国务院国资委副主任袁野介绍，中央企业承担了约80%的原油、70%的天然气、60%的电力供应， 在能源保供、粮食保障、物流运输等方面发挥了不可替代的作用。以自身的高质量发展，为经济社会平 稳健康运行提供更好的支撑。 袁野：近年来，中央企业平均每年的采购量超过15万亿元，直接拉动产业链上下游、大中小企业约 200万户，间接辐射上下游企业近700万户；同时，通过扩大项目合作、及时支付账款、减免房租费用等 方式，努力为上下游企业、中小企业的发展创造良好环境。 张玉卓：营业收入利润率从6.2%提升到6.7%，全员劳动生产率每人每年从59.4万元增长到81.7万 元，国有资本回报率、净资产收益率等指标都持续改善，国有资产的质量更优了、"家底"更厚了。 张玉卓还强调，中央企业将科技创新摆在更加突出的位置，研发经费连续三年超过万亿元，投入强 度从2.6%提升到2.8%，中央企业科技创新的沃土结出了累累硕果。 张玉卓：集成电路、工业母机、工业软件等领域一批"卡脖子"关键核心技术集中攻克，嫦娥六号、 梦想号、"奋斗者"号、深地一号等一批"大国重器"捷报频传，C919大型客机、国产大型邮轮持续擦 亮"中国制造"名片，九三阅兵中系列 ...

Core Viewpoint - The press conference highlighted the achievements of central enterprises in China during the "14th Five-Year Plan," emphasizing their solid progress in high-quality development and maintaining a stable and improving growth trajectory [1] Group 1: Stability - The foundation of stability has been continuously strengthened, with total assets of central enterprises increasing from 68.8 trillion yuan at the end of the "13th Five-Year Plan" to 91 trillion yuan by the end of 2024, and state-owned capital equity rising from 14.2 trillion yuan to 18.3 trillion yuan, with average annual growth rates of 7.3% and 6.5% respectively [2] - Operational efficiency has remained stable, with expected increases in value added and total profits during the "14th Five-Year Plan" of 40% and 50% compared to the "13th Five-Year Plan," alongside improvements in labor productivity, return on net assets, and debt-to-asset ratios [2] Group 2: Progress - Effective investment has been further expanded, with central enterprises completing a total fixed asset investment of 19 trillion yuan from 2021 to 2024, achieving an average annual growth rate of 6.3% [3] - The quality of listed companies has improved, with measures taken by the State-owned Assets Supervision and Administration Commission (SASAC) to enhance market performance, resulting in a nearly 50% increase in the market value of central enterprise-controlled listed companies to over 22 trillion yuan since the end of the "13th Five-Year Plan" [3] - Central enterprises have implemented cash dividends totaling 2.5 trillion yuan during the "14th Five-Year Plan," contributing to the stability of the capital market [3] Group 3: Quality - Central enterprises have played a crucial role in supporting the stable and healthy operation of the economy and society, supplying approximately 80% of crude oil, 70% of natural gas, and 60% of electricity [4] - They have significantly impacted the supply chain, with an average annual procurement volume exceeding 15 trillion yuan, directly benefiting around 2 million enterprises and indirectly affecting nearly 7 million [4] - Efforts to create a favorable environment for the development of upstream and downstream enterprises, including timely payments and rent reductions, have been emphasized [4]

Core Insights - Guizhou listed companies have shown strong performance in the first half of 2025, with 25 companies reporting profits and 19 companies achieving year-on-year revenue growth, leading to the highest compound growth rates in net profit and revenue nationally over the past five years [1][5] Revenue Growth - Guizhou listed companies achieved a total revenue of 172.85 billion yuan in the first half of 2025, marking a year-on-year increase of 6.03%, ranking 4th nationally and 3rd in the western region, surpassing the provincial GDP growth by 0.73 percentage points [2] - The revenue has maintained continuous positive growth from 2021 to 2025, with a compound growth rate of 11.09%, ranking 2nd nationally [2] Individual Company Performance - Among Guizhou listed companies, 18 firms reported revenues exceeding 1 billion yuan, and 6 companies surpassed 5 billion yuan, with Kweichow Moutai leading at 89.39 billion yuan [4] - 19 companies reported year-on-year revenue growth, with 8 companies achieving double-digit growth; Andar Technology led with a 126.80% increase [4] Profitability - Guizhou listed companies reported a total net profit of 50.26 billion yuan in the first half of 2025, ranking 9th nationally and 2nd in the western region, reflecting a year-on-year growth of 5.37% and a 60.45% increase compared to 2021 [5] - 25 companies reported profits, with Kweichow Moutai again leading at 45.40 billion yuan; 11 companies experienced year-on-year profit growth [6] Research and Development Investment - A total of 33 Guizhou listed companies disclosed R&D expenditures amounting to 2.52 billion yuan, a slight increase of 0.04% year-on-year, and a 70.18% increase compared to 2021 [9] - 24 companies exceeded the national average R&D intensity of 2.12%, with 8 companies surpassing 5% [10] International Expansion - 13 companies reported overseas business income totaling 18.29 billion yuan, a year-on-year increase of 18.66%, with both the number of participating companies and revenue scale reaching new highs [14] - Zhongwei Co. achieved 10.78 billion yuan in overseas revenue, ranking 7th among western listed companies [15] Shareholder Returns - In the first half of 2025, Guizhou listed companies showed a significant increase in mid-term dividend announcements, with 7 companies disclosing plans totaling 591 million yuan, nearly quadrupling from the previous year [17] - 8 companies engaged in share buybacks, investing a total of 7.14 billion yuan, ranking 6th nationally and 1st in the western region [18] Notable Corporate Actions - Kweichow Moutai announced plans to buy back shares worth between 3 billion and 3.3 billion yuan, demonstrating confidence in its long-term value [21] - Guizhou Tire's major shareholder committed to not reducing their stake in the company for twelve months [21]

