Aohai Technology announced that its holding subsidiary, Zhixin Control Systems Co., Ltd., has signed an investment agreement with the Administrative Committee of Wuhan Economic and Technological Development Zone to invest in and construct the Zhixin Control R&D Center and Production Base project. The project will primarily build an R&D center as well as SMT/THT/coating lines, assembly, testing, and packaging lines, which will be applied to the R&D, production, and testing of new products such as new energy vehicle control systems, AI smart backup power generation control systems, and robot central domain control units. The total estimated investment is approximately RMB 570 million, of which RMB 400 million is allocated for R&D and RMB 170 million for fixed asset investment. The project is expected to commence production in 2026 and reach full capacity by 2030, with an estimated annual output value or revenue of approximately RMB 3 billion upon reaching full capacity.

On July 29, the China Nonferrous Metals Industry Association (CNIA) held a press conference on the H1 2026 performance of the nonferrous metals industry, both in-person and online. Chen Xuesen, Standing Committee Member of the Party Committee, Vice President and Spokesperson of CNIA, reported on the industry's H1 performance and answered questions from media and enterprise representatives together with relevant department heads. Chen Xuesen stated that the industry's overall operation was stable and improving, with growth in multiple core indicators including production, investment, foreign trade, prices, and profitability. First, production of major varieties grew steadily, while new energy metals diverged. Data from the National Bureau of Statistics (NBS) showed that total production of ten nonferrous metals in H1 reached 41.513 million mt, up 3.3% YoY. Among the 23 nonferrous metal products monitored, production of 13 products increased YoY, while that of 10 products fell YoY. Production and sales of traditional bulk metals were stable with slight gains: copper cathode output was 7.608 million mt (up 5.2%), copper semis 11.982 million mt (up 0.3%), alumina 45.772 million mt (up 3.3%), and primary aluminum 23.187 million mt (up 3.8%). However, upstream mines and downstream processing sectors faced periodic pressure: metal content of six mined metals was 2.955 million mt (down 5.8%) and aluminum semis production was 32.303 million mt (down 2.4%). Industry value-added grew 0.3% in H1, with value-added of the mining and beneficiation sector up 3.2% and that of smelting and processing edging down 0.3%. Production of key new energy metals diverged: silicon metal output was 2.231 million mt (up 2.5% YoY); lithium carbonate capacity release was significant, with production at 563,000 mt (surging 33.9% YoY); refined nickel and refined cobalt output contracted to 221,000 mt and 60,000 mt, down 4.8% and 41.8% YoY respectively. Second, fixed asset investment edged up, with prominent investment vitality in the mining and beneficiation sector. The growth rate of fixed asset investment in the industry narrowed significantly from Q1 in H1. On one hand, project construction progress was constrained by high temperatures and heavy rainfall in some regions; on the other hand, resource constraints became prominent and capacity "involution" intensified, so enterprises had weak willingness for medium and long-term capital expansion domestically and turned more to overseas markets. Overall, the industry's fixed asset investment edged up only 0.4% YoY, down 10.3 percentage points from the Q1 growth rate, with notable sector divergence: investment in nonferrous metals mining and beneficiation rose 21.2%, while investment in smelting and processing declined 4.1%. Private investment was under pressure overall, with industry private investment down 1.0% YoY in H1. By sector, private investment in smelting, rolling and processing fell 3.0%, while that in mine mining and beneficiation grew 8.1%, becoming the main driver of private investment in the industry. Third, foreign trade scale surged significantly, and gold products became the core engine of trade growth. Amid sluggish global economic recovery and intertwined geopolitical turmoil, the industry's foreign trade saw improvements in both volume and quality, with import and export scale expanding substantially. Customs data showed that in H1, total imports and exports of nonferrous metal products reached $347.13 billion, up 68.0% YoY. Specifically, import value was $280.91 billion, up 81.7%, driven mainly by gold products, while export value was $66.22 billion, up 27.3%. The share of gold product imports and exports in the industry's total trade rose to 41.8%, playing a prominent role in boosting overall foreign trade. Bulk raw material