Core Viewpoint - The fixed asset investment growth in China has slowed down in the first half of the year due to a decline in manufacturing and infrastructure investments, alongside a significant drop in real estate investment [1][3]. Investment Growth and Structure - In the first half of the year, total fixed asset investment (excluding rural households) reached 24,865.4 billion yuan, with a year-on-year growth of 2.8%, down 0.9 percentage points from January to May; after adjusting for price factors, the growth was 5.3% [1]. - Infrastructure investment grew by 4.6%, a slowdown of 1.0 percentage points; manufacturing investment increased by 7.5%, down 1.0 percentage points; real estate development investment fell by 11.2%, with the decline widening by 0.5 percentage points [1][5]. - Despite the slowdown, the investment structure is improving, with high-tech manufacturing and service investments maintaining rapid growth, and green energy investments seeing significant increases [1][2]. High-Tech and Green Investments - High-tech manufacturing investment grew by 26.3% in aerospace and 21.5% in computer and office equipment manufacturing [2]. - High-tech service investment rose by 8.6%, with information service investment increasing by 37.4% [2]. - Green energy investment surged, with electricity, heat, gas, and water production and supply investment growing by 22.8%, contributing 55.6% to total investment growth [2]. Major Projects and Infrastructure - Major projects under the "Two New" initiative have been effectively supporting investment, with infrastructure investment growing by 4.6%, higher than the overall investment growth [5][6]. - The total investment in projects (excluding real estate) increased by 6.6%, with projects planned to invest over 100 million yuan growing by 5.6% [6]. - The government has allocated over 300 billion yuan to support the third batch of "Two New" construction projects, with a total of 800 billion yuan planned for the year [6]. Real Estate Market Dynamics - The real estate market is experiencing a downturn, with sales and investment declining, leading to a significant drag on overall investment [6]. - The central government is focusing on establishing a new model for real estate development, emphasizing urban renewal and quality housing construction, which could release over 8 trillion yuan in market potential annually [7].

Main Operating Conditions - The total new contract amount for the company reached 110.87 billion RMB, reflecting a year-on-year increase of 2.8% [1] - The breakdown of new contracts by business type shows a decline in design consulting by 12.2% to 6.44 billion RMB, engineering construction down by 5.3% to 31.78 billion RMB, and equipment manufacturing down by 20.7% to 1.16 billion RMB [1] - Notably, the specialty real estate segment saw a significant increase of 38.5% in new contract amount to 11.43 billion RMB, while asset management surged by 425.1% to 101.73 billion RMB [1] - The overseas new contract amount increased by 51.6% to 12.49 billion RMB, contrasting with a slight decline of 1.2% in domestic contracts [1] Land and Construction Metrics - The company reported a 59.0% increase in newly acquired land reserves, totaling 126,000 square meters, and a 76.0% increase in construction area to 633,000 square meters [1] - The completed area decreased by 6.3% to 1,584,000 square meters, while the signed area increased by 9.1% to 609,000 square meters [1] - The signed contract amount for real estate reached 11.43 billion RMB, marking a 38.5% increase [1] Major Project Progress - Currently, the company has no major projects that have been signed but not yet executed [1]

证券代码：002051 证券简称：中工国际 公告编号：2025-036 中工国际工程股份有限公司 2025 年第二季度经营情况简报 —1— 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 程工程咨询服务项目、佛山市中医院新城院区建设项目、浦发银行和 林格尔数据中心等项目。2025 年上半年，公司国内工程承包业务累计 新签合同额为 22.75 亿元，咨询设计业务累计新签合同额为 9.47 亿 元。截至 2025 年 6 月末，公司国内工程承包业务已签约未完工项目 合同金额 45.96 亿元，已中标尚未签约项目合同金额 0.73 亿元；咨询 设计业务已签约未完工项目合同金额 39.99 亿元，已中标尚未签约项 目合同金额 1.26 亿元。 2025 年第二季度，公司装备制造业务新签合同额为 2.56 亿元， 包括：北京香山公园脱挂索道升级改造、新疆那拉提冬季旅游提升改 造项目（索道设备）、南京医药二期物流系统集成等项目。2025 年上 半年，公司装备制造业务累计新签合同额为 5.93 亿元。截至 2025 年 6 月末，公司装备制造业务累计已签约未完工项目合同额为 ...

