Group 1 - The total value of China's goods trade imports and exports reached 25.7 trillion yuan in the first seven months, with a year-on-year growth of 3.5%, accelerating by 0.6 percentage points compared to the first half of the year [1] - Exports amounted to 15.31 trillion yuan, growing by 7.3%, while imports were 10.39 trillion yuan, declining by 1.6%, with the decline narrowing by 1.1 percentage points compared to the first half of the year [1] - In July, the total value of imports and exports was 3.91 trillion yuan, growing by 6.7%, with exports at 2.31 trillion yuan (up 8%) and imports at 1.6 trillion yuan (up 4.8%) [1] Group 2 - ASEAN became China's largest trading partner in the first seven months, with a trade value of 4.29 trillion yuan, growing by 9.4%, accounting for 16.7% of China's total foreign trade [2] - The EU was the second-largest trading partner, with a trade value of 3.35 trillion yuan, growing by 3.9%, making up 13% of the total [2] - Trade with the US decreased by 11.1%, with a total trade value of 2.42 trillion yuan, accounting for 9.4% of China's total foreign trade [2] Group 3 - Private enterprises played a crucial role in stabilizing foreign trade, with imports and exports reaching 14.68 trillion yuan, growing by 7.4%, and accounting for 57.1% of the total [2] - The number of private enterprises with import and export performance increased by 8.5%, totaling 570,000, which represents 87.2% of all enterprises with import and export performance [2] - Foreign-invested enterprises had imports and exports of 7.46 trillion yuan, growing by 2.6%, while state-owned enterprises saw a decline of 8.8% with a total of 3.49 trillion yuan [2] Group 4 - The import and export of high-tech products reached 5.1 trillion yuan, growing by 8.4%, contributing 45.4% to the overall growth of imports and exports [3] - Exports of high-end machine tools increased by 23.4%, while imports of high-end textile machinery grew by 19.3% [3] - The import volume of major bulk commodities showed mixed trends, with prices of iron ore, crude oil, coal, and natural gas declining, while the import volume of crude oil and soybeans increased [3]

国务院办公厅近日印发《关于逐步推行免费学前教育的意见》。8月7日，财政部副部长郭婷婷在国务院 政策例行吹风会上表示，国家统一实施的免保育教育费政策覆盖所有幼儿园的大班儿童，预计今年秋季 学期将惠及1200万人左右。同时，鼓励各省结合实际巩固落实家庭经济困难儿童等群体的资助政策，做 好兜底保障。 为充分体现政策的普惠性和公平性，这次的免保育教育费政策覆盖所有幼儿园大班适龄儿童，既包括公 办幼儿园，也包括民办幼儿园，既包括城市幼儿园，也包括乡村幼儿园，让所有在园就读的大班儿童都 能够享受到这一政策红利。 "《意见》明确，按照地方有关部门制定的公办园保育教育费收费标准执行。也就是说，对公办幼儿园 保育教育费原来收多少，现在就免多少，全额免。对于在教育部门批准设立的民办园就读的适龄儿童， 参照民办园所在地同类型公办园免除水平，相应减免保育教育费。"郭婷婷举例说，若某个民办园的保 育教育费收费标准是每个月每人800元，所在地同类型的公办园收费标准是500元，这个政策实施之后， 在公办园就读的大班儿童就不用再交了，500元全部免除；在民办园就读的大班儿童，也是相应按照500 元的标准免除，只要交差额部分，也就是300元。 ...

