来源：环球网 【环球网报道 记者 李青云】7月16日至20日，第三届中国国际供应链促进博览会（以下简称链博会）在 北京中国国际展览中心顺义馆举办。记者深入3号馆健康生活链展区，亲身感受到这里中外企业携手共 进、创新合作的蓬勃活力。 外国展商点赞中国供应链 本次链博会，不少外国参展商选择与中国合作方或者中国供应商一同参展。 星巴克中国连续第三届参展。展台上，星巴克携手战略合作伙伴远景，联合供应商伙伴结成减碳联盟， 聚集全链绿色力量，打造面向未来的可持续供应链。此外，星巴克即饮业务首次登陆链博会展台，全面 展示从创新、采购、生产到分销的本土化产业链布局。 作为唯一参展的外资美妆企业，首次登上链博会舞台的欧莱雅，展示日化及美妆产业链的创新能力和合 作成果。在展台看到，欧莱雅旗下多个品牌的护肤品、香水等产品外包装均已添加二维码标识，只需扫 码，就能追溯到产品的物流、生产工厂及成分信息。 "欧莱雅在中国生产的化妆品，除了满足中国市场的需求外，还出口到了其他国家。"欧莱雅现场工作人 员向记者介绍，目前公司62%的销量都来自中国两家工厂生产的产品，欧莱雅去年还在中国建成了全球 第一家智能运营中心，每小时可处理超7000个消 ...

【环球网报道】有关美国已故富商爱泼斯坦的传闻不断出现。美国《华尔街日报》当地时间17日独家爆 料称，该媒体查阅的文件显示，爱泼斯坦2003年庆祝50岁生日之际，其前女友马克斯韦尔为他制作了一 本生日纪念册，其中收录了数十人寄来的"露骨"信件，风格轻佻，其中一封来自美国现任总统特朗普。 不过，特朗普在接受该报采访时坚决否认自己写过这封信，并斥责该报道是"假新闻"和"诽谤"。 "我这辈子从没画过画，更不会画女性肖像，"特朗普还说，"这不是我的语言风格，也不是我的文字。" 特朗普还表示，如果该报执意就此事发表文章，他准备提起诉讼。"我会起诉《华尔街日报》，就像我 起诉其他人一样。"他说。 另据美国"政治新闻网"等媒体补充，在《华尔街日报》发布该报道几小时后，特朗普当地时间17日表示 他将起诉该报及其所有者。特朗普称，他曾警告《华尔街日报》老板默多克及其主编塔克，称这封信 是"伪造的"，并斥责该报道"虚假、恶意，诽谤"。 爱泼斯坦与大量美国政商名流交往密切，因涉嫌性犯罪被捕后，于2019年8月死于狱中，被判定为自 杀。据称，爱泼斯坦掌握一份用于勒索知名人士的"客户名单"。特朗普2024年竞选总统期间承诺，上台 后将公 ...

Group 1 - The overall A-share market is experiencing a fluctuating upward trend, yet some public equity funds are facing continuous shrinkage in scale, triggering liquidation conditions [1] - As of July 16, 50 active equity funds have entered liquidation procedures this year, with initiated funds being particularly affected [1][3] - The case of Zhongyin Securities Huize Jinqi 3-Month Holding Fund highlights the challenges faced by small and medium-sized fund companies in the FOF product layout, as its net asset value was only 0.28 billion yuan, significantly below the 2 billion yuan safety line [3][4] Group 2 - The "three-year test" for initiated funds has become a primary reason for liquidation, as funds must maintain a net asset value of at least 2 billion yuan after three years to avoid termination [4] - The increase in the number of liquidated equity funds is attributed to structural market conditions, where capital is concentrated in top funds and track-type products, diminishing the appeal of smaller funds [4] - Analysts suggest that the liquidation of initiated funds should not be viewed merely as failure but as a reflection of market competition, urging fund companies to carefully assess product strategies and resource alignment [4]

Group 1 - The core viewpoint of the articles highlights the robust recovery of the insurance market in China, as evidenced by the year-on-year growth in premium income reported by major insurance companies [1][3] - New China Life Insurance led the industry with a 23% increase in premium income, achieving 121.26 billion yuan, while China Pacific Insurance and ZhongAn Online reported growths of 6% and 9%, respectively [3][4] - The insurance industry is undergoing a significant change in information disclosure practices, with major players like China Ping An and China Life announcing the cancellation of monthly premium income reports starting January 2025, shifting focus to semi-annual and annual reports [1][3] Group 2 - New China Life's growth is attributed to the performance of its individual insurance channel and the expansion of its bank insurance channel, which has become a key growth driver [3][4] - China Pacific Insurance's premium income reached 267.85 billion yuan, showing balanced development in life and property insurance, while ZhongAn Online achieved 14.82 billion yuan in premium income, driven by innovative health and digital life insurance products [3][4] - The reduction in monthly data disclosure is seen as a move to minimize short-term market fluctuations and to encourage a shift from a "scale-oriented" approach to a "quality-oriented" strategy within the industry [3][4]