imports and exports showed mixed changes. Among them, imports of copper ores and concentrates were 14.61 million mt, down 0.9% YoY, while bauxite imports were 120 million mt, up 17.4%. Imports and exports of copper and aluminum semis showed a pattern of "reduced imports and increased exports." Specifically, imports of unwrought copper and copper semis were 2.49 million mt, down 5.3%, while exports were 879,000 mt, up 18.2%; imports of unwrought aluminum and aluminum semis were 1.88 million mt, down 5.1%, while exports were 3.396 million mt, up 16.3%. In addition, exports of aluminum products (including aluminum alloy wheel hubs) were 2.576 million mt, up 16.4%. Foreign trade in new energy metals continued to gain momentum. Specifically, lithium carbonate imports were 179,000 mt, up 52.3% YoY, silicon metal exports were 379,000 mt, up 11.4%, and unwrought nickel exports contracted sharply to 12,000 mt, down 86.9%. Fourth, market prices consolidated at high levels, with most product prices falling back MoM in June. Affected by overseas resource monopolies and the transmission of geopolitical conflict premiums, major nonferrous metal prices stayed high in H1, but the high prices also forced downstream enterprises to advance material substitution, which to some extent squeezed the industry's demand growth space. In June, market prices saw a phased correction, with 17 of the 24 products monitored by the China Nonferrous Metals Industry Association (CNIA) seeing MoM declines. In terms of H1 average prices, seven products declined YoY, but mainstream products such as copper, aluminum, gold, zinc, tungsten and molybdenum saw price increases. In the domestic spot market in H1, among traditional metals, apart from lead, whose average price was 16,649 yuan/mt, down 1.5% YoY, copper averaged 101,964 yuan/mt, up 31.4%, aluminum averaged 24,124 yuan/mt, up 18.8%, zinc averaged 24,276 yuan/mt, edging up 4.2%, while for precious metals, the average spot gold price was 1,058.4 yuan/g, up 45.9%, and silver averaged 19.7 yuan/g, surging 141.1%. New energy metals showed divergent price changes, with the average price of silicon metal at 9,079 yuan/mt, down 10.7%; battery-grade lithium carbonate at 159,000 yuan/mt, surging 128.1%; nickel at 142,000 yuan/mt, up 12.5%; and cobalt at 417,000 yuan/mt, up 101.5%. Fifth, industry profits increased significantly, with the smelting segment becoming the core pillar of profitability. In H1, the profitability of the industry achieved a leap-forward improvement. The 12,362 enterprises above designated size recorded total operating revenue of 5,769.68 billion yuan, up 21.7% YoY, and total profit of 418.39 billion yuan, up 94.0% YoY. The profit growth accounted for 32.6% of the total profit growth of industrial enterprises above designated size nationwide, boosting the total profit growth of national designated industrial enterprises by 6.1 percentage points, ranking among the top in the industrial sector in terms of profit growth rate. Meanwhile, cost control showed positive results, with the cost per hundred yuan of operating revenue for the above-designated-size enterprises at 90.0 yuan, down 2.7 yuan YoY. The sharp profit increase was driven by multiple favorable factors resonating together: First, tight ore supply and rising scarcity premiums pushed profits toward upstream mines. Second, emerging industries such as AI computing infrastructure, power batteries, energy storage, and NEVs continued to release rigid demand, strongly supporting non-ferrous metal product prices and market demand. Third, geopolitical conflicts periodically pushed up aluminum and sulphuric acid prices, generating phased profit gains; combined with the low price base in H1 2025, these factors jointly drove a sharp YoY increase in profits this year. The profit structure of the industry chain showed a pattern of smelting leading, mining following, and processing being relatively weak. The contribution rates of the mining, smelting, and processing segments to industry profit growth were 23.6%, 65.5%, and 11.0%, respectively, boosting industry profit growth by 22.1, 61.6, and 10.3 percentage points. The profitability difference across the industry chain was significant, with operating profit margins for mining, smelting, and processing standing at 40.6%, 8.9%, and 2.0%, respectively, up 10.3, 3.4, and 0.7 percentage points YoY. The profit increase in the smelting segment was 132.74 billion yuan, accounting for 65.5% of the industry’s profit growth. Aluminum smelting and gold smelting contributed 56.7% and 17.3% of the profit increase in the smelting segment, making them the main drivers of profit growth in the segment. By product, the aluminum sector had the most prominent boosting effect, with a profit growth contribution rate of 