Core Viewpoint - The fixed asset investment in China for January to April 2025 shows a year-on-year growth of 4.0%, with private investment growing only 0.2%, indicating a mixed recovery in investment across different sectors and regions [1][2]. Investment Overview - Total fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, with a year-on-year increase of 4.0% [1][2]. - The industrial investment grew by 11.7%, with mining investment increasing by 6.3% and manufacturing investment by 8.8% [1][2]. - The service sector experienced a decline of 0.2% in investment, highlighting challenges in this area [1][2]. Sector Analysis - First industry investment was 297.1 billion yuan, up 13.2% year-on-year [1][2]. - Second industry investment totaled 51,778 billion yuan, with notable growth in electricity, heat, gas, and water production and supply at 25.5% [1][2]. - Third industry infrastructure investment (excluding power, heat, gas, and water) grew by 5.8%, with water management investment surging by 30.7% [1][2]. Regional Investment Trends - Eastern region investment grew by 1.3%, while the central region saw a 4.8% increase, and the western region grew by 5.3% [1][2]. - The northeastern region had the highest growth at 7.6%, indicating a regional disparity in investment performance [1][2]. Investment by Registration Type - Domestic enterprises' fixed asset investment increased by 3.9%, while investment from Hong Kong, Macau, and Taiwan enterprises rose by 9.2% [1][2]. - Foreign enterprises, however, saw a significant decline in investment by 11.4%, reflecting potential challenges in attracting foreign capital [1][2].

Core Insights - In the first four months of 2025, China's fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, showing a year-on-year growth of 4.0% [2][4] - Private fixed asset investment grew by only 0.2% year-on-year, indicating a sluggish performance in this sector [2][4] Investment by Industry - Investment in the primary industry was 297.1 billion yuan, with a year-on-year increase of 13.2% [3][4] - The secondary industry saw an investment of 51,778 billion yuan, growing by 11.7% year-on-year, with notable growth in manufacturing and energy sectors [3][4] - The tertiary industry experienced a decline of 0.2% year-on-year, with infrastructure investment (excluding energy sectors) increasing by 5.8% [3][4] Investment by Region - Eastern regions reported a year-on-year investment growth of 1.3%, while central, western, and northeastern regions grew by 4.8%, 5.3%, and 7.6% respectively [3][4] Investment by Ownership Type - Domestic enterprises' fixed asset investment increased by 3.9%, while investment from Hong Kong, Macau, and Taiwan enterprises rose by 9.2%. In contrast, foreign enterprises saw a significant decline of 11.4% [3][4][5]

Core Viewpoint - The number of "A+H" companies is significantly increasing in 2025, driven by favorable policies supporting domestic companies to list in Hong Kong, with expectations that the total will exceed the number from 2022 [1][2][3] Group 1: A+H Company Listings - In 2025, 22 A-share companies have submitted applications to list on the Hong Kong Stock Exchange, with 11 of these submissions occurring in April alone [2] - As of now, 25 A-share companies have applied to list in Hong Kong, with 22 being first-time applicants this year [2] - Notable companies like Ningde Times and Heng Rui Pharmaceutical have passed the Hong Kong Stock Exchange's hearing and are expected to list soon [2][3] Group 2: Financing and Internationalization - Many A-share companies aim to leverage Hong Kong's financing capabilities to accelerate their internationalization process [3][5] - Companies like Midea Group and SF Holding have outlined their fundraising purposes to enhance global operations and logistics networks [3][5] Group 3: Regulatory Support - A series of supportive policies initiated in April 2024 has facilitated the surge in companies seeking to list in Hong Kong [6][7] - The China Securities Regulatory Commission has streamlined the approval process for companies looking to list abroad, reducing the time and requirements for applications [7][8] Group 4: Market Performance Post-Listing - Companies that have listed in Hong Kong have shown significant growth in overseas business and overall revenue, with Midea's overseas e-commerce sales increasing over 50% year-on-year [4][10] - The performance of A+H companies post-listing indicates a narrowing of the price difference between A-shares and H-shares, reflecting improved market conditions [10][11] Group 5: Future Outlook - Deloitte forecasts that the total amount raised from IPOs in Hong Kong could reach between 130 billion to 150 billion HKD in 2025, potentially placing it back among the top three global markets for new stock offerings [1][9] - The trend of A-share companies listing in Hong Kong is expected to continue, with an anticipated wave of IPOs in the second half of 2025 [2][9]

