Core Insights - In July, the revenue of large-scale industrial enterprises increased by 0.9% year-on-year, while profits decreased by 1.5%, with the decline narrowing by 2.8 percentage points compared to June [1] - Manufacturing profits grew by 6.8% year-on-year in July, accelerating by 5.4 percentage points from June [1][2] - The profit improvement in July indicates structural recovery signals, with certain industries experiencing profit enhancements due to external environment improvements and internal policy support [1][2] Revenue and Profit Trends - From January to July, the revenue of large-scale industrial enterprises increased by 2.3% year-on-year, while profits decreased by 1.7%, with the decline narrowing by 0.1 percentage points compared to the first half of the year [1] - In July, medium and small-sized enterprises showed significant profit improvements, with profits turning from declines of 7.8% and 9.7% in June to increases of 1.8% and 0.5% respectively [1] Sector Performance - Manufacturing sector profits contributed significantly to the recovery of overall industrial profits, with raw material manufacturing profits rebounding from a 5.0% decline in June to a 36.9% increase in July [2] - High-tech manufacturing profits also improved, rising from a 0.9% decline in June to an 18.9% increase in July [2] - The aerospace and semiconductor sectors showed strong profit growth, with aerospace profits increasing by 40.9% and semiconductor-related sectors seeing profits rise by 176.1%, 104.5%, and 27.1% respectively [2] Policy Impact - The "Two New" policies have driven rapid profit growth in related industries, with significant increases in profits for sectors such as electronic and electrical machinery manufacturing [3] - Inventory growth for large-scale industrial enterprises decreased, with finished goods inventory at 6.67 trillion yuan, growing by 2.4%, which is a 0.7 percentage point decline from June [3] - Future expectations indicate a moderate recovery in industrial profits, supported by policy efforts and a return to normalcy in supply and demand [3][4]

Core Insights - In July, the revenue of industrial enterprises above designated size increased by 0.9% year-on-year, while the profit decreased by 1.5%, showing a narrowing decline compared to June [1] - The manufacturing sector saw a profit increase of 6.8% in July, with significant contributions from raw material manufacturing and high-tech manufacturing sectors [2] - The implementation of the "Two New" policies has led to rapid profit growth in related industries, particularly in equipment manufacturing and consumer goods [3] - Small and medium-sized enterprises showed notable profit improvements, with private enterprises outperforming the national average [4] Revenue and Profit Trends - The revenue growth for the first seven months of the year was 2.3%, indicating a favorable condition for profit recovery [1] - The profit decline for the first seven months was reduced by 0.1 percentage points compared to the first half of the year, suggesting a continued improvement in profitability [1] Sector Performance - Raw materials manufacturing profits rebounded from a 5.0% decline in June to a 36.9% increase in July, with steel and petroleum processing industries turning profitable [2] - High-tech manufacturing profits increased by 18.9% in July, contributing significantly to the overall profit growth of industrial enterprises [2] Impact of Policies - The "Two New" policies have shown clear effectiveness, with specific industries like electronic equipment manufacturing experiencing profit growth of 87.9% [3] - The consumer goods sector benefited from trade-in policies, with computer manufacturing profits doubling [3] Small and Medium Enterprises - Medium and small enterprises reported profit growth of 1.8% and 0.5% respectively in July, marking a significant improvement from previous declines [4] - Private enterprises' profits increased by 2.6%, exceeding the average growth rate of all industrial enterprises by 4.1 percentage points [4] Future Outlook - The industrial profit recovery is expected to continue as external uncertainties diminish and market demand stabilizes [4] - Emphasis on policy continuity and innovation is crucial for sustaining industrial economic growth [4]

Core Insights - Shenzhen celebrates its 45th anniversary, marking its continuous commitment to reform and opening up, symbolized by the successful test flight of the third runway at Shenzhen Bao'an International Airport [2][3] Economic Performance - Shenzhen's GDP is projected to grow at an average rate of 5.5% from 2020 to 2024, reaching 3.68 trillion yuan, with a per square kilometer output of 1.84 billion yuan [3] - The city has achieved an impressive average annual compound growth rate of 10.2% in foreign trade over the past five years, surpassing the national average by 2.1 percentage points [3] - In 2024, Shenzhen's total import and export volume is expected to reach 4.5 trillion yuan, solidifying its position as "China's Foreign Trade Capital" [3] Foreign Investment - Over the past five years, Shenzhen has established 33,000 new foreign-invested enterprises, accounting for 14.6% of the national total, with actual foreign investment reaching approximately 40 billion USD [3][4] - The city is expanding its global economic ties, with investments now spanning 147 countries and regions, diversifying from traditional manufacturing to high-tech, finance, and energy sectors [3] Policy and Infrastructure Development - Shenzhen has implemented several initiatives to enhance its international business environment, including the 2025 work plan aimed at attracting global resources and improving competitiveness [5][6] - The city is actively pursuing cross-border infrastructure upgrades and customs reform to facilitate trade, as evidenced by record passenger traffic at border crossings [7] Future Outlook - Shenzhen aims to attract more global capital, enterprises, technologies, and talent, enhancing its role as a modern international metropolis [7][8] - The city is set to deepen its reform and opening-up efforts, focusing on cross-border trade facilitation and the integration of domestic and international markets [6][7]

