Group 1 - Guangdong's total import and export value reached 4.55 trillion RMB in the first half of the year, marking a 4% year-on-year increase, with exports at 2.89 trillion RMB (up 1.1%) and imports at 1.66 trillion RMB (up 9.5%) [1][2] - Guangdong's foreign trade accounted for 20.9% of the national total, contributing 28% to the growth of China's foreign trade [1] - The province has maintained positive growth for eight consecutive quarters since Q3 2023, demonstrating strong resilience [1] Group 2 - High-tech products are driving Guangdong's export growth, with machinery and electronics exports reaching 1.96 trillion RMB (up 7.2%), comprising 67.8% of total exports [2] - Exports of high-tech products increased by 13.3% to 505.43 billion RMB, with significant growth in machine tools (up 18.7%) and drones (up 29.2%) [2] - The import of machinery and electronics surged by 19.3% to 1.16 trillion RMB, with key components like central processing units and integrated circuits seeing substantial increases [2] Group 3 - Guangdong's manufacturing sector is robust, producing 25% of the nation's new energy vehicles and 44% of industrial robots, with a strong presence in nine trillion-yuan industrial clusters [3] - The production of high-tech products such as electric vehicles and drones has seen significant growth, with drone production increasing by 58.2% [3] - Major companies like TCL and BYD are expanding internationally by establishing overseas factories, contributing to a new model of "chain export" [4] Group 4 - Guangdong's manufacturing is gaining global recognition, with products like drones and electric vehicles becoming key export items [4] - The province is not only exporting products but also technology standards and industry norms, enhancing its global influence [4] - Innovation is strengthening the foundation of Guangdong's foreign trade, making it more robust and dynamic [4]

Core Points - The meeting focused on the development of the digital economy in Gansu Province, emphasizing the importance of digital transformation and infrastructure improvement [1][2] - Gansu Province has made significant progress in digital infrastructure, data market cultivation, and the digital transformation of industries, leading to enhanced enterprise efficiency [1] Group 1 - The meeting was attended by various government departments and companies, highlighting a collaborative approach to digital economy development [1] - Key leaders emphasized the need for a coordinated effort to enhance digital infrastructure and support the construction of a national computing network hub in Qingyang [2] - The focus is on developing emerging industries, including artificial intelligence and integrated circuits, to drive high-quality growth [2] Group 2 - There is a strong push for the digital transformation of industries, including the establishment of 5G and smart factories, and the exploration of smart agriculture solutions [2] - The development of a data factor market is prioritized, with efforts to establish a robust data infrastructure and promote the authorized operation of public data resources [2] - Policies will be improved to support digital economy initiatives, encouraging localized approaches to digital transformation and enhancing investment attraction [2]

Group 1 - The core viewpoint emphasizes the importance of building a modern industrial system that aligns with high-quality development and domestic circulation to promote sustained economic growth and enhance new productivity [1][2] - Guangdong, as a major economic and manufacturing province, is expected to play a crucial role in accelerating the construction of a modern industrial system, particularly in the context of strengthening, expanding, supplementing, and extending industrial chains [1][2] - The meeting held by the Guangdong Provincial People's Congress highlighted the province's advancements in artificial intelligence and robotics, with the added value of the intelligent robotics industry cluster projected to grow by 32.9% in 2024 [1][2] Group 2 - Guangdong's modern industrial system is supported by significant production figures, including accounting for one-quarter of the national output of new energy vehicles, 44% of industrial robots, and over 40% of smart phones [2] - The province has formed nine trillion-yuan industrial clusters, including electronic information and new energy, and possesses eight national advanced manufacturing clusters, indicating a positive cycle of mutual empowerment between industrial clusters and regional economies [2] - The current industrial system in Guangdong is characterized by a strong total output and an optimized structure, integrating traditional industry upgrades with the development of strategic emerging industries and future-oriented industries [2][3] Group 3 - The construction