Group 1: Manufacturing PMI Insights - In May, the manufacturing PMI rose to 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in economic conditions [1][2] - The production index reached 50.7%, up 0.9 percentage points, signaling accelerated manufacturing activity, while the new orders index increased to 49.8%, up 0.6 percentage points [2] - Large enterprises saw their PMI rise to 50.7%, returning to the expansion zone, with production and new orders indices at 51.5% and 52.5%, respectively [2] Group 2: High-Tech and Export Performance - High-tech manufacturing PMI stood at 50.9%, maintaining expansion for four consecutive months, while equipment manufacturing and consumer goods sectors also showed improvement [3] - New export orders and import indices increased to 47.5% and 47.1%, respectively, reflecting a recovery in foreign trade orders, particularly from companies engaged with the U.S. market [3] Group 3: Non-Manufacturing Sector Performance - The non-manufacturing business activity index was 50.3%, slightly down by 0.1 percentage points but still indicating expansion [4] - The service sector's business activity index rose to 50.2%, driven by increased consumer activity during the "May Day" holiday, with significant growth in transportation and hospitality sectors [4] - The construction sector maintained expansion with a business activity index of 51.0%, although it showed a slight decline from the previous month [4] Group 4: Composite PMI Overview - The composite PMI output index increased to 50.4%, up 0.2 percentage points, indicating continued expansion in production and business activities across sectors [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 50.7% and 50.3%, respectively [6]

Core Viewpoint - The strategic cooperation between KSB and Jiangsu University focuses on "industry-education integration," aiming to enhance talent cultivation, technological innovation, and resource sharing, marking a significant upgrade in KSB's "industry-academia-research ecosystem" and providing an innovative model for the collaborative development of China's high-end equipment manufacturing and higher education [3][20]. Group 1: Collaboration Details - KSB and Jiangsu University signed a cooperation agreement that emphasizes three main dimensions: talent co-cultivation, research collaboration, and resource sharing [5][8]. - KSB will integrate Jiangsu University into its "North Asia Management Academy" and appoint several university scholars as joint project mentors, while Jiangsu University will invite KSB executives as external practice mentors, establishing a "mutual hiring" mechanism [8][10]. - The collaboration aims to create a seamless connection between academic theory and industrial practice by involving students in real production line optimization and digital projects [10][12]. Group 2: Educational and Technological Integration - The partnership will focus on optimizing smart pump systems and developing industrial digital platforms, facilitating the transformation of academic research outcomes into industrial technologies [10][20]. - Students from Jiangsu University will participate in real production line optimization projects through KSB's Shanghai factory, achieving a "learning-research-production" closed loop [10][24]. - The collaboration addresses the talent gap in China's manufacturing industry, which is projected to have a demand shortage of nearly 30 million skilled workers by 2025, with a shortage rate of 48% in key sectors [20][22]. Group 3: Future Prospects - The cooperation between KSB and Jiangsu University represents a new chapter in the integration of industry and education in China's advanced equipment manufacturing sector, aiming to ignite innovation by combining academic insights with industrial practices [24]. - The partnership is expected to explore the deep coupling of the "education-talent-industry-innovation chain," contributing to the sustainable development of high-quality manufacturing in China [24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A - share major indices generally declined this week, with small - and medium - cap stocks outperforming large - cap blue - chip stocks. The decline in the profit rate of domestic industrial enterprises above designated size in April and changes in US trade policies affected market sentiment, and market trading activity decreased slightly compared to last week. For stocks, a cautious and wait - and - see approach is recommended [6]. - Recently, US Treasury yields have slightly declined, and the Sino - US interest rate spread has slightly narrowed. If the US dollar index continues to weaken, it may ease exchange - rate pressure and widen the policy space for the central bank's interest rate and reserve - requirement ratio cuts. The bond market is expected to continue its oscillatory consolidation pattern, and a cautious and wait - and - see approach is recommended [6]. - The uncertainty brought by US trade policies has intensified commodity fluctuations, and the commodity fundamentals remain weak. The commodity index is expected to continue its oscillatory downward trend, and a strategy of shorting on rallies is recommended [6]. - The US economic data is turning weaker, the employment market shows signs of weakness, and the fiscal deficit problem persists. The Fed maintains a hawkish stance, and the US dollar is relatively pressured. The eurozone economy remains weak, but the euro shows an oscillatory pattern in the short term. The Japanese yen is relatively pressured. A cautious and wait - and - see approach is recommended for foreign exchange [6]. 