Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49.3% in July, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][2] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [2] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [3] Group 2: Price Indices - The price index for major raw materials increased, with the purchasing price index at 51.5% and the factory price index at 48.3%, indicating an overall improvement in manufacturing market prices [2] - The purchasing price index for major raw materials rose above the critical point for the first time since March, suggesting a recovery in market conditions [2] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index was 50.1%, down 0.4 percentage points from the previous month, but still above the critical point, indicating continued expansion [1][4] - The service sector's business activity index remained stable at 50.0%, with certain industries like transportation and entertainment showing strong growth due to seasonal effects [4] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions, while the business activity expectation index for the service sector rose to 56.6%, indicating optimism among service enterprises [4] Group 4: Composite PMI - The composite PMI output index was 50.2%, down 0.5 percentage points from the previous month, but still indicating overall expansion in production and business activities [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 50.5% and 50.1% respectively [6]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][21][22] - The production index was 50.5%, down 0.5 percentage points, while the new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [6][22] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [5][23][24] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point, indicating continued expansion [11][25] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points due to adverse weather conditions [14][25] - The business activity expectation index for non-manufacturing was 55.8%, indicating optimism among most enterprises regarding market development [17][25] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still indicating overall expansion in production and business activities [20][26] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the comprehensive index's performance [26]

7月28日从中国一重集团有限公司（以下简称"中国一重"）获悉，"500MW 级冲击式水轮机转轮高强韧 制造技术及装备"项目日前迎来阶段性进展，由中国一重牵头承担的核心课题——"超大超厚转轮锻件冶 —锻—热一体化强韧制造技术"成功通过"里程碑"节点验收。 该成果标志着我国掌握了500MW级全尺寸冲击式水轮机转轮锻件的极端制造能力，为国家重大水电工 程建设和能源安全提供了坚实的核心装备保障。 作为冲击式水轮发电机组的"心脏"，500MW级锻焊结构冲击式水轮机转轮由轮毂和水斗锻件焊接而 成，其超长服役寿命与极高可靠性等特点对锻件的高强度与高韧性提出了极限要求。高质量稳定批量化 制造超大、异形、高性能转轮体全尺寸锻件是世界级工程挑战。 项目研发团队展开深度协同攻关，创新构建了贯穿材料成分优化设计、精准锻造成型控制、加工资源高 效协同、热处理工艺精细调控的全链条一体化强韧制造体系。团队不仅成功解决了制约超大型冲击式转 轮制造的问题，更建立了全尺寸锻件高质量稳定制造的核心能力，圆满达成课题节点目标，为未来工程 应用铺平道路。 专家组一致认定，中国一重研制的全尺寸锻焊结构转轮锻件，具备优异且稳定的高性能储备及超高的组 织均 ...

国家统计局7月31日发布数据显示，7月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.4个百分点；非制造业商务活动指数和综合PMI产出指数 分别为50.1%和50.2%，比上月下降0.4和0.5个百分点，均持续高于临界点，我国经济总体产出保持扩张。 制造业PMI有所回落 "7月份，受制造业进入传统生产淡季，部分地区高温、暴雨洪涝灾害等因素影响，PMI降至49.3%，制造业景气水平较上月回落。"国家统计局服务业调查 中心高级统计师赵庆河表示。 图片来源：国家统计局 非制造业商务活动指数保持扩张 数据显示，7月份，非制造业商务活动指数为50.1%，比上月下降0.4个百分点，仍高于临界点。 图片来源：国家统计局 赵庆河表示，服务业商务活动指数总体稳定。7月份，服务业商务活动指数为50%，比上月略降0.1个百分点。从行业看，在暑期假日效应带动下，与居民 出行和消费相关的铁路运输、航空运输、邮政、文化体育娱乐等行业商务活动指数位于60.0%以上高位景气区间，业务总量较快增长。从市场预期看，7 月份，业务活动预期指数为56.6%，比上月上升0.6个百分点，表明多数服务业企业对市场预期较为乐观。 建筑业商务活动 ...

导读： "十四五"期间，中国制造业稳步发展，高端化、智能化转型加速，装备制造业和高技术制造业快速增长，民营经济活力迸发，区域经济协调性增强，科学 仪器产业迎来国产替代与全球化新机遇。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，国务院新闻办公室针对"十四五"期间税收改革与发展情况召开了主题新闻发布会。根据发票数据，"十四五"期间，中国实体经济基础稳 固，其中制造业企业的销售收入占所有企业收入的约29%，为经济增长提供了坚实的基础。 尤 其 值 得 注 意 的 是 ， 在 制 造 业 向 高 端 化 和 智 能 化 转 型 的 过 程 中 ， 装 备 制 造 业 和 高 技 术 制 造 业 的 销 售 收 入 年 均 增 长 率 分 别 达 到 了 9.6% 和 10.4%。而在本年度上半年，这两项指标进一步增长到了8.9%和11.9%，尤其是工业机器人和服务消费机器人制造业，年均增长率分别为 23.2%和17.2%。民营经济表现活跃，上半年其销售收入占比高达71.7%，特别是在工业机器人和新能源汽车领域，实现了年均24.1%和 5 ...

