Core Insights - The conference titled "Based on Chain, Blooming with Glory" focused on the construction of the State Grid supply chain ecosystem and innovation in electricity financial services, aiming to provide high-quality financial services and address financing and settlement challenges for enterprises in the supply chain [1][7]. Group 1: Event Overview - The event was organized by China Minsheng Bank Jining Branch and supported by State Grid Jining Power Supply Company, gathering leaders from various financial and corporate sectors [2][3]. - Key representatives from major enterprises shared their experiences using Minsheng Bank's "Electricity e-Certificate," providing valuable insights for attendees [6]. Group 2: Financial Services and Innovations - China Minsheng Bank introduced the "State Grid Supply Chain Financial Service Plan," leveraging the "Electricity e-Finance" platform to offer comprehensive digital financial solutions covering orders, inventory, and electricity payments [6]. - The "Electricity e-Finance" platform aims to facilitate efficient collaboration between State Grid chain customers and financial institutions, providing diverse products for settlement, financing, and cash management [6][7]. Group 3: Future Outlook and Collaboration - The successful hosting of the conference is seen as a significant step towards modernizing the supply chain and promoting the innovative development of the State Grid supply chain ecosystem [7]. - China Minsheng Bank Jining Branch and State Grid Yingda Life Jining Center intend to deepen cooperation to provide quality financial services to enterprises in the supply chain, contributing to sustainable economic development [7].

Core Viewpoint - The article highlights the growth trends in China's retail sales, fixed asset investment, and industrial production for June 2025, indicating a mixed economic recovery with varying performance across sectors and regions [1][6][14]. Retail Sales - In June 2025, the total retail sales of consumer goods reached 42,287 billion yuan, marking a year-on-year growth of 4.8% [5] - Urban retail sales amounted to 36,559 billion yuan, growing by 4.8%, while rural retail sales were 5,728 billion yuan, with a growth of 4.5% [2] - For the first half of 2025, total retail sales were 245,458 billion yuan, reflecting a 5.0% increase, with non-automobile retail sales growing by 5.5% [5] Fixed Asset Investment - In the first half of 2025, fixed asset investment (excluding rural households) totaled 248,654 billion yuan, with a year-on-year increase of 2.8% [7] - The investment in the primary industry was 4,816 billion yuan (up 6.5%), while the secondary industry saw an investment of 88,294 billion yuan (up 10.2%), and the tertiary industry experienced a decline of 1.1% with 155,543 billion yuan [8] - The eastern region's investment decreased by 0.8%, while the central and western regions saw increases of 3.2% and 4.8%, respectively [11] Industrial Production - In June 2025, the industrial added value for large-scale enterprises grew by 6.8% year-on-year, with a month-on-month increase of 0.50% [15] - The manufacturing sector showed a growth of 7.4%, while the electricity, heat, gas, and water production and supply sector grew by 1.8% [16] - Among 41 major industries, 36 reported year-on-year growth in added value, with notable increases in coal mining (6.5%), chemical manufacturing (7.5%), and automotive manufacturing (11.4%) [17] Online Retail - In the first half of 2025, online retail sales reached 74,295 billion yuan, reflecting an 8.5% year-on-year growth, with physical goods online retail sales at 61,191 billion yuan (up 6.0%) [4] - The share of physical goods online retail sales in total retail sales was 24.9%, with food, clothing, and daily necessities growing by 15.7%, 1.4%, and 5.3%, respectively [4] Capacity Utilization - The capacity utilization rate for large-scale industries in the second quarter of 2025 was 74.0%, down 0.1 percentage points from the previous quarter [21] - The manufacturing sector's capacity utilization was 74.3%, while the mining sector was at 72.7% [22]

