Economic Performance - In May, the total retail sales of consumer goods increased by 6.4% year-on-year, accelerating by 1.3 percentage points compared to the previous month, marking the highest growth rate since 2024 [3] - The production index of the wholesale and retail industry, as well as the accommodation and catering industry, accelerated by 1.6 and 0.9 percentage points respectively compared to the previous month [3] Consumption Trends - The growth in consumption is attributed to the "old-for-new" policy for consumer goods and the initiation of the "618" shopping festival [3] - Retail sales of home appliances, audio-visual equipment, communication equipment, cultural office supplies, and furniture increased by 53%, 33%, 30.5%, and 25.6% year-on-year respectively [3] New Economic Drivers - The service production index grew by 6.2% year-on-year in May, while the added value of equipment manufacturing and high-tech manufacturing increased by 9% and 8.6% respectively, outpacing the overall industrial growth [4] - High-tech service industry investment rose by 11.6% year-on-year from January to May, with aerospace and equipment manufacturing investment growing by 24.2% [4] Employment and Price Stability - The urban unemployment rate in May was 5%, a decrease of 0.1 percentage points from the previous month [5] - The Consumer Price Index (CPI) saw a slight year-on-year decline, while the core CPI, excluding food and energy, showed an expanded increase, indicating stable market supply and demand [5] Policy Outlook - The government has a robust policy toolkit to dynamically adjust macroeconomic policies to ensure stable economic operation [2][5] - New fiscal policies are expected to support consumer goods replacement and may include interest rate cuts [5]

Economic Performance - In May, China's economy continued to show high-quality development, with the industrial added value of large-scale enterprises increasing by 5.8% year-on-year, maintaining rapid growth [4] - The service production index rose by 6.2% year-on-year, with a 0.2 percentage point acceleration compared to the previous month, driven by stable growth in information and business services [4] - The total retail sales of consumer goods increased by 6.4% year-on-year, accelerating by 1.3 percentage points from the previous month, with significant growth in sales related to trade-in programs [4] Investment Trends - Fixed asset investment in the first five months grew by 3.7% year-on-year, with continued expansion in investment scale, particularly in the aerospace and equipment manufacturing sectors, which saw double-digit growth [4][5] - High-tech manufacturing added value increased by 8.6% year-on-year, while digital product manufacturing added value rose by 9.1%, both significantly outpacing the overall industrial growth rate [5] Technological Advancements - Breakthroughs in cutting-edge fields such as artificial intelligence and humanoid robots have been observed, contributing to industrial upgrades [5] - The production of robot reducers and industrial robots saw year-on-year increases of 100% and 35.5%, respectively, indicating strong growth in the robotics sector [5] Policy Outlook - The government plans to implement more proactive macroeconomic policies to further expand domestic demand and ensure smooth economic circulation, reinforcing the foundation for continued economic improvement [5]

Economic Overview - In May, major economic indicators such as industrial output, services, consumption, and investment continued to grow, with external trade maintaining stable growth despite pressures [1][2] - The retail sales of consumer goods increased by 6.4% year-on-year in May, accelerating by 1.3 percentage points from the previous month [2] - The service industry production index rose by 6.2% year-on-year, up by 0.2 percentage points from April [2] Consumption and Investment - Policies promoting consumption have effectively released domestic consumption potential, with significant growth in retail sales of home appliances and other categories [2] - Investment in equipment and tools grew by 17.3% from January to May, contributing 63.6% to overall investment growth [2] - The production of new energy vehicles, tablets, and electric bicycles saw substantial increases in May, with growth rates of 31.7%, 30.9%, and 20.5% respectively [2] Industrial Performance - The industrial added value increased by 5.8% year-on-year in May, with manufacturing showing resilience despite a slight slowdown [4] - Manufacturing investment rose by 8.5% year-on-year from January to May, although this was a slight decrease from the previous period [4] - The equipment manufacturing and high-tech manufacturing sectors contributed significantly to industrial production, with growth rates of 9% and 8.6% respectively [4][5] Foreign Trade - In May, the total value of imports and exports grew by 2.7%, with exports increasing by 6.3% [6] - Despite a decline in trade with the US, trade with ASEAN, the EU, and Belt and Road countries continued to grow [6] - The import of goods decreased by 2.1% in May, influenced by global trade uncertainties and falling international commodity prices [7] Price Trends - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, while the core CPI rose by 0.6% [8][9] - The decline in CPI was primarily driven by lower international energy prices and increased supply of food products [8] - The core CPI's increase indicates a gradual recovery in domestic demand and price levels [9] Real Estate Market - The real estate market is showing signs of stabilization, with a narrowing decline in housing prices across major cities [10][11] - New housing sales area and sales value saw a year-on-year decline of 2.9% and 3.8% respectively from January to May [11] - The inventory of unsold properties decreased, indicating a potential recovery in market confidence [11] Economic Outlook - The overall economic performance in the first five months suggests a stable growth trajectory, with expectations for the GDP to maintain a steady pace [12] - Predictions for the second quarter indicate that various projects and infrastructure investments may boost domestic demand [12]

