Group 1 - The core viewpoint is that electricity consumption in China is growing at a rate higher than GDP growth, with an electricity elasticity coefficient around 1.2, indicating a strong relationship between electricity consumption and economic growth [1] - From 2018 to 2024, the electricity consumption growth rate in high-tech and equipment manufacturing industries is significantly higher than the average level of the manufacturing industry, with an annual growth rate of 8.0%, driven by the expansion of high-end manufacturing sectors [1] - The rapid expansion of high-end manufacturing, including new energy equipment, new energy vehicles, semiconductors, and advanced materials, is creating a new driving force for electricity consumption [1] Group 2 - From 2018 to 2024, the electricity consumption in the internet and related data services industry is growing at an annual rate of 19.2%, highlighting the rapid development of the digital economy [2] - The digital economy, represented by the internet, big data, cloud computing, and artificial intelligence, is becoming a significant driver of growth in the tertiary industry, with data centers and computing centers requiring substantial electricity [2] Group 3 - The electricity consumption in the charging and swapping service industry is growing at an annual rate of 74.3% from 2018 to 2024, which in turn drives an 11.8% annual growth in the wholesale and retail industry [3] - The growth in electricity consumption in the charging and swapping services is attributed to the increasing ownership of new energy vehicles, which is also accelerating the development of related service industries [3] - The ongoing push for carbon peak and carbon neutrality is leading to a gradual reduction in energy consumption per unit of GDP, with a cumulative decrease of 11.6% in energy intensity over the first four years of the 14th Five-Year Plan [3]

Group 1 - The third Weihai University Student Entrepreneurship Competition was held, showcasing 30 high-quality projects [2] - The competition attracted 173 young entrepreneurs, with 30 projects selected across various fields including high-tech shipbuilding, electromagnetic image recognition, and aviation engine equipment [2][4] - The event included over 30 training sessions aimed at enhancing participants' skills, benefiting more than 300 individuals [2] Group 2 - The competition is part of Weihai's broader initiative to stimulate innovation and entrepreneurship among university students, as outlined in the "Entrepreneurship Weihai" action plan [4] - The plan aims to support over 19,000 entrepreneurs and create more than 50,000 jobs by 2026, with annual goals for nurturing specialized enterprises and providing financial support [4] - The "Entrepreneurship Accompaniment Space" has already attracted 415 small enterprises, creating over 2,300 jobs, highlighting its role in supporting micro and small businesses [3]

期货研究报告|宏观数据 2025-07-10 6 月 CPI 回暖，PPI 持续承压 ——宏观通胀系列十 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 宏观事件 7 月 9 日，国家统计局公布数据显示： 2025 年 6 月份，全国居民消费价格同比上涨 0.1%。其中，城市上涨 0.1%，农村下降 0.2%；食品价格下降0.3%，非食品价格上涨 0.1%；消费品价格下降 0.2%，服务价格上 涨 0.5%。上半年，全国居民消费价格比上年同期下降 0.1%。 2025 年 6 月份，全国工业生产者出厂价格同比下降 3.6%，环比下降 0.4%；工业生产者 购进价格同比下降 4.3%，环比下降 0.7%。上半年，工业生产者出厂价格比上年同期下 降 2.8%，工业生产者购进价格下降 2.9%。 核心观点 ■ 6 月 CPI 同比由降转升，PPI 同比降幅扩大 风险 经济数据短期波动风险，上游价格快速上涨风险 请仔细阅读本报告最后一页的免责声明 $$\mathbf{E}{\overline{{\mat ...

