Summary of Key Points - The fixed asset investment in Longnan City increased by 14.2% year-on-year in the first half of 2025, with a growth rate improvement of 2.1 percentage points compared to the period from January to May [3] - Private fixed asset investment saw a significant increase of 25.4% year-on-year [3] - In June, the fixed asset investment growth rate was recorded at 17.9% [3] Sector Performance - Investment in the primary industry grew by 45.1% year-on-year [3] - The secondary industry experienced a growth of 38.0%, with industrial investment specifically increasing by 38.0% [3] - Within the secondary industry, mining and manufacturing investments surged by 106.8% and 79.2% respectively, while investment in the electricity, heat, gas, and water production and supply sector declined by 10.6% [3] - The tertiary industry saw a modest growth of 6.6%, but infrastructure investment within this sector decreased by 4.3% [3] - In the tertiary sector, transportation, warehousing, and postal services grew by 3.5%, while water conservancy, environment, and public facility management experienced a significant decline of 29.1% [3]

Market Overview - The core viewpoint emphasizes that stocks are favored over bonds, with a weak outlook for gold and the US dollar. Investors are advised to focus on changes in equity structure and style, suggesting a strategy of "one body, two wings" [1] - The main focus is on cyclical stocks, which have outperformed technology stocks recently, with the Shanghai Composite Index reaching new highs around the 3600-point mark [1] Cyclical Sector Dynamics - The cyclical sector is driven by policies such as supply contraction and infrastructure projects, indicating a clear revival in this area [2] - The performance of large-cap stocks above 3600 points has created a positive wealth effect, with hopes for a sustained rally in cyclical stocks to surpass previous highs [2] Profitability Insights - In the first half of 2025, the total profit of industrial enterprises above designated size was 34,365 billion yuan, a year-on-year decrease of 1.8%. State-owned enterprises saw a profit drop of 7.6%, while private enterprises experienced a slight increase of 1.7% [2] - Despite a decline in overall industrial profits, certain sectors like manufacturing are showing improvement, with specific industries maintaining good growth [3] Coal Industry Analysis - The coal industry has faced long-term challenges, including competition from renewable energy and overcapacity issues. The cumulative profit for the coal sector in the first half of 2025 was down 53% [4] - The profitability of coal mining is closely linked to market conditions, and while there may be short-term rebounds, the long-term outlook remains uncertain due to fundamental changes in demand and production technology [4] Investment Strategy - The strategy suggests that while cyclical opportunities may be diminishing, localized opportunities exist, particularly in sectors like construction materials due to disaster recovery efforts [6] - Investors are encouraged to adopt a holistic view that integrates cyclical and technological investments, emphasizing the importance of strategic foresight in navigating market fluctuations [6][7]

Group 1: Core Views - Total: The decline in profits has narrowed, and the manufacturing industry has improved significantly. In the first half of 2025, the total profit of large-scale industrial enterprises in China reached 343.65 billion yuan, a year-on-year decrease of 1.8%. In June, the year-on-year decline in profits narrowed significantly, with a profit of 71.558 billion yuan, a year-on-year decrease of 4.3%, narrowing by 4.8 percentage points compared with May. The profit of the manufacturing industry turned from a 4.1% decline in May to a 1.4% increase, becoming the main driving force. The equipment manufacturing industry performed particularly prominently, with the profit growth rate turning from negative to positive, a year-on-year increase of 9.6% (a 2.9% decline in May), contributing 3.8 percentage points to the overall industrial profit growth. In terms of operating income, it increased by 2.5% year-on-year from January to June, and the single-month growth rate in June was the same as that in May (1.0%), providing basic support for the recovery of corporate profits [3]. - Structure: The "Two New" policies continue to exert force, and high-end manufacturing and consumption upgrading lead the growth. The effects of the "Two New" policies continue to appear, and the midstream manufacturing industry has improved: the profit of medical instrument and equipment manufacturing increased by 12.1% year-on-year, the production of special equipment for printing, pharmaceutical, and daily chemical products increased by 10.5%, and the manufacturing of general parts increased by 9.5%. The