1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the temporary easing of China-US trade negotiations led to the release of previously postponed production demand, driving the PMI to rise. However, there is still uncertainty about the tariff outlook, and the recovery of new orders is relatively slow. The domestic off - season effect is becoming more prominent, and the contribution of domestic demand to new order growth has decreased compared to April [3][9]. - For the bond market, the fundamental conditions still provide support. Considering the historical experience of trade frictions from 2018 - 2019, there may be fluctuations in subsequent tariff policy negotiations. The uncertainty of external conditions may affect expectations, production, and inventory - stocking intentions and rhythms. The "rush - to - export" elasticity in May is not significantly higher than that in April, and the year - on - year increase in May's exports may be lower than expected. In the traditional off - season, the potential for unexpected growth in domestic demand in May is limited, so the bond market is still supported. Attention should be paid to the data verification in June and potential "expectation gaps" [3][41]. 3. Summary by Directory 3.1 Manufacturing PMI: External Disturbances Ease, PMI Moderately Recovers 3.1.1 Supply and Demand: Tariff Disturbances Ease, Production Accelerates Recovery - In May, production increased by 0.9 pct month - on - month to 50.7%, returning to the expansion range. The easing of Sino - US economic and trade negotiations in mid - May slowed the decline in exports, and the demand for existing foreign trade orders was released in an orderly manner, accelerating the production and procurement rhythms compared to April. The procurement volume index increased by 1.3 pct month - on - month to 47.6%, and imports increased by 3.7 pct month - on - month to 47.1%, with the decline significantly narrowing [16]. - Demand stabilized in May, and new orders improved moderately. New orders increased by 0.6 pct month - on - month to 49.8% but remained in the contraction range. After the easing of trade negotiations, export orders recovered marginally, reducing the contraction of new orders. However, the difference between "new orders - new export orders" narrowed, and domestic demand orders decreased due to the off - season, which may limit the recovery of new orders [19]. 3.1.2 Foreign Trade: Negotiations Ease, New Export Orders are Concentratedly Released - In May, the easing of tariff negotiations led to the release of overseas order increments. New export orders and imports increased by 2.8 pct and 3.7 pct month - on - month to 47.5% and 47.1% respectively, with their elasticity restored. Combining the month - on - month changes in April and May, both were better than the same period in previous years, indicating a wider improvement in the foreign trade prosperity of manufacturing enterprises in May [26]. 3.1.3 Price: External Disturbances Narrow, Price Decline Slows - In May, the impact of the traditional off - season became more evident, and the prices of upstream bulk commodities remained weak, causing prices to decline slightly. The purchase price of raw materials and the ex - factory price both decreased by 0.1 pct month - on - month to 46.9% and 44.7% respectively. Although the price continued to weaken marginally, the narrowing of external disturbances slowed the price decline [31]. 3.1.4 Inventory: Increased Procurement Boosts Raw Material Replenishment, and Products are Rapidly De - stocked - In May, with the acceleration of procurement, raw material inventories increased, and downstream de - stocking accelerated. The easing of the negotiation situation accelerated the shipment of downstream exports, and finished product inventories decreased by 0.8 pct month - on - month to 46.5%. As the production rhythm recovered, the material procurement volume increased month - on - month, and raw material inventories increased by 0.4 pct month - on - month to 47.4% [35]. 3.2 Non - manufacturing PMI: The Drag of Real Estate Construction May Continue to Expand, and the Service Industry during the Holiday Season Shows Many Highlights - In May, the non - manufacturing PMI was 50.3%, a month - on - month decrease of 0.1 pct. Among them, the service industry PMI increased by 0.1 pct month - on - month to 50.2%, and the construction industry PMI decreased by 0.9 pct month - on - month to 51.0%, with the expansion continuing to slow due to the drag of real estate construction demand [36]. 3.2.1 Construction Industry - In May, the construction industry PMI continued to decline, while infrastructure demand further strengthened. The new export orders of civil engineering construction rose above 60%, significantly driving the industry PMI to climb for two consecutive months and reach above 62%. The easing of trade negotiations boosted the acceleration of overseas infrastructure investment to some extent. However, the overall construction industry PMI continued to decline, indicating that the activity rhythm of the housing construction industry may have further contracted in May [2][36]. 3.2.2 Service Industry - Holiday consumption boosted the improvement of the service industry PMI. In May, the expansion of the service industry PMI accelerated slightly. The production and new order indices of the information service industry maintained strong expansion. The release of consumption demand during the May Day holiday significantly increased the month - on - month PMI of railway, air, and water transportation industries. The accommodation and catering industries rose above the boom - bust line, ending three consecutive months of contraction [2][36].

Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a significant increase of 0.5 percentage points from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-energy industries continue to decline, with the PMI dropping to 47.0%, down 0.7 percentage points, indicating ongoing challenges in these sectors[6] External Trade - The new export orders index rose to 47.5%, a significant increase of 2.8 percentage points, indicating a recovery in export activities following tariff reductions[21] - The import index increased to 47.1%, up 3.7 percentage points, suggesting improved import conditions[21] Service Sector - The service sector PMI increased slightly to 50.2%, up 0.1 percentage points, remaining in the expansion zone, driven by increased tourism and hospitality activities during the May Day holiday[31] Construction Sector - The construction PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion primarily due to weakened housing demand, although infrastructure projects are accelerating[35] - Special bond issuance has increased significantly, with 443.2 billion yuan issued in May, up from 230.1 billion yuan in April, supporting investment in infrastructure[35]

Core Viewpoint - The 2025 Beijing Conference on High-Quality Development of the Catering Industry emphasizes the importance of catering consumption as a key driver for domestic demand, highlighting the sector's robust growth and digital transformation efforts in Beijing [4][5]. Group 1: Catering Industry Growth - Service consumption in China is expanding, with catering consumption showing significant performance, becoming a crucial engine for domestic demand [4]. - From January to April, the national service retail sales increased by 5.1% year-on-year, with April's catering revenue growth reaching 5.2%, accelerating by 0.5 percentage points compared to the first quarter [4]. Group 2: Digital Transformation - Beijing's catering industry is experiencing notable digital transformation, with the "internet penetration rate" of key catering enterprises rising to 61.1% [4]. - New business models such as live streaming sales and instant retail are promoting deep integration of online and offline operations [4]. Group 3: Future Consumption Strategies - Recommendations for boosting future consumption include optimizing service supply through new technologies to enhance quality and experience [5]. - There is a call for deeper integration of business, culture, tourism, and sports to create diversified consumption scenarios [5]. - Strengthening county-level layouts and improving rural consumption infrastructure are suggested to activate the county market [5].

北京商报讯（记者 蔺雨葳）作为中国国际服务贸易交易会的重磅常态化活动，2025北京餐饮产业高质 量发展会议5月29日在北京国际饭店圆满举办。本届会议以"寻路餐饮消费力"为主题，齐聚政府部门、 餐饮领军企业、行业专家及技能大师，共商首都餐饮产业提质升级路径。 会上，北京日报报业集团京报移动传媒副总经理、京报网总编辑赵昆发表主旨演讲，分享了AI技术在 媒体与餐饮行业融合创新的实践与思考。赵昆介绍，北京日报报业集团融媒体矩阵拥有4亿+用户量、2 亿+日均阅读量，着13个千万级和58个百万级粉丝平台。京报移动传媒作为集团融媒体主要承载平台， 依托媒体资源和技术创新，成功研发"京报妙手"AI智能写作助手，具备内容安全把关、舆情风险预警、 内容辅助生产等功能，并应用于新闻报道、内容审核、公文写作等领域，大大提高了工作效率和质量。 赵昆特别强调，AIGC的媒体应用是让优质的内容生产从流水线作业走向智能化生产。针对餐饮行业， 赵昆表示，从管理角度看，如何更好地进行成本的控制、人员管理、供应链优化等，都需要不断进行优 化。京报移动传媒具备定制式研发餐饮企业管理系统的能力，也愿意为餐饮企业稳健发展和智能管理提 供助力。作为首都党 ...

