Core Viewpoint - Lanzhou New Area celebrates its 13th anniversary as a national-level new area, showcasing its commitment to high-quality development through innovation, connectivity, and digital transformation [1][2][5]. Group 1: Innovation and Technology - The keyword "Intelligence" signifies the area's focus on technological innovation, transforming challenges into opportunities through smart solutions [2][4]. - The integration of smart technologies has enhanced industrial capabilities, with advancements in automation and data-driven governance [2][4]. Group 2: Connectivity and Collaboration - The keyword "Connection" emphasizes the importance of interconnectivity in driving regional integration and economic growth, linking various industries and transportation networks [3][5]. - The development of transportation infrastructure, including railways and airports, positions Lanzhou New Area as a central hub in the northwest region [3][5]. Group 3: Digital Economy - The establishment of the Big Data Industrial Park serves as a cornerstone for the digital economy, facilitating the growth of sectors like AI and cloud computing [4][5]. - Digital transformation is enhancing traditional industries, leading to improved efficiency and competitiveness [4][5]. Group 4: High-Quality Development - The keyword "High" reflects the area's ambition to become a new highland for industry and openness in the western region, supported by strategic planning and infrastructure development [5]. - Lanzhou New Area is committed to sustainable development, focusing on ecological construction and urban quality improvement [5].

Group 1 - The tea industry in Ziyang County has seen a 10% increase in overall efficiency this year despite drought conditions, with early preparation and sufficient funding for tea leaf procurement [1] - The Huangu Town Tea Industry Chain Party Committee facilitated a credit of 215 million yuan from two banks to the local tea association and two tea companies [1] - The integration of party building with the tea industry has been emphasized in Ankang City to address challenges such as fragmentation and weakness in the industry [1] Group 2 - The Pingli County Fuxi Tea Industry Chain Party Committee has supported the establishment of 10 flagship tea stores in major cities outside the county and five sales outlets, enhancing the county's tea sales [2] - The committee provided a 600,000 yuan subsidy over three years to help a local tea company open a store in Tianjin, addressing market entry challenges [2] - The establishment of joint party committees for various industries in Ankang High-tech Zone aims to provide comprehensive support services for enterprises [2] Group 3 - The He Rui Guang Technology Company in Shaanxi faced a labor shortage due to increased orders, prompting the establishment of recruitment initiatives including on-site hiring and transportation for workers [3] - The collaborative approach of industry chain party building has proven effective in solving recruitment issues, as demonstrated by the success of He Rui Guang Technology [4] Group 4 - Han Yin County has formed five industry chain party committees to facilitate collaboration among enterprises, resulting in 22 project cooperation meetings and 10 agreements since 2024 [4] - The joint hiring of a leading expert by two companies in the new materials sector has reduced costs and improved efficiency, leading to the successful production of a new specialty graphite product [4][5] - Ankang City has established 13 industry chain party committees and 32 party branches, creating a framework for industry collaboration and development [5]

Group 1 - The first batch of key intellectual property protection directory in Weinan City has been officially released, including 28 "Shaanxi Good Trademarks," 5 well-known trademarks, and 10 foreign-related enterprises, establishing a gradient protection system of "key trademarks - well-known brands - export-oriented enterprises" [1] - The 28 "Shaanxi Good Trademarks" cover pillar industries such as food processing, equipment manufacturing, green energy, and modern agriculture, showcasing the deep heritage and strong vitality of Weinan City's industrial brands [1] - The 5 well-known trademarks include "Shanfu," "Huashan," and "Bayu," with a steady increase in the total number of well-known trademarks in Weinan City since 2011, expanding from traditional agricultural products to tourism services, machinery, and fine chemicals [1] Group 2 - 10 foreign-related enterprises included in the intellectual property protection directory are involved in strategic emerging industries such as printing machinery, new energy, biotechnology, and new materials, providing strong support for enterprises going abroad [1] - The protection directory is dynamically managed, with annual adjustments based on brand influence and infringement risk monitoring results, ensuring the quality and timeliness of the directory [2] - Weinan City is leveraging its status as a pilot city for national intellectual property strong city construction to accelerate the improvement of the policy system, increase law enforcement efforts, and optimize service supply for sustainable high-quality development [2]

