Core Viewpoint - The New York Federal Reserve's manufacturing index for June is set to be released shortly, indicating potential shifts in the manufacturing sector's performance and economic outlook [1] Group 1 - The announcement of the manufacturing index is a key indicator for assessing the health of the manufacturing industry in the U.S. [1]

6月16日，国家统计局发布5月国民经济运行数据。供给端，5月全国规上工业增加值同比增长5.8%（预期 5.6%），服务业生产指数当月同比增长6.2%。需求端，5月固定资产投资累计增长3.7%（预期4.1%），其中， 基建和制造业累计增速分别为10.4%（预期9.7%）和8.5%（预期8.5%），房地产投资累计同比-10.7%（预期增 速-10.5%）。社会消费品零售总额同比增长6.4%（预期4.8%）。 图1：消费提振，投资放缓 资料来源：Wind，招商银行研究院 资料来源：Wind，招商银行研究院 5月关税冲击显现，我国经济顶住压力，多数指标实现超预期增长，呈现三个特征。一是外需放缓节奏开始， 内外需增速差收敛。 5月人民币计价出口金额同比增长6.3%，较5月显著下行3pct，出口增速放缓，源自中美 双边贸易额大幅收缩三成，转口贸易和非美贸易伙伴需求边际回落。 二是消费提速支撑，增速同时高于市场 预期、投资和生产。 5月社零增速上行1.3pct至6.4%，以旧换新政策扩围显效、购物节前置、假日消费热度高 企，合力推高单月增速升至2020年以来次高位【注释1】。 三是房地产市场以价换量趋向价跌量缓。 70大中 ...

Group 1 - The acquisition of U.S. Steel by Nippon Steel, valued at $14.1 billion, is set to be completed on June 18, marking a significant milestone in overseas mergers for Japanese companies and a notable cross-border acquisition in the steel industry [1] - The acquisition price of $55 per share represents a 142% premium over U.S. Steel's stock price prior to the announcement of the sale, raising concerns among market participants regarding the valuation [1] - The Trump administration's approval of the deal, which reverses previous barriers set by the Biden administration, is seen as a move to strengthen U.S.-Japan relations and promote manufacturing investment in the U.S. [1] Group 2 - In addition to the acquisition cost, Nippon Steel has committed to invest $14 billion in the U.S. over the coming years for factory upgrades and new production lines, significantly increasing the overall cost of the merger [2] - The "golden share" mechanism allows the U.S. government to hold special rights in the merged company, impacting governance and potentially limiting Nippon Steel's operational autonomy in the U.S. [2] - There is internal dissent within Nippon Steel regarding the acquisition, with external investors expressing concerns about the long-term value and leadership decisions related to the deal [2] Group 3 - The merger will create the second-largest steel producer globally and enhance competitiveness in the U.S. market, particularly in high-end steel production for critical infrastructure upgrades [3] - The support from the Trump administration for this acquisition may revitalize stalled U.S.-Japan trade negotiations, potentially leading to progress on manufacturing and technology access issues [3]

以下文章来源于超越 J Curve ，作者超越J曲线 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 本期带来2025年5月VC/PE市场报告。市场环比小落、同比再增，浙苏粤募资持续领跑，苏粤沪投 资合计占比近五成。 作者丨 投中研究院 来源丨 超越 J Curve 核心发现 基金数量环比减少12%，同比再增10%； 浙苏粤新设基金再领跑，青岛、嘉兴地区最活跃； 第一部分 VC/PE市场募资分析 5月新基金环比回落，同比持续上升 2025年5月，中国VCPE市场新成立基金数量共计 490支 ，较上月减少 69支 ，环比减少 12% 。 和去年同期相比增加 45支 ，同比增加 10% 。 本期共有 418家 机构参与设立基金，其中 90% 的机构成立1支基金， 6.5% 的机构完成2支基金 新设， 3.5% 的机构完成3支及以上基金新设。去年同期，成立两支及以上机构占比为 10.1% ，机 构活跃度同比较为稳定。 投资市场环比小幅回落 ，规模同比增加47%； 江苏、广东和上海三地融资规模及数量合计占比近五成； 半导体、人工智能、新材料项目最受追捧，电池与储能技术、生物 ...