金融支持实体经济，不应陷入内卷。当前，全球制造业处于深度调整与变革期，美欧等发达国家大力推 动制造业回流，新兴经济体也在加快工业化进程。在此背景下，避免内卷漩涡，让金融活水流向技术攻 坚、产业升级的关键之处，才能凝聚起产业竞争力与金融支持力，助力中国制造在国际竞争中锻造不可 替代的核心优势。 引导金融支持新型工业化，正是要解决这些矛盾。优化政策工具、引入耐心资本，是为了破解科技成果 转化资金瓶颈；采用"数据信用+物的信用"模式，是为了解决企业尤其是中小企业融资难题；健全中西 部产业转移金融支持，推进跨境服务便利化，是为了解决资源配置分配不均问题，助力产业布局优化与 国内大循环。单列信贷计划、培养复合型人才等，既能保持制造业合理投入比重，又能提升金融服务精 度，将为新型工业化注入持久动能。 分类施策，符合产业发展规律。新型工业化既有新兴产业培育壮大也包括传统产业转型升级，各产业所 处生命周期、技术成熟度、市场需求情况不同，若不加以区分提供资金支持，易造成资源错配。比如， 对新兴产业过度追捧，大量资金短期内涌入，会催生泡沫，增加风险；对传统产业支持不足，则会延缓 其升级步伐，削弱产业链整体韧性。应针对不同产业特点 ...

Core Viewpoint - The delivery of the "Zhe Dai Yu Yang 60001" marks the launch of the world's first large-scale ocean-going aquaculture vessel, signifying a new era in deep-sea aquaculture technology in China [1][2]. Group 1: Vessel Specifications and Innovations - The "Zhe Dai Yu Yang 60001" is 224.9 meters long, 32.2 meters wide, and 18.5 meters deep, featuring seven aquaculture compartments, including five "through-sea compartments" with a total water capacity equivalent to 200 deep-water net cages [1]. - The vessel incorporates a unique through-sea aquaculture compartment design that allows for direct or indirect connection with natural seawater, filling a gap in the industry [1][2]. - The design has received over 20 domestic and international patents, enabling the vessel to operate flexibly in the ocean while conducting efficient factory-style aquaculture [2]. Group 2: Operational Efficiency and Technology - The vessel utilizes a natural water exchange system powered by wave energy, significantly reducing operational costs and creating a "quasi-wild" environment for fish, which enhances fish quality [2]. - An intelligent monitoring system on board tracks water temperature, oxygen levels, and other parameters, allowing for precise feeding and disaster warnings, ensuring optimal conditions for fish growth [2]. - The vessel can relocate to safer areas in response to adverse environmental conditions, maintaining fish in suitable habitats year-round [2]. Group 3: Economic Impact and Future Plans - The "through-sea + nomadic" model is expected to double aquaculture efficiency, with some fish species potentially increasing their growth cycles from one harvest per year to three [3]. - The strategic location of Zhoushan ensures the freshness and quality of fish products, supporting the company's plans to sell fish nationwide [3]. - The company plans to retrofit three additional ocean-going vessels, each weighing between 170,000 to 200,000 tons, to establish a complete industry chain [3].

Core Viewpoint - The National Market Supervision Administration has drafted the "Regulations on the Supervision and Management of Food Safety Responsibilities of Food Sales Chain Enterprises" to enhance food safety supervision and management in the food sales chain industry, addressing the mismatch between rapid expansion and management capabilities [1] Group 1: Regulatory Framework - The draft regulation clarifies management responsibilities at various levels, risk prevention requirements, and legal liabilities [1] - The aim is to strengthen the accountability of food sales chain enterprises, including headquarters and stores, in ensuring food safety [1] Group 2: Industry Challenges - The food sales chain industry is experiencing rapid expansion, but there is a significant contradiction between the speed of expansion and the ability to manage effectively [1] - Leading companies are accelerating the development of smart supply chains, yet the execution of standards at grassroots stores varies widely [1] Group 3: Proposed Solutions - It is suggested to enhance the "central" responsibility of headquarters and implement tiered supervision to enforce management accountability [1] - The combination of "smart supervision + credit punishment" is proposed to penalize repeat offenders and establish an industry "blacklist" sharing mechanism [1] - Cross-regional information sharing is recommended to create a collaborative regulatory effort to maintain safety standards in the food service market [1]