Core Viewpoint - The increasing screen time among individuals has led to a significant rise in visual fatigue and related issues, making "eye protection" a critical public health topic that the display industry must address through technological advancements and standardization [1][3]. Group 1: Industry Trends - The global shipment of typical display devices is expected to exceed 2.2 billion units by 2025, with significant growth in the Chinese market for eye-care-focused products such as smartphones, learning tablets, and gaming monitors, showing year-on-year increases of 3%, 20%, and 22% respectively [3]. - The near-sightedness rate in China reached 52.7% in 2023, with a concerning trend towards younger populations, indicating a pressing need for health-focused display technologies [3]. Group 2: Standards and Regulations - The "Golden E Eye Protection Certification Standard" was launched at the conference, which includes metrics for blue light suppression, flicker control, ambient light adaptation, and glare management, aiming to create a unified certification process for display devices [4]. - The certification process requires companies to submit comprehensive documentation and undergo professional testing within 15 working days, ensuring that quality is quantifiable and certification is traceable [4]. Group 3: Health Standards in Education - A new standard for visual health in learning devices, specifically for ink screen technology, was initiated, marking a significant step towards health standardization in educational display equipment [5]. - The industry is encouraged to break down barriers across the supply chain to create a closed-loop system of "technology research and development - standard formulation - market education" to effectively implement health display technologies in everyday life [5]. Group 4: Future Outlook - The introduction of the Golden E certification and the development of specific standards for various scenarios signify a new phase for the Chinese health display industry, focusing on "standard-led and ecological collaboration" [5]. - Companies that achieve breakthroughs in eye protection design, algorithm optimization, and medical validation will be positioned for the next wave of industry upgrades [5].

Core Viewpoint - The Hong Kong IPO market is expected to experience explosive growth in 2025, driven by cornerstone investors, with international capital showing a significant rebound in demand for Chinese assets [1][2]. Group 1: IPO Market Performance - In the first half of 2025, the Hong Kong main board completed 42 IPOs, raising a total of HKD 106.7 billion, representing a year-on-year increase of over 220%, making it the largest globally [1]. - Approximately 85% of new stocks successfully attracted cornerstone investors before listing, with an average of 4.4 cornerstone investors per IPO, and over 40% of projects securing more than five cornerstone institutions [1]. Group 2: Investor Sentiment and Trends - International long-term funds, such as pension and sovereign wealth funds, have resumed investments in Hong Kong stocks after several years of adjustment, driven by the attractiveness of undervalued assets, policy support, and innovation in the technology sector [1][2]. - The demand-supply ratio for Hong Kong IPOs this year averages 9%, significantly lower than the past five years' average of 25%, indicating improved public risk appetite [3]. Group 3: Sectoral Insights - The recovery of the Hong Kong IPO market is supported by multiple favorable factors, including regulatory and institutional optimizations, with the Hong Kong Stock Exchange easing listing rules and promoting dual listings for A-share companies [2]. - High-demand sectors such as new energy, artificial intelligence, and biomedicine are accelerating IPO financing, with leading projects like CATL and BYD having a significant impact [2]. Group 4: Future Outlook - Goldman Sachs predicts that the Hong Kong IPO market will remain active in the second half of the year, with total fundraising expected to exceed HKD 150 billion [2]. - The report emphasizes a strong correlation between the proportion of cornerstone investors (30%-50%) and post-IPO market performance, with high-growth technology stocks and stable consumer stocks continuing to attract capital [2].

Core Viewpoint - The U.S. financial industry is undergoing a historic transformation as major banks like JPMorgan Chase, Citigroup, and Bank of America announce their plans to enter the stablecoin business, marking a strategic response to the rise of fintech and the potential disruption of the dollar's dominance in global payments [1][3]. Group 1: Legislative Developments - The U.S. Senate passed the "STABLE Act," which establishes a framework for stablecoin issuance, requiring issuers to hold equivalent reserves in dollars or government bonds and to be subject to dual regulation by the Federal Reserve and the Office of the Comptroller of the Currency (OCC) [3]. - The act mandates transparency in asset reserves, and despite initial resistance from conservative members of the House, it is expected to be signed by the President soon [3]. Group 2: Bank Strategies - JPMorgan Chase's CEO Jamie Dimon emphasized the necessity for banks to engage in the stablecoin space to maintain their understanding of payment systems, while Citigroup is developing its own "Citi Stablecoin" focused on cross-border payment scenarios [3][4]. - Bank of America has confirmed that its stablecoin project is in substantial preparation, potentially advancing through industry collaboration [3][4]. Group 3: Market Dynamics - The rise of stablecoins poses a significant threat to traditional payment systems, with 98% of stablecoins pegged to the dollar and 80% of transactions occurring outside the U.S., creating a parallel payment network that bypasses the SWIFT system [3]. - Major stablecoin issuers like Tether and Circle hold $116 billion in U.S. Treasury bonds, positioning them among the top 20 holders of U.S. debt, surpassing some sovereign nations [3]. Group 4: Competitive Landscape - The competition is not merely technological but also a struggle for monetary sovereignty, as stablecoins attract major retailers like Amazon and Walmart to consider alternatives to traditional payment channels like Visa and Mastercard [4]. - JPMorgan has launched its institutional deposit token, JPMD, and plans to expand its use in cross-border trade settlements, while Citigroup aims to integrate stablecoins into supply chain finance through a closed-loop system [4]. Group 5: Future Outlook - Dimon noted that the future will see coexistence between banks and cryptocurrencies, with the key challenge being who will define the future standards of value exchange [5].