Economic Overview - China's GDP grew by 5.3% year-on-year in the first half of the year, with a 5.2% growth in the second quarter and a quarter-on-quarter growth of 1.1% in Q2 [2] - The industrial added value for large-scale industries increased by 6.4% year-on-year in the first half, with mining, manufacturing, and electricity sectors showing growth rates of 6.0%, 7.0%, and 1.9% respectively [4] - Fixed asset investment (excluding rural households) reached 248,654 billion yuan, growing by 2.8% year-on-year, with a notable decline in real estate investment by 11.2% [10] Industrial Performance - In June, the industrial added value increased by 6.8% year-on-year, accelerating by 1 percentage point from the previous month [2] - Advanced manufacturing and high-tech industries are driving the industrial growth, with equipment manufacturing growing by 10.2% and high-tech manufacturing by 9.5% [4] - The industrial production momentum may weaken in the second half due to export constraints, with expectations of a gradual slowdown in industrial growth [5] Consumer Market - The retail sales of consumer goods in June grew by 4.8% year-on-year, a decrease of 1.6 percentage points from the previous month [7] - The total retail sales for the first half reached 245,458 billion yuan, with a year-on-year growth of 5.0%, indicating a positive trend supported by various consumption policies [7][8] - The growth in service consumption and the emergence of new consumption models are notable trends in the consumer market [8] Investment Trends - The investment structure is improving, with manufacturing investment growing by 7.5% and accounting for 25.2% of total fixed asset investment [10] - Despite a nominal decline in investment growth, the actual growth rate remains stable when adjusted for price factors [10][11] - The government is expected to enhance investment through special bonds and long-term treasury bonds to support infrastructure projects [11][12]

Economic Growth - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [2] - The GDP growth for the second quarter was 5.2%, exceeding market expectations of 5.07% [2][3] - The quarterly GDP growth rates were 5.4% for Q1 and 5.2% for Q2, with a quarter-on-quarter growth of 1.1% in Q2 [2] Industrial Performance - In June, the industrial added value increased by 6.8% year-on-year, accelerating by 1 percentage point from the previous month [4] - The overall industrial added value for the first half of the year grew by 6.4% year-on-year, with significant contributions from the manufacturing sector, which grew by 7.0% [4] - High-tech manufacturing saw a growth of 9.5%, outpacing the overall industrial growth by 3.1 percentage points [4] Consumer Market - In June, the retail sales of consumer goods grew by 4.8%, a decrease of 1.6 percentage points from the previous month [4] - The total retail sales for the first half of 2025 reached 24,545.8 billion yuan, with a year-on-year growth of 5.0% [4] - The "old-for-new" policy significantly boosted the retail sales of major home appliances, with a year-on-year increase of 28.0% in Q2 [5] Investment Trends - Fixed asset investment (excluding rural households) for the first half of 2025 was 24,865.4 billion yuan, with a year-on-year growth of 2.8% [5] - Infrastructure investment grew by 4.6%, while real estate development investment declined by 11.2% [5] - The investment landscape showed a divergence, with manufacturing slowing down, infrastructure maintaining resilience, and real estate continuing to struggle [6] Policy and Outlook - The Chinese government is implementing more proactive counter-cyclical policies to stabilize the economy amid external uncertainties [3][6] - The issuance of long-term special bonds is expected to boost infrastructure investment in key areas such as railways and water conservancy [6] - Overall, the macroeconomic policies are showing effectiveness, with a focus on strengthening domestic demand and ensuring stable economic growth [6]

Economic Overview - The economic performance of Huicheng District remains stable under pressure, with industrial output value reaching 35.128 billion yuan, a year-on-year increase of 11.7% [1] - The industrial production accelerated, with a monthly output value of 7.833 billion yuan, showing a year-on-year growth of 16.9% [1] Industrial Performance - The value added in the mining industry increased by 26.9% year-on-year, while the manufacturing sector grew by 13.2% [1] - The electricity, heat, gas, and water production and supply industry saw a decline of 1.8% year-on-year [1] Fixed Asset Investment - Fixed asset investment decreased by 14.7% year-on-year, with the decline slightly widening compared to the previous month [1] - Construction and installation investment fell by 19.5% year-on-year, but the decline narrowed by 0.8 percentage points [1] Trade and Consumption - The total foreign trade import and export value reached 16.97 billion yuan, growing by 43.8% [3] - Imports surged by 111.3% to 8.78 billion yuan, while exports increased by 7.1% to 8.18 billion yuan [3] Retail Sales - Total retail sales of consumer goods amounted to 35.619 billion yuan, with a year-on-year growth of 9.1% [2] - Online retail sales through public networks reached 7.145 billion yuan, marking a significant increase of 66.2% [2]

