Group 1 - The total electricity consumption in the Southern Power Grid region (Guangdong, Guangxi, Guizhou, Yunnan, Hainan) reached 831.1 billion kWh in the first half of the year, representing a year-on-year growth of 5%, which is 1.3 percentage points higher than the national average [1] - The secondary industry contributed 46.1% to the growth of total electricity consumption in the region, making it the main driver of electricity demand, while the tertiary industry contributed 29.4%, indicating a continuous optimization and upgrading of the industrial structure [1] - Electricity consumption in the manufacturing sector increased by 3.8% year-on-year, with high-tech and equipment manufacturing growing by 2.1%, and specialized equipment and instrumentation manufacturing growing by 10% and 7.1% respectively [1] Group 2 - The "three new industries" in the Southern Power Grid region saw a significant electricity consumption increase of 33.8% year-on-year, reflecting the accumulation of new growth momentum [1] - The electricity consumption in the "dual carbon" industries grew by 34% year-on-year, with new energy vehicle manufacturing increasing by 9.6% and charging and swapping service industries growing by 43.3%, indicating a rapid cultivation of green productivity [1] - The service sector in the Southern five provinces performed well in the first half of the year, with digital transformation accelerating the growth of electricity consumption in the tertiary industry [2] Group 3 - The growth rates of electricity consumption in productive services, living services, and modern services improved by 0.8, 0.2, and 0.5 percentage points respectively compared to the cumulative growth from January to May [2] - The digital industry saw a year-on-year electricity consumption increase of 3.8%, while internet data services experienced a remarkable growth of 35.8% [2]

Economic Overview - Guangdong's GDP reached 68,725.40 billion yuan in the first half of the year, with a year-on-year growth of 4.2%, an increase of 0.1 percentage points from the first quarter [1] - The primary industry added value was 2,258.86 billion yuan, growing by 4.2%; the secondary industry added value was 25,978.86 billion yuan, growing by 3.4%; and the tertiary industry added value was 40,487.69 billion yuan, growing by 4.6% [1] Industrial Performance - The industrial added value above designated size in Guangdong grew by 4.0% year-on-year, with a 0.1 percentage point acceleration from the first quarter, and a growth of 5.3% in June [1] - Key industries showed stable support, with the computer, communication, and other electronic equipment manufacturing industry growing by 7.3%, electrical machinery and equipment manufacturing by 7.8%, automotive manufacturing by 7.2%, and petroleum, coal, and other fuel processing industries by 8.6% [1] New Growth Drivers - Advanced manufacturing and high-tech manufacturing added value grew by 5.9% and 6.0% respectively, accounting for 55.4% and 33.0% of the industrial added value above designated size [1] - High-tech product output saw rapid growth, with new energy vehicles, lithium-ion batteries for energy storage, industrial robots, service robots, and civilian drones increasing by 14.7%, 42.2%, 34.0%, 23.0%, and 58.2% respectively [1] Service Sector - The added value of the service industry grew by 4.6% year-on-year, with a 0.3 percentage point acceleration from the first quarter [2] - From January to May, the operating income of service enterprises above designated size increased by 7.5%, with transportation, warehousing, and postal services, information transmission, software, and IT services, and leasing and business services growing by 9.3%, 8.3%, and 9.3% respectively [2] Investment Trends - Fixed asset investment in Guangdong decreased by 9.7% year-on-year, with equipment renewal policies driving a 1.5% increase in equipment and tool purchases [2] - Industrial investment accounted for 38.1%, with automotive manufacturing and petroleum, coal, and other fuel processing industries seeing investment growth of 14.6% and 57.9% respectively [2] - Real estate development investment fell by 16.3%, with new commercial housing sales area declining by 10.6%, although the decline was 20.0% less than the previous year [2] Consumer Market - The total retail sales of consumer goods in Guangdong grew by 3.5% year-on-year, with a 1.0 percentage point acceleration from the first quarter [2] - Categories related to trade-in programs saw rapid growth, with retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, communication equipment, and building materials increasing by 44.9%, 38.5%, 65.5%, 24.2%, and 35.2% respectively [2]

