北京国宇星空科技有限公司，成立于2015年，位于北京市，是一家以从事科技推广和应用服务业为主的 企业。企业注册资本2000万人民币。通过天眼查大数据分析，北京国宇星空科技有限公司参与招投标项 目4次，专利信息193条，此外企业还拥有行政许可3个。 安徽微纳星空科技有限公司，成立于2018年，位于合肥市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本500万人民币。通过天眼查大数据分析，安徽微纳星空科技有限公司专利 信息186条，此外企业还拥有行政许可1个。 金融界2025年7月23日消息，国家知识产权局信息显示，北京微纳星空科技股份有限公司、北京国宇星 空科技有限公司、安徽微纳星空科技有限公司、海南微纳星空科技有限公司、陕西国宇星空科技有限公 司取得一项名为"一种低冲击触发锁紧铰链"的专利，授权公告号CN114412913B，申请日期为2022年01 月。 天眼查资料显示，北京微纳星空科技股份有限公司，成立于2017年，位于北京市，是一家以从事铁路、 船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本6256.25万人民币。通过天眼查大数 据分析，北京微纳星空科技股份有限公司共对外 ...

今年以来，大连文旅继续呈现火热态势。大连市文化和旅游局副局长董悦介绍，今年以来，大连市文体 旅融合发展持续向好。上半年，大连市接待国内游客、旅游综合收入分别同比增长18.04%和20.01%。 (完) （文章来源：中国新闻网） 据统计，上半年，全市规上工业增加值同比增长12.5%，比上年同期提高7.8个百分点。从重点行业看， 装备制造业增长16.9%，其中铁路船舶行业增长52.3%；高技术制造业增长20.1%，持续保持两位数增 长。 数据显示，今年上半年，大连市投资规模扩大，高技术制造业投资步伐加快。上半年，全市固定资产投 资同比增长1.2%；制造业投资同比增长12.8%。财政收入增速回升，居民收入稳步增加。上半年，全市 一般公共预算收入421.2亿元，同比增长0.3%；全市全体居民人均可支配收入26739元，同比增长4.2%。 上半年，全社会用电量244.6亿千瓦时，同比增长2.7%，比一季度提高2.2个百分点。 中新网大连7月22日电 (记者杨毅)大连市人民政府新闻办公室22日召开发布会通报上半年经济运行情 况。大连市统计局副局长徐杰介绍，上半年，全市地区生产总值4647.0亿元，按可比价格计算，同比增 ...

国投证券宏观定期报告 周度经济观察 ————三季度供需或将趋于平衡 袁方1张端怡2 魏薇（联系人）3 2025 年 07 月 22 日 内容提要 二季度经济呈现出供应强、需求弱的特征，最终导致实际产出下滑有限，而 价格显著滑落，名义 GDP 增速跌破 4%，处于近三年低点。伴随"反内卷"政策 的推出以及实体部门信心预期的修复，三季度供需有望趋于平衡，这也将逐步推 动名义 GDP 增速触底回升。 国投证券宏观定期报告 一、三季度供需或趋于平衡 从过往经验来看，适度通胀对企业生产经营、居民资产负债表的改善影响积 极。在经济体从低通胀向适度通胀演进的过程中，流动性环境的宽松与基本面的 止跌回升往往会同时出现，权益市场在这一环境中表现会相对亮眼。 短期而言，低通胀环境叠加资金面的宽松，对债券市场依然有利，债券市场 单边向上的空间有限。不过展望至年底，我们倾向于认为基本面的修复、通胀的 回升可能会推动债券市场收益率中枢上行。 风险提示：（1）地缘政治风险 （2）政策出台超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520 ...

7月21日，山东省统计局公布的数据显示，根据地区生产总值统一核算结果，今年上半年山东全省生产总值为50046亿元，按不变价格计算，增长 5.6%。分产业看，第一产业增加值3015.4亿元，增长3.9%；第二产业增加值19799.1亿元，增长5.6%；第三产业增加值27231.5亿元，增长5.8%。 对此， 知名经济学者、工业和信息化部信息通信经济专家委员会委员盘和林在接受风口财经记者采访时表示，上半年山东经济的总体情况是稳中 有进，经济整体增速高于全国，在全国区域经济中保持领先地位。上半年，山东经济最为显著的特点是装备制造业保持较高增速。这些表现，说 明山东经济具备很强的韧性。 6月9日，消费者在山东省枣庄市一家超市选购商品。新华社发 山东经济上半年还受益于消费市场的爆发。数据显示，上半年，社会消费品零售总额20142.1亿元，增长5.6%，领先全国0.6个百分点。 盘和林认为，作为人口大省，山东具有庞大的消费者群体，由于山东经济持续高质量发展，居民收入提升，消费购买力也不断增强，再叠加设备 更新政策，山东消费市场活力充分释放。 总体而言，盘和林认为，山东上半年经济在各方面都非常出色，在全国处在领先位置。随着 ...