Core Viewpoint - On July 17, brokers issued buy ratings for 19 stocks, with two stocks, Hanlan Environment and Satellite Chemical, having clear target prices indicating significant upside potential [1][2]. Group 1: Stock Ratings and Target Prices - Hanlan Environment has a target price of 38.94 CNY, representing a potential increase of 52.77% from its latest closing price of 25.49 CNY [1]. - Satellite Chemical has a target price of 21.30 CNY, corresponding to a potential increase of 22.06% [1]. - The overall rating adjustments show a "steady increase," with 11 stocks maintaining their ratings, 1 stock upgraded to "buy," and 7 stocks receiving initial ratings [1][2]. Group 2: Industry Focus and Trends - The stocks receiving buy ratings are concentrated in three main sectors: technology hardware and equipment, materials, and capital goods [2]. - The technology hardware sector includes five stocks such as Zhongji Xuchuang and Tianzhun Technology, focusing on sub-sectors like optical modules and smart equipment [2]. - The materials sector includes three stocks, including Satellite Chemical and Jindawei, while the capital goods sector features three stocks like Jifeng Co. and Qingda Environmental Protection [2]. Group 3: Market Insights and Analyst Commentary - Analysts highlight two main characteristics of current broker ratings: a focus on the alignment of valuation and growth, and an increased coverage of emerging industries and transformation targets [2]. - Stocks with high target price increases, such as Hanlan Environment and Satellite Chemical, are noted for their robust cash flow and leading industry positions [2]. - The upcoming mid-year report season may drive adjustments in stock ratings based on performance exceeding expectations [2].

Core Insights - The AH premium index has been declining since 2025, driven by changes in mainland policies and a low interest rate environment, leading to a revaluation of H-shares by southbound funds [1][3] - The influx of southbound capital has significantly improved market liquidity and shifted market sentiment towards H-shares, indicating a reassessment of their value [3][4] Group 1: AH Premium Index Dynamics - The AH premium index has consistently moved below the average since the "9.24" market rally in 2024, primarily due to a record influx of southbound funds into the Hong Kong stock market [3] - As of July 4, 2025, the combined holdings of southbound and mainland capital in the H-share index approached 50%, with a significant focus on dividend-paying sectors, particularly banks [3][4] - The preference of insurance funds for dividend stocks is a key driver behind the ongoing contraction of the AH premium [4] Group 2: Quality Assets and Market Structure - The AH premium index experienced a notable drop in March 2025, influenced by the inclusion of quality A-share companies like Midea Group and SF Express, which have lower discounts in H-shares [4][5] - From early 2025 to July 9, 2025, there have been 10 A-to-H listings, with companies like CATL and Heng Rui Medicine seeing H-share prices exceed their A-share counterparts, further compressing the AH premium [5] - The Hong Kong market is characterized by a dual structure dominated by large financial and tech-consumer sectors, with unique overseas assets that attract mainland capital [6] Group 3: Investment Opportunities - The improvement in market liquidity and the ongoing trend of A-share companies listing in Hong Kong are expected to enhance market structure and reduce valuation discounts [6] - Companies in sectors such as AI software, innovative pharmaceuticals, non-bank financials, and banks are recommended for investment due to their potential in the context of improved liquidity and value reassessment [6]

Core Viewpoint - The Hong Kong stock market is experiencing a surge in share buybacks amid increasing market volatility, with 22 companies repurchasing a total of 16.22 million shares worth 31.93 million HKD on July 17 [1][3]. Group 1: Company Buyback Activities - Green Bamboo Bio-B led the buyback activities with a repurchase amount of 6.84 million HKD, buying back 316,600 shares at prices ranging from 20.70 to 22.50 HKD, and has repurchased a total of 46.55 million HKD this year [3]. - China Eastern Airlines (referred to as "Eastern Airlines") followed closely with a buyback of 6.42 million HKD, acquiring 2.20 million shares at prices between 2.88 and 2.95 HKD, and has a cumulative buyback amount of 571 million HKD this year, making it one of the most active companies in the market [3][4]. - China International Marine Containers (CIMC) repurchased 656,200 shares for 4.50 million HKD, with a total buyback amount of 47.32 million HKD this year [3]. Group 2: Market Trends and Analyst Insights - The buyback activities reflect a broader trend where companies are taking advantage of stock prices being below their intrinsic value, aiming to enhance earnings per share and optimize capital structure [4]. - Analysts suggest that the large-scale buybacks by leading companies not only support stock prices but may also trigger investor interest in industry valuation restructuring [4]. - The ongoing buyback trend is closely linked to positive expectations regarding macroeconomic conditions and industry recovery, particularly in sectors like aviation, as seen with Eastern Airlines' continuous buybacks amid a recovering airline industry [4].