of a modern industrial system requires a collaborative effort between government and market forces, emphasizing the need for both visible and invisible hands to work together [3] - The role of the Guangdong Provincial People's Congress is crucial in creating platforms that address the needs of enterprises, enhancing the effectiveness of industrial policies, and ensuring precise implementation [3] - The acceleration of new productivity in Guangdong's modern industrial system relies on thorough research and a grounded approach, particularly in high-tech industries such as artificial intelligence, drones, high-end equipment manufacturing, industrial robotics, semiconductors, and integrated circuits [3][4] Group 4 - Since the beginning of 2025, Guangdong's modern industrial system has been rapidly evolving towards innovation, supported by various initiatives and decisions from the provincial government [4] - The seven specialized meetings held by the Guangdong Provincial People's Congress focus on dissecting key tasks by sector, promoting breakthroughs in priority areas, and driving the integration of industry and technology [4] - These efforts aim to continuously inject support into the construction of Guangdong's modern industrial system and the development of new productivity, facilitating the province's industrial and intelligent manufacturing sectors to expand globally [4]

Core Views - The article discusses various macroeconomic and industry developments, including trade policies, defense exports, and advancements in technology sectors, highlighting potential investment opportunities and market trends. Macro News - Xi Jinping emphasized the need for Shanxi to implement central strategies for regional development and ecological protection, aiming for a transition in resource-based economies [8] - The Chinese Foreign Ministry reiterated its stance against protectionism in response to Trump's announcement of tariffs on imports from 14 countries, including Japan and South Korea [8] - The State Council will hold a press conference on the achievements of the "14th Five-Year Plan" [9] - The Shanghai government is focusing on enhancing development quality and supporting enterprises in basic research [9] Industry News - The State Council issued opinions to improve public service efficiency in sectors like banking and healthcare [10] - Seven departments released guidelines to accelerate the development of inclusive childcare services, encouraging employers to utilize existing land for childcare facilities [10] - The Changan Group's restructuring is expected to be finalized in August [11] - In June, China's retail sales of passenger vehicles reached 2.11 million units, a year-on-year increase of 18.6%, with a total of 11.05 million units sold in the first half of the year, up 11.2% [11] - A significant lithium ore deposit was discovered in Hunan Province, with an estimated 490 million tons of lithium ore and 1.31 million tons of lithium oxide resources [11] - Huawei's new patent for an auxiliary driving method aims to enhance drivers' perception of obstacles [11] - Tongwei Co. responded to market speculation about silicon material storage, indicating a lack of concrete information [11] - The Ministry of Industry and Information Technology initiated the development planning for the electronic information manufacturing industry, highlighting its strategic importance [12] Global Market - Trump threatened high tariffs on copper and pharmaceuticals, causing a surge in copper prices [22] - U.S. stock indices showed mixed results, with the Dow Jones down 0.37% and the Nasdaq up 0.03% [22] - Bank of America and Goldman Sachs raised their S&P 500 index targets, reflecting positive market sentiment [22] Investment Opportunities - DeepMind's Isomorphic Labs is preparing to start human trials for AI-designed drugs, indicating a growing market for AI in healthcare [24][25] - The establishment of virtual power plants in Sichuan Province signals new opportunities in the energy sector, with policies supporting their development [26] - The demand for AI computing power is driving upgrades in data center hardware, particularly in switches, presenting investment potential in this area [27] - Alibaba's open-source AI agent WebSailor marks a new phase in the AI agent economy, suggesting opportunities in AI-driven SaaS companies [28][29]

