7月18日，国务院新闻办公室举行新闻发布会，介绍2025年上半年工业和信息化发展情况，并答记者 问。工业和信息化部总工程师谢少锋介绍，2025年上半年，规上装备制造业增加值拉动全部规上工业增 长3.4个百分点，占全部规上工业的35.5%，较去年提高0.9个百分点。 【纠错】 【责任编辑:谷玥】 新华社音视频部制作 ...

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in China dropped to 49.5% in March, indicating a contraction but remaining close to the critical threshold of 50%, suggesting mixed signals in the economy [2][3][4]. Manufacturing Sector - The manufacturing PMI fell to 49.5%, influenced by domestic COVID-19 outbreaks and international geopolitical conflicts, leading to reduced production and demand [3][4]. - The production index and new order index both fell into the contraction zone, with new export orders decreasing by 1.8 percentage points compared to the previous month [3][4]. - The PMI for large enterprises was 51.3%, indicating stability and continued expansion despite a slight decline from the previous month [5]. High-Tech Manufacturing - High-tech manufacturing PMI was reported at 50.4%, remaining in the expansion zone despite a decrease from the previous month [4]. - Employment and business activity expectation indices for high-tech manufacturing were 52.0% and 57.8%, respectively, indicating strong resilience and positive market outlook [4]. Basic Raw Materials - The PMI for the basic raw materials sector increased to 49.5%, reflecting a slight recovery despite pressures from rising raw material prices [4]. - The purchasing price index for basic raw materials was over 10 percentage points higher than that of equipment manufacturing, indicating some cost absorption within the sector [4]. Business Sentiment - The production and business activity expectation index was 55.7%, showing a relatively optimistic outlook despite a decline from the previous month [5]. - The non-manufacturing business activity index fell below the critical point, but construction activity showed signs of improvement as weather conditions became favorable [5]. Economic Challenges - The economy faces pressures from demand contraction, supply shocks, and weakened expectations, compounded by ongoing COVID-19 and geopolitical issues [5][6]. - Recommendations include improving pandemic control measures and expanding domestic demand policies to mitigate economic impacts [6].

Core Insights - In June, the profit decline of large-scale industrial enterprises narrowed compared to May, with a total profit of 715.58 billion yuan, reflecting a year-on-year decrease of 4.3%, which is a 4.8 percentage point improvement from May [3]. Group 1: Industrial Performance - The operating revenue of large-scale industrial enterprises increased by 1.0% year-on-year [3]. - The equipment manufacturing industry showed significant growth, with operating revenue rising by 7.0% and profits shifting from a decline of 2.9% in May to a growth of 9.6% in June [5]. - The electronic special materials manufacturing industry experienced a profit increase of 68.1%, while the smart consumer devices manufacturing industry saw a profit rise of 40.9% [7]. Group 2: Industry Trends - The manufacturing sector is advancing towards high-end, intelligent, and green development, as evidenced by the substantial profit growth in key sectors such as key ion battery manufacturing, which reported a profit increase of 72.8% [7].

Core Insights - The National Taxation Administration of China announced that during the "14th Five-Year Plan" period, the cumulative new tax cuts and fee reductions are expected to exceed 10 trillion yuan [2] - From 2021 to the first half of this year, the cumulative new tax cuts and fee reductions reached 9.9 trillion yuan, with an expected total of 10.5 trillion yuan by the end of this year, averaging over 2 trillion yuan annually [2] - The focus of tax reduction policies is on supporting technological innovation and advanced manufacturing, with 3.6 trillion yuan in new tax cuts, accounting for 36.7% of the total [2] Tax Reduction and Beneficiaries - Among various economic entities, private enterprises and individual businesses benefited from 7.2 trillion yuan in new tax cuts, representing 72.9% of the total [2] - Small and medium-sized enterprises shared 6.3 trillion yuan in new tax cuts, making up 64% of the total [2] High-Quality Development and Manufacturing Sector - The manufacturing sector's sales revenue has maintained a steady share of around 29% of total enterprise sales from 2021 to 2024, with advancements in high-end and intelligent manufacturing [3] - Sales revenue in equipment manufacturing and high-tech manufacturing grew annually by 9.6% and 10.4%, respectively [3] R&D Tax Incentives - The R&D expense deduction policy has been continuously optimized, with companies enjoying 3.32 trillion yuan in deductions in 2024, an increase of 25.5% from 2021 [3] - The number of companies benefiting from this policy reached 615,000, reflecting a growth of 16.7% compared to 2021 [3] Tax Administration and Policy Implementation - The tax authorities are committed to effectively implementing tax and fee reduction policies, utilizing big data to ensure that policies reach taxpayers quickly and efficiently [3]