3. Summary by Relevant Catalogs 3.1 This Week's Summary and Next Week's Allocation Recommendations Stocks - This week, major A - share indices generally declined. The performance of the four stock index futures was differentiated, with small - and medium - cap stocks stronger than large - cap blue - chip stocks (IM>IC>IF>IH). The decline in the profit rate of domestic industrial enterprises above designated size in April and changes in US trade policies led to large market sentiment fluctuations, and the market trading activity decreased slightly compared to last week. The recommended allocation strategy is to be cautiously wait - and - see [6]. Bonds - Recently, US Treasury yields have slightly declined, and the Sino - US interest rate spread has slightly narrowed. If the US dollar index continues to weaken, it may ease exchange - rate pressure and widen the policy space for the central bank's interest rate and reserve - requirement ratio cuts. Currently, the bond market is driven by capital and fundamentals, and there are no clear short - term positive or negative factors. It is expected to continue its oscillatory consolidation pattern. The recommended allocation strategy is to be cautiously wait - and - see [6]. Commodities - The uncertainty brought by US trade policies has intensified commodity fluctuations, and the commodity fundamentals remain weak. The Wind Commodity Index rose 1.35%, while the China Securities Commodity Futures Price Index fell 1.35%. The commodity index is expected to continue its oscillatory downward trend. The recommended allocation strategy is to short on rallies [6]. Foreign Exchange - The US economic data is turning weaker, the employment market shows signs of weakness, and the fiscal deficit problem persists. The Fed maintains a hawkish stance, and the US dollar is relatively pressured. The eurozone economy remains weak, but the euro shows an oscillatory pattern in the short term due to positive expectations of tariff negotiations. The Japanese yen is relatively pressured as Japan's CPI rises again and the government plans to cut long - term bond issuance. The recommended allocation strategy is to be cautiously wait - and - see [6]. 3.2 Important News and Events - The Ministry of Finance responded to Moody's maintaining China's sovereign credit rating, stating that China's economic indicators are improving, and debt sustainability is strengthening. - President Xi Jinping had a phone call with German Chancellor Merz, emphasizing the importance of China - Germany and China - EU relations. - Eight departments jointly issued a plan to accelerate the development of digital and intelligent supply chains. - Premier Li Qiang attended the ASEAN - China - GCC Summit, proposing to strengthen cooperation in multiple fields [14]. - The latest Fed meeting minutes showed a cautious attitude towards interest rate cuts. - US President Trump threatened to impose tariffs on EU and mobile phone products. - The EU plans to cut carbon emissions by 54% by 2030. - The Bank of Japan still considers further interest rate hikes [16]. 3.3 This Week's Domestic and Foreign Economic Data | Country/Region | Index Name | Previous Value | Expected Value | Current Value | | --- | --- | --- | --- | --- | | China | Year - to - date profit rate of industrial enterprises above designated size in April | 0.8 | - | 1.4 | | US | Monthly rate of durable goods orders in April | 7.5 | - 7.8 | - 6.3 | | US | Annual rate of S&P/CS 20 - city unadjusted house prices in March | 4.5 | 4.5 | 4.1 | | US | Number of initial jobless claims (in ten thousand) for the week ending May 24 | 22.6 | 23 | 24 | | US | Revised annualized quarterly rate of real GDP in the first quarter | - 0.3 | - 0.3 | - 0.2 | | US | Monthly rate of pending home sales index in April | 5.5 | - 1 | - 6.3 | | EU | Industrial sentiment index in May | - 11 | - 10.5 | - 10.3 | | Germany | Seasonally - adjusted unemployment rate in May | 6.3 | 6.3 | 6.3 | | France | Preliminary monthly rate of CPI in May | 0.6 | 0.1 | - 0.1 | | France | Final annual rate of GDP in the first quarter | 0.8 | 0.8 | 0.6 | [17] 3.4 Next Week's Important Economic Indicators and Economic Events | Date | Time | Index Name/Economic Event | Previous Value | | --- | --- | --- | --- | | 2025/6/2 | 22:00 | US ISM Manufacturing PMI in May | 48.7 | | 2025/6/3 | 17:00 | Eurozone