Core Viewpoint - The report anticipates that convertible bonds with positive performance in Q2 2025 will be concentrated in high-end manufacturing sectors such as communication, electronics, military, automotive parts, transportation equipment, industrial control equipment, energy equipment, and electric power equipment, as well as in non-ferrous and basic chemical industries benefiting from price increases [1]. Group 1: Industry Performance Insights - The profit growth in the non-ferrous metal mining industry is expected to reach 41.7% year-on-year, driven by rising prices and increased production and sales of metals like gold, copper, zinc, and silver [2]. - The railway, shipbuilding, aerospace, and other transportation equipment manufacturing sectors are projected to see a profit increase of 56% year-on-year, benefiting from global shipping recovery and significant orders for LNG carriers and container ships [2]. - The computer, communication, and other electronic equipment manufacturing sectors, along with electrical machinery and general equipment manufacturing, are expected to maintain double-digit profit growth due to high demand for AI hardware, smart terminals, and industrial control equipment [2]. - The agricultural and sideline food processing industry is anticipated to experience a profit growth rate of 38.2%, primarily due to the demand for high-value-added products like prepared dishes and health foods [2]. Group 2: Company-Specific Performance - Among the companies that have disclosed their H1 2025 performance forecasts, 272 companies are expected to achieve a non-net profit growth of over 30% in Q2 2025, mainly in the basic chemicals, electric power equipment and new energy, machinery, electronics, and automotive sectors [3]. - In the basic chemicals sector, companies are expected to benefit from price increases in phosphates, pesticides, and refrigerants [3]. - The electric power equipment and new energy sector's high-performing companies are expected to benefit from increased overseas photovoltaic storage orders, domestic ultra-high voltage and smart grid construction, and rising domestic orders for new energy vehicles and military products [3]. - The machinery sector's growth is driven by high demand for industrial mother machines, semiconductor equipment, energy equipment, shipbuilding, and rail transit equipment [3]. - The electronics sector's growth is attributed to increased investment in AI computing power, accelerated domestic substitution of semiconductor equipment and materials, and growth in consumer electronics and smart terminal shipments [3]. - The automotive sector is expected to see high growth due to increased sales of domestic new energy vehicles and accelerated exports of commercial vehicles and automotive parts [3]. Group 3: Performance Forecast Adjustments - A list of 13 convertible bond targets has been identified, which have seen their average net profit forecasts raised by over 5% in the past three months, with more than three forecasting institutions involved, indicating potential marginal improvements in performance [4].

Core Insights - In the first five months of 2025, China's industrial enterprises achieved a total profit of 2.72 trillion yuan, reflecting a year-on-year decline of 1.1% due to multiple factors, despite growth in gross profit and operating revenue [2][3] Group 1: Profit Trends - State-owned enterprises reported a profit of 870.95 billion yuan, down 7.4% year-on-year, while private enterprises saw a profit increase of 3.4% to 759.25 billion yuan [2] - The gross profit of industrial enterprises grew by 1.1% year-on-year, contributing 3.0 percentage points to the overall profit growth [3] - The equipment manufacturing sector experienced a profit increase of 7.2%, significantly supporting the overall profit of industrial enterprises [3] Group 2: Sector Performance - The aerospace, aviation, and maritime industries saw a remarkable profit growth of 56.0%, driven by advancements in domestic aircraft operations and space exploration projects [4] - Specific sectors such as aircraft manufacturing and rocket manufacturing reported profit increases of 120.7% and 28.6%, respectively [4] - The shipbuilding industry also thrived, with profits rising by 85.0%, particularly in metal ship manufacturing, which saw a profit increase of 111.8% [4] Group 3: Policy Impact - The "Two New" policies, focusing on large-scale equipment updates and consumer goods replacement, have effectively stimulated domestic demand and promoted industrial transformation [5] - Manufacturing investment grew by 8.5% year-on-year in the first five months, outpacing the national fixed asset investment growth by 4.8 percentage points [5] - The consumer goods replacement policy led to significant profit increases in smart consumer devices and kitchen appliances, with profits rising by 101.5% and 20.7%, respectively [6]