增加耐心资本，要疏通，扩充资金实力。引入耐心资本只是第一步，还要关注投资机构自身的资金来源 与服务能力，即解决投资机构的募资难问题。如果投资机构自身缺乏融资渠道，它就难以发挥金融中介 机构的资金配置作用。今年以来，随着债券市场建立"科技板"，股权投资机构有了更多机会发行低成 本、长期限的科创债券，并将募集资金投向科技型企业。应继续推进、共同建设好债券市场"科技板"， 完善配套支持机制，持续提升耐心资本的服务实力与能力。 用好耐心资本，要提质，优化考核机制。解决了有没有，还要思考如何把耐心资本用好，让它充分、有 效发挥作用。目前亟待解决的问题是，如何推动投资机构的长周期考核机制落地。这涉及两个关键环 节，一是制度规划，二是落地执行。二者相互关联与制约，需要科学、统筹考量。在制度规划方面，投 资机构要坚持"算总账、算大账"的总体思路，注重考核投资工具的整体盈亏情况。在落地执行环节，投 资机构要充分考虑一线工作人员的责权、奖惩问题，尤其要明确哪些情形适用于尽职免责条款，明确风 险容忍度与容错率，让一线人员放开手脚、免除顾虑，推动耐心资本陪伴科技型企业完成长跑。 此外，为了确保相关工作的可持续性，还要做好风险分担工作 ...

Core Viewpoint - The recent meeting of the Central Political Bureau emphasizes the importance of expanding high-level opening-up and stabilizing foreign trade and investment, highlighting the significance of integrated domestic and foreign trade, with intermediate goods trade playing a crucial role in connecting production links and promoting industrial chain collaboration [1] Group 1: Importance of Intermediate Goods Trade - Intermediate goods trade is a product of deepening domestic and international division of labor and technology diffusion, serving as the underlying logic for continuous industrial chain upgrades [2] - By 2024, China's import and export of intermediate goods is expected to account for about 60% of total foreign trade, with electromechanical intermediate goods exports exceeding 50%, particularly in new materials and new energy sectors showing significant growth [1][2] Group 2: Economic Significance - Strengthening domestic industrial chain resilience by connecting raw material supply, component processing, and end manufacturing, which helps mitigate risks from disruptions in single links [2] - Promoting technology diffusion and innovation, where high-tech intermediate goods exports reflect domestic technological accumulation, facilitating faster technology spread through upstream and downstream collaboration [2] - Driving economies of scale and cost optimization, as intermediate goods trade expands market demand and allows companies to produce at larger scales, enhancing competitiveness and overall efficiency of the domestic industrial system [2] Group 3: Strategies for Development - Accelerating the structural upgrade of intermediate goods trade by shifting focus from primary products to semi-finished and high-value-added components, with increased R&D support in green manufacturing, digital technology, and intelligent equipment [3] - Improving the policy support system by unifying statistics, classifications, tariffs, and financial policies to better support small and medium-sized enterprises in participating in domestic and international industrial chains [3] - Building a tighter regional collaboration network by leveraging the unique advantages of different regions in industrial structure, technology level, and resource endowment to form a closed supply chain within the country [3] Group 4: Systematic Mechanism Assurance - Establishing a comprehensive support system for strategic intermediate goods from R&D to export, optimizing industrial policies, and enhancing coordination of domestic and international rules [4] - Strengthening the voice and collaboration mechanisms in the industrial chain through industry associations and leading enterprises to align domestic standards with international standards, transforming them into industrial advantages [4]

