Economic Overview - In the first half of 2025, Ordos City demonstrated economic resilience with a GDP of 290.07 billion yuan, reflecting a year-on-year growth of 6.0% at constant prices [3] - The primary industry added value reached 1.82 billion yuan, growing by 6.2%, while the secondary industry saw an increase of 204.91 billion yuan, up by 7.4%, and the tertiary industry grew by 8.33 billion yuan, with a growth rate of 3.4% [3] Sector Performance - The agricultural, forestry, animal husbandry, and fishery sectors achieved a total output value of 3.53 billion yuan, marking a year-on-year increase of 6.3% [5] - The industrial added value for large-scale enterprises increased by 8.0% year-on-year [5] - Fixed asset investment rose by 10.3% year-on-year, indicating a recovery in investment activities [5] - The total retail sales of social consumer goods reached 31.05 billion yuan, with an 8.5% year-on-year growth [5] Energy and Consumption - Total electricity consumption in the city was 52.21 billion kWh, reflecting a year-on-year increase of 6.1% [5] - Per capita disposable income for residents was 27,163 yuan, up by 4.9% year-on-year, with urban residents earning 31,846 yuan (4.4% increase) and rural residents earning 12,574 yuan (5.7% increase) [5] Future Outlook - The economic environment is expected to improve as various policies are implemented, although challenges remain due to ongoing tariff impacts and constrained demand [7] - The city plans to enhance efforts in stabilizing employment, businesses, markets, and expectations, while promoting high-quality development to solidify the economic recovery [7]

Economic Overview - The province achieved a GDP of 66,967.8 billion yuan in the first half of the year, with a year-on-year growth of 5.7% at constant prices [1] - The primary industry added value was 1,777.6 billion yuan, growing by 4.2%; the secondary industry added value was 28,391.1 billion yuan, increasing by 5.5%; and the tertiary industry added value was 36,799.1 billion yuan, rising by 5.9% [1] Sector Performance - The agricultural sector showed stable summer grain production, with a total output of 14.213 million tons, a decrease of 0.6% year-on-year [1] - Industrial production grew rapidly, with a year-on-year increase of 7.4% in the added value of above-scale industries, with 33 out of 40 industrial categories showing growth [1] - The equipment manufacturing sector saw a 10.2% increase in added value, contributing 73.5% to the overall growth of above-scale industries [1] - The service sector also experienced steady growth, with a 5.9% increase in added value, supported by strong performance in the cultural and sports industries [1] Consumer Market - The total retail sales of consumer goods reached 23,949.0 billion yuan, with a year-on-year growth of 5.0% [2] - Urban retail sales were 21,428.4 billion yuan, growing by 4.8%, while rural retail sales were 2,520.6 billion yuan, increasing by 6.8% [2] - Sales of essential goods showed stable growth, with significant increases in food, clothing, and daily necessities [2] Emerging Industries - High-tech industries accounted for 51.8% of the total output value of above-scale industries, with a year-on-year growth of 11.8% in high-tech manufacturing [3] - The internet and related services, as well as software and IT services, saw revenue growth of 16.8% and 14.3%, respectively, contributing to the overall service sector growth [3] - Online retail sales reached 6,362.4 billion yuan, with a year-on-year growth of 7.9%, indicating a stable trend in e-commerce [3]

Group 1 - Hedge funds experienced the largest net buying spree in global industrial stocks in five years, with weekly net inflows reaching the highest level since July 2020, and the second highest since records began in 2016 [1] - The industrial sector saw significant net inflows globally, driven by active long positions and short covering, with North America being the most active market [1] - The current allocation of industrial stocks tracked by Goldman Sachs' Prime platform is 5.8 percentage points higher than the MSCI Global Index, remaining at a historically high level for five consecutive years [1] Group 2 - European corporate earnings expectations have significantly improved, with a projected growth of 7.9% in 2025, supported by policy easing and interest rate cut expectations [2] - The S&P 500 index in North America reached a historical high amidst volatility, driven by the AI boom, despite uncertainties from tariff policies and geopolitical issues [2] - The global energy transition and supply chain restructuring are creating trillion-dollar infrastructure demands, with data centers, charging networks, and hydrogen facilities becoming focal points for public and private capital [2]

