Group 1 - The company Beiwai Technology (SZ 002148) announced its 17th meeting of the 8th board of directors held on August 21, 2025, discussing the full and summary report for the first half of 2025 [1] - For the year 2024, Beiwai Technology's revenue composition is as follows: information transmission and computer services and software account for 61.07%, while other businesses account for 38.93% [1] - As of the report, Beiwai Technology has a market capitalization of 6.9 billion yuan [1]

Group 1: Industrial Growth - In July, the industrial added value of large-scale enterprises in Zhejiang Province increased by 5.3% year-on-year, with 22 out of 37 industrial categories showing positive growth [1] - Key industries contributing to this growth include automotive (17.3%), tobacco (16.7%), computer communication electronics (15.8%), instrumentation (14.0%), and chemical raw materials (7.7%), collectively driving a 4.0 percentage point increase in industrial added value [1] - The new product output rate for large-scale industrial enterprises reached 41.9%, up by 0.6 percentage points year-on-year, indicating a sustained enhancement of innovative momentum [1] Group 2: Service Sector Performance - In the first half of the year, the operating income of large-scale service enterprises (excluding wholesale, retail, accommodation, financial, and real estate sectors) was 1.75 trillion yuan, reflecting an 8.7% year-on-year growth [1] - The information transmission, software, and IT service sectors saw a 12.1% increase in operating income, while leasing and business services grew by 8.4%, contributing a combined 6.9 percentage points to the overall service sector growth [1] - Emerging service industries are rapidly developing, with the digital economy core service industry, technology services, and high-tech services experiencing revenue growth of 12.5%, 12.2%, and 10.8%, respectively [1] Group 3: Investment Trends - From January to July, fixed asset investment decreased by 1.9%, but excluding real estate development, it grew by 8.0% [2] - Investment in the livelihood sector has strengthened, with infrastructure investment increasing by 8.7%, accounting for 26.8% of total investment, up by 2.6 percentage points year-on-year [2] - Equipment and tool purchases saw a significant increase of 12.4%, contributing 1.2 percentage points to overall investment growth [2] Group 4: Retail and Consumption - In July, the total retail sales of consumer goods reached 300.8 billion yuan, marking a 4.4% year-on-year increase, with commodity retail growing by 4.9% [2] - Online consumption showed strong momentum, with retail sales through public networks increasing by 11.7% [2] - Notable growth in quality of life-related consumption was observed, with retail sales of wearable smart devices, photographic equipment, home appliances, and new energy vehicles increasing significantly [2]

Group 1: Economic Policy and Internal Demand - The central government emphasizes the need to effectively release internal demand potential to support economic growth [1] - The contribution rate of internal demand to GDP growth reached 68.8% in the first half of the year, with final consumption expenditure contributing 52% [2] - Policies such as the consumption upgrade program have been implemented to stimulate consumer spending, with significant retail growth in various categories [2] Group 2: Service Consumption Growth - Service consumption has been growing rapidly, with the proportion of per capita service consumption expenditure reaching 46.1% in 2024, contributing 63% to overall consumption growth [3] - Households are increasingly spending on services like home care, fitness, and tourism, surpassing spending on goods [3] - Strategies to activate consumption demand include creating immersive consumption scenarios and issuing targeted consumption vouchers [3] Group 3: Investment Expansion - The government has allocated 800 billion yuan for key construction projects and 735 billion yuan for central budget investments this year [4] - Infrastructure investment in key sectors has seen rapid growth, with water management and information transmission investments increasing by 12.6% and 8.3%, respectively [4] - Manufacturing investment grew by 6.2% in the first seven months, driven by traditional industry upgrades and new equipment purchases [4] Group 4: Structural Optimization of Investment - There is a need to optimize investment structure to meet changing demands, focusing on areas like education, healthcare, and quality housing [5] - Major projects should lead and stimulate upstream and downstream industry development, while also adapting to consumer demand changes [5] - Recommendations include improving investment efficiency by aligning social welfare improvements with effective investment strategies [5] Group 5: Reform and Market Integration - The economy is recovering, but internal demand remains a significant constraint, necessitating continued policy focus on stabilizing employment and market expectations [6] - Effective release of internal demand requires precise policies and resource allocation, focusing on high-quality and efficient investment projects [6] - The government aims to deepen reforms to enhance market integration and address supply-demand mismatches [6][7]