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - The current economic operation is in a neutral range, and the marginal change in the economy compared to 2024 may lie in consumption [2][104]. - The negative economic cycle of "sharp decline in housing prices, sharp decline in the stock market - wealth shrinkage - consumption downgrade" in the past two years has come to an end [2][104]. - Pay attention to the progress of future China - US trade negotiations and whether the fentanyl tariff can be reduced to 0, as well as possible policy adjustments for weak business reception activities that may affect consumption [2][104]. 3. Summary According to the Table of Contents 3.1 Macro News - On June 24, six departments including the People's Bank of China jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", which aims to activate markets such as automobiles, culture and tourism, and elderly care through various measures [8]. - On June 26, the Financial Regulatory Administration and others issued the "Implementation Plan for the High - Quality Development of Inclusive Finance in the Banking and Insurance Industries", aiming to build a high - quality inclusive finance system and solve the financing problems of small and micro enterprises, "agriculture, rural areas, and farmers", and new citizens [8]. - The second - quarter meeting of the Monetary Policy Committee of the People's Bank of China in 2025 was held on June 23. It was more cautious about the world economic growth momentum and more optimistic about the domestic economy. The probability of a recent reserve requirement ratio cut and interest rate cut is low [8]. - From January to May 2025, the total profit of industrial enterprises above designated size was 2.72 trillion yuan, a year - on - year slight decrease of 1.1%. However, the profit structure had highlights, with the profit of the equipment manufacturing industry increasing by 7.2% [9][10]. - Israel and Iran announced a formal cease - fire, leading to a significant decline in domestic and international oil prices recently [13]. 3.2 Medium - term High - Frequency: Consumption and Production Show Differentiated Recovery Characteristics 3.2.1 Consumption: Policy Stimulus Shows Remarkable Results - As of the week of June 22, the average daily retail volume of passenger car manufacturers increased by 30.0% year - on - year, and the average daily wholesale volume increased by 1.4% year - on - year [16][19]. - As of the week of June 13, the retail volume and retail amount of three major household appliances increased by 24.6% and 13.5% year - on - year respectively [16][25]. 3.2.2 Transportation: Supply Chain Resilience is Prominent - As of the week of June 22, the container throughput of ports increased by 5.3% year - on - year, railway freight volume increased by 2.4% year - on - year, and highway truck traffic volume increased by 0.7% year - on - year [17][27]. - As of the week of June 22, the number of civil aviation flights guaranteed increased by 1.7% year - on - year, and as of June 27, the average passenger volume of subways in first - tier cities in the past 7 days increased by 2.3% year - on - year [17][36]. 3.2.3 Capacity Utilization: Infrastructure Chain is Stronger than Chemical Chain - As of June 25, the blast furnace capacity utilization rate of major steel enterprises nationwide was 77.6%, a year - on - year increase of 2.2 pct, and as of June 26, the average asphalt capacity utilization rate was 25.0%, a year - on - year increase of 1.0 pct [17][49]. - As of June 26, the soda ash capacity utilization rate was 85.7%, a year - on - year decrease of 1.6 pct, and the PVC capacity utilization rate was 74.9%, a year - on - year decrease of 1.5 pct [17][53]. 