unemployment rate in April | 6.2 | | 2025/6/3 | 22:00 | US monthly rate of factory orders in April | 4.3 | | 2025/6/4 | 20:15 | US ADP employment change (in ten thousand) in May | 6.2 | | 2025/6/5 | 17:00 | Eurozone monthly rate of PPI in April | - 1.6 | | 2025/6/5 | 20:15 | Eurozone ECB deposit facility rate as of June 5 | 2.25 | | 2025/6/5 | 20:30 | US initial jobless claims (in ten thousand) for the week ending May 31 | - | | 2025/6/5 | 20:30 | US trade balance (in billion US dollars) in April | - 1405 | | 2025/6/6 | 14:00 | Germany's seasonally - adjusted monthly rate of industrial output in April | 3 | | 2025/6/6 | 14:45 | France's monthly rate of industrial output in April | 0.2 | | 2025/6/6 | 17:00 | Eurozone revised annual rate of GDP in the first quarter | 1.2 | | 2025/6/6 | 17:00 | Eurozone monthly rate of retail sales in April | - 0.1 | | 2025/6/6 | 20:30 | US unemployment rate in May | 4.2 | | 2025/6/6 | 20:30 | US seasonally - adjusted non - farm payrolls (in ten thousand) in May | 17.7 | [83]

Core Insights - Shenyang, once known as the "Republic's Eldest Son" and "Oriental Ruhr," is experiencing a transformation in its industrial landscape, leveraging new energy systems to revitalize traditional industries [1][2] - The integration of digital technologies and smart manufacturing is becoming essential for large factories, with a focus on stable power supply to ensure product quality [3][4] - The shift towards renewable energy is evident, with companies like Northern Heavy Industries Group becoming self-sufficient in clean energy and contributing excess power to the grid [6][7] - Shenyang is also advancing in future industries such as new materials, biomedical, artificial intelligence, and new energy storage, with significant projects underway [8] Group 1: Industrial Transformation - Shenyang's industrial electricity consumption remains significant, with industrial usage accounting for nearly 40% of total electricity in early 2025 [1] - The Shengu Group, a key player in the region, is utilizing a digital factory model supported by a health management platform for equipment [2] - The reliance on digital management systems like MES, EAM, and QMS is critical for maintaining production quality in automated environments [3] Group 2: Energy Management and Sustainability - The State Grid Shenyang Power Supply Company is implementing a 5G smart distribution network that can autonomously detect and respond to power supply issues within 75 seconds [4] - Northern Heavy Industries has installed solar panels that generate over 25 million kilowatt-hours annually, significantly reducing carbon emissions [7] - The collaboration between the power supply company and local government aims to enhance energy efficiency and promote renewable energy integration among large industrial users [6][7] Group 3: Future Industry Development - Shenyang is making strides in smart connected vehicles, with a project that integrates intelligent sensing devices for autonomous driving applications [8] - The construction of a high-tech cable tunnel demonstrates the city's commitment to modernizing its power supply infrastructure, ensuring reliable electricity for emerging industries [8][9] - Innovative maintenance practices, including the use of drones for inspections, are being explored to enhance operational efficiency in power supply management [9]

Core Viewpoint - The documentary "National Engineers" highlights the achievements and innovations of Chinese engineers across six major engineering fields, showcasing their contributions to national development and technological advancement [1][2][5][7]. Group 1: Documentary Overview - "National Engineers" consists of six episodes, each lasting 30 minutes, focusing on significant engineering projects and innovations in China [2][5]. - The first episode, "Building Dreams on Rivers," explores the challenges faced by engineers in the construction of the Baihetan Hydropower Station [2]. - The second episode, "Chasing Light on Earth," reveals how geologists uncover mineral resources in the Yunnan-Guizhou Plateau [5]. - The third episode, "Harnessing the Sea and Wind," discusses China's advancements in high-speed rail and deep-sea drilling technology [5]. - The fourth episode, "Bridging Mountains and Seas," depicts the efforts of bridge engineers in overcoming natural obstacles [5][7]. - The fifth episode, "Guardians of Life," focuses on environmental experts using technology for ecological restoration [7]. - The sixth episode, "Crafting the East," showcases architects merging Eastern aesthetics with digital technology in building design [7]. Group 2: Production and Broadcast - The documentary is produced by the China Association for Science and Technology and CCTV-10, starting its broadcast on May 30, 2024, airing every Friday evening [7][8]. - The "National Engineer Award" ceremony, recognizing outstanding engineers and teams, took place in January 2024, with 81 individuals and 50 teams honored [8].

