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Industry news and transmission signals

Supply, demand, capacity, technology and policy events with quantified transmission across 139 industries.

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OtherImportance 70

China Internet and Software Revenue Grows Steadily in First Half of 2026, Profit Growth Diverges

In the first half of 2026, China's internet and software sectors posted steady revenue growth but diverging profit trends. Internet business revenue reached 1,067.5 billion RMB, up 10.1% year-on-year, while profit surged 16.6% to 98.99 billion RMB. Software revenue rose 9.5% to 7,718.2 billion RMB, but profit growth slowed to 1.0% at 899.9 billion RMB. Software exports grew 11.4% to 33.79 billion USD. R&D spending in the internet sector increased 14.1% to 59.55 billion RMB.

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A-sharesImportance 78

MIIT Abolishes Cascade Utilization Policy for Retired EV Batteries, Removes 100 Companies from List

The Ministry of Industry and Information Technology (MIIT) on July 30, 2026, abolished the "cascade utilization" policy for retired new energy vehicle power batteries, removing 100 companies from the standardized list. The move aims to eliminate market inertia and prevent fraudulent repackaging of used batteries. The notice also clarifies that retired batteries cannot be used in e-bikes or other prohibited areas. This follows a 2025 regulation that redefined comprehensive utilization as only recycling, and a 2026 joint enforcement action.

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OtherImportance 70

China Mobile Hong Kong Completes 5G Expansion at 19 MTR Stations, Becomes First Operator Running Only 4G and

China Mobile Hong Kong has completed 5G network capacity expansion at 19 MTR stations, deploying base stations with the largest spectrum capacity in Hong Kong at key locations including West Kowloon high-speed rail station, Lok Ma Chau checkpoint, Austin, and Tsim Sha Tsui East. The company retired its 2G network in 2026 after retiring 3G in 2025, becoming the first operator in Hong Kong to operate solely 4G and 5G networks. It is now entering the 5.5G era.

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OtherImportance 85

Domestic Tech Giants Accelerate AI Coding Push; Alibaba Qoder at 47.6% Revenue Share, Global Market $98-110B

Domestic tech giants are accelerating their push into AI coding. Alibaba's Qoder, online less than a year, has achieved a 47.6% revenue share, per IDC. The global enterprise AI coding market is annualized at $98-110 billion. Anthropic's Claude Code saw annualized revenue surge from $17 million to $2.5 billion in 10 months, and OpenAI's Codex surpassed $1 billion. ByteDance, Tencent, and others are developing proprietary models. AI coding is a major driver of cloud revenue and a key consumer of inference compute, with cost reduction becoming the next competitive frontier.

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OtherImportance 70

China's Game Market Revenue Hits RMB 188.45 Billion in H1 2026, Up 12.17%

China's game market generated RMB 188.45 billion in actual sales revenue in the first half of 2026, a year-on-year increase of 12.17%. The user base reached 684 million, up 0.82%. Self-developed games posted domestic revenue of RMB 163.356 billion (up 16.31%) and overseas revenue of USD 12.372 billion (up 30.22%). Mobile games dominated with 71.75% share, while client games grew 27.92%. The report also highlighted AI penetration at 86% among global game firms.

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OtherImportance 70

China PV Association Releases Cost Standard; Over 20 Firms Post 15B Yuan Half-Year Pre-Losses

The China Photovoltaic Industry Association has released a general cost accounting model standard, providing a unified benchmark for defining below-cost sales. The standard, guided by the State Administration for Market Regulation and the Ministry of Industry and Information Technology, covers the full supply chain from polysilicon to modules. It aims to address inconsistent cost measurement practices. Meanwhile, over 20 photovoltaic companies reported half-year pre-losses exceeding RMB 15 billion, reflecting challenges such as declining sales, low capacity utilization, and compressed margins. The standard is expected to help restore rational pricing in bidding processes.

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OtherImportance 65

Multiple Bank Wealth Managers Cancel Products Over Fundraising Shortfalls; Regulator Adopts Per-Product Scale

Multiple bank wealth management firms, including XinYin, GuangDa, BoYin, HuiYin, and Jiangnan Rural Commercial Bank, have announced that new products will not be established due to failing to raise minimum subscription amounts. Meanwhile, some existing products are being terminated early as redemptions push sizes below clearing thresholds. The regulator has introduced a new assessment focusing on the average scale per product, prompting the industry to shift from scale expansion to refined operations. As of end-June 2026, the bank wealth management market held RMB 33.66 trillion in outstanding assets, up RMB 1.75 trillion from the first quarter, with over 151 million investors, a 5.59% increase from the start of the year.

