The accelerated release of industrial upgrading dividends

The industrial economy has delivered a highly valuable 'semi annual report'. Data shows that in the first half of the year, the profits of industrial enterprises above designated size increased by 18.7% year-on-year, with a growth rate 3.2 percentage points faster than the first quarter; The profit margin of the enterprise's operating revenue has increased to 5.7%, the highest cumulative level since 2024. More noteworthy is the transformation of the industrial economic structure: new driving forces are accelerating their growth and development, and new quality productivity is increasingly demonstrating strong driving force and support for high-quality development.

The development of high-tech manufacturing industry is improving and building new industrial advantages. From a production perspective, in the first half of the year, the contribution rate of new driving forces such as high-tech manufacturing and digital product manufacturing to the growth of added value of large-scale industries was 47.9%, an increase of 12 percentage points from the previous year. In June, the contribution rate even climbed to 61.4%. The new driving force accounts for over 20% of the added value and contributes 60% of industrial growth. In terms of profits, in the first half of the year, the profits of the computer, communication, and other electronic equipment manufacturing industry increased by 96.9% year-on-year, with the integrated circuit manufacturing industry experiencing a nearly 26 fold increase in profits and the computer machine manufacturing industry experiencing a nearly 7-fold increase in profits. Behind the astonishing growth rate is the explosive release of computing power demand under the global wave of artificial intelligence, as well as China's years of deep cultivation in the semiconductor and digital economy industry chains.

The deep optimization of export structure reflects the leap of China's manufacturing global competitiveness. Against the backdrop of various uncertainties in the external environment, China's import and export scale exceeded 25 trillion yuan for the first time in the first half of the year, with the proportion of electromechanical product exports increasing to 63.5% and high-tech product exports growing by 39%. In June alone, the export value of integrated circuits reached 38.205 billion US dollars, accounting for nearly 10% of the export value, becoming the largest export commodity for the first time in a single month. In the first half of the year, China exported over 10000 intelligent bionic robots to more than 90 countries and regions. The continuous increase in the technological content and added value of exported products means that China is deeply embedded in the global innovation division of labor chain, relying on technological content, brand value, and green attributes to win the market. Especially in cutting-edge fields such as artificial intelligence and green low-carbon, the supply elasticity and response speed of the industrial chain have formed unique advantages.

The regional level also confirms this trend. In the first half of the year, the average growth rate of industrial added value in the 10 major industrial provinces was about 7%, which was higher than the national average level, and played a prominent role in "lifting the beam". Various regions are seizing opportunities for the development of artificial intelligence and new energy, and the leading role of new driving forces is strengthened. In the first half of the year, the production of electronic components, integrated circuits, robot reducers, industrial robots and other products related to artificial intelligence in Jiangsu Province showed double-digit growth; The added value of advanced manufacturing and high-tech manufacturing in Guangdong Province has increased to 57.2% and 35.8% respectively, accounting for the proportion of industrial enterprises above designated size in the province; The cumulative growth rate of the added value of high-tech manufacturing industry above designated size in Anhui Province has remained above 30% for seven consecutive months, and its contribution rate to the growth of industrial enterprises above designated size has exceeded 50% for four consecutive months. The combined contribution rate of the electronic information and automotive industries exceeds 70%. This indicates that the accelerated transformation of old and new driving forces is not a solo performance in individual regions, but a nationwide chorus. While maintaining its scale advantage, the industrial province is accelerating its transformation towards a "smart manufacturing strong province". Through technological innovation and industrial upgrading, it has not only solidified its own foundation, but also provided a reference sample for optimizing the national industrial economic structure. This kind of benign competition and coordinated development between regions further solidifies the resilience of China's industrial economy.

The industrial economy is moving towards innovation and optimization, which is the result of the resonance between policy efforts and market vitality. On the one hand, the steady progress of the "dual" and "two new" initiatives has led to the deep implementation of a new round of stable growth in the top ten key industries, effectively promoting supply-demand matching and enhancing the vitality of business entities. The continuous recovery of ex factory prices by industrial producers provides price support for the expansion of corporate revenue. On the other hand, as innovative entities, enterprises actively embrace intelligence and greenness, and hone their "hard skills" in the fierce market competition. With the deepening development of a new round of technological revolution and industrial transformation, emerging fields such as artificial intelligence, biomanufacturing, and low altitude economy will unleash greater potential; The advantage of a super large domestic market will provide broad application scenarios for new technologies and products; Macro policies will continue to focus on cultivating new quality productivity, expanding domestic demand, and optimizing the business environment. All of these will provide strong support for the development of industrial economy.

It should also be soberly recognized that the foundation of industrial economic recovery still needs to be consolidated, and problems such as profit differentiation between industries, insufficient domestic demand, and significant pressure on enterprise capital turnover still exist. The external environment is complex and ever-changing, and there is still uncertainty in the trend of international commodity prices. We must firmly follow the path of innovation driven development, accelerate the cultivation of new driving forces, transform and enhance traditional driving forces, focus on stimulating effective demand, and enable various business entities to find their own place and showcase their strengths in the tide of industrial upgrading. (Author: Xiong Li)