在提升贸易效率与生产率方面，22%的企业表示，AI技术明显提高了贸易流程的效率和生产率，包 括实现更快的文件处理、完成自动化合规审查，以及减少人工重复操作等；在优化信息获取与贸易决策 方面，14%的企业表示，AI技术改善了贸易相关决策，包括市场准入、供应商选择及定价策略等。 此外，报告显示，AI技术还能帮助企业，尤其是中小微企业更快理解复杂贸易规则，更有效地利 用自由贸易协定。在辅助降低贸易成本方面，86%的企业表示，使用AI技术完成自动翻译、与供应商沟 通、自动生成贸易文件等工作，将显著降低沟通成本，约四分之一的企业预计该项降幅将超过50%。另 外，80%的企业预计，使用AI技术能降低合规成本；70%的企业预计，使用AI技术能降低物流成本。报 告还注意到，中小微企业对AI技术带来成本节约的感知显著高于大型企业，这说明AI具有弥补规模劣 势的包容性潜力。在促进贸易扩展与市场多元化方面，受访企业表示，AI技术能帮助其扩大出口产品 种类、增加外国客户数量、拓展新出口市场。尤其是来自低收入和中低收入经济体的企业更常提到， AI技术能帮助其扩大国际客户基础；在加强贸易风险管理与韧性方面，56%的企业表示，使用AI技术 ...

此外，报告显示，AI技术还能帮助企业，尤其是中小微企业更快理解复杂贸易规则，更有效地利用自 由贸易协定。在辅助降低贸易成本方面，86%的企业表示，使用AI技术完成自动翻译、与供应商沟通、 自动生成贸易文件等工作，将显著降低沟通成本，约四分之一的企业预计该项降幅将超过50%。另外， 80%的企业预计，使用AI技术能降低合规成本；70%的企业预计，使用AI技术能降低物流成本。报告还 注意到，中小微企业对AI技术带来成本节约的感知显著高于大型企业，这说明AI具有弥补规模劣势的 包容性潜力。在促进贸易扩展与市场多元化方面，受访企业表示，AI技术能帮助其扩大出口产品种 类、增加外国客户数量、拓展新出口市场。尤其是来自低收入和中低收入经济体的企业更常提到，AI 技术能帮助其扩大国际客户基础；在加强贸易风险管理与韧性方面，56%的企业表示，使用AI技术可以 改善其贸易风险管理能力，包括识别欺诈和异常交易、降低合规违规风险、识别潜在供应链中断等。同 时，报告发现，由于中小微企业自身抗风险能力较差，在这一用途上的比例高于大型企业。在增强企业 长期竞争力与韧性方面，从企业对未来机会的判断来看，受访企业认为，AI技术有助于提高企业 ...

Core Insights - Singapore's digital economy is experiencing robust growth, projected to reach SGD 128.1 billion in 2024, accounting for 18.6% of GDP, up from 14.9% in 2019 [2] - The growth is driven by advancements in the information and communication sector and the digital transformation of traditional industries, particularly finance, trade, and manufacturing [2] Group 1: Digital Economy Growth - The digital economy's value is significantly contributed by the finance and insurance sector, which is reshaping its ecosystem through innovations like smart risk control and blockchain [2] - Wholesale trade and manufacturing are also leveraging IoT and big data analytics to enhance supply chain efficiency and production [2] Group 2: SME Digitalization - In 2024, 95.1% of SMEs in Singapore adopted at least one digital technology, an increase from 94.5% in 2023, with the average number of technologies used rising from 2 to 2.3 [3] - The government has supported over 90,000 SMEs in their digital transformation, resulting in an average cost reduction of 50% [3] Group 3: AI Adoption - AI usage among SMEs surged from 4.2% in 2023 to 14.5% in 2024, while non-SMEs increased from 44% to 62.5% [3] - 84% of enterprises are utilizing generative AI tools for content creation and customer service, with specific AI solutions in fields like medical imaging and intelligent customer service reaching a 52% application rate [3] Group 4: Workforce Impact - 73.8% of employees in Singapore use AI tools in their daily work, with some job efficiencies improving by over 30% [4] - The digital economy is expected to create 214,000 jobs in 2024, with significant growth in AI, data science, and cybersecurity roles [4] Group 5: Skills Demand - Demand for programming languages like Python and SQL in job postings increased by 25%, while traditional web development skills saw a 9% decline [5] - Educational institutions are adapting their curricula to include AI ethics and quantum computing, addressing the evolving skills gap [5] Group 6: Future Directions - Singapore plans to deepen its "Smart Nation 2.0" strategy, focusing on enhancing digital infrastructure resilience, expanding cross-border digital cooperation, and fostering an AI safety ecosystem [6] - The government aims to invest SGD 5 billion over the next five years to support research and innovation in strategic fields like quantum computing and biomedical engineering [6]

Core Insights - The average net salary for employees in the Republika Srpska in July was 1556 marks, with the highest average salary in the financial and insurance sector at 2007 marks, while the construction sector had the lowest average salary at 1206 marks [1] Salary and Consumer Prices - In July, the price of a basket of consumer goods in the Republika Srpska was 2750 marks, indicating that the average net salary only covered 57% of the cost of this basket [1] - The highest proportion of household spending was on food, averaging 1269 marks, followed by housing and utilities at 667 marks, transportation at 226 marks, clothing and footwear at 221 marks, and household maintenance at 161 marks [1]

