Core Viewpoint - Shanghai's economy demonstrates strong resilience and stable growth despite increasing international economic uncertainties, with a GDP growth of 5.1% year-on-year in the first half of the year, achieving the goal of "half the time, half the task" [1] Group 1: Economic Performance - Shanghai's industrial added value increased by 5.0% year-on-year in the first half of the year, with total industrial output value growing by 5.6%, accelerating by 2.1 percentage points compared to the first quarter [2] - The manufacturing output of key industries such as computer, communication, and other electronic equipment grew by 21.7%, while the aerospace and other transportation equipment manufacturing increased by 18.1% [2] - High-tech manufacturing output rose by 16.0%, significantly outpacing the overall industrial growth, with integrated circuits and artificial intelligence sectors growing by 11.7% and 12.3% respectively [2][3] Group 2: Service Sector Growth - The tertiary industry in Shanghai saw a 5.4% year-on-year increase in added value, with the information transmission, software, and IT services sector growing by 14.6% [5] - The financial sector also performed well, with an 8.8% increase in added value, contributing over 60% to the city's GDP growth [5] - The software and IT services industry reported a 27.1% increase in revenue from January to May, with AI-related IT consulting services revenue growing by 130% [5] Group 3: Consumer Market Recovery - Shanghai's retail sales of consumer goods showed signs of recovery, with a 1.7% year-on-year growth in the first half of the year, marking a 2.8 percentage point increase from the first quarter [7] - Specific categories such as furniture and home appliances saw significant growth, with retail sales increasing by 18.8% and 18.7% respectively [7] - The fixed asset investment in Shanghai rose by 6.2% year-on-year, with industrial investment increasing by 19.8% [7] Group 4: Foreign Trade and Investment - Shanghai's total import and export volume grew by 2.4% in the first half of the year, with exports increasing by 11.1% and imports decreasing by 3.6% [8] - The export of intermediate goods surged by 20.5%, contributing significantly to overall export growth [8] - The city saw a notable increase in foreign investment, with 30 new multinational company regional headquarters and 19 foreign R&D centers recognized in the first half of the year [9] Group 5: Innovation and Development - The number of valid invention patents in Shanghai reached 293,700, a year-on-year increase of 12.2%, indicating a strong focus on technological innovation [4] - The logistics and transportation sectors also showed improvement, with cargo transport turnover and international container throughput increasing by 7.5% and 6.1% respectively [9] - Overall, Shanghai's economy is characterized by enhanced innovation momentum and resilience, with ongoing efforts to stimulate market vitality and foster new growth engines [9]

Economic Performance - Shanghai achieved a GDP growth of 5.1% year-on-year in the first half of the year, maintaining the same growth rate as the first quarter [1] - The city's economy demonstrates strong resilience despite increasing instability and uncertainty in international trade [1] Industrial Development - The industrial added value in Shanghai grew by 5.0% year-on-year, with the total industrial output value increasing by 5.6% [2] - Key sectors such as computer, communication, and electronic equipment manufacturing saw a significant increase in output, with growth rates of 21.7% and 18.1% for transportation equipment manufacturing [2] - High-tech manufacturing output rose by 16.0%, outpacing overall industrial growth [2] New Energy and Innovation - The new energy industry experienced a 12.5% increase in output, with lithium batteries and carbon fiber production skyrocketing by 37.6 times and 3.5 times, respectively [3] - The number of valid invention patents in Shanghai reached 293,700, marking a 12.2% increase year-on-year [3] Tertiary Sector Growth - The tertiary sector's added value grew by 5.4%, with information transmission and software services increasing by 14.6% [4] - The financial sector also showed robust growth, with an 8.8% increase in added value [4] Consumer Market Recovery - Shanghai's retail sales of consumer goods increased by 1.7% year-on-year in the first half of the year, marking a recovery in consumer spending [5] - Categories such as furniture and home appliances saw significant growth, with retail sales increasing by 18.8% and 18.7%, respectively [5] Investment Trends - Fixed asset investment in Shanghai rose by 6.2%, with industrial investment surging by 19.8% [6] - Investment in electronic information products manufacturing grew by 43.0% [6] Foreign Trade and Investment - Shanghai's total import and export volume increased by 2.4%, with exports growing by 11.1% [6] - The city saw a notable increase in foreign investment, with 30 new multinational company headquarters and 19 foreign R&D centers established in the first half of the year [7] Transportation and Tourism - Key transportation metrics showed growth, with cargo transport volume increasing by 7.5% and international container throughput rising by 6.1% [7] - International tourist arrivals exceeded 4.1 million, reflecting a 37.6% year-on-year increase [7]

