Economic Overview - In July, major economic indicators maintained overall stability, with new growth drivers emerging, supporting steady economic development [1] - Despite facing risks and challenges, macro policies are showing effectiveness, leading to expanded market demand and enhanced market vitality [1] New Productive Forces - The added value of high-tech manufacturing above designated size increased by 9.3% year-on-year in July, outpacing the overall industrial growth by 3.6 percentage points [2] - The digital economy is rapidly developing, with the added value of digital product manufacturing growing by 8.4% in July [2] - Production of green low-carbon products is increasing, with new energy vehicles, lithium-ion batteries, and wind turbine generators seeing production growth of 17.1%, 29.4%, and 19.3% respectively [2] Foreign Trade - In July, the total value of goods imports and exports grew by 6.7% year-on-year, with exports increasing by 8% and imports by 4.8% [3] - The diversification of trade is evident, with exports to ASEAN, the EU, and Belt and Road countries growing by 14.8%, 8.2%, and 11.7% respectively from January to July [3] - The export of integrated circuits surged by 21.8%, reflecting enhanced international competitiveness [3] Consumption - Retail sales of consumer goods increased by 3.7% year-on-year in July, with service retail sales growing by 5.2% from January to July [4] - The "old-for-new" policy is showing positive effects, with significant growth in retail sales of home appliances, furniture, and communication equipment [4] - Tourism and leisure-related consumption saw rapid growth during the summer, with double-digit increases in various service sectors [5] Investment - Fixed asset investment grew by 1.6% year-on-year from January to July, with actual growth (adjusted for price factors) estimated at 4% to 5% [6] - Manufacturing investment increased by 6.2%, significantly outpacing overall investment growth [6] - Investment in high-tech industries, particularly in aerospace and information services, saw substantial increases of 33.9% and 32.8% respectively [6] Price Trends - In July, the Consumer Price Index (CPI) showed positive changes, with a month-on-month increase of 0.4% [7] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a strengthening market demand [7] - The Producer Price Index (PPI) saw a month-on-month decline of 0.2%, but the rate of decline has narrowed, marking the first reduction in decline since March [7]

刘亚宁制图 在GDP30强城市中，南通排位上升最快，由2024年的第二十三位，升至2025年上半年的第十八位。 如果把时间线拉长，以2016年至2025年上半年这近10年为界来观察GDP30强城市名单，其排位情况变化更大。10年前，位列前10强的天津（第五 名），已经从10强榜单中消失，取而代之的是南京。同时，宁波从第十五名上升至第十一名。 在GDP30强城市中，南通排位上升最快，由2024年的第二十 三位，升至2025年上半年的第十八位。 作者：刘亚宁 封图：图虫创意 日前，随着各地相继发布经济运行数据，2025年上半年城市地区生产总值（GDP）陆续出炉。从排位情况来看，头部城市排位稳定，第十七名至三十 名出现较为明显的变化。 排位下降的城市还有东莞、佛山和泉州等。东莞、佛山均跌出前二十位，而泉州曾有4年跻身前二十位，但其后下跌至今年上半年的二十三名。而合肥 从2016年的第二十五位上升至今年上半年的第二十位。此外，这10年间，还有3座城市新晋前30强榜单，分别是温州、徐州和常州。 本文试图通过聚焦第二产业增加值、规模以上工业增长值和外贸进出口总额三个指标，解码近10年城市GDP排位变迁的变化：那些实现位次 ...

