Core Points - Shanghai Yiqizhang Agricultural Technology Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The company is wholly owned by Beijing Zhonghuan Yida Facility Horticulture Technology Co., Ltd. [1] - The business scope includes various services such as technology services, smart agricultural management, real estate leasing, and agricultural product wholesale [1] Company Overview - Company Name: Shanghai Yiqizhang Agricultural Technology Co., Ltd. [1] - Legal Representative: Zhang Lei [1] - Registered Capital: 5 million RMB [1] - Business Type: Limited liability company (wholly owned by a natural person) [1] - Business Duration: Until July 15, 2025, with no fixed term [1] - Registration Authority: Baoshan District Market Supervision Administration [1] Business Scope - The company engages in technology services, development, consulting, and transfer [1] - It also focuses on smart agricultural management, non-residential real estate leasing, and various agricultural activities [1] - Additional services include advertising, event organization, and education consulting [1]

Economic Overview - In the first half of the year, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [1] - The primary industry added value was 31,172 billion yuan, growing by 3.7%; the secondary industry added value was 239,050 billion yuan, growing by 5.3%; and the tertiary industry added value was 390,314 billion yuan, growing by 5.5% [1] Investment Trends - National fixed asset investment (excluding rural households) totaled 248,654 billion yuan, with a year-on-year growth of 2.8% [3] - Investment in the eastern region decreased by 0.8%, while the central region grew by 3.2% and the western region grew by 4.8% [3] Policy Effects and Structural Adjustments - The current investment trends reflect both short-term policy effects and long-term structural adjustments, with significant support for the central and western regions through policies like "Western Development" and "Central Region Acceleration" [4] - Major projects in the central and western regions, such as the Chengdu-Chongqing Economic Circle, are contributing to increased investment [4] Long-term Trends - There is a long-term trend of industrial transfer from east to west, particularly for labor-intensive and resource-processing industries [5] - The central and western regions are experiencing urbanization and market expansion, attracting more investment, while the northeast faces challenges such as population outflow and traditional industry decline [5] Industrial Investment Dynamics - In the industrial sector, investment in equipment manufacturing grew by 10.2%, and high-tech manufacturing grew by 9.5%, both outpacing overall industrial growth [6] - The service sector saw significant growth, with information transmission, software, and IT services growing by 11.1% [6] Policy Recommendations - To support the transition from traditional to new economic drivers, there is a need for increased government support for basic research and digital transformation of traditional industries [6] - The focus should be on expanding market applications for strategic emerging industries and enhancing government procurement for new energy equipment [7] Regional Development Strategies - It is essential to guide the central and western regions to undertake high-value-added segments of the supply chain, rather than just assembly [7] - The eastern regions should strengthen pilot projects in future industries like artificial intelligence and quantum computing to create a demonstration effect [7]

Core Viewpoints - The June economic data reveals five significant "anomalies," indicating new changes in the economy lurking in hidden corners [3][9][110] - Despite strong performance in exports and industrial production, the second quarter GDP remained flat at 5.2%, aligning with market expectations [2][9][107] - The construction industry showed a notable decline, with total output value in the first half of the year growing only 0.2% year-on-year, significantly lower than the 2.5% growth in the first quarter [3][9][107] Economic Indicators - GDP: The second quarter GDP growth was 5.2%, matching expectations, while industrial value-added growth in June was 6.8%, exceeding expectations of 5.5% [2][7][107] - Retail Sales: June retail sales grew by 4.8%, below the expected 5.6%, with significant declines in both commodity retail and catering income due to misaligned e-commerce promotions and competitive subsidies from food delivery platforms [2][20][82] - Fixed Asset Investment: June's fixed asset investment growth fell to 0%, the lowest in three years, primarily due to a decline in investment prices and significant drops in construction and manufacturing investments [4][23][66] Sector Analysis - Real Estate: Although credit financing for real estate improved significantly in June, investment growth declined to -12.9%. The reduction in ongoing projects due to earlier declines in new starts continues to impact the sector negatively [4][30][109] - Industrial Production: The industrial value-added surged due to an increase in working days and "export rush," with textile and chemical raw materials sectors showing recovery, while automotive and steel production weakened [5][41][54] - Consumer Behavior: The decline in retail sales was influenced by the timing of e-commerce promotions, with significant drops in categories like home appliances and communication equipment [20][82][108] Long-term Outlook - The "front-loading effect" may lead to a switch in economic strength between the first and second halves of the year, with the concentrated adjustment phase of the economy since 2022 nearing its end [6][46][110] - The overall economic growth target for the year remains achievable at 5.0%, despite anticipated fluctuations in economic indicators in the second half [46][110]