Group 1 - China's economy is showing stable growth amidst increasing global trade barriers and rising protectionism, with key growth engines in equipment manufacturing, high-tech industries, and renewable energy [1] - The Chinese government is promoting open cooperation and leading green technology transformation, creating "irreplaceable opportunities" for the global economy [1] - In the first half of the year, China's manufacturing sector has made significant progress in transformation and upgrading, particularly in equipment manufacturing and high-tech manufacturing, with a notable 36.2% year-on-year increase in new energy vehicle production [3] Group 2 - China is the world's second-largest economy and is actively promoting opportunities to its members, especially in the context of global trade barriers and protectionism [3] - China has become the largest global manufacturer and user of renewable energy equipment, with 74% of the world's wind and solar projects located in the country [5] - The electric vehicle market in China is experiencing explosive growth, with expectations that Chinese electric vehicles could capture over 30% market share in Navarra, Spain, within three years [7]

Core Viewpoint - Chengdu's government has issued a plan to promote high-quality development in county-level new towns, focusing on enhancing the capacity of advanced manufacturing bases and supporting the growth of various industries [1] Group 1: Advanced Manufacturing - The plan emphasizes leveraging spatial advantages to undertake leading projects in advanced manufacturing, particularly in equipment manufacturing, advanced energy, and new materials, targeting areas like Jianyang, Pengzhou, and Jintang [1] - There is a goal to strengthen the manufacturing sector in Qionglai and Chongzhou by enhancing the capabilities of advanced manufacturing [1] Group 2: Traditional Industries Transformation - The initiative aims to utilize digital intelligence and green technology to upgrade traditional industries such as liquor and home furnishings [1] - The focus is on developing niche sectors like power batteries and smart terminals, with an aim to create national-level characteristic industrial clusters for small and medium enterprises [1] Group 3: Industrial Space Expansion - The plan supports the expansion and quality improvement of established enterprises, as well as the redevelopment of inefficient and idle land and buildings [1] - It aims to continuously expand new industrial spaces, particularly in areas like Dujiangyan, Dayi, and Pujiang, to strengthen industries such as pharmaceuticals and green food [1] Group 4: Emerging Industries - The government is promoting the development of emerging industries such as green hydrogen, low-altitude economy, commercial aerospace, and computing power [1] - There is a focus on securing key backup projects for these critical industries [1]

Group 1 - Ningxia has four core advantages for attracting private enterprises: superior natural conditions, convenient geographical location, strong industrial foundation, and favorable policy resources [1][2] - Ningxia's natural resources include 32.1 billion tons of coal, over 300 million tons of proven oil reserves, and over 2000 billion cubic meters of natural gas, with a large-scale gas field under development [1] - The region has abundant wind and solar resources, with annual sunshine hours exceeding 2800, and a renewable energy installed capacity of 45 million kilowatts, accounting for 57% of total capacity [1] Group 2 - Ningxia is strategically located at key nodes of the New Eurasian Land Bridge and the "China-Central Asia-West Asia" economic corridor, enhancing its connectivity [2] - The province has developed a comprehensive highway network and efficient air and rail transport systems, facilitating logistics and data flow [2] - In 2024, the industrial added value in Ningxia is projected to grow by 9.6%, ranking third in the nation, with industrial contribution to economic growth at 49.1% [2] Group 3 - Ningxia has established six major advantageous industries, including new materials, clean energy, equipment manufacturing, and digital information, with 1620 large-scale enterprises [2] - The region benefits from national policies supporting its development, offering a combination of advantages in green electricity, land, and labor resources [2] - Industrial electricity prices are low at 0.45 yuan per kilowatt-hour, with significant land and labor resources available for development [2] Group 4 - Ningxia aims to continuously optimize its business environment by leveraging resources, location, industry, and policy to attract more strong private enterprises [3]

Core Insights - Shanghai Electric has successfully launched the first phase of the Taonan project, producing 50,000 tons of green methanol, marking a significant achievement in the coupling of wind power and biomass gasification for large-scale green methanol production, filling a domestic gap and reaching international advanced levels [2] - The project is a demonstration of Shanghai Electric's commitment to developing new productive forces and core competitiveness, focusing on high-end, intelligent, green, and international development [2] - The Taonan project aims to explore new pathways for green electricity consumption and is recognized as a successful practice in the industrial application of green hydrogen-based fuels in China [2][3] Green Methanol Production - The technology route for the Taonan project efficiently converts agricultural and forestry waste and wind power resources, achieving zero fossil energy participation and significantly reducing carbon emissions by 65% per ton of methanol produced [3] - The project has received ISCC EU certification, allowing it to access the European market [2] National Strategy and Low-Carbon Transition - Shanghai Electric actively supports national strategies for green low-carbon development, focusing on advanced nuclear energy, wind power, solar energy, energy storage, and hydrogen energy industries [5] - The company has been involved in controllable nuclear fusion projects since 2000, which is considered an ideal future energy source due to its abundant fuel resources and clean energy characteristics [5] Technological Innovation and R&D Investment - Shanghai Electric has made significant advancements in various sectors, including offshore wind power, photovoltaic technology, energy storage, and hydrogen energy systems [6] - The company has increased its R&D investment to 5.5665 billion yuan in 2024, a 5.5% increase from 2023, focusing on 823 core technology projects aligned with dual carbon goals and high-end equipment manufacturing needs [7] - The company aims to maintain its leading position in traditional energy and industrial equipment while accelerating investments in cutting-edge fields such as humanoid robotics [7]

