5月份，全省社会消费品零售总额2352.21亿元、同比增长8.5%，比上月加快0.4个百分点，今年以来呈 逐月加快态势，高于全国2.1个百分点；其中，限额以上单位消费品零售额增长16.2%，比上月加快1.3 个百分点，高于全国8.2个百分点。1-5月，全省社会消费品零售总额11820.14亿元、增长7.5%，比上月 加快0.3个百分点，高于全国2.5个百分点；其中，限额以上单位消费品零售额增长14.3%，比1-4月加快 0.4个百分点，高于全国8.0个百分点。超八成商品零售保持增长。5月份，在限额以上单位的23类商品 中，有19类商品零售额实现同比增长，增长面达82.6%、与上月持平。两新政策效应持续释放。5月 份，在大规模设备更新等政策措施带动下，全省限额以上单位机电产品及设备类商品零售额增长 46.1%；在消费品以旧换新等政策措施带动下，全省限额以上单位计算机及其配套产品、智能手机、可 穿戴智能设备、家用电器和音像器材类、新能源汽车零售额分别增长1.7倍、1.6倍、86.1%、47.3%、 27.0%，对全省限额以上单位零售额增长贡献率达56.8%、同比提高23.6个百分点。基本生活消费品增长 较快。5月 ...

Economic Overview - The province's economy continues to show a stable and positive development trend, with industrial production maintaining rapid growth and investment and consumption growth rates slightly accelerating, all major indicators growing faster than the national average [1] Industrial Production - In May, the province's industrial added value above designated size increased by 7.4% year-on-year, exceeding the national average by 1.6 percentage points; from January to May, the growth was 8.4%, surpassing the national average by 2.1 percentage points [1] - High-tech manufacturing and strategic emerging industries saw added value growth of 12.4% and 7.6% respectively in May, outpacing the overall industrial growth rate by 5.0 and 0.2 percentage points [1] - The automotive manufacturing sector experienced significant growth, with added value increasing by 26.7% and 20.3% for electrical machinery and equipment manufacturing, exceeding the overall industrial growth rate by 19.3 and 12.9 percentage points respectively [1] - Lithium-ion battery and new energy vehicle production surged by 99.1% and 20.0% year-on-year [1] Fixed Asset Investment - From January to May, fixed asset investment in the province grew by 6.6% year-on-year, 2.9 percentage points higher than the national average [2] - Investment in projects worth over 100 million yuan increased by 11.4%, contributing 7.1 percentage points to overall investment growth [2] - Industrial investment saw a robust increase of 29.5% from January to May, marking a 2.9 percentage point acceleration compared to the previous four months, the highest growth rate since April 2022 [2] - Private investment also expanded, growing by 9.7% year-on-year, exceeding the overall investment growth rate by 3.1 percentage points [2] Consumer Demand - In May, the total retail sales of consumer goods reached 235.22 billion yuan, a year-on-year increase of 8.5%, surpassing the national average by 2.1 percentage points; from January to May, the total retail sales were 1,182.01 billion yuan, growing by 7.5%, also higher than the national average by 2.5 percentage points [3] - The "Two New" policy effects continued to be released, with retail sales of machinery and equipment products increasing by 46.1% year-on-year due to large-scale equipment updates [3] - Retail sales of computers and related products, smartphones, wearable smart devices, home appliances, and audio-visual equipment saw significant increases of 170%, 160%, 86.1%, 47.3%, and 27.0% respectively, contributing 56.8% to the growth of retail sales above designated size [3] - Online retail sales through public networks grew by 69.1% year-on-year in May, contributing 4.9 percentage points to the overall retail sales growth [3]

Core Viewpoint - Sichuan province's industrial value added for the first five months of 2023 increased by 7.1% year-on-year, outpacing the national growth rate by 0.8 percentage points [1] Economic Indicators - The total retail sales of consumer goods in Sichuan reached 1,173.45 billion yuan, reflecting a year-on-year growth of 5.6%, which is 0.6 percentage points higher than the national average [1] Industry Performance - Out of 41 major industry categories, 35 reported an increase in value added during the first five months [1] - The automotive manufacturing industry saw a significant increase in value added, growing by 22.2% year-on-year [1] - The chemical raw materials and chemical products manufacturing industry experienced a growth of 18.8% year-on-year [1] - The computer, communication, and other electronic equipment manufacturing industry grew by 14.9% year-on-year [1] - The black metal smelting and rolling processing industry also increased by 14.9% year-on-year [1] - The electrical machinery and equipment manufacturing industry reported a growth of 10.3% year-on-year [1]

