Core Viewpoint - Guangzhou is actively promoting the development and application of artificial intelligence (AI) within state-owned enterprises, launching the first batch of 60 AI application scenarios to enhance industrial structure and drive high-quality growth [1][3]. Group 1: AI Application Scenarios - The first batch of AI application scenarios involves 15 state-owned enterprises under the supervision of the Guangzhou State-owned Assets Supervision and Administration Commission, covering five major categories: manufacturing, energy and environmental protection, transportation, urban governance, and tourism [2]. - The scenarios span various industries, including automotive, biopharmaceuticals and health, food, sanitation, new energy and energy storage, cultural tourism, jewelry, transportation, and water supply and drainage, showcasing broad coverage, strong representation, and clear demand [2]. Group 2: Collaboration and Partnerships - The event facilitated partnerships between Guangzhou state-owned enterprises and academic institutions, such as South China University of Technology and the China Academy of Information and Communications Technology, to foster collaboration in the AI field [2]. - Six representatives from state-owned enterprises, including Guangzhou Automobile Group and Guangzhou Water Investment Group, presented their needs and expectations for AI application scenario development [2]. Group 3: Infrastructure and Investment - Guangzhou is establishing AI industrial parks, including the Yuexiu iPARK and the China AI (Guangzhou) Industrial Park, with a total investment of 8 billion yuan, positioning them as leading AI industry headquarters and technology transfer centers [3]. - The city is also focusing on capital empowerment by nurturing state-owned patient and long-term capital, investing in key projects such as WeRide, Pony.ai, Cambricon, and CloudWalk Technology to support the growth of emerging industries [3]. Group 4: Digital Transformation Initiatives - The city has implemented a special action plan to accelerate the digital transformation of state-owned enterprises, aiming to establish a series of AI-enabled application scenarios [4]. - Guangzhou Automobile Group is deepening its "AI+" initiatives in smart driving and smart cockpits, while the Guangzhou Trading Group has launched the first domain-specific large model in the public resource trading sector, named "eZhaoZhiSheng" [4].

Core Viewpoint - A major state-owned bank announced that starting from September 14, 2025, it will include litigation fees related to overdue credit card accounts in the billing statements, initially piloting in Shanghai before expanding to other regions. This adjustment aims to enhance overdue risk management and improve collection efficiency in the credit card industry under operational pressure [1][2]. Group 1: Credit Card Overdue Risk Management - The issue of bad debts from overdue credit cards has been a key focus for banks in asset quality control. When cardholders fail to repay their debts, banks may resort to litigation to recover the amounts owed [2]. - Typically, costs incurred during litigation, such as attorney fees and court costs, are initially borne by the bank and later determined by court rulings regarding who ultimately pays these costs [2][3]. - The new policy aims to strengthen overdue risk management and improve collection efficiency by allowing banks to recover litigation costs upfront, thus mitigating potential losses during the collection process [2][3]. Group 2: Financial Reporting and Collection Efficiency - Including litigation fees in credit card bills allows these costs to be classified under "accounts receivable," making it easier for banks to collect these amounts through customer repayments, as opposed to being categorized as "non-credit borrowings" which may require more active collection efforts [3]. - This operational change is expected to streamline the collection process, making it more straightforward for banks to recover costs associated with overdue accounts [3]. Group 3: Consumer Rights and Recommendations - The bank's policy states that litigation fees will not accrue interest or penalties, reflecting a cautious approach to avoid imposing additional burdens on cardholders and balancing risk management with consumer rights [4]. - Analysts suggest that other banks should proceed cautiously with similar policies, as consumer rights protection is increasingly prioritized, and such measures may face legal and compliance challenges [4]. - Cardholders are advised to plan their spending and repayment strategies carefully to avoid incurring additional financial and legal complications due to overdue payments [4].

Group 1 - The summer tourism season in Guangdong and Guangzhou has seen a significant increase in popularity, driven by events, performances, and cultural activities, with the "Eight Scenic Spots of Yangcheng" selection gaining widespread attention [1][2][3] - Guangzhou received 113 million tourists in the first half of the year, a 6.3% increase year-on-year, with total cultural tourism consumption reaching 162.18 billion yuan, up 8.1% [3] - The "Yangcheng Eight Scenic Spots" initiative is expected to enhance Guangzhou's cultural tourism appeal and promote industry upgrades through the exploration of cultural IP [2][3] Group 2 - The "ticket economy" has emerged as a new driver of consumption, with events and performances linking various aspects of the tourism experience, leading to increased spending in dining, accommodation, and entertainment [4][5] - Night tourism has gained traction, with activities such as night markets and music festivals contributing to the growth of related industries, showcasing a strong synergy between night life and tourism [7][8] - Guangdong has launched six major night consumption activities from July to September, aiming to boost the night economy and enhance cultural tourism experiences [10] Group 3 - The upcoming 15th National Games is expected to further stimulate tourism and cultural consumption in Guangdong, with a focus on integrating sports with cultural and culinary experiences [11][12] - The "Yangcheng Eight Scenic Spots" initiative is driving interest in specific areas, while themes like events, performances, and night tours are becoming increasingly popular, indicating a shift in tourism models and consumer preferences [12]