43.5%. Dividends from supply-side structural reform in aluminum continued to be released, and global supply tightened due to geopolitical disruptions, pushing aluminum prices persistently higher. The contribution rates of gold, copper, and tungsten & molybdenum were 13.0%, 13.6%, and 9.0%, respectively. Together, these four categories contributed 79% of the industry’s profit growth, becoming the main force behind the profit rise. Profits in only two categories, antimony and silicon metal, were under pressure, while all other metal types achieved positive revenue increases. Chen Xuesen pointed out that since this year, the industry has demonstrated strong development resilience under the dual tests of external risk shocks and internal structural constraints. H1 operations presented three features: support from emerging industry demand, synchronized improvement in industry volume, price, and profit, diversified expansion of overseas resource deployment and continuous improvement of international resource guarantee systems, and prominent domestic resource supply constraints, with primary ores and recycled resources synergistically shoring up weaknesses. Taking all factors into account, the China Nonferrous Metals Industry Association (CNIA) makes the following projections for the industry's 2026 trajectory: H2 nonferrous industry value-added growth rate is expected to be higher than H1, with a full-year industry value-added growth rate of 2%~3%; production of ten nonferrous metals for the full year is up about 3% YoY; major nonferrous metal prices will swing wildly at highs, with geopolitical situations, downstream demand, and overseas supply being the core variables driving price fluctuations; total import and export value will maintain growth for the full year, with import growth being higher, driven by high-price resource procurement and safe-haven demand; exports of copper and aluminum semis and products possess stable resilience, continuing to provide support for stable foreign trade exports; full-year industry operating revenue and total profit remain up YoY, but revenue and profit growth rates will pull back in H2, with the growth rates showing a pattern of stronger first half and weaker second half; the profit allocation pattern remains unchanged, profit advantage at the resource end remains solid, and except for aluminum smelting, the room for profit improvement in other types of smelting and processing is relatively limited. Chen Xuesen stated that in the next step, the industry will closely follow the deployment and requirements of the CPC Central Committee and the State Council, focusing on three core tasks: strengthening the resource security baseline, expanding the recycled resource circular industry, accelerating the green and low-carbon transition and proactively addressing international green trade barriers, and cultivating new development momentum and activating enterprise innovation vitality. Multiple measures will be taken to solidify the foundations of the industry chain and supply chain, promoting both quality and efficiency improvements. (China Nonferrous Metals News)

Recently, the EPC general contracting for the 100MW/200MWh standalone ESS power station project in Xigang Town, Tengzhou City, Shandong Province, issued a termination notice, just one day after the tender announcement was released. The reason for termination was "significant changes." Also in July, the EPC for the 200MW/800MWh standalone ESS project in Usu City, Xinjiang, once again issued a tender termination notice, citing "significant adjustments to the construction content." This was already the third termination of the project's tender process. Looking back at the tender history of the Usu project, its first tender was in November 2025, with a budget of 730 million yuan, equating to a unit price of 0.91 Yuan/Wh. It was later terminated due to significant changes in the technical specifications. After resumption, the budget was raised to approximately 807 million yuan, with the unit price rising to 1.01 Yuan/Wh. In January 2026, the project announced the winning bid result, with PowerChina Jiangxi Electric Power winning the bid at a unit price of 0.94 Yuan/Wh.

New-type energy storage projects, once included in the database, shall commence substantive construction within 6 months and achieve grid connection within 12 months. Projects adjusted out of the database and re-entered must have obtained an immovable property ownership certificate and commenced substantive construction, and shall achieve grid connection within 6 months. Any project in the database that fails to commence substantive construction within 6 months or fails to achieve grid connection within 12 months without applying for an extension shall be adjusted out of the database.