replacement of consumer goods with old ones has activated demand: the policies in the fields of electronics and home appliances have shown results, the profit of intelligent unmanned aerial vehicle manufacturing soared by 160.0%, computer整机 manufacturing increased by 97.2%, and household air conditioner manufacturing increased by 21.0%. In addition, the profit of the automobile industry soared by 96.8% driven by promotions and exports, and the profit growth rates of the electrical machinery and instrumentation industries reached 18.7% and 12.3%. From an industry perspective, the transformation towards high-end, intelligent, and green has achieved remarkable results. The profit of electronic special material manufacturing increased by 68.1%, and the manufacturing of lithium-ion batteries increased by 72.8%. The profit of the upstream mining industry decreased by 30.3% year-on-year, and coal mining decreased by 53.0%. Traditional industries are still under pressure. Currently, the recovery of industrial profits mainly relies on structural improvement driven by policies. In the future, it is necessary to further consolidate the momentum of equipment manufacturing and consumption upgrading, and at the same time address the challenges of upstream costs and insufficient demand. With the increase of policies to expand domestic demand and the implementation of anti-involution policies, industrial profits are expected to continue the recovery trend in the third quarter [4]. Group 2: National Large-Scale Industrial Enterprise Profits from January to June 2025 - Overall profit: From January to June 2025, the total profit of large-scale industrial enterprises in China was 343.65 billion yuan, a year-on-year decrease of 1.8% (calculated on a comparable basis). Among them, state-owned holding enterprises achieved a total profit of 110.912 billion yuan, a year-on-year decrease of 7.6%; joint-stock enterprises achieved a total profit of 253.304 billion yuan, a decrease of 3.1%; foreign-invested and Hong Kong, Macao, and Taiwan-invested enterprises achieved a total profit of 88.231 billion yuan, an increase of 2.5%; private enterprises achieved a total profit of 93.897 billion yuan, an increase of 1.7% [31]. - Industry profit: From January to June, the mining industry achieved a total profit of 42.941 billion yuan, a year-on-year decrease of 30.3%; the manufacturing industry achieved a total profit of 259.006 billion yuan, an increase of 4.5%; the production and supply of electricity, heat, gas, and water achieved a total profit of 41.704 billion yuan, an increase of 3.3% [31]. - Main industry profit: From January to June, the profit of the ferrous metal smelting and rolling processing industry increased by 13.7 times year-on-year, the agricultural and sideline food processing industry increased by 22.8%, the electrical machinery and equipment manufacturing industry increased by 13.0%, the non-ferrous metal smelting and rolling processing industry increased by 7.8%, the general equipment manufacturing industry increased by 6.5%, the power and heat production and supply industry increased by 5.6%, the special equipment manufacturing industry increased by 4.4%, the automobile manufacturing industry increased by 3.6%, the computer, communication, and other electronic equipment manufacturing industry increased by 3.5%, the non-metallic mineral products industry decreased by 5.4%, the textile industry decreased by 8.1%, the chemical raw materials and chemical products manufacturing industry decreased by 9.0%, the oil and gas extraction industry decreased by 11.5%, the coal mining and washing industry decreased by 53.0%, and the oil, coal, and other fuel processing industry increased its losses year-on-year [32]. - Operating income and cost: From January to June, large-scale industrial enterprises achieved an operating income of 66.78 trillion yuan, a year-on-year increase of 2.5%; the operating cost was 57.12 trillion yuan, an increase of 2.8%; the operating income profit margin was 5.15%, a year-on-year decrease of 0.22 percentage points. At the end of June, the total assets of large-scale industrial enterprises were 183.17 trillion yuan, a year-on-year increase of 5.1%; the total liabilities were 105.98 trillion yuan, an increase of 5.4%; the owner's equity was 77.19 trillion yuan, an increase of 4.7%; the asset-liability ratio was 57.9%, a year-on-year increase of 0.2 percentage points [32]. - Accounts receivable and inventory: At the end of June, the accounts receivable of large-scale industrial enterprises were 26.69 trillion yuan, a year-on-year increase of 7.8%; the finished product inventory was 6.60 trillion yuan, an increase of 3.1%. From January to June, the cost per 100 yuan of operating income of large-scale industrial enterprises was 85.54 yuan, a year-on-year increase of 0.26 yuan; the expense per 