Cloud manufacturing refers to the utilization of cloud computing technologies to support the manufacturing industry, enabling the use of shared resources, services and data through an interconnected network. Cloud manufacturing market consists of sales, by entities (organizations, sole traders or partnerships), of cloud manufacturing hardware, software and services that provide a flexible, scalable and efficient way for manufacturers to access computational tools, manufacturing resources and services over the internet, without needing to invest in large-scale infrastructure. It transforms traditional manufacturing processes by integrating hardware, software and network resources into cloud platforms, which can be accessed on-demand.

8 月 CPI 同比增速-0.4%，环比 0.0%；PPI 同比增速-2.9%，环比回升至 0.0%。8 月通胀保持稳步修复。在猪周期影响下，食品价格对 CPI 形成主要拖累，但核心服务价格保持韧性，核心 CPI 同比大幅回升。反内卷政策效果在 8 月 PPI 数据已有所显现，采掘工业价格动能回正，黑色链条也出现止跌回稳的迹象，同时大宗商品涨价也带动了中下游加工业，后续观察涨价的持续性与弹性。

物管商管：经营回归主业，规模增长放缓，企业盈利能力提升，部分优质物企持续保持业绩高增。2025 年上半年 23 家重点物管及商管公司合计实现营业收入 1158.4 亿元，同比增长 5.0%，增 速与 2024 年全年基本持平；基础物管服务营收占比达到 70.9%，较去年全年提升 1.7 个百分点，物企经营逐渐回归物业管理服务主业。上半年实现归母净利润 81.9 亿元，同比增长 34.9%，去年 同期同比增速为 38.5%，2024 年全年同比增速为-18.8%，样本企业整体业绩增速已由负转正。归母净利润率提升至 7.1%，较去年同期提升 1.6 个百分点。截止 2025 年上半年末，18 家披露在管面积的物企在管面积共 54.5 亿方，同比增长 4.0%，增速较 2024 年全年下降 2.0 个百分点。企业分化明显，部分企业业绩增速保持双位数增长。

2025H1，美国住房市场在高房价与高利率的双重压力下，住房可负担性降 至历史低位，购房需求显著受到抑制，新屋与成屋成交量有所下滑。新屋与成屋价格仍保持在历史高位，其中成屋价格已连续两个月创下新高。虽然整 体库存相比 2024 年末有所增加，但成屋库存短缺压力仍存，高房价问题仍未得到有效缓解。展望 2025H2，我们预期：1）由于建筑材料成本和融资 成本高企以及库存压力增加，建筑商的投资活动或将趋于保守，预计新屋开工量继续收缩；2）截至 2024Q3 末，美国 73.3%的存量抵押贷款利率低于 5.0%，尽管市场预期美联储在 2025 年底前降息 50bp 或更多，但短期内抵 押贷款利率降至 5%以下的概率较低。在这种情况下，“利率锁定效应”可能延续，或将继续限制存量房主的换房意愿，导致成屋库存短缺和高房价矛盾短期内难以有效缓解。

2025 上半年，A 股房地产板块实现营业收入 7128 亿元，同比下降 11.6%，降幅较 2024 上半年收窄 10.1 个百分点。2025 上半年 A 股房地产板块归母净亏损 383 亿元，较 2024 上半年多亏 264 亿元。在低毛利项目持续结算、房价下行趋势并未扭 转背景下，表内外项目利润率持续走低，板块整体亏损幅度扩大，报表表现不佳，重点房企表现显著好于行业水平，板块总体仍处于缩表进程。

2025 年 1-7 月，百城成交住宅类用地建面为 1.09 亿平，累计同比+0.3%；成交楼面均价为 7,391 元/平方米，累计同比+23.7%。分能级城市来看，1-7 月，一线城市：供应住宅类用地建面为 554 万平，累计同比-15.5%；成交建面为 508 万平，累计同比-5.7%；成交楼面均价为 39,229 元/平方米，累计同比+37.5%。二线城市：供应住宅类用地建面为5,914万平，累计同比-3.2%；成交建面为5,151 万平，累计同比+11.1%；成交楼面均价为 8,336 元/平方米，累计同比+19.0%。三线城市：供应住宅类用地建面为 6,126 万平，累计同比-26.8%；成交建面为 5,216 万平，累计同比-8.0%；成交均价为 3,360 元/平方米，累计同比+12.4%。

2025 年以来，面对依然处于需求复苏初期、供给仍保有相当力度的商业地产市场，各 REITs 表现优于大市，整体实现平稳运营，预期收入和可供分配金额目标也如期按时间进度持续推进。持续稳健的运营也让红利资产扩围至消费 REITs 领域，推动股价相对 REITs 板块获显著超额收益。我们认为在产权类 REITs 中，消费板块最有望在宏观环境改善进程中率先受益。基于运营效能走势、基数效应等因素，我们更看好中金唯品会奥莱、华夏华润商业、华夏首创奥莱、华夏大悦城商业。

Automotive lighting is used to ensure visibility and safety on the road through lighting and signaling. It is also an important feature of vehicles interiors and improves vehicle conspicuity. The report includes lighting technologies such as halogen, xenon, and LED lighting systems used in automobiles.

An automotive heating, ventilation, and air conditioning (HVAC) compressor is a crucial component in a vehicles air conditioning system. It is responsible for compressing the refrigerant gas and circulating it through the system. The compressor increases the pressure and temperature of the refrigerant, transforming it from a low-pressure gas to a high-pressure gas. This process allows the refrigerant to release heat when it passes through the condenser, cooling the air that eventually enters the vehicles cabin.

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