Economic Overview - In the first half of 2025, Henan's economy is showing a positive trend, with a projected GDP growth of around 5.5%, which is above the national average [1][12] - The province's economic indicators are expected to demonstrate a continuous improvement, with a focus on high-quality development and stability [1][12] Economic Performance Characteristics - The GDP for the first quarter reached 14,945.58 billion yuan, with a year-on-year growth of 5.9%, which is 1.2 percentage points higher than the same period in 2024 [2] - Industrial output has shown significant growth, with a 8.4% increase in industrial value added from January to May, outperforming both Sichuan and the national average [2] - The service sector also performed well, with a 5.8% increase in the value added of the tertiary industry in the first quarter [2] Domestic Demand and Investment - Consumer demand has been robust, with retail sales reaching 11,820.14 billion yuan from January to May, a 7.5% increase year-on-year [3] - Fixed asset investment grew by 6.6% in the same period, maintaining the top position in central China [3] - Industrial investment surged by 29.5%, significantly higher than the national average [3] Innovation and New Industries - High-tech manufacturing value added increased by 15.5% from January to May, indicating strong growth in new industries [4] - The production of lithium-ion batteries and new energy vehicles saw remarkable growth, with increases of 89.9% and 38.6% respectively [4] - The technology transaction volume reached 105.3 billion yuan, a 136% increase, reflecting a vibrant innovation ecosystem [4] Foreign Trade and Investment - Henan's total import and export value grew by 27.0% from January to May, ranking third nationally [5] - The number of foreign trade enterprises increased by 11.5%, and foreign direct investment saw a 27.5% rise [5] - The logistics sector also experienced growth, with cargo and passenger transport volumes increasing significantly [5] Employment and Income - Employment policies have been prioritized, with over 56,520 new urban jobs created in the first five months [6] - The per capita disposable income for residents grew by 5.7% in the first quarter, above the national average [6] Strategic Focus and Future Outlook - The government is committed to maintaining economic stability and growth, with a focus on expanding domestic demand and enhancing market confidence [7][8] - Policies aimed at promoting consumption and investment are expected to yield positive results in the latter half of the year [13][14] - The overall economic trajectory for Henan is anticipated to remain positive, with key indicators expected to exceed national averages [12][23]

"十四五"即将迎来收官。"这5年取得了新的开创性的进展、突破性的变革、历史性的成就，中国已成为 世界发展最稳定、最可靠、最积极的力量。"在国新办举行的"高质量完成'十四五'规划"系列主题新闻发 布会上，国家发展改革委主任郑栅洁表示，这5年中，百年变局加速演进，改革发展稳定任务之艰巨前 所未有，以习近平同志为核心的党中央统揽全局、领航掌舵，全国上下勠力同心、众志成城，集中力量 办好自己的事，不仅顶住了压力、经受住了考验，经济社会发展还实现了大幅跃升。 据介绍，"十四五"规划《纲要》各项主要指标中，经济增长、全员劳动生产率、全社会研发经费投入等 指标进展符合预期；常住人口城镇化率，人均预期寿命，粮食、能源综合生产能力等8项指标进展超过 预期；规划确定的战略任务全面落地，部署的102项重大工程顺利推进。 发展基础更加坚实 经济实力显著增强—— "十四五"期间，我国经济总量连续跨越110万亿元、120万亿元、130万亿元，今年预计可以达到140万亿 元左右。增量预计超过35万亿元，相当于再造一个长三角，也超过了世界排名第三国家的经济总量。我 国对世界经济增长的贡献率一直保持在30%左右。"十四五"前4年平均经济增速为 ...

Economic Overview - China's economy has consistently crossed significant milestones, reaching an estimated GDP of around 140 trillion yuan in 2023, with an increment of over 35 trillion yuan, equivalent to the combined GDP of Guangdong, Jiangsu, and Shandong provinces [2] - The average economic growth rate over the past four years has been 5.5%, with China contributing approximately 30% to global economic growth [2] Domestic Demand - Domestic demand has played a crucial role, contributing an average of 86.4% to economic growth over the past four years [3] - Final consumption's contribution to economic growth averaged 56.2%, an increase of 8.6 percentage points compared to the previous five-year period [3] Investment Contributions - Capital formation from investments contributed an average of 30.2% to economic growth over the past four years [4] - Significant investments in high-tech industries and infrastructure have been made, with approximately 780,000 affordable housing units constructed, addressing housing issues for over 20 million people [4] Innovation and High-Tech Development - China is transitioning from a global manufacturing hub to a global innovation center, with high-tech manufacturing value added increasing by 42% and digital economy core industries growing by 73.8% [5] - R&D expenditure reached 3.6 trillion yuan, accounting for 2.68% of GDP, with enterprises contributing over 77% of this investment [5] Service Sector and Productivity - The development of the productive service sector is closely linked to improvements in production efficiency and value [6] - There is a focus on enhancing the share of productive services in GDP from 27%-30% to 35% during the next five-year period, which is expected to lead to a more rational industrial structure [6]

Group 1 - The Consumer Price Index (CPI) turned positive in June after four consecutive months of decline, with a year-on-year increase of 0.1% [1][2] - The core CPI, excluding food and energy, rose by 0.7% year-on-year, marking a 14-month high, indicating improvements in supply-demand structures in certain industries [2][3] - Industrial producer prices (PPI) continued to face downward pressure, with a year-on-year decline of 3.6%, reflecting weak domestic demand and excess supply in the market [1][4] Group 2 - The decrease in CPI was less severe than seasonal trends, with food prices dropping by 0.4% month-on-month, while energy prices saw a slight increase due to rising international oil prices [3][4] - Certain consumer goods, such as gold and platinum jewelry, experienced significant price increases of 39.2% and 15.9% year-on-year, respectively, driven by changes in international commodity prices [2][4] - The implementation of consumption-boosting policies is expected to support price stability and recovery in various sectors, including automotive and household appliances [1][5] Group 3 - The PPI's month-on-month decline remained at 0.4%, with pressures from domestic demand weakness and external factors such as tariffs and slowing foreign demand [4][5] - Some industries, particularly high-tech and advanced manufacturing sectors, showed signs of price stabilization and recovery, indicating potential growth opportunities [5] - The overall economic environment remains complex, but macroeconomic policies aimed at stimulating consumption are anticipated to gradually restore domestic demand [5]

