Economic Overview - Shenzhen's GDP for the first half of the year reached 18,322.26 billion yuan, with a year-on-year growth of 5.1% at constant prices, indicating a stable and improving economic performance despite external pressures [1] - The economic report highlights Shenzhen's ability to maintain growth amidst significant international changes and high baseline indicators, showcasing strong resilience and vitality [1] Industrial Development - The city continues to focus on high-end, intelligent, and green manufacturing, with advanced manufacturing and high-tech manufacturing value added steadily increasing [3][4] - Investment in industrial technology transformation grew by 47.1% in the first half of the year, reflecting a robust industrial development [4] Innovation and Technology - High-tech product output saw rapid growth, with civilian drones, industrial robots, and 3D printing equipment increasing by 59.0%, 38.0%, and 35.8% respectively [5] - Shenzhen is home to a growing number of innovative enterprises, with 37 companies listed in the 2025 Global Unicorn List, indicating strong innovation vitality [5] Investment and Infrastructure - A total of 798 major projects with an investment of approximately 3.2 trillion yuan are planned for 2025, with 1,786.5 billion yuan invested in the first half of the year, achieving a progress rate of 58.1% [7] - Infrastructure investment increased by 7.7%, supporting overall investment growth [7] Consumer Market - The total retail sales of consumer goods reached 4,948.68 billion yuan, with a year-on-year growth of 3.5%, indicating a positive trend in consumer spending [8] - The "old-for-new" policy has benefited over 11 million people, driving sales of related products by approximately 468.51 billion yuan [8] Foreign Trade - Shenzhen's total import and export value reached 2.17 trillion yuan in the first half of the year, accounting for 9.9% of the national total, with exports at 1.31 trillion yuan and imports at 858.6 billion yuan, both showing significant growth [10] - The city has expanded its trade relationships, particularly with countries involved in the Belt and Road Initiative and RCEP members, enhancing its market stability [10] Future Outlook - Despite the positive growth, challenges remain, including external uncertainties and insufficient domestic demand, necessitating further efforts in fixed investment and industrial growth [11] - The focus will be on enhancing investment, consumption, and export dynamics to achieve high-quality development [11]

Economic Performance - Chengdu's GDP reached 12,108.2 billion yuan in the first half of the year, with a year-on-year growth of 5.8%, surpassing the national growth rate by 0.5 percentage points and the provincial rate by 0.2 percentage points [1] - The added value of the primary, secondary, and tertiary industries grew by 2.7%, 5.3%, and 6.0% respectively, indicating a sustained positive economic trend [1] Industrial Growth - The industrial added value of Chengdu's large-scale enterprises increased by 7.8%, exceeding the national average by 1.4 percentage points and the provincial average by 0.5 percentage points [1] - The manufacturing sector's added value grew by 8.7%, with significant increases in automotive manufacturing (23.6%), electronic equipment manufacturing (17.3%), and electrical machinery manufacturing (14.4%) [1] Consumer Market - Retail sales of consumer goods increased by 6.1%, higher than the national increase of 1.1 percentage points and the provincial increase of 0.5 percentage points [1] - The real estate market showed signs of recovery, with a year-on-year increase in the sales area of commercial housing by 8.5% [1] Investment and Projects - Fixed asset investment grew by 6.0%, surpassing the national average by 3.2 percentage points and the provincial average by 3.3 percentage points [1] - Chengdu introduced 545 major projects with a total investment of 472.2 billion yuan, accounting for 97% of the city's total [1] Consumption and Trade - The "old for new" policy and special actions to boost consumption led to a 21.0% increase in retail sales of new energy vehicles and significant growth in home appliances (34.5%) and communication equipment (64.5%) [2] - The total foreign trade import and export volume increased by 9.4%, exceeding the national growth rate by 6.5 percentage points and the provincial rate by 3.1 percentage points [2] Employment and Income - Chengdu's urban employment increased by 179,000, a year-on-year growth of 14.7%, while per capita disposable income for urban and rural residents grew by 4.8% and 5.9% respectively [3]