According to State Grid, in H1, the company completed fixed asset investments of over 310 billion yuan, up 12.6% YoY. Among these, 15 ultra-high voltage (UHV) projects and 37 pumped storage hydropower stations are under accelerated construction. Meanwhile, investment in new energy grid connection projects continued to increase, and as of the end of June, the grid-connected new energy installed capacity in State Grid's operating areas reached 1.55 billion kW.

In H1, the transport sector's economic performance remained generally stable, with key indicators maintaining growth. The volume of commercial freight, port cargo throughput, and cross-regional person trips continued to increase, providing strong transport service support for the steady and healthy development of the economy and society. I. Commercial Freight Volume In H1, commercial freight volume reached 28.07 billion mt, up 3.2% YoY, with Q2 up 2.4% YoY. By mode, road freight volume was 21.22 billion mt, up 3.2% YoY; waterway freight volume was 4.23 billion mt, up 3.9% YoY. II. Port Cargo Throughput In H1, cargo throughput at ports nationwide reached 9.07 billion mt, up 2.0% YoY, with Q2 up 0.1% YoY. By structure, domestic trade throughput grew 1.0% YoY, while foreign trade throughput grew 4.3% YoY. Container throughput reached 180 million TEUs, up 5.9% YoY. III. Passenger Trips Cross-regional person trips: In H1, cross-regional person trips reached 34.17 billion person-trips, up 1.2% YoY, with Q2 up 0.1% YoY. By mode, road person trips reached 31.32 billion, up 0.9% YoY; waterway passenger trips reached 130 million, up 4.3% YoY. IV. Transportation Fixed Asset Investment In H1, transportation fixed asset investment totaled 1.5 trillion yuan, of which investment in highways and waterways amounted to 1.0 trillion yuan and 109.9 billion yuan, respectively.

According to State Grid, the company completed fixed asset investment exceeding RMB 310 billion in H1 2026, representing a year-on-year increase of 12.6%. Among these, 15 Ultra-High Voltage (UHV) projects and 37 pumped-storage hydropower stations are under accelerated construction. Investment in new energy grid-connection projects continues to ramp up, with the new energy grid-connected installed capacity in State Grid's operating area reaching 1.55 billion kW as of the end of June.

In H1 this year, new special bonds worth 2.07 trillion yuan were issued, with the issuance progress at about 47%. The funds were mainly used for key areas such as municipal and industrial park infrastructure, transport infrastructure, urban renewal, and social programs, effectively meeting the funding needs of major projects in key areas. Special bonds used as project capital exceeded 170 billion yuan, better leveraging the role of government investment to produce a multiplier effect.

