1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In July 2025, the national consumer price index (CPI) was flat year - on - year. Food prices decreased by 1.6%, non - food prices increased by 0.3%, consumer goods prices decreased by 0.4%, and service prices increased by 0.5%. From January to July, the average CPI decreased by 0.1% compared with the same period last year [5][51]. - In July 2025, the producer price index for industrial products (PPI) decreased by 3.6% year - on - year, and the purchasing price index for industrial producers decreased by 4.5%. From January to July, the average PPI decreased by 2.9% compared with the same period last year, and the purchasing price index for industrial producers decreased by 3.2% [5][58]. - As of the end of July 2025, China's gold reserves were 73.96 million ounces, an increase of 60,000 ounces from the end of June 2025, increasing for 9 consecutive months. It is expected that the central bank will continue to increase its gold holdings [6]. - As of the end of July 2025, China's foreign exchange reserves were $3.2922 trillion, a decrease of $25.2 billion or 0.76% from the end of June, remaining above $3.2 trillion for 20 consecutive months [6]. - In the first 7 months of this year, China's goods trade showed an upward trend. The total value of imports and exports was 25.7 trillion yuan, a year - on - year increase of 3.5%, and the growth rate was 0.6 percentage points faster than that in the first half of the year [6]. - In July 2025, the manufacturing purchasing managers' index (PMI) was 49.3%, down 0.4 percentage points from the previous month. The manufacturing industry's prosperity level declined seasonally and generally remained in a downward trend [6]. 3. Summary According to Relevant Catalogs National Economic Accounting - GDP quarterly year - on - year growth rates from Q1 2023 to Q2 2025 are presented. Different industries such as agriculture, forestry, animal husbandry and fishery, industry, construction, and services have their respective growth rate trends [8]. - The contribution rates of different industries to GDP growth from Q1 2023 to Q2 2025 are shown, including agriculture, forestry, animal husbandry and fishery, industry, construction, and various service - related industries [13]. Industry Industrial Growth Rate - The year - on - year growth rates of added value of major industries from May to June in the past two years are provided, including coal mining and washing, oil and gas extraction, and manufacturing industries [22]. Major Industrial Output - The output data of major industrial products from June 2024 to June 2025 are listed, including energy products, industrial raw materials, and finished products [24]. Industry Electricity Consumption - The year - on - year growth rates of electricity consumption of major industries from March 2024 to May 2025 are given, including agriculture, forestry, animal husbandry and fishery, mining, and manufacturing [33]. Industrial Enterprise Profits - From January to June 2025, the total profit of large - scale industrial enterprises was 3.4365 trillion yuan, a year - on - year decrease of 1.8%. The main industry profit situations vary, with some industries showing growth and others decline [36]. - From January to June 2025, the mining industry's profit was 429.41 billion yuan, a year - on - year decrease of 30.3%; the manufacturing industry's profit was 2.59006 trillion yuan, a year - on - year increase of 4.5%; the electricity, heat, gas and water production and supply industry's profit was 417.04 billion yuan, a year - on - year increase of 3.3% [41]. Industrial Enterprise Inventory - As of the end of May 2025, the finished product inventory of large - scale industrial enterprises was 6.65 trillion yuan, a year - on - year increase of 3.5%. The overall inventory is in a stage from passive replenishment to passive destocking [46]. Price Index CPI - In July 2025, the CPI was flat year - on - year. Food prices decreased, while non - food prices increased. The average CPI from January to July decreased by 0.1% compared with the same period last year [51]. - The year - on - year and month - on - month data of CPI sub - items from July 2024 to July 2025 are presented, including food, clothing, housing, and other categories [52]. PPI - In July 2025, the PPI decreased by 3.6% year - on - year, and the purchasing price index for industrial producers decreased by 4.5%. The average PPI from January to July decreased by 2.9% compared with the same period last year [58]. - The year - on - year data of PPI for major industries from July 2024 to July 2025 are provided, including production materials, living materials, and various mining and manufacturing industries [58][61]. - The year - on - year data of industrial producer purchasing prices from July 2024 to July 2025 are given, including fuel power, black metal materials, and other categories [62]. Main City Newly - Built Residential Prices - The year - on - year and month - on - month data of the price index of newly - built commercial residential buildings in 70 large and medium - sized cities from June 2015 to June 2025 are shown, including data for first - tier, second - tier, and third - tier cities [63][64][66].

