Economic Overview - The economic operation of the city in July shows a steady and positive development trend, focusing on high-quality development and implementing a combination of policy measures [1][4] Industrial Production - In July, the city's industrial added value above designated size increased by 11.3% year-on-year, up 2.4 percentage points from the previous month [1] - The manufacturing sector significantly contributed to this growth, with a contribution rate of 84.4% to the industrial added value [1] - The electricity sector saw a substantial increase, with industrial power generation rising by 33.3% year-on-year, accelerating by 40.3 percentage points compared to the previous month [1] Fixed Asset Investment - From January to July, fixed asset investment in the city grew by 5.4% year-on-year, an increase of 1.1 percentage points from the first half of the year [2] - Investment in major projects (excluding real estate development) increased by 14.3% year-on-year, contributing 7.3 percentage points to overall investment growth [2] - Industrial investment maintained a double-digit growth rate, increasing by 34.6% year-on-year, up 3.1 percentage points from the first half of the year [2] Consumer Demand - In July, the total retail sales of social consumer goods reached 49.23 billion yuan, a year-on-year increase of 4.6% [2] - From January to July, the total retail sales amounted to 382.97 billion yuan, growing by 6.3% year-on-year [2] Emerging Industries - New industries are rapidly developing, with the added value of the city's new energy vehicle industry and new generation information technology industry growing by 20.5% and 12.4% year-on-year, respectively [3] - Investment in emerging sectors such as computer and office equipment manufacturing, aerospace equipment manufacturing, and pharmaceutical manufacturing saw significant increases of 146.4%, 67.8%, and 44.1% year-on-year, respectively [3] Price Stability - From January to July, the Consumer Price Index (CPI) in the city decreased by 0.2% year-on-year, indicating overall price stability [4]

外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即BARCLAYS BANK PLC。 2025年8月26日，天地数码(300743.SZ)发布2025年半年度报告。截至2025年8月25日，共有6个机构投资 者披露持有天地数码A股股份，合计持股量达1711.40万股，占天地数码总股本的11.32%。其中，机构投 资者包括升华集团控股有限公司、中国工商银行股份有限公司-诺安先锋混合型证券投资基金、招商银 行股份有限公司-交银施罗德启诚混合型证券投资基金、BARCLAYS BANK PLC、诺安进取回报混合、 诺安精选回报混合，机构投资者合计持股比例达11.32%。相较于上一季度，机构持股比例合计上涨了 3.41个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即诺安先锋混合A，持股增加占比达 1.23%。本期较上一季度新披露的公募基金共计3个，包括交银启诚混合A、诺安进取回报混合、诺安精 选回报混合。本期较上一季未再披露的公募基金共计4个，包括申万菱信中证500指数增强A、信澳星耀 智选混合A、信澳星亮智选混合A、信澳星煜智选混合A。 ...

Group 1 - New Life Fortune (301323.SZ) released its semi-annual report for 2025 on August 26, 2025 [1] - As of August 25, 2025, a total of 10 institutional investors disclosed holdings in New Life Fortune A-shares, with a total holding of 69.3134 million shares, accounting for 66.06% of the total share capital [1] - The top ten institutional investors include Ningbo New Life Fortune Proprietary Fund Investment Partnership, Guangzhou Yishang Investment Co., Ltd., Jun Cai Co., Ltd., and others, with the top ten investors' combined holding ratio decreasing by 0.25 percentage points compared to the previous quarter [1] Group 2 - Three new public funds were disclosed in this period compared to the previous quarter, including the Jiaoyin New Vitality Flexible Allocation Mixed A, the China Post Core Technology Innovation Flexible Allocation Mixed, and the Xingyin National Standard New Energy Vehicle Battery ETF [1]

Group 1 - Longxin General (603766.SH) reported its semi-annual results for 2025, with 124 institutional investors holding a total of 1.21 billion shares, representing 58.94% of the total share capital [1] - The top ten institutional investors collectively hold 53.49% of the shares, with a decrease of 2.31 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 19 funds increased their holdings, accounting for 0.36% of the total, while 20 funds decreased their holdings, representing a decline of 0.41% [2] - A total of 73 new public funds were disclosed this period, while 40 funds were not disclosed compared to the previous quarter [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.66% [2]

Group 1: EU Trade Dynamics - The recovery of China's exports to the EU is not significantly impacted by US imports from the EU, as the two trends do not synchronize. China's exports to the EU have been gradually increasing since March, while US imports surged prior to the implementation of reciprocal tariffs [4][6]. - The rebound in China's exports to the EU aligns with the recovery of the Eurozone manufacturing PMI, which rose to 50.5% in August from 49.8% in July, marking the first time in three years it surpassed the growth threshold [4][6]. Group 2: ASEAN Trade Trends - China's exports to ASEAN have shown strong performance, likely influenced by transshipment trade. The growth rate of China's exports to ASEAN has remained high since April, mirroring the increase in US imports from ASEAN [4][7]. - Recent data indicates that transshipment trade may have stabilized at a high level, lacking further upward momentum. While US imports from ASEAN increased by 37.1% year-on-year in June, China's export growth to ASEAN has been fluctuating, with a year-on-year increase of 16.6% in July, significantly lower than the US growth rate [4][7]. Group 3: African Trade Insights - The strong growth in China's exports to Africa is not primarily driven by transshipment trade, as the scale of trade between China and Africa vastly exceeds that of the US. China's monthly exports to Africa are approximately $19 billion, while US imports from Africa are only around $3 billion [5]. - The increase in China's export growth to Africa is mainly attributed to vehicles and auto parts, suggesting a lower correlation with US demand cycles and tariff fluctuations. The sustainability of this growth remains to be observed [5][9].