Market Overview - The Shanghai and Shenzhen stock markets opened lower, with all three major indices falling over 1% during the day [1] - The Shanghai Composite Index closed down 1.3% at 3363.9 points, the Shenzhen Component Index fell 1.19% to 13320.92 points, and the ChiNext Index decreased by 0.96% to 2587.86 points [1] - The total trading volume for both markets fell below 1 trillion yuan, reaching only 8718.2 billion yuan, with a slight net outflow of northbound funds [1] Sector Performance - Defensive sectors such as smart TVs, consumer electronics, digital currency, electricity, paper, glyphosate, steel, and transportation equipment showed relative resilience [1] - Sectors that experienced significant declines included agriculture, artificial meat, aviation, gold, agricultural planting, biodegradable plastics, and new materials [1] Short-term and Long-term Outlook - Short-term expectations indicate that the COVID-19 pandemic will accelerate the domestic consumption of previously overseas goods, benefiting industries like duty-free shops and hotels [2] - The recovery of domestic tourism and related sectors is anticipated as overseas travel returns to the domestic market [2] - The rise of domestic brands is expected to continue, with e-commerce and innovation driving growth in market share for domestic cosmetics, snacks, and small appliances [2] Industry Recovery Signals - The civil aviation sector is expected to see gradual improvement in domestic passenger traffic as domestic demand recovers [3] - The worst impacts of the pandemic on the industry are believed to be over, leading to a recovery in market sentiment [3] - The cement industry is also projected to recover as demand is expected to rise in the second half of the year, following earlier constraints due to the pandemic and natural disasters [3]

Group 1 - The Hainan Free Trade Zone sector experienced significant gains, with notable stocks such as Caesar Travel (000796) hitting the daily limit up [1] - Kangzhi Pharmaceutical (300086) saw an increase of over 10%, indicating strong market interest [1] - Other companies that followed the upward trend include HNA Holding (600221), Jinpan Technology, Hainan Development (002163), Haide Shares (000567), and Shennong Seed Industry (300189) [1]