100 yuan of operating income was 8.38 yuan, a year-on-year decrease of 0.10 yuan. At the end of June, the operating income per 100 yuan of assets of large-scale industrial enterprises was 73.9 yuan, a year-on-year decrease of 1.9 yuan; the per capita operating income was 1.823 million yuan, a year-on-year increase of 56,000 yuan; the turnover days of finished product inventory were 20.4 days, a year-on-year increase of 0.1 day; the average collection period of accounts receivable was 69.8 days, a year-on-year increase of 3.9 days [33]. Group 3: Interpretation of Industrial Enterprise Profit Data by Yu Weining, a Statistician of the Industrial Department of the National Bureau of Statistics - Revenue and profit: In June, the year-on-year decline in the profit of large-scale industrial enterprises narrowed compared with May. The operating income of large-scale industrial enterprises increased by 1.0% year-on-year, and the growth rate was the same as that in May. The continuous growth of industrial enterprise revenue created favorable conditions for the recovery of corporate profits. In June, large-scale industrial enterprises achieved a total profit of 71.558 billion yuan, a year-on-year decrease of 4.3%, and the decline narrowed by 4.8 percentage points compared with May. Among them, the manufacturing industry improved significantly, and the profit turned from a 4.1% decline in May to a 1.4% increase. From a cumulative perspective, from January to June, the operating income of large-scale industrial enterprises increased by 2.5%, and the profit decreased by 1.8% [36]. - Equipment manufacturing industry: In June, the operating income of the equipment manufacturing industry increased by 7.0% year-on-year, 0.3 percentage points faster than in May; the profit turned from a 2.9% decline in May to a 9.6% increase, driving the profit growth of all large-scale industrial enterprises by 3.8 percentage points, and playing a prominent supporting role in the profit of large-scale industrial enterprises. Among the 8 industries in the equipment manufacturing industry, the profits of 4 industries increased. Among them, the profit of the automobile industry increased by 96.8% due to factors such as the rapid increase in sales driven by promotions and the increase in investment income of key enterprises; the profits of the electrical machinery, instrumentation, and metal products industries increased by 18.7%, 12.3%, and 6.2% respectively [37]. - High-end, intelligent, and green manufacturing: In June, the profits of industries related to high-end, intelligent, and green manufacturing in the manufacturing industry increased rapidly, providing stable support for the high-quality development of the industry. Among them, the profits of industries such as electronic special material manufacturing, aircraft manufacturing, and marine engineering equipment manufacturing in the high-end equipment manufacturing industry increased by 68.1%, 19.0%, and 17.8% respectively year-on-year; the acceleration of the production of intelligent and automated products drove the increase in profits of related industries, and the profits of industries such as intelligent consumer equipment manufacturing and drawing, computing, and measuring instrument manufacturing increased by 40.9% and 12.5% respectively; the acceleration of the formation of green production and green lifestyle promoted the growth of profits of related industries, and the profits of industries such as lithium-ion battery manufacturing, biomass power generation, and environmental monitoring special instrument and meter manufacturing increased by 72.8%, 24.5%, and 22.2% respectively [38]. - "Two New" policy: Since this year, the scope of support categories and subsidies for the "Two New" policy has been continuously expanded, driving significant improvement in the profits of related industries. Driven by large-scale equipment renewal policies, in June, the profits of industries such as medical instrument and equipment manufacturing, printing, pharmaceutical, and daily chemical product production special equipment manufacturing, and general parts manufacturing increased rapidly, with year-on-year increases of 12.1%, 10.5%, and 9.5% respectively. The policies of replacing old consumer goods with new ones in the fields of electronics, home appliances, and kitchen and bathroom products continued to show results. In June, the profits of industries such as intelligent unmanned aerial vehicle manufacturing, computer整机 manufacturing, household air conditioner manufacturing, and household ventilation appliance manufacturing increased by 160.0%, 97.2%, 21.0%, and 9.7% respectively; the profits of industries related to the industrial chain, such as optoelectronic device manufacturing and computer component manufacturing, increased by 29.6% and 16.9% respectively [38].