3.2.4 Real Estate: Continuously Under Pressure - As of June 27, the transaction area of commercial housing in 30 large and medium - sized cities in the past 7 days increased by 0.5% year - on - year, and the number of transactions decreased by 2.0% year - on - year [18][62]. - As of June 22, the listing price index of second - hand houses in national cities decreased by 7.5% year - on - year [18][67]. 3.2.5 Price: Commodity Prices are Under Pressure - As of June 27, the average wholesale price of pork decreased by 16.8% year - on - year, and the average wholesale price of vegetables decreased by 0.8% year - on - year [18][75]. - As of June 27, the average spot price of WTI crude oil was 67.4 US dollars per barrel, a year - on - year decrease of 17.0% [18][81]. 3.3 Bond Market and Foreign Exchange Market: Structural Easing Coexists with Cross - Month Pressure - On June 27, the yields of 1 - year, 5 - year, 10 - year, and 30 - year treasury bonds were 1.35%, 1.51%, 1.65%, and 1.85% respectively, with changes of - 1.0BP, + 0.3BP, + 0.6BP, and + 1.3BP compared to June 20 [2][89]. - On June 27, the central parity rate and spot exchange rate of the US dollar against the Chinese yuan were 7.16/7.17, down 68/147 pips compared to June 20 [94]. 3.4 Institutional Behavior: The Duration of Credit Bond Funds has Decreased - As of June 29, the net - breaking rate of public wealth management products of wealth management companies was about 0.81%, a decrease of 1.16 pct compared to the beginning of the year, and the current net - breaking rate's percentile within the year was below 5% [96]. - As of June 27, the median and average duration of medium - and long - term pure bond funds for interest - rate bonds were about 4.7 years and 5.1 years respectively, an increase of about 0.12 years compared to the previous week; the median and average duration of medium - and long - term pure bond funds for credit bonds were about 1.9 years and 2.1 years respectively, a decrease of about 0.19 years compared to the previous week [97][98]. 3.5 Investment Suggestions - Be bullish on long - duration urban investment bonds and bank capital bonds with a yield of over 2%. Currently, the yield of 10Y treasury bonds is close to a historical low, and the cost - effectiveness of investing in interest - rate bonds is low. Among interest - rate bonds, local bonds have a higher cost - effectiveness than treasury bonds [104]. - Continue to pay attention to Hong Kong - listed banks. The low interest rates in the domestic market may drive up the valuations of high - dividend stocks [104].

Economic Growth - Gansu Province's major economic indicators showed steady growth from January to May, with industrial production increasing significantly [1] - The industrial added value for the province rose by 10.1% year-on-year, with mining, manufacturing, and electricity sectors growing by 6.4%, 11.3%, and 12.5% respectively [1] Industrial Performance - In the first four months, the revenue of large-scale industrial enterprises reached 419.86 billion yuan, a year-on-year increase of 14.5%, while total profits grew by 26.7% to 19.72 billion yuan [1] Investment Trends - Fixed asset investment in Gansu increased by 4.7% year-on-year, with infrastructure investment rising by 13.3% and manufacturing investment by 4.5% [1] - Private investment grew by 0.5%, with a notable increase of 9.9% in projects excluding real estate development [1] Consumer Market - The total retail sales of consumer goods reached 182.99 billion yuan, marking a 3.7% year-on-year growth, driven by the "old for new" consumption policy [2] - Retail sales in home appliances, communication devices, and furniture surged by 83.0%, 38.8%, and 23.6% respectively, while new energy vehicle sales increased by 55.9% [2] Foreign Trade - Gansu's total import and export value reached 29.52 billion yuan, a significant increase of 43.2% year-on-year, with exports growing by 40.8% and imports by 43.9% [2] - Trade with countries involved in the Belt and Road Initiative accounted for 76.2% of the total trade, amounting to 22.48 billion yuan, which also grew by 43.9% [2] Fiscal and Financial Stability - The province's general public budget revenue was 47.84 billion yuan, up by 4.0%, while expenditures increased by 4.5% to 204.88 billion yuan [2] - By the end of May, the balance of deposits in financial institutions reached 3,001.49 billion yuan, a year-on-year increase of 8.3%, and loans totaled 2,974.64 billion yuan, growing by 4.1% [2]