Core Insights - The "2025 Deep Blue Media Think Tank Annual Forum" was held in Beijing, focusing on the role of professional media in promoting domestic consumption and the integration of media and finance [1][3] - The Deep Blue Media Think Tank, part of the Beijing Daily Media Group, has published 30 reports and organized 31 salons since its establishment in 2023, aiming to enhance its influence in the finance sector [3] - The forum's theme was "Innovative Consumption Power, Unified Big Market," featuring discussions on high-quality development paths in tourism, liquor, and catering industries, along with the release of six annual reports on various hot topics [3][4] Group 1 - The forum provided a high-end platform for elites to exchange ideas and share experiences, focusing on the high-quality development of the consumption market [4] - The Deep Blue Think Tank aims to bridge gaps in various industries by conducting in-depth research and providing recommendations to boost consumption and expand domestic demand [3][4] - The event gathered hundreds of guests from various sectors to explore practical solutions for stimulating consumption and promoting innovation [3][4] Group 2 - The forum utilized a "theme + topic" format to delve into cutting-edge issues in consumption, tourism, liquor, and catering, showcasing the responsibilities of media think tanks in the new era [4] - The Deep Blue Think Tank plans to continue leveraging its media advantages to transform research findings into actionable cases and reports, contributing to market potential and economic development in Beijing [3][4]

Group 1: Economic Performance - In Q1 2025, the service industry in Gulou District achieved operating income accounting for one-fifth of the total city revenue, indicating strong momentum in high-quality service development [1] - The total retail sales of consumer goods reached 32.185 billion yuan, and trade sales amounted to 219.77 billion yuan, both ranking first in the city [3] Group 2: Industry Development - Gulou District is focusing on future industries such as artificial intelligence, biomedicine, and green low-carbon technologies, with significant projects signed, including partnerships with "unicorn" companies and state-owned enterprises [2] - The establishment of the "Algorithm Space" AI innovation community aims to create a collaborative environment for government and enterprises, enhancing the integration of AI with the real economy [2] Group 3: Consumer Trends - The district has actively promoted consumption through various initiatives, resulting in significant growth in trade-in orders, with home appliances and mobile phones seeing increases of 118% and 129% respectively [3] - The launch of the first Michelin Guide in Jiangsu Province highlighted Gulou as a culinary hub, with several restaurants receiving accolades, contributing to the local dining industry's growth [4] Group 4: Cultural and Tourism Integration - The district is leveraging cultural and tourism resources through events like "Ticket in Hand, Gulou Fun," integrating various businesses to enhance the visitor experience [5] - The combination of commerce, culture, and tourism is becoming a new consumption trend, with initiatives aimed at creating innovative service consumption scenarios [4] Group 5: Service Optimization - Gulou District is upgrading its service model to better meet the needs of businesses throughout their lifecycle, aiming to enhance the overall business environment [6] - Specialized meetings have been held to address the needs of financial and legal services, facilitating better communication between enterprises and local government [7] Group 6: Future Outlook - The district is committed to improving its business environment and enhancing core competitiveness, focusing on innovation and practical efforts to achieve economic growth [8]

