Economic Performance Overview - In July, China's economy maintained a steady growth trend, with key indicators showing positive performance [1][2] - The industrial added value for large-scale enterprises increased by 5.7% year-on-year, while the added value of large-scale equipment manufacturing rose by 8.4%, significantly outpacing the overall industrial growth [2] - The service sector also saw growth, with the service production index increasing by 5.8% year-on-year in July, driven by increased tourism during the summer [2][7] Consumption and Investment - Retail sales of consumer goods grew by 3.7% year-on-year in July, with commodity retail sales increasing by 4% [2] - Fixed asset investment rose by 1.6% year-on-year from January to July, despite a slowdown due to adverse weather and project delays [2] - Investment in equipment and tools saw a notable increase of 15.2% year-on-year during the same period [2] Foreign Trade - China's total goods import and export value increased by 6.7% year-on-year in July, with exports growing by 8% and imports rising by 4.8% [5][6] - Trade with ASEAN, the EU, and Belt and Road Initiative countries saw significant growth, with respective increases of 14.8%, 8.2%, and 11.7% from January to July [6] Employment and Prices - The urban unemployment rate was stable at 5.2% in July, consistent with the same period last year [2] - The Consumer Price Index (CPI) rose by 0.4% month-on-month in July, while the Producer Price Index (PPI) saw a slight decrease of 0.2%, marking the first narrowing of the decline since March [4] New Growth Drivers - The high-tech manufacturing sector's added value grew by 9.3% year-on-year in July, continuing to outpace overall industrial growth [3] - The production of new energy vehicles surged by 17.1% in July, indicating a strong performance in this emerging sector [3] Service Sector Contribution - The service sector contributed over 60% to economic growth in the first half of the year, with a year-on-year increase of 5.5% in added value [7] - The transportation and postal services sector saw a production index increase of 5.5% in July, with significant growth in railway and international passenger transport [7]

Market Overview - The overnight performance of US stock indices showed a decline, with the Chinese concept index down by 0.29% [1] - Hong Kong's three major indices opened lower, with the Hang Seng Index down by 0.33%, the National Enterprises Index down by 0.34%, and the Hang Seng Technology Index down by 0.59% [1] Sector Performance - Large technology stocks collectively fell, with Baidu down nearly 2%, Alibaba down 1.43%, and other major players like Meituan, Tencent, and Xiaomi also experiencing declines, while JD.com managed to stay slightly positive [1] - Innovative drug concept stocks saw a rise, highlighted by Fosun Pharma securing a $645 million order, leading to a 7.55% increase in its stock price. Other pharmaceutical companies like Lijun Pharmaceutical, Yunding Xinyao, WuXi AppTec, and China Resources Pharmaceutical also experienced gains [1] - Lithium battery concept stocks continued their upward trend, with Tianqi Lithium Industries rising over 2% and Ganfeng Lithium up by 0.59% [1] - Sectors such as duty-free, automotive, Chinese brokerage firms, steel, and oil & gas equipment stocks generally declined, with China Duty Free Group down nearly 1% [1]

隔夜美股三大指数收跌，中概指数跌0.29%。港股三大指数今日低开，恒指跌0.33%，国指跌0.34%，恒 生科技指数跌0.59%。盘面上，大型科技股集体走低，其中，百度跌近2%，阿里巴巴跌1.43%，美团、 腾讯、小米均下跌，京东勉强飘红；创新药概念股走高，拿下6.45亿美元订单，复星医药涨7.55%，丽 珠医药、云顶新耀、药明合联、华润医药齐涨；昨日大涨的锂电池概念股继续上涨，天齐锂业涨超 2%，赣锋锂业涨0.59%，直播概念股、黄金股、苹果概念股多数上涨。另一方面，免税概念股、汽车 股、中资券商股、钢铁股、油气设备股普遍走低，权重中国中免跌近1%。(格隆汇) ...

Core Viewpoint - The lithium mining sector is experiencing a significant surge in stock prices, driven by supply constraints and rising lithium carbonate futures prices, which have increased over 36% since late June [1][2][5]. Industry Analysis - **Lithium Mining Sector**: Regulatory tightening is impacting some lithium mining companies, leading to increased expectations of supply contraction. Meanwhile, stabilizing overseas lithium prices are boosting industry confidence, benefiting listed companies from price increases due to supply reductions [5]. - **Lithium Battery Manufacturing Sector**: The continuous growth in new energy vehicle sales is driving demand for power batteries, with installed capacity increasing by 47.3% year-on-year in the first half of the year. The maturation of solid-state battery technologies presents new development opportunities for the industry [5]. - **Lithium Equipment Sector**: The traditional lithium battery industry is gradually recovering, and capacity expansion is underway. The changing requirements for equipment due to solid-state batteries are expected to create new growth opportunities for lithium equipment companies [5]. Key Companies - **Tianqi Lithium**: A leading global lithium producer, expected to turn a profit in the first half of 2025 with a net profit of 0-1.55 billion yuan, benefiting from shortened lithium pricing cycles and optimized inventory costs [6]. - **Ganfeng Lithium**: A leading lithium product company with deep involvement in solid-state battery technology, having completed relevant R&D and industrialization layouts [7]. - **CATL (Contemporary Amperex Technology Co., Limited)**: A leader in power batteries, actively developing solid-state battery technology, with energy density breakthroughs expected to exceed 500Wh/kg and small-scale production of solid-state batteries anticipated by 2027 [7]. - **Cangge Mining**: A salt lake lithium extraction company, expecting a net profit of 1.75-1.90 billion yuan in the first half of the year, representing a year-on-year growth of 34.93%-46.49% [8].

