Core Points - The city of Hangzhou has closed six cooling stations on September 1, marking the end of their service for the summer season [1] - This year marks the 23rd consecutive year that the National Defense Mobilization Office has opened cooling stations, which covered a total area of 3,750 square meters [1] - Due to the prolonged high temperatures this summer, the cooling stations became popular, receiving nearly 200,000 visitors since their opening on July 1, with daily averages exceeding 4,000 during peak times [1] Summary by Categories Service and Experience - The cooling stations underwent comprehensive upgrades this year, with the flagship location at 38 Fourpailou featuring eight functional areas, including a National Defense Mobilization Experience Hall and a shared library [1] - The "Middle Stream Pillar - Chinese Communist Party Anti-Japanese War Special Photo Exhibition" attracted many visitors during the summer vacation, with the experience hall receiving 5,000 middle and primary school students [1] Community Engagement - The National Defense Mobilization Office initiated a "Cooling Service Alliance" to integrate various resources and launched a series of "Cooling+" activities, including cultural performances and health clinics, which were well-received by the public [1] - Over the past 23 years, the cooling stations have evolved from simple setups to a comprehensive "livelihood project," reflecting the city's commitment to addressing public needs [1] Future Plans - The National Defense Mobilization Office plans to continue gathering public feedback to optimize the layout and services of the cooling stations, ensuring timely service for the next summer [1]

一是结构上产需同步向好。 一季度，外需增速高于生产和内需。"抢出口"效应下以人民币计价的出口同比增 速达6.9%。内需提振政策效果延续，社零和投资分别增长4.6%、4.2%。其中，基建（11.5%）和制造业投资 （9.1%）保持高增，房地产投资（-9.9%）拖累减弱。生产端工业增加值增长6.5%，增速为2022年以来的次高 值。值得注意的是，供给强于需求的格局仍在继续，一季度产能利用率（74.1%）和产销率（94.6%）均略超 季节性回落。 图1：3月内外需求增速均有提升 资料来源：Wind，招商银行研究院 图2：消费提振，投资分化 资料来源：Wind，招商银行研究院 二是节奏上前稳后高。 3月多数经济数据增速较1-2月改善。生产加快修复，3月规模以上工业增加值同比增速 上行1.8pct至7.7%。需求端以基建投资好转最为显著，3月增速大幅提升2.6pct至12.6%。社零增速表现亮眼，3 月增速提升1.9cpt至5.9%，达到2020年以来的最高值【注释1】。制造业投资增速微升，房地产投资增速微 降。 图3：房地产销售降幅略有收窄，投资降幅再度扩张 一、总览：供需两旺 一季度我国经济开局良好，实际GDP同比 ...