In the first quarter, local smartphone manufacturers in China continuously optimized their market structure, with AI smartphone shipments reaching 11.9 million units, accounting for 25% of global AI smartphone shipments; On April 20th, the second domestically produced large cruise ship H1509 entered the No. 2 shipyard of China Shipbuilding Group Shanghai Waigaoqiao Shipbuilding Co., Ltd. and began final assembly and loading; From January to May, China's passenger car exports increased by over 30% year-on-year, and the export of new energy vehicles reached 519000 units, a year-on-year increase of 13.7%... Data from the National Bureau of Statistics shows that from January to May, the profits of industrial enterprises above designated size in China increased by 3.4% year-on-year, while manufacturing profits increased by 6.3%; Among them, the profit of the equipment manufacturing industry increased by 11.5% year-on-year, with a growth rate 8.1 percentage points higher than that of the large-scale industry, driving the growth of profits in the large-scale industry by 3.6 percentage points, becoming the industry sector that has made the largest contribution to the growth of profits in the large-scale industry since the beginning of this year. "The equipment manufacturing industry has become an important engine for profit growth." According to Yu Weining, a statistician from the Industrial Department of the National Bureau of Statistics, with the deepening of high-end, intelligent, and green manufacturing, new driving forces and advantages are accelerating, and the profits of the equipment manufacturing industry are maintaining rapid growth, injecting important impetus into the improvement of industrial enterprise efficiency. The continuous increase in total industrial added value is a prerequisite for maintaining rapid profit growth. Data shows that the growth rate of added value in the equipment manufacturing industry above designated size has been higher than the average level of all above designated industries for 10 consecutive months, and its proportion to the added value of above designated industries has remained above 30% for 15 consecutive months. In May, the equipment manufacturing industry contributed 45.7% to the growth of all large-scale industries. Looking at different industries, the production of products such as smartphones, high-tech ships, and automobiles has grown rapidly. The profit of the electronics industry has increased by 56.8%, the profit of the railway, ship, aviation, and aerospace transportation equipment industry has increased by 36.3%, and the profit of the automotive industry has increased by 17.9%. The growth rate of ship orders has repeatedly reached new highs, becoming the world's largest exporter of bulk carriers, oil tankers, and automobile transport ships; A basically complete and competitive new energy vehicle industry chain has been established, with new energy vehicle production and sales accounting for over 60% of the world's total and ranking first in the world for 9 consecutive years. In recent years, China's industrial and economic transformation and upgrading have continued to advance, and the competitiveness of high-end products has been continuously enhanced. The equipment manufacturing industry has performed well. Industry analysis suggests that the continuous development of China's equipment manufacturing industry is not only due to the improvement of the industry's own strength, but also to the improvement of the demand side. Data shows that the global manufacturing industry has rebounded since the beginning of this year. In January of this year, JPMorgan Chase's global manufacturing PMI rose to 50.0%, marking the first time since September 2022 that it has reached the boom bust line and has remained in the boom zone for the following months; With the explosive growth of emerging fields such as global generative AI and intelligent connected vehicles, the global electronic information market continues to recover, and China's exports of mechanical and electrical products remain stable. In addition, China's manufacturing industry has effectively increased overseas demand by continuously optimizing supply. According to statistics from the General Administration of Customs, in the first five months, the shipbuilding industry exported a total of 2363 ships, a year-on-year increase of 25.0%; The export volume reached 120.98 billion yuan, a year-on-year increase of 100.1%. The report released by the China Shipbuilding Industry Association shows that since 2021, the global new shipbuilding market has entered a new cycle of development, with market recovery tending towards a high and stable level, and mainstream shipyards continuously breaking through in accepting orders. The association predicts that China's shipbuilding industry will receive approximately 55 million deadweight tons of new orders this year. At the same time, a new round of large-scale equipment updates and consumer goods trade ins are bringing new growth opportunities to the equipment manufacturing industry. With policy support, the demand for equipment updates continues to be released. In the first five months, investment in equipment and tools procurement increased by 17.5% year-on-year, and investment in manufacturing technology transformation increased by 10.0%. With the implementation and effectiveness of policy measures such as large-scale equipment updates, the steel market is expected to improve and prices are rebounding. The steel industry achieved a profit of 9.50 billion yuan in May, a year-on-year shift from loss to profit, reversing the net loss situation of the entire industry for three consecutive months; The non-ferrous smelting industry was driven by factors such as rising product prices, resulting in a profit growth of 80.6% from January to May, which was 24.0 percentage points faster than the growth rate from January to April. Yu Weining stated that in the next stage, efforts should be made to promote the implementation and effectiveness of policies and measures that have been introduced, vigorously promote new industrialization, accelerate the development of new quality productivity, focus on expanding effective demand, boost the confidence of business entities, and promote the sustained recovery and improvement of the industrial economy. (Lai Xin She)