中國有能力實現2025年經濟增長目標，但下半年可能面臨更多阻力，需要更長效的刺激措施（繁）

China can reach its growth target 2025 but with even more stimulus and the second half will be tougher

The Chinese economy has shown remarkable resilience in the first half of 2025, recording a GDP growth of 5.3%. Aside of the favorable base effect of a very weak first half last year, the robust performance was largely fueled by continued strength in exports, growing 6.1% YoY in the first seven months and defying the tariff’s gravity. Despite a marginal slowdown in Q2 driven by recouping imports, net exports still contributed around 30% of the overall growth in the first half of 2025, roughly the same as in 2024.Domestic consumption has also proven resilient, although not as much as exports, wi...

Investors interested in China’s green transition should focus on the power infrastructure rather than renewables

In 2024, China’s renewable sector experienced wide-spread losses due to overcapacity. However, it doesn’t mean China’s green transition will grind to a halt. In this note, we analyze the emerging opportunities in China’s power infrastructure, i.e., power grid equipment and battery energy storage manufacturers (see Appendix).China has reached the 1,200GW renewable capacity target 6 years in advance, but the share of renewable in energy consumption remains low as grid construction usually lags power sources. As a result, a large part of the massive installation of solar and wind projects during ...