Core Viewpoint - Despite external uncertainties, many foreign trade enterprises in Dongguan exhibit strong confidence and resilience, showcasing their ability to adapt and thrive in challenging environments [1][2]. Group 1: Industry Resilience - The resilience of the industry stems from past experiences, such as the 2008 financial crisis and previous Sino-US trade tensions, which have strengthened the pressure resistance of many foreign trade companies [2]. - Dongguan's complete industrial chain in sectors like electronic information and equipment manufacturing allows companies to produce more cost-effective and innovative products, highlighting the advantages of China's comprehensive industrial system [2][3]. - The shift from labor-intensive products to advanced manufacturing is evident, with the export share of labor-intensive products decreasing by 4.3 percentage points since 2018, while the share of electromechanical products has risen to 62.6% [3]. Group 2: Company Adaptation - Many companies are accelerating their transformation towards high-end, digital, and intelligent operations, enhancing their competitiveness in high value-added areas such as technology, branding, and services [2]. - A notable sentiment among business leaders emphasizes the importance of creating irreplaceable competitive advantages as a strategy to navigate uncertainties [2]. Group 3: Policy Support - Dongguan has proactively implemented the "30 Measures to Stabilize Foreign Trade," which includes initiatives like organizing domestic and international exhibitions, promoting overseas warehouse development, and enhancing credit insurance support [3]. - The backing of China's vast economic landscape provides foreign trade enterprises with a sense of security, as they benefit from both demand advantages and a well-established supply chain [3].

Economic Indicators - In June, the official manufacturing PMI recorded 49.7%, a slight increase from 49.5% in May, but still below the expansion threshold[2] - The non-manufacturing PMI rose to 50.5% from 50.3%, indicating continued expansion in the service sector[2] - The composite PMI output index increased to 50.7%, reflecting overall economic recovery[2] Manufacturing Sector Insights - The production index continued to expand, with new orders rising above the threshold, indicating improved demand[3] - New export orders showed a minor recovery, with domestic orders performing better than foreign ones[3] - The purchasing volume surged into the expansion zone, reflecting a positive shift in corporate procurement attitudes[3] Price and Inventory Dynamics - Both factory prices and major raw material purchase prices increased, indicating a balance between downstream demand recovery and upstream commodity price fluctuations[3] - Finished goods inventory rose significantly, while raw material inventory continued to recover, suggesting a cautious approach to inventory management[3] Sectoral Performance - The equipment manufacturing PMI increased by 0.2 percentage points to 51.4%, while the consumer goods sector PMI rose to 50.4%, marking six consecutive months of growth[4] - Large enterprises maintained strong PMI performance, while small enterprises saw a decline of 2 percentage points, highlighting resource imbalances within the industry[4] Future Outlook - The EPMI index fell to 47.9%, down 2.1 percentage points from the previous month, indicating a divergence from the PMI due to ongoing trade tensions and tariff issues[10] - Economic recovery remains uncertain, with the real estate sector still in a downturn and consumer prices under pressure, suggesting reliance on fiscal stimulus for demand recovery[13] - The bond market is expected to remain stable, supported by the current economic data and policy expectations, despite external uncertainties[16]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The cancellation of the digital services tax by Canada to promote trade negotiations with the US led to a full - scale increase in the three major US stock indices. China's manufacturing PMI has rebounded for two consecutive months. Affected by pre - export rush, both supply and demand have improved, but it is still below the boom - bust line, and the economy is in the bottom - building stage. Benefiting from the simultaneous improvement of the domestic and overseas environments, the stock index is in the repair period after a short - term sharp rise [1][3]. 3. Summary According to Related Catalogs 3.1 Macro - economic Charts - In China, in June, the manufacturing, non - manufacturing, and composite PMIs were 49.7%, 50.5%, and 50.7% respectively, up 0.2, 0.2, and 0.3 percentage points from the previous month. The PMIs of the equipment manufacturing, high - tech manufacturing, and consumer goods industries have been in the expansion range for two consecutive months. Overseas, Fed's Bostic still expects the Fed to cut interest rates once this year and three times next year [1]. 3.2 Spot Market Tracking Charts - A - share three major indices fluctuated and rebounded. The Shanghai Composite Index rose 0.59% to close at 3444.43 points, and the ChiNext Index rose 1.35%. In the industry, most sector indices rose, with national defense and military industry, media, communication, and electronics industries leading the gains. Only the banking, non - banking finance, and transportation industries closed down. The trading volume of the Shanghai and Shenzhen stock markets decreased slightly to 1.5 trillion yuan. The three major US stock indices closed up, with the Dow Jones Industrial Average rising 0.63% to 44094.77 points [1]. 3.3 Stock Index Futures Tracking Charts - In the futures market, the basis trend was differentiated, and the discount of the near - month contracts of IC and IM deepened. In terms of trading volume and open interest, the trading volume and open interest of stock index futures decreased simultaneously [2].

