Core Insights - The "Hundred Days of Millions of Recruitment" initiative has launched seven online recruitment events from September 15 to September 20, with over 4,900 employers participating and a recruitment demand exceeding 134,000 positions [1] Industry Summaries - **Education and Training Sector**: Over 1,000 employers will participate, offering positions such as teachers, university counselors, course consultants, and academic administrators, with a recruitment demand of 34,000 positions [3] - **Artificial Intelligence Sector**: More than 1,300 employers will provide roles including AI product managers, algorithm engineers, data development engineers, and risk control modeling engineers, with a recruitment demand of 15,000 positions [4] - **New Energy Sector**: Approximately 600 employers will offer positions such as wind power inspection engineers, operation and maintenance engineers, and photovoltaic engineers, with a recruitment demand of 17,000 positions [6] - **Electrical and Mechanical Manufacturing Sector**: Over 1,800 employers will provide roles including electrical engineers, mechanical engineers, and process engineers, with a recruitment demand of 64,000 positions [8] - **Transportation Sector**: Around 150 employers will offer positions such as infrastructure managers, logistics operation managers, supply chain managers, and safety managers, with a recruitment demand of over 1,700 positions [10] - **Large and Medium Enterprises Sector**: More than 70 employers will provide roles including research and development engineers, financial managers, research assistants, and administrative specialists, with a recruitment demand of over 3,000 positions [12] - **Social Organizations Sector**: Approximately 40 employers will offer positions such as legal specialists, academic specialists, financial specialists, and new media operators, with a recruitment demand of over 200 positions [14] Participation Channels - Employers and job seekers can participate through platforms such as China Public Recruitment Network, China National Talent Network, and Employment Online [16]

Core Insights - The "Hundred Days, Millions of Recruitment Special Action" launched seven online recruitment events from September 15 to September 20, involving over 4,900 employers and a recruitment demand exceeding 134,000 positions [1][2] Group 1: Industry-Specific Recruitment - The Artificial Intelligence sector will have over 1,300 employers offering positions such as product managers, algorithm engineers, data development engineers, and risk modeling engineers, with a recruitment demand of 15,000 positions [1] - The Education and Training sector will feature over 1,000 employers providing roles for teachers, university counselors, course consultants, and academic administrators, with a recruitment demand of 34,000 positions [1] - The New Energy sector will include over 600 employers offering positions like wind power inspection engineers, operation and maintenance engineers, photovoltaic engineers, and equipment engineering technicians, with a recruitment demand of 17,000 positions [1] - The Electrical Machinery Manufacturing sector will have over 1,800 employers providing roles for electrical engineers, mechanical engineers, process engineers, equipment engineers, and automation technicians, with a recruitment demand of 64,000 positions [1] - The Transportation sector will feature over 150 employers offering positions such as infrastructure managers, logistics operation managers, supply chain managers, and safety managers, with a recruitment demand of over 1,700 positions [1] Group 2: Large and Social Organizations - The Large and Medium Enterprises sector will involve over 70 employers offering positions for R&D engineers, financial managers, research assistants, administrative specialists, and supply chain specialists, with a recruitment demand of over 3,000 positions [2] - The Social Organizations sector will include over 40 employers providing roles for legal specialists, academic specialists, financial specialists, and new media operators, with a recruitment demand of over 200 positions [2] Group 3: Recruitment Platforms - Employers and job seekers can access the recruitment events through various platforms including the China Public Recruitment Network, the National Talent Network, and Employment Online [2] - The initiative aims to gather and develop millions of job postings, focusing on various laborers, particularly recent graduates, over a period of approximately 100 days [2]

Core Viewpoint - Recent economic data indicates significant improvement, driven by effective implementation of policies aimed at boosting consumption, stabilizing investment, and ensuring livelihoods [2][15]. Logistics Industry - The logistics industry experienced a notable expansion, with the logistics prosperity index for August reaching 50.9%, an increase of 0.4 percentage points from the previous month [4]. - Key sub-indices, including the total business volume index and new orders index, have shown continuous expansion, with the total business volume index remaining in the expansion zone for six consecutive months and the new orders index for seven months [4]. - The logistics service price index rose by 0.3 percentage points month-on-month, indicating improved microeconomic vitality and business conditions [4]. Manufacturing Sector - The manufacturing purchasing managers' index (PMI) for August was reported at 49.4, a slight increase of 0.1 percentage points, suggesting a stabilization in market demand [7]. - The production index for manufacturing reached 50.8, up 0.3 percentage points, reflecting a stable expansion in production activities [7]. - New momentum in the manufacturing sector is evident, with the equipment manufacturing PMI at 50.5 and high-tech manufacturing PMI at 51.9, both showing month-on-month increases [7]. Non-Manufacturing Sector - The non-manufacturing business activity index for August was 50.3, up 0.2 percentage points, indicating continued expansion in the sector [8]. - The service industry business activity index reached 50.5, marking the highest point of the year, driven by summer consumption and supportive policies [8]. Investment and Infrastructure - Government investment in projects has increased, with project bidding amounts from January to July rising by 31.9% year-on-year, indicating a robust investment climate [9]. - The construction machinery operating rate improved by 0.7 percentage points in July, reflecting a positive trend in infrastructure development [9]. Policy Measures - The National Development and Reform Commission (NDRC) plans to enhance consumer confidence and spending through a series of targeted policies, including promoting private investment in key projects [12]. - The "Artificial Intelligence+" initiative is being accelerated, with specific implementation plans and supporting documents being developed to enhance service consumption and economic vitality [12][13].