Core Viewpoint - The article emphasizes that under the strong leadership of the central government, China's economy has shown resilience and vitality, achieving a GDP growth of 5.3% in the first half of the year, positioning it as a leader among major economies [2][4]. Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, maintaining a leading position among major economies [2]. - The retail sales of consumer goods increased by 5.0% year-on-year, indicating a recovery in domestic consumption [5]. - Exports rose by 7.2% year-on-year, with high-end equipment exports growing by over 20% [5]. Policy Measures - The government has implemented more proactive fiscal policies and moderately loose monetary policies to stabilize the economy [4]. - Policies such as consumption incentives and infrastructure investment have been introduced to stimulate effective demand [5]. Technological Innovation - The manufacturing sector has seen significant growth, with the added value of equipment manufacturing increasing by 10.2% and high-tech manufacturing by 9.5% [8]. - R&D expenditure accounted for nearly 2.7% of GDP, surpassing the EU average [5]. Domestic Market Dynamics - The domestic market is characterized by its vast scale and potential, with consumption in lower-tier cities showing significant growth [12]. - The contribution of domestic demand to GDP growth was 68.8%, highlighting the importance of the domestic market [18]. Trade and External Relations - China's foreign trade has remained robust, with imports and exports exceeding 10 trillion yuan for nine consecutive quarters [14]. - Trade with countries involved in the Belt and Road Initiative accounted for 51.8% of total trade, diversifying market risks [14]. Corporate Environment - The number of business entities in China exceeded 1.91 million, with a notable increase in new business registrations [23]. - Enterprises are increasingly focusing on innovation and adapting to market demands, with a rise in exports from private and foreign enterprises [25]. Social Welfare and Economic Growth - The government has prioritized social welfare, with significant increases in spending on social security, education, and healthcare [29]. - The per capita disposable income of residents grew by 5.4% year-on-year, contributing to improved consumer confidence and spending [30].

Key Points - From July 1 to August 11, the total number of railway passengers exceeded 600 million, reaching 616 million, with a year-on-year increase of 4.0% and an average daily passenger count of 14.675 million [3] - In the first seven months, the express delivery business volume reached 112.05 billion pieces, showing a year-on-year growth of 18.7% [5] - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month, with the equipment manufacturing sector growing by 8.4% and high-tech manufacturing by 9.3% [8] - The service production index in July grew by 5.8% year-on-year, with significant increases in information transmission, software, IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [15] - By June 2025, the total number of 5G base stations is expected to increase fivefold compared to 2020, reaching 4.55 million, while the number of broadband users is projected to grow 34 times to 226 million [13] - In the first half of the year, 13.278 million new business entities were established, including 4.62 million new enterprises and 8.629 million new individual businesses [21] - Under the "Two New" policy, from April 2024 to July 2025, the amount spent on machinery and equipment is expected to grow by 7.3%, with sales of household appliances and audiovisual equipment increasing by 44.5% and 22.8% respectively, and new energy vehicle sales rising by 81.7% [23] - Recently, 188 billion yuan in investment subsidies for equipment upgrades has been fully allocated [19]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View In July 2025, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, the national economy maintained a steady - advancing development trend, with sustained growth in production and demand, overall stable employment and prices, the cultivation and expansion of new - quality productive forces, and new achievements in high - quality development [3]. 3. Summary by Relevant Catalogs Industry - In July, the national above - scale industrial added value increased by 5.7% year - on - year and 0.38% month - on - month. From January to July, it increased by 6.3% year - on - year. The manufacturing PMI was 49.3%, and the enterprise production and operation activity expectation index was 52.6%. From January to June, the total profit of above - scale industrial enterprises was 34365 billion yuan, a year - on - year decrease of 1.8% [3]. Service - In July, the national service industry production index increased by 5.8% year - on - year. From January to July, it increased by 5.9% year - on - year. The service industry business activity index was 50.0%, and the service industry business activity expectation index was 56.6%. Some industries were in the high - level boom range [4]. Consumption - In July, the total retail sales of consumer goods were 38780 billion yuan, a year - on - year increase of 3.7% and a month - on - month decrease of 0.14%. From January to July, the total retail sales of consumer goods were 284238 billion yuan, a year - on - year increase of 4.8%. The national online retail sales were 86835 billion yuan, a year - on - year increase of 9.2%. The service retail sales from January to July increased by 5.2% year - on - year [5]. Investment - From January to July, the national fixed - asset investment (excluding rural households) was 288229 billion yuan, a year - on - year increase of 1.6%. Excluding real estate development investment, it increased by 5.3%. Infrastructure investment increased by 3.2%, manufacturing investment increased by 6.2%, and real estate development investment decreased by 12.0% [6]. Import and Export - In July, the total value of goods imports and exports was 39102 billion yuan, a year - on - year increase of 6.7%. From January to July, the total value of goods imports and exports was 256969 billion yuan, a year - on - year increase of 3.5%. Exports increased by 7.3%, and imports decreased by 1.6% [7]. Price - In July, the national consumer price (CPI) was flat year - on - year and increased by 0.4% month - on - month. The core CPI increased by 0.8% year - on - year. The national industrial producer price index (PPI) decreased by 3.6% year - on - year and 0.2% month - on - month [8]. Employment - From January to July, the average national urban surveyed unemployment rate was 5.2%. In July, it was 5.2%, up 0.2 percentage points from the previous month and the same as the same month last year [9].

