[SMM Steel Market Morning News] CAAM: In June, Chinese brand passenger vehicle sales up 6.2% YoY

★Macro★

01 ★★

[Guangdong H1 GDP up 4.5% YoY]

Guangdong Statistics official WeChat account announced on July 23 that, based on unified regional GDP accounting, in H1, Guangdong's GDP reached RMB 7.228105 trillion, up 4.5% YoY at constant prices. Of this, the value-added of the primary industry was RMB 224.894 billion, up 3.8% YoY; the secondary industry value-added was RMB 2.732761 trillion, up 4.7% YoY; and the tertiary industry value-added was RMB 4.27045 trillion, up 4.5% YoY.

02 ★★

[Hangzhou: H1 GDP up 5.3% YoY]

Hangzhou Statistics Bureau released data showing that, according to unified regional GDP accounting, in H1, the city's GDP reached RMB 1.2013 trillion, up 5.3% YoY at constant prices. By industry, the value-added of the primary industry was RMB 16.3 billion, up 4.1% YoY; the secondary industry value-added was RMB 280.6 billion, up 5.1% YoY; and the tertiary industry value-added was RMB 904.5 billion, up 5.4% YoY.

★Industry and Downstream★

01 ★★

[Sichuan: Aiming for Over 40,000 New Energy Trucks by End-2027]

The General Office of the Sichuan Provincial People's Government recently issued the "Work Plan for Promoting the Large-Scale Development and Application of New Energy Trucks in Sichuan". The plan proposes to seek support from large-scale equipment renewal policies. It will leverage large-scale equipment renewal policies, actively obtain funds from central government ultra-long-term special government bonds, support the retirement and renewal of old operating trucks that fall within the scope of national large-scale equipment renewal policies into new energy trucks, support the purchase of new energy urban cold-chain distribution trucks, and aim to have over 40,000 new energy trucks by the end of 2027.

02 ★★

[Beijing Trade-in Program Adds 10 Smart Product Categories]

According to the Beijing Municipal Commerce Bureau, individual consumers in Beijing purchasing 10 categories of products, including smart door locks, smart cameras, smart robot vacuums (including smart floor washers and smart vacuum cleaners), smart toilets (including smart toilet seat covers), digital cameras (including action cameras), smart earphones, whole-house smart hosts (including smart home servers and smart gateways), smart beds (including smart mattresses), smart electric wheelchairs, and embodied AI robots (including companion robots, robot dogs, exoskeleton robots, and elderly care robots), will receive subsidies. The subsidy is set at 15% of the final selling price after all discounts for the above products, with each person eligible for one subsidized item per category, and the subsidy per item capped at RMB 1,500. An "instant discount" model will be adopted. Consumers must complete real-name authentication via the "Jingtong" mobile app, then enter the "Smart Home Subsidy" section to claim subsidy voucher codes as needed. When purchasing the above smart home products through participating enterprises, the instant discount will be applied during order payment. Online and offline purchases enjoy the same subsidy benefits. Products must have smart functions and unified national standard commodity codes; those with energy-efficiency or water-efficiency labels must meet level-1 standards.

03 ★★★

[CAAM: Chinese-brand Passenger Vehicle Sales Total 1.812 Million Units in June, up 6.2% YoY]

According to CAAM's statistical analysis, in June 2026, sales of Chinese-brand passenger vehicles totaled 1.812 million units, up 7.3% MoM and up 6.2% YoY, accounting for 75.5% of total passenger vehicle sales. Their market share rose by 8.2 percentage points YoY. From January to June 2026, sales of Chinese-brand passenger vehicles totaled 9.138 million units, down 1.4% YoY, accounting for 71.8% of total passenger vehicle sales, with the market share up 3.3 percentage points YoY.

04 ★★★

[Two Departments: National Offshore Wind Power New Construction Starts to Reach Around 100 GW During the 15th Five-Year Plan Period]

The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued the "Renewable Energy Development 15th Five-Year Plan", which states that during the 15th Five-Year Plan period, new offshore wind power construction starts nationwide will be around 100 GW, with cumulative installed capacity reaching over 100 GW by 2030. It calls for continuously accelerating near-shore offshore wind power construction; speeding up the construction of already approved provincial offshore wind projects; carrying out a new round of revisions and assessments of provincial offshore wind power plans; optimizing cable route paths for near-shore offshore wind power; vigorously promoting the layout and construction of deep-sea offshore wind power bases; establishing a project database for deep-sea offshore wind bases, coordinating factors such as sea use, and promoting orderly construction of the bases in batches; coordinating and advancing the planning and construction of source-grid engineering, and promoting intensive sharing of submarine transmission corridors and landing points; promoting the integrated development of offshore wind power; promoting the integrated development and utilization of offshore wind power with offshore PV and ocean energy; encouraging the integrated development of offshore wind power with offshore oil and gas, seawater desalination, marine ranching, and submarine computing facilities, and advancing the integrated construction of offshore wind power with facilities for ocean observation, ecological monitoring, and earthquake monitoring; and exploring the construction of offshore energy islands and creating a new model for the comprehensive development and efficient use of green offshore energy.

★Other Hot Topics★

⭕[Two Departments: National Conventional Hydropower Installed Capacity to Reach Around 410 GW by 2030] The NDRC and NEA issued the "Renewable Energy Development 15th Five-Year Plan", which mentions that by coordinating hydropower development with ecological protection and taking into account needs for flood control, water supply, irrigation, and navigation, the national conventional hydropower installed capacity will reach around 410 GW by 2030. It will actively and prudently advance the development and construction of major hydropower projects; build the hydropower project in the lower reaches of the Yarlung Zangbo River with high quality; coordinate the adjustment of hydropower planning in key river basins or sections, and study and demonstrate hydropower planning for the Nujiang River basin; solidly advance preliminary work for major hydropower projects such as leading reservoir power stations in river basins; continue promoting the construction of ongoing projects, and ensure the timely commissioning of projects like Shuangjiangkou on the Dadu River and Lawa on the Jinsha River; scientifically and orderly promote the flexibility upgrade of existing hydropower; adhere to integrated planning of upstream/downstream and left/right banks in river basins, focusing on hydropower bases in highly developed basins, support the construction of hydropower expansion projects, and carry out capacity-increasing retrofits of old hydropower units according to local conditions; promote the green transformation and upgrading of small hydropower; speed up the planning and construction of integrated hydro, wind and solar power bases in river basins; improve the planning layout of integrated hydro, wind and solar power bases in major river basins across the country, and accelerate the construction of already planned bases; coordinate local consumption and transmission, and promote the integrated development of hydro, wind, and solar power with industries.

⭕[National Foreign Investment Absorption at RMB 402.14 Billion, January-June 2026] In January-June 2026, 31,617 new foreign-invested enterprises were established nationwide, up 5.3% YoY. Actual utilized foreign investment in RMB terms totaled RMB 402.14 billion, down 5% YoY. In June alone, actual utilized foreign investment rose 15.1% YoY. By industry, manufacturing utilized RMB 105.03 billion and services utilized RMB 289.62 billion. High-tech industries utilized RMB 170.33 billion, up 33.2% YoY, accounting for 42.4% of the total, up 12.2 percentage points YoY. Of this, R&D and design services, electronic and communication equipment manufacturing, and computer and office equipment manufacturing saw foreign investment increase by 82%, 52%, and 29.2%, respectively.

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