Group 1: Express Delivery Industry - The express delivery industry has not been prioritized for anti-involution measures by the Ministry of Industry and Information Technology, indicating a lower urgency for reform [1] - The core issue is overcapacity and the inability to eliminate outdated production capacity, leading to low-level price competition [1] - Mergers and consolidations are seen as the optimal solution, but face challenges such as low willingness from companies, execution difficulties, and strict antitrust reviews [1] - The most likely scenario predicts continued industry consolidation with slight regional price adjustments, favoring companies like Zhongtong and Yuantong [1] - Investors remain cautious, recognizing the short-term valuation recovery potential of Zhongtong but opposing drastic price hikes that could harm long-term industry development [1] Group 2: Aviation Industry - The aviation industry has faced continuous losses for five years post-pandemic, with 2025 peak season profits falling short of expectations [2] - Attempts to raise prices by individual airlines have failed due to weak demand, leading to a need for regulatory coordination to address pricing and supply-side issues [2] - Investors express concerns about whether regulatory measures will effectively promote anti-involution and anti-deflation policies [2] Group 3: Petrochemical Industry - The refining sector is set to benefit from the elimination of outdated production capacity, with significant consolidation potential as 15% of total capacity is inefficient [3] - The chemical sector faces challenges in reversing supply-demand dynamics due to planned new capacity additions, which could hinder the effectiveness of shutting down old capacity [3] - Specific chemical products show varying levels of outdated capacity, with PVC and dyes having high proportions, while ethylene and MDI have minimal old capacity [3] Group 4: Raw Materials Industry - The cement sector is entering an execution phase for overproduction governance, aiming to reduce excess production by 20%-30% [5] - The steel industry is implementing differentiated production cuts, which have improved profitability from negative margins to positive [5] - Coal production checks have exceeded expectations, providing psychological support for coal prices, while prices for thermal coal have dropped to cost levels [5] Group 5: Financial and Insurance Sector - Financial regulatory measures are showing initial effects in controlling internal competition, with leading firms becoming more attractive in terms of valuation [7] - Hong Kong Exchanges and Clearing reported a 28% revenue increase, driven by a rise in commission and investment income [7] - The adjustment of insurance premium rates is expected to enhance profitability, with a record high in annualized premium equivalent (APE) in Hong Kong [7] Group 6: Industrial Automation - The industrial automation sector is experiencing growth in key products, but demand is weaker than statistics suggest due to external pressures [8] - There is a notable increase in domestic market share for key products, indicating a trend towards domestic substitution [8] - Cautious expectations for growth in the second half of the year are noted, influenced by extended tariffs and deflationary pressures [8] Group 7: Steel Industry Insights - A planned reduction of 15-20 million tons in steel production is expected to further increase profitability [10] - Export performance remains resilient, with companies prioritizing exports despite domestic production cuts [11] Group 8: Summary of Anti-Involution Progress - The progress of anti-involution varies significantly across industries, with express delivery and aviation relying on long-term consolidation and regulatory coordination [12] - The raw materials sector is seeing quicker effects from policy-driven supply reductions, while financial and automation sectors focus on valuation recovery and domestic substitution [12]

Economic Growth - Singapore's economy grew by 4.3% year-on-year in Q2, continuing the previous quarter's growth of 4.1% [1] - The preliminary estimate for Singapore's GDP growth in the first half of the year is 4.2% [1] - The Ministry of Trade and Industry warns of significant uncertainty and downside risks to the global economy in the second half of the year due to unresolved U.S. tariff policies [1] Sector Performance - Manufacturing sector grew by 5.5% year-on-year in Q2, up from 4.4% in the previous quarter, driven by expansion in all clusters except chemicals and general manufacturing [1] - Construction sector experienced a 4.9% year-on-year growth in Q2, primarily due to increased public sector construction output [1] - Service sector grew by 4.1% year-on-year in Q2, higher than the 3.7% growth in Q1, with wholesale and retail trade, transportation, and warehousing sectors growing by 4.8% [2] Service Sector Details - Growth in transportation and warehousing was mainly driven by the maritime sector, while wholesale and retail trade growth was led by machinery, equipment, and supplies [2] - The overall growth of wholesale and retail trade, transportation, and warehousing increased from 0.8% in Q1 to 2.7% in Q2 after seasonal adjustment [2] - Information and communication, finance and insurance, and professional services sectors grew by 3.8% year-on-year in Q2, maintaining the previous quarter's growth rate [2] Government Initiatives - The Singapore government is actively promoting economic diversification by supporting emerging industries such as artificial intelligence and biomedicine [3] - Employment training and retraining programs are being provided to help the workforce adapt to economic transformation needs [3] - The Monetary Authority of Singapore is flexibly adjusting monetary policy to balance economic growth and inflation control [3] Future Outlook - Singapore aims to strengthen economic cooperation with other countries and regions while promoting regional economic integration [4] - The government is committed to structural adjustments and upgrades to enhance economic competitiveness and resilience [4] - Continued investment in innovation and R&D is planned, focusing on digital and green economy development towards sustainable growth [4]