Economic Overview - In May, China's economy showed overall stability with several indicators improving, indicating the growth of new economic drivers and a sustained high-quality development trend [1][2] - The industrial added value above designated size grew by 5.8% year-on-year, while the service production index increased by 6.2%, accelerating by 0.2 percentage points from the previous month [3] - The retail sales of consumer goods rose by 6.4% year-on-year in May, with an acceleration of 1.3 percentage points compared to April [3] Consumption Trends - The growth in retail sales was significantly supported by the "old-for-new" policy, which led to substantial increases in sales of home appliances and communication equipment, contributing 1.9 percentage points to the overall retail sales growth [5] - The "6·18" online shopping promotion, starting from May 13, further accelerated online retail sales, which grew by 6.3% year-on-year in the first five months, accounting for 24.5% of total retail sales [5][6] - Holiday consumption showed positive trends, with domestic tourism increasing by 6.4% during the "May Day" holiday, and restaurant income growing by 5.9% in May [6][7] Industrial Development - The new economic momentum is also reflected in the high-end, intelligent, and green development of the industrial sector, with the added value of high-tech manufacturing growing by 8.6% year-on-year [8][9] - Key industries such as automotive manufacturing and electronic equipment manufacturing saw significant growth, with respective increases of 11.6% and 10.2% [8] - The production of new energy vehicles and lithium-ion batteries surged by 31.7% and 52.5%, respectively, indicating a strong shift towards green production [8]

Economic Overview - In May, China's economy demonstrated resilience under pressure, with stable production and demand growth, and a focus on high-quality development [2][3] - The industrial production increased by 5.8% year-on-year, with equipment manufacturing and high-tech manufacturing growing by 9% and 8.6% respectively [2] - The service sector's production index rose by 6.2% year-on-year, indicating a faster growth rate compared to the previous month [2] Demand and Consumption - Retail sales of consumer goods increased by 6.4% year-on-year in May, driven by policies promoting consumption and online sales [2][4] - Fixed asset investment (excluding rural households) grew by 3.7% year-on-year from January to May, with a notable 7.7% growth when excluding real estate development [2] Employment and Prices - The urban surveyed unemployment rate in May was 5%, a slight decrease of 0.1 percentage points from the previous month [3] - The Consumer Price Index (CPI) saw a minor decline, but the core CPI, excluding food and energy, increased by 0.6%, indicating underlying inflationary pressures [3] Trade Performance - China's foreign trade maintained stable growth, with total goods import and export value increasing by 2.7% year-on-year in May, and exports rising by 6.3% [3] Policy Impact - Recent macroeconomic policies have focused on stabilizing employment, businesses, and market expectations, leading to improved economic performance [4] - The "old for new" consumption policy significantly boosted sales in various categories, with home appliances and communication equipment seeing retail sales growth of 53% and 33% respectively [4] New Growth Drivers - Emerging sectors such as high-end manufacturing, digital economy, and new energy industries are showing robust growth, contributing to economic stability [5] - The manufacturing value added in the digital products sector grew by 9.1%, with significant increases in the production of new energy vehicles and solar cells [5] Future Outlook - The economic foundation remains strong, with expectations for stable growth and continued high-quality development despite external challenges [6][7] - The manufacturing Purchasing Managers' Index (PMI) rose by 0.5 percentage points, indicating a recovery in manufacturing activity [4]