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OtherImportance 60

2026 World Dairy Conference to Be Held in Hohhot as Local Industry Revenue Tops 300 Billion RMB

The 2026 World Dairy Conference will be held in Hohhot, Inner Mongolia. Hohhot, known as China's dairy capital, has the country's largest and most complete dairy industry cluster. In 2025, the local dairy industry's full-chain revenue exceeded 300 billion RMB. The article highlights the role of innovation, key players Yili and Mengniu, challenges such as low per capita consumption and reliance on imported ingredients, and the need for technological upgrades, product diversification, and collaborative research to strengthen the industry.

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OtherImportance 75

17 Listed Securities Firms' Mid-Year Net Profit Growth Average 94.55%; CITIC, Guotai Haitong Exceed 20 Billion

Seventeen listed securities firms reported an average lower limit of net profit attributable to parent growth of 94.55% in their mid-year performance forecasts. CITIC Securities and Guotai Haitong both forecast net profit exceeding 20 billion yuan. Non-listed firms also posted strong results, with Xiangcai Securities net profit surging 184% and Zhongshan Securities turning profitable. Several firms held mid-year meetings to set second-half tasks, focusing on wealth management, digitalization, and regional expansion.

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OtherImportance 60

Google Launches AI Music Model Lyria 3.5, Integrates into Flow Music to Enhance Musicality and Creative

Google has released Lyria 3.5, its latest AI music generation model, and integrated it into Flow Music, the AI music creation tool under Google Labs. The upgrade focuses on musicality, lyrics generation, AI vocals, and creative control, enabling users to produce more natural, structurally complete, and emotionally rich songs. The update emphasizes user experience improvements in vocal quality, lyric writing, and iterative editing, without disclosing new benchmark scores. Lyria 3.5 is part of Google's broader push in generative AI music, competing with Suno, Udio, and OpenAI.

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OtherImportance 60

Leapmotor Establishes Huzhou Precision Manufacturing Subsidiary with RMB 210 Million to Expand into Auto Parts

Leapmotor has set up Huzhou Lingsheng Precision Manufacturing Co. , Ltd. with a registered capital of RMB 210 million, covering auto parts, industrial robots, and intelligent robot R&D. The new entity is wholly owned by Leapmotor's subsidiary Zhejiang Lingsheng Power Technology Co. The company did not comment on the move. Leapmotor has been exploring robotics since early 2025, and its chairman recently noted the company's market cap is only 0.5% of Tesla's, despite selling 43% of Tesla's volume. The move reflects broader automotive industry interest in robotics as a growth avenue, though commercialization remains uncertain.

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OtherImportance 60

NRTA Announces First Batch of 16 Micro-Drama Projects Under 'Five-One Batch' Plan

China's National Radio and Television Administration (NRTA) announced the first batch of 16 proposed support projects under the 'Five-One Batch' project of its Premium Micro-Drama Creation and Communication Plan. The list, released on July 28, 2026, includes 'The Year of the Rabbit: The Long March Side Story,' the only project from Chengdu. The original animation series has amassed over 3.3 billion views online and 18 billion comic views, with Douyin topics exceeding 125 billion. The selection coincides with the 90th anniversary of the Long March in 2026.

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A-sharesImportance 85

China's Innovative Drug Out-Licensing Hits 81 Deals ~$110 Billion in H1 2026; 38 Class 1 Drugs Approved

In the first half of 2026, China's innovative drug out-licensing reached 81 deals valued at about $110 billion, already 80% of the full-year 2025 total. Meanwhile, 38 Class 1 innovative drugs were approved for market, including 11 with new targets and mechanisms, all domestically developed. Chinese companies accounted for eight of the top ten global pharmaceutical deals, and total deal value represented about 70% of global M&A. The period also saw the first AI-discovered drug enter Phase III trials in China.

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OtherImportance 60

China's Pharmaceutical Distribution Market Reaches 1.54 Trillion RMB in First Half of 2026, Up 4%

In the first half of 2026, China's pharmaceutical distribution industry recorded a market size of about 1.54 trillion RMB, up approximately 4% year on year. The sector is accelerating its transformation toward intensification and specialization. High-end cold chain logistics has emerged as a profit growth driver, with leading enterprises deploying multi-temperature zone smart warehouses nationwide. As digital and intelligent upgrades become widespread, AI scheduling, unmanned warehouses, and full-chain temperature and humidity tracking have become standard.

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OtherImportance 85

China's Non-Ferrous Metals Output 41.5 Million Tonnes in H1 2026, Revenue RMB5.77 Trillion, Profit Up 94%

In the first half of 2026, building on the first quarter, China's non-ferrous metals industry achieved steady production growth. Output of ten non-ferrous metals totaled 41.513 million tonnes, a year-on-year increase of 3.3%. For 12,362 enterprises above designated size, combined revenue reached RMB5,769.68 billion, up 21.7%, and total profit hit RMB418.39 billion, surging 94% year-on-year.