Core Viewpoint - In April, China's economy demonstrated resilience and stability in the face of external shocks and internal challenges, supported by proactive macroeconomic policies that fostered steady growth in production and demand, as well as overall employment stability [1]. Economic Indicators - The industrial added value for large-scale enterprises increased by 6.1% year-on-year in April, while the service production index rose by 6.0% [2]. - The urban surveyed unemployment rate decreased by 0.1 percentage points compared to the previous month, indicating a stable employment situation [2]. Industrial Performance - The industrial sector maintained rapid growth, with the equipment manufacturing industry seeing a year-on-year increase of 9.8% in added value, contributing 55.9% to the growth of large-scale industry [2]. - The "Two New" policies and industrial upgrades have significantly supported this growth [2]. Foreign Trade - From January to April, China's total goods import and export volume increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to the first quarter [3]. - The diversification of foreign trade and expansion of trade with Belt and Road countries have been emphasized as key strategies [3]. Consumer Market - Retail sales of consumer goods grew by 4.7% year-on-year from January to April, with service retail sales increasing by 5.1% [4]. - Significant growth was observed in the sales of home appliances, cultural office supplies, and furniture, with increases of 38.8%, 33.5%, and 26.9% respectively in April [4]. New Consumption Trends - Online retail and instant retail have gained popularity, with physical goods online retail sales increasing by 5.8% year-on-year from January to April, outpacing overall retail growth [5]. - The government aims to enhance consumer capacity and promote healthy economic development through targeted consumption initiatives [5]. Investment Trends - Fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with high-tech industries showing significant investment growth [7]. - Notable increases in manufacturing sectors include a 38.9% rise in new energy vehicles and a 61.8% increase in lithium-ion battery production [7]. Industrial Development - The industrial sector is experiencing a trend towards high-end, intelligent, and green development, with new productive forces being cultivated [8]. - The government plans to continue expanding domestic demand and implementing policies to support industrial development and innovation [8].

Economic Overview - In April 2025, China's economy demonstrated resilience against external pressures, maintaining a stable growth trajectory despite increasing challenges [34][38] - The industrial production index for large-scale industries increased by 6.1% year-on-year, with 36 out of 41 major industries reporting growth [34][35] - The service sector also showed robust performance, with a production index growth of 6% in April [34] Industrial Performance - The value added in the equipment manufacturing sector rose by 9.8%, while high-tech manufacturing increased by 10% [10][37] - The digital product manufacturing sector experienced a significant growth of 10% in April, driven by advancements in "Artificial Intelligence+" [37] Consumer Market - The total retail sales of consumer goods reached 37,174 billion yuan, marking a year-on-year increase of 5.1% [19] - Sales of home appliances and cultural products surged, with year-on-year growth rates of 38.8% and 33.5% respectively [36] Investment Trends - From January to April, fixed asset investment (excluding rural households) totaled 147,024 billion yuan, reflecting a 4% year-on-year increase [21] - Investment in equipment acquisition grew by 18.2%, contributing 64.5% to overall investment growth [36] Trade and Employment - The total value of goods imports and exports reached 38,391 billion yuan in April, with a year-on-year growth of 5.6% [25] - The urban unemployment rate was recorded at 5.1% in April, a slight decrease from the previous month [33] Policy Impact - Recent macroeconomic policies have shown positive effects, supporting economic recovery and promoting industrial transformation [36][39] - The government has implemented measures such as lowering the reserve requirement ratio and establishing new financial tools to enhance liquidity and support project financing [39]

Core Insights - China's industrial economy demonstrates strong resilience and capacity to withstand shocks, as indicated by various data released by the National Bureau of Statistics and the Ministry of Industry and Information Technology Group 1: Industrial Profit Growth - In the first four months of the year, profits of large-scale industrial enterprises increased by 1.4%, accelerating by 0.6 percentage points compared to the first quarter [4] - The profit growth of the equipment manufacturing industry was particularly notable, with a year-on-year increase of 11.2%, accelerating by 4.8 percentage points from the previous quarter [11] - High-tech manufacturing profits also saw a significant rise, with a year-on-year growth of 9.0%, which is 7.6 percentage points higher than the average growth of all large-scale industrial enterprises [14] Group 2: Industrial Investment - Industrial investment in the first four months grew by 11.7% year-on-year, with mining investment increasing by 6.3%, manufacturing investment by 8.8%, and investment in electricity, heat, gas, and water production and supply rising by 25.5% [8] Group 3: Policy Effects and Equipment Updates - The effects of policies promoting large-scale equipment updates are evident, with profits in the specialized and general equipment sectors increasing by 13.2% and 11.7% respectively, contributing 0.9 percentage points to the overall profit growth of large-scale industries [17] Group 4: Consumer Goods and Automotive Industry - The "old-for-new" policy for consumer goods has shown significant effects, with profits in the manufacturing of household electric appliances, kitchen appliances, and non-electric household appliances growing by 17.2%, 17.1%, and 15.1% respectively [20] - In the automotive sector, production and sales reached 10.175 million and 10.06 million units respectively, marking a year-on-year increase of 12.9% and 10.8%, with both figures surpassing ten million for the first time [23] - New energy vehicles saw remarkable growth, with production and sales increasing by 48.3% and 46.2% year-on-year, accounting for 42.7% of total new car sales [27]