Core Viewpoint - The article emphasizes that the rise of emerging industries in China will lead the next decade of the polymer industry, amidst a backdrop of significant transformation in the global chemical industry [1]. Group 1: Event Overview - The 2025 Polymer Industry Annual Conference and "New Plastic Award" selection will take place from September 10-12 in Hefei, Anhui [1]. - The conference aims to explore new opportunities in materials, technologies, and equipment related to emerging industries such as AI, robotics, low-altitude economy, aerospace, new energy vehicles, and data centers [1]. Group 2: Organizers and Supporters - The event is organized by Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials) and chaired by Qian Xigao, an academician of the Chinese Academy of Engineering [2]. - Various supporting units include the China New Materials Industry Technology Innovation Platform and several universities and research institutions [2]. Group 3: Featured Companies - Notable participating companies include: - China Energy Conservation and Environmental Protection Group Co., Ltd., specializing in LCD materials and high-tech polymers [3]. - Nanjing Lixun Screw Co., Ltd., a leader in twin-screw extrusion technology [3]. - Tianjin Lianlong New Materials Co., Ltd., recognized for its comprehensive product offerings in polymer anti-aging [3]. Group 4: Forums and Discussions - The conference will feature multiple forums, including the China International Engineering Plastics Industry Innovation Conference, focusing on topics such as resin-based composite online curing monitoring and intelligent production control [8]. - The New Energy Vehicle Innovation Materials and Applications Forum will discuss lightweight materials and their applications in automotive design [10]. Group 5: Special Activities - A special session on AI-enabled polymer material development will be held, highlighting the integration of AI in material innovation [14]. - A closed-door meeting for the development of the polymer industry and project roadshows will also take place, inviting leaders from government, enterprises, and academia [16][17].

Employment Stability and Economic Growth - Employment is viewed as a "barometer" of economic development and a "ballast" for social stability, with the national urban survey unemployment rate averaging 5.2% in the first half of the year, a decrease of 0.1 percentage points from the first quarter, indicating overall stability in employment [1] - China's GDP grew by 5.3% year-on-year in the first half of the year, supporting improvements in employment, with unemployment rates dropping to 5.1% and 5% in April and May respectively, and stabilizing at 5% in June [3] Industry-Specific Employment Trends - The optical products company in Jingzhou, Hubei, has added approximately 500 employees this year, marking its largest recruitment year, driven by strong demand for prism products in the consumer electronics sector [2] - In the second quarter, recruitment in industries such as humanoid robots, new materials, and smart hardware saw year-on-year increases of 398.1%, 72.1%, and 50.3% respectively, with several other sectors also experiencing significant growth [3] Support for Employment Initiatives - Various local governments are implementing employment-first policies and enhancing employment promotion mechanisms to support job stability and growth, with companies benefiting from social security and job subsidies totaling 648,000 yuan [3] - The government has introduced a series of policies to support employment, including expanding the scope of special loans for job stabilization and increasing the unemployment insurance return ratio for relevant enterprises [9] Focus on Youth Employment - The number of college graduates in 2025 is projected to reach a record high of 12.22 million, prompting local governments to prioritize employment services for this demographic [5] - Educational institutions are actively organizing online recruitment events and implementing training programs to enhance graduates' employability, with a focus on aligning skills with industry needs [6][11] Skills Training and Development - A significant push for skills training is underway, with plans to subsidize vocational skills training for over 10 million people annually in key sectors such as advanced manufacturing and modern services [11] - Companies are increasingly recognizing their social responsibility by providing job opportunities for disadvantaged groups, supported by government incentives that enhance their capacity to hire more employees [4]

Core Viewpoint - The performance of the Invesco Great Wall Emerging Growth Fund has lagged behind the CSI 300 Index, with a year-to-date return trailing by 6 percentage points and a three-year decline of nearly 30%, reflecting a significant disconnect between the fund manager's investment style and market trends [2][3]. Group 1: Fund Performance - As of July 28, 2025, the fund's net value growth rate has fallen behind the CSI 300 Index by 6 percentage points, with a cumulative decline of approximately 30% over the past three years [3]. - The fund's top holdings, including Kweichow Moutai and Wuliangye, have not seen a deterioration in fundamentals, but the market's valuation premium has vanished, with the liquor sector's price-to-earnings ratio dropping from 40 times in 2021 to around 20 times currently [2][3]. Group 2: Market Trends - The shift in market focus towards emerging industries such as AI and low-altitude economy has diminished the attractiveness of traditional blue-chip stocks, leading to a structural underperformance of the fund [2][3]. - The stock price of Kweichow Moutai has fluctuated around 1400 yuan since peaking at 2600 yuan in February 2021, while stocks like CATL have surged over 200% during the same period [3]. Group 3: Fund Management Strategy - The fund manager's decision not to invest proprietary funds into the fund has raised concerns about confidence in future performance, contrasting with other leading public funds that have announced buybacks at market lows [4][5]. - The fund manager maintains a narrative of confidence in economic recovery, citing that once asset prices stabilize, domestic demand will rebound, but this strategy risks missing short-term opportunities and could lead to further investor attrition [5][6]. Group 4: Investment Style and Challenges - The fund's portfolio remains heavily weighted in traditional blue-chip stocks, despite some adjustments towards consumer upgrade targets, which has been characterized as "overly defensive" by industry experts [5][6]. - The broader public fund industry faces challenges in adapting to rapidly changing market dynamics, particularly for large fund managers with over 50 billion in assets under management, as they navigate the balance between investment philosophy and evolving market styles [5][6].

