Core Viewpoint - The global population aged 60 and above is projected to reach 1.42 billion by the end of this year, highlighting the need for inclusive digital economic standards for the aging population [1] Group 1: Aging Population and Digital Economy - The ISO25556:2025 standard, focusing on the inclusive digital economy for aging societies, was released in May this year, with contributions from over 20 countries [1] - The standard aims to address the digital divide faced by the elderly, providing a framework for the development of an aging-inclusive digital economy [1] Group 2: Research and Recommendations - A research team analyzed data to reveal the behavioral patterns and consumption preferences of the elderly in the digital age, identifying key characteristics of digital economic needs for older adults [1] - Specific recommendations and case studies were provided for ten high-frequency scenarios where elderly individuals engage with the digital economy, such as online shopping and digital banking [1] Group 3: Implementation and Future Prospects - Countries like China and the UK have already begun to adopt the ISO standard as their national standard, with expectations for broader international application in the future [1] - The project has also developed six international standards targeting key digital service scenarios and technologies, including digital education and digital health [1]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The production industry has seen an increase in new energy vehicle production and sales, with exports also growing significantly. The service industry should pay attention to the promotion of elderly - care service - related programs [1]. - Upstream, international oil prices have risen slightly, while urea and soda ash prices have declined. In the mid - stream, PX and pig product processing开工率 have increased. Downstream, first - and second - tier city property sales are at a near - three - year low, and domestic flight frequencies have decreased periodically [2][3][4]. - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [5]. 3. Summary by Related Catalogs 3.1. Mid - view Event Overview 3.1.1. Production Industry - From January to May, China's automobile production and sales reached 12.826 million and 12.748 million vehicles respectively, with year - on - year growth of 12.7% and 10.9%. New energy vehicle production and sales were 5.699 million and 5.608 million vehicles, growing by 45.2% and 44% year - on - year, accounting for 44% of total new car sales. Automobile exports were 2.49 million vehicles, with new energy vehicle exports at 855,000 vehicles, a 64.6% year - on - year increase [1]. 3.1.2. Service Industry - The International Organization for Standardization has released an international standard on the inclusive digital economy for an aging society led by China, providing specific suggestions for high - frequency digital economy scenarios for the elderly [1]. 3.2. Industry Overview 3.2.1. Upstream - Energy: International oil prices have risen slightly. - Chemical: Urea and soda ash prices have declined [2]. 3.2.2. Mid - stream - Chemical: PX开工率 has recovered. - Agriculture: Pig product processing开工率 has increased [3]. 3.2.3. Downstream - Real Estate: First - and second - tier city property sales are the same as last year and at a near - three - year low. - Service: Domestic flight frequencies have decreased periodically [4]. 