Group 1 - The board of directors of Hangcha Group convened its 26th meeting on July 18, 2025, with all 9 directors present, and the meeting was deemed legal and effective [1][2] - The company plans to establish a joint venture named "France Ales Lithium Battery Co., Ltd." in France with MANITOU BF, aiming to enhance its global industrial chain layout and respond to changes in the international trade environment [1] - The registered capital for the joint venture is set at 600 million euros, with Hangcha Group holding a 51% stake and MANITOU BF holding 49% [1] Group 2 - The joint venture will focus on the production, assembly, and sales of battery cells, modules, and systems, as well as providing customized lithium battery services and technical consulting [1] - The final registration details and name of the joint venture will be confirmed based on local regulations and approvals [2]

Core Insights - In the first half of this year, China approved the establishment of 524 national standard materials, representing a year-on-year increase of 78.8% [1] - The total number of approved national standard materials has reached 18,982, with the country maintaining a leading position in international measurement mutual recognition capabilities [1] Group 1: National Standard Materials Overview - National first-level standard materials accounted for 5.9% of the total, with 31 items approved, showing a year-on-year growth of 47.6% [1] - National second-level standard materials made up 94.1% of the total, with 493 items approved, reflecting a year-on-year increase of 81.3% [1] Group 2: Application Areas - In the environmental monitoring sector, 202 standard materials were approved, accounting for 38.6% of the total, with a year-on-year growth of 69.7% [2] - The manufacturing and petrochemical industries saw the approval of 150 standard materials, representing 28.6% of the total, with a significant year-on-year increase of 108.3% [2] - In the food and agricultural product safety testing sector, 134 standard materials were approved, making up 25.6% of the total, with a year-on-year growth of 78.6% [2] - The medical and health sector had 38 standard materials approved, accounting for 7.2% of the total, with a year-on-year increase of 40.7% [2] Group 3: Specific Developments - The newly approved EGFR gene mutation genomic DNA standard material is expected to enhance the quality of companion diagnostics for targeted therapy in non-small cell lung cancer, thereby improving treatment outcomes [1] - The newly established series of graphite physical property standard materials will provide precise and reliable testing benchmarks for lithium battery manufacturers, supporting raw material quality control and production process optimization [2]

Group 1: Economic Indicators - In June, the CPI increased by 0.1% year-on-year, marking a shift from decline to growth, indicating positive changes in the price sector [1] - Despite the increase, both CPI and PPI remain at low levels, suggesting that the momentum for sustained recovery needs to be strengthened [1] - China's overall low inflation amidst global high inflation reflects strong supply assurance capabilities, supported by a complete industrial chain, abundant labor resources, and an efficient logistics system [1] Group 2: Supply-Side Structural Reforms - Enhancing supply quality and efficiency is essential for transforming growth momentum and achieving high-quality economic development [2] - Continued deepening of supply-side structural reforms is necessary to adjust structures, expand effective supply, and improve adaptability to demand changes [2] - Measures to address overcapacity and "involution competition" in certain sectors, such as automotive manufacturing and photovoltaic equipment, are being implemented to maintain fair competition and optimize industry ecology [2] Group 3: Demand Expansion Strategies - Stimulating effective demand and expanding new market spaces are crucial for sustainable economic development [3] - A series of policies aimed at boosting domestic demand have been introduced, including tax reductions and consumption environment optimization, showing significant effects in sectors like automotive and home appliances [3] - Investment in public welfare areas such as education, healthcare, and housing is essential to enhance residents' consumption capacity and confidence [3] Group 4: New Productive Forces - Cultivating new productive forces is vital for promoting supply-demand coordination during the economic transformation [4] - Encouraging social capital investment in smart manufacturing, digital economy, and new infrastructure is necessary to drive economic growth and structural optimization [4] - The development of new productive forces requires collaboration among government, enterprises, and society to create a supportive environment and enhance research and market expansion efforts [4]

