Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The report focuses on the economic policy promotion in the second half of the year, including the mid - level event overview of production and service industries, and the upstream, mid - stream, and downstream situations of the industry. It also provides price index data of key industries [1][2][3][4]. Summary by Directory 1. Mid - level Event Overview - **Production Industry**: Six departments including the Ministry of Industry and Information Technology will carry out a 3 - month special rectification action on network chaos in the automotive industry to improve the handling efficiency of network chaos of automotive enterprises [1]. - **Service Industry**: The National Development and Reform Commission will maintain policy continuity and stability, focusing on stabilizing employment, enterprises, the market, and expectations. It will implement proactive fiscal policies and moderately loose monetary policies, evaluate policy implementation, and promote capacity governance in key industries [1]. 2. Industry Overview - **Upstream**: International oil prices are continuously declining, and egg prices are continuously rising [2]. - **Mid - stream**: The polyester start - up rate is rising, and the coal consumption of power plants is increasing [3]. - **Downstream**: The sales of commercial housing in second - and third - tier cities are slightly rising, and the number of international flights is decreasing [4]. 3. Key Industry Price Indexes | Industry | Index Name | Price on 9/10 | Year - on - Year Change | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2308.6 yuan/ton | 0.25% | | | Spot price of eggs | 7.2 yuan/kg | 10.51% | | | Spot price of palm oil | 9380.0 yuan/ton | - 1.18% | | | Spot price of cotton | 15293.8 yuan/ton | - 1.08% | | | Average wholesale price of pork | 19.9 yuan/kg | - 0.65% | | Non - ferrous Metals | Spot price of copper | 79776.7 yuan/ton | - 0.73% | | | Spot price of zinc | 22080.0 yuan/ton | - 0.63% | | | Spot price of aluminum | 20693.3 yuan/ton | - 0.24% | | | Spot price of nickel | 121766.7 yuan/ton | - 0.30% | | | Spot price of aluminum | 16781.3 yuan/ton | - 0.11% | | | Spot price of rebar | 3139.5 yuan/ton | - 0.48% | | Ferrous Metals | Spot price of iron ore | 800.1 yuan/ton | 1.32% | | | Spot price of wire rod | 3315.0 yuan/ton | - 0.23% | | | Spot price of glass | 14.3 yuan/square meter | 2.67% | | Non - metals | Spot price of natural rubber | 15150.0 yuan/ton | 0.66% | | | China Plastic City Price Index | 796.6 | - 0.72% | | | Spot price of WTI crude oil | 62.6 dollars/barrel | - 4.51% | | Energy | Spot price of Brent crude oil | 66.4 dollars/barrel | - 3.98% | | | Spot price of liquefied natural gas | 3886.0 yuan/ton | - 0.15% | | | Coal price of coal | 777.0 yuan/ton | - 0.64% | | | Spot price of PTA | 4649.2 yuan/ton | - 2.11% | | Chemical | Spot price of polyethylene | 7391.7 yuan/ton | - 0.45% | | | Spot price of urea | 1693.8 yuan/ton | - 1.09% | | | Spot price of soda ash | 1262.5 yuan/ton | 0.00% | | Real Estate | Cement price index of the whole country | 130.6 | 0.97% | | | Building materials comprehensive index | 113.2 points | 0.04% | | | Concrete price index of the national index | 92.6 points | - 0.28% | [38]