The National Bureau of Statistics (NBS) released data showing that according to preliminary estimates, China's gross domestic product (GDP) in H1 reached 69,570.4 billion yuan, up 4.7% YoY at constant prices. By industry, value-added of the primary sector was 3,152.2 billion yuan, up 3.7% YoY; that of the secondary sector was 25,047.3 billion yuan, up 3.9%; and that of the tertiary sector was 41,370.9 billion yuan, up 5.2%. By quarter, GDP in Q1 grew 5.0% YoY, and Q2 grew 4.3%. On a QoQ basis, GDP grew 0.9% in Q2. Overall, the national economy performed within a reasonable range in H1, new quality productive forces were nurtured and strengthened, and high-quality development advanced toward greater innovation and excellence. At the same time, it should be noted that there are many external factors of instability and uncertainty, the contradiction of strong supply and weak demand in China is prominent, and the foundation for economic improvement still needs to be consolidated. In the next stage, China will adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, intensify counter-cyclical and cross-cyclical adjustments, continue to expand domestic demand and optimize supply, optimize new drivers and revitalize existing assets, strive to build a strong Chinese market, accelerate the cultivation and growth of new growth drivers, redouble efforts to stabilize employment, enterprises, markets, and expectations, and promote effective improvement in the quality and reasonable growth of the quantity of the economy. H1 Economy within Reasonable Range; New Growth Drivers Grow Rapidly In H1, under the strong leadership of the Central Committee of the Communist Party of China with Comrade Xi Jinping at its core, various regions and departments earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council, adhered to the general principle of seeking progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the formation of a new development pattern, focused on promoting high-quality development, effectively implemented more proactive macro policies, and the economy withstood pressure and performed within a reasonable range; production supply grew relatively fast, the employment situation remained generally stable, prices rose mildly, foreign trade saw sound growth momentum, new growth drivers grew rapidly, people's livelihoods were effectively ensured, and the resilience of development was continuously demonstrated. According to preliminary estimates, China's GDP in H1 reached 69,570.4 billion yuan, up 4.7% YoY at constant prices. By industry, value-added of the primary sector was 3,152.2 billion yuan, up 3.7% YoY; that of the secondary sector was 25,047.3 billion yuan, up 3.9%; and that of the tertiary sector was 41,370.9 billion yuan, up 5.2%. By quarter, Q1 GDP grew 5.0% YoY, and Q2 grew 4.3%. On a QoQ basis, GDP grew 0.9% in Q2. I. Bumper Summer Grain Harvest, Steady Growth in Livestock Farming In H1, value-added of agriculture (planting) grew 3.6% YoY. National summer grain output totaled 150.75 million mt, an increase of 1 million mt, or 0.7%, from the previous year. In H1, the output of pork, beef, mutton, and poultry reached 50.5 million tonnes, up 4.3% YoY. Within this, pork output was up 3.3% and poultry up 9.4%, while beef output was down 1.0% and mutton down 3.9%. Milk output increased 2.4%, and egg output declined 2.2%. At the end of Q2, the pig inventory stood at 424.91 million head, up 0.1% YoY; in H1, the pig slaughter was 372.46 million head, up 1.7%. 2. Industrial Production Grew Relatively Fast, and Equipment Manufacturing and High-Tech Manufacturing Performed Well In H1, the value-added of industrial enterprises above designated size increased 5.4% YoY. By sector, mining value-added rose 3.6% YoY, manufacturing was up 5.6%, and the production and supply of electricity, heat, gas, and water grew 5.5%. Equipment manufacturing value-added increased 9.3% YoY, and high-tech manufacturing value-added grew 13.3%, outpacing the overall growth of industrial enterprises above designated size by 3.9 and 7.9 percentage points, respectively. By ownership, the value-added of state-controlled enterprises was up 4.3% YoY; joint-stock enterprises grew 5.9%, and enterprises with investment from foreign investors and those from Hong Kong, Macao, and Taiwan rose 3.2%; private enterprises increased 4.6%. By product, the production of 3D printing equipment, lithium-ion batteries, and industrial robots rose 48.5%, 39.3%, and 28.0% YoY, respectively. In June, the value-added of industrial enterprises above designated size increased 5.3% YoY, 0.8 percentage points faster than in May, with a MoM growth of 0.76%. In June, the manufacturing PMI stood at 50.3%, up 0.3 percentage points MoM; the expectations index