7月9日，国家统计局最新公布！ 统计局数据显示，6月份居民消费价格指数（CPI）同比由上月下降转为上涨0.1%，环比降幅比上月收窄，扣 除食品和能源价格的核心CPI同比继续回升，创近14个月以来新高。工业生产者出厂价格指数（PPI）环比降幅 与上月相同，同比降幅扩大，但部分行业供需关系有所改善，价格呈企稳回升态势。 值得一提的是，部分供需关系改善的行业，治理企业低价无序竞争力度加大，新能源汽车、光伏设备零部件和 锂离子电池等制造价格改善。 CPI同比结束持续4个月的下降走势 6月份，CPI同比上涨0.1%。其中食品价格下降0.3%，非食品价格上涨0.1%。 国家统计局城市司首席统计师董莉娟分析，CPI同比在连续下降4个月后转涨，这主要受工业消费品价格有所 回升影响。 6月份工业消费品价格同比降幅由上月的1.0%收窄至0.5%，对CPI同比的下拉影响比上月减少约0.18个百分点。 其中，受国际大宗商品价格变动影响，金饰品和铂金饰品价格同比分别上涨39.2%和15.9%，合计影响CPI同比 上涨约0.21个百分点；汽车价格降幅逐步收窄，燃油小汽车和新能源小汽车价格同比分别下降3.4%和2.5%，降 幅分别为近28 ...

我国高技术制造业增加值占规上工业的比重从2020年的15.1%提高到今年一季度的15.7%。创新这一"关 键变量"，加速转化为新质生产力的"最大增量"。 飞天！"嫦娥六号"实现人类首次月球背面采样返回，国产大飞机C919累计交付21架，长征十二号运载 火箭发射成功； 入海！大洋钻探船"梦想"号正式入列，超大型液化天然气运输船出口订单不断； ………… 今年5月，习近平总书记在河南洛阳轴承集团股份有限公司考察时指出："我们坚持走自主发展实业的道 路，靠自己的力量发展工业、制造业，这条路是走对了！" 近年来，以先进制造业为骨干的现代化产业体系加快构建，新型工业化迈出新的坚实步伐，制造强国建 设取得新进展。我国全年全部工业增加值由2020年的31.3万亿元增长至2024年的40.5万亿元，制造业总 体规模连续15年保持世界第一。中国制造彰显出的坚实底气、创新动能、澎湃活力，为推进中国式现代 化提供有力支撑。 攻坚，关键核心技术不断突破，产业链供应链韧性和安全水平不断提升—— 北斗三号汇集全国400多家单位联合攻关，通过星间链路技术实现"太空搭桥"，建成由数十颗卫星编织 成的"天罗地网"。 从无到有，服务全球。如今北斗 ...

央视网消息：从最新发布的数据中，感知中国经济活力。 2025年前5个月：我国服务贸易同比增长7.7% 1—5月，旅行服务继续快速增长，进出口达9200.5亿元，增长12.2%，为服务贸易第一大领域。 科技创新与制造业高质量发展加快推进 其中，其他商业服务、电信计算机和信息服务进出口规模较大，有效助推经济增长和产业结构升级。 国家税务总局公布的最新数据显示，2025年1—5月，支持科技创新和制造业发展的主要政策减税降费及退税达6361亿元。 6月份中国大宗商品价格指数继续回升 商务部最新数据显示，前5个月，我国服务进出口总额32543.6亿元人民币，同比增长7.7%。其中，出口14033.7亿元，增长15.1%；进口18509.9 亿元，增长2.7%。 服务贸易稳步增长的同时，结构进一步优化。1—5月，知识密集型服务进出口12492.7亿元，增长5.0%。 增值税发票数据显示，1—5月，高技术产业销售收入同比增长14.2%，明显快于全国总体增速。 1—5月，我国制造业企业销售收入同比增长4.2%。其中，数字产品制造业、高技术制造业销售收入均保持两位数增长。 中国物流与采购联合会7月5日公布，6月份，中国大宗商品 ...