Core Viewpoint - The gradual recovery of industrial product prices and the implementation of domestic demand expansion policies are expected to maintain a positive trend in domestic demand, leading to a slight recovery in the profit growth of large-scale industrial enterprises in the second half of the year, influenced by a low base from the previous year [1][3]. Group 1: Industrial Profit Trends - In the first five months, the total profit of large-scale industrial enterprises reached 27,204.3 billion yuan, an increase of 6,034.1 billion yuan compared to the first four months, but a year-on-year decline of 1.1% [1]. - The profit of large-scale industrial enterprises in May alone saw a year-on-year decline of 9.1% [1]. - Despite the decline in profit, the gross profit and revenue of industrial enterprises continued to grow, with gross profit increasing by 1.1% year-on-year, contributing to a 3 percentage point increase in overall profit [1]. Group 2: Sector Performance - The equipment manufacturing sector showed strong performance, with profits increasing by 7.2% year-on-year, contributing 2.4 percentage points to the overall profit of large-scale industrial enterprises [2]. - Among the eight industries in equipment manufacturing, seven reported profit growth, with significant increases in the electronics, electrical machinery, and general equipment sectors, achieving year-on-year growth rates of 11.9%, 11.6%, and 10.6% respectively [2]. - The aerospace, aviation, and maritime industries experienced rapid growth, with profits increasing by 56.0% year-on-year, and the shipbuilding and related equipment manufacturing sector saw an impressive profit growth of 85% [2]. Group 3: Policy Impact and Future Outlook - The implementation of "two new" policies has effectively stimulated domestic demand, leading to positive profit performance in related industries [3]. - The general and specialized equipment sectors benefited from large-scale equipment renewal policies, with profits increasing by 10.6% and 7.1% year-on-year, respectively, contributing 0.6 percentage points to the overall profit growth [3]. - The outlook for the next phase suggests that with ongoing recovery in market conditions and industrial product prices, along with strengthened domestic demand policies, the profit growth of large-scale industrial enterprises may show slight recovery in the second half of the year [3].

Core Insights - Despite facing uncertainties from trade tensions and market expectations, China's industrial enterprises above designated size maintained a stable and positive development trend in the first five months of the year, particularly in the aerospace, aviation, and maritime industries, which are entering a rapid growth phase [1][2] Group 1: Industrial Profit Trends - In the first five months, industrial enterprises achieved a total profit of 27,204.3 billion yuan, an increase of 6,034.1 billion yuan compared to January-April, but a year-on-year decline of 1.1% due to insufficient effective demand and falling industrial product prices [1][2] - The gross profit of industrial enterprises above designated size grew by 1.1% year-on-year, contributing to a 3.0 percentage point increase in overall profits [1] - Revenue from industrial enterprises increased by 2.7% year-on-year, indicating a sustained growth trend that creates favorable conditions for future profit recovery [1] Group 2: Sector-Specific Performance - The aerospace, aviation, and maritime industries saw significant profit growth, with profits in the railway, shipbuilding, and aerospace sectors increasing by 56.0% year-on-year [2] - Profits in aircraft manufacturing and spacecraft and rocket manufacturing grew by 120.7% and 28.6%, respectively, while related equipment manufacturing profits rose by 68.1% [2] - The shipbuilding and related equipment manufacturing sector experienced an 85.0% profit increase, with metal ship manufacturing profits soaring by 111.8% [2] Group 3: Economic Policy and Financing - The decline in profit growth for industrial enterprises indicates ongoing constraints from insufficient effective demand, necessitating more proactive macroeconomic policies and increased government investment in public goods [3] - The average interest rate for newly issued loans in May was approximately 3.2%, down about 50 basis points from the previous year, highlighting the need to boost effective financing demand [3] - The central bank's recent interest rate cut is expected to lower loan market rates, reducing the financial burden on industrial enterprises and aiding their recovery [3] Group 4: Policy Implementation and Sector Growth - Various regions and departments have intensified efforts to implement "two new" policies, effectively releasing domestic demand [4] - Profits in general and specialized equipment industries grew by 10.6% and 7.1% year-on-year, respectively, contributing 0.6 percentage points to overall industrial profit growth [4] - The "old-for-new" consumption policy has shown significant effects, with profits in smart consumer device manufacturing and other household electrical appliance manufacturing increasing by 101.5% and 31.2%, respectively [4]