Group 1 - In June, the manufacturing sector showed significant improvement, with profits shifting from a decline of 4.1% in May to a growth of 1.4% [1] - For the first half of the year, the total profit of industrial enterprises above designated size reached 34,365.0 billion yuan, a year-on-year decrease of 1.8% [1] - In June, the total profit of industrial enterprises was 7,155.8 billion yuan, a year-on-year decline of 4.3%, but the decline narrowed by 4.8 percentage points compared to May [1] Group 2 - State-owned enterprises reported a total profit of 11,091.2 billion yuan, down 7.6%, while private enterprises saw a profit of 9,389.7 billion yuan, up 1.7% [3] - The mining industry experienced a profit drop of 30.3%, while the manufacturing sector's profit increased by 4.5% to 25,900.6 billion yuan [3] - The equipment manufacturing sector's revenue grew by 7.0% in June, with profits rebounding from a decline of 2.9% in May to a growth of 9.6% [3] Group 3 - High-end, intelligent, and green industries within manufacturing saw rapid profit growth, with electronic special materials manufacturing profits increasing by 68.1% [4] - The production of smart and automated products contributed to profit increases in related sectors, with smart consumer device manufacturing profits rising by 40.9% [4] - Green production initiatives led to significant profit growth in sectors like lithium-ion battery manufacturing, which saw a profit increase of 72.8% [5] Group 4 - The Ministry of Industry and Information Technology indicated that while external uncertainties have increased, supportive policies are being implemented to ensure stable industrial growth [6] - The upcoming plans for key industries such as steel and non-ferrous metals aim to stabilize growth in the second half of the year [6] - Analysts expect that the "Two New" policies will continue to support profit growth in the equipment manufacturing and high-tech sectors, leading to a broader recovery in industrial profits [6]

7月21日，金华市上半年"经济成绩单"出炉：根据浙江省地区生产总值统一核算结果，上半年，金华市 实现地区生产总值3456.11亿元，按不变价格计算，同比增长6.4%，分别高于全国、全省1.1和0.6个百分 点，排名全省第五位。 张益晓 "增"是关键词，如工业生产较快增长、现代服务业增势良好、以旧换新相关商品快速增长、居民消费支 出增速较快等。上半年，金华市规模以上工业增加值同比增长8.6%，高于全国、全省平均2.2、1.0个百 分点。分三大门类看，采矿业增长22.6%，制造业增长9.4%，电力热力燃气及水生产和供应业下降 0.5%。分行业看，33个行业大类中，21个行业增加值实现增长，增长面63.6%。规模前十大行业"八增 二降"，其中汽车制造、计算机通信、电气机械等行业增加值分别增长61.1%、23.0%和9.6%。新兴产业 有力拉动，战略性新兴产业、高端装备制造业、高技术产业增加值分别增长21.5%、19.4%和16.9%。 "金"字招牌持续擦亮。一方面，固定资产投资持续快增，投资结构持续优化。上半年，金华市固定资产 投资增长16.4%，高于全国、全省平均13.6、15.0个百分点。分产业看，第一产业投资 ...

Economic Overview - Guangdong's GDP for the first half of 2025 reached 68,725.40 billion yuan, showing a year-on-year growth of 4.2% at constant prices [1][4] - The primary industry added value was 2,258.86 billion yuan, growing by 4.2%; the secondary industry added value was 25,978.86 billion yuan, with a growth of 3.4%; the tertiary industry added value was 40,487.69 billion yuan, increasing by 4.6% [1][4] Industrial Performance - The industrial added value for large-scale industries in Guangdong increased by 4.0% year-on-year, with a growth acceleration of 0.1 percentage points compared to the first quarter [3] - In June, the industrial growth rate was 5.3%, with mining industry value decreasing by 0.3%, manufacturing growing by 4.5%, and the production and supply of electricity, heat, gas, and water declining by 0.1% [3] Service Sector - The service sector's added value grew by 4.6% year-on-year, with an acceleration of 0.3 percentage points from the first quarter [3] - Notably, the transportation, storage, and postal services, as well as the financial sector, saw growth rates of 6.6% and 7.0%, respectively, surpassing the overall service sector growth by 2.0 and 2.4 percentage points [3][14] Consumer Market - The total retail sales of consumer goods in Guangdong increased by 3.5% year-on-year, with a growth acceleration of 1.0 percentage point compared to the first quarter [3] - Retail sales of goods grew by 3.6%, while catering revenue increased by 2.7% [3] Income Levels - The per capita disposable income in Guangdong reached 28,343 yuan, reflecting a nominal year-on-year growth of 4.5%, and a real growth of 4.9% after adjusting for price factors [3][21] - Urban residents had a per capita disposable income of 33,918 yuan (4.0% nominal growth), while rural residents had 14,624 yuan (5.7% nominal growth) [21]