Core Viewpoint - The digital economy sector is showing resilience and growth, with significant performance in the digital economy ETF and underlying stocks, reflecting the ongoing trends in AI, localization, and robotics in the technology industry [1][2]. Group 1: Digital Economy ETF Performance - As of July 24, 2025, the CSI Digital Economy Theme Index (931582) increased by 0.82%, with notable gains in constituent stocks such as Wealth Trend (688318) up 5.51% and Guidance Compass (300803) up 4.13% [1]. - The digital economy ETF (560800) rose by 0.51%, with a latest price of 0.79 yuan, and recorded a turnover rate of 2.54% during the trading session, with a total transaction value of 19.7951 million yuan [1]. - Over the past two weeks, the digital economy ETF's scale increased by 25.2063 million yuan, ranking in the top third among comparable funds [1]. Group 2: Industry Trends and Developments - The electronic information manufacturing industry demonstrated strong resilience in the first half of the year, with a year-on-year increase of 11.1% in the added value of major computer, communication, and other electronic equipment manufacturing sectors, surpassing the industrial average growth rate by 4.7 percentage points [1]. - From January to May, the total profit reached 216.2 billion yuan, reflecting a year-on-year growth of 11.9%, highlighting the sector's role in supporting the digital transformation of the economy [1]. - The upcoming 2025 Data Expo, scheduled for August 28-30 in Guiyang, will focus on international cooperation in digital solutions, emphasizing the global collaboration in the digital economy [2]. Group 3: Key Constituents of the Index - As of June 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 51.3% of the index, with notable companies including Dongfang Wealth (300059) and SMIC (688981) [3]. - The top ten stocks by weight include: - Dongfang Wealth (300059) at 10.51% - SMIC (688981) at 6.34% - Northern Huachuang (002371) at 5.12% [4].

Economic Overview - Dongguan's GDP for the first half of 2025 reached 606.78 billion yuan, a year-on-year increase of 4.8% [2] - The primary industry added value was 1.49 billion yuan, growing by 2.8%; the secondary industry added value was 339.94 billion yuan, increasing by 5.3%; the tertiary industry added value was 265.36 billion yuan, rising by 4.1% [2] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery was 2.62 billion yuan, with a year-on-year growth of 2.9% [3] - Agricultural output value was 1.92 billion yuan, increasing by 3.5%; forestry output value was 0.11 billion yuan, decreasing by 17.4%; animal husbandry output value was 0.58 billion yuan, down by 4.9%; fishery output value was 0.54 billion yuan, up by 3.0% [3] - The production of fruits increased by 33.0%, with lychee production surging by 283.7% [3] Industrial Sector - The industrial added value for large-scale enterprises grew by 5.1% year-on-year [4] - Key industries such as electronic information manufacturing saw an increase of 9.2%, electrical machinery and equipment manufacturing grew by 8.8%, and chemical manufacturing rose by 12.4% [4] - High-tech manufacturing and advanced manufacturing increased by 9.1% and 7.5% respectively, surpassing the overall average [4] Foreign Trade - The total import and export value reached 749.28 billion yuan, a year-on-year increase of 16.5% [6] - Imports amounted to 293.13 billion yuan, growing by 27.0%, while exports were 456.14 billion yuan, increasing by 10.6% [6] - General trade imports and exports rose by 23.1%, accounting for 47.6% of total trade [6] Consumer Market - The total retail sales of consumer goods reached 219.56 billion yuan, with a year-on-year growth of 3.4% [7] - Online retail sales increased by 28.0%, indicating a strong shift towards e-commerce [7] - Significant growth was observed in the sales of communication equipment, furniture, and home appliances, with increases of 87.2%, 85.8%, and 13.2% respectively [7] Investment Trends - Fixed asset investment decreased by 10.9%, but the decline was narrower than in the first quarter [8] - Excluding real estate development, fixed asset investment grew by 6.9% [8] - Infrastructure investment accelerated with a year-on-year growth of 7.2%, particularly in road transport and power supply sectors [8] Service Sector - The service industry added value increased by 4.1% year-on-year [9] - The revenue of large-scale service enterprises grew by 3.1% [9] - The postal, express, and telecommunications sectors experienced significant growth, with increases of 58.1%, 26.4%, and 10.8% respectively [9] Financial Performance - General public budget revenue was 43.48 billion yuan, a year-on-year increase of 2.1% [10] - Financial institutions' deposits reached 2.90 trillion yuan, growing by 6.6% [10] - The loan balance of financial institutions was 2.01 trillion yuan, increasing by 3.4% [10] Market Dynamics - The total electricity consumption was 52.25 billion kWh, with industrial consumption growing by 3.5% [11] - The number of registered businesses reached 1.89 million, a year-on-year increase of 5.5% [11] - New industries saw a registration increase of 16.2% [11] Price Stability - The Consumer Price Index (CPI) decreased by 1.1% year-on-year [12] - Price indices for transportation and communication, clothing, and education showed declines, while medical care and other services saw slight increases [12] - Overall, the economic operation in Dongguan remained stable, with a focus on high-quality development and addressing external uncertainties [12]