Group 1 - Gansu Province aims to establish a national strategic raw material guarantee zone, targeting an industrial output value exceeding 1 trillion yuan by 2030, while fostering competitive industrial clusters [1] - The raw materials industry in Gansu is showing strong support, with a projected industrial added value growth of 14.7% in 2024, outpacing the provincial average by 3.9 percentage points, contributing 70.8% to the province's industrial output [1] - Major projects, including a 65 billion yuan investment in the Juhua Silicon Fluorine New Materials project, are underway, alongside the acceleration of the Lanzhou Petrochemical ethylene renovation and JinChuan Group copper smelting process upgrades [1] Group 2 - Gansu is accelerating the construction of a distinctive industrial pattern in the equipment manufacturing sector, with key enterprises like Lanzhou Lishi Group and Electric Group being cultivated [2] - The province has established six major specialized sectors, including petrochemical equipment, new energy equipment, and high-end CNC machine tools, creating industrial clusters in Lanzhou and Tianshui [2] - With a solid industrial foundation, Gansu is set to promote the high-end, intelligent, and green transformation of manufacturing, supporting industrial upgrades in the western region [2]

Core Viewpoint - Guiyang has been recognized as a second-tier city in the "2025 New First-Tier City Charm Rankings," marking its continuous presence in this category for ten years since the rankings were first introduced in 2016 [1] Economic Development - In 2024, Guiyang's GDP reached 577.41 billion, with a year-on-year growth of 6.0%, positioning it among the top provincial capital cities in terms of growth rate [12] - The industrial sector showed robust performance, with a 9.7% increase in the added value of industrial enterprises above designated size, contributing 31.1% to GDP growth [12] Key Industries - Guiyang has developed significant industrial capabilities, including: - Electronics: China Zhinhua has become a major electronic components base, while Hisense is approaching a valuation of 10 billion [14] - New Energy Vehicles: Production exceeded 100,000 units, contributing over 92% to the province's automotive manufacturing [14] - Phosphate and Chemical Industry: Established the largest phosphate fertilizer production base in the country [14] - Aluminum Processing: Recognized as the largest base for deep processing of aluminum resources in the province [14] - Health and Pharmaceuticals: Jianxing Pharmaceutical has become the leading pharmaceutical manufacturer in the province [14] Population Growth - Guiyang experienced a population increase of 199,600 in 2024, the highest in the country, surpassing cities like Shenzhen and Chengdu [18] - The resident population grew from 4.62 million in 2015 to 6.60 million in 2024, averaging an annual increase of nearly 200,000 [18] Talent Attraction - The city has implemented "zero-threshold" household registration policies and 24/7 service for household registration, offering various subsidies for housing, entrepreneurship, and job placement [20] - Guiyang was recognized as a "talent-friendly city" and ranked among the top 50 cities for talent development in a recent report [20] Cultural and Tourism Development - In 2024, Guiyang hosted numerous cultural events, including 217 street music concerts and 17 music festivals, achieving record highs in tourist numbers and spending [21] - The city has diversified its consumption landscape, creating national night-time cultural and tourism consumption zones and introducing 248 new retail stores [23]

Group 1 - The "Together Benefit Enterprises" initiative aims to provide high-level services to support the high-quality development of small and medium-sized enterprises (SMEs) through collaboration between central and local governments [1][2] - Various activities are being conducted to optimize the business environment, including financing support, market expansion, talent cultivation, and management enhancement [1][2] - In Hebei Province, a financial matchmaking event was held to assist 423 specialized and innovative enterprises, utilizing a "one enterprise, one policy" approach to address information asymmetry and enhance loan acquisition capabilities [1] Group 2 - In Hainan, a recruitment initiative is being launched to connect SMEs with recent university graduates, facilitating precise matching of talent and job opportunities [2] - An assessment report indicates that the overall development environment for SMEs in China is continuously improving, with most cities showing varying degrees of enhancement compared to the previous year [2] - The initiative aims to provide comprehensive support for SMEs, ensuring that government services reach all enterprises effectively [2] Group 3 - An innovation-driven event is scheduled in Chengdu, focusing on key industries such as electronic