国家统计局15日发布数据显示，7月份，生产需求持续增长，就业物价总体稳定，新质生产力培育壮大，高质量发展取得新成效，国民经济保 持稳中有进发展态势。 同比分别增长24.2%、Z4.U%、17.1% 权威数读 新华社 RER 务业较快增长 : 14 现代服务业增势良好 今日肥タルナナセ粘目レゼピ 00/ 当前次。 1日文 | 1 | 2 信息传输、软件和信息技术服务业 金融业，租赁和商务服务业生产指数 同比分别增长11.9%、8.7%、8.0% 新华社 > 仪顾到读 市场销售继续增1 服务零售增长较快 扣除食品和能源价格后的 核心CPl同比上涨0.8% 涨幅比上月扩大0.1个百分点 权履受赎 美物雄州口增长加快 员易结构继续优化 权威数读 新华社 AX 货物进出口总额 39102亿元 同比增长6.7% 权威数读 新华社 AX 足民消费价格同比持平 核心CPI连续回升 全国居民消费价格（CPI） 同比持平 环比上涨0.4% sh all 社会消费品零售总额38780亿元 同比增长3.7% 限额以上单位粮油食品类、日用品类 体育娱乐用品类、金银珠宝类商品零售额 分别增长8.6%、8.2%、13.7%、8.2% 一权 ...

Core Viewpoint - In July, the service industry production index grew by 5.8% year-on-year, supported by macro policy effects, contributing significantly to stable economic performance [1]. Group 1: Service Industry Performance - The service industry added value increased by 5.5% year-on-year in the first half of the year, contributing 60.2% to economic growth, highlighting its importance as a growth driver [1]. - The modern service sector experienced rapid growth, with the information transmission, software, and IT services production index rising by 11.9%, significantly outpacing the overall service industry growth [2]. - The rental and business services production index grew by 8% year-on-year, maintaining a strong growth trajectory [2]. Group 2: Emerging Services and Digital Transformation - New service sectors are emerging, with rapid advancements in artificial intelligence and humanoid robots enhancing productivity in scientific research and technical services [2]. - From January to June, the revenue of information services and R&D services saw double-digit growth, indicating a robust expansion in these areas [2]. - The digital transformation is accelerating, with cultural and sports digital services growing rapidly, as evidenced by a more than 10% increase in transaction volume for leading cultural and sports service platforms from January to July [2]. Group 3: Tourism and Financial Services - The tourism and travel-related services showed increased activity, with the transportation, warehousing, and postal services production index rising by 5.5% year-on-year, reflecting a 0.4 percentage point acceleration from the previous month [2]. - Railway passenger volume increased by 6.6% year-on-year, and international flight passenger volume grew by 15.7%, indicating a rebound in travel demand [2]. - The financial services sector also saw robust growth, with the financial industry production index increasing by 8.7% year-on-year, up 1.4 percentage points from the previous month [3]. Group 4: Future Outlook - The service industry is expected to continue its growth due to favorable conditions such as industrial upgrades increasing demand for R&D services and changes in consumer spending patterns boosting demand for leisure services [3]. - The business activity expectation index for the service industry was 56.6% in July, indicating a positive outlook among service sector enterprises [3]. - The government aims to implement policies to support the service industry's development, ensuring sustained growth and high-quality economic development [3].