Core Insights - The logistics industry in China is showing signs of recovery, with the logistics prosperity index rising to 50.9% in August, an increase of 0.4 percentage points from the previous month, indicating a positive trend in supply and demand [2][3] - Various economic indicators, including manufacturing PMI and industrial profits, are also reflecting improvements, suggesting a broader economic recovery [5][6] Logistics Industry Performance - The logistics prosperity index for August stands at 50.9%, with both the business volume index and new orders index continuing to expand, indicating sustained growth in logistics activities [3] - The logistics service price index increased by 0.3 percentage points, and the main business profit index rose by 0.2 percentage points in August, reflecting improved operational conditions for logistics companies [4] Economic Indicators - The manufacturing PMI for August is reported at 49.4%, showing a slight increase, while the production index reached 50.8%, indicating stable production activities [5] - The non-manufacturing business activity index for August is at 50.3%, with the service sector reaching a high of 50.5%, suggesting ongoing expansion in the service industry [6] Investment and Infrastructure - Government investment in infrastructure projects is on the rise, with project bidding amounts increasing by 31.9% year-on-year from January to July [8] - The construction machinery operating rate improved by 0.7 percentage points in July, indicating a positive trend in infrastructure development [8] Policy Support and Future Outlook - The National Development and Reform Commission (NDRC) is focusing on boosting consumer confidence and expanding investment, with plans to introduce policies to stimulate private investment [9][10] - The "Artificial Intelligence+" initiative is being implemented to enhance productivity and service consumption, with specific action plans being developed [10][11]

Economic Overview - Guangzhou's GDP nominal growth rate is approximately 5.5%, which is higher than the provincial rate of 5.3% and the rate of Chongqing at 5.23% [1] - The city's industrial output value has finally returned to positive growth after 15 months of decline, with a growth rate of 0.7% [1][4] - Real estate development investment has also turned positive, showing a year-on-year growth of 4.1% after three years of negative growth [1][9] Industrial Performance - The automotive sector remains sluggish, with a year-on-year decrease in output value of 5.7%, although the decline has narrowed compared to the first quarter [4] - Other industrial sectors, such as electrical machinery and specialized equipment manufacturing, have shown better performance, with growth rates of 11.3% and 7.5% respectively [4][5] - The production of new energy vehicles has increased by 9.5% year-on-year, indicating a recovery in this segment [5] Foreign Trade - Guangzhou's foreign trade has seen significant growth, with total trade reaching a historical high of 6050.5 billion yuan, a year-on-year increase of 15.5% [10] - The export growth rate is particularly impressive at 25.2%, making it the highest among the top ten foreign trade cities [10][11] - The export of electric vehicles, lithium batteries, and photovoltaic products has contributed to this growth, with a 30.8% increase in these "new three items" [11] Real Estate Sector - After three years of negative growth, real estate investment in Guangzhou has shown signs of recovery, with a 4.1% increase in the first half of 2025 [9] - The sales situation in the real estate sector has not significantly improved, but there has been a rebound in land sales, new construction areas, and new investment amounts [9] Contribution of Private Enterprises - Private enterprises, such as Xpeng Motors and Shein, have played a crucial role in boosting exports, with Xpeng's overseas sales increasing by 217% year-on-year [13] - The number of foreign trade enterprises in Guangzhou has reached 23,000, an increase of 10.3%, indicating a growing participation of private companies in the export market [13]