证券研究报告 | 宏观深度报告 | 中国宏观 宏观深度报告 报告日期：2025 年 07 月 15 日 6 月经济：名义 GDP 增速边际放缓，关注股债双牛兑现 ——2025 年 6 月宏观数据解读 核心观点 我们认为，6 月经济回稳势头较好，二季度 GDP 实际增长 5.2%，供给端修复斜 率显著高于需求端，6 月规模以上工业增加值同比实际增长 6.8%，量价总体延续 背离。据我们测算，二季度名义 GDP 增速较一季度放缓 0.7 个百分点至 3.9%左 右，价格因素或拖累企业盈利改善的斜率。整体来看，二季度经济相较一季度将 有所回落，全年可能呈现前高后低的走势，需要重点关注经济的波动，我们预计 经济运行在内外部环境不确定性抬升的过程中或呈现非线性特征，供给和需求可 能呈现 K 型分化走势。我们判断，后续在出口波动的影响下，供给端大概率在抢 出口效应下保持偏强态势，但固定资产投资尤其是制造业投资方面可能受制于中 长期不确定性的约束，预计固定资产投资后续可能放缓。 6 月份服务业景气较为积极，6 月份全国服务业生产指数同比增长 6.0%。工业生 产积极对生产性服务业有带动作用。 展望未来，在工业稳增长及两新政 ...

企业名称陕西延塞国联供应链管理有限公司法定代表人刘永健注册资本500万人民币国标行业租赁和商 务服务业>商务服务业>综合管理服务地址陕西省延安市安塞区文化大楼政务服务中心22楼19号企业类 型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-7-14至无固定期限登记机关延安市 安塞区市场监督管理局 来源：金融界 经营范围含供应链管理服务；道路货物运输站经营；餐饮管理；餐饮器具集中消毒服务；企业管理；食 用农产品初加工；单位后勤管理服务；新鲜蔬菜批发；新鲜水果批发；日用品批发；文具用品批发；鲜 肉批发；农副产品销售；互联网销售（除销售需要许可的商品）；计算机软硬件及辅助设备批发；厨具 卫具及日用杂品批发；商业、饮食、服务专用设备销售；业务培训（不含教育培训、职业技能培训等需 取得许可的培训）；运输货物打包服务；集贸市场管理服务；机动车充电销售；消毒剂销售（不含危险 化学品）；家用电器零配件销售；个人卫生用品销售；通讯设备销售(除依法须经批准的项目外，凭营 业执照依法自主开展经营活动)。许可项目：餐饮服务；粮油仓储服务；食品销售；城市配送运输服务 （不含危险货物）；消毒器械销售(依法须经批准的项目，经 ...