Group 1 - A-share index reached a new high in July, with strong performance from various brokerage firms' stock selections, leading to increased expectations for August's stock picks [1][2] - As of August 7, 42 brokerage firms have released their stock picks for August, covering multiple sectors including healthcare, information technology, industrials, materials, and consumer goods [1][2] - The overall return of brokerage stock selections in July was 7.7%, with a year-to-date return of 18.5% since 2025, significantly outperforming the CSI 300 and CSI 500 indices [2][3] Group 2 - A total of 376 stocks were selected by 42 brokerages for August, with over 280 unique stocks after removing duplicates [3] - Key stocks frequently recommended include Dongfang Caifu, Muyuan Foods, Luoyang Molybdenum, Xinhua Insurance, Wanhua Chemical, Dajin Heavy Industry, and China Chemical [3] - The sectors with the highest representation in August's stock picks include non-bank financials, electronics, basic chemicals, pharmaceuticals, and machinery, indicating a positive outlook from brokerages for these industries [3] Group 3 - Analysts suggest a balanced investment approach in August, favoring both cyclical and technology growth sectors, with recommendations to buy on dips in industries such as new energy, non-ferrous metals, express delivery, chemicals, and large finance [4] - The market is expected to experience increased volatility in August, particularly during the peak of mid-year earnings disclosures, with a focus on high-performing but relatively low-priced technology stocks and small-cap styles [4]

8月7日，人民银行发布公告，为保持银行体系流动性充裕，中国人民银行将于8月8日以固定数量、利率 招标、多重价位中标方式开展7000亿元买断式逆回购操作，期限为3个月（91天）。 王青进一步分析道，8月继续处于政府债券发行高峰期；此外，当月存单到期规模较大，监管层持续强 调"引导金融机构加大货币信贷投放力度"。"当月在短期市场流动性继续处于较为稳定的充裕状态下， 中期市场流动性有一定收紧压力。"王青由此认为，预计8月央行会继续通过MLF、买断式逆回购注入中 期流动性。这一方面有助于在政府债券持续处于发行高峰期阶段，保持银行体系流动性充裕，另一方面 也释放了数量型货币政策工具持续加力的信号，有助于推动宽信用进程，强化逆周期调节。 （文章来源：广州日报） 值得关注的是，8月分别有4000亿3个月期和5000亿6个月期买断式逆回购到期。对此，东方金诚首席宏 观分析师王青认为，8日央行开展7000亿3个月期逆回购，并不意味着本月买断式逆回购缩量，很可能意 味着月内央行还将开展一次6月个月期逆回购操作，预计当月两个期限品种的合计操作金额会在9000亿 到期量之上。另外，8月还有3000亿MLF到期，预计央行也会加量续作。 ...

近期，债券市场出现了一轮调整，债市价格走弱，以债券为底层资产的理财产品、债基等，收益也出现 了下滑。近期，部分固收类理财产品近1个月年化收益率的平均水平环比下跌35BP，多只债基近1个月 以来收益跌超4%。对此，业内人士建议，在债市调整之际，投资者可采取"固收打底+权益增强+另类分 散"的方式，合理配置"固收+"产品，适度提升权益资产。 多只债基近1个月以来收益跌超4% 近期，债市走弱，8月6日，10年期国债收益率走高至1.71%附近，较此前1.64%的低点，上行了约7BP， 由于债券收益率和价格成反比，这也意味着债券价格走低，债市走弱。 债市的调整，令底层资产投资债券的理财产品、基金产品的收益走低。普益标准监测数据显示，截至8 月3日，存续开放式固收类理财产品（不含现金管理类产品）的近1个月年化收益率的平均水平为 2.46%，环比下跌0.35个百分点。Choice数据显示，近一个月以来，恒生前海恒源昭利债券E、富安达富 祥利率债D、光大保德信永利债券D等债基，收益跌超4%。 "债市调整背后，受多重因素共同影响。"苏商银行特约研究员薛洪言分析，股市及商品市场反弹吸引资 金转向高风险资产，导致债市面临资金分流， ...