Economic Overview - In July, the national economy maintained a steady and progressive development trend, with industrial added value increasing by 5.7% year-on-year and retail sales of consumer goods reaching 38,780 billion yuan, up 3.7% year-on-year [1][2][10] Industrial Production - The industrial added value for July increased by 5.7% year-on-year and 0.38% month-on-month, with mining, manufacturing, and electricity sectors growing by 5.0%, 6.2%, and 3.3% respectively [3] - High-tech manufacturing and equipment manufacturing saw significant growth, with increases of 9.3% and 8.4% year-on-year, respectively [3] - The manufacturing purchasing managers' index was recorded at 49.3, indicating a slight contraction in manufacturing activity [3] Service Sector - The service sector production index rose by 5.8% year-on-year in July, with notable growth in information transmission, finance, and business services [4] - The business activity index for the service sector was at 50.0, indicating stability, while the business activity expectation index was at 56.6, suggesting positive future expectations [4] Retail Sales - Retail sales of consumer goods totaled 38,780 billion yuan in July, marking a 3.7% year-on-year increase, with urban and rural retail sales growing by 3.6% and 3.9%, respectively [5] - Online retail sales reached 86,835 billion yuan, up 9.2% year-on-year, with physical goods accounting for 24.9% of total retail sales [5] Fixed Asset Investment - Fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July, growing by 1.6% year-on-year, with manufacturing investment increasing by 6.2% [6] - Infrastructure investment grew by 3.2%, while real estate development investment saw a decline of 12.0% [6] Trade and Exports - In July, the total value of goods imports and exports was 39,102 billion yuan, up 6.7% year-on-year, with exports increasing by 8.0% and imports by 4.8% [7] - From January to July, the total value of goods imports and exports was 256,969 billion yuan, a 3.5% increase year-on-year [7] Employment and Prices - The urban survey unemployment rate was stable at 5.2% in July, with a slight seasonal increase [8] - The Consumer Price Index (CPI) remained flat year-on-year in July, with core CPI rising by 0.8% [9]

7月份国民经济保持稳中有进发展态势。 据国家统计局消息，7月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实 党中央、国务院决策部署，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展 格局，加紧实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济保持稳中有进发展 态势，生产需求持续增长，就业物价总体稳定，新质生产力培育壮大，高质量发展取得新成效。 一、工业生产较快增长，装备制造业和高技术制造业发展较好 7月份，全国规模以上工业增加值同比增长5.7%，环比增长0.38%。分三大门类看，采矿业增加值同比 增长5.0%，制造业增长6.2%，电力、热力、燃气及水生产和供应业增长3.3%。装备制造业增加值同比 增长8.4%，高技术制造业增加值增长9.3%，分别快于全部规模以上工业增加值2.7和3.6个百分点。分经 济类型看，国有控股企业增加值同比增长5.4%；股份制企业增长6.5%，外商及港澳台投资企业增长 2.8%；私营企业增长5.0%。分产品看，3D打印设备、工业机器人、新能源汽车产品产量同比分别增长 24.2%、24.0%、17.1%。1—7月份，全国规模以上工业 ...