Report Industry Investment Rating - The rating for the stock index is "Oscillation" [4] Core View of the Report - This week, global stock markets rebounded, and market risk appetite strengthened. Chinese equity assets showed significant differentiation, with A-shares performing better than Hong Kong stocks. The logic for Hong Kong stocks is that the HIBOR rate has the potential to rise, suppressing market performance. A-shares have chosen a new theme, anti-involution. Affected by the information from the Central Financial and Economic Commission meeting, sectors such as steel and coal in A-shares staged a "capacity reduction" market, with stock prices rising from low levels. The sustainability of the subsequent market remains to be verified. In July, the core variable determining whether the stock market can continue to rise is the disturbance factor of overseas reciprocal tariffs [2][10] Summary According to the Directory 1. One-week View and Overview of Macro Key Events - **Next Week's View**: The high-level oscillation will continue. Chinese equity assets are differentiated, with A-shares outperforming Hong Kong stocks. A-shares focus on the anti-involution theme, and the sustainability of the market depends on overseas reciprocal tariffs [10] - **This Week's Key Events**: - **June 30**: China's manufacturing PMI in June was 49.7%, and the three major indices all rebounded. Shanghai's 500 million yuan consumption vouchers were distributed, and the TOP100 real estate enterprises' sales in June decreased by 18.5% year-on-year [11][12][13] - **July 1**: The Central Financial and Economic Commission meeting emphasized governance of low-price disorderly competition and promotion of marine economic development. From January to May, the added value of above-scale electronic information manufacturing increased by 11.1% year-on-year [14][16] - **July 2**: Sichuan Province issued a detailed plan to boost consumption. From January to May, the profits of above-scale Internet and related service enterprises decreased by 2.2% year-on-year. The possibility of a stablecoin pegged to the offshore RMB in Hong Kong was proposed. The 80 billion yuan "two major" project list for this year was fully issued [17][18][20] - **July 3**: The volume of electric bicycle trade-ins reached 6.1 times that of 2024. The Shanghai Stock Exchange held a promotion meeting for the "1+6" policy of the Science and Technology Innovation Board [21][22] - **July 4**: The Ministry of Housing and Urban-Rural Development called for greater efforts to stabilize the real estate market. The domestic high temperature drove up the electricity load, setting a new record [24][25] 2. One-week Market Quote Overview - **Global Stock Market Weekly Overview**: From June 30 to July 4, global stock markets denominated in US dollars rose. The MSCI Global Index rose 1.2%, with frontier markets (+1.55%) > developed markets (+1.31%) > emerging markets (+0.25%). The Brazilian stock market led the world with a 4.40% increase, while the Swedish stock market had the worst performance, falling 1.6% [26] - **Chinese Stock Market Weekly Overview**: Chinese equity assets were differentiated, with A-shares > Chinese concept stocks > Hong Kong stocks. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1441.7 billion yuan, a decrease of 45.3 billion yuan from last week. The micro-cap stock index rose 1.89%, performing the best, while the North Exchange 50 Index fell 1.71%, underperforming the market [29] - **Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets**: Most global GICS primary industries rose this week, with materials leading the way (+2.75%), and telecommunications services performing poorly (-0.40%). In the Chinese market, healthcare led the rise (+3.48%), and information technology underperformed the market (+0.05%) [32] - **Weekly Overview of China A-share CITIC Primary Industries**: Among China A-share CITIC primary industries, 25 rose (29 last week) and 5 fell (1 last week). The steel industry led the rise (+5.27%), and the comprehensive finance industry had the largest decline (-4.45%) [34] - **Weekly Overview of China A-share Styles**: The large-cap value style was dominant. This week, the value style outperformed the growth style, and the market capitalization style was biased towards large-cap [38][39] - **Overview of Stock Index Futures Basis**: Included information on the basis of IH, IF, IC, and IM in the past 6 months [42][45] 3. Overview of Index Valuation and Earnings Forecast - **Broad-based Index Valuation**: Provided PE and PB data for various broad-based indices this week, at the beginning of the year, and their changes, as well as the eight-year percentile [46] - **Primary Industry Valuation**: Presented PE and PB data for various primary industries this week, at the beginning of the year, and their changes, as well as the eight-year percentile [47] - **Broad-based Index Equity Risk Premium**: The ERP of the Shanghai and Shenzhen 300, CSI 500, and CSI 1000 decreased slightly this week [48][53] - **Broad-based Index Consensus Earnings Growth Rate**: The expected earnings growth rate of the Shanghai and Shenzhen 300 in 2025 was adjusted down to 7.92%, and in 2026 it was adjusted up to 8.08%. For the CSI 500, the 2025 expected earnings growth rate