Group 1: Economic Development and Investment - The Guangxi border port industrial park has attracted 150 companies and 155 cross-regional and cross-border industrial chain projects with a total investment exceeding 200 billion yuan by May 2025 [1] - The number of processing enterprises in Dongxing has increased from 6 in 2015 to 64 currently, covering various cross-border industries [2] - The overall GDP of ASEAN is projected to grow from 3.6 trillion USD in 2022 to 4 trillion USD in 2024, making it the fifth-largest economy globally [4] Group 2: Industry and Product Development - The Dongxing industrial park is transforming its port advantages into economic and industrial development benefits, focusing on processing high-quality raw materials from ASEAN [2] - The establishment of the Guangxi-ASEAN traditional Chinese medicine and spice industry park aims to create a comprehensive international industry chain for traditional Chinese medicine and spices [3] - New processing enterprises are expected to increase by 11 in 2024, with a projected industrial output value growth of 15.9% year-on-year [2] Group 3: Innovation and Emerging Industries - The new generation information intelligent manufacturing base in Pingxiang is producing electronic products like mobile chargers and Bluetooth devices for ASEAN markets [4] - The Guangxi border port industrial park is seen as an ideal base for high-tech companies to expand into ASEAN markets due to its transportation and infrastructure advantages [4] - The introduction of new production capacity projects in the region is aimed at enhancing the overall quality and competitiveness of industrial clusters [5] Group 4: Resource Optimization and Management Reform - Guangxi is implementing market-oriented reforms in industrial parks to enhance management and attract quality projects [6] - The "2+N" and "3+N" park co-construction models have successfully attracted over 90 cooperative projects with a total investment exceeding 230 billion yuan [7] - The focus on optimizing resource allocation and enhancing service capabilities is expected to improve the competitive edge of the border port industrial park [6][7] Group 5: Strategic Importance - The border port industrial park serves as a significant platform for deepening China-ASEAN industrial cooperation and advancing national strategies [8] - The influx of major enterprise projects and international orders is anticipated to drive the future development of the border port industrial park [8]

Core Insights - The manufacturing PMI for June is at 49.7%, indicating a slight expansion in the manufacturing sector, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 from the previous month [2][3] - The non-manufacturing business activity index is at 50.5%, showing continued expansion in the non-manufacturing sector [4][6] - The comprehensive PMI output index is at 50.7%, reflecting an overall acceleration in production and business activities [6] Manufacturing Sector - The manufacturing PMI increased to 49.7%, with production and new orders indices at 51.0% and 50.2%, respectively, indicating improved production activities and market demand [2][3] - The purchasing volume index rose to 50.2%, up by 2.6 percentage points, suggesting enhanced procurement willingness among enterprises [2] - Price indices for major raw materials and factory prices improved, with indices at 48.4% and 46.2%, respectively, influenced by rising international oil prices [2] Key Industries - Key industries such as equipment manufacturing, high-tech manufacturing, and consumer goods continue to expand, with PMIs at 51.4%, 50.9%, and 50.4%, respectively [3] - The construction sector shows a significant recovery, with the business activity index at 52.8%, indicating robust infrastructure project progress [4][5] Market Expectations - The service sector's business activity expectation index is at 56.0%, indicating optimism among service enterprises regarding future development [5] - The construction industry's business activity expectation index rose to 53.9%, reflecting increased confidence among construction firms [5] Overall Economic Outlook - The overall economic activity is expected to improve as policy effects continue to manifest, with investment and consumption-related demands likely to be released [7]

