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].

Group 1: High-tech Manufacturing Index - The Guosen weekly high-tech manufacturing diffusion index A recorded 0.4, while index B was 51.2, indicating a continued recovery from the previous week[1] - Prices for acrylonitrile, dynamic random-access memory (DRAM), and lithium hexafluorophosphate have increased, reflecting a rise in the aerospace, semiconductor, and new energy sectors[1] - The price of 6-amino penicillanic acid decreased, leading to a decline in the pharmaceutical sector's prosperity[1] Group 2: Price Tracking and Policy Developments - The price of 6-amino penicillanic acid is 215 RMB/kg, down 5 RMB/kg from last week; acrylonitrile is 8200 RMB/ton, up 150 RMB/ton[2] - DRAM prices rose to 1.6900 USD, an increase of 0.072 USD; wafer prices are now 2.72 USD/piece, up 0.02 USD/piece[2] - The 11th batch of national drug procurement saw 480 companies submit applications for 55 drugs, with an average of 15 companies per drug[2] Group 3: Industry Trends and Risks - The 2025 World Robot Conference will start on August 8, showcasing over 100 new products, with 39 financing events in the humanoid robot sector this year, totaling nearly 4.2 billion RMB[3] - Risks include potential indicator failures due to structural adjustments in high-tech manufacturing, economic policy interventions, and a slowdown in economic growth[4] - Fixed asset investment year-on-year growth is at 2.80%, while retail sales and exports have increased by 4.80% and 7.20%, respectively[5]

Economic Growth - The GDP growth rate for the first half of the year is 5.3%, an increase of 0.3 percentage points compared to the same period last year and the entire previous year [3] - Domestic demand contributed 68.8% to economic growth, while the import and export scale reached over 20 trillion yuan, with exports growing by 7.2% [3] National Unified Market - The construction of a national unified market has shown positive results, with a basic framework established and social consensus significantly enhanced [4] - The ratio of total social logistics costs to GDP decreased to 14%, marking the lowest level since records began, saving over 130 billion yuan in logistics costs [4] Consumer Spending - Consumer spending exhibited three main characteristics: accelerated growth, increased highlights, and improved environment [5] - The total retail sales of consumer goods grew by 5% in the first half of the year, with a contribution rate of 52% from final consumption to economic growth [5] - The "old-for-new" policy has driven sales exceeding 1.7 trillion yuan, with various departments and localities organizing diverse consumption promotion activities [5] Major Projects and Investments - The list of major strategic projects and key area safety capability construction has been fully allocated with 800 billion yuan, and 7.35 billion yuan of central budget investment has been largely disbursed [6] Healthcare Initiatives - The healthcare foundation project has been initiated to enhance local healthcare capabilities, supporting around 600 county-level medical communities with over 11,000 medical equipment [7] - A model promoting "township inspections, county-level diagnoses, and mutual recognition of results" is being implemented [7] Electricity Demand - The highest electricity load in the country has reached a historical peak of 1.508 billion kilowatts, an increase of 57 million kilowatts compared to last year's peak [8] - The National Development and Reform Commission is coordinating with localities and key enterprises to ensure stable electricity supply and meet demand effectively [8] Consumer Bond Funding - The third batch of 690 billion yuan in special government bonds for consumer "old-for-new" programs has been allocated, with plans for a fourth batch of the same amount in October [9]

Economic Overview - The GDP of Zibo City for the first half of the year reached 256.89 billion yuan, with a year-on-year growth of 5.6% and a nominal increase of 18.74 billion yuan, representing a nominal growth rate of 7.87%, which is higher than the provincial average [1] - The primary industry added value was 8.24 billion yuan, growing by 3.7%; the secondary industry added value was 118.49 billion yuan, growing by 5.1%; and the tertiary industry added value was 130.16 billion yuan, growing by 6.2% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery reached 14.93 billion yuan, with a year-on-year growth of 4.1%, improving by 0.6 percentage points compared to the first quarter [1] - The production of vegetables was 978,000 tons, growing by 3%, and the production of fruits was 66,000 tons, growing by 3.3% [1] Industrial Sector - The added value of large-scale industries in Zibo grew by 7.6% year-on-year, with 29 out of 38 major industry categories achieving positive growth, resulting in a growth coverage of 76.3% [2] - The top 10 industries by total added value saw eight industries increase, contributing 6.2 percentage points to the overall industrial growth [2] - High-tech manufacturing added value grew by 8.1%, and the "Four Strong" industries increased by 8.5% [2] Investment Trends - Fixed asset investment in Zibo decreased by 1.3% in the first half of the year, while industrial investment increased by 29.7%, with industrial technological transformation investment growing by 20.8% [2] - Private investment rose by 21.0%, accounting for 65.3% of total investment, an increase of 12 percentage points year-on-year [2] Service Sector - The total retail sales of social consumer goods reached 83.03 billion yuan, with a year-on-year growth of 7.1% [3] - The retail sales of above-limit units reached 29.62 billion yuan, growing by 12.3%, with 15 out of 22 categories showing positive growth [3] - Categories such as grain and oil, food, tobacco and alcohol, sports and entertainment products, and communication equipment saw significant growth rates of 24.1%, 22.1%, 91.8%, and 50.2% respectively [3]