Economic Overview - The overall economic operation in May remained stable, with some indicators continuing to improve, showcasing strong resilience and vitality in China's economy [1] - The economic operation is expected to maintain a steady and progressive development trend in the first half of the year [1] Production and Demand - In May, industrial production saw rapid growth, supported by various policies, with the industrial added value for large-scale enterprises increasing by 5.8% year-on-year and 0.61% month-on-month [3] - The manufacturing sector experienced a 6.2% year-on-year growth, while the equipment manufacturing and high-tech manufacturing sectors grew by 9.0% and 8.6%, respectively, outpacing the overall industrial growth [3] - The service sector's production index increased by 6.2% year-on-year, with significant contributions from information transmission, software, and IT services, which grew by 11.2% [3][4] Consumer Market - The total retail sales of consumer goods in May rose by 6.4% year-on-year, accelerating by 1.3 percentage points compared to the previous month [4] - The "old for new" consumption policy significantly boosted retail sales in various categories, including home appliances and communication equipment, with growth rates of 53.0% and 33.0%, respectively [4] New Growth Drivers - The new growth drivers, including high-end manufacturing, digital economy, and new energy industries, are continuously strengthening, promoting industrial transformation and stable economic operation [5] - High-tech manufacturing added value increased by 8.6% year-on-year, with the production of new energy vehicles and solar batteries growing by 31.7% and 27.8%, respectively [5][6] Innovation and Green Transition - Continuous innovation investment and technological advancements are driving industrial innovation, with industrial robot production increasing by 32% and smart vehicle equipment manufacturing rising by 26.8% [6] - The green low-carbon transition is ongoing, with significant growth in clean energy generation, including wind and solar power, which increased by 11.1% and 18.3%, respectively [6] Trade Performance - In May, the total import and export value reached 38,098 billion yuan, with exports growing by 6.3% and imports declining by 2.1% [7] - Trade with ASEAN, the EU, and Belt and Road countries showed growth, with respective increases of 9.1%, 2.9%, and 4.2% in the first five months [8] - Private foreign trade enterprises demonstrated strong market adaptability, with their export growth at 8% and import growth at 4.9%, outperforming overall foreign trade [8]

Core Viewpoint - The article discusses the performance forecasts of listed companies for the first half of the year, highlighting the trends in net profit changes and the overall market sentiment towards these companies [1][2]. Group 1: Company Performance Forecasts - As of June 16, a total of 8 companies have announced their performance forecasts for the first half of the year, with 4 companies expecting to maintain profits, 3 expecting slight increases, and 1 expecting a slight decrease [2]. - Lixun Precision, a leader in the "fruit chain" sector, anticipates a net profit of approximately 6.475 billion to 6.745 billion yuan, representing a growth of 20% to 25% compared to the previous year [4]. - Ying Shi Innovation, Haiyang Technology, and Guqi Woolen Materials are also expected to see net profit increases exceeding 10% [5]. Group 2: Detailed Company Insights - Ying Shi Innovation forecasts a revenue of 3.214 billion to 3.815 billion yuan, with a year-on-year growth of 32.38% to 57.10%, and a net profit of 494 million to 583 million yuan, reflecting a change of -4.65% to 12.49% [5]. - Haiyang Technology expects a revenue decline of 10.66% to 14.30% and a net profit change of -2.05% to 10.83% [6]. - Guqi Woolen Materials anticipates a revenue of 520 million to 580 million yuan, with a year-on-year change of 1.71% to 13.44%, and a net profit of 98 million to 107 million yuan, reflecting a change of 1.42% to 10.73% [6]. Group 3: Market Trends and Insights - The article notes that companies with strong performance in the first half are likely to attract more investment, especially those with high growth and favorable industry conditions [6]. - The report highlights five characteristics of stocks that performed well during the mid-year reporting season, including strong industry performance, significant growth above industry averages, low or mid-level valuations, clear growth catalysts for the second half, and high dividend payouts [7]. - The Chinese medicine industry is expected to show improved revenue and profit growth in the second quarter of 2025, with a stable cash flow and low volatility in profit growth [7].

21世纪经济报道见习记者冉黎黎 北京报道 6月16日，国家统计局发布数据显示，5月份，全国规模以上工业增加值同比增长5.8%，环比增长 0.61%。从行业来看，在产业升级背景下装备制造等重点行业增长较快，有效支撑了工业稳定增长，5 月份，规模以上装备制造业增加值增长9%，对工业生产贡献率达到54.3%。从产品来看，高技术产品产 量快速增长，5月份3D打印设备产品产量同比增长40%，机器人减速器、工业机器人产量分别增长1倍 和35.5%。 同日，国新办就2025年5月份国民经济运行情况举行新闻发布会，国家统计局新闻发言人、国民经济综 合统计司司长付凌晖在会上表示，在宏观政策发力显效和产业升级发展带动下，工业生产保持平稳较快 增长，展现出较强韧性和增长潜力。工业高端化、智能化、绿色化发展稳步推进，为经济高质量发展蓄 势赋能。 中国民生银行首席经济学家温彬对21世纪经济报道记者表示，5月规模以上工业增加值同比增长5.8%， 较4月放缓0.3个百分点，环比增长0.61%，大体符合季节性规律。 5月份，规模以上工业增加值同比实际增长5.8%（增加值增速均为扣除价格因素的实际增长率）。从环 比看，5月份，规模以上工业增加 ...