初次在办公室见面，杨琪毅敏锐地发现了覃业驰简历中的短板——缺少实习经历。"去项目现场吧，看 看图纸上的线条是怎样长成桥梁和道路的，最重要的是要了解专业实际对口的工作内容是什么，自己能 否接受，这会影响未来规划。" "妈，我签约了。"覃业驰的声音难掩激动。 收到录用通知，这个从湖南省常德市石门县大山里走出的土家族小伙，将成为助理工程师，终于能承担 起家里更多的责任。 "我家有病人，负担重，必须要找到一份安稳工作。"参加职业生涯唤醒课、职业规划探索课，报名学 校"宏志助航计划"训练营……长沙理工大学土木与环境工程学院2021级本科生覃业驰，早早锚定了努力 的方向。 "业驰，方便时来我这聊聊。"大三下学期，一对一帮扶老师、学院就业专干杨琪毅拨通了覃业驰的电 话。 抱着试试看的态度，覃业驰向学长学姐们发送了应聘时的困惑。一名学长很快便回复了一段详细解答， 另一名学长更是将自己制作简历、面试应答等经验倾囊相授。 "不断告诉自己，不要气馁。"一遍遍打磨简历、一次次模拟面试、一场场线下应聘，直至那份三方协议 放在自己面前，覃业驰落笔成约。 在杨琪毅的鼓励下，2024年春招末期，覃业驰一头扎进项目工地。脚踩泥浆、浸润汗水度过 ...

Economic Resilience - In the first half of the year, the Chinese economy demonstrated resilience amid complex domestic and international conditions, supported by a series of proactive policy measures [1] - The manufacturing PMI and composite PMI both showed a rebound for two consecutive months in June, indicating a gradual stabilization and improvement in the economy [1] Manufacturing Sector - The manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month, marking a continuous recovery in the economic climate [1] - Production activities in June accelerated despite it being a traditional off-peak season, showing a seasonal anomaly [1] - The purchasing volume index rose significantly by 2.6 percentage points to 50.2%, while raw material inventory increased by 0.6 percentage points to 48%, the highest level this year [1] - The new orders index rose by 0.4 percentage points to 50.2%, indicating an overall improvement in market demand [1] Key Industries - The three major industries—equipment manufacturing, high-tech manufacturing, and consumer goods—maintained good expansion momentum, with PMIs of 51.4%, 50.9%, and 50.4% respectively, all remaining in the expansion zone for two consecutive months [2] - Equipment manufacturing showed particularly active production and demand, driving collaborative development across related industries [2] - The high-tech manufacturing sector provided strong support for economic transformation and high-quality development [2] - The consumer goods sector's steady expansion reflected improving consumer confidence and recovering market demand [2] Construction Sector - The construction business activity index rose to 52.8%, an increase of 1.8 percentage points from the previous month, indicating a significant improvement in the sector's climate [2] - The positive trend was supported by government policies and funding guarantees, including the issuance of long-term special bonds and local government special bonds [2] Service Sector - The service sector maintained steady expansion, with a business activity index of 50.1%, despite a slight decline due to seasonal factors [3] - Certain service industries, such as telecommunications, financial services, and insurance, remained robust with business activity indices above 60% [3] - The service sector's business activity expectations index remained high, reflecting optimism about future market developments [3] Fiscal and Monetary Policies - The issuance of new special bonds accelerated significantly in June, focusing on key areas to support economic growth [4] - The first round of interest rate cuts and reserve requirement ratio reductions for the year has been fully implemented, alleviating pressure on the banking system and reducing financing costs [4] - The central bank and other departments are expected to introduce more incremental policies to further promote high-quality economic development [4] Real Estate Support - The central and local governments are increasing support for the real estate sector, with measures aimed at stabilizing the market and optimizing existing policies [5] - More special bond funds are expected to be allocated to areas such as shantytown renovation and old community upgrades to improve living conditions [5]