3.3. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [5]. 3.4. Industry Credit Spread Tracking (as of 6/11) | Industry | Last Year | One Quarter Ago | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 63.38 | 88.71 | 77.76 | 59.48 | 59.28 | 0.70 | | Mining | 35.48 | 25.94 | 47.91 | 38.57 | 39.39 | 9.40 | | Chemical | 67.32 | 72.87 | 63.09 | 21.15 | 50.99 | 0.10 | | Steel | 42.16 | 65.09 |... | 45.94 | 46.91 | 10.50 | | Non - ferrous Metals | 44.71 | 65.43 | 58.77 | 51.36 | 51.00 | 12.00 | | Electronics | 61.94 | 86.94 | 77.65 | 58.50 | 58.89 | 8.40 | | Automobile | 63.19 | 71.17 | 51.29 | 40.74 | 41.64 | 0.70 | | Household Appliances | 42.03 | 60.23 | 53.02 | 45.87 | 46.68 | 12.50 | | Food and Beverage | 42.30 | 54.60 | 45.51 | 35.32 | 36.25 | 2.20 | | Textile and Apparel | 51.27 | 64.99 | 55.00 | 51.41 | 51.69 | 9.10 | | Light Industry Manufacturing | 49.82 | 203.78 | 165.50 | 148.84 | 145.95 | 7.10 | | Pharmaceutical and Biological | 23.69 | 75.25 | 73.82 | 61.08 | 59.40 | 8.60 | |... | 26.29 | 41.31 | 33.99 | 26.24 | 27.04 | 9.80 | | Transportation | 32.99 | 45.47 | 38.14 | 30.12 | 31.18 | 6.10 | | Real Estate | 221.47 | 158.34 | 125.70 | 101.21 | 103.67 | 6.40 | | Commercial Trade | 46.51 | 59.70 | 51.36 | 42.04 | 41.84 | 4.00 | | Leisure Services | 80.78 | 112.28 | 127.15 | 121.37 | 122.09 | 98.10 | | Bank | 27.73 | 36.23 | 19.75 | 19.17 | 18.01 | 4.40 | | Non - bank Finance | 28.71 | 42.60 | 35.76 | 29.23 | 29.51 | 6.80 | | Comprehensive | 69.20 | 59.32 | 51.02 | 41.51 | 42.20 | 1.30 | | Building Materials | 35.82 | 55.75 | 47.38 | 37.31 | 38.25 | 8.10 | | Building Decoration | 43.77 | 66.60 | 56.84 | 59.22 | 60.30 | 28.40 | | Electrical Equipment | 53.06 | 93.59 | 83.42 | 79.80 | 79.15 | 41.80 | | Mechanical Equipment | 32.71 | 51.69 | 48.31 | 42.07 | 43.99 | 24.30 | | Computer | 69.67 | 76.76 | 62.98 | 48.56 | 46.46 | 0.00 | | Media | 227.40 | 53.06 | 46.41 | 38.66 | 39.69 | 1.00 | | Communication | 31.64 | 44.82 | 28.75 | 24.87 | 25.36 | 1.40 | [49] 3.5. Key Industry Price Index Tracking (as of 6/10) | Industry | Index Name | Frequency | Unit | Update Time | Value | Year - on - Year | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 6/10 | 2308.6 | 0.50% | | | Spot price: Eggs | Daily | Yuan/kg | 6/10 | 5.8 | - 2.02% | | | Spot price: Palm oil | Daily | Yuan/ton | 6/10 | 8630.0 | - 0.07% | | | Spot price: Cotton | Daily | Yuan/ton | 6/10 | 14623.0 | 0.44% | | | Average wholesale price: Pork | Daily | Yuan/kg | 6/10 | 20.3 | - 1.41% | | | Spot price: Copper | Daily | Yuan/ton | 6/10 | 79293.3 | 1.03% | | | Spot price: Zinc | Daily | Yuan/ton | 6/10 | 22146.0 | - 2.50% | | Non - ferrous Metals | Spot price: Aluminum | Daily | Yuan/ton | 6/10 | 20193.3 | 0.28% | | | Spot price: Nickel | Daily | Yuan/ton | 6/10 | 123000.0 | - 0.52% | | | Spot price: Aluminum | Daily | Yuan/ton | 6/10 | 16706.3 | 1.10% | | | Spot price: Rebar | Daily | Yuan/ton | 6/10 | 3090.2 | 1.29% | | Ferrous Metals | Spot price: Iron ore | Daily | Yuan/ton | 6/10 | 746.1 | - 0.56% | | | Spot price: Wire rod | Daily | Yuan/ton | 6/10 | 3267.5 | 0.23% | | | Spot price: Glass | Daily | Yuan/sq.m | 6/10 | 13.8 | - 2.82% | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 6/10 | 13670.8 | 2.72% | | | China