本文来自微信公众号：刀锋时间 （ID：hardcorereadingclub），作者：陈茁，编辑：Felicia，题图来 自：《我，到点下班》 我们与休息的距离，正是"休息权"从道德主张落实为法律权利的距离，也是一个国家经济发展与社会文 明之间的距离。 大约1个世纪前，英国经济学家约翰·梅纳德·凯恩斯在《我们后代的经济前景》中描绘了一幅令人向往的 图景：到21世纪初，随着技术进步和生产力提升，人们每周只需工作15个小时。 时间来到30年前的1995年，新中国第一部《中华人民共和国劳动法》（以下简称《劳动法》）正式颁布 实施，"8小时工作制"由政治主张正式确立为法律制度。 遗憾的是，凯恩斯乌托邦式的预言至今未能真正实现，而《劳动法》规定的劳动者平均每周工作时间不 超过44个小时也很难到达。根据国家统计局的数据显示，2015年以来，全国企业就业人员周平均工作时 间持续攀升，并在2023年达到49小时的历史新高，尽管2024年6月微降至48.6小时，但如果按一周工作6 天计算，中国人平均每天仍要工作8小时以上，时长与凯恩斯所处的时代几乎无异。 《中华人民共和国宪法》（以下简称《宪法》）规定了劳动者享有休息权，《劳动 ...

4月28日，杭州市统计局、国家统计局杭州调查队发布一季度杭州经济运行情况，根据地区生产总 值统一核算结果，一季度全市生产总值5715亿元，按不变价格计算，同比增长5.2%，比上年全年、上 年一季度分别加快0.5和0.1个百分点。 "伴随着政策集成效应持续显现，新质生产力不断培养壮大，开年以来全市经济延续向新向好态 势，实现良好开局。"杭州市统计局相关负责人表示。"此外，第二产业增长5.8%，第三产业增长 5.0%，二三产业发展更加协调。" 出口较快增长，贸易结构继续优化。一季度，全市货物进出口总额2103亿元，同比增长10.8%，比 上年全年加快4.4个百分点，其中，出口1471亿元，增长18.7%。民营企业货物出口1115亿元，增长 19.3%，占货物出口的75.8%。新兴市场加快拓展，对共建"一带一路"国家出口712亿元，增长23.7%， 高于全部出口增速5.0个百分点。 一季度居民收入增加，农村居民收入增长快于城镇，城乡居民收入倍差继续缩小。一季度，全市居 民人均可支配收入25122元，同比增长4.3%。 此外，营商环境持续优化也在吸引更多创新力量在杭州集聚。一季度，杭州新设市场经营主体8.4 万户，同 ...

Economic Overview - In the first quarter, the province achieved a GDP of 13,543.49 billion yuan, with a year-on-year growth of 6.3% [1] - The primary industry added value was 828.69 billion yuan, growing by 3.2%; the secondary industry added value was 5,344.85 billion yuan, growing by 6.4%; and the tertiary industry added value was 7,369.95 billion yuan, growing by 6.5% [1] Agriculture - The agricultural sector's added value was 876.42 billion yuan, with a growth of 3.4% [1] - Key agricultural products showed stable production, with pork output at 968,400 tons, increasing by 6.2% [1] - Vegetable production reached 10,076,000 tons, growing by 3.8%, while fruit production increased by 10.1% to 284,500 tons [1] Industrial Production - The added value of large-scale industrial enterprises grew by 8.1%, accelerating by 0.4 percentage points compared to the previous year [1] - High-tech manufacturing saw a significant increase of 21.4%, contributing 36.4% to the growth of large-scale industry [1] - Major industries such as electrical, computer communication electronics, and chemicals experienced substantial growth rates, with electrical industry growing by 22.8% [1] Service Sector - The service sector's added value grew by 6.5%, with transportation and warehousing increasing by 13.7% [3] - The revenue of large-scale service enterprises reached 2,129.54 billion yuan, growing by 13.8% [3] - Financial institutions reported a deposit balance of 99,630.54 billion yuan, increasing by 8.7% year-on-year [3] Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 6.6%, with manufacturing investment increasing by 12.1% [4] - Infrastructure investment rose by 4.4%, while real estate development investment declined by 5.5% [4] - High-tech industry investment increased by 12.8%, with aerospace and computer equipment manufacturing seeing significant growth [4] Consumer Market - The total retail sales of social consumer goods reached 6,887.19 billion yuan, growing by 7.3% [5] - Sales of home appliances and furniture saw substantial increases, with growth rates of 21.1% and 26.3% respectively [5] - Online retail sales grew by 24.3%, indicating a strong shift towards e-commerce [6] Trade and Exports - The province's total import and export volume reached 1,743.1 billion yuan, with exports growing by 22.4% [7] - General trade accounted for 80.9% of the total trade volume, indicating a robust trade structure [7] - Machinery and electrical products exports increased by 19.2%, making up 54.7% of total exports [7] Employment and Income - The urban unemployment rate averaged 5.4%, remaining stable compared to the previous year [9] - The per capita disposable income for residents was 11,075 yuan, growing by 5.4% [10] - The income gap between urban and rural residents narrowed, with the ratio decreasing to 2.06 [10]