Core Viewpoint - The training program focused on low-carbon management in the restaurant supply chain, aiming to provide new momentum for the industry's low-carbon transformation under China's "dual carbon" goals [1][17]. Group 1: Training Program Overview - The first session of the training program was successfully held in Guangzhou, attracting nearly a hundred executives and technical personnel from various sectors including the restaurant and hotel industries, kitchen engineering equipment companies, research institutions, and carbon consulting services [1]. - The program is recognized as the first authoritative training project in China that focuses on the low-carbonization of the restaurant supply chain [1]. Group 2: Key Insights from Experts - The Secretary-General of the China Electronic Energy Conservation Technology Association emphasized the need for a comprehensive low-carbon management system from farm to table in the restaurant industry [3]. - The Vice Dean of Jinan University Management School highlighted the role of universities in providing professional talent and innovative solutions for the industry [5]. Group 3: Policy and Technology Insights - A detailed analysis of the "dual carbon" strategic framework was presented, discussing the impact of carbon market mechanisms and international carbon tariffs on the restaurant supply chain [7]. - The need for China's carbon labeling system to accelerate mutual recognition with international standards was emphasized to integrate domestic low-carbon practices into the global market [8]. Group 4: Innovations in Low-Carbon Kitchen Supply Chain - Experts discussed innovations in zero-carbon (near-zero carbon) kitchen supply chain management, focusing on the latest developments in technical standards for kitchen design and product energy efficiency [10]. - A methodology for low-carbon transformation was proposed, integrating supply chain management theory with practical applications in procurement, production, and logistics [11]. Group 5: Industry Collaboration and Solutions - A seminar on carbon footprint and labeling was held, where representatives from the restaurant industry, kitchen equipment manufacturers, and carbon service organizations explored low-carbon technology applications [14]. - The sharing of carbon labeling practices from the home appliance industry provided insights into how carbon footprint accounting can address challenges posed by international carbon tariffs [14]. Group 6: Future Directions and National Promotion - The training program aims to promote zero-carbon design standards and low-carbon technologies nationwide, transitioning the industry from "single energy saving" to "full-chain decarbonization" [17]. - The establishment of a "zero-carbon supply chain guesthouse" and the awarding of certificates to participants signify a commitment to fostering a sustainable restaurant industry [17].

Economic Overview - The county aims to double its GDP and tax revenue within five years, focusing on ecological protection and high-quality development [1] - The preliminary estimate for the total GDP reached 29.44 billion yuan, with a year-on-year growth of 5.8% [1] Agricultural Sector - The total agricultural output value reached 11.95 billion yuan, with a year-on-year increase of 5.1% [2] - Total grain production was 644,000 tons, with summer grain at 328,000 tons and autumn grain at 316,000 tons, showing slight growth [2] - Agricultural mechanization has improved, with total power reaching 971,200 kilowatts and rural tap water coverage at 100% [2] Industrial Sector - The industrial economy showed steady progress, with the added value of industrial enterprises above designated size growing by 8.2% [2] - Notable growth in the pharmaceutical manufacturing and textile industries, with increases of 31.9% and 18.6% respectively [2] - Fixed asset investment grew by 7.3%, with first industry investment surging by 50.7% [2] Consumer Market - The total retail sales of social consumer goods reached 15.86 billion yuan, with a year-on-year growth of 7.2% [3] - The wholesale, retail, accommodation, and catering sectors all experienced growth [3] Foreign Trade and Investment - Total import and export value reached 1.206 billion yuan, with a significant year-on-year increase of 30.0% [3] - Actual foreign investment utilization was 3.698 million USD, growing by 81.1% [3] Tourism and Transportation - The county has a total road mileage of 3,037.7 kilometers, with a density of 226.2 kilometers per 100 square kilometers [3] - Tourist reception reached 13.524 million visitors, a year-on-year increase of 19.2%, with tourism revenue growing by 25.4% to 7.84 billion yuan [3] Social Development - Urban employment increased by 5,724 people, with entrepreneurial loans amounting to 183 million yuan [3] - The per capita disposable income for residents was 31,404 yuan, reflecting a growth of 5.6% [3] - Significant improvements in ecological protection, with water quality meeting Class III standards [3]