information, biomedicine, and equipment manufacturing, featuring 38 technology projects and financial institutions offering tailored financial products [3] - Local governments are increasing support for specialized and innovative enterprises, with Beijing and Jiangsu implementing new policies to promote high-quality development [4] - By the end of 2024, China is expected to have cultivated 14,600 national-level specialized "little giant" enterprises and over 600,000 technology-based SMEs [4] Group 4 - Various regions are enhancing policy interpretation and implementation to ensure effective support for SMEs, with initiatives in Sichuan and Liaoning focusing on legal frameworks and fair competition policies [5] - Hubei Province has introduced measures to address five core challenges faced by SMEs, including high costs and difficulties in financing and market expansion [5]

Group 1: Economic Transformation and Development - Shanxi is tasked with building a national resource-based economic transformation pilot zone, aiming for high-quality development and innovative integration of technology and industry [1][2] - The province has designated this year as the "Year of Major Project Construction," establishing six trillion-level major project reserves to enhance economic stability and growth [2][3] - In the first "Three Batches" event of the year, nearly 500 projects were signed, started, or put into operation, with a total investment exceeding 130 billion [3] Group 2: Investment and Project Implementation - Significant projects are being accelerated, with a focus on high-tech industries, equipment manufacturing, and new energy, leading to a projected increase in investment scale and structure optimization [4] - In the first quarter, high-tech industry investment grew by 33.6%, equipment purchase investment by 29.2%, and private investment by 10.2%, all surpassing the overall investment growth rate [4] Group 3: Cultural and Tourism Development - The tourism sector in Shanxi has seen a remarkable increase, with visitor numbers at the Xiaoxitian Scenic Area rising by 542% during the May Day holiday [6] - Shanxi is enhancing its cultural tourism offerings by integrating technology and unique cultural experiences, leading to a 20.4% increase in visitor numbers at key monitored scenic spots [8][9] Group 4: Industrial Innovation and Small Enterprises - Shanxi is focusing on nurturing high-quality small and medium-sized enterprises, with 4,484 innovative SMEs and 2,903 specialized and innovative SMEs recognized at the provincial level [10] - The province has established a robust industrial ecosystem, with 16 provincial key industrial chains and 41 "chain master" enterprises, directly or indirectly creating nearly 1.8 million jobs [10][11] Group 5: Future Goals and Projections - The "Shanxi Provincial Key Industrial Chain Capability Leap 2025 Action Plan" aims to further promote the integration of industrial clusters and chains, targeting an annual revenue of over 800 billion [11]

Core Viewpoint - The "Two Ports and One Area" initiative in Nanning is set to advance 53 projects with a total investment of 75.897 billion yuan, aiming to enhance cross-border industrial integration and economic development by 2025 [1][2]. Group 1: Project Investment and Development - A total of 21 projects are planned to commence or complete construction within the year, with an annual investment target of 5.896 billion yuan [1]. - From January to April, key projects under the "Two Ports and One Area" have completed investments of 2.188 billion yuan, with two projects, including the comprehensive development project of the national railway area, having started construction [2]. - The industrial output value of large-scale industries reached 11.266 billion yuan from January to April, marking a year-on-year growth of 7.6%, leading all districts and development zones in Nanning [2]. Group 2: Comprehensive Bonded Zone Development - The second phase of the Nanning Comprehensive Bonded Zone is nearing operational readiness, focusing on electronic information, high-end equipment manufacturing, and biomedicine, among other sectors [3]. - The second phase will leverage the advantages of the Nanning International Railway Port to establish a multi-modal transport system, enhancing the region's logistics capabilities [3]. Group 3: Cross-Border Trade and Logistics - The volume of goods shipped via the China-Vietnam freight train has surged by 314% year-on-year, reflecting the growing efficiency of cross-border logistics [4]. - The establishment of a joint command and dispatch center at Nanning Wuxu International Airport aims to improve customs clearance speed, significantly reducing delivery times for perishable goods [4]. - From January to April 2025, the number of transshipment goods monitored at the airport reached 31,153 items, a year-on-year increase of 37.47%, with a weight of 595 tons, up 57.16% [4].