Economic Overview - Zhanjiang's economy remains stable with strong industrial support and continuous growth in infrastructure investment, while the consumer market shows increased activity and some industries experience rapid growth [1] - Fixed asset investment faces certain pressures in some areas [1] Industrial Performance - The industrial added value of Zhanjiang increased by 9.7% year-on-year, indicating strong resilience [1] - Mining industry grew by 16.8%, while manufacturing increased by 9.3% [1] - Specific industries showing high growth include textiles and apparel (69.9%), communication equipment and computer manufacturing (59.3%), printing and recording media reproduction (49%), automotive manufacturing (24.6%), and petroleum, coal, and other fuel processing (23.0%) [1] Infrastructure Investment - Infrastructure investment rose by 22.3%, with significant increases in flood control and drainage management (81.5%) and railway transportation (35.2%) [1] Financial Support - By the end of July, the total balance of deposits in financial institutions reached 514.708 billion yuan, a year-on-year increase of 6.3%, while the loan balance was 450.805 billion yuan, growing by 6.4% [1] - Household deposits amounted to 385.577 billion yuan, reflecting an 8.2% increase [1] Investment Structure - Industrial investment accounts for 54.1% of fixed asset investment, indicating ongoing structural optimization [2] - Investment in steel smelting and processing surged by 366%, while industrial technological transformation investment grew by 25.6%, highlighting the significant impact of major projects on economic growth [2]

交流活动中，省商务厅围绕辽宁的工业基础、区位优势、开放平台、科技创新、文体旅资源及外资 政策等方面作了全面推介，省市场监管局推介了辽宁优品。活动现场签署了项目合作协议，举办了企业 对接，并专门设置了辽宁特色产品展区，进一步展示辽宁制造与品牌魅力。 8月24日，由省侨联、省商务厅共同主办的"侨助出海商通五洲"辽宁省侨界"一带一路"经贸合作交 流活动在沈阳举行。 当前辽宁正以更加开放的姿态，深度融入共建"一带一路"，全力打造对外开放新前沿。广大海外侨 胞是推动住在国同中国各领域交流合作的桥梁，始终以深厚乡情和务实行动支持辽宁振兴发展。 省侨联将以此次活动为契机，充分发挥侨界优势，依托政府部门支持，吸引更多侨商走进辽宁、投 资辽宁，为辽宁融入共建"一带一路"注入强劲动能。 ...

Core Insights - The "Hundred Days of Millions of Recruitment" initiative has launched online recruitment events for four industries: machinery, cross-border e-commerce, healthcare, and automotive, with over 27,000 employers participating and a recruitment demand exceeding 312,000 positions [1] Industry Summaries Machinery Industry - The machinery industry event involved over 7,500 employers, offering positions such as system engineers, debugging engineers, CNC engineers, and welding engineers, with a recruitment demand exceeding 100,000 positions [1] Cross-Border E-Commerce Industry - The cross-border e-commerce event included over 3,000 employers, providing roles like foreign trade business managers, foreign trade procurement specialists, sales representatives, and operation managers, with a recruitment demand exceeding 10,000 positions [1] Healthcare Industry - The healthcare event saw participation from over 16,000 employers, offering positions such as physicians, pharmacists, imaging technicians, and rehabilitation physicians, with a recruitment demand of 190,000 positions [1] Automotive Industry - The automotive event involved over 700 employers, providing roles such as automotive assembly engineers, design engineers, and testing engineers, with a recruitment demand of 12,000 positions [1] Additional Recruitment Activities - The "Employment Online" platform has also organized live-streaming recruitment activities featuring various industries, including manufacturing, transportation, warehousing, real estate, and business services, offering positions like quality engineers, process engineers, mechanical engineers, station attendants, real estate agents, and sales managers [1]

Core Viewpoint - China has made a significant policy adjustment regarding the value-added tax (VAT) refund system, becoming more cautious about refunds to improve policy guidance and efficiency [1][2]. Group 1: Policy Adjustments - The Ministry of Finance and the State Taxation Administration announced new VAT refund policies effective from September, focusing on specific industries [1][2]. - The adjustment aims to enhance the precision of tax policies and reduce the burden on tax administration [1][2]. Group 2: Industry-Specific Changes - The manufacturing, scientific research and technology services, software and information technology services, and ecological protection and environmental governance sectors will continue to enjoy monthly VAT refunds [3]. - Other sectors previously eligible for full refunds, such as wholesale and retail, agriculture, accommodation, and education, will now face new restrictions and reduced refund rates [3][4]. Group 3: Real Estate Sector - The real estate development sector will maintain its previous VAT refund policy, allowing eligible taxpayers to apply for a 60% refund on newly added VAT credits after meeting specific conditions [4][5]. - This policy aims to stabilize the real estate market and alleviate financial pressure on developers [5]. Group 4: General Industry Adjustments - For industries outside the specified sectors, a new threshold of 500,000 yuan for newly added VAT credits has been established, with a tiered refund rate of 60% for amounts up to 10 million yuan and 30% for amounts exceeding that [6]. - The new policy reflects a shift from broad-based tax reductions to more structured tax policies, addressing fiscal constraints and preventing tax fraud [6][7].

Group 1 - The company, Boshuo Technology, announced that its third board meeting will be held on August 25, 2025, to review the 2025 semi-annual report and related documents [1] - For the year 2024, the company's revenue composition is entirely from the manufacturing sector, accounting for 100.0% [1]