Macro Insights - The expansion of the US steel and aluminum tariffs is expected to increase import tariffs from China and globally by 1.3% and 1.1% respectively, with the second batch of steel and aluminum derivatives set to take effect in January 2026 [2] - The US domestic demand decline may indirectly affect China's exports to other countries, while the substitution effect of US steel is limited [2] Fiscal Policy - In July, tax revenue growth accelerated, indicating an improvement in public budget revenue structure [3] - The land market remains sluggish, leading to weak growth in government fund revenue, which is significantly below the initial budget [3] - Infrastructure investment is rebounding, supported by the commencement of major projects, which is beneficial for domestic investment [3] Company Research Real Estate - Wanwu Cloud (2602.HK) reported H1 2025 revenue of 18.14 billion yuan, up 3.1% year-on-year, and a core net profit of 1.32 billion yuan, up 10.8% year-on-year, with a mid-term dividend of 1.1 billion yuan, accounting for 83% of core net profit [5] Chemical Industry - Yuntianhua (600096.SH) achieved H1 2025 revenue of 24.992 billion yuan, down 21.88% year-on-year, and a net profit of 2.761 billion yuan, down 2.81% year-on-year, with an upward revision of profit forecasts for 2025-2027 [6] Oil and Gas - CNOOC Development (600968.SH) reported H1 2025 total revenue of 22.6 billion yuan, up 4.5% year-on-year, and a net profit of 1.83 billion yuan, up 13.1% year-on-year, with profit forecasts for 2025-2027 maintained [7] Steel - CITIC Special Steel (000708.SZ) maintains profit forecasts for 2025-2027 at 5.590 billion, 6.236 billion, and 6.825 billion yuan, with expectations of improved profitability due to product structure optimization and accelerated overseas projects [9] Building Materials - Beixin Building Materials (000786.SZ) reported H1 2025 revenue of 13.56 billion yuan, down 0.3% year-on-year, and a net profit of 1.93 billion yuan, down 12.9% year-on-year, with profit forecasts for 2025-2027 adjusted downwards [10] High-end Manufacturing - Haitian International (1882.HK) achieved H1 2025 net profit of 1.71 billion yuan, up 12.6% year-on-year, with profit forecasts for 2025-2027 maintained [11] Automotive - XPeng Motors (XPEV.N) is approaching a profitability inflection point, with expectations of improved gross margins and sales growth, leading to upward revisions of profit forecasts for 2026-2027 [12] Electrical New Energy - Siyuan Electric (002028.SZ) reported H1 2025 revenue of 8.497 billion yuan, up 37.8% year-on-year, and a net profit of 1.293 billion yuan, up 45.71% year-on-year, with strong growth in overseas revenue [13] Technology - Jiayuan Technology (688388.SH) has revised profit forecasts for 2025-2027 to 105 million, 274 million, and 524 million yuan, with a focus on solid-state batteries and high-end PCB copper foil [14] Internet Media - Meitu Company (1357.HK) focuses on subscription growth, with adjusted profit forecasts for 2025-2027 increased to 960 million, 1.24 billion, and 1.52 billion yuan [15] Overseas TMT - Xiaomi Group (1810.HK) reported Q2 2025 revenue of 116 billion yuan, up 30% year-on-year, with a downward revision of profit forecasts for 2025-2027 [16] Pharmaceuticals - Kingsray Biotechnology (1548.HK) reported H1 2025 revenue of 519 million USD, with a significant recovery in business and a downward revision of profit forecasts for 2025-2027 [17] Travel Services - Tongcheng Travel (0780.HK) reported Q2 2025 revenue of 4.669 billion yuan, up 10% year-on-year, with adjusted net profit forecasts for 2025-2027 maintained [19] Food and Beverage - Yanghe Distillery (002304.SZ) reported H1 2025 revenue of 14.796 billion yuan, down 35.32% year-on-year, with profit forecasts for 2025-2027 maintained [20] Light Industry - Wuzhou Special Paper (605007.SH) maintains profit forecasts for 2025-2027, with expectations of improved profitability due to price recovery [21] - Zhongshun Jierou (002511.SZ) has raised profit forecasts for 2025-2027, focusing on high-end product layout [22]

Economic Performance Overview - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year, indicating stable growth in production supply [1][2] - The total retail sales of consumer goods rose by 3.7% year-on-year, with retail sales of goods increasing by 4% [2][4] - The total import and export volume of goods grew by 6.7% year-on-year, reflecting resilience in foreign trade [1][2] Sectoral Growth Insights - The equipment manufacturing sector saw an increase of 8.4% in added value, outpacing the overall industrial growth rate [2] - High-tech manufacturing added value grew by 9.3%, continuing to exceed the industrial growth rate [3] - The production index for information transmission, software, and IT services rose by 11.9%, while leasing and business services increased by 8% [3] Consumer Market Dynamics - The combined retail of goods and services is estimated to have grown by around 5% year-on-year from January to July, indicating a stable upward trend in consumption [4][5] - The "old for new" consumption policy has positively impacted sales of home appliances, cultural office supplies, furniture, and communication equipment, with respective growth rates of 28.7%, 13.8%, 20.6%, and 14.9% [4] - The tourism and leisure sectors experienced double-digit growth in retail sales, driven by increased consumer demand during the summer [4] Policy and Future Outlook - The government plans to continue implementing measures to boost consumption, focusing on expanding both goods and service consumption [5][7] - Despite facing challenges, the long-term supportive conditions for economic growth remain unchanged, with a focus on stabilizing employment, enterprises, and market expectations [7][8] - The International Monetary Fund has raised its growth forecast for China's economy by 0.8 percentage points, reflecting increased confidence from the international community [8]