Group 1 - The private economy is a vital force in promoting Chinese-style modernization and is an important foundation for achieving high-quality development [1] - Private enterprises account for over 92% of the total number of enterprises in China, with more than 420,000 private high-tech enterprises, also exceeding 92% [1] - Focusing on core business and strengthening the real economy is an inherent requirement for high-quality development in the private sector [1] Group 2 - Ningxia Wuzhong Instrument Co., Ltd. has specialized in control valves for over 60 years, which are crucial for the safety, quality, and efficient operation of process industrial systems [2] - After initially losing direction post-IPO, the company refocused on control valves, leading to significant growth and becoming a "little giant" in the specialized and innovative sector [2] - The 2024 China Private Enterprises Top 500 report shows that manufacturing enterprises account for 66.4% of the list, indicating a continuous increase over three years [2] Group 3 - Guangzhou Mingluo Equipment Co., Ltd. has successfully developed its own assembly system for automotive manufacturing, previously dominated by foreign companies [3][4] - The company has updated its assembly system to the third generation and has entered markets in the US, Germany, and Japan [4] - Other companies like Shenzhen Keman Medical Equipment Co., Ltd. and Ningxia Xinjing New Materials Technology Co., Ltd. are also innovating in their respective fields, contributing to high-quality development [4] Group 4 - Dalian First Current Transformer Co., Ltd. is a leading player in the current transformer industry, focusing on talent development and innovation [5] - The company has achieved significant cost reductions in supply chain management and manufacturing through integrated data sharing [5] - The government is enhancing services to support private enterprises, exemplified by the streamlined processes for business registration and tax matters [6] Group 5 - The implementation of the Private Economy Promotion Law provides legal support for private enterprises to focus on their core business and strengthen the real economy [6] - The Ministry of Industry and Information Technology is committed to improving the business environment and supporting enterprises in their pursuit of high-quality development [6][7]

Economic Overview - The economic operation in Huicheng District is stable and shows a positive trend, with strong industrial production and a recovering consumer market, although fixed asset investment has seen an expanded decline [1] Industrial Production - From January to April, the total industrial output value reached nearly 27.3 billion, with a year-on-year growth of 10.0%. In April alone, the output was 7.285 billion, growing by 2.8% year-on-year [2] - The added value of the industrial sector also grew by 10.0% year-on-year. Key industries such as computer, communication, and other electronic equipment manufacturing saw a significant increase of 24.1% in added value [2] Fixed Asset Investment - Fixed asset investment decreased by over 14% year-on-year from January to April, with the decline expanding by 3.4 percentage points compared to the first quarter. Construction and installation investment fell by 20.3% [3] - Industrial investment continued to decline, down 9.3% year-on-year, while infrastructure investment grew by 5.0% [3] Consumer Market - The total retail sales of consumer goods reached 28.504 billion, with an increase of 4.0 percentage points compared to the first quarter. Retail sales of limited enterprises amounted to 16.66 billion, growing by 14.2% year-on-year [4] - Online retail sales surged by 70.0%, indicating a strong shift towards e-commerce [4] Foreign Trade - The total import and export value reached approximately 13.9 billion, growing by 58.5%, with imports increasing by 165.3% and exports growing by 5.9% [5] Fiscal Revenue - The general public budget revenue for the district reached 1.573 billion, with tax revenue slightly declining by 0.4%. Public budget expenditure grew by 6.5% [6] - Tax revenue for the first four months was 9.47 billion, reflecting a growth of nearly 7% [7]