Core Viewpoint - The AI Fund Zhongyin High-Quality Development Opportunity Mixed A (009026) reported a profit of 71.96 thousand yuan for Q2 2025, with a net asset value growth rate of 2.19% during the period [2] Fund Performance - As of July 21, the fund's unit net value was 1.416 yuan, with a one-year cumulative net value growth rate of 15.76%, the highest among its peers [2] - The fund's performance over different time frames includes a three-month growth rate of 8.11%, a six-month growth rate of 6.57%, and a three-year growth rate of -6.95% [3] - The fund's Sharpe ratio over the past three years was -0.0298, ranking 168 out of 319 comparable funds [7] Fund Management Strategy - The fund manager, Guo Yunsong, focuses on identifying companies with strong innovation or competitive advantages, aiming for a balanced strategy across industries and styles [2] - The average stock position over the past three years was 75.53%, lower than the industry average of 83.27% [13] Fund Holdings - As of Q2 2025, the fund's top ten holdings included Guotai Junan, Yun Aluminum, CITIC Securities, Alibaba-W, Agricultural Bank, AVIC Shenfei, Zijin Mining, China Construction Bank, Huichuan Technology, and Hongdu Aviation [18] Fund Size - The fund's total size as of the end of Q2 2025 was 31.973 million yuan [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Keep a close eye on price fluctuations in upstream industries, and pay attention to mid - level events and the overall situation of different industries [1] - Notice the policy promotion in the entertainment and consumption industries [2] 3. Summary by Related Catalogs 3.1 Mid - level Event Overview 3.1.1 Production Industry - The review of rare earth exports in upstream raw materials is accelerating. China is accelerating the review of rare earth - related export license applications and has approved a certain number of compliant applications [1] - The Ministry of Industry and Information Technology and other three departments held a video conference on strengthening the safety management of new energy vehicles, requiring enterprises to assume product quality and safety responsibilities and avoid cut - throat competition [1] 3.1.2 Service Industry - Beijing issued a support plan to promote the high - quality development of the game and e - sports industry, aiming to promote the in - depth integration of technologies such as AI and AIGC with the industry [2] 3.2 Industry Overview 3.2.1 Upstream - International oil prices have been rising recently, and coal inventories have declined [3] 3.2.2 Mid - stream - The PX operating rate is at a high level, and the operating rate of pig products has increased slightly [4] 3.2.3 Downstream - The sales of commercial housing in first - and second - tier cities are the same as last year and at a low level in the past three years; the number of domestic flights has decreased periodically [5] 3.3 Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [6] 3.4 Industry Credit Spread Tracking - The credit spreads of industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry have shown different trends compared with last year, a quarter ago, a month ago, and last week [52] 3.5 Key Industry Price Index Tracking - The prices of various products in different industries such as agriculture, non - ferrous metals, energy, and chemicals have different year - on - year changes and trends in the past 5 days [53]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The recent performance of the chemical and infrastructure midstream sectors is positive, with the upstream energy seeing a rebound in international oil prices and a decline in egg prices, the midstream chemical and infrastructure sectors having high PX and urea operating rates and a continuous increase in asphalt operating rates, and the downstream real estate and service sectors showing flat sales of commercial housing in first - and second - tier cities compared to the same period last year and a cyclical decrease in domestic flight schedules [1][2][3][4] - The overall industry credit spread has recently declined slightly [5] Summary by Related Catalogs 1. Mid - view Event Overview Production Industry - Pay attention to the policy promotion of the low - altitude economy. Shenzhen will focus on building a new - generation national artificial intelligence innovation and development experimental zone and a national low - altitude economy industrial comprehensive demonstration zone to boost the development of artificial intelligence and low - altitude economy industries [1] Service Industry - The entry - exit policy for foreign tourists has been relaxed. Since June 12, 2025, Indonesian citizens can enjoy the 240 - hour transit visa - free policy, and the number of countries applicable to China's 240 - hour transit visa - free policy has increased to 55 [1] 2. Industry Overview Upstream - Energy: International oil prices have rebounded [2] - Agriculture: Egg prices have declined [2] Midstream - Chemical: The operating rates of PX and urea are at recent highs [3] - Infrastructure: The asphalt operating rate has been continuously rising recently [3] Downstream - Real Estate: The sales of commercial housing in first - and second - tier cities are the same as the same period last year and are at a near - three - year low [4] - Service: The number of domestic flights has decreased cyclically [4] 3. Market Pricing - The overall industry credit spread has recently declined slightly [5] 4. Industry Credit Spread Tracking - The report provides the credit spread data of various industries on different time points (last year's same period, one month ago, last week, this week), and their quantiles and weekly trends, such as the credit spread of the agriculture, forestry, fishing, and animal husbandry industry being 59.58 this week, with a quantile of 1.10 [53] 5. Key Industry Price Index Tracking - The report shows the price data of key products in various industries, including frequency, unit, update time, current price, year - on - year change, and the trend in the past 5 days. For example, the spot price of corn in the agricultural industry is 2330.0 yuan/ton on June 12, with a year - on - year increase of 1.56% [54]

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]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Pay attention to price fluctuations in the agricultural and black upstream sectors, and technological development in the agricultural midstream [1]. - Keep an eye on the promotion of elderly - care service - related products [1]. 3. Summary by Related Catalogs 3.1 Mid - level Event Overview - **Production Industry**: Sichuan has drafted measures to promote the high - quality development of animal husbandry, including supporting leading livestock enterprises and promoting the transformation and upgrading of pig slaughtering [1]. - **Service Industry**: As of April, there were 216,000 types of age - friendly products in the market, with 28,700 new varieties, especially in assistive walking products and daily - life aids [1]. 3.2 Industry Overview - **Upstream**: The prices of natural rubber, eggs, and glass have declined [1][2]. - **Midstream**: The PTA and asphalt开工率 have increased, while the PX开工率 has decreased [3]. - **Downstream**: The sales of first - tier city commercial housing have declined seasonally, and the number of international and domestic flights has decreased cyclically [3]. - **Market Pricing**: The credit spread of the pharmaceutical and biological industry has slightly declined [4]. 3.3 Industry Credit Spread Tracking - The credit spreads of multiple industries, such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, have changed. For example, the credit spread of the agriculture, forestry, animal husbandry and fishery industry decreased from 62.07 last week to 58.65 this week [50]. 3.4 Key Industry Price Index Tracking - Various industries' price indicators have different trends. For example, the spot price of corn decreased by 0.25% year - on - year, and the spot price of natural rubber decreased by 4.07% year - on - year [51].