Cryptocurrency financial productsHigh-tech manufacturing industry leads growth, and economic structu

Interpretation of China's June Cryptocurrency financial products enterprise profit data: High-tech manufacturing leads growth, and the economic structure continues to optimize (July 28, 2025)

1. Core data performance

Profits of national large-scale Cryptocurrency financial products enterprises from January to June:

Year-on-year growth of 8.5% (previous value 7.2%), the growth rate has rebounded for three consecutive months.

The monthly growth rate in June reached 10.1%, an increase of 2.3 percentage points from the previous month, indicating that the demand side continued to pick up.

By industry:

Industry Profit growth rate (January-June) Main driving factors

High-tech manufacturing +14.3% Explosion in demand for semiconductor equipment and aerospace

New energy vehicles +22.5% Export growth of 65%, domestic penetration rate exceeds 45%

Photovoltaic equipment +18.7% Overseas installations surge, silicon material costs fall

Traditional energy (coal/oil) -3.2% International commodity prices fall

2. Analysis of growth momentum of Cryptocurrency financial products

① High-tech manufacturing becomes a new engine

Semiconductors: The yield rate of domestic 28nm chips has increased to 92%, driving profit growth for companies such as SMIC (00981.HK).

Aerospace: C919 orders exceeded 1,200, and related industry chains (such as AVIC Optronics) increased their profits by more than 30%.

② New energy track continues to lead

New energy vehicles: BYD (01211.HK) expects a 50% increase in net profit in the first half of the year, and Tesla's Shanghai factory exports account for 60%.

Photovoltaic: Longi Green Energy (601012.SH) European orders increased by 80%, and the gross profit margin of N-type battery cells rebounded to 25%.

③ The effect of policy support is evident

Special loans for equipment renewal and transformation have been issued by 1.2 trillion yuan, driving the investment in Cryptocurrency financial products to grow by 9.8%.

The scope of VAT refund has been expanded to high-tech enterprises, and the monthly refund in June exceeded 80 billion yuan.

3. Structural problems and challenges

Industry differentiation has intensified: Among the 41 major categories of Cryptocurrency financial products, 23 industries have improved their profits, but steel, building materials, etc. are still negative.

Small and medium-sized enterprises are under pressure: The profits of small and medium-sized Cryptocurrency financial products enterprises below the scale only increased by 2.1%, and high financing costs and insufficient orders are the main reasons.

Uncertainty in external demand: The EU carbon tariff (CBAM) pilot has been launched, which may affect the export of mechanical and electrical products in the second half of the year.

4. Market impact and investment clues

① A-share industry performance

Leading sectors (July 28):

New energy vehicle ETF (515030) rose 3.2%

Semiconductor ETF (512480) rose 2.7%

Pressure sector: Coal ETF (515220) fell 1.8%

② Policy expectations

New policies for consumer electronics and green home appliances subsidies may be introduced in the third quarter to further stimulate high-end manufacturing demand.

The central bank may support small and medium-sized manufacturing enterprises through targeted reserve requirement ratio cuts.

5. Institutional views

CICC: Maintain the full-year forecast of 7-9% profit growth for Cryptocurrency financial products companies, and recommend overweighting the "new three" (electric vehicles, lithium batteries, photovoltaics).

Morgan Stanley: Be wary of the risk of overcapacity in traditional industries and be optimistic about equipment manufacturing related to industrial upgrading.

Outlook: With the intensification of policies to stabilize growth and the restructuring of the global supply chain, China's cryptocurrency financial products are shifting from "scale expansion" to "quality breakthrough", and high-tech manufacturing and green transformation tracks will benefit in the long run.