Core Viewpoint - Ningbo Energy Group Co., Ltd. is acquiring 100% equity of Ningbo Yongneng Comprehensive Energy Service Co., Ltd. by purchasing 35% and 6% stakes from Ningbo Meike and Ningbo Guotong respectively, with a total cash consideration of 780.13 million and 133.74 million plus transitional profit and loss allocation [1][2][3] Transaction Overview - The acquisition aims to optimize resource allocation, improve operational decision-making efficiency, and reduce management costs [2][3] - The total purchase price for the stakes is 913.87 million plus transitional profit and loss allocation [2][3] - The transaction does not constitute a related party transaction or a major asset restructuring and does not require shareholder meeting approval [1][3] Parties Involved - Ningbo Meike Carbon Dioxide Heat Pump Technology Co., Ltd. holds a 35% stake in Ningbo Yongneng, while Ningbo Guotong Project Management Consulting Co., Ltd. holds a 6% stake [4][5] - Ningbo Meike was established on March 12, 2015, with a registered capital of 124.65 million [4] - Ningbo Guotong was established on November 30, 2020, with a registered capital of 2.98 million [5][7] Target Company Information - Ningbo Yongneng Comprehensive Energy Service Co., Ltd. will become a wholly-owned subsidiary of Ningbo Energy after the acquisition [8] - The company has a registered capital of 50 million and is involved in energy technology research and contract energy management [8][9] - The company’s financials indicate a total asset value of 3,873.03 million and a net asset value of 3,520.58 million [12][14] Valuation and Pricing - The valuation of the 41% stake in Ningbo Yongneng is based on an assessed equity value of 3,408.94 million, reflecting a decrease of 771.06 million from the paid-in capital [12][16] - The transitional profit and loss allocation will be calculated from the assessment base date until the formal equity transfer date [13][16] - The pricing is deemed fair and reasonable, with no goodwill generated from the transaction [16][17] Impact on Company - Post-acquisition, the company will enhance its control over the subsidiary, improving operational efficiency and reducing management costs [17] - The transaction will not affect the company’s consolidated financial statements or operational activities [17] - There will be no changes in management, personnel arrangements, or land leasing related to the target company [17]

Economic Performance - In May, China's economy demonstrated resilience, with key indicators such as industrial added value and service production index showing stable growth [1][3] - The total value of goods imports and exports increased by 2.7% year-on-year in May, with exports rising by 6.3% [4][1] - From January to May, the industrial added value and service production index grew by 6.3% and 5.9% respectively, indicating overall stability compared to the first quarter [3] Consumer Market - In May, the retail sales of consumer goods increased by 6.4% year-on-year, driven by holiday effects and policies promoting consumption [5][6] - The online retail sales of physical goods grew by 6.3% from January to May, accounting for 24.5% of total retail sales [6][5] - The average urban unemployment rate was 5.2% from January to May, with a slight decrease to 5.0% in May [4] Industrial Sector - The added value of high-tech manufacturing increased by 8.6% in May, while the equipment manufacturing sector saw a growth of 9% [9][8] - The production of industrial robots surged by 32% year-on-year, and the output of new energy vehicles rose by 40.8% [3][9] - Despite external pressures, the manufacturing sector remains a key driver of industrial growth, with significant contributions from high-tech and equipment manufacturing [9][8] Policy Impact - The implementation of financial policies, including interest rate cuts, has provided crucial support for stable economic performance [2] - Consumption policies, such as the "old for new" program, have effectively stimulated consumer spending [6][7] - The government is expected to continue enhancing consumption policies to further boost consumer confidence [7]

Core Viewpoint - In the first half of the year, the total profit of industrial enterprises above designated size in China decreased by 1.8% year-on-year, indicating a challenging economic environment for the industrial sector [1][4]. Group 1: Profit Performance - In the first half of the year, state-controlled enterprises reported a profit of 1,109.12 billion yuan, down 7.6% year-on-year, while joint-stock enterprises saw profits of 2,533.04 billion yuan, a decline of 3.1% [1]. - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises achieved a profit of 882.31 billion yuan, an increase of 2.5%, and private enterprises reported a profit of 938.97 billion yuan, up 1.7% [1]. - The mining industry experienced a significant profit drop of 30.3%, while the manufacturing sector saw a profit increase of 4.5% [1]. Group 2: Revenue and Cost Analysis - In the first half of the year, industrial enterprises above designated size achieved operating revenue of 66.78 trillion yuan, a year-on-year increase of 2.5%, with operating costs rising by 2.8% to 57.12 trillion yuan [2]. - The operating profit margin was recorded at 5.15%, a decrease of 0.22 percentage points compared to the previous year [2]. Group 3: Financial Health Indicators - As of the end of June, total assets of industrial enterprises above designated size reached 183.17 trillion yuan, a year-on-year growth of 5.1%, while total liabilities increased by 5.4% to 105.98 trillion yuan [3]. - The asset-liability ratio stood at 57.9%, reflecting a slight increase of 0.2 percentage points year-on-year [3]. - Accounts receivable amounted to 26.69 trillion yuan, up 7.8%, and finished goods inventory was 6.60 trillion yuan, an increase of 3.1% [3].

