资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 在黑龙江省人民政府新闻办公室9月19日举行的新闻发布会上，黑龙江省商务厅副厅长张国利表示，今 年以来，黑龙江省深入实施提振消费专项行动，截至目前，省市县联动组织开展各类促消费活动1400余 场，发放政府消费券超6亿元，直接带动消费超120亿元。 今年1月至8月，黑龙江省社会消费品零售总额3540.4亿元、同比增长5.2%，高于全国0.6个百分点，其 中，受多项利好政策驱动，限上汽车类、通信器材类、家用电器类同比分别增长6.6%、65.3%、 67.1%。 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese economy**, particularly its **industrial production**, **fixed asset investment**, **retail sales**, and **property market** performance in August 2023. Core Insights and Arguments 1. **Weak Economic Activity**: China's activity data in August showed broad weakness, missing market expectations, with industrial production growth declining to **5.2% year-on-year** from **5.7%** in July, primarily due to weaker-than-expected exports [1][9]. 2. **Fixed Asset Investment Decline**: Fixed asset investment (FAI) growth fell to **-6.8% year-on-year** in August from **-5.2%** in July, marking a new low since March 2020. This decline was attributed to adverse weather, local construction restrictions, a prolonged property downturn, and a lack of urgency from policymakers [1][12]. 3. **Retail Sales Slowdown**: Retail sales growth moderated to **3.4% year-on-year** in August from **3.7%** in July, mainly due to falling online goods sales, particularly in home appliances and communication equipment [1][13]. 4. **Services Sector Performance**: The services industry output index showed better performance, growing **5.6% year-on-year** in August, only slightly down from **5.8%** in July, indicating resilience in the services sector [1][14]. 5. **Property Market Weakness**: The property market continued to show signs of weakness, with new home starts down **20.3% year-on-year** and property sales declining by **10.3%** in volume terms in August [1][15]. 6. **Labor Market Conditions**: The nationwide unemployment rate increased to **5.3%** in August from **5.2%** in July, indicating ongoing labor market challenges [1][17]. 7. **GDP Growth Forecast**: Despite the sluggish domestic demand, the GDP tracking model suggests a slight upside risk to the Q3 real GDP growth forecast of **4.6% year-on-year**, driven by industrial production and services sector performance [1][18]. Additional Important Insights - **Sector-Specific Performance**: The decline in industrial production was led by slower output growth in ferrous metal smelting, power generation, and general equipment industries, which offset gains in non-ferrous smelting [1][9][25]. - **Investment Growth by Sector**: Year-on-year growth in manufacturing, infrastructure, and property investment dropped significantly in August, indicating broad-based weakness across sectors [1][12]. - **Consumer Behavior Trends**: The decline in online sales growth reflects changing consumer behavior, with expectations of further slowdown due to unfavorable base effects [1][13]. - **Policy Implications**: Incremental and targeted easing measures are deemed necessary in the coming quarters to address the ongoing economic challenges, despite the resilient export performance [1][18]. This summary encapsulates the key points from the conference call, highlighting the current state of the Chinese economy and its various sectors.

Group 1 - Hefei Electric Science National Core Technology Co., Ltd. has been established with a registered capital of 15 million RMB [1] - The legal representative of the company is Wang Lei [1] - The business scope includes software development, technical services, integrated circuit manufacturing, and communication equipment manufacturing among others [1] Group 2 - The company is involved in various technical activities such as technology development, consulting, and transfer [1] - It also engages in import and export of goods and technology [1] - The company focuses on integrated circuit design, sales, and manufacturing, as well as radar and supporting equipment manufacturing [1]

Group 1 - The overall retail sales in the city have shown a steady recovery, with a total of 29.97 billion yuan in social retail sales in the first half of the year, reflecting a year-on-year growth of 0.3%, which is an increase of 5 percentage points compared to the same period last year [1][4] - The retail sales of limited above social consumer goods reached 11.63 billion yuan, a year-on-year decrease of 8.8%, but the decline has narrowed by 9.9 percentage points compared to the previous year [4] - The retail sales of limited below social consumer goods amounted to 18.34 billion yuan, showing a year-on-year growth of 7.1%, which accounted for 61.2% of the total social retail sales in the city [4][10] Group 2 - The automotive sector has seen increased sales due to various factors such as trade-in subsidies, car exhibitions, and the extension of tax exemptions for new energy vehicles, with retail sales reaching 1.03 billion yuan, a year-on-year increase of 15% [15] - The retail sales of new energy vehicles surged by 146.8%, indicating a strong demand in this segment [15] - Consumer demand for high-quality, personalized, and mid-to-high-end products has led to significant growth in retail sales of wearable smart devices, home appliances, and communication equipment, with respective year-on-year growth rates of 286.5%, 54.1%, and 42.4% [17]

Investment Rating - The report indicates a mixed investment outlook for the industry, with industrial production rated at 0, fixed asset investment at -1, and retail sales at +2 [2]. Core Insights - The report highlights that China's industrial production and fixed asset investment missed market expectations, while retail sales showed significant growth, indicating a divergence in economic performance across sectors [1][17]. - The report emphasizes the importance of government policy in stimulating domestic demand, particularly through consumer goods trade-in programs, amidst ongoing deflationary pressures and a prolonged downturn in the property market [1][17]. Summary by Sections Industrial Production - Industrial production (IP) growth moderated to 5.8% year-on-year in May from 6.1% in April, primarily due to slowing export growth linked to increased US tariffs [8][11]. - Sequentially, IP is estimated to have contracted by 0.1% month-on-month non-annualized in May [8]. - Key sectors such as electrical machinery and chemical manufacturing experienced slower output growth, overshadowing gains in automobile production [8][11]. Fixed Asset Investment - Fixed asset investment (FAI) growth slowed to 2.9% year-on-year in May from 3.6% in April, driven mainly by declines in infrastructure and property investments [10][11]. - Manufacturing investment growth remained robust at 7.8% year-on-year in May, contrasting with the overall slowdown in FAI [10]. Retail Sales - Retail sales growth surged to 6.4% year-on-year in May, significantly above market consensus, driven by strong sales in home appliances and communication equipment [11][12]. - The growth in online and offline goods sales improved, with notable increases in restaurant sales revenue as well [11]. - The report cautions that the recent retail sales improvement may not be sustainable due to potential payback effects and funding shortages in consumer goods trade-in programs [1][11]. Property Market - Property-related activity remained weak, with property sales declining by 3.3% year-on-year in volume and 5.9% in value terms in May [13]. - New home starts and completions also showed significant year-on-year declines, indicating ongoing challenges in the real estate sector [13]. Labor Market - The nationwide unemployment rate edged down to 5.0% in May from 5.1% in April, reflecting seasonal patterns, while the unemployment rate for migrant workers increased slightly [14][17]. - Youth unemployment rates showed some moderation but are expected to rise amid the upcoming college graduation season [14][17].