Economic Performance - Dongguan's GDP for the first half of the year reached 606.784 billion yuan, with a year-on-year growth of 4.8% [1] - The primary industry added value was 1.487 billion yuan, growing by 2.8% year-on-year; the secondary industry added value was 339.943 billion yuan, growing by 5.3%; and the tertiary industry added value was 265.355 billion yuan, growing by 4.1% [1] Manufacturing Sector - The city's industrial added value for large-scale enterprises increased by 5.1% year-on-year [1] - Key industries showed strong growth: electronic information manufacturing increased by 9.2%, electrical machinery and equipment manufacturing by 8.8%, and chemical manufacturing by 12.4% [1] - New momentum industries performed well, with advanced manufacturing and high-tech manufacturing added value growing by 7.5% and 9.1% respectively, surpassing the city average [1] - High-tech product output saw significant growth, with servers up by 408.8%, integrated circuits by 89.9%, sensors by 67.3%, and complete electronic computers by 44.3% [1] Foreign Trade - Dongguan's total foreign trade import and export volume reached 749.28 billion yuan, a year-on-year increase of 16.5% [1] - Imports totaled 293.13 billion yuan, growing by 27.0%, while exports were 456.14 billion yuan, increasing by 10.6% [1] Consumer Market - The total retail sales of social consumer goods amounted to 219.555 billion yuan, with a year-on-year growth of 3.4%, improving by 0.5 percentage points from the first quarter [2] - Restaurant income grew by 2.4%, while commodity retail increased by 3.6% [2] Investment Trends - Total fixed asset investment in Dongguan decreased by 10.9% year-on-year, but the decline was narrowed by 3.1 percentage points compared to the first quarter [2] - Excluding real estate development investment, fixed asset investment grew by 6.9% [2] - New momentum investments in advanced manufacturing and high-tech manufacturing increased significantly, by 30.6% and 31.8% respectively [2] Other Economic Indicators - Total electricity consumption reached 52.254 billion kWh, with a year-on-year growth of 5.0%; industrial electricity consumption was 35.599 billion kWh, growing by 3.5% [2] - As of the end of June, the number of registered businesses in the city was 1.891 million, a year-on-year increase of 5.5%, with emerging industry registrations at 769,200, growing by 16.2% [2]