Core Viewpoint - The Chinese government has approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)", emphasizing the necessity of advancing green low-carbon development in the manufacturing sector as a strategic imperative for global economic transformation and industrial competitiveness [1] Group 1: Achievements in Green Manufacturing - The supply capacity of green products in China's manufacturing sector has steadily improved, with green factories expected to account for over 20% of total manufacturing output by 2024, and energy and water consumption reaching advanced industry levels [2] - In 2024, China's production and sales of new energy vehicles reached 12.888 million and 12.866 million units, respectively, maintaining a global leadership position [2] - The photovoltaic industry has seen significant growth, with exports of photovoltaic cells and components increasing by over 40% and 12%, respectively, contributing to the ongoing optimization of the industrial structure towards green low-carbon [2] Group 2: Promotion of Green Low-Carbon Technologies - In 2024, China published the "National Energy-Saving and Carbon Reduction Technology Equipment Recommendation Directory", which includes technologies for energy-saving and carbon reduction across various industrial sectors [3] - A total of 47 advanced green low-carbon technology demonstration projects were selected, focusing on carbon reduction at various stages, providing practical examples for promoting green low-carbon technologies [3] - The establishment of a green manufacturing supply chain system is underway, with 1,382 new national green factories and 123 green industrial parks cultivated in 2024 [3] Group 3: Challenges in Green Manufacturing Development - Core technology innovation in green manufacturing remains insufficient, with challenges in high-end equipment development and reliance on foreign technologies, leading to risks in the supply chain [4] - Small and medium-sized enterprises (SMEs) face slow green transformation due to limited resources and high financing costs, hindering their ability to invest in green technologies [5] - There is a significant regional imbalance in green manufacturing development, with eastern regions outperforming western regions in terms of technology and resource utilization [6] Group 4: Strategic Recommendations for Green Manufacturing - A comprehensive top-level design for green manufacturing development is needed, including financial and policy support to lower financing barriers for SMEs [7] - Establishing a green low-carbon technology innovation system is crucial, focusing on key areas and promoting collaboration between industry and academia to enhance technology transfer [8] - Developing green low-carbon industrial clusters by leveraging the strengths of eastern and western regions can help balance regional development and enhance overall competitiveness [8]

Core Insights - In May, industrial investment in China increased by 11.6% year-on-year, indicating a robust growth trend in the industrial sector [1] - Investment in the manufacturing sector grew by 8.5%, reflecting ongoing expansion in manufacturing activities [1] - The investment in the electricity, heat, gas, and water production and supply industry surged by 25.4%, highlighting significant growth in energy-related investments [1] Investment Breakdown - First industry investment reached 384.7 billion yuan, with a year-on-year growth of 8.4% [1] - Second industry investment totaled 6,799.6 billion yuan, showing an increase of 11.4% [1] - Third industry investment was 12,010.4 billion yuan, experiencing a slight decline of 0.4% [1] Sector-Specific Insights - Mining industry investment rose by 5.8%, indicating steady growth in resource extraction [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 5.6%, demonstrating continued commitment to infrastructure development [1] - Notable growth in specific infrastructure sectors included water transportation investment increasing by 27.2%, and water conservancy management investment rising by 26.6% [1]

Group 1 - OPEC is set to release its monthly oil market report, which is crucial for understanding global oil supply and demand dynamics [1] - China will publish the monthly residential price report for 70 major cities, providing insights into the real estate market trends [1] - Key economic indicators from China will be released, including the year-on-year growth of retail sales and industrial output for May, which are important for assessing economic health [1] - The New York Fed's manufacturing index for June will be announced, offering a glimpse into the manufacturing sector's performance in the U.S. [1]

