Report Title - 7-month economic progress with real estate investment under pressure - A panorama of China's economic data in July 2025 [1] Report Industry Investment Rating No relevant content provided. Core Views - In the first half of the year, the economy grew steadily. In July, industrial growth continued, with the added value of large-scale industries increasing by 5.7% year-on-year and 0.38% month-on-month. From January to July, it increased by 6.3% year-on-year. The PPI decreased by 3.6% year-on-year in July (unchanged from the previous month) and 0.2% month-on-month (narrowed by 0.2% compared to the previous month). The CPI remained flat year-on-year in July (0.1% in June) and increased by 0.4% month-on-month ( -0.1% in June), ending the consecutive month-on-month decline [2]. - Domestic demand still needs improvement, and external uncertainties are increasing. In July, the economy advanced steadily. The "anti-involution" optimized the supply chain and accelerated industrial upgrading. Service consumption supported the overall consumer market. Externally, trade protectionism and geopolitical risks intertwined, and continuous vigilance was needed for the impact of commodity supply chain disruptions and new US tariff policies on the second half of the year [4]. Summary by Directory Macro Events - On August 15, National Bureau of Statistics data showed that in July, the national economy maintained a steady and progressive development trend, with production and demand continuing [6]. Growth: Steady Growth - In July, industrial growth continued. The added value of large-scale industries increased by 5.7% year-on-year and 0.38% month-on-month. From January to July, it increased by 6.3% year-on-year. By category, the mining industry increased by 5.0% year-on-year, manufacturing by 6.2%, and the production and supply of electricity, heat, gas, and water by 3.3%. The added value of the equipment manufacturing industry increased by 8.4% year-on-year, and the high-tech manufacturing industry by 9.3%, 2.7 and 3.6 percentage points faster than the overall large-scale industries respectively [10]. Inflation: Month-on-Month Improvement - In July 2025, the PPI decreased by 3.6% year-on-year (unchanged from the previous month) and 0.2% month-on-month (narrowed by 0.2% compared to the previous month). The purchase price decreased by 4.5% year-on-year and 0.3% month-on-month. From January to July, the PPI decreased by 2.9% cumulatively. The CPI remained flat year-on-year in July (0.1% in June) and increased by 0.4% month-on-month ( -0.1% in June), ending the consecutive month-on-month decline. The core CPI increased by 0.8% year-on-year, with the increase expanding for three consecutive months, reaching a new high since March 2024 [19][39]. Investment: Marginal Slowdown - From January to July 2025, fixed - asset investment increased by 1.6% year-on-year (2.8% previously), and the month-on-month decline continued ( -0.63% in July). The investment growth rate of the secondary industry slowed down to 8.9% (manufacturing investment +6.2%), and the investment in the tertiary industry decreased by 2.3% (more affected by real estate) [53]. Production: Downstream Improvement - In the first half of 2025, the added value of large-scale industries increased by 6.4% year-on-year. The manufacturing industry increased by 7.0%. The downstream demand improved significantly, but the weakness of upstream raw material industries and export pressure were constraints [59]. Consumption: Structural Differentiation - In July 2025, the growth rate of the consumer market slowed down. From January to July, the total retail sales of consumer goods increased by 4.5% year-on-year (5.0% previously). The single - month retail sales in July increased by only 3.7% year-on-year, reaching a new low for the year. Service consumption showed resilience, while the growth of online channels slowed down [69]. Real Estate: Investment Under Pressure - From January to July, the national real estate development investment decreased by 12.0% year-on-year, with the decline expanding by 0.8% compared to January - June. The sales side remained weak, but policy - driven structural optimization accelerated inventory reduction [78].