Economic Overview - Dongguan's GDP for the first half of 2025 reached 606.78 billion yuan, a year-on-year increase of 4.8% [2] - The primary industry added value was 1.49 billion yuan, growing by 2.8%; the secondary industry added value was 339.94 billion yuan, increasing by 5.3%; the tertiary industry added value was 265.36 billion yuan, rising by 4.1% [2] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery was 2.62 billion yuan, with a year-on-year growth of 2.9% [3] - Agricultural output value was 1.92 billion yuan, increasing by 3.5%; forestry output value was 0.11 billion yuan, decreasing by 17.4%; animal husbandry output value was 0.58 billion yuan, down by 4.9%; fishery output value was 0.54 billion yuan, up by 3.0% [3] - The production of fruits increased by 33.0%, with lychee production surging by 283.7% [3] Industrial Sector - The industrial added value for large-scale enterprises grew by 5.1% year-on-year [4] - Key industries such as electronic information manufacturing saw an increase of 9.2%, electrical machinery and equipment manufacturing grew by 8.8%, and chemical manufacturing rose by 12.4% [4] - High-tech manufacturing and advanced manufacturing increased by 9.1% and 7.5% respectively, surpassing the overall average [4] Foreign Trade - The total import and export value reached 749.28 billion yuan, a year-on-year increase of 16.5% [6] - Imports amounted to 293.13 billion yuan, growing by 27.0%, while exports were 456.14 billion yuan, increasing by 10.6% [6] - General trade imports and exports rose by 23.1%, accounting for 47.6% of total trade [6] Consumer Market - The total retail sales of consumer goods reached 219.56 billion yuan, with a year-on-year growth of 3.4% [7] - Online retail sales increased by 28.0%, indicating a strong shift towards e-commerce [7] - Significant growth was observed in the sales of communication equipment, furniture, and home appliances, with increases of 87.2%, 85.8%, and 13.2% respectively [7] Investment Trends - Fixed asset investment decreased by 10.9%, but the decline was narrower than in the first quarter [8] - Excluding real estate development, fixed asset investment grew by 6.9% [8] - Infrastructure investment accelerated with a year-on-year growth of 7.2%, particularly in road transport and power supply sectors [8] Service Sector - The service industry added value increased by 4.1% year-on-year [9] - The revenue of large-scale service enterprises grew by 3.1% [9] - The postal, express, and telecommunications sectors experienced significant growth, with increases of 58.1%, 26.4%, and 10.8% respectively [9] Financial Performance - General public budget revenue was 43.48 billion yuan, a year-on-year increase of 2.1% [10] - Financial institutions' deposits reached 2.90 trillion yuan, growing by 6.6% [10] - The loan balance of financial institutions was 2.01 trillion yuan, increasing by 3.4% [10] Market Dynamics - The total electricity consumption was 52.25 billion kWh, with industrial consumption growing by 3.5% [11] - The number of registered businesses reached 1.89 million, a year-on-year increase of 5.5% [11] - New industries saw a registration increase of 16.2% [11] Price Stability - The Consumer Price Index (CPI) decreased by 1.1% year-on-year [12] - Price indices for transportation and communication, clothing, and education showed declines, while medical care and other services saw slight increases [12] - Overall, the economic operation in Dongguan remained stable, with a focus on high-quality development and addressing external uncertainties [12]

Economic Performance - Dongguan's GDP for the first half of the year reached 606.784 billion yuan, with a year-on-year growth of 4.8% [1] - The primary industry added value was 1.487 billion yuan, growing by 2.8% year-on-year; the secondary industry added value was 339.943 billion yuan, growing by 5.3%; and the tertiary industry added value was 265.355 billion yuan, growing by 4.1% [1] Manufacturing Sector - The city's industrial added value for large-scale enterprises increased by 5.1% year-on-year [1] - Key industries showed strong growth: electronic information manufacturing increased by 9.2%, electrical machinery and equipment manufacturing by 8.8%, and chemical manufacturing by 12.4% [1] - New momentum industries performed well, with advanced manufacturing and high-tech manufacturing added value growing by 7.5% and 9.1% respectively, surpassing the city average [1] - High-tech product output saw significant growth, with servers up by 408.8%, integrated circuits by 89.9%, sensors by 67.3%, and complete electronic computers by 44.3% [1] Foreign Trade - Dongguan's total foreign trade import and export volume reached 749.28 billion yuan, a year-on-year increase of 16.5% [1] - Imports totaled 293.13 billion yuan, growing by 27.0%, while exports were 456.14 billion yuan, increasing by 10.6% [1] Consumer Market - The total retail sales of social consumer goods amounted to 219.555 billion yuan, with a year-on-year growth of 3.4%, improving by 0.5 percentage points from the first quarter [2] - Restaurant income grew by 2.4%, while commodity retail increased by 3.6% [2] Investment Trends - Total fixed asset investment in Dongguan decreased by 10.9% year-on-year, but the decline was narrowed by 3.1 percentage points compared to the first quarter [2] - Excluding real estate development investment, fixed asset investment grew by 6.9% [2] - New momentum investments in advanced manufacturing and high-tech manufacturing increased significantly, by 30.6% and 31.8% respectively [2] Other Economic Indicators - Total electricity consumption reached 52.254 billion kWh, with a year-on-year growth of 5.0%; industrial electricity consumption was 35.599 billion kWh, growing by 3.5% [2] - As of the end of June, the number of registered businesses in the city was 1.891 million, a year-on-year increase of 5.5%, with emerging industry registrations at 769,200, growing by 16.2% [2]