Domestic Economic Analysis - The GDP growth for Q2 2025 was 5.2%, exceeding expectations of 5.17% and previous value of 5.4%. The primary, secondary, and tertiary industries showed growth rates of 3.8%, 4.8%, and 5.7% respectively [1][9][10] - In June, industrial production increased by 6.8% year-on-year, surpassing the expected 5.66% and previous value of 5.8%. However, social consumption and investment showed declines [11][14] - Exports in June grew by 5.9% year-on-year, higher than the previous 4.7% and expectations of 3.21%. Imports also increased by 1.1%, reversing a previous decline [43][44] - The social financing scale increased by 4.20 trillion yuan in June, with a year-on-year growth of 8.9%. New RMB loans turned positive, indicating a recovery in credit conditions [55][56] International Economic Context - The core CPI growth in the US for June was lower than expected, with a year-on-year increase of 2.9%, compared to the expected 3.0% [2][66] - The geopolitical tensions, particularly the Russia-Ukraine conflict, continue to impact global economic conditions, with potential implications for international trade and investment strategies [2][66][67] Industry Investment Strategy - The report suggests focusing on three main investment directions: advancements in AI technology, recovery in consumer stocks, and the rise of undervalued dividend stocks. The performance of undervalued dividends is closely tied to the progress in the AI sector [3][5] - The consumer sector is highlighted as having low valuations, with a potential recovery supported by declining interest rates and policy catalysts. The report warns against overly pessimistic views on consumer recovery [3][5]

俄罗斯的工业在世界十大经济体中增长幅度最大。俄罗斯工业对GDP的贡献增加了 6%，达到6680亿美元，俄罗斯因此成为工业行业对经济贡献最多的世界第五大国。 去年，全球工业行业为世界经济的贡献为28.9万亿美元，而2023年该数字为28.5万亿 美元。 夫妻双双确诊同一种癌，有这个习惯的赶紧改！ 来源：参考消息 据俄罗斯卫星社网站7月19日报道，根据卫星社对世界银行数据的分析结果，2024年 工业对经济贡献最多的国家为中国，其工业对GDP的贡献增加了近2%，达到6.8万亿 美元（约合48.8万亿元人民币）。俄罗斯排名第五。 报道称，位居第二的是美国，其工业的贡献增加了3%，达5.1万亿美元。德国位居第 三，是为数不多的工业领域贡献呈下滑趋势的经济大国之一，其工业领域对GDP的贡 献下降了2.5%，达到1.2万亿美元。位居第四的国家是印度，工业领域的贡献增加了 4%，为9570亿美元。 ...

Economic Performance - Hubei province achieved a GDP of 29,642.61 billion yuan in the first half of 2025, with a year-on-year growth of 6.2% [1] - The growth rate accelerated by 0.4 percentage points compared to the same period last year, surpassing the national average by 0.9 percentage points [1] Sector Contributions - The primary industry added value was 1,914.07 billion yuan, growing by 3.3% [1] - The secondary industry added value was 11,544.28 billion yuan, growing by 6.4% [1] - The tertiary industry added value was 16,184.26 billion yuan, also growing by 6.4% [1] Investment and Consumption - The province has 19,250 construction projects, an increase of 7.1% [2] - Project investment (excluding real estate) grew by 9.8%, exceeding the national average by 3.2 percentage points [2] - Manufacturing investment increased by 12.5%, higher than the national average by 5.0 percentage points [2] Retail and Real Estate - Retail sales in the wholesale and retail sector grew by 5.9% and 8.7%, respectively [2] - Home appliance and furniture retail sales surged by 30.8% and 63.0%, respectively, supported by the old-for-new policy [2] - Real estate sales area and new construction area increased by 5.9% and 5.6%, respectively [2] Emerging Industries - High-tech manufacturing added value grew by 14.4%, contributing 27.5% to the industrial output [3] - Production of computers, smartphones, optical fibers, and lithium-ion batteries increased by 31.5%, 19.9%, 25.7%, and 62.1%, respectively [3] Tourism and External Trade - Total tourist visits and tourism revenue grew by 14.7% and 16.0%, respectively [3] - Hubei's total import and export value exceeded 400 billion yuan, reaching 402.31 billion yuan, with exports and imports growing by 38.5% and 7.4%, respectively [3][4] - The export structure improved, with mechanical and electrical products accounting for 50.7% of total exports, growing by 26.8% [4]