for production and business activities was 54.3%, up 0.4 percentage points. In the first five months, total profits of industrial enterprises above designated size reached 3,144 billion yuan, up 18.8% YoY. 3. Services Grew Steadily, and Modern Services Developed Well In H1, the value-added of services increased 5.2% YoY. Within this, the value-added of leasing and business services, information transmission, software and IT services, financial services, and accommodation and catering grew 11.9%, 10.7%, 6.7%, and 5.0%, respectively. In June, the National Services Production Index rose 4.7% YoY, 0.3 percentage points faster than in May. Within this, the production indices of leasing and business services, information transmission, software and IT services, and financial services rose 9.7%, 9.6%, and 5.8%, respectively. In the first five months, the business revenue of service enterprises above designated size increased 6.6% YoY. In June, the Services Business Activity Index stood at 50.4%, up 0.1 percentage points MoM; the Services Business Activity Expectations Index was 56.0%, up 0.6 percentage points. Among these, the Business Activity Indices for sectors such as telecommunications, broadcasting, television and satellite transmission services, internet software and information technology services, monetary and financial services, and insurance remained in the high prosperity range of 55.0% and above. 4. Consumer Market Continued to Expand, with Rapid Growth in Service Retail Sales In H1, the total retail sales of consumer goods and services grew 2.7% YoY, of which service retail sales rose 5.3%, and goods retail sales grew 1.1%. Within service retail sales, those of communication and information services, tourism consulting and leasing services, and cultural, sports, and leisure services grew rapidly. In H1, total retail sales of consumer goods reached 24,872.2 billion yuan, up 1.3% YoY. By location of business units, urban retail sales of consumer goods were 21,550.6 billion yuan, up 1.2% YoY; rural retail sales of consumer goods were 3,321.6 billion yuan, up 2.5%. By consumption type, retail sales of goods were 22,046.7 billion yuan, up 1.1% YoY; and catering revenue was 2,825.5 billion yuan, up 2.8%. Sales of basic living goods and some upgraded goods grew relatively fast. Retail sales of grain, oil and foodstuffs, clothing, footwear, hats, textiles, and communication equipment by enterprises above the designated size grew 7.4%, 6.7%, and 14.4% YoY, respectively. In June, the total retail sales of consumer goods reached 4,269.1 billion yuan, up 1.0% YoY, compared to a 0.6% decline in the previous month, and an increase of 0.38% MoM. In H1, China's online retail sales of goods and services totaled 10,071.5 billion yuan, up 5.2% YoY. Of this, online retail sales of goods were 6,429.6 billion yuan, up 4.8%, and online retail sales of services were 3,641.9 billion yuan, up 6.0%. 5. Fixed Asset Investment Declined, While Investment in Intellectual Property Products Accelerated In H1, China's fixed asset investment (excluding rural households) was 22,637 billion yuan, down 5.7% YoY; when excluding real estate development, it fell 2.7%. Among this, investment in intellectual property products rose 9.4% YoY, accelerating by 1.5 percentage points compared to Q1. By sector, infrastructure investment fell 2.4% YoY, manufacturing investment declined 1.2%, and real estate development investment dropped 18.0%. The floor space of newly built commercial buildings sold nationwide was 401.4 million m², down 11.6% YoY; the sales value of newly built commercial buildings was 3,794.5 billion yuan, down 13.6%. By industry, investment in the primary industry grew 0.9% YoY, in the secondary industry declined 1.1%, and in the tertiary industry fell 8.4%. Private investment dropped 8.5% YoY; excluding real estate development, private investment fell 4.9%. Investment in high-tech industries grew 4.6% YoY. Specifically, investment in aviation, spacecraft, and equipment manufacturing, computer and office equipment manufacturing, and information services rose 23.3%, 8.1%, and 15.5% YoY, respectively. In June, fixed asset investment (excluding rural households) fell 0.37% MoM. VI. Rapid Growth in Goods Imports and Exports, with Continued Optimization of Trade Structure In H1, total goods imports and exports reached 25,468.6 billion yuan, up 16.9% YoY. Of this, exports were 14,731.4 billion yuan, up 13.4%, and imports were 10,737.2 billion yuan, up 22.1%. Imports and exports to countries jointly building the Belt and Road grew 14.8%. Imports and exports by private enterprises grew 17.0%, accounting for 57.0% of the total. Exports of mechanical and electrical products rose 20.1%, accounting for 63.5% of total exports. In