Core Viewpoint - The industrial production in China showed a rapid growth in the first half of the year, with a year-on-year increase of 6.4% in the value added of industrial enterprises above designated size, driven by strong performance in equipment manufacturing and high-tech manufacturing sectors [1][2]. Group 1: Industrial Growth - The value added of the equipment manufacturing industry increased by 10.2% year-on-year, while the high-tech manufacturing industry saw a growth of 9.5%, both outpacing the overall industrial growth by 3.8 and 3.1 percentage points respectively [3]. - The monthly growth rates for high-tech manufacturing in the first half of the year were consistently above the overall industrial growth, with notable increases of 10.7% in March and 9.7% in June [3]. Group 2: Economic Policy and Support - The government is expected to implement more robust growth policies in the second half of the year, with a focus on stabilizing economic performance and enhancing market order [1][6]. - The central government has a rich "policy toolbox" and is preparing to introduce measures based on market changes to support economic stability [1][6]. Group 3: New Industries and Technologies - New industries and technologies are rapidly developing, with significant year-on-year production increases in 3D printing equipment (43.1%), new energy vehicles (36.2%), and industrial robots (35.6%) [4]. - The contribution of new technologies and products is anticipated to provide new growth points for the economy, potentially becoming a new pillar of growth in the coming years [4]. Group 4: Market Order and Competition - Measures are being developed to address the issue of "involution" in certain industries, aiming to improve market order and enhance product quality while phasing out outdated production capacity [7]. - The Producer Price Index (PPI) decreased by 2.8% year-on-year in the first half of the year, but there are expectations for a moderate recovery in prices in the second half [7].

Core Viewpoint - The article discusses the recent changes in the Consumer Price Index (CPI) in China, highlighting a shift from negative to positive growth in June, driven by various economic factors and policy measures [1][2]. Group 1: CPI Trends - In June, the CPI increased by 0.1% year-on-year, ending a four-month streak of negative growth, with the core CPI reaching a new high in nearly 14 months [1]. - The decline in CPI earlier in the year was significantly influenced by food prices, which fell by 0.9%, and energy prices, which decreased by 3.2%, collectively pulling down the CPI by approximately 0.4 percentage points [2]. Group 2: Factors Supporting Price Recovery - Several factors are expected to support a moderate recovery in prices in the second half of the year: 1. The economy is maintaining a stable and positive trend, with continued expansion in total demand, providing a macroeconomic foundation for price stability [3]. 2. Policies aimed at expanding domestic demand are expected to effectively stimulate consumption and support a rebound in consumer prices [3]. 3. Regulatory measures to address low-price disorder in the market will help improve market order and environment [4]. 4. The holiday effect is anticipated to promote stability or an increase in service-related prices [4]. 5. Technical factors indicate that the downward pressure from tail effects on both CPI and PPI will diminish in the second half of the year [4].

Economic Performance Highlights - China's GDP grew by 5.3% year-on-year in the first half of the year, with a quarterly growth of 5.4% in Q1 and 5.2% in Q2, indicating a steady increase compared to the same period last year [2] - The urban survey unemployment rate averaged 5.2%, showing a slight decrease of 0.1 percentage points from Q1, reflecting a stable employment situation [2] - Consumer Price Index (CPI) showed fluctuations, with a year-on-year decrease of 0.1% in several months, but turned positive in June with a 0.1% increase [2] New Growth Drivers - High-tech manufacturing saw significant growth, with production of 3D printing equipment, new energy vehicles, and industrial robots increasing by 43.1%, 36.2%, and 35.6% respectively [3] - Investment in high-tech industries outpaced other sectors, with information services, aerospace, and computer equipment manufacturing investments growing by 37.4%, 26.3%, and 21.5% respectively [3] - The added value of high-tech industries increased by 9.5% year-on-year, with new industries, new business formats, and new models expected to contribute approximately 18% to GDP by 2024 [3] Green Development - The green industry is advancing, with new energy vehicles and lithium batteries experiencing growth rates exceeding 30% and 53.3% respectively [4] - Green consumption is becoming a trend, with significant growth in the consumption of new energy vehicles, energy-saving appliances, and smart home devices [4] Domestic Circulation Improvement - Domestic circulation has been prioritized, with policies aimed at expanding domestic demand and promoting production [5] - The contribution of domestic demand to GDP growth was 68.8%, with final consumption expenditure contributing 52%, marking it as the main driver of growth [5] - Freight turnover increased by 5.1% year-on-year, and passenger turnover grew by 4.9% [5]

