更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 08 Sep 2025 10:53:38 ET │ 33 pages 1H25 results were fairly in-line with 28% beats and 31% misses among the 445 A and H share companies under Citi coverage. Given PRC 1H25 GDP growth beat but PPI/CPI missed, PRC gov't is pursuing supply-side reforms under the anti-involution framework to boost 2H25E CPI/PPI. From a China equity strategy perspective, we think the key themes of the 15th Five-Year Plan might include economic development, technological innovation, social & people's ...