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OtherImportance 65

Foreign-brand phone shipments in China jump 66% month-on-month to 3.28 million in June 2026, Apple CEO says

Foreign-brand smartphone shipments in China reached 3.28 million units in June 2026, up 66% month-on-month, while local-brand shipments totaled 19.15 million. The overall market shrank 15.3% year-on-year. Separately, Apple's China iPhone revenue hit a record USD 20.5 billion in the March quarter, up over USD 4 billion, with total China sales climbing 38% year-on-year.

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A-sharesImportance 80

Securities Industry Matthew Effect Deepens into Three-Tier Stability; CITIC Net Profit Equals Bottom 35

The Matthew effect in China's securities industry is intensifying, forming a three-tier stable pattern. In the first quarter, CITIC Securities' net profit of RMB 10.216 billion equaled the combined net profit of the bottom 35 brokerages. The top three firms dominated brokerage (26.85%), asset management (57.21%), and investment banking (88.53%) revenue. In IPO underwriting, the top three held nearly 40% of projects, six firms captured over 70% of funds, and the top three took over half of underwriting fees. External M&A since 2023, including major mergers, is accelerating concentration.

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OtherImportance 92

Kumamoto intensity-7 earthquake halts Kyushu semiconductor output; manufacturers race to restore

On July 29, 2026, a maximum intensity-7 earthquake struck Kumamoto Prefecture, directly affecting Kyushu’s dense cluster of semiconductor plants. Multiple producers suspended operations, assessing equipment damage while accelerating restoration work. Kyushu, known as Silicon Island, hosts around 1,000 chip-related firms; its 2025 IC production of ¥1.0931 trillion accounted for 36% of Japan’s total, up nearly 50% over five years. Output spans advanced logic to power devices for phones, cameras and cars. The region’s growth was boosted by global semiconductor demand and TSMC’s 2021 decision to build a fab in Kumamoto.

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OtherImportance 60

China Banking Association Issues 2026 Report on Consumer Finance Firms: Total Assets Reach RMB 1.48 Trillion

The China Banking Association released its 2026 report on consumer finance companies, showing that as of end-2025, 31 licensed firms held total assets of RMB 1.48 trillion, up 7.18% year-on-year, and loan balances of RMB 1.43 trillion, up 6.85%. In 2025, firms issued RMB 5.24 trillion in personal consumption loans to 581 million customers, launching 255 new tailored products worth RMB 278.6 billion that benefited 38.3 million people.

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OtherImportance 60

Chengdu Launches Chengjiao Entertainment Digital Asset Trading Platform

Chengdu Cultural Property Exchange, together with Chengdu Smart Media City and Chengdu Xinchuang Zhongyu, launched the Chengjiao Entertainment Digital Asset Trading Platform on July 29. The platform uses blockchain to provide services for film and TV copyright, original IP, and digital performing arts, including rights certification, valuation, compliance trading, and IP incubation. Strategic partnerships were signed with state-owned platforms, industry associations, and content producers. First listed assets include micro-dramas, music IP, and music festivals. In 2025, Chengdu's digital cultural core industry revenue reached RMB 413.97 billion.

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OtherImportance 80

Hangzhou's 'Six Little Dragons' All Become Unicorns, DeepSeek Raises Over RMB 50 Billion in Single Round

Hangzhou's six emerging tech startups, known as the 'Six Little Dragons,' all reached unicorn status (valuation over $1 billion) within a year. DeepSeek set a record for China's AI industry with a single funding round of over RMB 50 billion. Digital economy core industries accounted for 29.5% of Hangzhou's GDP in 2025. The city's innovation ecosystem includes major labs, incubators, and over half of Zhejiang's 96 'new tech little dragons' are based in Hangzhou.

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OtherImportance 70

Robot Sector Financing Rises from 2024 to First Half 2026; NEV Supply Chain Firms Become Key Investors

Robot sector financing in China grew substantially from 2024 through the first half of 2026, with new energy vehicle (NEV) supply chain companies emerging as major investors. In 2024, the sector recorded over 170 deals totaling about RMB 14 billion. By 2025, after the Spring Festival, deals surged to nearly 450 with a total of approximately RMB 56 billion. In the first half of 2026, nearly 300 deals raised about RMB 46 billion, and nearly 20 startups became unicorns. NEV companies such as CATL and BYD led investments, while the core supply chain overlap between NEVs and robots exceeded 60%.