Economic Overview - The economy in July shows signs of weak recovery, with a potential trend of high-to-low performance throughout the year, indicating increased volatility due to external uncertainties[1] - The nominal GDP is projected to reach around 140 trillion yuan, with limited elasticity in growth rates and GDP deflator index in the second half of the year[12] Industrial Growth - In July, the industrial added value increased by 5.7% year-on-year, slightly below market expectations, while month-on-month growth was 0.38%[14] - Manufacturing demand is recovering but showing signs of marginal slowdown, with the new orders index at 49.4%, indicating a decrease in manufacturing market demand[16] Consumer Spending - The retail sales of consumer goods in July grew by 3.7% year-on-year, down from 4.8% in June, with a notable decline of 1.1 percentage points[19] - Factors affecting retail sales include reduced funding for the "old-for-new" policy, which decreased from 162 billion yuan in the first half of 2025 to 138 billion yuan in the second half[21] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288.229 billion yuan, growing by 1.6%, which is below market expectations of 2.7%[29] - Infrastructure investment grew by 3.2%, while real estate development investment saw a significant decline of 12.0%[29] Employment Trends - The urban surveyed unemployment rate in July was 5.2%, slightly up from the previous month, reflecting seasonal pressures from the graduation season[6] - Employment policies are being implemented to mitigate youth unemployment, including support for job creation in various sectors[6] Investment Outlook - Manufacturing investment growth was 6.2% year-on-year, but July recorded a negative growth of -0.3%, the first negative reading since July 2020, primarily due to high base effects and uncertainties from trade tensions[45] - The overall investment environment remains cautious, with private investment declining by 1.5% year-on-year, particularly in the real estate sector[29]

Economic Overview - China's economy showed stable operation in July, but some economic indicators experienced a decline due to external complexities and extreme weather conditions [2][4] - The industrial added value for July increased by 5.7% year-on-year, a slowdown of 1.1 percentage points compared to June [2][4] - Retail sales of consumer goods grew by 3.7% year-on-year in July, also down by 1.1 percentage points from June [2][8] Industrial Production - Industrial production growth slightly slowed in July, with the mining sector increasing by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [4][6] - The "Two New" initiatives and equipment upgrades contributed positively to industrial production, with shipbuilding and motor manufacturing seeing increases of 29.7% and 15.9%, respectively [4][6] - Despite the overall stability in industrial production, external pressures and internal competition may lead to a potential decline in growth rates [5][6] Investment Trends - From January to July, fixed asset investment (excluding rural households) reached 288.229 billion yuan, growing by 1.6% year-on-year, with infrastructure investment up by 3.2% and manufacturing investment by 6.2% [11][12] - Real estate development investment saw a significant decline of 12.0% [11] - Investment in high-tech sectors such as aerospace and computer manufacturing showed robust growth, with increases of 33.9% and 16%, respectively [12] Consumer Market - The service sector maintained stable growth, with service retail sales increasing by 5.2% from January to July, while the overall consumer market showed signs of slowing down [8][9] - Policies promoting the replacement of old consumer goods positively impacted sales, particularly in home appliances and communication devices [8][9] - The tourism and leisure sectors experienced significant growth, driven by increased consumer demand during the summer [8][9]

Economic Overview - In July, under the strong leadership of the Central Committee, the national economy maintained a steady growth trend, with production and demand continuing to rise, and overall employment and prices remaining stable [1][9] Industrial Production - In July, the industrial added value above designated size increased by 5.7% year-on-year and 0.38% month-on-month. The mining industry grew by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [2] - The equipment manufacturing industry saw an 8.4% increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial growth by 2.7 and 3.6 percentage points respectively [2] - The manufacturing purchasing managers' index was at 49.3, indicating a slight contraction in manufacturing activity [2] Service Sector - The service production index rose by 5.8% year-on-year in July, with significant growth in information transmission, software, and IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [3] - The business activity index for services was at 50.0, indicating stable activity levels [3] Retail Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [4] - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods accounting for 70,790 billion yuan, a 6.3% increase [4] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, a year-on-year increase of 1.6% [5] - Manufacturing investment grew by 6.2%, while real estate development investment declined by 12.0% [5] Trade and Exports - In July, the total value of goods imports and exports reached 39,102 billion yuan, a year-on-year increase of 6.7% [6] - Exports amounted to 23,077 billion yuan, growing by 8.0%, while imports were 16,026 billion yuan, increasing by 4.8% [6] Employment - The urban survey unemployment rate averaged 5.2% from January to July, with July's rate at 5.2%, a 0.2 percentage point increase from the previous month [7] Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [8] - Core CPI, excluding food and energy, rose by 0.8%, indicating a slight increase in underlying inflation pressures [8]