was adjusted down to 32.00%, and the 2026 rate remained flat at 15.37%. For the CSI 1000, the 2025 expected earnings growth rate was adjusted down to 41.87%, and in 2026 it was adjusted up to 17.02% [54] 4. Liquidity and Capital Flow Tracking - **Interest Rates and Exchange Rates**: This week, the 10Y and 1Y rates decreased, and the spread widened. The US dollar index was 96, and the offshore RMB was 7.16 [65] - **Trading Capital Tracking**: This week, the average daily trading volume of northbound funds decreased by 1.14 billion yuan compared with last week, and the margin trading balance increased by 1.99 billion yuan [63] - **Capital Flow Tracking through ETFs**: There were 29 on-exchange ETFs tracking the Shanghai and Shenzhen 300, 27 tracking the CSI 500, 15 tracking the CSI 1000, and 38 tracking the CSI A500. This week, the shares of ETFs tracking the Shanghai and Shenzhen 300 decreased by 2.5 billion, those tracking the CSI 500 decreased by 0.5 billion, those tracking the CSI 1000 decreased by 1.2 billion, and those tracking the CSI A500 decreased by 13.9 billion [68][72] 5. Tracking of Domestic High-frequency Macro Data - **Supply Side**: The tire operating rate decreased [75] - **Consumption Side**: The transaction volume of first-hand houses was weaker than the seasonal level [84] - **Inflation Observation**: The prices of production materials rebounded from a low level, and agricultural product prices flattened at a low level [96][97]

Group 1 - The core viewpoint of the news highlights the performance of the China Securities Digital Economy Theme Index, which has seen a decline of 0.79% as of July 4, 2025, with mixed results among constituent stocks [1] - The Digital Economy ETF has undergone a downward adjustment, currently priced at 0.75 yuan, with a trading volume of 271.51 million yuan and a turnover rate of 0.37% [1] - Over the past two weeks, the Digital Economy ETF has experienced a significant growth in scale, increasing by 12.62 million yuan, ranking it in the top half among comparable funds [2] Group 2 - The implementation plan for the digital transformation of the electronic information manufacturing industry emphasizes five key tasks, including accelerating core intelligent technology applications and enhancing the collaborative upgrade of high-end, intelligent, and green initiatives [2] - The plan aims to consolidate the internal growth momentum of the electronic information manufacturing industry, enhancing its ability to support the digital transformation of other sectors [2] - The top ten weighted stocks in the China Securities Digital Economy Theme Index account for 51.3% of the index, with notable companies including Dongfang Fortune and SMIC [3]

Core Viewpoint - The Shandong provincial government is actively promoting the integration of culture and technology through a series of supportive policies, emphasizing the importance of information technology in driving innovation and development in these sectors [1][3]. Group 1: Achievements in Information Technology - Shandong has made significant progress in developing its information technology sector, with a projected revenue of 2.2 trillion yuan in 2024 and a revenue of 693.37 billion yuan from January to May this year, representing an 18.8% year-on-year growth [3][4]. - Key companies such as Inspur and GoerTek lead in global markets, with Inspur's AI server shipments and GoerTek's high-end virtual reality headsets holding top positions globally [3][4]. Group 2: Market Entities Supporting Integration - Shandong has over 40,000 industrial enterprises, including 1,093 electronic information manufacturing companies, which are crucial for supporting the integration of culture and technology [4]. - The province has established 46 national-level industrial internet platforms, the highest in the country, and has created the first digital transformation promotion center for small and medium-sized enterprises [4]. Group 3: Digital Products and Innovations - The province has developed 1,659 high-end software products, 73 first-of-their-kind electronic products, and 16 innovative "name brands" in the metaverse, significantly enhancing the digital transformation of cultural enterprises [4][5]. - The implementation of various initiatives has led to a 91% coverage rate of digital transformation among large-scale industrial enterprises in Shandong [4]. Group 4: Future Initiatives - The provincial government plans to strengthen technology supply in the cultural sector by enhancing manufacturing innovation centers and supporting cultural enterprises in adopting new technologies [5][6]. - There will be a focus on cultivating leading enterprises in the integration of culture and technology, promoting the application of metaverse technologies, and expanding 5G network coverage in key cultural areas [6].