Economic Growth Overview - In the first half of the year, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [1] - The contribution of final consumption expenditure to economic growth was 52% [1] Consumption Sector - The total retail sales of consumer goods in the first half of the year exceeded 24.55 trillion yuan, with a year-on-year growth of 5% [6] - The second quarter saw a growth of 5.4%, accelerating by 0.8 percentage points compared to the first quarter [6] - Significant growth was noted in cultural and tourism-related consumption, with inbound tourism increasing by 72.7% and 59.4% during the May Day and Dragon Boat Festival holidays, respectively [7] Foreign Trade - China's foreign trade export scale surpassed 13 trillion yuan for the first time in history during the first half of the year [7] - The second quarter's import and export growth was 4.5%, accelerating by 3.2 percentage points compared to the first quarter [7] - Exports to emerging markets such as ASEAN and Africa showed strong growth, with increases of 14.3% and 23%, respectively [8] Industrial Transformation - The added value of high-tech manufacturing industries grew by 9.5% in the first half of the year [8] - Production of 3D printing equipment, new energy vehicles, and industrial robots increased by 43.1%, 36.2%, and 35.6%, respectively [8] - The production of lithium batteries surged by 53.3% [8] Cross-Border E-commerce - Cross-border e-commerce has emerged as a significant growth area, with over 120,000 entities involved [8] - The export scale of cross-border e-commerce is projected to reach 2.15 trillion yuan, with a year-on-year growth of 16.9% [8] Equipment Manufacturing - The export of industrial robots increased by 61.5%, with significant growth in lithium batteries and wind turbine generators [9] - The global production chain is shifting eastward, benefiting China's equipment manufacturing sector [9] Sustainable Growth - The transformation of new productive forces into sustainable economic growth relies on the profitability of innovative enterprises [9]

Economic Growth - In Q2, China's actual GDP grew by 5.2% year-on-year, slightly down from 5.4% in Q1, but still above 5%, laying a solid foundation for the annual growth target of 5%[3] - The nominal GDP growth in Q2 was weak at approximately 3.9%, the weakest since Q1 2023, primarily due to persistent low inflation, with the GDP deflator index down by 1.2% year-on-year[3][8] Industrial Production - Industrial production showed strength, with June's industrial added value increasing by 6.8% year-on-year, just below the peak in March[8] - The industrial capacity utilization rate fell to 74% in Q2, indicating relative overcapacity, which may be a reason for the weak nominal growth[3][8] Investment Trends - Fixed asset investment growth continued to decline, with June's year-on-year growth rate dropping to 2.8%, and construction spending turning negative[8] - Real estate investment saw a significant decline, with June's year-on-year growth rate at -12.9%, reflecting increased sales pressure and declining sales area and amount[8] Consumer Spending - Retail sales growth fell to 4.8% year-on-year in June, influenced by the earlier timing of the e-commerce "618" event and a decline in restaurant income[8] - Despite the slowdown, consumer spending is expected to have upward momentum, supported by stable employment and income growth, with disposable income and consumption expenditure both growing over 5% year-on-year in Q2[8] Structural Challenges - The report highlights three structural challenges that need policy focus: adjusting trade relations amid a changing global tariff environment, managing low inflation, and supporting the recovery of real estate prices[3][8] - Risks include increased volatility in the external economic environment and uncertainties in policy decisions regarding domestic demand stimulation[10]

Core Insights - China's foreign trade in the first half of 2025 reached 21.79 trillion yuan, marking a year-on-year growth of 2.9% [1] - The diversification of China's foreign trade markets is accelerating, with significant contributions from emerging markets [2][8] Trade Performance - In the first half of the year, China's export scale surpassed 13 trillion yuan for the first time in history [3] - Exports to ASEAN increased by 14.3% and to Africa by 23%, significantly outpacing the overall export growth rate [6][11] Market Dynamics - The trend of "grabbing exports" was noted, particularly due to the uncertainty surrounding U.S. tariffs, prompting early exports to avoid higher costs [5] - The cross-border e-commerce sector emerged as a strong performer, with over 120,000 entities involved, and is expected to continue growing rapidly [6][15] Future Outlook - A stable recovery in foreign trade is anticipated for the second half of the year, supported by policy effects and market transformations [7] - The overall trade pattern is expected to show a "front low, back high" trend, with 2025 potentially being a "big year" for foreign trade [7] Market Diversification - The shift towards a more diversified trade structure is becoming a norm, reducing reliance on the U.S. market [11] - Trade with Belt and Road Initiative countries accounted for 51.8% of total trade, indicating a significant shift in trade dynamics [13] Emerging Market Trends - The global value chain is transitioning from a traditional "Euro-American circle" to an "Asia-Africa-Euro-American consumption circle" [12] - The increasing reliance of countries like Vietnam and Mexico on Chinese supply chains is noted, driven by digital trade and cross-border e-commerce [14] Private Sector Growth - The number of foreign trade enterprises exceeded 628,000, with private enterprises leading in exports, accounting for nearly 60% of total trade [15] - Private companies are increasingly moving from OEM to brand development, particularly in high-end manufacturing sectors [15][17] High-End Manufacturing - Exports of high-end equipment grew over 20%, driven by technological upgrades and global supply chain shifts [17] - The future of high-end manufacturing is expected to focus on providing comprehensive solutions rather than just product sales [17]