline of 16.0 percentage points [1] Group 2: Engineering Machinery - In May 2025, the total sales of six types of engineering machinery, including excavators and forklifts, showed varied performance, with excavators up 2.1% and forklifts up 11.8% year-on-year [2] - Conversely, six other types, including truck cranes and aerial work platforms, experienced declines, with truck cranes down 20.3% year-on-year [2] - Domestic demand for engineering machinery appeared weak in May, attributed to insufficient project funding and adverse weather conditions affecting operational rates [2] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.5 percentage points to 49.5% in May 2025, indicating a gradual improvement in manufacturing conditions [3] - The ongoing improvement in U.S.-China relations is expected to support continued growth in exports, further enhancing manufacturing sentiment [3] - The mechanical industry is rated as "buy," with a focus on engineering machinery companies benefiting from recovering domestic demand and sustained export growth [3]

华夏时报记者王潇雨北京报道 尽管受中美"贸易战"影响而导致包括航空发动机、辅助动力装置等核心系统零部件面临"断供"风险，但 中国商用飞机有限责任公司（下称"中国商飞"）依旧在第55届巴黎国际航空航天展览会（下称"巴黎航 展"）期间展示出想要在全球航空制造业版图占据一席之地的野心。 开放态度 虽然未能如外界猜测那样可能首次携带C系列民机产品真机参加巴黎航展，但中国商飞依然如往届那样 在今年的巴黎航展将旗下民机产品谱系以及未来的产品方向在这个全球最重要的航空展会登台。 据中国商飞方面透露，此次参展向公众展出了C909、C919和C929基本型飞机模型，以及C909和C919衍 生型飞机模型。 已经投入商用目前还未获得欧美适航认证的C909以及C919机型目前已经在中国国内航线以及东南亚部 分国家和地区开启了商业运营。根据中国商飞发布的数据，目前已累计交付20架C919飞机和165架C909 飞机。今年以来，C909飞机新增老挝航空、越南越捷航空两家客户并投入商业运营，至此，包括印尼 翎亚航空在内的三家东南亚航司累计使用C909飞机开通15条航线，通航18座城市。 最早投入市场的C909支线客机载客78-97座，航 ...

Core Viewpoint - Anhui Province has announced the inclusion of Tongcheng Economic and Technological Development Zone as a "2025 Manufacturing Digital Transformation Demonstration Park," highlighting its role as a model for regional digital transformation support [2][4]. Group 1: Policy and Support - The Anhui government released a plan aimed at promoting the high-end, intelligent, and green development of manufacturing through digital transformation, with a focus on pilot projects in industrial parks [2]. - Financial support will be provided to qualifying parks from provincial funds, specifically targeting the construction of industrial internet platforms and digital upgrades for enterprises [2]. Group 2: Implementation and Development - Tongcheng Economic Development Zone is focusing on the green packaging industry, leveraging leading enterprises to create a collaborative system involving small and medium-sized enterprises and service platforms [4]. - The zone has already established several exemplary digital transformation models and is advancing the application of digital solutions among key enterprises and small businesses [4][5]. - Future plans include utilizing provincial funding to enhance equipment connectivity, data collection, and system integration, thereby implementing impactful digital transformation projects [4][5].

Group 1 - The event "Financing Solutions, Intelligence Gathering in Torch" was held to promote financial services for technology innovation and manufacturing transformation in Zhongshan Torch High-tech Zone [1] - Over 30 representatives from specialized, innovative, high-tech, and foreign trade enterprises participated in the event, highlighting the focus on integrating financial resources to support local businesses [1][3] - The Zhongshan Torch High-tech Zone aims to build a positive ecosystem of "technology-industry-finance" to inject new momentum into high-quality development [3] Group 2 - China Merchants Bank introduced its innovative financial product "Sci-tech Loan," which offers tiered credit loans for light-asset technology enterprises, covering the entire lifecycle from startup to maturity [2] - The "Sci-tech Easy Loan" has a limit of 3 million yuan, "Sci-tech Fast Loan" up to 10 million yuan, and "Sci-tech Benefit Loan" up to 100 million yuan, with online automatic approval based on tax and credit data [2] - The event also discussed cross-border facilitation services and equipment renewal policies, including online services like "One-click Remittance" and "Export Flash Loan," supporting enterprises in various financial transactions [2]