1. Report Industry Investment Rating - The rating for stock index futures is "oscillation" [4] 2. Core Viewpoints of the Report - The economic data in June 2025 was mixed. Although the Q2 GDP growth exceeded expectations, the demand declined significantly in June, with negative month - on - month growth in social retail and fixed - asset investment. Constraints on China's economic rebound are accumulating, including declining resident income, deteriorating real estate, and deepening deflation. For the stock market, due to the negative beta truncation effect of the national team's entry into the market, funds continue to drive the stock index up. It is recommended to allocate each stock index evenly to cope with the rapidly rotating market [1][2][8] 3. Summary by Relevant Catalogs 3.1 June Economic Data Analysis - **GDP situation**: The real GDP in Q2 increased by 5.2% year - on - year, exceeding market expectations. The Q2 GDP had a 1.1% quarter - on - quarter growth, better than last year. However, the nominal GDP growth rate in Q2 was only 3.94%, a 0.65% decline from Q1. Low prices are still eroding the real growth rate [8] - **Supply - demand situation**: On the supply side, the industrial added value and service production index in June maintained a growth rate of about 6%. On the demand side, the year - on - year growth rates of social retail and fixed - asset investment in June were 4.8% and - 0.1% respectively, lower than market expectations and showing a decline from the previous month. The month - on - month growth rates were negative, at a poor level compared to historical data. Consumption growth highly depends on subsidies, and the fiscal impulse from the early issuance of national debt is fading [12] - **Real estate situation**: In June, the real estate investment growth rate was - 12.9%. The new construction area and sales area and amount all showed negative growth, and housing prices were accelerating their decline. The total capital source of real estate enterprises was still in a low - level shock. The real estate market has been deteriorating since Q2, and policies are needed to stop the decline [20] - **Resident income situation**: In Q2, the growth rate of per - capita disposable income of residents was 5.08%, a 0.47% decline from Q1. Except for the increase in transfer net income, other income sources such as wage income and business net income declined. The pressure on domestic consumption will increase in the second half of the year [27] - **Industrial capacity utilization situation**: The industrial capacity utilization rate in Q2 was 74%, a 0.1% decline from Q1. The mining and public utility industries were the main drags, while the manufacturing industry increased slightly. Some industries such as electronic information manufacturing and electrical equipment manufacturing saw an increase in capacity utilization, which may be related to export and investment [31] 3.2 Investment Suggestions - Although theoretically a GDP growth rate of about 4.7% in the second half of the year can achieve the full - year target, there are accumulating unfavorable factors for the economic rebound. It is necessary to increase the subsidy for consumer goods replacement and the efforts to stabilize the real estate market. For the stock market, unless there is a major change in US tariffs on China or a rapid decline in China's economic growth in Q3, the market may still ignore the fundamentals and remain in a high - level oscillation. It is recommended to evenly allocate each stock index to cope with the rapidly rotating market [2][35]

Core Insights - The electronic information manufacturing industry in China has shown robust growth, with a year-on-year increase of 11.1% in value added for the first five months, outperforming both the overall industrial sector and high-tech manufacturing [1][2] - Profit totals reached 216.2 billion yuan, marking an 11.9% increase compared to the previous year, indicating steady improvement in industry efficiency [1] - Experts predict continued growth for the electronic information manufacturing sector due to global market recovery, stable domestic digital consumption, and deepening digital transformation [1] Industry Growth - In May, the value added of the electronic information manufacturing industry grew by 10.2% year-on-year, with microcomputer equipment production reaching 130 million units (up 5.5%) and integrated circuit production at 193.5 billion units (up 6.8%) [1][2] - The sector's growth is driven by technological breakthroughs and market expansion, particularly in integrated circuits, optical communications, and artificial intelligence [1][2] Market Demand Expansion - The demand for integrated circuits and exports increased by 6.8% and 19.5% respectively in the first five months, driven by the smart upgrade of electronic products [2][3] - The rapid development of artificial intelligence has led to a surge in demand for computing power, with AI servers becoming a key growth engine for the electronic information manufacturing industry [3][4] Digital Transformation - The Ministry of Industry and Information Technology has issued a plan to enhance the digital transformation and intelligent upgrade of the electronic information manufacturing sector, aiming to solidify its growth momentum [5][6] - The digitalization level of China's electronic information manufacturing industry is relatively high, particularly in production automation and data collection, with a projected 60% prevalence of smart factories by the end of 2024 [6]