Core Viewpoint - The article highlights the phenomenon of improving GDP growth alongside weak inflation, attributing this to financial cycle adjustments and restrained policy measures, leading to a widening demand gap that suppresses inflation growth [1][2][3]. Economic Performance - Over the past two quarters, GDP year-on-year growth has reached 5.4%, while inflation remains weak, with CPI growth close to zero due to the drag from food prices, particularly pork [2][12]. - The core CPI inflation is lower than previous predictions, indicating a persistent divergence between economic growth and inflation [2][12]. Labor Market Dynamics - Economic structure optimization and technological advancements have led to a decrease in labor intensity, with labor demand slowing down. By 2024, labor intensity in China's secondary and tertiary industries is expected to be around 70-80 compared to 2018 levels [3][29]. - The overall unemployment rate remains stable, but income growth has slowed, indicating a shift towards a "quasi-equilibrium" state in the labor market [3][51]. Future Economic Outlook - The "quasi-equilibrium" growth is expected to continue in the second half of the year, with GDP year-on-year growth projected at approximately 5.0% for the year [4][56]. - CPI inflation is anticipated to remain low, with core inflation showing slight improvement but still expected to be in a negative range for the year [4][60]. Structural Changes - The financial cycle is transitioning, with a gradual reduction in the negative impact of real estate on the economy. The contribution of real estate to GDP growth turned negative in the second half of 2021, but this drag is diminishing [8][12]. - The shift towards new economic models, including high-end manufacturing, is increasing production efficiency and altering the labor market dynamics [16][22]. Consumption and Investment Trends - Consumer spending is expected to stabilize, with the "old-for-new" policy contributing to retail sales growth, although its impact may weaken in the fourth quarter due to base effects [45][54]. - Fixed asset investment is projected to grow by around 4.0% for the year, with manufacturing investment expected to increase by 8.0% [55][56]. Trade and Export Dynamics - Exports are facing challenges from tariffs but are expected to show resilience, with a projected year-on-year growth of around 4.0% [56][57]. - The import growth is anticipated to be structurally weak, with a potential year-on-year growth close to zero [56][57].

Group 1 - The A-share IPO market is gradually recovering, with two new stocks listed on June 5, and significant progress made by previously stalled IPOs [1] - In May, the three major exchanges in China received 16 IPO applications, surpassing the total of the previous four months combined, marking a new monthly high for the year [2] - The current trend in A-share IPOs reflects increased confidence among companies, with a notable acceleration in the review process and a decrease in terminated projects [2][3] Group 2 - As of this year, a total of 28 companies have submitted IPO applications, with the North Exchange receiving the most applications, accounting for over 67% [2] - The average time from application to the first round of inquiries is 18 days for the Shenzhen Main Board and 30 days for the North Exchange, indicating varying efficiency across exchanges [3] - The number of companies under review has decreased significantly, with only 185 companies currently in the pipeline, down nearly 60% from the previous year [3] Group 3 - The increase in IPO applications is attributed to both accelerated review processes and a high termination rate, with 64 companies withdrawing their applications this year [3] - June is traditionally a peak month for IPO applications, as many companies aim to submit materials based on the previous year's financials by the end of June [3] Group 4 - Regulatory bodies are emphasizing support for technology innovation, aiming to enhance the inclusivity and adaptability of the IPO system for high-quality, unprofitable tech companies [4][5] - Among the 28 companies currently under review, 25 are manufacturing firms, with a significant representation from specialized equipment manufacturing [5] Group 5 - The first batch of IPO projects on the ChiNext board this year represents strategic emerging industries, showcasing the integration of technology innovation and industrial development [6] - Notable companies include Sanrui Intelligent, which ranks second globally in the civil drone electric propulsion system market, and Hongming Electronics, which specializes in electronic components for defense applications [6] Group 6 - The North Exchange has seen an improvement in the quality of companies applying for listing, with many demonstrating strong profitability [8][9] - The average revenue for companies applying to the North Exchange in 2024 is projected to exceed 10.13 billion, with 12 companies reporting net profits over 100 million [8] - The increase in quality is attributed to better performance of new companies listed on the New Third Board and enhanced resource allocation by investment banks [9]

