Ping An Securities research report stressed that in the first half of the year, the industrial and manufacturing industries to support GDP is strong, industrial middle and downstream industry prices continue to dip, and its capacity utilization situation is inseparable, the second half of the price recovery of industrial products elasticity is insufficient.

Huatai Futures researcher Xu Wenyu analysis, in June industrial output structure, to slow down, electrical machinery manufacturing, non-metallic mineral products, food manufacturing and computer manufacturing respectively decreased by 6.3, 5.8, 5.4 and 4.6 percentage points, upstream industrial product output growth in the past year is still a rapid decline.

1756-IM16I In fact, China’s current external environment is complex and severe, domestic effective demand is still insufficient, the growth rate of industrial production has slowed down since the second quarter, the level of corporate profitability is still low, and the industrial economy is facing certain challenges for a sustained recovery.

The role of “ballast stone” in the equipment manufacturing industry has been further strengthened

With the development of China’s economy, China’s manufacturing industry from labor-intensive to technology, capital intensive, not only from the low-end industry to high-end industry evolution, but also from the global supply chain “low-end” to the high value-added “top” forward.

In the first half of this year, solid progress was made in making China’s manufacturing sector more high-end, intelligent and green, with new industries and new products becoming new growth areas. The added value of high-tech manufacturing industries above designated size increased by 8.7% year-on-year, and the added value of modern service industries, represented by information transmission, software and information technology services, maintained double-digit growth. The output of 3D printing equipment, service robots, smart watches and other smart products increased by 51.6%, 22.8% and 10.9% respectively. Investment in high-tech industries continued to grow rapidly, construction of new digital infrastructure was accelerated, and investment played a key role in optimizing the supply structure.

1756-IM16I In the first half of the year, China’s manufacturing purchasing managers index maintained expansion for four consecutive months, the transformation and upgrading of the manufacturing industry continued to advance, and new quality productivity continued to develop and grow. The National Bureau of Statistics released the macroeconomic operation in the first half of the year shows that China’s equipment manufacturing industry “ballast stone” role has been further enhanced, the main equipment industry in the electronics, automotive industry rapid growth, the growth rate of 13.3%, 9.8%, the first half of all industrial growth above the size of the contribution of nearly 30%, is an important force to stimulate industrial growth.

Pan Helin believes that the equipment manufacturing industry and high-tech manufacturing industry belong to the category of high-end manufacturing, and are representatives of the new momentum of China’s manufacturing industry. At the same time, the corresponding industries of 3D printing equipment, new energy vehicles, and integrated circuit products are all strategic emerging industries that are being promoted in China, and are typical representatives of the development of new quality productivity.

“Electromechanical, server, integrated circuit, automobile and other industries are representatives of the new momentum of industrial manufacturing, and are becoming an important pillar of China’s exports, which also shows that China’s export products are changing from low-end to high-end.” Pan and Lin said.