Report Industry Investment Rating - The rating for the stock index is "oscillating" [5] Core Viewpoints of the Report - In April 2025, China's economic data was generally lackluster, with a sharp contrast between high export growth and weak domestic demand. The "fatigue period" of domestic policy efforts may be emerging, and the growth rate in policy - supported areas is also declining. New - quality productivity sectors maintain growth resilience, corresponding to a relatively high risk appetite for the BeiZheng 50 Index and small - cap indexes in the stock market. However, the macro - picture of the pro - cyclical sector's failure to gain momentum, low inflation, and weak consumer confidence restricts the stock index. The corporate profit growth rate in 2025 may only be around 3%. The stock market's rise in the first five months of this year relied more on valuation expansion, but the current high valuation level makes it difficult to support continued expansion. In the long - term, the stock index still has room, but in the short - to - medium term, there is a need to be vigilant about the pressure of valuation correction [2][31] Summary According to Relevant Catalogs 1. Economic Data Interpretation in April 2025 - **Overall Economic Situation**: As the first month after the escalation of the tariff war, China's economic indicators weakened year - on - year. Except for industrial growth, all were below market expectations, indicating emerging domestic economic pressure after the rapid recovery in the first quarter. In April, the seasonally - adjusted month - on - month growth rates of industrial growth, social retail, and fixed - asset investment were at historically low seasonal levels. After deducting price factors, the supply side outperformed the demand side in the cumulative data for the first four months [1][9] - **Supply Side**: Both industrial and service sectors showed a slowdown in year - on - year growth, but new - quality productivity became a stable growth source. In the industrial supply, the high - tech industry showed strong resilience to external shocks such as the tariff war, with a relatively high overall growth rate and a small decline. The mining and public utility sectors related to domestic demand declined significantly due to weak demand. In the service supply, new business forms such as information technology services maintained resilience, while traditional industries such as wholesale and retail contracted [11][12] - **Consumption**: The growth of social retail in April fell short of expectations. In terms of categories, there may be a phenomenon of low - price competition in the catering industry. In commodity retail, gold and silver jewelry, cultural and office products, and cosmetics showed high growth, while the growth of cars and communication products in traditional subsidy areas slowed down [3][18] - **Investment**: In May, the growth rate of fixed - asset investment declined. Among them, the growth rates of manufacturing and infrastructure investment decreased from high levels, and the decline in real estate investment widened. In the real estate sector, both investment and sales weakened, and the housing price situation was not optimistic. The continuous decline in housing prices deepened the impact on residents' asset - liability behavior and weakened domestic consumption - promotion policies [23][26] 2. Investment Suggestions - The economic data in April was lackluster, with a contrast between high export growth and weak domestic demand. The "fatigue period" of domestic policy efforts may be emerging. New - quality productivity sectors maintain growth resilience, corresponding to a relatively high risk appetite for the BeiZheng 50 Index and small - cap indexes in the stock market. However, the pro - cyclical sector's failure to gain momentum, low inflation, and weak consumer confidence restrict the stock index. The corporate profit growth rate in 2025 may only be around 3%. The stock market's rise in the first five months of this year relied more on valuation expansion, but the current high valuation level makes it difficult to support continued expansion. In the long - term, the stock index still has room, but in the short - to - medium term, there is a need to be vigilant about the pressure of valuation correction [2][31]

本文全文共 2605 字，阅读全文约 8 分钟 2025年4月份社会消费品零售总额增长5.1% 2025年1—4月份全国固定资产投资增长4.0% 2025年4月份规模以上工业增加值增长6.1% 2025年4月份能源生产情况 2025年4月份社会消费品零售总额增长5.1% 4月份，社会消费品零售总额37174亿元，同比增长5.1%。其中， 除汽车以外的消费品零售额33548亿元，增长5.6% 。1—4月份，社会消费品零售总额161845亿 元，增长4.7%。其中， 除汽车以外的消费品零售额147005亿元，增长5.2% 。 点 击 蓝 字 关 注 我 们 按经营单位所在地分，4月份，城镇消费品零售额32376亿元，同比增长5.2%；乡村消费品零售额4798亿元，增长4.7%。1—4月份，城镇消费品零售额140433亿 元，增长4.7%；乡村消费品零售额21412亿元，增长4.8%。 按消费类型分，4月份，商品零售额33007亿元，同比增长5.1%；餐饮收入4167亿元，增长5.2%。1—4月份，商品零售额143651亿元，增长4.7%；餐饮收入 18194亿元，增长4.8%。 按零售业态分，1—4月份，限额以上 ...