Market Overview - On May 30, the three major A-share indices collectively declined, with the Shanghai Composite Index falling by 0.47% to 3347.49 points, the Shenzhen Component Index down by 0.85% to 10040.63 points, and the ChiNext Index decreasing by 0.96% to 1993.19 points [1]. Fund Manager Changes - In the past 30 days (April 30 to May 30), a total of 513 fund managers have left their positions across various funds. On May 30 alone, 39 funds announced changes in fund managers, with 6 leaving due to job changes and 2 due to personal reasons [1]. - Notable fund managers who left include those managing a total of 15 funds and 24 funds respectively, indicating significant turnover that could impact fund performance [1]. New Fund Managers - New fund managers have taken over several funds, including Yan Peixian at China Europe Fund, managing assets totaling 12.365 billion yuan, with a notable return of 87.82% over 10 years and 49 days on the China Europe Pure Bond One Year A fund [3]. - Other new appointments include managers for the China Europe Xingyue Bond A and C funds, as well as the China Europe Xingying One Year Open Bond Initiation fund [3]. Fund Research Activity - In the last month, Huaxia Fund conducted the most company research, engaging with 67 listed companies, followed by Bosera Fund with 62 and Harvest Fund with 60 [5]. - The most researched industry was specialized equipment, with 278 instances of fund company inquiries, followed by the medical device sector with 210 inquiries [5]. Individual Stock Research - The most researched stock in the past month was Zhaowei Electromechanical, with 88 fund management companies participating in the research, followed by Anji Technology and Heng'erda with 82 and 80 respectively [6]. - In the past week (May 23 to May 30), Huafeng Technology led with 33 fund institutions conducting research, followed by Jucheng Co., Kexing Pharmaceutical, and Aisen Co. with 27, 24, and 17 respectively [6].

Market Performance - On May 29, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 0.7% to 3363.45 points, the Shenzhen Component Index rising by 1.24% to 10127.2 points, and the ChiNext Index up by 1.37% to 2012.55 points [1] - Sectors that performed well included digital currency, electronic ID, and data rights confirmation, while sectors such as seasoning concepts, Kirin batteries, and gold concepts experienced declines [1] Fund Manager Changes - In the past 30 days (April 29 to May 29), 498 fund products experienced changes in fund managers, with 14 announcements made on May 29 alone. Six fund managers left due to job changes [3] - Notable fund managers include Qiu Hongli from China Ocean Fund, managing assets of 400 million yuan, with a highest return of 111.10% over 5 years and 263 days on the China Ocean Mixed Reform Dividend Mixed A fund [3] - Yuan Hang from Penghua Fund, managing assets of 5.638 billion yuan, achieved a return of 208.00% over 10 years and 209 days on the Penghua Advanced Manufacturing Stock fund [3] Fund Research Activity - In the last month, Huaxia Fund conducted the most company research, engaging with 80 listed companies, followed by Jiashi Fund and Boshi Fund, each with 78 companies [5] - The most researched industry was specialized equipment, with 391 instances, followed by chemical products with 319 instances [5] - The most focused stock in the past month was Zhaowei Electromechanical, with 88 fund management companies participating in the research [6] Recent Research Trends - In the last week (May 22 to May 29), the company with the highest number of fund research engagements was Anjisi, with 32 fund institutions involved [6] - Other notable stocks included Huafeng Technology and Xidiwei, with 30 and 19 fund institutions respectively [6]

Market Overview - On May 27, A-shares experienced a collective adjustment, with the Shanghai Composite Index down 0.18% to 3340.69 points, the Shenzhen Component Index down 0.61% to 10029.11 points, and the ChiNext Index down 0.68% to 1991.64 points [1] Sector Performance - The best-performing sectors included recombinant proteins, glycyrrhizin, and weight loss drugs, while sectors such as Chiplet concept, AI chips, and gold concepts saw declines [1] - Specific net inflows and performance for sectors included: - Recombinant proteins: net inflow of 150 million with a rise of 4.79% - Chiplet concept: net outflow of 770 million with a decline of 2.93% - AI chips: net outflow of 1.124 billion with a decline of 2.25% [2] Fund Manager Changes - In the past 30 days (April 27 to May 27), 473 fund managers changed positions, with 10 announcements made on May 27 alone. Five of these changes were due to job transitions [3] - Notable fund managers include: - Tong Li from Huashang Fund, managing assets of 9.313 billion, with a top-performing fund returning 142.98% over nearly three years [3] - Ai Chong from CITIC Construction Investment Fund, managing assets of 145 million, with a top-performing fund returning 53.51% over just over a year [3] Fund Research Activity - In the last month, the most active fund in terms of company research was Bosera Fund, which conducted 107 company surveys, followed by Huaxia Fund with 95 and Harvest Fund with 91 [5] - The most researched industry was specialized equipment, with 525 surveys, followed by medical devices with 415 [5] Individual Stock Focus - The most researched stock in the past month was Zhaowei Electromechanical, with 88 fund management companies participating in the survey, followed by Anji Technology and Weir Shares with 82 and 73, respectively [5][6] - In the last week (May 20 to May 27), the most researched company was Anjisi, with 32 fund institutions conducting surveys [6]