Core Insights - The "14th Five-Year Plan" period is characterized by significant tax reforms and development, with total tax revenue expected to exceed 155 trillion yuan, accounting for approximately 80% of total fiscal revenue [1] - Cumulative new tax reductions and exemptions are projected to reach 10.5 trillion yuan, with export tax refunds exceeding 9 trillion yuan, effectively promoting economic and social development [1] Tax Reduction and Economic Impact - During the "14th Five-Year Plan," a series of tax and fee reduction policies have been implemented, resulting in a cumulative reduction of 9.9 trillion yuan from 2021 to mid-2023, with an expected total of 10.5 trillion yuan by the end of the year [2] - Tax reductions focused on supporting technological innovation and advanced manufacturing, with 3.6 trillion yuan in reductions, accounting for 36.7% of the total [2] - The private economy benefited significantly, with 7.2 trillion yuan in tax reductions for private taxpayers, representing 72.9% of the total [2] Manufacturing and Innovation Growth - Manufacturing development has shown stable growth, with sales revenue from manufacturing enterprises maintaining a 29% share of total enterprise revenue from 2021 to 2024 [3] - High-end and intelligent manufacturing sectors have seen annual sales revenue growth of 9.6% and 10.4%, respectively, with significant year-on-year increases in 2023 [3] - R&D expense deductions have been optimized, with 3.32 trillion yuan in deductions expected for 2024, marking a 25.5% increase from 2021 [3] Green Taxation and Environmental Policies - The green tax system has been continuously improved, with environmental protection and resource taxes generating 2.5 trillion yuan in revenue from 2021 to mid-2023 [4] - Tax incentives for green development have resulted in 1.5 trillion yuan in reductions, reflecting a balanced approach to environmental taxation [4] Personal Income Tax Reforms - The personal income tax system has been refined to promote equitable distribution and improve living standards, with the top 10% income earners contributing approximately 90% of total personal income tax [5] - The number of individuals benefiting from special deductions has increased significantly, with over 1 billion people enjoying these deductions in the recent tax settlement [6] Smart Taxation Initiatives - The "14th Five-Year Plan" emphasizes the construction of a smart taxation system to enhance the tax payment experience, reducing the need for physical visits and paperwork [7] - By mid-2023, over 61 million taxpayers had utilized digital invoices, accounting for over 90% of total invoice amounts, improving efficiency in financial transactions [8]

Core Insights - The Chinese government has implemented a series of tax reduction and fee reduction policies during the 14th Five-Year Plan period, with a total expected reduction of 10.5 trillion yuan and export tax refunds exceeding 900 billion yuan, significantly promoting economic and social development [1][2] Tax Revenue and Structure - Tax revenue is expected to exceed 155 trillion yuan during the 14th Five-Year Plan, accounting for approximately 80% of total fiscal revenue, with tax revenue (excluding export tax refunds) surpassing 85 trillion yuan, an increase of 1.3 trillion yuan compared to the 13th Five-Year Plan [1] - The tax revenue structure shows a steady growth in scale and continuous optimization, with manufacturing accounting for about 30% of total tax revenue, reflecting its stabilizing role in the economy [1][2] - Direct taxes have increased to over 40% of total tax revenue, up 1 percentage point from the previous five-year period, indicating enhanced redistributive functions of the tax system [2] Manufacturing Sector Performance - The manufacturing sector's sales revenue has remained around 29% of total enterprise sales from 2021 to 2024, providing significant support for economic growth [2] - High-end and intelligent manufacturing are progressing steadily, with sales revenue in equipment manufacturing and high-tech manufacturing growing at annual rates of 9.6% and 10.4%, respectively [2] - New energy vehicles, photovoltaic equipment, and lithium batteries have seen annual sales revenue growth of 37.6%, while industrial and service robots have grown at rates of 23.2% and 17.2% [2] Innovation and R&D Support - The R&D expense deduction policy has been optimized, with 3.32 trillion yuan in deductions expected for 2024, benefiting 615,000 enterprises, representing increases of 25.5% and 16.7% from 2021 [2] Private Sector Growth - The share of private sector sales revenue in the national economy has increased from 68.9% in 2020 to 71.7% in the first half of this year, with private enterprises in industrial robotics and new energy vehicles showing annual sales growth of 24.1% and 50.1%, respectively [3] Tax Administration Improvements - The tax administration environment has improved, with measures implemented to simplify tax payment processes, reducing required documentation by 50% and paper submissions by over 25% [3] - The tax authority has strengthened its mechanisms for combating tax-related crimes, resulting in the investigation of 779 organized crime groups and the resolution of 21,800 cases of tax fraud during the 14th Five-Year Plan [3][4]

