Economic Overview - The economic performance of Huicheng District remains stable under pressure, with industrial output value reaching 35.128 billion yuan, a year-on-year increase of 11.7% [1] - The industrial production accelerated, with a monthly output value of 7.833 billion yuan, showing a year-on-year growth of 16.9% [1] Industrial Performance - The value added in the mining industry increased by 26.9% year-on-year, while the manufacturing sector grew by 13.2% [1] - The electricity, heat, gas, and water production and supply industry saw a decline of 1.8% year-on-year [1] Fixed Asset Investment - Fixed asset investment decreased by 14.7% year-on-year, with the decline slightly widening compared to the previous month [1] - Construction and installation investment fell by 19.5% year-on-year, but the decline narrowed by 0.8 percentage points [1] Trade and Consumption - The total foreign trade import and export value reached 16.97 billion yuan, growing by 43.8% [3] - Imports surged by 111.3% to 8.78 billion yuan, while exports increased by 7.1% to 8.18 billion yuan [3] Retail Sales - Total retail sales of consumer goods amounted to 35.619 billion yuan, with a year-on-year growth of 9.1% [2] - Online retail sales through public networks reached 7.145 billion yuan, marking a significant increase of 66.2% [2]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 07 月 01 日 经济的边际变化或在于消费 ——利率周报（2025.6.23-2025.6.29） 投资要点： 本周（6/23-6/29）市场概览： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 宏观要闻：6 月 24 日央行等六部门联合发布《关于金融支持提振和扩大消费的指导 意见》。6 月 23 日央行政策委员会召开了 2025 年第二季度例会，会议认为世界经 济增长动能趋缓，对国内经济表述更加乐观，近期实施降准降息的概率可能不大。 目前以色列和伊朗宣布正式停火，国内国际油价大幅走低。 中观高频数据：经济修复呈现"消费韧性与工业分化并存、地产链弱势未改"的格 局。消费市场政策刺激成效显著：截至 6 月 22 日当周乘用车厂家日均零售同比 +30.0%，截至 6 月 13 日当周三大家电零售量/额同比分别+24.6%/+13.5%。交运物 流方面供应链韧性凸显：截至 6 月 22 日当周铁路货运量同比+2.4%，当周高速 ...

财政收支平稳运行，金融存贷稳定增长。今年1―5月，全省一般公共预算收入478.4亿元，同比增长 4.0%；一般公共预算支出2048.8亿元，增长4.5%。5月末，全省金融机构本外币各项存款余额30014.9亿 元，同比增长8.3%；各项贷款余额29746.4亿元，增长4.1%。(曹立萍) 今年1-5月，甘肃省工业生产较快增长，全省规模以上工业增加值同比增长10.1%。分三大门类看，采矿 业增加值增长6.4%，制造业增长11.3%，电力、热力、燃气及水生产和供应业增长12.5%。全省有生产 活动的37个行业大类中，27个行业实现增长。1―4月，全省规模以上工业企业实现营业收入4198.6亿 元，同比增长14.5%；利润总额197.2亿元，增长26.7%。 固定资产投资平稳增长，民间投资持续活跃。今年1―5月，全省固定资产投资同比增长4.7%；扣除房 地产开发投资，固定资产投资增长9.0%。分领域看，基础设施投资增长13.3%，制造业投资增长4.5%， 房地产开发投资下降12.7%。分产业看，第一产业投资增长12.3%；第二产业投资增长13.8%，其中工业 投资增长13.4%；第三产业投资下降2.3%。民间投资增 ...