Group 1: Electronic Information Manufacturing Industry - The added value of China's electronic information manufacturing industry increased by 11.1% year-on-year in the first five months of 2025, outperforming the overall industrial growth by 4.8 percentage points and high-tech manufacturing growth by 1.6 percentage points [1] - The industry achieved an operating revenue of 6.49 trillion yuan, a year-on-year growth of 9.4%, and a total profit of 216.2 billion yuan, reflecting a year-on-year increase of 11.9% [3] Group 2: Air Cargo Logistics - In the first half of 2025, China opened 117 new international air cargo routes, with a weekly increase of over 233 round-trip flights [6] - The route structure primarily focuses on Asia and Europe, with 54 routes to Asia, 45 to Europe, and 12 to North America [8] Group 3: Light Industry - The added value of China's light industry increased by 7.0% year-on-year in the first five months of 2025, with operating revenue reaching 9.27 trillion yuan [9] - Retail sales of 11 categories of light industrial goods exceeded 3.5 trillion yuan, marking a year-on-year growth of 11.9% [9] - Exports of light industrial goods reached 373.21 billion USD, accounting for one-quarter of the national total exports, indicating resilient foreign trade [11] Group 4: New Quality Productivity - In 2024, the new quality productivity sectors, including digital economy, high-tech industry, and robotics, received a corporate income tax reduction of 1.97 trillion yuan, with total operating revenue growing by 7.1% and total profit by 5.2% [13] Group 5: Film Industry - The box office for Chinese films in the first half of 2025 reached 29.231 billion yuan, a 22.91% increase compared to the same period in 2024, driven by successful releases like "Nezha" [21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The sentiment in the stock market is warm, and the sentiment in the bond market has stabilized. For stock index futures, policies are starting to focus on manufacturing profits. For stock index options, a covered defense strategy is recommended. For treasury bond futures, the bond market sentiment has shown signs of stabilization [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - **View**: Policies are starting to focus on manufacturing profits. New hot themes are emerging, with the Hengke Innovation Pharmaceutical Index excluding CXO companies and photovoltaic glass promoting production cuts, accelerating capacity clearance and driving up the pharmaceutical and non - ferrous industries. The Central Financial and Economic Commission meeting emphasizes anti - "involution" in some manufacturing industries, which may boost the inflation chain. In the context of mid - year report announcements, attention to pre - announced performance increases may be strengthened. In a warm - sentiment environment, long positions should be maintained, and IM long positions are recommended [1][5]. - **Operation Suggestion**: Allocate IM long positions [5]. - **Market Outlook**: Oscillating with an upward bias [5]. Stock Index Options - **View**: A covered defense strategy is recommended. The trading volume in the options market has been continuously declining, and the trading liquidity is lower than expected. In a low - liquidity derivatives market, sentiment indicators show synchronicity rather than guidance, and the average implied volatility of each option variety has decreased by 0.52%. Given the low liquidity and volatility and the ineffective guidance of sentiment indicators, and the resistance level above the index, a covered defense strategy is advisable [1][5]. - **Operation Suggestion**: Covered defense [5]. - **Market Outlook**: Oscillating [5]. Treasury Bond Futures - **View**: The bond market sentiment has stabilized. After recent adjustments, the bond market sentiment stabilized yesterday. The central bank continued net capital injection, with a net injection of 305.8 billion yuan through reverse repurchase operations. The overall funding situation has eased, and the DR007 rate has slightly declined. The policy announced by the National Development and Reform Commission was in line with expectations, and the stock - bond seesaw effect has weakened. The market may be pre - gambling on June PMI data and the central bank's bond - buying restart. However, caution should still be exercised, and attention should be paid to June PMI data and central bank operations [2][5][6]. - **Operation Suggestion**: Trend strategy: Oscillating. Hedging strategy: Pay attention to short - position hedging at low basis levels. Basis strategy: Appropriately pay attention to basis widening. Curve strategy: Steepening the yield curve in the medium - term has higher odds [6]. - **Market Outlook**: Oscillating [5][6]. 