Macro and Strategy Research - In July 2025, the manufacturing PMI decreased to 49.3%, indicating a contraction in manufacturing activity, influenced by seasonal factors and extreme weather [2][3] - The non-manufacturing business activity index fell to 50.1%, still above the threshold, with construction and service sectors experiencing declines due to adverse weather conditions [4] - The comprehensive PMI output index decreased to 50.2%, reflecting a slowdown in expansion [4] Policy Insights - The Central Political Bureau emphasized the importance of the "14th Five-Year Plan" and the need for detailed implementation of macroeconomic policies to stabilize market expectations and address risks [6][7] - The meeting highlighted the need for continuous fiscal and monetary policy support, including accelerating government bond issuance and improving fund utilization efficiency [7][8] - Consumer spending is to be boosted through measures that enhance livelihood security, while investment will focus on high-quality construction projects [8][9] Industry Research: Dairy Industry in Tianjin - Tianjin is developing a billion-level dairy industry, with the total output value exceeding 11.68 billion yuan in 2023, and the city is a leader in DHI measurement technology for dairy cows [14][17] - The dairy industry is facing challenges, with a projected decrease in national dairy cow inventory by over 500,000 heads in 2024, leading to increased losses for smaller farms [14][18] - The market for flavored milk is growing, with the leading company, Haihe Dairy, achieving a revenue of 1.098 billion yuan in 2024, a year-on-year increase of 19.9% [17][18]