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of 2025, exceeding the annual target of around 5%[1] - In Q2 2025, GDP growth was 5.2%, a slight decrease of 0.2 percentage points from Q1[1] - The contribution of final consumption expenditure to GDP in Q2 was 52.3%, up from 51.7% in Q1[10] Industrial Growth - In June 2025, the industrial added value for large enterprises increased by 6.8% year-on-year, with a 1.0 percentage point rebound[15] - Manufacturing remains the core driver of industrial growth, with significant increases in high-tech sectors such as electrical machinery (11.4%) and new energy vehicles (18.8%)[16] - The industrial sales rate in June was 94.3%, reflecting ongoing pressure on enterprise sales[16] Consumer Trends - Retail sales of consumer goods in June grew by 4.8% year-on-year, a decline of 1.6 percentage points from May[18] - Service consumption showed a steady recovery, with a 5.3% increase in retail sales for services in the first half of 2025[18] - Online retail sales of physical goods in June rose by 6.0%, accounting for 24.9% of total retail sales[19] Investment Insights - Fixed asset investment (excluding rural households) grew by 2.8% in the first half of 2025, down from 3.7% in the first five months[3] - Non-real estate investment surged by 6.6%, significantly higher than total investment growth[3] - Manufacturing investment increased by 7.5%, while real estate development investment fell by 11.2%[24] Risks - Economic recovery may fall short of expectations, and growth stabilization policies may not meet anticipated outcomes[4]

Core Viewpoint - The industrial production in China showed a rapid growth in the first half of the year, with a year-on-year increase of 6.4% in the value added of industrial enterprises above designated size, driven by strong performance in equipment manufacturing and high-tech manufacturing sectors [1][2]. Group 1: Industrial Growth - The value added of the equipment manufacturing industry increased by 10.2% year-on-year, while the high-tech manufacturing industry saw a growth of 9.5%, both outpacing the overall industrial growth by 3.8 and 3.1 percentage points respectively [3]. - The monthly growth rates for high-tech manufacturing in the first half of the year were consistently above the overall industrial growth, with notable increases of 10.7% in March and 9.7% in June [3]. Group 2: Economic Policy and Support - The government is expected to implement more robust growth policies in the second half of the year, with a focus on stabilizing economic performance and enhancing market order [1][6]. - The central government has a rich "policy toolbox" and is preparing to introduce measures based on market changes to support economic stability [1][6]. Group 3: New Industries and Technologies - New industries and technologies are rapidly developing, with significant year-on-year production increases in 3D printing equipment (43.1%), new energy vehicles (36.2%), and industrial robots (35.6%) [4]. - The contribution of new technologies and products is anticipated to provide new growth points for the economy, potentially becoming a new pillar of growth in the coming years [4]. Group 4: Market Order and Competition - Measures are being developed to address the issue of "involution" in certain industries, aiming to improve market order and enhance product quality while phasing out outdated production capacity [7]. - The Producer Price Index (PPI) decreased by 2.8% year-on-year in the first half of the year, but there are expectations for a moderate recovery in prices in the second half [7].