Core Points - The Ministry of Industry and Information Technology has issued the "2025 Action Plan for Safeguarding Cybersecurity in New Industrialization" to enhance cybersecurity capabilities in the industrial sector [1][2] - The action plan focuses on upgrading protection capabilities for key enterprises, important systems, and critical products, outlining three main work objectives and eight key tasks [1] Summary by Categories Key Tasks - Establish a list of key enterprises for cybersecurity protection in the industrial sector, implementing cybersecurity standards for no less than 800 industrial enterprises and updating classification records for at least 100 vehicle networking service platforms [1] - Deepen cybersecurity assessments for industrial control systems and explore safety testing and certification for industrial control products [1] - Organize nationwide promotion of cybersecurity policies and standards, ensuring coverage of at least 20% of large-scale industrial enterprises in local areas [1] Work Objectives - The 2025 list of key enterprises will focus on industries such as raw materials, equipment, consumer goods, and electronic information manufacturing, aligning with high-quality development actions in key manufacturing industry chains [1] - Local authorities are required to prioritize new industrial cybersecurity in their planning and integrate it into the digital transformation of manufacturing [2] - Increased support through government procurement services and enterprise rewards and subsidies is emphasized to facilitate the implementation of the action plan [2]

Core Viewpoint - The "14th Five-Year" electronic information manufacturing industry development plan is crucial for stabilizing industrial economic growth, ensuring national security, and laying a solid material and technological foundation for Chinese-style modernization [1] Group 1: Importance of the Electronic Information Manufacturing Industry - The electronic information manufacturing industry is identified as a strategic, foundational, and leading industry within the national economy [1] - The development plan aims to promote industrial foundation strengthening, cultivate new productive forces, achieve high-quality development, and accelerate the new industrialization process [1] Group 2: Key Requirements for the Development Plan - The planning work must enhance political positioning and deeply implement the important instructions from General Secretary Xi Jinping regarding the "14th Five-Year" planning [1] - The focus should be on core objectives, understanding the phase-specific characteristics and requirements of the "14th Five-Year" period, and fostering new productive forces tailored to local conditions [1] - A systematic approach is necessary, emphasizing forward-looking assessments and collaborative connections, ensuring alignment of goals, tasks, and measures across various departments [1]

Investment and Financial Policies - Zhipu announced a strategic investment of 1 billion yuan from Pudong Venture Capital Group and Zhangjiang Group, with the first transaction completed recently [1] - The Guangzhou Housing Provident Fund Management Center is soliciting public opinions on the implementation of the "Commercial Housing Loan to Housing Provident Fund Loan" policy from July 2 to July 11, aiming to reduce the interest burden on contributors [6][9] Market Developments - The first batch of 10 Science and Technology Innovation Bond ETFs was approved on July 2 [2][15] - The People's Bank of China conducted a reverse repurchase operation of 98.5 billion yuan at a fixed rate of 1.4% on July 2, with a net withdrawal of 266.8 billion yuan [4] Industry Performance - From January to May, the added value of China's electronic information manufacturing industry grew by 11.1% year-on-year, with a revenue of 6.49 trillion yuan, up 9.4% year-on-year [7] - Zhejiang Province announced the establishment of a financial service mechanism for urban renewal, with 49 key projects expected to have a total investment of over 110 billion yuan [7] Corporate Actions - Taobao announced a consumer and merchant subsidy of 50 billion yuan over the next 12 months [19] - Longhua District in Shenzhen released a three-year action plan to promote the cultivation of listed companies, enhancing cooperation with financial research institutions [8] Regulatory Updates - The National Internet Information Office launched a special action to rectify illegal online activities related to enterprises, focusing on managing and addressing false information [5] - The China Securities Regulatory Commission reported that 24 out of the first 26 new floating rate funds have completed fundraising, totaling 22.68 billion yuan [17]