Plastics City price index | Daily | - | 6/10 | 824.4 | - 0.25% | | | Spot price: WTI crude oil | Daily | US dollars/barrel | 6/10 | 65.3 | 4.43% | | Energy | Spot price: Brent crude oil | Daily | US dollars/barrel | 6/10 | 67.0 | 3.73% | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 6/10 | 3998.0 | - 2.01% | | | Coal price: Coal | Daily | Yuan/ton | 6/10 | 748.0 | - 0.53% | | | Spot price: PTA | Daily | Yuan/ton | 6/10 | 4880.5 | - 1.38% | | Chemical | Spot price: Polyethylene | Daily | Yuan/ton | 6/10 | 7346.7 | - 0.14% | | | Spot price: Urea | Daily | Yuan/ton | 6/10 | 1821.7 | - 3.92% | | | Spot price: Soda ash | Daily | Yuan/ton | 6/10 | 1370.0 | - 4.20% | | | Cement price index: National | Daily | - | 6/10 | 140.9 | 0.84% | | Real Estate | Building materials comprehensive index | Daily | Points | 6/10 | 111.6 | 0.30% | | | Concrete price index: National index | Daily | Points | 6/10 | 99.1 | - 0.24% | [50]

Industry Investment Rating - Not provided in the report Core Viewpoints - In the production industry, attention should be paid to the progress of green infrastructure pilot projects, such as the first - batch pilot work of new power system construction organized by the National Energy Administration [1] - In the service industry, attention should be paid to the promotion of pension service - related programs, like the release of an international standard on the digital economy from an aging perspective led by China [1] - The credit spreads of the entire industry fluctuate slightly [3] Summary by Directory 1. Mid - level Event Overview Production Industry - The National Energy Administration is carrying out the first - batch pilot work on new power system construction, focusing on national hub nodes and non - hub nodes with good energy resources. It aims to increase the proportion of green electricity in data centers through the "green power aggregated supply" model [1] Service Industry - The International Organization for Standardization has released an international standard on the digital economy from an aging perspective led by China, which provides specific suggestions for elderly people's high - frequency digital economic scenarios [1] 2. Industry Overview Upstream - Coal inventories are at a three - year high recently [2] Mid - stream - The PX开工率 is continuously rising, and the urea开工率 is stable and at a three - year high; the asphalt开工率 is rising; the开工 rate of pig product processing is increasing [2] Downstream - The sales of commercial housing in first - and second - tier cities have a seasonal rebound but are still at a near - three - year low; the number of domestic flights has decreased [2] 3. Market Pricing - The credit spreads of the entire industry fluctuate slightly [3] 4. Industry Credit Spread Tracking | Industry | Last Year's Same Period | One Quarter Ago | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 69.83 | 80.55 | 75.09 | 78.86 | 63.16 | 1.10 | | Mining | 36.41 | 46.76 | 44.37 | 49.14 | 42.27 | 11.50 | | Chemical Industry | 67.53 | 68.59 | 62.96 | 64.22 | 57.43 | 0.00 | | Steel | 43.64 | 57.03 | 52.34 | 57.01 | 49.92 | 11.40 | | Non - ferrous Metals | 47.06 | 56.23 | 53.30 | 60.33 | 53.49 | 14.60 | | Electronics | 55.98 | 78.46 | 65.50 | 79.10 | 67.58 | 24.80 | | Automobile | 64.33 | 76.43 | 45.92 | 52.66 | 44.05 | 0.00 | | Household