Economic Overview - Guangdong's economy is operating steadily with macro policies working in coordination as of May [2] - The industrial production shows stable growth with a 3.5% year-on-year increase in industrial added value from January to May, an improvement of 0.1 percentage points compared to the previous period [2] Industrial Performance - Significant growth in specific products: civil drones (113.0%), flat panel displays (102.3%), and servers (510.0%) in May [2][3] - The manufacturing sector grew by 4.0%, while mining decreased by 1.7% and electricity, heat, gas, and water supply fell by 0.2% [2] Service Sector Growth - The service sector's revenue reached 1.87 trillion yuan from January to April, with a year-on-year growth of 7.8%, an increase of 0.2 percentage points from the first quarter [4] - Key areas such as transportation, information technology services, and business services contributed significantly to this growth [4] Consumer Market Trends - Retail sales of consumer goods totaled 1.926757 trillion yuan from January to May, with a year-on-year increase of 3.7%, up by 0.7 percentage points from the previous period [5] - Notable growth in specific categories: home appliances (52.5%), cultural office supplies (47.1%), and furniture (67.7%) [5] Investment Insights - Fixed asset investment decreased by 8.9% from January to May, with infrastructure investment growing by 4.5% [6] - Industrial investment accounted for 37.2%, with automotive manufacturing and non-ferrous metal processing seeing increases of 18.4% and 11.3%, respectively [6] Price Index Analysis - The Consumer Price Index (CPI) fell by 0.4% year-on-year in May, with food prices down by 0.8% and non-food prices down by 0.3% [7] - The Producer Price Index (PPI) decreased by 1.8% year-on-year in May, with a cumulative decline of 1.3% from January to May [7]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The overall performance of the main contracts of Treasury bond futures this week was a volatile upward trend, with the 30 - year variety showing a relatively strong trend. The overall environment is favorable for the bond market, and Treasury bond futures may experience a slightly more volatile trend. For trading - type investments, a band - operation strategy is recommended [5][37][38] 3. Summary by Related Catalogs Treasury Bond Futures Market - This week, the main contracts of Treasury bond futures showed a volatile upward trend. By the end of the week, the 30 - year Treasury bond rose 0.71%, the 10 - year Treasury bond rose 0.14%, the 5 - year Treasury bond rose 0.12%, and the 2 - year Treasury bond rose 0.09% [5] Consumption Data - In May, the total retail sales of consumer goods reached 41326 billion yuan, a year - on - year increase of 6.4%, exceeding the market expectation of 4.9%. From January to May, the total retail sales of consumer goods increased by 5.0% year - on - year. The retail sales of consumer goods excluding automobiles were 184324 billion yuan, an increase of 5.6% [8] - In May, driven by the trade - in policy, the retail sales of household appliances and audio - visual equipment, communication equipment, cultural and office supplies, and furniture in units above the designated size increased by 53.0%, 33.0%, 30.5%, and 25.6% respectively. The sales of basic daily necessities and some upgraded consumer goods also showed good growth momentum. The retail sales of automobiles in units above the designated size increased by 1.1% year - on - year [10] Investment Data - From January to May, the national fixed - asset investment increased by 3.7% year - on - year, lower than the market expectation of 4.0%. Among them, the broad - based infrastructure investment (including electricity) increased by 10.42%, the narrow - based infrastructure investment (excluding electricity) increased by 5.6%, the manufacturing investment increased by 8.5%, and the real estate development investment decreased by 10.7% [13] Real Estate Market - From January to May, the sales area of newly - built commercial housing nationwide was 35315 million square meters, a year - on - year decrease of 2.9%, and the sales volume was 34091 billion yuan, a decrease of 3.8% [15] - In the first half of June, the average daily transaction area of commercial housing in 30 large - and medium - sized cities was 220,000 square meters, a year - on - year decrease of 10% [17] - In May, the sales prices of second - hand residential properties in first - tier cities decreased by 0.7% month - on - month, with the decline rate expanding by 0.5 percentage points compared to the previous month. The sales prices of second - hand residential properties in second - and third - tier cities decreased by 0.5% month - on - month, with the decline rate expanding by 0.1 percentage points [21] Service Industry and Industrial Production - In May, the national service industry production index increased by 6.2% year - on - year. Among them, the production indexes of information transmission, software and information technology services, leasing and business services, and wholesale and retail industries showed relatively fast growth [23] - In May, the added value of industrial enterprises above the designated size increased by 5.8% year - on - year, slightly exceeding the market expectation of 5.7%. The product sales rate of industrial enterprises above the designated size was 95.9%, a year - on - year decrease of 0.7 percentage points [26][28] Unemployment Rate - In May, the national urban surveyed unemployment rate was 5.0%, a decrease of 0.1 percentage points compared to the previous month, and the same as the same period last year [31] Capital Market Interest Rates - This week, the capital market interest rates remained stable. The weighted average of DR001 was 1.37%, and the weighted average of DR007 was 1.52%. The average issuance rate of one - year AAA inter - bank certificates of deposit was 1.65%, a slight decline. The loan prime rate (LPR) announced on June 20 was the same as last month [34] Market Logic and Trading Strategy - The market logic is that from January to May, the fixed - asset investment growth rate was lower than market expectations, while May's consumption growth was significantly better than expected. Exports maintained a relatively high positive growth, industrial production grew steadily and rapidly, the unemployment rate decreased slightly, and the social financing scale and credit data were close to market expectations. The overall environment is favorable for the bond market [37] - The trading strategy is that trading - type investments should adopt a band - operation strategy [38]