June, total imports and exports reached 4,782.3 billion yuan, up 24.2% YoY, 7.3 percentage points higher than the previous month. Of this, exports were 2,820.7 billion yuan, up 20.8%, and imports were 1,961.6 billion yuan, up 29.4%. VII. Mild Rise in Consumer Prices, YoY Increase in Industrial Producer Prices In H1, the national consumer price index (CPI) rose 1.0% YoY. By category, prices of food, tobacco, alcohol and dining out fell 0.2% YoY; clothing prices rose 1.6%; housing prices fell 0.2%; household goods and services prices rose 1.9%; transportation and communication prices rose 1.8%; education, culture and recreation prices rose 1.2%; healthcare prices rose 2.0%; and prices of other goods and services rose 11.6%. Within food, tobacco, alcohol and dining out, pork prices fell 13.4%, grain prices fell 0.3%, fresh fruit prices rose 1.5%, and fresh vegetable prices rose 4.1%. In June, the national CPI rose 1.0% YoY and fell 0.3% MoM. In H1, the core CPI, which excludes food and energy prices, rose 1.2% YoY, with the June core CPI up 1.0% YoY. In H1, the national industrial producer EXW prices rose 1.5% YoY. Specifically, in June, they rose 4.1% YoY, with the growth rate expanding by 0.2 percentage points from the previous month, and fell 0.3% MoM. In H1, the national industrial producer purchase prices rose 2.4% YoY, with a 6.4% YoY increase in June and a 0.2% MoM decline. VIII. Generally Stable Employment Situation, Decline in Urban Surveyed Unemployment Rate In H1, the averaged national urban surveyed unemployment rate was 5.2%. In June, the rate stood at 5.0%, down 0.1 percentage points from the previous month. The surveyed unemployment rate for the local registered labor force was 5.0%; for the non-local registered labor force, it was 4.9%, including 4.8% for the non-local agricultural registered labor force. The surveyed urban unemployment rate in 31 major cities was 5.0%, down 0.1 percentage point from the previous month. The average weekly working hours of employees in enterprises nationwide was 48.2 hours. At the end of Q2, the number of rural migrant workers totaled 192.27 million, up 0.5% YoY. IX. Household Income Grew Steadily, with Rural Income Growth Outpacing Urban In H1, the per capita disposable income of residents nationwide was 22,981 yuan, a nominal increase of 5.2% YoY and a real increase of 4.2% after deducting price factors. By permanent residence, the per capita disposable income of urban residents was 30,126 yuan, a nominal increase of 4.4% YoY and 3.4% in real terms; for rural residents, it was 12,699 yuan, a nominal increase of 6.4% YoY and 5.5% in real terms. By income source, the per capita wage income, net operating income, net property income, and net transfer income of residents nationwide increased nominally by 5.3%, 6.5%, 1.1%, and 5.8%, respectively. In H1, the ratio of per capita disposable income of urban to rural residents (with rural income as 1) was 2.37, narrowing 0.05 YoY. Overall, in H1, the national economy operated within a reasonable range, new quality productive forces were cultivated and strengthened, and high-quality development advanced toward new and higher levels. However, it should also be noted that there are numerous external instabilities and uncertainties, the contradiction of strong supply and weak demand in the domestic market is prominent, and the foundation for economic recovery still needs to be consolidated. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, persist in seeking progress while maintaining stability, improving quality and efficiency, intensify counter-cyclical and cross-cyclical adjustments, continue to expand domestic demand and optimize supply, improve incremental growth and revitalize existing resources, focus on building a strong domestic market, accelerate the cultivation and strengthening of new growth drivers, and step up efforts to stabilize employment, enterprises, markets, and expectations, thereby promoting effective qualitative improvement and reasonable quantitative growth of the economy. Recommended Reading:

Recently, the People's Government of Bairin Right Banner and Inner Mongolia Ningbang Supply Chain Technology Co., Ltd. signed an investment agreement. The project will be located in the Bairin Right Industrial Park, with a total investment of 1.25 billion yuan and fixed asset investment of 1.05 billion yuan. The first phase of the project will cover an area of 100 mu, with an additional 200 mu reserved for supporting facilities. It will build 10 intelligent secondary aluminum melting and refining production lines, with an annual output of 300,000 mt of high-grade secondary aluminum alloy ingots, and simultaneously construct rare and precious metal extraction and environmental protection facilities.