以下文章来源于深蓝财经 ，作者深蓝财经 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 董明珠的格力，又一次陷入了困境。 近日，格力钛新能源股份有限公司新增一则股权冻结信息，其持有珠海广通汽车有限公司的价 值18.06亿元的股权被冻结，冻结期限三年。 这一冻结事件暴露出格力钛积重难返的财务困境——截至2024年6月，其总负债已达247.86亿 元，半年净亏损19.05亿元，资产负债率逼近100%。 这场危机的引线，早在2016年推进格力电器收购银隆新能源时就已埋下，当年董明珠执意押注 的新能源棋局，正面临全面引爆的风险。 01 "铁娘子"的执念 格力钛前身是珠海银隆新能源，由魏银仓2009年创立，专注于钛酸锂电池技术研发、新能源整 车制造及储能系统业务。 深蓝财经 . 2016年的格力股东大会，堪称董明珠职业生涯少有的 "滑铁卢"。当她抛出130亿收购银隆新能 源的计划时，台下股东们用脚投票的场景至今历历在目。有人当场质问："空调卖得好好的， 为什么要跨界造车？" 更有小股东直言："这是拿全体股东的钱去填一个未知的坑！" 但董明珠是谁？那个在空调行业杀出血路的铁娘子，何曾被反对声吓 ...

Core Insights - The integration of advanced manufacturing and modern service industries is reshaping the economic landscape of Tong'an District, with manufacturing contributing 57.8% to GDP and services 40.9% in 2024 [1] - The national policy encourages the development of smart factories, industrial internet applications, and service-oriented manufacturing, providing significant opportunities for Tong'an to enhance its economic structure and value chain [1] Group 1: Service-Oriented Manufacturing - Manufacturing enterprises in Tong'an are transitioning from traditional boundaries to service-oriented models, creating new value networks by offering integrated solutions [2] - Jinpai Kitchen Cabinets exemplifies this shift by incorporating AI and data mining into its operations, enhancing service capabilities and efficiency through a digital ecosystem [2] Group 2: Modern Urban Agriculture - Tong'an is a hub for modern urban agriculture, with 17 leading agricultural enterprises generating 45 billion yuan in revenue in 2024, marking a 12.5% increase [3] - The integration of agriculture, manufacturing, and services is demonstrated by Yinxiang Food's smart cold chain platform, which utilizes IoT and AI for intelligent management, improving food safety and reducing costs [3] Group 3: Digital Infrastructure and Industry Upgrade - The district aims to empower industries through digital transformation, focusing on industrial internet and AI to enhance manufacturing capabilities [4] - Initiatives include developing industry-specific platforms and promoting intelligent equipment to facilitate flexible production and integrated supply chain services [4] Group 4: Policy Support for Integration - Tong'an is establishing a comprehensive policy support system to enhance modern service industry development, including financial incentives and investment funds [5] - The district is also revising land use standards to prioritize modern service industry projects and attract talent through targeted programs [6]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) aims to achieve over 100 breakthroughs in key measurement technologies, develop more than 100 sets of high-end measuring instruments, and cultivate over 50 quality enterprises in the instrument and meter sector by 2027, supporting the construction of a manufacturing powerhouse [2][4]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to enhance the innovation capability of manufacturing measurement, focusing on precision measurement and establishing a robust calibration service system [5]. - By 2027, significant progress is expected in manufacturing measurement, including breakthroughs in over 100 key calibration technologies and the establishment of a resilient supply chain [5]. Group 2: Strengthening Effective Supply of Measurement - Key common measurement technologies will be targeted for breakthroughs, particularly in emerging fields like quantum technology and artificial intelligence [7]. - Development of high-end measuring instruments will be accelerated, focusing on precision, integration, and intelligence [8]. - The development of standard substances will be prioritized across various key industries, enhancing quality and traceability [9]. Group 3: Deepening Measurement Application Empowerment - Innovative measurement service models will be supported, providing integrated solutions for enterprises to enhance precision measurement [13]. - Strengthening measurement verification services is essential, ensuring compliance with legal standards for measurement instruments [14]. - Establishing high-level measurement technical service institutions will be prioritized to meet manufacturing demands [15]. Group 4: Promoting Measurement Innovation and Upgrading - Advanced measurement management practices will be encouraged, integrating measurement management into enterprise operations [17]. - The development of high-end measurement capabilities will be promoted, enhancing service quality and responsiveness to precision measurement needs [18]. - The application of intelligent technologies in measurement will be emphasized, promoting digital transformation in the sector [19]. Group 5: Strengthening Support Measures - Organizational implementation will be enhanced, ensuring effective execution of existing policies supporting manufacturing measurement [21]. - Increased resource investment will be encouraged, supporting financing for measurement institutions and promoting capital investment in measurement technology [22]. - International cooperation will be fostered, enhancing global integration in measurement technology development [24].