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OtherImportance 70

2026 China Beer T5 Summit: Top Five Brewers on Cross-Border Innovation and Scene Rebuilding; H1 Output Up 0.2%

China’s top five brewers convened at the 2026 Beer T5 Summit in Qingdao to discuss cross-border innovation and scene rebuilding. National Bureau of Statistics data showed that June beer output fell 3.1% year-on-year to 4.049 million kiloliters, while first-half cumulative output edged up 0.2% to 19.362 million kiloliters. Executives from China Resources Beer, Tsingtao, Budweiser APAC, Yanjing, and Carlsberg China outlined strategies including co-branded products, new consumption scenarios, and value-driven growth.

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OtherImportance 80

State Post Bureau Issues 15th Five-Year Plan: 2030 Postal Revenue Target 2.4 Trillion Yuan, Express 270B Items

The State Post Bureau, together with multiple departments, released the 15th Five-Year Plan for postal development, setting 12 quantitative targets for 2030. The plan targets total postal revenue of RMB 2.4 trillion, total delivery volume of 290 billion items, and express delivery revenue of RMB 2 trillion with volume of 270 billion items. Other goals include 90% of administrative villages receiving mail at least five times per week, 88% on-time delivery rate for express in key areas, and 80% green packaging usage.

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OtherImportance 90

State Grid’s first-half fixed-asset investment exceeds RMB310 billion, China Southern Power Grid nears RMB89.3

State Grid completed over RMB310 billion in fixed-asset investment in the first half of 2026, up 12.6% year on year, while China Southern Power Grid invested nearly RMB89.3 billion, up 14.79%, achieving 49.59% of its full-year target. Both figures marked record highs for the period. The National Energy Administration said total grid investment during the 15th Five-Year Plan is set to exceed RMB5 trillion. As of end-June 2026, national installed capacity reached 4.04 billion kilowatts, up 10.8%. Global electricity demand growth is forecast at 3.6% in 2026 and 3.8% in 2027. In A-shares, grid equipment stocks averaged a decline of over 6% since 2026, though select companies posted strong gains; the sector’s aggregate margin balance climbed over 7.5% from end-2025.

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OtherImportance 70

NMPA Issues New Cosmetics Registration Rules, Simplifying Data on Similar Formulas and Reducing Animal Testing

China's National Medical Products Administration (NMPA) has introduced new measures for cosmetics registration and filing, effective immediately. The rules encourage international brands to launch new products first in China, reduce the compliance burden for companies, and accelerate product iteration. For formulation-similar products such as lipsticks in different shades, companies may test a representative product and share safety and efficacy data after scientific evaluation. The measures also simplify documentation requirements and reduce animal testing.

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OtherImportance 72

Jiangsu Unveils AI+Transport Plan Targeting 2030 with 62 Use Cases

Jiangsu province on July 23 released its 'AI+Transport' implementation plan, aiming to build a high-quality development demonstration zone by 2030. The first batch of 62 application scenarios was announced. Jiangsu's highway network, carrying 7.2% of national traffic on 2.8% of mileage, targets 100 typical scenarios by 2027 and 20 vertical AI models. Transport investment totaled 1 trillion yuan during the 14th Five-Year Plan and is planned to exceed 1 trillion yuan in the 15th Five-Year Plan, with 240 billion yuan designated for 2026.

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OtherImportance 75

Ajinomoto ABF Film Price Hike of 30% Hits AI Chip Supply Chain; Over 50 Chinese Consumer Companies Enter Hard

Ajinomoto raised ABF film prices by 30% in the third quarter of 2026, pressuring the global AI chip supply chain. Since late 2025, more than 50 Chinese consumer companies have diversified into hard tech, with Allbirds' NewBird surging 582% after a pivot to computing power leasing. By-health took a 0.97% stake in a chip startup for RMB 50 million, while Zhong Shanshan invested RMB 500 million for a 10% stake in solid-state battery electrolytes. However, cross-industry high-tech M&A failure rates reached 57.2% in 2024, and traditional company diversification failure rates ranged from 70% to 75% from 2018 to 2025.

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A-sharesImportance 82

Eight Chinese Embodied AI Firms Valued at RMB 20 Billion by June 2026; Unitree and AGIBOT Lead on Shipments

By June 2026, eight Chinese embodied AI companies had reached a combined valuation of RMB 20 billion, including Unitree Technology, AGIBOT, Galaxy General, Xinghitu, Qianxun Intelligence, Zibianliang, Zhipingfang, and Lingxin Qiaoshou. Unitree and AGIBOT are the only two firms whose valuations are supported by shipment volumes. Unitree reported 2025 revenue of RMB 1.699 billion and non-GAAP net profit of RMB 590 million, with an IPO valuation of approximately RMB 42 billion. AGIBOT's 2025 revenue exceeded RMB 1.05 billion and it has initiated a Hong Kong listing. Other companies focus on model data or components, with Lingxin Qiaoshou, the sole non-body manufacturer, reaching a valuation exceeding RMB 20 billion after a Series B+ round in April 2026.

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