对于做好省政协下半年工作，周波强调，要持续抓好学习贯彻习近平总书记在辽宁考察时的重要讲 话和重要指示精神工作，在融会贯通、落实见效上下功夫。今年将召开省委政协工作会议，要配合省委 做好会议组织实施工作，确保会议顺利圆满。要继续抓好各项协商议政活动，着力拓展建言深度，强化 监督力度，提升协商质量。要更好引导委员联系服务界别群众，组织讲好"辽宁故事"界别组活动，广泛 凝聚共识，汇聚起推动辽宁全面振兴的磅礴力量。 会议审议通过了有关人事事项。 6月20日，省政协十三届常委会第十次会议在圆满完成各项议程后闭幕。省政协主席周波出席会议 并讲话。 在第二次全体会议上，10位省政协常委、委员进行大会发言，提出破瓶颈、促融合、强品牌，推动 辽宁现代服务业高质量发展；以数字经济助推我省先进制造业高质量发展；进一步优化中试基地体制机 制，加速辽宁科技成果产业化进程；建设智慧物流新模式，服务辽宁高端制造业发展；积极推动农机装 备行业两业融合；以人工智能赋能我省传统制造业转型升级；创新就业服务模式，强化人力资源支撑； 全面加强我省现代物流体系建设；推动期现服务深入重要制造领域，构建生产性服务业新生态；深化开 放合作，积极承接国内外产 ...

Core Viewpoint - Tesla is focusing on investing in American manufacturing and infrastructure, with plans to invest approximately $8 billion in the current fiscal year [1] Group 1 - Tesla's investment strategy emphasizes domestic manufacturing and infrastructure development [1] - The planned investment of $8 billion reflects Tesla's commitment to enhancing its operational capabilities in the U.S. [1]

Group 1 - JD Group's founder Liu Qiangdong emphasizes the "Three Mao Five Theory," where retailers should only take one-third of the profits, while two-thirds should go to brand owners to promote brand development [1] - A prosperous country must create a positive economic cycle, allowing brand owners to earn more, which leads to better products and higher wages for workers, ultimately benefiting retailers, brand owners, consumers, and industrial workers [1] - The theory reflects experiences from developed countries, where manufacturing is seen as the "source of wealth," driving economic growth through an upgrade in the industrial chain [1] Group 2 - Manufacturing has a multiplier effect, driving the development of upstream and downstream industries, creating indirect employment opportunities that often exceed direct jobs in manufacturing [2] - The process of a country becoming wealthy is linked to the upgrading of its manufacturing sector, which initially relies on factor advantages but must shift towards technological innovation for higher profit margins [2] - Companies need to establish their brands and enhance product trust and loyalty through improvements in technology, quality, service, and marketing to generate more profits for reinvestment in innovation and education [3] Group 3 - The upgrading process in developed countries involves technological innovation and brand building, leading to excess profits primarily seen in multinational companies with global brands [3] - The growth of the platform economy in China has increased online sales, but aggressive price competition has led to an "involution" phenomenon, putting pressure on manufacturing sectors to engage in price wars [3][4] - To support the transformation and high-quality development of Chinese manufacturing, platform companies should ensure reasonable profit distribution along the supply chain, avoiding detrimental price wars that could harm product quality and consumer interests [4]

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 6 月战略性新兴产业采购经理人指数（ EPMI ）环比下行 3.1 个点至 47.9 。 6 月为传统制造业淡季， EPMI 季节性以环比下行为主， 2014- 2024 年 6 月环比均值为 -1.1 个点，本月环比回调幅度略大于季节性。绝对景气值降至 2014 年以来历史同期最低。中观景气面同步有所走弱， 7 大细 分新兴产业中，位于景气扩张区间的行业个数为 2 个，较 5 月减少 1 个。 第二， 分项指标看，新兴产业供需、量价均有不同程度放缓。（ 1 ）生产量、产品订货指标 6 月环比分别下降 5.5 、 6.0 个点。（ 2 ）产需比例（生产 与产品订货指标之差） 2.0 ，虽仍低于过去 3 年均值水平，但环比走高 0.5 个点，是需求降幅快于供给所致；在前期报告中我们也指出 5 月工业部门产销 率有所放缓。（ 3 ）出口订货指标环比下降 6.6 个点，降幅大于整体订单；可以印证的是 6 月上半月港口集装箱吞吐量也有所放缓（见《 6 月经济初 窥》）；抢出口释放之后出口增速中枢可能有所下移。（ ...

Core Viewpoint - The Philadelphia Federal Reserve's manufacturing index for June is reported at -4, which is below the expected -1 and unchanged from the previous value of -4 [1] Summary by Category Economic Indicators - The Philadelphia Fed manufacturing index indicates a contraction in the manufacturing sector, as a negative value suggests a decline in activity [1] - The index's current value of -4 reflects a weaker performance than anticipated, signaling potential challenges for manufacturers in the region [1]