Economic Growth - In May, the national industrial added value above designated size increased by 5.8% year-on-year, with equipment manufacturing and high-tech manufacturing growing at 9.0% and 8.6% respectively, outpacing the overall industrial growth by 3.2 and 2.8 percentage points [1][12] - The service industry production index rose by 6.2% year-on-year in May, accelerating by 0.2 percentage points compared to the previous month [2][14] Consumer Market - The total retail sales of consumer goods reached 41,326 billion yuan in May, marking a 6.4% year-on-year increase, which is 1.3 percentage points higher than the previous month [3][16] - Sales of household appliances and audio-visual equipment, communication equipment, cultural and office supplies, and furniture saw year-on-year growth ranging from 25.6% to 53% [11][16] Investment Trends - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, with a year-on-year growth of 3.7%, particularly in high-tech industries such as information services and aerospace manufacturing [4][16] - Investment in equipment and tools increased by 17.3% in the first five months, contributing 63.6% to overall investment growth [11] Employment and Market Activity - The employment situation remained stable, with a decrease in the urban survey unemployment rate [6] - Macro policies have effectively enhanced market activity, leading to increased passenger turnover and a rise in domestic tourism during the "May Day" holiday [10] Industry Performance - The production of lithium-ion batteries, shipbuilding, and boiler manufacturing industries achieved double-digit growth in May, driven by large-scale equipment updates [8] - The production of new energy vehicles, tablets, and electric bicycles saw significant increases of 31.7%, 30.9%, and 20.5% respectively [8][12]

Group 1: Industrial Production Overview - In May, the national industrial added value increased by 5.8% year-on-year, maintaining a rapid growth trend; month-on-month growth was 0.61% after seasonal adjustment [1] - Among the three major sectors, manufacturing grew by 6.2%, mining by 5.7%, and electricity, heat, gas, and water production and supply by 2.2% [1] - Out of 41 major industries, 35 saw an increase in added value, with a growth coverage of 85.4%; among 623 major industrial products, 326 experienced production growth, covering 52.3% [1] Group 2: Equipment Manufacturing Sector - In May, the added value of equipment manufacturing increased by 9.0% year-on-year, contributing 54.3% to the overall industrial production growth [2] - The equipment manufacturing sector accounted for 36.7% of the total industrial output, maintaining above 30% for 27 consecutive months [2] - All eight sub-sectors of equipment manufacturing showed growth, with the automotive sector increasing by 11.6%, and other sectors like railway, shipbuilding, and aerospace showing double-digit growth rates [2] Group 3: Consumer Goods Manufacturing - The added value of consumer goods manufacturing increased by 2.5% year-on-year in May, with 10 out of 13 major categories showing growth, covering 76.9% [2] - Specific sectors such as cultural and educational products, chemical fibers, and agricultural by-products grew by 10.1%, 6.1%, and 7.6% respectively [2] - Notable product growth included fiber-reinforced plastic products, carbon fiber composites, and health foods, with increases of 22.6%, 17.9%, and 14.9% respectively [2] Group 4: High-tech and Intelligent Manufacturing - High-tech manufacturing added value increased by 8.6% year-on-year, contributing 1.4 percentage points to overall industrial growth [3] - Key sectors like aircraft manufacturing and industrial control systems saw significant growth rates of 18.7% and 15.5% respectively [3] - The digital product manufacturing sector grew by 9.1%, with smart devices and electronic components increasing by 17.5% and 11.0% respectively [3] Group 5: Policy Impact and Market Trends - The "two new" policies have effectively stimulated consumption, leading to significant growth in sectors like motor manufacturing and shipbuilding, with increases of 23.3% and 12.8% respectively [4] - The automotive sector benefited from vehicle replacement policies, resulting in an 11.3% increase in production, alongside a 26.0% rise in charging station production [4] - Consumer electronics such as tablets and electric bicycles also saw rapid growth, with increases of 30.9% and 20.5% respectively [4]