Appliances | 44.70 | 53.93 | 44.90 | 53.92 | 47.29 | 12.30 | | Food and Beverage | 42.71 | 43.83 | 43.40 | 46.81 | 39.58 | 4.10 | | Textile and Apparel | 50.19 | 57.43 | 50.48 | 56.71 | 50.28 | 4.90 | | Light Industry Manufacturing | 56.31 | 198.86 | 167.29 | 166.01 | 156.61 | 8.30 | | Pharmaceutical and Biological | 57.67 | 65.83 | 67.40 | 74.32 | 66.68 | 17.60 | | Public Utilities | 26.96 | 32.22 | 30.73 | 34.60 | 29.06 | 13.70 | | Transportation | 33.79 | 36.99 | 34.76 | 39.07 | 33.24 | 7.30 | | Real Estate | 403.85 | 187.61 | 146.74 | 126.56 | 113.61 | 6.50 | | Commercial Trade | 48.40 | 52.24 | 48.09 | 52.23 | 45.37 | 5.30 | | Leisure Services | 75.14 | 106.06 | 107.84 | 128.21 | 120.84 | 98.00 | | Banking | 24.57 | 26.56 | 19.97 | 19.61 | 17.94 | 4.10 | | Non - banking Finance | 30.74 | 34.45 | 32.24 | 36.24 | 30.34 | 7.10 | | Comprehensive | 68.97 | 51.39 | 46.45 | 52.02 | 46.01 | 2.50 | | Building Materials | 34.78 | 46.19 | 43.78 | 48.38 | 40.81 | 9.60 | | Building Decoration | 46.17 | 56.39 | 52.42 | 58.00 | 52.43 | 12.20 | | Electrical Equipment | 54.28 | 84.01 | 78.85 | 84.52 | 78.64 | 39.40 | | Mechanical Equipment | 37.35 | 43.94 | 41.86 | 49.79 | 44.51 | 25.20 | | Computer | 69.00 | 74.00 | 62.09 | 64.12 | 53.12 | 0.00 | | Media | 228.94 | 44.27 | 43.19 | 47.55 | 40.77 | 0.10 | | Communication | 243.53 | 36.87 | 28.67 | 29.93 | 23.64 | 0.00 | [45] 5. Key Industry Price Index Tracking | Industry | Index Name | Frequency | Update Time | Price | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | 5/15 | 2304.3 | 0.81% | | | | Spot price of eggs | Daily | 5/15 | 0.8 | 4.65% | | | | Spot price of palm oil | Daily | 5/15 | 8588.0 | 0.59% | | | | Spot price of cotton | Daily | 5/15 | 14512.3 | 2.56% | | | | Average wholesale price of pork | Daily | 5/15 | 20.9 | - 0.10% | | | Non - ferrous Metals | Spot price of copper | Daily | 5/15 | 78938.3 | | | | | Spot price of zinc | Daily | 5/15 | 22880.0 | 0.61% | | | | Spot price of aluminum | Daily | 5/15 | 20366.7 | 3.75% | | | | Spot price of nickel | Daily | 5/15 | 126525.0 | 1.42% | | | | Spot price of aluminum | Daily | 5/15 | 16906.3 | 1.12% | | | Steel | Spot price of rebar | Daily | 5/15 | 3189.9 | 0.86% | | | | Spot price of iron ore | Daily | 5/15 | 793.3 | 2.20% | | | | Spot price of wire rod | Daily | 5/12 | 3377.5 | 0.30% | | | Building Materials | Spot price of glass | Daily | 5/15 | 14.8 | - 2.50% | | | Chemical Industry | Spot price of natural rubber | Daily | 5/15 | 14838.3 | 2.63% | | | | China Plastic City Price Index | Daily | 5/15 | 840.4 | 1.06% | | | Energy | Spot price of WTI crude oil | Daily | 5/15 | 63.2 | 8.75% | | | | Spot price of Brent crude oil | Daily | 5/15 | | 8.13% | | | | Spot price of liquefied natural gas | Daily | 5/12 | 4278.0 | - 0.37% | | | | Coal price | Daily | 5/15 | 777.0 | - 1.40% | | | Chemical Industry | Spot price of PTA | Daily | 5/15 | 4991.7 | 6.47% | | | | Spot price of polyethylene | Daily | 5/15 | 7508.3 | 0.58% | | | | Spot price of urea | Daily | 5/15 | 1946.7 | 1.83% | | | | Spot price of soda ash | Daily | 5/15 | 1462.5 | 0.00% | | | Real Estate | Cement price index: National | Daily | 5/15 | 143.5 | - 0.93% | | | | Building materials composite index | Daily | 5/15 | 116.5 | 0.52% | | | | Concrete price index: National index | Daily | 5/15 | 99.8 | - 0.53% | | [46]