Group 1 - The overall price level is still adjusting due to the pressure from traditional growth drivers, despite the emergence of new growth drivers [1][3] - In June, the Consumer Price Index (CPI) rose by 0.1% year-on-year, ending four consecutive months of negative growth, while the core CPI reached a new high in nearly 14 months [1][3] - Factors supporting a moderate recovery in prices in the second half of the year include stable economic performance, effective demand expansion policies, regulation of low-price competition, holiday effects, and diminishing tail effects [1][4] Group 2 - The rise in CPI in June was influenced by the recovery of industrial consumer goods prices supported by "two new" policies, as well as supply disruptions in vegetables and certain seafood products due to weather conditions [3] - In the first half of the year, food prices fell by 0.9% and energy prices decreased by 3.2%, collectively dragging down the CPI by approximately 0.4 percentage points [3] - The current low price levels are characterized by structural and temporary factors, linked to both domestic and international macroeconomic changes [3][4] Group 3 - The expectation for price trends in the second half of the year is a low and moderate recovery, supported by several factors including stable economic growth and expanding overall demand [4] - Policies aimed at expanding domestic demand are expected to effectively stimulate consumption and support price recovery in consumer goods [4] - Recent self-regulatory actions by industry associations in sectors like photovoltaics, cement, and automobiles are anticipated to positively impact pricing in those areas [4]

Group 1: CPI Trends - In June, the Consumer Price Index (CPI) turned from a decline to an increase of 0.1% year-on-year, while the month-on-month change decreased by 0.1%, narrowing the decline by 0.1 percentage points compared to the previous month [2] - The marginal improvement in CPI is attributed to the rebound in industrial consumer goods prices and the upward pressure on domestic refined oil prices due to external factors [2] - The core CPI, excluding food and energy, rose by 0.7% year-on-year in June, marking a 0.1 percentage point increase from the previous month, the highest in nearly 14 months [3] Group 2: PPI Trends - The Producer Price Index (PPI) decreased by 0.4% month-on-month in June, with the decline remaining consistent with the previous month, although some industry prices showed signs of stabilization and recovery [5] - The year-on-year decline in PPI expanded by 0.3 percentage points compared to the previous month, influenced by seasonal price declines in domestic raw materials and uncertainties in the international trade environment [5] - Certain sectors, such as the manufacturing of gasoline and new energy vehicles, saw a month-on-month price increase of 0.5% and 0.3%, respectively, with year-on-year declines narrowing by 1.9 and 0.4 percentage points [6] Group 3: Consumer Behavior and Policy Impact - The implementation of more proactive macro policies has led to continuous improvement in the economic climate for both manufacturing and non-manufacturing sectors, addressing supply-demand structural issues and boosting the development speed of certain consumer goods and equipment manufacturing industries [4] - The effects of consumption promotion policies have been evident, with prices of durable consumer goods, home textiles, and household appliances rising by 2.0%, 2.0%, and 1.0% year-on-year, respectively [3] - The transition of the consumption market from "scale expansion" to "quality enhancement" is expected to further improve service consumption in culture and sports, driving a rebound in consumer prices [6]

Core Viewpoint - The 2025 High-tech Energy Storage Industry Summit and the 2025 High-tech New Energy Materials Industry Conference will focus on the transformation and restructuring of the energy storage and new materials sectors, emphasizing new materials, new dynamics, and new ecosystems [1][2]. Event Details - The 2025 High-tech New Energy Materials Industry Conference will take place on July 8-9, 2025, at the Yang'an New Town Conference Center in Qionglai, Sichuan [1][3]. - The summit will feature leaders from upstream and downstream enterprises in the lithium battery materials industry, discussing the industrialization paths of solid-state batteries and sodium batteries [1][2]. Agenda Overview - The conference will include a series of speeches and discussions on various topics related to battery materials and innovations, with a focus on the industrialization of new materials [5][6][7]. - Key sessions will cover themes such as the transformation of battery materials under diverse demands, new material applications, and the industrialization of solid-state battery materials [5][6][7]. Transportation and Accommodation - Attendees can reach the venue via Chengdu Shuangliu International Airport or Chengdu Tianfu International Airport, with various transportation options available [8][9]. - Accommodation is not arranged uniformly, but attendees can enjoy special rates at the conference hotel if needed [15][16]. Networking Opportunities - The conference will provide opportunities for networking through various sessions, including roundtable discussions and a thank-you dinner for invited guests [5][7].