Core Viewpoint - The document outlines the revised management measures for related party transactions of Guotou Intelligent (Xiamen) Information Co., Ltd, emphasizing the principles of authenticity, necessity, and fairness in such transactions to protect the interests of the company and all shareholders [1]. Group 1: General Principles - The management measures apply to the company and its subsidiaries, including those directly or indirectly controlled by over 50% [1]. - Related party transactions are defined as matters involving the transfer of resources or obligations between the company or its subsidiaries and related parties [2]. - The company must adhere to principles of honesty, equality, and voluntary agreement in related party transactions [6]. Group 2: Identification of Related Parties - Related parties include both legal entities and natural persons as defined by the listing rules [2]. - Specific criteria for identifying related legal entities include control relationships and significant shareholding [2][3]. - Natural persons are identified as related parties if they hold over 5% of shares or are directors or senior management of the company [3][4]. Group 3: Transaction Types - The document lists various types of related party transactions, including asset purchases or sales, external investments, financial assistance, guarantees, and management contracts [11]. - Transactions involving the purchase of raw materials, sales of products, and provision of services are also included [11]. Group 4: Pricing Principles - The pricing of related party transactions should follow national pricing, market prices, or negotiated prices, with a preference for cost-plus reasonable profit methods when no other pricing is available [5]. - The company must take effective measures to prevent related parties from occupying or transferring the company's funds and assets [5]. Group 5: Approval and Disclosure Procedures - Certain transactions must be submitted to the board of directors for approval and disclosure, especially those exceeding specified thresholds [14][15]. - Related party transactions below certain thresholds can be approved by the general manager, but if the general manager is a related party, board approval is required [16]. Group 6: Responsibilities and Compliance - The company must ensure that related party transactions do not harm the interests of non-related shareholders and must disclose necessary information [10][12]. - Violations of these measures can lead to accountability under the company's management regulations [34]. Group 7: Implementation and Amendments - The revised measures will take effect upon approval by the board of directors, replacing the previous version established in August 2024 [17].

Core Viewpoint - The article highlights that iResearch Consulting has achieved the highest level of software capability maturity model integration (CMMI5) certification, indicating its leading position in software development process management, technological innovation, and project delivery quality [1][2][3]. Group 1: Certification Achievement - iResearch Consulting and its three related entities have successfully obtained CMMI5 certification, which is recognized globally as a standard for software development management [2]. - CMMI, developed by Carnegie Mellon University, has five levels, with CMMI5 representing the highest standard for refined management of software development processes and continuous improvement mechanisms [2]. - The overall pass rate for CMMI5 certification in China is only 5%, highlighting the significance of this achievement [2]. Group 2: Company Profile and Future Plans - iResearch Consulting is recognized as a leading brand in digital operation with over 100 software copyrights, serving various industries including telecommunications, government, finance, and automotive [3]. - The CMMI5 certification is seen as a milestone in the company's development, providing authoritative validation of its technical capabilities and serving as a foundation for global expansion [3]. - The company plans to continue enhancing technological innovation and process improvement to offer more efficient and reliable technical services and solutions, thereby driving rapid development in industry technology levels and service quality [3].

Core Insights - The hotel industry is undergoing a smart transformation, with refined and automated administrative management becoming a key competitive advantage [1] - Efficient logistics management is crucial for enhancing employee experience, operational costs, and customer perception in hotels [1][2] - Traditional manual logistics management is increasingly seen as a bottleneck for agile hotel operations, necessitating a comprehensive enterprise-level logistics management platform [1] Group 1: Company Overview - Atour Group, founded in 2013, is a leading lifestyle hotel brand in China, advocating for "Chinese Experience" [3] - As of December 2024, Atour Group operates 1,619 hotels with 183,184 rooms and has over 89 million registered members, ranking first in market share among mid-to-high-end hotel chains in China [3] - The company has successfully listed on NASDAQ in November 2022 [3] Group 2: Partnership with Kuaidi 100 - Atour Group began collaborating with Kuaidi 100 in 2021, and as its business expanded, the administrative team sought higher levels of digital logistics management [2][5] - In February 2025, Atour's administrative team integrated Kuaidi 100's "Bai Di Yun - Enterprise Express Management SaaS" system to streamline logistics management [2][7] - The partnership aims to enhance logistics management efficiency and customer experience through seamless integration with existing platforms [2][5] Group 3: Administrative Needs and Solutions - The administrative team identified two core needs: simplifying the employee shipping process and managing incoming packages efficiently [6][8] - The "Bai Di Yun - Enterprise Express Management SaaS" system addresses these needs by allowing employees to ship packages without upfront costs and providing a unified management system for incoming packages [7][8] - The system integrates with Feishu, enabling employees to place orders easily and ensuring accurate tracking and billing [7][8] Group 4: Future Collaboration and Innovations - Kuaidi 100's team conducted a follow-up visit to Atour Group to gather feedback and address operational challenges, enhancing the partnership [9][10] - The collaboration has deepened, with Kuaidi 100's services becoming integral to Atour's operational framework, focusing on continuous improvement and innovation in logistics management [10] - Future efforts will include exploring additional applications of digital logistics management within the hotel industry [10]