近日，位于河北省秦皇岛经济技术开发区（以下简称秦皇岛经开区）的星箭特种玻璃有限公司传来消 息，由该公司研制的石英摆片开始应用于航天领域。"这款产品的防震抗冲击性能比传统产品增强1倍左 右。"该公司董事长卢勇说，公司已提供2000多万片特种玻璃产品，被认定为国家级专精特新"小巨 人"企业、河北省制造业单项冠军企业。 制造业转型离不开工作机制的转型，优化营商环境是产业发展的助推器。在山海关港码头工地，金风科 技秦皇岛北方海上风电产业基地一期项目建设接近尾声，生产设备陆续进厂调试，预计近期投产运营。 项目建成后，将成为我国北方区域的海上风电产业基地和新能源装备出口基地。"项目从开工到具备投 产条件，用了不到1年时间。目前已通过联合验收，为顺利投产节约了时间。"金风科技秦皇岛专项工作 组产业基地项目经理罗丹说。 为助力项目建设、加快产业转型升级，秦皇岛经开区制定出台2025年优化营商环境3.0行动方案、政企 常态化沟通机制工作方案等，通过"拿地即开工""竣工即投产""竣工即发证"等便民惠企机制，对企业拿 地、建设、投产各环节进行精准指导服务，压缩办理时限，形成全链条闭环管理。 "今后，我们将推动更多'一件事一次办'集 ...

Core Viewpoint - Weifang City is actively promoting the integration of the real economy and digital economy through a comprehensive digital transformation initiative, which has been recognized as a national model for manufacturing digital transformation [1][2]. Group 1: Digital Transformation Initiatives - Weifang has implemented a three-year action plan and ten policies for industrial digital transformation, establishing a service alliance and a four-level specialist system to support enterprises [1]. - The city has achieved a significant increase in the coverage rate of digital transformation among industrial enterprises, ranking among the top in the province [1]. Group 2: Benchmarking and Demonstration - The "Artificial Intelligence + Manufacturing" initiative has led to the establishment of lighthouse factories and the creation of national digital leading enterprises, with 14 national 5G factories and 444 provincial "Morning Star" factories [2]. - A total of 20 demonstration projects and 10 empowering enterprises have been recognized, with 35 projects initiated under the provincial and municipal "listing and challenging" program [2]. Group 3: Infrastructure and Support - Weifang has focused on enhancing digital infrastructure, achieving over 20,000 5G base stations and establishing 28 provincial industrial internet platforms [2]. - The city has created a digital industry park and an online service supermarket for digital transformation, forming a comprehensive support matrix [2]. Group 4: Industry-Specific Benchmarking - The city has identified 83 benchmark demonstration enterprises across various key industries, promoting effective digital transformation models that can be replicated [3]. - A case collection has been published, covering 14 industries and highlighting successful practices in digital transformation, providing a reference for small and medium-sized enterprises [3]. Group 5: Continuous Improvement and Outreach - Weifang's industrial department plans to deepen the dissemination of digital transformation examples through various formats, encouraging benchmark enterprises to share their experiences [4]. - The goal is to transition from beneficiaries of digital transformation to leaders and service providers, fostering a chain transformation within the industry [4].

Group 1: PMI Overview - The manufacturing PMI for June is reported at 49.7%, matching expectations and slightly up from the previous value of 49.5%[1] - The non-manufacturing PMI stands at 50.5%, an increase from the prior value of 50.3%[1] - The average composite PMI for Q2 is 50.4%, lower than Q1's average of 50.9% and last year's Q2 average of 51.1%[1] Group 2: Demand and Price Trends - New orders in manufacturing, construction, and services have rebounded by 0.4, 1.6, and 0.3 percentage points respectively, indicating improved demand[2] - Manufacturing prices have rebounded by 1.5 percentage points, while construction and service prices increased by 0.8 and 1.6 percentage points respectively, although all remain below the expansion threshold[2] Group 3: External Demand and Employment - Manufacturing new export orders increased by 0.2 percentage points to 47.7%, still below the Q1 average of 48.0%[3] - Employment indices in manufacturing and services have decreased by 0.2 percentage points to 47.9% and 46.4%, respectively, indicating ongoing contraction in workforce[5] Group 4: Economic Outlook - The composite PMI of 50.7% in June is 0.2 percentage points lower than the Q1 average, suggesting a slower economic recovery[6] - The necessity for immediate policy stimulus is reduced, with potential policy actions expected to be postponed until August or September[6]