Core Viewpoint - In May, the industrial production in China showed a robust growth, with the industrial added value of large-scale enterprises increasing by 5.8% year-on-year, supported by the equipment manufacturing sector and stable growth in consumer goods manufacturing [1][2]. Group 1: Industrial Production Data - The industrial added value of large-scale enterprises grew by 5.8% year-on-year in May, with a month-on-month increase of 0.61% after seasonal adjustments [1]. - Manufacturing sector growth was recorded at 6.2%, surpassing the overall industrial growth by 0.4 percentage points [1]. - Among 41 major industries, 35 experienced year-on-year growth, resulting in a growth coverage of 85.4% [1]. Group 2: Equipment Manufacturing Sector - The added value of the equipment manufacturing sector increased by 9.0% year-on-year, contributing 54.3% to the overall industrial growth [2]. - The automotive industry saw a significant increase in added value by 11.6%, with a month-on-month acceleration of 2.4 percentage points [2]. - All eight sub-sectors within equipment manufacturing reported growth, with notable increases in railway, shipbuilding, aerospace, and electrical machinery sectors [2]. Group 3: High-end, Intelligent, and Green Manufacturing - High-tech manufacturing added value rose by 8.6% year-on-year, contributing 1.4 percentage points to overall industrial growth [3]. - Key products in high-end manufacturing, such as aircraft and industrial control systems, saw substantial growth rates of 18.7% and 15.5% respectively [3]. - The digital economy's integration into industrial production is increasing, with digital product manufacturing growing by 9.1% [3]. Group 4: Green Transformation and New Energy Products - The demand for new energy products and green materials is expanding, with the production of new energy vehicles and lithium-ion batteries increasing by 31.7% and 52.5% respectively [4]. - The supply of green products is also on the rise, with high-performance chemical fibers and bio-based chemical fibers seeing production increases of 92.2% and 21.5% [4]. Group 5: Policy Impact and Economic Recovery - The "two new" policy effects are positively influencing industrial production, with significant growth in sectors like motor manufacturing and shipbuilding [5]. - The automotive sector benefited from vehicle replacement subsidies, leading to an 11.3% increase in production [6]. - Overall, the manufacturing purchasing managers' index rose by 0.5 percentage points, indicating improved business expectations [6].

Economic Growth - In May, the industrial added value above designated size increased by 5.8% year-on-year, maintaining a rapid growth rate [1] - The service production index grew by 6.2% year-on-year, with an acceleration of 0.2 percentage points compared to the previous month [1] - The total retail sales of consumer goods (referred to as "social retail total") increased by 6.4% year-on-year, with a growth acceleration of 1.3 percentage points compared to the previous month [1] Consumer Spending - The social retail total's year-on-year growth rate in May was significantly higher than the market consensus forecast [1] - The chief economist of China Minmetals Bank noted that the growth rate of social retail total reached the highest level since early 2024, with a seasonally adjusted month-on-month increase of 0.93%, the highest for the same period in nearly five years [1] - Cumulative growth for service retail from January to May was 5.2%, an increase of 0.1 percentage points compared to January to April [1] Investment Trends - Fixed asset investment growth has slowed, but there are expectations for a rebound in infrastructure investment as funding becomes available [2] - The National Development and Reform Commission aims to finalize the project list for this year's "two heavy" construction and central budget investment by the end of June [2] Industrial Development - The high-end, intelligent, and green development of industries is progressing steadily [2] - In May, the added value of the automotive manufacturing industry and computer communication and other electronic equipment manufacturing increased by 11.6% and 10.2% year-on-year, respectively [2] - Production of high-tech products such as 3D printing equipment and integrated circuits grew by 40% and 11.5%, respectively [2] Employment and Prices - The urban surveyed unemployment rate in May was 5%, a decrease of 0.1 percentage points from the previous month, with youth unemployment rate declining for three consecutive months [3] - The Consumer Price Index (CPI) saw a slight year-on-year decline, with the core CPI, excluding food and energy, showing an expanded increase compared to the previous month [3]

Group 1 - In the first quarter, China's economy achieved a growth rate of 5.4%, indicating a stable and positive start to the year, driven by effective macro policies [1] - High-tech manufacturing added value increased by 9.7% in the first quarter, with significant growth in the production of new energy vehicles (45.4%), 3D printing equipment (44.9%), and industrial robots (26%) [1] - Investment in high-tech industries grew by 6.5% year-on-year, outpacing overall investment growth by 2.3 percentage points, with notable increases in aerospace (30.3%) and computer equipment manufacturing (28.5%) [1] Group 2 - The "Three New" economy, which includes new industries, new business formats, and new models, is reshaping growth logic, with value added in sectors like smart drones (49.6%) and smart vehicle equipment (25%) [2] - The share of the "Three New" economy in the national economy is approaching 20%, reflecting a shift away from traditional reliance [2] - Private enterprises are showcasing strong innovation capabilities across various fields, enhancing market confidence with products like DeepSeek and humanoid robots [2] Group 3 - The manufacturing sector is focusing on high-end, intelligent, and green development, which revitalizes traditional industries and builds a harmonious industrial ecosystem [3] - In the first quarter, industries such as fiber optics (22.5%), aerospace equipment (22.4%), and integrated circuits (21.1%) saw substantial growth in added value [3] - The production of green products is also strong, with wind turbine production increasing by 74.4%, carbon fiber by 45.6%, and solid waste treatment equipment by 14.9% [3]