Core Insights - The overall profit of industrial enterprises in China has shown signs of improvement, with a year-on-year decline of 6.7% in July, which is a narrowing of 1.6 percentage points compared to June [1][2] - From January to July, the cumulative profit of industrial enterprises decreased by 15.5%, with a reduction of 1.3 percentage points compared to the first half of the year [1][2] Group 1: Profit Improvement - In July, the operating revenue of industrial enterprises decreased by 1.4% year-on-year, which is an improvement of 1.9 percentage points from June [2] - The profit decline for state-owned enterprises narrowed by 0.7 percentage points, while private and foreign-invested enterprises saw declines narrow by 2.8 and 0.4 percentage points, respectively [2] Group 2: Cost Reduction - For the first time this year, the unit cost of industrial enterprises decreased year-on-year, with costs at 85.15 yuan per 100 yuan of revenue, down by 0.55 yuan [3] - The reduction in costs is attributed to lower prices of bulk commodities and reduced raw material cost pressures in downstream industries [3] Group 3: Sector Performance - Among 41 industrial sectors, 13 reported profit growth, with the equipment manufacturing sector showing stable growth, achieving a profit increase of 1.7% from January to July [4] - The electrical machinery sector saw a profit increase of 33.7%, driven by products like photovoltaic equipment and lithium-ion batteries [4] - The profits of the raw materials manufacturing sector decreased by 7.7% in July, but this decline was significantly less than in June, with a reduction of 29.6 percentage points [4][5] Group 4: Electricity and Utilities Sector - The profit of the electricity, heat, gas, and water production and supply sector grew by 38.0% from January to July, with a notable increase in profit growth rate compared to the first half of the year [5] - The electricity sector alone experienced a profit growth of 51.2%, benefiting from increased power supply during peak summer demand [5]

Core Points - A strategic cooperation agreement was signed between the Equipment Research Institute of the Ministry of Industry and Information Technology and the Wuhan National Enterprise and Market Research Institute in Beijing [1][3] - The collaboration will focus on areas such as intelligent connected vehicles, new energy batteries, and low-altitude economy, aiming to promote the transformation of technological achievements in Hubei Province [3][5] Group 1 - The agreement is based on the needs of Hubei's "51020" modern industrial cluster and the construction of "three high grounds and two bases" [3] - Both parties will establish an expert committee to build a provincial equipment manufacturing database and conduct key technology research [3][5] - The cooperation aims to enhance the integration of enterprise resources and government-enterprise service connections [5] Group 2 - The Equipment Research Institute has extensive experience in research consulting, exhibitions, and platform operations in the equipment industry [5] - The collaboration is expected to leverage local service advantages in think tank research, industrial services, and brand activities [5] - The signing is seen as a starting point for a new phase of partnership and mutual benefit [5]

Core Viewpoint - The "Two New" policy is being enhanced to further stimulate investment and consumption, with a focus on equipment updates and consumer goods replacement programs [1][6]. Group 1: Investment Growth - The market scale for equipment updates is projected to exceed 5 trillion yuan annually as many existing assets reach their end-of-life [2]. - In 2024, 150 billion yuan of special long-term bonds will support over 4,600 projects across 12 sectors, including industrial and environmental infrastructure [2]. - By 2025, the funding for equipment updates will increase to 200 billion yuan, expanding support to additional sectors such as electronic information and agricultural facilities [2]. Group 2: Equipment Update Impact - The total number of equipment updates in key sectors is expected to surpass 20 million units in 2024, with significant year-on-year growth in related manufacturing sectors [3]. - Industries such as medical equipment and general parts manufacturing have seen profit increases of 12.1% and 9.5% respectively, indicating a positive impact from the equipment update policies [3]. Group 3: Consumer Activation - There is substantial potential for consumer goods replacement, with over 7 million passenger cars and 180 million household appliances exceeding their safe usage period [4]. - In 2024, 150 billion yuan will be allocated to support the replacement of old consumer goods, with the funding increasing to 300 billion yuan in 2025 [4]. - The sales generated from consumer goods replacement programs are projected to exceed 1.3 trillion yuan in 2024 and 1.6 trillion yuan by mid-2025 [4]. Group 4: Policy Implementation and Support - The government is committed to ensuring the effective use of special long-term bond funds, with 690 billion yuan allocated for consumer goods replacement already distributed [7]. - There is a focus on enhancing the efficiency of project implementation and fund allocation to ensure a smooth execution of the "Two New" policies [7]. - The government aims to create a long-term mechanism for updates and replacements, emphasizing strict supervision and risk management [8].