Core Insights - The industrial economy of Jiaxing, Zhejiang Province, is set to achieve a significant milestone with the total industrial output value exceeding 100 billion RMB for the first time in the first half of 2025, driven by national strategic initiatives and a focus on quality growth [1] Group 1: Traditional Industry Transformation - The wood industry, a traditional sector in Jiaxing, has historically contributed one-third of the national production capacity but faced challenges due to low product diversity and quality [2] - Recent advancements in digital transformation have led to the complete digital upgrade of 64 wood furniture enterprises, injecting innovation into the traditional wood industry [3] - A local wood company has developed new carbon material technologies that utilize over 70% of raw materials from waste, contributing to sustainable practices and economic benefits for farmers [3] Group 2: New Energy Sector Development - A significant lithium battery production project in Jiaxing is under construction, with plans to establish 15 production lines capable of producing 45 GWh of lithium-ion batteries annually by the end of 2025 [4] - The lithium battery industry in Jiaxing has attracted over 30 core enterprises, creating a collaborative ecosystem that includes photovoltaic and hydrogen energy sectors, with the industry scale growing from 220 million RMB in 2021 to 6.1 billion RMB in 2024 [5] Group 3: Robotics and Equipment Manufacturing - The equipment manufacturing sector in Jiaxing has expanded significantly, becoming the first industry cluster in the region to exceed 100 billion RMB [7] - A local bearing company has achieved breakthroughs in material technology, enhancing product performance and longevity, while actively participating in national standard-setting [7] - Jiaxing is fostering innovation through the establishment of research centers and partnerships with universities, enhancing the region's technological capabilities [8]

Core Insights - Chongqing Machinery and Electric Co., Ltd. reported a total revenue of 4.658 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 9.2% [1] - The net profit attributable to the parent company was 416 million RMB, showing a significant increase of 53.8% year-on-year [1] - The basic earnings per share were 0.11 RMB, with a proposed interim dividend of 0.01 RMB per share (tax included) [1] Revenue Breakdown - The clean energy equipment segment generated approximately 3.738 billion RMB, accounting for about 80.3% of total revenue, with a growth of approximately 11.3% [1] - The high-end intelligent manufacturing segment reported revenue of about 880.9 million RMB, making up around 18.9% of total revenue, with a growth of about 1.1% [1] - The industrial services segment had revenue of approximately 31.9 million RMB, representing about 0.7% of total revenue, with a decline of approximately 8.3% [1] Future Outlook - The company expects stable growth in overall sales revenue for the entire year of 2025 [1]

Core Viewpoint - Chongqing Machinery and Electric Co., Ltd. reported a total revenue of 4.658 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 9.2% [1] - The net profit attributable to the parent company reached 416 million RMB, marking a significant increase of 53.8% year-on-year [1] - The company proposed an interim dividend of 0.01 RMB per share (tax included) [1] Revenue Breakdown - The clean energy equipment segment generated approximately 3.738 billion RMB, accounting for about 80.3% of total revenue, with a growth of approximately 11.3% [1] - The high-end intelligent manufacturing segment reported revenue of about 880.9 million RMB, representing around 18.9% of total revenue, with a growth of approximately 1.1% [1] - The industrial services segment had revenue of about 31.9 million RMB, making up about 0.7% of total revenue, experiencing a decline of approximately 8.3% [1] Future Outlook - The company anticipates stable growth in overall sales revenue for the entire year of 2025 [1]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人：高拓 （13705969808） 事项 7 月广义财政收入同比 3.6% ， 6 月同比 2.8% ； 7 月广义财政支出同比 12.1% ， 6 月同比 17.6% 。 报告摘要 一、下半年"财政退坡"值得担心吗？ （一）什么是 " 财政退坡 " ？ 全国财政预算在每年 3 月制定完毕，若后续执行中无预算调整 （增发债务）， 则 财政明显前倾的年份， 下半年或面临支出增速掉档，称为"财政退坡" ； 如 2022 年，受新增专项债前置发行等因素影响 ， 上半 年广义财政支出同比 12.4% ，下半年仅为 -4.6% 。 （二）为什么今年下半年可能出现 " 财政退坡 " ？ 一种观点认为， 下半年财政力度回落或明显拖累经济、仍需超常规增量政策对冲 ：今年上半年， 财政靠前 发力、支出增速较高 （ 8.9% ，全年目标或约 3.4%~5.1% ， 详见报告 《财政三个关切思辩：规模、缺 口、乘数》 ） ：若年内不再推出超常规增量政策 ， 今年下半年广义财政支出或约 -0.4~2.1% ，为 2022 年以来同期 ...

Group 1 - The company is enhancing its collaboration with universities to strengthen research and development capabilities and accelerate the commercialization of scientific achievements [1] - The company is gradually achieving industrialization in areas such as intelligent components, light-absorbing coatings, and alternative technologies for chrome plating [1] - The focus is on creating functional products with core competitiveness to improve the company's performance [1]