2025.06. 24 作者 | 一财资讯 中泰证券投顾邓天认为，目前沪指虽突破3400点，但其余主流指数仍未触及平台上沿，目前仍未看 到明显增量资金入场信号。在操作上，一方面，远离机构持仓较重的个股。另一方面，可在诸如军 工、医药、光伏等确定性较强的板块中进行轮动操作，在情绪高涨时可适当回避短期涨幅过大的板 块，反之，在情绪退潮期可积极布局回调充分标的。 深圳高平聚能资本基金经理谢爱民认为，随着外部局势缓和，大盘行情在短期承压之后，今天开盘再 度呈现放量拉升迹象，市场情绪转暖。中国产业升级持续推进，新动能加速孕育，有望为市场提供新 的增长动力。国防军工和网络安全或将成为主线板块。 推荐阅读 2人带144个LABUBU入境被海关查获 | 全A | 涨 4667 | 과 89 | 跌 660 | A股成交额 | 9253.3亿 | | --- | --- | --- | --- | --- | --- | | | | | A股重要指数 | | | | | 名称 | 最新 | 涨跌 | 涨幅 | | | | 上证指数 | 3415.45 | +33.87 | +1.00% | | | | 深证成指 | 10193 ...

Economic Overview - The national economy maintained stable operation in May, supported by more proactive macro policies, with stable production demand and overall employment situation [1] Industrial Performance - The industrial added value above designated size increased by 5.8% year-on-year in May, with a month-on-month growth of 0.61% [2] - The equipment manufacturing industry saw a 9.0% year-on-year increase, while high-tech manufacturing grew by 8.6%, outperforming the overall industrial growth by 3.2 and 2.8 percentage points respectively [2] - Key products such as 3D printing equipment, industrial robots, and new energy vehicles experienced significant production growth of 40.0%, 35.5%, and 31.7% year-on-year [3] - From January to May, the industrial added value increased by 6.3% year-on-year [3] Service Sector - The service production index rose by 6.2% year-on-year in May, accelerating by 0.2 percentage points compared to the previous month [4] - The service sector's business activity index was at 50.2 in May, up by 0.1 percentage points from the previous month, while the business activity expectation index rose to 56.5 [5] - From January to May, the service production index increased by 5.9% year-on-year [5] Consumer Spending - The total retail sales of consumer goods reached 41,326 billion yuan in May, marking a 6.4% year-on-year increase, which is 1.3 percentage points higher than the previous month [6] - Online retail sales amounted to 60,402 billion yuan, growing by 8.5% year-on-year, with physical goods online retail sales at 49,878 billion yuan, a 6.3% increase [6] Investment Trends - Fixed asset investment (excluding rural households) totaled 191,947 billion yuan from January to May, with a year-on-year growth of 3.7% [8] - Infrastructure investment grew by 5.6%, while manufacturing investment increased by 8.5%. However, real estate development investment declined by 10.7% [9] Trade Performance - The total value of goods imports and exports reached 38,098 billion yuan in May, with a year-on-year growth of 2.7% [10] - Exports were 22,767 billion yuan, up by 6.3%, while imports decreased by 2.1% [10] Employment Situation - The urban surveyed unemployment rate was 5.0% in May, a decrease of 0.1 percentage points from the previous month [11][12] - The average urban surveyed unemployment rate from January to May was 5.2% [12] Price Trends - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, while the core CPI, excluding food and energy, rose by 0.6% [13] - The Producer Price Index (PPI) decreased by 3.3% year-on-year in May [13]