Employment Overview - The latest data from the Bosnia and Herzegovina Statistics Bureau indicates that the manufacturing, wholesale and retail trade, and motor vehicle and motorcycle repair sectors are the largest employers in Bosnia and Herzegovina [1] - As of June 2025, the total employment in Bosnia and Herzegovina reached 853,300, with female employees accounting for 390,400 [1] - The total employment number showed a month-on-month increase of 0.1%, while the number of female employees remained stable [1] Sector Employment Breakdown - In June 2025, the manufacturing sector employed 160,200 individuals [1] - The wholesale and retail trade, along with motor vehicle and motorcycle repair, employed 158,100 individuals [1] - Public administration, defense, and social security services ranked third with 76,800 employees [1] - The sectors with the least employment were mining and quarrying (14,800), water supply, sewage treatment, and environmental remediation (13,700), and real estate (3,282) [1]

新华财经北京8月27日电（记者安娜）7月份，无论从单月数据还是累计数据来看，全国规模以上工业企 业利润均呈现向好态势，盈利水平持续恢复。 国家统计局8月27日发布的数据显示，7月份，规模以上工业企业利润同比下降1.5%，降幅较6月份收窄 2.8个百分点，连续两个月收窄；1至7月份利润降幅较上半年收窄0.1个百分点。 规上工业企业利润是观察实体经济修复情况的重要参考指标，7月份相关数据缘何向好？ 国务院发展研究中心宏观经济研究部研究员张立群认为，"反内卷"行动和"两新"政策，对于推动7月份 规上工业企业利润数据向好发挥了重要作用。 从7月份PPI（工业生产者出厂价格指数）系列数据来看，煤炭开采和洗选业、黑色金属冶炼和压延加工 业、光伏设备及元器件制造、水泥制造、锂离子电池制造价格环比降幅比上月分别收窄1.9个、1.5个、 0.8个、0.3个和0.1个百分点，合计对PPI环比的下拉影响比上月减少0.14个百分点。 此外，张迪认为，7月份工业生产保持韧性，也是带动企业利润降幅收窄的重要动能。 据国家统计局工业司统计师孙晓介绍，7月份，全国规模以上工业增加值同比增长5.7%，剔除季节因素 后环比增长0.38%；1至7 ...

证券日报网讯8月27日晚间，公元股份（002641）发布公告称，公司无逾期担保、涉及诉讼的担保、因 担保被判决败诉而应承担的损失等事项。 ...

Core Viewpoint - The "Two New" policies have shown significant effectiveness, leading to rapid profit growth in related industries, with industrial enterprise profits beginning to improve as economic stabilization measures take effect [1][3]. Industrial Profit Trends - In July, profits of large-scale industrial enterprises fell by 1.5% year-on-year, a decrease that narrowed by 2.8 percentage points compared to June, marking two consecutive months of improvement [1][3]. - From January to July, the total profit of large-scale industrial enterprises reached 40,203.5 billion yuan, a year-on-year decline of 1.7%, with the decline narrowing by 0.1 percentage points compared to the first half of the year [1][4]. Revenue and Profit Recovery - In July, the operating income of large-scale industrial enterprises increased by 0.9% year-on-year, and from January to July, it grew by 2.3%, creating favorable conditions for profit recovery [4]. - The gross profit margin improved, with July's gross profit turning from a 1.3% decline in June to a 0.1% increase [4][5]. Sector-Specific Performance - The steel and petroleum industries turned profitable in July, with profits of 18.09 billion yuan and 3.46 billion yuan, respectively [5]. - High-tech manufacturing profits surged by 18.9% in July, contributing significantly to overall industrial profit growth [5][6]. - The implementation of the "Two New" policies has led to substantial profit increases in sectors such as electronic and electrical machinery manufacturing, with profits growing by 87.9% [5][6]. Small and Medium Enterprises (SMEs) - Profits of medium and small enterprises improved significantly, with medium-sized enterprises seeing a profit increase of 1.8% and small enterprises a 0.5% increase in July [7]. - Private enterprises outperformed the national average, with a profit growth of 2.6% in July, driven by supportive policies and improved business environments [7][9]. Future Outlook - The industrial profit recovery is expected to continue, supported by policies aimed at expanding domestic demand and stabilizing the economy [11][12]. - The Ministry of Industry and Information Technology plans to implement new growth strategies for key industries, including steel and non-ferrous metals, to further support industrial growth [12][13].