Group 1 - Foreign enterprises in China achieved a total import and export value of 6.32 trillion yuan in the first half of the year, marking a year-on-year growth of 2.4% and maintaining growth for five consecutive quarters [1] - Guangdong province, known as the largest foreign trade province in China, has established over 350,000 foreign enterprises with actual foreign investment nearing 600 billion USD [1] - The food and beverage industry in Foshan, Guangdong, is experiencing a surge in "cooling economy" activity, with significant export orders being fulfilled [3] Group 2 - Foreign enterprises are deeply integrated with the Chinese market, contributing to high-quality economic development and benefiting from shared growth dividends [5] - The local government is focused on creating a transparent and predictable customs environment for foreign enterprises, facilitating rapid clearance for imported production equipment and key raw materials [5] - In the first half of the year, foreign enterprises showed strong performance in industrial exports, particularly in specialized equipment, electrical machinery, and electronic devices, with a notable increase in imports of high-end equipment by 3.2% and a 52.1% rise in imported bonded research and development goods [7]

Report Summary 1. Core View - In June, the CPI data showed mixed trends, with the year - on - year change turning from decline to increase and the month - on - month decline narrowing. The core CPI year - on - year increase continued to expand, mainly supported by the rising gold price. The PPI year - on - year decline widened, indicating weak overall price data. Due to insufficient domestic demand and high external demand uncertainty, China still needs a loose monetary environment. The bond market is strengthening, and in July, it is expected to have a short - to - long - term rally, with long - term bonds likely to break through key levels [1][4]. 2. CPI Analysis 2.1 Core CPI - In June, the core CPI year - on - year increased by 0.7%, an increase of 0.1 percentage points from the previous month, and remained flat month - on - month. The "other goods and services" sub - item grew significantly, with a year - on - year increase of 8.1% in June, an increase of 0.8 percentage points from the previous month. This was mainly supported by the 41.3% year - on - year increase in domestic gold futures prices in June. After excluding this sub - item, the CPI and core CPI in June were - 0.1% and + 0.3% year - on - year respectively, showing a weak overall price level [1][9]. 2.2 Food CPI - In June, the food CPI year - on - year decline narrowed, but the month - on - month decline widened. It decreased by 0.3% year - on - year, a narrowing of 0.1 percentage points from the previous month, and decreased by 0.4% month - on - month, an expansion of 0.2 percentage points. Fresh fruit prices were the main drag, with a 3.3% month - on - month decline, affecting the CPI to drop by about 0.07 percentage points. Fresh vegetable prices rose by 0.7% month - on - month due to high - temperature and rainy weather [1]. 2.3 Non - food CPI - In June, the non - food CPI year - on - year changed from flat to an increase of 0.1%, and the month - on - month change turned from decline to flat. The rise in international oil prices was the main factor. The year - on - year decline of energy prices narrowed by 1.0 percentage points, and the downward pull on CPI year - on - year decreased by about 0.08 percentage points compared to the previous month. Gasoline prices rose by 0.4% month - on - month, driving energy prices to turn from a 1.7% year - on - year decline to a 0.1% increase [2]. 3. PPI Analysis 3.1 Production Materials PPI - In June, the production materials PPI year - on - year decline widened, and the month - on - month decline remained the same. It decreased by 4.4% year - on - year, an expansion of 0.4 percentage points from the previous month, and decreased by 0.6% month - on - month. This was mainly affected by the decline in industrial raw material prices and the increase in green power. Most domestic manufacturing raw material prices declined, and the prices of some industries such as ferrous metals and non - metallic minerals decreased due to weather and other factors. Green power increase also led to a decrease in power generation costs and related industry prices [3]. 3.2 Living Materials PPI - In June, the living materials PPI decreased by 1.4% year - on - year. Food prices decreased by 2.0% year - on - year, with the decline expanding by 0.6 percentage points. Durable consumer goods decreased by 2.7% year - on - year, with the decline narrowing by 0.6 percentage points. Clothing and general daily necessities prices increased by 0.1% and 0.8% year - on - year respectively, with the increase expanding by 0.1% and 0.2% respectively, possibly related to consumption - boosting policies [3]. 4. Market Outlook - The bond market is in a strengthening process. With the continuous loosening of funds, short - term interest rates are expected to decline more significantly in July. After the short - term decline, the yield curve will steepen, opening up space for long - term interest rates. The market is expected to have a short - to - long - term rally in July, and long - term bonds are likely to break through key levels. It is recommended to maintain a relatively high duration level, and a barbell - shaped portfolio allocation is relatively more advantageous. The report believes that the 10 - year Treasury bond yield is expected to fall to the 1.4% - 1.5% level [4][25].

