Economic Growth and Transformation - China's GDP grew by 5.3% year-on-year in the first half of the year, with significant results from the transformation of old and new growth drivers [1] - Emerging industries, represented by high-tech sectors, continue to increase their contribution to economic growth, while traditional industries are also showing resilience through transformation [1] Aviation Industry Insights - China ranks second globally in civil aviation transport, with over 4,390 operational aircraft, and is expected to face a peak in aircraft retirements over the next decade [2] - The aircraft dismantling and remanufacturing industry in China is still in its early stages, indicating substantial future growth potential [2] - A new aircraft engine remanufacturing center is under construction, which will enhance the aviation industry chain and transition from traditional aviation services to high-end manufacturing and circular economy services [2] Steel Industry Developments - The steel industry is undergoing a transformation with the replacement of small blast furnaces with larger ones, which is a key step in the conversion of old and new growth drivers [3] - The new 3,000 cubic meter blast furnaces will increase iron-making capacity to 20 million tons and reduce pollutant emissions by 60% [3] - The integration of advanced technologies such as industrial internet, artificial intelligence, and big data algorithms is enabling full-process intelligent upgrades in steel production [3] Policy Support for Industrial Transformation - The transformation of old and new growth drivers in the industrial sector is supported by policies, including large-scale equipment updates and consumer product replacement programs [4] - As of now, 1,730 billion yuan of the 2,000 billion yuan special long-term bonds for equipment updates have been allocated to approximately 7,500 projects across 16 sectors [4] - The "Two New" policies are expected to evolve from short-term stimulus tools to long-term engines for transformation, focusing on updating traditional industries and nurturing new growth in emerging sectors [4]