Core Insights - The fifth national economic census in Zhengzhou has been successfully completed, revealing significant growth in the secondary and tertiary industries over the past five years, with improvements in asset scale, revenue, and technological innovation capabilities [1] Group 1: Growth in Legal Entities - The number of legal entities in the secondary and tertiary industries reached 566,000 by the end of 2023, an increase of 181,000 or 46.9% compared to the end of 2018 [2] - The number of industrial activity units was 599,000, up by 186,000 or 45.1% [2] - The number of individual businesses rose to 783,000, an increase of 284,000 or 57.0% [2] Group 2: Employment Trends - By the end of 2023, the secondary and tertiary industries employed 6.125 million people, an increase of 1.138 million or 22.8% since 2018, with 2.279 million being female workers [3] - Employment in the tertiary industry increased by 1.2 million or 39%, while employment in the secondary industry decreased by 62,000 or 3.2% [3] - The top three sectors for employment in the secondary and tertiary industries were wholesale and retail (1.042 million), construction (889,000), and manufacturing (786,000) [3] Group 3: Digital Economy Development - By the end of 2023, there were 60,000 legal entities in the core digital economy sector, employing 587,000 people and generating revenue of 868.06 billion [4] - The digital product manufacturing sector had 857 entities, employing 140,000 people and generating revenue of 605.01 billion [4] - The high-tech manufacturing sector had 259 entities, achieving revenue of 629.28 billion, while the high-tech service sector had 1,027 entities with revenue of 131.14 billion [4]

Core Insights - The report highlights a diversified investment strategy with a focus on specific stocks, including SF Holding, Anji Technology, and others, indicating a positive outlook for these companies in the near term [1] - The macroeconomic analysis points to a mixed performance in domestic and foreign demand, with improvements in the external trade environment positively impacting manufacturing sentiment [2][5] - The tourism sector shows a strong recovery during the Dragon Boat Festival, with significant increases in domestic travel and spending, driven by short-distance leisure travel and cultural events [8][10] Macroeconomic Analysis - In May, the manufacturing PMI rose to 49.5%, indicating a slight recovery but still within a contraction zone, with new orders and production indices showing improvements [5][6] - The high-tech manufacturing sector continues to expand, with a PMI of 50.9%, reflecting robust demand and export orders [7] - The report notes a positive shift in manufacturing expectations, with a production activity expectation index of 52.5% [6] Tourism Sector Insights - The Dragon Boat Festival saw 119 million domestic trips, a 5.7% increase year-on-year, with total spending reaching 42.73 billion yuan, up 5.9% [8][10] - The integration of cultural and sports events has significantly boosted tourism, with family-oriented travel becoming a prominent trend [9] - Cross-border travel remains strong, with a notable increase in inbound tourism, particularly from countries with visa-free policies [10] Pharmaceutical Sector Analysis - The report on Ma Yinglong indicates a solid revenue growth of 18.85% year-on-year for 2024, with a total revenue of 3.728 billion yuan [12] - The company’s focus on the healthcare sector, particularly in the treatment of hemorrhoids, is expected to drive future growth, supported by a strong brand presence [13][15] - The pharmaceutical industry overall is experiencing steady growth, with a significant increase in sales of hemorrhoid treatment products [13]