广东省统计局表示，总的来看，一季度，随着更加积极有为的宏观政策发力显效，广东经济延续回升向 好态势。但也要看到，当前外部环境更趋复杂严峻，经济持续回升向好基础仍需巩固。下阶段，要扎实 推动高质量发展，确保各项宏观政策加力扩围落实落细，积极应对外部环境的不稳定不确定性，增强发 展动力、激发市场活力、扩大有效需求、改善社会预期，持续推动经济运行回升。 服务业增速加快，规模以上服务业较快增长。一季度，全省服务业增加值同比增长4.3%，增速比上年 全年加快1.5个百分点。其中，信息传输、软件和信息技术服务业，交通运输、仓储和邮政业，金融业 分别增长7.4%、7.1%、6.1%，比全部服务业增速分别高3.1个、2.8个、1.8个百分点。1—2月份，规模以 上服务业企业营业收入增长7.5%，其中，交通运输、仓储和邮政业，信息传输、软件和信息技术服务 业，租赁和商务服务业，文化、体育和娱乐业分别增长10.8%、7.7%、9.9%、13.7%。 （文章来源：深圳商报） 投资结构继续优化，基础设施投资增速加快。一季度，全省固定资产投资同比下降6.2%，降幅比1—2 月份收窄2.2个百分点。"两重"建设项目加快推进，基础设施投资 ...

Group 1 - The core viewpoint of the news is that Liaoning Province achieved a significant year-on-year growth of 7.8% in fixed asset investment in the first quarter of 2025, surpassing the national average of 4.2% by 3.6 percentage points, marking a strong start to the year [1][2][4] Group 2 - Investment performance in Liaoning is improving, with 10 cities showing investment growth rates higher than the national average. Cities such as Huludao, Fushun, and Jinzhou experienced growth rates exceeding 20%, while Fuxin, Chaoyang, Tieling, and Panjin exceeded 10% [2][3] - The investment structure is optimizing, with manufacturing investment increasing by 13.2%, accounting for 26.7% of total investment, up by 1.2 percentage points from the previous year. Notably, investment in the aerospace and equipment manufacturing sector surged nearly 2.4 times, and investment in electronic and communication equipment rose by 32.7% [2][3] - Infrastructure investment grew by 13.8%, making up 34.5% of total investment, an increase of 1.8 percentage points year-on-year. Road transport investment alone increased by 46.7%, contributing to an 8.3 percentage point rise in infrastructure investment [2][3] Group 3 - In key sectors, public service levels are improving, with wholesale and retail investment soaring by 70.1%. The rental and business services sector grew by 54.7%, and transportation, storage, and postal services increased by 35.7%. Education investment rose by 61.9%, and investment in health and social work grew by 18.9% [3] - As of now, Liaoning has over 17,000 reserve projects with a total investment exceeding 9.6 trillion yuan. In the first quarter of 2025, the number of construction projects reached 7,850, with investment growth of 14.9%. Projects with over 100 million yuan saw a 22% increase in investment [3][4] Group 4 - The government aims to achieve a fixed asset investment growth target of around 8% in the next phase, focusing on expanding effective investment and stimulating private investment to support comprehensive revitalization efforts [4][5]