Core Insights - The total profit of industrial enterprises in China for January to May 2025 reached 27,204.3 billion yuan, showing an increase compared to the previous months, but still a year-on-year decline of 1.1% due to multiple factors [1][4]. Group 1: Profit Trends - The decline in industrial enterprise profits is primarily attributed to insufficient effective demand, falling industrial product prices, and short-term fluctuations, with investment income affecting profit growth by 1.7 percentage points [4]. - Despite the year-on-year profit drop, the total profit increased by 6,034.1 billion yuan compared to the previous four months, indicating positive signals in economic operations [4]. - The operating revenue of industrial enterprises grew by 2.7% year-on-year, reflecting a sustained growth trend [4]. Group 2: Sector Performance - The equipment manufacturing sector, a key pillar of the industrial economy, saw a profit increase of 7.2% year-on-year, contributing 2.4 percentage points to the overall profit growth of large-scale industrial enterprises [4]. - Among the eight industries under equipment manufacturing, seven experienced profit growth, with electronics, electrical machinery, and general equipment showing double-digit growth rates of 11.9%, 11.6%, and 10.6% respectively [4]. Group 3: Emerging Industries - Strategic emerging industries such as "going to the sky and entering the sea" have significantly boosted the industrial economy, with profits in the railway, shipbuilding, and aerospace sectors increasing by 56.0% year-on-year [5]. - The aircraft manufacturing and aerospace sectors saw profit surges of 120.7% and 28.6% respectively, driven by the commercial operation of domestic large aircraft and the initiation of manned lunar exploration projects [5]. - The shipbuilding and related equipment manufacturing industries experienced profit growth of 85.0%, with metal ship manufacturing profits doubling to 111.8% [5]. Group 4: Policy Impact - The ongoing "two new" policies (equipment updates and consumer goods replacement) have significantly driven profit growth in related industries, with general and specialized equipment profits increasing by 10.6% and 7.1% respectively [5]. - The expansion of the consumer goods replacement policy has led to substantial profit increases in smart consumer device manufacturing and household electrical appliance manufacturing, with growth rates of 101.5% and 31.2% respectively [5]. Group 5: Resilience of Enterprises - Private enterprises showed resilience with a year-on-year profit growth of 3.4%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 0.3%, both exceeding the average level of large-scale industrial enterprises [5]. - The contributions of private and foreign enterprises to the overall profit growth of large-scale industrial enterprises were 0.9 and 0.1 percentage points respectively [5]. Group 6: Future Outlook - The next steps involve implementing more proactive macro policies to strengthen the domestic circulation, enhance innovation-driven development, and promote high-quality industrial growth, laying a solid foundation for the continuous recovery and stable growth of industrial enterprise profits [6].

Group 1 - The total profit of industrial enterprises in China reached 2.7 trillion yuan in the first five months of this year, with a year-on-year decline of 1.1% [1] - The revenue of industrial enterprises above designated size was 54.76 trillion yuan, showing a year-on-year growth of 2.7%, indicating a sustained growth trend in industrial revenue [1] - The equipment manufacturing industry maintained a high level of profitability, with profits increasing by 7.2% year-on-year in the first five months [3] Group 2 - The aerospace, aviation, and maritime industries experienced rapid growth, leading to a 56.0% year-on-year increase in profits for the railway, shipping, and aerospace sectors [5] - Specific industries such as aircraft manufacturing, spacecraft and launch vehicle manufacturing, and shipbuilding saw profit increases of 120.7%, 28.6%, and 85.0% respectively [5] Group 3 - The integration of technological and industrial innovation is enhancing the technical content of industrial products, with a continuous release of market demand for smart, green, and high-quality products, contributing to profit growth for related enterprises [7] - Proactive macroeconomic policies are expected to support stable industrial economic operations and create favorable conditions for improving industrial enterprise profitability [7] Group 4 - The total revenue of China's cultural industry reached 19.1423 trillion yuan in 2024, marking a year-on-year growth of 7.1% [13] - The profit of the cultural industry totaled 1.7737 trillion yuan, an increase of 1.291 trillion yuan, reflecting a 7.9% growth [13]