中国科技简报 - 2025年7月9日

Restricted -External China TechnologyPOSITIVEChina TechnologyJiong Shao,CFA+1 212526 5562jiong.shao@barclays.comBCI, USLian Xiu (Roger) Duan+1 212 526 4633lianxiu.duan@barclays.comBCI, USXinyao Song+1 212 526 6972xinyao.song@barclays.comBCI, US be made to the EU mindset rather than to China-EU economic ties. Mao called on China andtheEUtomanagetheirdifferencesthroughdialogandexpressedwillingnessto expandimports of quality EU products into China.China's CPI up 0.1% yoy and PPI -3.6% yoy in June: According to official NBS data, China's(PPl) was down -3.6% yoy and -0.4% mom, with the producer prices falling the most in nearlytwo years.: NDRC announced it has allocated an additional 1o billion yuan for work-relief programsin promoting employment and income growth for rural workers: According to CLS, NDRCannounced on Tuesday that it has allocated additional 10 billion yuan in central budgetaryfunds to strengthen the role of work-relief programs in promoting employment and incomegrowth for workers. The funds will support 26 provincial-level regions, which are expected togenerate a total of 4.59 billion yuan in labor remuneration, which the NDRC expects will help3iokindividualsstabilizetheiremploymentand increasetheirincomes.Bytheendof June,NDRC andtheMinistry of Financehad jointlyallocated29.5billionyuanforwork-reliefare expected to absorb and employ over 700k people in need, with more than 11 billion yuanin labor remuneration to be distributed.Company News. The order volume of restaurant brands hit a record high of over 4,ooo in the first week ofTaobao Flash Sale's 50-billion-yuan subsidy program: According to 36kr, Taobao Flash Salehas released its sales highlight for the first week of the 50-billion-yuan subsidy program. Theorder volume of over 4,o00 restaurant brands was a record high achieved in the first week,subsidy program.: Tencent GameQo create a new department overseeing the strategic collaborations withUbisoft Acdording to 36kr, Tencent Games delivered an internal letter today saying that itwillcreate a new department named K9, which will oversee strategic collaborations withCJbisof, which is known for franchises such as Assassin's Creed and Far Cry. The K9department will focus on publishing and IP collaborations, aiming to transform Ubisoft's coreIPs into long-term franchises.China's Al startup Manus Ai has relocated its headquarters to Singapore and has reducedheadcount in China: According to Tencent News, China's Al startup Manus Al has relocatedits headquarters to Singapore just four months after its global debut. The move also comes asthe company has reportedly completed a USD 75 million funding round led by a Silicon ValleyVC firm, with the valuation at around USD 500 million. Manus Al has laid off most of its 120employees based in China. Around 40 core engineers have been transferred to the newSingapore headquarters. Meanwhile, Manus Al has initiated local recruitment for Al engineersand data scientists in Singapore.: BYD reached a milestone of 90,0o0 EV deliveries in Thailand and the first BYD Destroyer05 vehicle rolls off production line in Thailand's plant: According to Sina News, BYDreached 9o,ooo EV deliveries milestone in Thailand inthreeyears.BYDalso announced thatits first PHEV model in the country, the Destroyer 05 vehicle, has rolled off the production linein Thailand's manufacturing plant.: Denza announces the upcoming premium SUV model N8L to be released soon: According2 as Denza's general sales manager, and Mr. Li has announced that the upcoming premium Suvmodel N8Lwillbereleasedsoonthis report. Information on hyperlinked third-party websites is not incorporated by reference intothis report. The inclusion in this report of hyperlinks to third-party websites does not imply anyendorsement by or any affiliation with Barclays. Some external links may require a subscription.3 later. Analyst(s) Certification(s):We, Jiong Shao, CFA and Lian Xiu (Roger) Duan, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and its affiliates (collectively and each individually,"Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and may differ from the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https:/publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 74