Group 1: Strategy and Market Outlook - The report maintains a tactical overweight view on A-shares and US stocks for August, driven by improving risk appetite and favorable macroeconomic conditions [4][5][20] - The strategic asset allocation (SAA) plan is set with a target allocation of 45% equities, 45% bonds, and 10% commodities, with a maximum deviation of 10% [4][19] - The tactical asset allocation (TAA) plan forecasts a 2025 annualized return of 55%, with a Sharpe ratio of 1.65, suggesting strong performance in equity assets [5][20] Group 2: Construction Industry Insights - Historical reviews of three central Xinjiang work conferences indicate significant price elasticity for construction companies in the Xinjiang region, with notable stock price increases following these events [7][9] - Xinjiang's fixed asset investment grew by 16.2% in the first five months of 2025, with industrial investment increasing by 22.8%, particularly in wind and solar energy projects [8] - The establishment of the New Tibet Railway Company with a registered capital of 95 billion yuan is expected to boost infrastructure projects in Xinjiang, with a total investment plan of 3.47 trillion yuan for 500 key projects [9][10] Group 3: Aerospace Industry Developments - The report highlights a critical shortage in China's rocket launch capacity, which is a bottleneck for low Earth orbit satellite deployment [11][13] - The acceleration of low Earth orbit satellite networks is emphasized, with a target of deploying approximately 23,000 satellites by 2030, necessitating significant improvements in rocket launch capabilities [13][14] - The development of reusable rockets and liquid fuel technologies is identified as essential for enhancing launch capacity and reducing costs [14]

Core Insights - The China International Industry Fair (CIIF) is a significant platform for innovation and technology, gathering industry leaders to shape the future of manufacturing and technology [6][7]. Group 1: Event Overview - CIIF is the longest-running national-level industrial event in China, established in 1999, and has been held annually in Shanghai for over 20 sessions [6][7]. - The fair focuses on promoting emerging industries and the new economy, reinforcing its role in high-end sectors, and fostering an open and innovative industrial ecosystem [6][7]. Group 2: Event Details - The 25th CIIF will take place from September 23 to September 27, 2025, at the National Exhibition and Convention Center in Shanghai [34]. - The event will feature a Trade Visitor Day from September 23 to 26, followed by a Public Visitor Day on September 27 [7]. Group 3: International Participation - In 2025, China will expand its unilateral visa-free policy to include over 40 countries, facilitating international visitors to attend the CIIF [14]. - For citizens of countries without visa exemption, a visa is required to enter mainland China, and invitation letters can be requested for visa applications [10]. Group 4: Venue and Transportation - The venue for CIIF is the National Exhibition and Convention Center located at 333 Songze Avenue, Qingpu District, Shanghai [8][19]. - The venue is accessible via various transportation options, including metro lines and taxis, with a one-hour high-speed train covering a population of 76 million in the Yangtze River Delta [17][18].