Economic Overview - In July, the national economy maintained a steady growth trend, with industrial production increasing by 5.7% year-on-year and 0.38% month-on-month [30][31] - The mining industry saw a value-added growth of 5.0%, manufacturing grew by 6.2%, and the electricity, heat, gas, and water production and supply industry increased by 3.3% [31] Industrial Production - Among the 41 major industries, 35 reported year-on-year growth in value-added, with notable increases in black metal smelting and rolling (8.6%), non-ferrous metal smelting and rolling (6.8%), and general equipment manufacturing (8.4%) [3][31] - High-tech manufacturing experienced a significant growth of 9.3%, outperforming the overall industrial growth by 3.6 percentage points [31] Product Output - In July, out of 623 industrial products, 335 saw a year-on-year increase in output, including steel (12.295 million tons, up 6.4%), ethylene (3.12 million tons, up 9.1%), and automobiles (2.51 million units, up 8.4%) [4][5] - New energy vehicles production rose by 17.1%, indicating a strong demand in the electric vehicle sector [7] Sales and Exports - The sales rate of industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year, while the export delivery value reached 1.2904 trillion yuan, a nominal increase of 0.8% [5][7] Investment Trends - Fixed asset investment (excluding rural households) reached 288.229 billion yuan in the first seven months, with manufacturing investment growing by 6.2% [34] - High-tech industries such as aerospace and computer equipment manufacturing saw substantial investment growth, with increases of 33.9% and 16.0% respectively [34] Trade Performance - In July, the total value of goods imports and exports was 39.102 billion yuan, a year-on-year increase of 6.7%, with exports growing by 8.0% [35] - Private enterprises accounted for 57.1% of total trade, reflecting an increase in their participation in the market [35]

Core Insights - In July, the industrial added value of large-scale enterprises in China increased by 5.7% year-on-year and 0.38% month-on-month [1] - The mining industry saw a year-on-year increase of 5.0%, manufacturing increased by 6.2%, and the production and supply of electricity, heat, gas, and water grew by 3.3% [1] - The equipment manufacturing industry experienced an 8.4% year-on-year increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial added value by 2.7 and 3.6 percentage points respectively [1] Economic Type Analysis - State-controlled enterprises' added value increased by 5.4% year-on-year; joint-stock enterprises grew by 6.5%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises rose by 2.8%, and private enterprises increased by 5.0% [1] Product Performance - The production of 3D printing equipment, industrial robots, and new energy vehicles increased by 24.2%, 24.0%, and 17.1% year-on-year respectively [1] Overall Industrial Performance - From January to July, the industrial added value of large-scale enterprises increased by 6.3% year-on-year [1] - In July, the manufacturing purchasing managers' index was at 49.3%, while the business activity expectation index was at 52.6% [1] Profitability - From January to June, the total profit of large-scale industrial enterprises reached 34,365 billion yuan, a year-on-year decrease of 1.8% [1]

Group 1: Industrial Profit Trends - In the first half of 2025, industrial enterprises' revenue grew by 2.5% year-on-year, a decline of 0.4 percentage points compared to the same period in 2024[2] - In June 2025, industrial profits decreased by 4.3% year-on-year, a significant narrowing of the decline by 4.8 percentage points from May[3] - Cumulatively, industrial profits for January to June 2025 fell by 1.8% year-on-year, worsening by 0.7 percentage points compared to the first five months of 2025[3] Group 2: Cost and Profit Margins - The operating profit margin for January to June 2025 was 5.15%, down 0.26 percentage points from the same period last year[4] - Costs per 100 yuan of revenue were 85.54 yuan, a slight decrease of 0.07 yuan from the first five months of 2025, but still higher than the 85.27 yuan recorded in the same period last year[6] - The average collection period for accounts receivable in industrial enterprises was 69.8 days, a decrease of 0.7 days, indicating improved cash flow[7] Group 3: Sector Performance - State-owned enterprises saw a profit decline of 7.6% year-on-year, while private enterprises experienced a profit growth of 1.7%, reflecting a mixed performance under challenging conditions[8] - The equipment manufacturing sector showed resilience, with a 7.0% increase in revenue and a profit growth of 9.6% in June 2025, contributing significantly to overall industrial profit growth[14] - The midstream manufacturing sector's profit share has increased for four consecutive months, reaching 48.6% in June 2025, while downstream sectors continue to face weak demand[13] Group 4: Future Outlook - The implementation of policies aimed at expanding domestic demand and countering "involution" is expected to support industrial profit recovery in the second half of 2025[18] - Ongoing uncertainties in external demand and trade tensions, particularly with the U.S., may continue to pressure export-dependent industries[19]

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].