Core Insights - Beijing's industrial and information software sectors experienced accelerated growth in the first half of 2023, with significant contributions to the city's economic stability [1][2] - The "Artificial Intelligence +" initiative is gaining momentum, with a new action plan aimed at enhancing smart product production capacity [1][3] Economic Performance - The industrial output value reached 1.35 trillion yuan, with a year-on-year increase of 7%, maintaining a growth rate above the national average for 16 consecutive months [2] - The combined value added of the industrial and information software sectors exceeded 900 billion yuan, accounting for 36.2% of the city's GDP, marking a historical high [1][2] Investment Trends - Industrial investment totaled 463.3 billion yuan, with high-tech manufacturing investment growing by 6.5% year-on-year; the information software sector saw investment surpassing 100 billion yuan, a 160% increase [2] - Major projects, including the Beijing-Tianjin-Hebei automotive ecosystem and integrated circuit clusters, are underway, contributing over 100% to the city's investment growth [2] Market Dynamics - New enterprise registrations in the industrial and information software sectors increased by 14.2% and 95.9% respectively, indicating a robust market vitality [3] - The manufacturing Purchasing Managers' Index (PMI) returned to a growth zone, reflecting positive economic expectations [3] Artificial Intelligence Development - Beijing aims to become a leading city in artificial intelligence, with over 2,400 AI companies and 132 large models registered, the highest in the country [3][4] - The action plan focuses on five key areas to enhance AI's role in new industrialization, including data supply, model capabilities, application services, production capacity, and talent development [5][6][7][8][9][10] Policy Initiatives - A new policy will support the deployment of intelligent manufacturing technologies, offering rewards up to 30 million yuan for companies that establish intelligent factory benchmarks [11]

Core Insights - Guangdong's GDP for the first half of the year reached 68,725.40 billion yuan, reflecting a year-on-year growth of 4.2% [1] Economic Performance - The primary industry added value was 2,258.86 billion yuan, with a growth rate of 4.2% [1] - The secondary industry added value was 25,978.86 billion yuan, showing a growth of 3.4% [1] - The tertiary industry added value was 40,487.69 billion yuan, with a growth rate of 4.6% [1] Industrial and Service Sector Growth - The industrial added value for large-scale enterprises in the province grew by 4.0% year-on-year, with a 0.1 percentage point acceleration compared to the first quarter [1] - In June, the industrial growth rate was 5.3% [1] - The service sector's added value increased by 4.6%, with a 0.3 percentage point acceleration from the first quarter [1] Investment Trends - Fixed asset investment in the province decreased by 9.7% year-on-year [1]

Group 1: Market Outlook - The upcoming tariff deadline and uncertain trade outlook may lead to volatility in the US stock market, with signs of weakening in certain economic sectors [1] - The performance of leading tech stocks in China’s AI competition will be crucial for the direction of the US stock market [1] - The US is expected to maintain its leading position in research and development, benefiting from advancements in artificial intelligence in the medium to long term [1] Group 2: Sector Analysis - The technology sector is viewed positively, with strong demand for AI chips and US semiconductor companies expected to maintain a technological edge [1] - Large chip manufacturers are anticipated to receive export licenses to restart sales of lower-spec AI chips to China, which may benefit semiconductor and hardware manufacturers' profit outlook [1] - The communications services sector is also seen favorably, with large entertainment stocks benefiting from streaming media and theme park growth [2] Group 3: Challenges in Other Sectors - The healthcare sector outlook is negative due to proposed drug tariffs and uncertainty surrounding pharmaceutical companies' pricing strategies [2] - Measures implemented by the US Department of Health and Human Services may restrict vaccine approvals, potentially impacting vaccine-related stocks [2]

北京市中伦律师事务所 关于银川威力传动技术股份有限公司 作废部分已授予尚未归属的限制性股票相关事项的 法律意见 二〇二五年七月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金 山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于银川威力传动技术股份有限公司 北京市中伦律师事务所接受委托，担任银川威力传动技术股份有限公司实行 股权激励计划相关事宜的专项法律顾问。本所及经办律师按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，依据本法律意见书出具日以前已发生或存在 的事实和我国现行法律、法规和中国证监会的相关规定，就上述事项 ...