Domestic Developments - In the first half of 2025, profits of industrial enterprises above designated size in China totaled CNY 3.44 trillion, a year-on-year decrease of 1.8%, with the decline rate widening by 0.7 percentage points compared to the first five months[9] - The newly announced childcare subsidy scheme will provide CNY 3,600 per child per year for children under three years old starting January 1, 2025, aiming to alleviate childcare costs and enhance birth rates[11] - The National Development and Reform Commission emphasized the need for policy preparation focusing on employment and domestic demand, with a target of stabilizing investment and promoting consumption[15] International Developments - The U.S. Treasury Department projected a net borrowing of USD 1.007 trillion from July to September 2025, an increase of nearly 82% from earlier estimates[21] - The Bank of Japan maintained its interest rate at 0.5%, aligning with market expectations, while raising its inflation forecast for the fiscal year 2025 from 2.2% to 2.7%[23] - The U.S. Federal Reserve voted 9-2 to keep interest rates unchanged in the range of 4.25%-4.50%, with Chairman Powell indicating that it is too early to conclude on a rate cut in September[25] Market Trends - Brent crude oil prices increased by 2.73% week-on-week, while iron ore and copper prices decreased by 2.15% and 0.89%, respectively[27] - Real estate sales in 30 major cities rose by 34.72% week-on-week, with first-tier cities seeing a 64.47% increase in transaction volume[42]

企查查APP显示，近日，国电电力（清涧）新能源开发有限公司成立，法定代表人为贾树旺，注册资本 为1000万元，经营范围包含：风力发电技术服务；太阳能发电技术服务。企查查股权穿透显示，该公司 由国电电力（600795）间接全资持股。 | 序号 | 股东名称 | 持股比例 : | 认缴出资额; | 认缴出资日聘; 首次持股日聘: 关联产品/机构 | | --- | --- | --- | --- | --- | | FOR THE REAL BREAL TOCKER FREE FRE ■ 电力 固有企业 | | 100% | 1000万元 | 2025-07-24 固电电力 | | A 1 二级 · 国电电力发展股份有限公司 胎疾 | | 100% | 193900万元 | 2029-10-31 | | 铸造有运见的再业传奇 taa 全国企业创用查询 | 国电电力(清潔)新能源开发有限公司 | | 0 进一下 | ■ 应用 · | 0 企业中心 | ~ SVIP 查看看到 | | --- | --- | --- | --- | --- | --- | --- | | 基本信息 a | 法律诉讼 | 经营风险 | ...

7月30日，深圳市统计局发布2025年上半年深圳经济运行情况。 根据广东省地区生产总值统一核算结果，2025年上半年，深圳市地区生产总值18322.26亿元，按不变价 格计算，同比增长5.1%。其中，第一产业增加值10.33亿元，增长2.8%；第二产业增加值6505.56亿元， 增长3.3%；第三产业增加值11806.37亿元，增长6.1%。 记者丨陈思琦 编辑丨孙超逸 工业生产稳步增长。上半年，深圳市规模以上工业增加值同比增长4.3%，增速比一季度加快0.1个百分 点。分门类看，采矿业增加值同比增长0.5%，制造业增长4.2%，电力、热力、燃气及水生产和供应业 增长11.8%。主要行业大类中，通用设备制造业增长17.1%，仪器仪表制造业增长8.8%，电气机械和器 材制造业增长8.2%。 外贸方面，深圳上半年货物进出口降幅收窄，高新技术产品出口保持增长。具体来看，全市进出口总额 21675.45亿元，同比下降1.1%，降幅比一季度收窄1.7个百分点。其中，出口13086.81亿元，下降7.0%； 进口8588.64亿元，增长9.5%。高新技术产品出口增长8.0%。 6月份，深圳进出口总额达3979.85亿元， ...