3.2 Economic Calendar - China's official manufacturing PMI for June was 49.7, up from the previous value of 49.5. The final value of the US Markit manufacturing PMI for June was 52.9, higher than the previous and predicted values of 52. The US unemployment rate and non - farm payrolls for June are yet to be announced [7]. 3.3 Important Information and News Tracking - **Domestic Macroeconomics**: From January to May, the added value of large - scale electronic information manufacturing enterprises increased by 11.1% year - on - year, 4.8 and 1.6 percentage points higher than the overall industry and high - tech manufacturing respectively. In May, the added value increased by 10.2% year - on - year. Mobile phone production was 570 million units, a year - on - year decrease of 6.5%, with smartphone production at 450 million units, a 2.1% decrease. Microcomputer equipment production was 130 million units, a 5.5% increase, and integrated circuit production was 193.5 billion pieces, a 6.8% increase [7]. - **Pharmaceutical Industry**: The National Healthcare Security Administration and the National Health Commission issued measures to support the high - quality development of innovative drugs, including supporting the use of healthcare insurance data for innovative drug R & D, strengthening information sharing among medical, healthcare insurance, and pharmaceutical sectors, and providing necessary healthcare insurance data services for innovative drug R & D on the premise of data security and compliance [8].

Economic Overview - Dongguan's economy maintained overall stability in the first five months of 2025, focusing on high-quality development and implementing various policy measures [2] Industrial Production - The industrial added value of enterprises above designated size increased by 5.5% year-on-year. Key industries showed rapid growth, with electronic information manufacturing up by 9.2%, electrical machinery and equipment manufacturing up by 9.5%, and chemical manufacturing up by 12.2% [3] - New momentum industries also grew quickly, with advanced manufacturing and high-tech manufacturing added value increasing by 7.8% and 9.2% respectively. High-tech product output saw significant increases, with servers up by 380.9%, integrated circuits by 85.9%, sensors by 80.8%, and complete electronic computers by 42.6% [3] Foreign Trade - The total foreign trade import and export volume reached 615.85 billion yuan, a year-on-year increase of 17.4%. Imports were 244.11 billion yuan, up by 28.5%, while exports were 371.74 billion yuan, up by 11.2% [4] - In May, the total foreign trade volume grew by 10.7% year-on-year, with imports increasing by 14.2% and exports by 8.6% [4] Consumer Market - The total retail sales of social consumer goods reached 186.281 billion yuan, a year-on-year increase of 4.4%, with a 0.4 percentage point increase compared to the first four months [5] - Dining revenue grew by 2.5%, while retail sales of goods increased by 4.8%. Sales of products related to trade-in programs saw rapid growth, with furniture and communication equipment retail sales increasing by 110.3% and 103.4% respectively [5] - Online consumption maintained rapid growth, with retail sales through public networks increasing by 37.8% year-on-year [5] Fixed Asset Investment - The total fixed asset investment decreased by 16.7% year-on-year, with a 4.6% decline when excluding real estate development investment. Infrastructure investment grew by 7.0%, while industrial investment fell by 4.1% [6] - The proportion of industrial investment in total fixed asset investment reached 54.4%, an increase of 7.1 percentage points year-on-year [7] Fiscal and Financial Performance - The general public budget revenue was 35.180 billion yuan, a year-on-year increase of 3.1%, while expenditure remained flat at 40.615 billion yuan [8] - By the end of May, the balance of deposits in financial institutions was 2.868995 trillion yuan, up by 7.2%, with household deposits increasing by 11.4% [8] Consumer Price Index - The Consumer Price Index (CPI) decreased by 1.0% year-on-year, with seven categories of goods and services showing price declines. The CPI in May fell by 1.2% year-on-year [9]