Group 1 - The training event aimed to enhance the capabilities of cultural trade enterprises, focusing on the needs of cultural and tourism companies in the context of globalization [1][2] - The event featured participation from various sectors including cultural equipment manufacturing, gaming, film, intangible cultural heritage, exhibitions, and tourism [1] - Experts from financial institutions and legal services provided insights on cross-border financial solutions, legal risks, and customs policies related to cultural products [1] Group 2 - The successful hosting of the training established a platform for policy learning and experience exchange among cultural trade enterprises [2] - The National Cultural Trade Base (Guangzhou) plans to continue offering a series of training activities to address pain points in foreign-related business operations [2] - The initiative aims to enhance the international competitiveness of Chinese cultural enterprises and facilitate high-quality overseas expansion [2]

近日，财政部公告显示，8月10日至8月19日将发行2025年第五期、第六期凭证式储蓄国债，期限分别为 3年期和5年期，票面年利率分别为1.63%和1.7%，与上期持平。值得关注的是，此次储蓄国债发行，恰 逢国债等债券利息收入8月8日起恢复征收增值税，影响如何呢？ 每月利息收入不超过10万元免征增值税 本次两期储蓄国债票面利率与上期持平，且均为固定利率、固定期限品种。第五期国债期限3年，票面 年利率1.63%，最大发行额120亿元；第六期国债期限5年，票面年利率1.7%，最大发行额120亿元。 按照票面利率计算，投资者如果购买10万元本次发行的3年期、5年期储蓄国债，累计收益分别为4890元 和8500元。 近日，财政部、国家税务总局发布公告称，自2025年8月8日起，对在该日期之后（含当日）新发行的国 债、地方政府债券、金融债券的利息收入，恢复征收增值税。 仅在银行网点柜面销售到期一次还本付息 据悉，本批国债均为凭证式储蓄国债，仅在银行网点柜面销售，投资者可携带有效身份证件到任意营业 网点购买。如需代办，需同时提供代办人有效身份证件。 储蓄国债（凭证式）从购买之日开始计息，到期一次还本付息。且购买后可提前兑取 ...

金价高企，人民银行买金的步伐仍停不下来。8月7日，人民银行最新数据显示连续9个月增持黄金。近 期，金价窄幅震荡向上，截至8月7日，国际现货黄金价格为3377.68美元/盎司。值得关注的是，近日素 有"黄金空头"之称的花旗转向看涨黄金，引发市场高度关注。业内专家表示，金价关注3400美元关口突 破，虽短期走势向上为主，但仍需慎防回调风险。 美联储降息预期升温将推动黄金投资需求 市场对黄金走势的预期再度升温，瑞银、高盛等多家机构近期纷纷上调金价预期。瑞银表示，在基准情景 下，在全球资产配置中，继续看好黄金。在基准情景下，黄金目标价为3500美元/盎司，倘若地缘政治或 经济形势恶化，不排除金价走高至3800美元/盎司。 花旗银行也罕见"空翻多"大幅上调对金价的预测。据花旗最新发布的报告，其转向看涨黄金的核心依据是 近期美国经济增长动能减弱与通胀前景恶化。同时，该行还补充称，黄金需求强劲主要得益于强劲的投资 需求。 业内专家分析认为，上周五公布的美国就业数据弱于预期，提振了对美联储9月降息的预期。LSEG的数据 显示，美国货币市场目前预计9月份降息的可能性为91%。叠加特朗普对印度、瑞士等国的关税升级，促 使投资者的 ...

Core Viewpoint - The express delivery industry has been trapped in a "price-for-volume" competition, and it is time to pause this trend as price adjustments are being implemented to stabilize the market [1][2]. Group 1: Price Adjustment and Industry Response - Starting from August 5, the minimum price for express delivery in Guangdong Province has been raised by 0.4 yuan per ticket, bringing the average price to over 1.4 yuan, with an increase in delivery fees for grassroots outlets by 0.1 yuan per ticket [1]. - The new pricing policy requires that no express company can collect fees below the cost price of 1.4 yuan, primarily benefiting e-commerce customers with high delivery volumes [1][2]. - Industry insiders confirm that the price increase is already in effect, allowing businesses to at least break even after months of operating at a loss due to extremely low prices [1][2]. Group 2: Background of the Competition - The express delivery sector has been engaged in a "low-price for volume" competition, leading to reduced profit margins for grassroots outlets, low wages for delivery personnel, and poor service quality, creating a vicious cycle [2]. - Reports indicated that some delivery prices had dropped to as low as 0.85 yuan per ticket, with some businesses operating at a loss to maintain market share [2]. Group 3: Regulatory and Expert Insights - Since July, there has been a growing movement against "involution" in the express delivery industry, with the State Post Bureau emphasizing the need for stronger industry regulation and the establishment of market rules [3]. - Experts suggest that while the price increase will have a noticeable short-term impact on e-commerce deliveries, it is crucial to ensure that service quality improves alongside the price adjustments [4]. - Long-term benefits are expected for leading express companies that have not heavily engaged in price wars, as they possess greater operational flexibility and sustainable development strategies [4].