Economic Overview - Shenzhen's industrial production shows steady growth with a year-on-year increase of 4.3% in the first half of 2025, accelerating by 0.1 percentage points compared to the first quarter [1] - The mining industry increased by 0.5%, manufacturing grew by 4.2%, and the electricity, heat, gas, and water production and supply industry surged by 11.8% [1] Sector Performance - Among major industries, general equipment manufacturing experienced a significant growth of 17.1%, while instrument manufacturing rose by 8.8%, and electrical machinery and equipment manufacturing increased by 8.2% [1] - High-tech product output continues to grow rapidly, with notable increases in civilian drones (59.0%), industrial robots (38.0%), and 3D printing equipment (35.8%) [1]

Core Insights - The article highlights the ongoing low-price competition among industries such as steel, cement, and photovoltaics due to insufficient demand, leading to a situation where "increment does not equal profit" [2][4] - Industrial profits in China have shown a decline, with the total profit of industrial enterprises above designated size reaching 34,365 billion yuan in the first half of the year, a year-on-year decrease of 1.8% [1][3] - The need for "anti-involution" measures is emphasized to correct the current market dynamics and improve profitability [2][6] Industrial Profit Trends - In the first half of the year, the mining industry experienced the largest profit decline, with total profits of 4,294.1 billion yuan, down 30.3% year-on-year [3] - The electricity, heat, gas, and water production and supply industry saw profits of 4,170.4 billion yuan, growing by 3.3%, but this was a decrease from 3.7% in the previous period [3] - The manufacturing sector's profits totaled 25,900.6 billion yuan, with a growth rate of 4.5%, down from 5.4% [3][4] Price Dynamics - The Producer Price Index (PPI) in June decreased by 3.6% year-on-year and 0.4% month-on-month, significantly impacting industrial profit growth [1][3] - The revenue profit margin for industrial enterprises was 5.15% in the first half of the year, which is 0.22 percentage points lower than the same period last year [1] Sector-Specific Performance - The raw materials manufacturing sector's profit growth slowed to 6.8%, a decline of 4.3 percentage points from the previous period [4] - Downstream consumer goods manufacturing, including furniture and textiles, showed negative profit growth, with beverage manufacturing profits down 2.1% [4] - The equipment manufacturing sector experienced rapid revenue and profit growth, with profits increasing by 96.8% in the automotive industry due to promotional activities and investment returns [5][6] Policy Implications - The "anti-involution" policies are expected to help stabilize industrial profits, with a focus on controlling new investments and improving cash flow through shorter accounts receivable periods [6][7] - The government plans to implement measures to support consumption and stabilize employment, which may further enhance demand and improve industrial profitability [9] Future Outlook - Experts predict that industrial profits may gradually recover in the third quarter due to ongoing policy support and improved market conditions [8][9] - The emphasis on equipment updates and consumer goods replacement policies is expected to continue, contributing to a positive trend in industrial profits [9]

Core Insights - The total profit of industrial enterprises above designated size in China for the first half of 2025 was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] - The revenue for these enterprises reached 667,791.9 billion yuan, reflecting a growth of 2.5% compared to the previous year [10] - The overall profit margin decreased to 5.15%, down by 0.22 percentage points year-on-year [2] Profit by Ownership Type - State-owned enterprises reported a profit of 11,091.2 billion yuan, down 7.6% year-on-year [1] - Joint-stock enterprises achieved a profit of 25,330.4 billion yuan, a decline of 3.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 2.5%, totaling 8,823.1 billion yuan [1] - Private enterprises reported a profit of 9,389.7 billion yuan, up 1.7% [1] Profit by Industry - The mining industry experienced a significant profit drop of 30.3%, totaling 4,294.1 billion yuan [1] - The manufacturing sector saw a profit increase of 4.5%, amounting to 25,900.6 billion yuan [1] - The electricity, heat, gas, and water production and supply industry reported a profit of 4,170.4 billion yuan, up 3.3% [1] Revenue and Cost Analysis - The total operating costs for industrial enterprises were 571,214.1 billion yuan, an increase of 2.8% year-on-year [10] - The cost per 100 yuan of operating revenue was 85.54 yuan, an increase of 0.26 yuan compared to the previous year [4] - The average revenue per 100 yuan of assets was 73.9 yuan, a decrease of 1.9 yuan year-on-year [4] Accounts Receivable and Inventory - Accounts receivable reached 26.69 trillion yuan, reflecting a year-on-year growth of 7.8% [3] - Finished goods inventory stood at 6.60 trillion yuan, up 3.1% year-on-year [3] Monthly Performance - In June, the profit of industrial enterprises decreased by 4.3% year-on-year [5] - The cumulative profit margin and revenue growth rates showed a declining trend over the months leading to June [6][7]