Group 1 - The core viewpoint emphasizes the significant growth of high-tech manufacturing, with an increase of 9.5% in value-added output, and notable production growth in 3D printing equipment (43.1%), new energy vehicles (36.2%), and industrial robots (35.6%) [1] - The recent Central Political Bureau meeting highlighted the need for technological innovation to lead the development of new productive forces and to cultivate internationally competitive emerging pillar industries [1] - The global landscape of innovation is intensifying, with many developed countries pushing for re-industrialization, which disrupts the existing international division of labor and increases the demand for high-quality technological supply [1] Group 2 - There is a warning about the emergence of negative trends in some emerging industries, such as harmful "involution" that disrupts market order and threatens innovation capabilities [2] - The focus should be on building a robust industrial innovation ecosystem to support the growth of promising industries, ensuring that innovative resources are effectively allocated [2] - Key strategies include optimizing the market system, enhancing financial services, breaking down institutional barriers, and improving intellectual property protection to foster innovation [2] Group 3 - The development of emerging pillar industries relies on the collaboration of technology, capital, and talent, as well as the resilience of each innovation entity [3] - Strengthening the role of enterprises in technological innovation is crucial, including supporting major technological breakthroughs and fostering collaboration among enterprises of various sizes [3] - A long-term perspective is essential for achieving breakthroughs in core technologies and enhancing the industrial ecosystem, which will contribute to high-quality economic development [3]

Core Viewpoint - The adjustment of undergraduate programs in various universities for the 2025 academic year is being implemented to align with emerging industries and societal needs, leading to the introduction of new programs and the discontinuation of less relevant ones [1][2][3]. Group 1: New Program Additions - Several universities, including Shenyang Aerospace University and Northeast Normal University, are proposing new programs such as Low-altitude Technology and Engineering, Data Science, and Intelligent Aircraft Technology, reflecting a trend towards fields that support national strategic needs and emerging industries [1][2][3]. - A total of 603 new programs have been proposed across over 150 universities, with a significant focus on areas like artificial intelligence, digital economy, and intelligent manufacturing [2]. Group 2: Program Discontinuations - Many programs are being discontinued due to poor employment prospects and misalignment with societal needs, with the top five discontinued programs from 2020 to 2024 being Information Management and Information Systems, Public Administration, and Marketing [4]. - The trend indicates a shift away from traditional programs that do not meet current market demands, with universities focusing on optimizing their offerings to better align with economic and technological advancements [4][5]. Group 3: Institutional Responses - Universities are establishing management measures to facilitate the transition of faculty from discontinued programs to related fields or administrative roles, ensuring a smooth adjustment process [6]. - The emergence of new research-oriented universities is attracting high-scoring students, prompting traditional institutions to reassess and streamline their program offerings to remain competitive [5].

Core Insights - Shenzhen is set to release a record 202 local leading standards in 2024, with 245 international standards being developed, totaling 3,379 international standards, placing it among the top in the country [1] - The city has established four municipal standardization technical committees focusing on low-altitude economy, health care, elderly services, and virtual power plants, indicating a robust standard system [1] - Shenzhen's participation in international standard formulation reflects its maturity in global cooperation and competition, with an 82.2% participation rate in international standard development [1] Group 1 - The IETF's 125th meeting will be held in Shenzhen in March 2026, highlighting the city's growing role in international standard-setting [2] - Shenzhen's leading companies, such as Tencent and Huawei, are increasingly contributing to international standards due to their market share and technological advancements [2] - The city's export-oriented economy necessitates integration into global standard systems, with international standards serving as market access credentials [2] Group 2 - Shenzhen enterprises are transitioning from passive acceptance of international standards to active participation and leadership in standard formulation [3] - The competition among nations is shifting towards standard-setting and discourse power, making participation in international standards crucial for Shenzhen's international enterprises [4] - Key industries for Shenzhen's international standard participation include photovoltaics, drones, gene testing, and graphene, with over 20 international standards in energy storage being developed [4] Group 3 - The International Low Altitude Economy Cooperation Alliance was established in Shenzhen in May 2025 to promote industry standardization and develop unified global standards [5] - Since 2022, several international industry and standard organizations have settled in the He Tao Science and Technology Innovation Cooperation Zone, enhancing Shenzhen's standardization efforts [5] - The first international industry and standard organization cluster in China was inaugurated in He Tao, with 137 standards produced by the end of 2024 [5] Group 4 - The newly established European Standard Research Center in Shenzhen aims to leverage technological innovation and European standardization experience to create leading international standards [6] - Active participation in the "rules-making power competition" can yield significant economic benefits and enhance a country's discourse power in international affairs [6] Group 5 - Other cities like Beijing and Shanghai are also taking steps to enhance their international standard-setting capabilities, with specific targets for standard formulation by 2025 [7]