Group 1 - The report highlights the implementation of various policies and measures deployed by the central government to stabilize employment, businesses, markets, and expectations [1] - It emphasizes the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [1] - The report calls for a thorough evaluation of policy implementation and suggests optimizing policies and measures based on assessment results to enhance their effectiveness [1] Group 2 - There is a focus on normalizing policy research and reserve, continuously improving the policy toolbox [1] - The report stresses the importance of addressing capacity governance in key industries and implementing measures to resolve structural contradictions while promoting quality upgrades [1] - It also mentions the need for comprehensive regulation of irrational competition and strengthening policy coordination and expectation guidance [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of achieving economic and social development goals for the year, highlighting the need for continuous policy implementation and adjustments to stabilize the economy and enhance internal demand [1] Economic Strategy - The NDRC plans to implement existing policies effectively while promoting a strategy of expanding domestic demand and advancing high-level technological self-reliance [1] - There will be a focus on deepening reform and opening up, as well as building a unified national market [1] Employment and Economic Stability - The NDRC aims to introduce measures to stabilize employment and the economy, ensuring policy continuity and stability while enhancing flexibility and foresight [1] - The goal is to transform external pressures into internal driving forces to maintain economic stability [1] Monitoring and Policy Adjustment - The NDRC will strengthen economic monitoring, forecasting, and early warning systems, and will regularly conduct policy research and reserves [1] - Policies will be adjusted in response to changes in the external environment, with a focus on stabilizing employment, enterprises, markets, and expectations [1] Economic Growth and Price Stability - The NDRC aims to achieve a reasonable recovery in price levels, maintain stability in the overall employment situation, and optimize the combination of economic growth [1]

Core Insights - The National Development and Reform Commission (NDRC) highlighted the strong resilience of the economy in the first half of the year, with domestic demand contributing 68.8% to GDP growth, indicating its role as a key driver of growth [1][1][1] - The NDRC plans to implement measures to stabilize employment and the economy, ensuring policy continuity, stability, and flexibility to convert external pressures into internal momentum [1][1][1] - The NDRC will enhance economic monitoring and forecasting, regularly conduct policy research, and improve the toolbox for stabilizing employment and expanding domestic demand [1][1][1] Economic Performance - The economy demonstrated strong resilience in the first half of the year, with significant contributions from domestic demand and robust performance in foreign trade [1][1][1] - The equipment manufacturing sector continues to play a stabilizing role in the economy, while the modern service industry is accelerating its development [1][1][1] Future Outlook - The NDRC aims to maintain a stable employment situation and market expectations, striving for a reasonable recovery in price levels and optimizing economic growth [1][1][1] - There will be a focus on coordinating policies and work for the current and next year to ensure effective implementation of economic stabilization measures [1][1][1]

Policy Focus - The government will strengthen economic monitoring, forecasting, and early warning systems [1] - The government will normalize policy research and reserve measures [1] - The government aims to improve the policy toolbox for stabilizing employment and expanding domestic demand [1] - Policies will be adjusted based on actual needs, coordinating efforts between the current and next year [1] Economic Goals - The government prioritizes stabilizing employment, businesses, and market expectations [1] - The government seeks to achieve a reasonable recovery in price levels [1] - The government aims for overall stability in social employment and optimized economic growth [1]

Group 1 - The National Development and Reform Commission (NDRC) held a meeting to report on the development and reform situation for the first half of the year, emphasizing the need to focus on major changes, important indicators, and significant issues for effective analysis and assessment [1] - The meeting highlighted the importance of stabilizing employment and expanding domestic demand as key priorities for policy preparation and reserve [1] - The NDRC stressed the need to strengthen the consistency of macroeconomic policy orientation [1]

Economic Performance - China's economy has shown resilience and vitality, with a GDP growth rate of 5.3% in the first half of the year, surpassing last year's performance [2] - The retail sales of consumer goods reached 24.55 trillion yuan, with consumption contributing 52% to economic growth [2] - The political bureau meeting acknowledged the strong recovery momentum and emphasized the need to leverage development opportunities and advantages [2] Macroeconomic Policy - Several foreign financial institutions have raised their growth forecasts for China, citing the consistency and foresight of macroeconomic policies as key reasons [3] - The political bureau meeting called for maintaining policy continuity and stability while enhancing flexibility and foresight [3] - There is a focus on effective release of domestic demand potential and expanding effective investment, including fostering new growth points in service consumption [3] Market Competition - The meeting addressed the need for comprehensive governance of "involutionary" competition, aiming to optimize market competition order [4] - Measures include revising pricing laws, regulating disorderly competition, and managing capacity in key industries [4] - The focus on addressing "involutionary" competition is expected to become a central theme in China's macroeconomic policy moving forward [5]