Core Insights - Ruiyuan Fund, established in 2018, has only launched 5 funds, which is relatively unique in the industry [1] - The fund has faced disappointing performance, with negative investment returns for three consecutive years from 2022 to 2024, totaling -46.34 billion, -48.83 billion, and -55.68 billion respectively [1] - Despite a turnaround in net profit to 31.8 billion in 2024, previous significant losses have raised investor concerns [1] Fund Performance - The two earliest funds, Ruiyuan Growth Value Mixed and Ruiyuan Balanced Value Three-Year Holding Mixed, account for over 60% of the total fund size but have underperformed the market [2] - Both funds have experienced net redemptions since the end of 2023, indicating investor pessimism about their future performance [2] - Management fees for Ruiyuan Fund exceeded 1.8 billion from 2022 to 2024, raising questions about the proportionality of fees to returns [2] Management and Strategy - Founders Chen Guangming and current general manager Rao Gang have extensive backgrounds but have not translated this into better performance [3] - The fund's investment strategy may require deeper reflection and improvement to regain investor confidence [5] Asset Allocation - The primary industry allocation for Ruiyuan Fund is manufacturing, with significant overlap in top holdings across multiple funds, which may increase risk exposure [5] - The top holdings include major companies like Tencent Holdings, China Mobile, and Ningde Times, indicating a concentrated investment strategy [4]

Group 1: Profit Trends - In July, the year-on-year profit growth rate for industrial enterprises improved to -1.5%, showing a marginal recovery compared to June[9] - From January to July, the total profit of industrial enterprises decreased by 1.7% year-on-year[7] - The marginal recovery in profit margins was the main driver for the increase in profit growth rate in July[9] Group 2: Revenue and Demand - In July, industrial enterprises' operating revenue grew by 0.9% year-on-year, indicating a slight decline in growth rate[9] - The marginal decline in volume growth reflects weak downstream demand, contributing to the revenue slowdown[9] - The PMI data for July indicates an expanding gap between raw material procurement prices and factory prices, which may squeeze downstream profits[9] Group 3: Sector Performance - In July, the profit growth rate for the public utilities sector rose by 5.4 percentage points to 6.9%[9] - The mining sector's profit growth rate fell by 3.1 percentage points to -39.2%, primarily due to production cuts and inventory digestion[9] - The manufacturing sector's profit growth rate increased by 5.2 percentage points to 6.6%, with upstream profits recovering significantly[9] Group 4: Inventory and Supply Chain - As of the end of June, the nominal year-on-year growth of finished goods inventory for industrial enterprises was 2.4%, with actual growth at 6.2%[9] - The inventory turnover days for industrial enterprises in July were 20.5 days, indicating a slight increase in turnover[9] - The average collection period for accounts receivable remained stable at 69.8 days, suggesting ongoing pressure in the supply chain[9] Group 5: Future Outlook - The growth of export-oriented industries remains a crucial support for overall profits, with strong global non-U.S. demand observed[9] - The impact of upstream price increases on downstream profits is a key concern, especially as demand remains weak[9] - The resilience of domestic demand will be critical in maintaining stable corporate profits as economic data begins to reflect last year's high base[9]

Core Viewpoint - Yangliuxue Town is actively promoting high-quality development through the "Three Major Actions" and "Three Battles," focusing on urban-rural integration and rural revitalization to contribute to China's modernization efforts [1] Group 1: Development Strategy - The "Three Districts" (High-tech Zone, High-speed Rail Area, Central Urban Area) are crucial for enhancing industrial capacity and urban development in Binhai District, with Yangliuxue Town playing a key role in infrastructure and urban amenities [2] - Yangliuxue Town is implementing a project-driven approach to enhance local governance and project execution, establishing a system where officials are accountable for specific projects [3] Group 2: Industrial Development - Yangliuxue Town is focusing on urban-rural integration and improving the business environment, with significant investments in logistics and industrial projects, including 12 major projects and a total fixed asset investment of 630 million yuan [4] - The town is nurturing small and medium-sized enterprises, with 12 regulated enterprises achieving an industrial output value of 324 million yuan [4] Group 3: Agricultural Initiatives - The town is committed to food security and agricultural modernization, successfully implementing the "0543 Project" and achieving high yields in summer grain production [5] - Collaboration with agricultural institutions has led to the breeding of high-quality wheat varieties, with a record yield of 1529.3 jin per mu [6] Group 4: Social Welfare and Infrastructure - Yangliuxue Town is enhancing living conditions through infrastructure improvements, including sewage systems and housing safety measures, with a 100% rectification rate for environmental issues [7] - The town has also focused on social assistance, adding 20 new low-income households and providing training programs that resulted in 120 new job signings [7] Group 5: Future Directions - Future efforts will concentrate on expanding high-standard farmland and improving irrigation systems, with plans to create provincial-level model villages and enhance rural infrastructure [8] - The town aims to stabilize project development and expand agricultural land for seed breeding, targeting a production increase of 23 million jin of quality seeds [9]