Economic Overview - In June, the Consumer Price Index (CPI) increased by 0.1% year-on-year, marking a shift from negative to positive growth, with food prices showing a reduced decline and non-food prices slightly rising [1] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with a widening decline, indicating that living material prices performed better than production material prices [1] - The average CPI for the first half of the year was -0.1%, while the average PPI was -2.9%, reflecting a low overall price level in the domestic market [1] External Factors - International commodity prices have decreased, creating downward pressure on domestic prices, particularly affecting industries related to oil and gas, with oil and gas extraction prices down by 12.6% year-on-year and fuel prices down by 10.4% [1] - The rise of anti-globalization sentiments and "reciprocal tariffs" from the U.S. has led to increased trade barriers, impacting China's export industries and potentially leading to further price declines in related sectors [2] Internal Factors - The acceleration of energy structure transformation and the increase in green energy have contributed to lower energy prices, with coal mining and washing prices dropping by 21.8% year-on-year due to reduced demand for thermal power [2] - Intense market competition in certain industries, particularly in manufacturing, has led to price suppression, with many companies engaging in price wars due to product homogeneity [3] Structural Price Changes - Policies aimed at reducing "involution competition" have helped alleviate overcapacity in certain sectors, leading to a narrowing of price declines in industries such as automotive manufacturing and lithium battery production [3] - Consumption-boosting policies have positively impacted certain consumer goods sectors, resulting in price increases for items like arts and crafts, sports goods, and smart consumer products [4] - High-tech industries related to smart manufacturing and digital economy are experiencing rapid growth, with product prices showing a year-on-year increase, indicating a promising future for economic transformation [5]

Core Viewpoint - The article discusses the advancements in lithium battery manufacturing, particularly focusing on the transition to more efficient and environmentally friendly drying technologies, such as the new planar infrared drying system introduced by Leisuo New Materials, which aims to address energy consumption and space utilization issues in the production process [1][2][10]. Group 1: Industry Trends - Over the past five years, Chinese battery manufacturers have led the global market with a focus on speed and scale, significantly advancing the entire supply chain [1]. - As of 2024, the manufacturing landscape is shifting, with cell prices dropping to 0.3 yuan/Wh, and leading companies are accelerating their international expansion [1]. - The industry consensus emphasizes the need to overcome bottlenecks in the early stages of production, particularly in the processes of pulping, coating, and drying, under the dual constraints of energy conservation and rapid delivery [1]. Group 2: Technological Innovations - Leisuo New Materials is set to unveil its new high-efficiency coating drying technology, the planar infrared system, at the 18th High-Tech Lithium Battery Industry Summit [2]. - The new infrared drying technology is positioned as a primary process rather than a supplementary heat source, marking a significant advancement in lithium battery manufacturing [3]. - The core of this system is a graphene-coated infrared module that achieves over 80% infrared conversion efficiency at temperatures between 200°C and 300°C, allowing for more effective heating of coating materials [4]. Group 3: System Benefits - The planar infrared system offers a 30% reduction in drying oven volume, freeing up factory space and saving on construction investments [7]. - It can achieve over 50% energy savings by completely replacing traditional hot air systems, eliminating the need for thermal oil boilers and hot air ducts [14]. - The system also enhances production speed by over 40%, significantly increasing the capacity of production lines [14]. Group 4: Market Adaptation - The planar infrared system addresses challenges associated with overseas expansion, such as the need for large boiler systems and high carbon emissions from traditional hot air drying methods [10][11]. - The all-electric solution of the new system allows for flexible factory designs and aligns with global clean manufacturing trends by enabling the use of green electricity [12]. - The modular design of the system supports quick retrofitting of existing hot air ovens, facilitating a rapid transition to electric heating [12]. Group 5: Broader Implications - The integration of ultrasonic technology in the development of the infrared drying system enhances the overall efficiency and sustainability of lithium battery manufacturing [15][17]. - The current phase of transformation in lithium battery manufacturing emphasizes the importance of equipment efficiency and energy conservation as critical factors for competitiveness in the global market [18].

Core Viewpoint - Yihui Lithium Energy is restructuring its operations by dissolving its Beijing branch while establishing a new company in Beijing to enhance its capital strength and international competitiveness through an H-share listing in Hong Kong [4][9]. Group 1: Company Restructuring - On June 16, Yihui Lithium Energy announced the dissolution of its Beijing Technology Branch, authorizing management to handle the related matters [4]. - A new company, Beijing Yihui Lithium Energy Co., Ltd., was established on February 14, 2025, with a registered capital of 10 million RMB, fully owned by Yihui Lithium Energy [7][8]. Group 2: Financial Performance - For the year 2024, Yihui Lithium Energy reported a revenue of 48.615 billion RMB and a net profit attributable to shareholders of 4.076 billion RMB, with a year-on-year growth of 14.76% [9]. - The company achieved a net operating cash flow of 4.434 billion RMB and invested 3.060 billion RMB in R&D, marking a 6.58% increase from the previous year [9]. - The total shipment of power batteries reached 30.29 GWh, a year-on-year increase of 7.87%, while the shipment of energy storage batteries surged to 50.45 GWh, reflecting a 91.9% growth [9].