Core Insights - Singapore's retail trade and food and beverage services showed growth in June 2025, with significant online sales growth indicating structural changes in consumer behavior [1][3] - The overall retail sales reached SGD 4 billion in June, with online sales accounting for 13.6%, up from 12.3% in May [1][3] - Year-on-year retail sales grew by 2.3%, continuing the 1.3% growth trend from May, although month-on-month sales saw a decline [1][2] Retail Sector Performance - The automotive sales sector experienced a year-on-year increase of 14.6%, attributed to higher Certificate of Entitlement (COE) quotas [2] - Sales in the computer and communication equipment, optical products and books, and leisure goods sectors grew by 7.3%, 5.9%, and 5.6% respectively [2] - Conversely, gas stations and food and alcohol retailers saw sales declines of 5.9% and 5.2% year-on-year [2] Food and Beverage Services - Food and beverage service sales reached SGD 962 million in June, with online sales comprising 26.7% [2][3] - Year-on-year food and beverage sales grew by 0.1%, but month-on-month sales declined by 1.5% [2] - Within the sector, restaurant sales fell by 5.6% year-on-year, while fast food sales increased by 2.3% [2] Online Sales Trends - Online sales penetration varies across sectors, with computer and communication equipment at 56.2% and furniture and home equipment at 32.8% [3] - The online sales penetration in the food and beverage sector remained high at 26.7%, indicating deep integration of delivery platforms into daily consumer life [3] - The report emphasizes the importance of seasonal adjustments to better observe potential sales trends [3]

新修订的公司法实施满一周年之际，董责险市场正在悄然发生结构性变化。多项数据显示，越来越多的 上市公司将董事、监事及高级管理人员责任保险（董责险）纳入风险管理"标配"。据不完全统计，截至 今年7月中旬，已有300余家A股上市公司披露了董责险投保计划，市场渗透率正加快接近30%，与2019 年不足8%的水平相比增长明显。尽管董责险热度不断升温，但渗透率偏低、定价机制尚不成熟、保障 认知仍存偏差等问题突出，如何实现高质量、可持续发展，成为各方关注焦点。 董责险并非新生事物，其早在2002年便已进入中国市场，但在较长时期内始终处于"边缘位置"。转折出 现在2020年之后，随着A股市场对信息披露、规范治理的要求不断提高，尤其是康美药业、大智慧等案 件引发董监高被追责的典型判例持续发酵，企业高管风险意识迅速抬头。更具标志性的节点是，2024年 7月施行的新公司法首次以立法形式确立了董责险制度，明确公司可以为董事任职期间投保责任保险， 并将相关信息纳入股东会报告事项。这一制度安排促使董责险由"可选"向"必须"靠拢。 对此，陈辉表示，当前A股市场董责险风险评估方式亟需升级，不能再停留于传统因子定价阶段，应借 助大模型与机器学 ...

近日出炉的2025年广东经济半年报显示，今年上半年广东外贸进出口4.55万亿元人民币，规模创历年同 期新高。广东外贸展现的强大动能与韧性背后，离不开粤港澳大湾区物流提速增效的支撑。与此同 时，"轨道上的大湾区"从规划照进现实，广深港高铁催生"上午叹早茶、中午游维港、晚上赏灯光 秀"的"一程多站"模式，广深港跨境客流上半年突破1500万人次，大幅增长的客流带动了消费新浪潮， 彰显出大湾区联动发展的澎湃活力。 创新模式 今年以来，跨境海空联运、低空运输智能通关等物流新模式不断发展，让"湾区制造"的高附加值产品更 加便捷地飞向世界各地。 上半年，制造名城东莞实现了同比16.5%的外贸增速，不仅进出口规模站稳7400亿元台阶，优势产品更 提质上新，出口高端装备、电子信息等高技术产品同比增长23.4%。全球首个直达机场空侧的跨境海空 联运项目——东莞—香港国际空港中心上半年进出口货值同比大幅增长214%。 夜幕降临，东莞—香港国际空港中心内灯火通明，一箱箱由大湾区制造的跨境电商货物在传送带上高效 流转。这批货物"一站式"完成海关监管和航空安检、打板手续后，经东莞港搭乘专用货船，12小时内即 可直达香港国际机场停机坪。 ...