Group 1: Economic Resilience - In May, industrial production year-on-year growth decreased from 6.1% to 5.8%, maintaining a high growth rate, with a month-on-month growth of 0.61%[1] - Government bond net financing reached 6.3 trillion yuan in the first five months, an increase of 3.8 trillion yuan year-on-year[1] - M2 and social financing balances maintained year-on-year growth rates of 7.9% and 8.7%, respectively, indicating strong monetary support[1] Group 2: Investment Trends - Total infrastructure investment year-on-year growth decreased from 10.9% to 10.4%, still above the 2024 annual rate of 9.2%[2] - Manufacturing investment year-on-year growth was 8.5%, slightly down by 0.3 percentage points from the previous month, but still at a high level[2] - Public utility investment, including electricity, grew by 25.4% year-on-year, while water conservancy investment increased by 7.2%[2] Group 3: Real Estate Market - Real estate investment fell by 10.7% year-on-year, with the decline expanding by 0.4 percentage points compared to the previous month[2] - The area of newly started construction decreased by 22.8% year-on-year, indicating significant contraction in the sector[2] - The price index for second-hand homes in 70 large and medium-sized cities fell by 0.5% month-on-month, with the decline widening compared to the previous month[2] Group 4: Consumer Spending - In May, retail sales of consumer goods grew by 6.4% year-on-year, exceeding the market expectation of 4.9%[3] - The "trade-in" policy significantly boosted consumption, with home appliance and audio-visual equipment sales increasing by 53% year-on-year[3] - Social financing increased by 2.29 trillion yuan, surpassing the expected 2.05 trillion yuan, indicating robust financial support for the economy[3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - In April, the sales revenue growth of national enterprises accelerated, with industrial and manufacturing sales revenue increasing year - on - year. High - tech and digital economy core industries maintained double - digit growth. The implementation of major water conservancy projects accelerated, and the scale of water conservancy investment remained high [1]. - The international standard on the inclusive digital economy for an aging society was released. Attention should be paid to the promotion of pension service - related programs [1]. - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [5]. 3) Summary by Directory a) Production Industry - Manufacturing: In April, the sales revenue of manufacturing enterprises increased by 4.4% year - on - year. The sales revenue of electrical machinery, computer, instrument and other manufacturing industries increased by more than 12%. High - tech and digital economy core industries maintained double - digit growth [1]. - Water Conservancy: From January to April, 294.36 billion yuan was invested in water conservancy construction, and 10 major projects were newly started [1]. b) Service Industry - Pension Service: The International Organization for Standardization released the international standard "General Requirements and Guidelines for the Inclusive Digital Economy in an Aging Society" led by China, which provides specific suggestions for scenarios where the elderly participate in the digital economy [1]. c) Industry Overview - Upstream: International oil prices declined compared to the previous day but increased significantly year - on - year compared to last week. Aluminum prices continued to rise, and glass prices declined in the short term [2]. - Midstream: The operating rate of PTA increased, while that of PX decreased. The operating rate of asphalt continued to rise [3]. - Downstream: The sales of commercial housing in first - and second - tier cities were the same as the previous year and at a low level in the past three years. The number of domestic flights decreased periodically [4]. d) Market Pricing - The credit spreads of the pharmaceutical and chemical industries declined slightly recently [5]. e) Industry Credit Spreads - The credit spreads of multiple industries showed different trends. For example, the credit spreads of agriculture, forestry, animal husbandry and fishery, and the chemical industry decreased compared to last week [48]. f) Key Industry Price Indicators - Many commodities showed price changes. For example, the prices of corn, eggs, and PTA increased, while the price of glass decreased [49].

Group 1: Current Price Trends - The GDP deflator index has been negative for 8 consecutive quarters, marking a historical high duration[16] - The Producer Price Index (PPI) has been in negative territory for 31 months, with a monthly average decline of 1.34 percentage points from coal, black metal, and non-metal industries[19] - The Consumer Price Index (CPI) has dropped to a growth center of 0.1%, significantly lower than the average growth of 2.6% from 2010 to 2019[30] Group 2: Contributing Factors to Price Decline - The real estate market has seen a significant change in supply-demand dynamics, with real estate investment growth negative for three consecutive years, impacting related industries[42] - Insufficient consumer demand has led to a decline in CPI, with the average consumption propensity dropping to 63.1% in Q1 2025, down from 65.2% in 2019[47] - "Involution" competition in emerging industries has caused prices to drop beyond reasonable levels, with lithium battery prices falling by 39.5% and solar module prices by 29.7% in 2024[52] Group 3: Impact of External Factors - The "tariff war" initiated by the U.S. has negatively impacted export demand, leading to increased domestic supply-demand imbalances and downward pressure on prices[63] - The average monthly increase in pork prices from April 2024 to April 2025 was only 11.3%, significantly lower than previous cycles, reducing its support for overall CPI[36] Group 4: Recommendations for Policy Action - There is a need for stronger macroeconomic regulation to promote reasonable price recovery, including policies to stimulate consumption and stabilize asset prices[63] - Supply-side reforms should focus on eliminating outdated production capacity and encouraging mergers and acquisitions to restore price levels[10]