机械行业：摩托车行业2025年1－5月数据更新－专题报告

银行行业：政府债和企业债支撑社融，M1增速显著回升－5月金融数据点评

银行行业：社融增速如期环比持平，M1增速明显回升－5月金融数据点评

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The graphics processing unit (GPU) is a type of computing technology that is designed for parallel processing and is used in a varied range of applications, such as graphics and video rendering. GPUs are also gaining traction across innovative production and artificial intelligence (AI). These units were initially designed to increase the speed of executing 3D graphics, and over time, they became flexible and programmable because of their enhanced capabilities, which allow graphics programmers to create interesting visual effects and realistic scenes with advanced lighting and shadowing techniques. Furthermore, other users also began to tap the power of GPUs to accelerate additional workloads in high-performance computing (HPC) and deep learning, among others.

社会服务行业：K12教育投资守正，职业教育与AI主题投资出奇－教育板块2025年中期投资策略

汽车零部件行业：2024A及25Q1资本开支跟踪－财报颗粒度系列

房地产行业：投资销售两端走弱，国常会要求更大力度推动止跌回稳－房地产1－5月月报

房地产行业：5月新房销售金额与新开工面积降幅均有所收窄－房地产统计局1－5月数据点评

6 月社融数据有所改善，政府债为社融核心支撑。总量上社融数据在改 善，6 月社融规模为 4.2 万亿元，同比多增 9008 亿元。结构上政府债为核心支撑，6 月政府债券融资规模为 1.4 万亿元，同比多增 5032 亿元，相较之前年份明显“靠前发力”。截止至 6 月，剔除政府债券融资后今年累计社会融资规模为 15.2 万亿元，同比多增 4099 亿元，但相较于过去五年的平均水平 16.3 万亿还略有差距，货币政策仍需进一步发力。