Economic Overview - China's GDP for the first half of the year reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [2] - The primary industry added value was 31,172 billion yuan (3.7% growth), the secondary industry was 239,050 billion yuan (5.3% growth), and the tertiary industry was 390,314 billion yuan (5.5% growth) [2] - The GDP growth for Q1 was 5.4% and for Q2 was 5.2%, with a quarter-on-quarter growth of 1.1% in Q2 [2] Industrial Performance - The industrial added value above designated size grew by 6.4%, with equipment manufacturing and high-tech manufacturing leading at 10.2% and 9.5% respectively [3] - Emerging products such as 3D printing equipment, new energy vehicles, and industrial robots saw production increases of 43.1%, 36.2%, and 35.6% respectively, indicating enhanced technological innovation and a solidified position in the global supply chain [3] Service Sector Growth - The tertiary industry increased by 5.5%, with modern service sectors like information transmission, software, and IT services showing significant growth [3] - Despite the manufacturing purchasing manager index remaining in contraction territory, the business activity expectation index reached 52.0, indicating a recovery in market confidence [3] Consumer Insights - The per capita disposable income for residents was 21,840 yuan, with a nominal growth of 5.3%, aligning with GDP growth [4] - Retail sales in various categories showed significant growth, including food and beverage (12.3%), sports and entertainment goods (22.2%), and household appliances (30.7%) [4] Policy Impact - Supply-side growth is supported by the development of technology-intensive industries and targeted macro policies, such as tax incentives for high-end manufacturing and financing support for SMEs [4] - Consumer policies, such as trade-in programs and subsidies, have stimulated short-term consumption and pressured companies to accelerate technological upgrades, creating a virtuous cycle of consumption and industrial upgrades [5] Future Outlook - The consumption market is expected to remain active in the second half of the year, supported by ongoing consumer policies [5] - The cycle of income growth, consumption upgrade, and industrial transformation is anticipated to drive high-quality economic development [5]

Economic Performance Highlights - China's GDP grew by 5.3% year-on-year in the first half of the year, with a quarterly growth of 5.4% in Q1 and 5.2% in Q2, indicating a steady increase compared to the same period last year [2] - The urban survey unemployment rate averaged 5.2%, showing a slight decrease of 0.1 percentage points from Q1, reflecting a stable employment situation [2] - Consumer Price Index (CPI) showed fluctuations, with a year-on-year decrease of 0.1% in several months, but turned positive in June with a 0.1% increase [2] New Growth Drivers - High-tech manufacturing saw significant growth, with production of 3D printing equipment, new energy vehicles, and industrial robots increasing by 43.1%, 36.2%, and 35.6% respectively [3] - Investment in high-tech industries outpaced other sectors, with information services, aerospace, and computer equipment manufacturing investments growing by 37.4%, 26.3%, and 21.5% respectively [3] - The added value of high-tech industries increased by 9.5% year-on-year, with new industries, new business formats, and new models expected to contribute approximately 18% to GDP by 2024 [3] Green Development - The green industry is advancing, with new energy vehicles and lithium batteries experiencing growth rates exceeding 30% and 53.3% respectively [4] - Green consumption is becoming a trend, with significant growth in the consumption of new energy vehicles, energy-saving appliances, and smart home devices [4] Domestic Circulation Improvement - Domestic circulation has been prioritized, with policies aimed at expanding domestic demand and promoting production [5] - The contribution of domestic demand to GDP growth was 68.8%, with final consumption expenditure contributing 52%, marking it as the main driver of growth [5] - Freight turnover increased by 5.1% year-on-year, and passenger turnover grew by 4.9% [5]