Group 1 - The core viewpoint of the article is that the profit growth rate of industrial enterprises in June has narrowed its decline, indicating a potential stabilization in the return on assets (ROA) [1][19] - In June, the profit of industrial enterprises decreased by 4.3% year-on-year, an improvement from the previous decline of 9.1% [19] - The inventory level as of June increased by 3.1% year-on-year, slightly down from 3.5% in the previous month [19] Group 2 - The overall industrial profit margin in June was 5.96%, compared to 6.33% in the same period last year [19] - The manufacturing sector showed a profit growth of 1.43% in June, a significant recovery from the previous decline of 4.05% [23] - The automotive industry experienced a remarkable profit increase of 96.8% due to promotional activities and investment returns [23] Group 3 - The ROA for industrial enterprises in June was 4.14%, down from 4.18% in the previous month, indicating a cumulative decline of 0.16% for the year [3][8] - Factors affecting ROA include a 5.1% growth in asset speed and a 1.8% decline in profit growth from January to June [3][8] - The manufacturing upstream profit margin was 4.13% in June, lower than the 4.2% recorded in the same month last year [10][11] Group 4 - The manufacturing midstream profit margin improved to 6.35% in June, compared to 6.27% in the same period last year [10][11] - The manufacturing downstream profit margin was 5.51% in June, down from 6.63% a year earlier, indicating a need for monitoring consumer behavior [11][19] - The overall revenue growth for industrial enterprises was 1.0% in June, remaining stable compared to May [10][19]

Core Viewpoint - The meeting highlighted that China's industrial economy has maintained stable operation in 2023, showcasing resilience and vitality, with continuous optimization of industrial structure and significant achievements in high-quality development [1] Group 1: Industrial Performance - In the first half of the year, the industrial added value of enterprises above designated size increased by 6.4% year-on-year, with manufacturing added value growing by 7% [2] - The added value of equipment manufacturing and high-tech manufacturing increased by 10.2% and 9.5% respectively, while the total volume of telecommunications business grew by 9.3% and revenue from software and information technology services rose by 11.9% [2] - By the end of June, there were 4.55 million 5G base stations and 10.43 million operational computing standard racks [2] Group 2: Key Focus Areas for the Second Half - The Ministry of Industry and Information Technology (MIIT) emphasized eight key areas for the second half of the year, including implementing strategies to expand domestic demand and promoting high-quality development of key industrial chains [2] - There will be a focus on enhancing technological innovation and the integration of industry and technology, as well as deepening the application of digital technology [2] - The MIIT plans to promote green development and improve industrial energy efficiency, while also enhancing the quality of the information and communication industry [2] Group 3: Industry Governance and Structural Adjustments - The MIIT will soon release a work plan for stabilizing growth in ten key industries, focusing on structural adjustments, supply optimization, and the elimination of outdated production capacity [3] - The ministry will initiate actions to cultivate new momentum in emerging industrial sectors, including humanoid robots and the Internet of Things [3] - Policies will be developed to support the digital transformation of industries and enhance the quality of industrial software [3] Group 4: Anti-Competition Measures - The MIIT confirmed its commitment to consolidating the results of "anti-involution" measures in the new energy vehicle sector and strengthening governance in key industries like photovoltaics [4] - The "anti-involution" policy has evolved into a coordinated policy system that benefits industries such as photovoltaics, automobiles, agriculture, and cyclical goods [5][6] - The ongoing strengthening of "anti-involution" policies is expected to become a sustained investment theme, although comprehensive implementation of related policies is still pending [7]

Core Viewpoint - The industrial profit landscape in China shows signs of marginal recovery in June, with manufacturing profits turning positive, but overall industrial profits still face challenges due to insufficient demand and cost pressures [1][2][3]. Group 1: Industrial Profit Trends - In June, profits of industrial enterprises reached 715.58 billion yuan, a year-on-year decline of 4.3%, but the decline narrowed compared to May [1]. - For the first half of the year, profits totaled 3,436.5 billion yuan, reflecting a year-on-year decrease of 1.8% [1]. - Manufacturing profits improved from a 4.1% decline in May to a 1.4% increase in June, indicating a recovery trend [1][2]. Group 2: Economic Factors Influencing Profits - The industrial production index increased by 6.8% year-on-year in June, driven by strong export performance and domestic demand during the 618 shopping festival [2]. - The Producer Price Index (PPI) fell by 3.6% year-on-year in June, continuing to exert pressure on profit margins [2]. - Profit margins for industrial enterprises averaged 5.15% in the first half of the year, showing a year-on-year decline of 0.26 percentage points [2]. Group 3: Sector-Specific Insights - The equipment manufacturing sector showed significant profit growth, with revenues increasing by 7.0% year-on-year in June and profits rising by 9.6% [4]. - The automotive industry experienced a remarkable profit increase of 96.8%, driven by promotional activities and investment returns [4]. - Mining sector profits faced a larger decline due to price weakness and falling profit margins [2][4]. Group 4: Policy and Future Outlook - Recent government policies aim to stabilize employment and support industrial growth through various measures, including capacity replacement and technological upgrades [5]. - The continuation of demand expansion policies is expected to support profit recovery for industrial enterprises [5]. - The impact of "anti-involution" policies on market competition and profit margins will be crucial for future profitability [5].