尽责管理与行业ESG分析框架的整合： 基于投资者寻求自身与企业利益的一致性，我们提出了以"财务重要性"为纽带对尽责管理与行业ESG框架进行整合 的方法论，并根据申万行业标准的一级行业分类提出了30个行业对应参与治理活动中可重点关注的环境与社会议题。 Abstract 摘要 点击小程序查看报告原文 2025年5月7日证监会印发关于《推动公募基金高质量发展行动方案》的通知，其中第二十条要求"强化对基金长期投资行为的引导"，包括"出台公募基金 参与上市公司治理规则，助力提升上市公司质量"[1]。同月9日，中国证券投资基金业协会发布《公开募集证券投资基金管理人参与上市公司治理管理规 则》（以下简称《参与治理规则》）的公告[2]。 我国公募基金参与上市公司治理规则出台，完善企业治理体系 影响：（1）从公募基金管理人以及上市公司的角度，《参与治理规则》的实施或将推动流通股本结构较为集中的上市公司股东大会投票表决相关信息的 透明化。对于非强制披露投票表决情况的公募持仓，我们认为在《参与治理规则》的催化下，对应尽责管理活动亦或将增强。（2）参与治理实践对推动 长期资金发展、构建中国特色现代企业制度、双碳战略等多个国内政策热点 ...

Group 1: Economic Policy Insights - The Politburo meeting on July 30 emphasized the good performance of major economic indicators and the need to maintain policy continuity and stability [4] - Fiscal policy in the third quarter may focus on leveraging existing policies, with a possibility of increased fiscal measures in the fourth quarter [4] - Monetary policy may prioritize reform measures and structural monetary policy tools rather than lowering policy interest rates [4] Group 2: Infrastructure Investment Opportunities - The commencement of the Yarlung Tsangpo River hydropower project is expected to boost demand in various sectors, including basic chemicals, construction materials, and machinery [7] - The project is anticipated to enhance energy efficiency and improve fiscal revenue and employment in Tibet, potentially stimulating infrastructure investment and GDP growth [7] - Companies directly related to the project may experience short-term catalysts, but long-term focus should be on project progress and its economic impact [7] Group 3: Hong Kong IPO Market Analysis - The Hong Kong stock market has been active in 2025, outperforming major global markets, particularly the A-share market [9] - Hong Kong has become the largest IPO financing market globally in 2025, with significant inflows of southbound capital and many companies, including A-share firms, listing there [9] - Notable post-IPO performance has been observed, with some stocks trading significantly higher in Hong Kong compared to their A-share counterparts, igniting investor interest in IPO investments [9] Group 4: Vietnam Economic Performance - Vietnam's GDP grew by 8.0% year-on-year in Q2 2025, marking the highest growth rate for a second quarter in 2023, and 7.5% for the first half of 2025 [11] - The industrial and service sectors showed accelerated growth, with industrial GDP increasing by 8.3% and service GDP by 8.1% [11] - The Vietnamese government has raised its GDP growth target for 2025 from 8.0% to a range of 8.3% to 8.5%, reflecting the country's economic resilience [11] Group 5: U.S. Federal Reserve Policy Outlook - The Federal Reserve decided to maintain interest rates, aligning with market expectations, while some officials expressed concerns about inflation risks from tariffs [15] - The Fed's commitment to independence suggests that interest rate cuts may be delayed, especially if tariff pressures continue [15] - The decision-making process involves a committee, indicating that changes in leadership would not necessarily alter the monetary policy direction [15]

Group 1 - The article serves as a platform for sharing partial views from CICC's published research reports, emphasizing the importance of understanding the complete reports for accurate interpretation [2][3] - It highlights that the information and opinions provided do not constitute specific investment advice or recommendations for trading securities or financial instruments [2][3] - The content is directed towards CICC's clients in mainland China, and it is advised that subscribers assess the appropriateness of receiving the content before subscribing [3]

Core Viewpoint - The US economy shows resilience with a projected GDP growth rate of 3.0% for Q2 2025, but underlying weaknesses in domestic demand are evident, with private sector final sales growth slowing to 1.2%, the lowest in two years [1][3][6] Economic Growth Analysis - The actual GDP for Q2 2025 rebounded to an annualized rate of 3.0%, influenced significantly by fluctuations in imports and inventory [2][6] - The contribution of private consumption to GDP remains strong, but fixed asset investments, particularly in real estate and construction, have seen consecutive quarters of negative growth [1][3] Investment Trends - Fixed asset investment growth dropped sharply from 7.6% in Q1 to 0.4% in Q2, contributing only 0.08 percentage points to GDP [3] - High interest rates have notably suppressed construction and residential investments, while equipment investment growth has also slowed [3][6] Consumer Spending - Consumer spending rebounded in Q2 but remains weaker compared to 2024, with contributions to GDP fluctuating [3][6] - Durable goods consumption showed recovery, while non-durable goods consumption significantly declined [3] Government Spending - Government spending increased by 0.4% in Q2, contributing minimally to GDP growth, primarily driven by a rise in defense spending [4][6] Future Economic Outlook - The US economy is expected to face constraints in the second half of the year due to tight monetary policy and potential increases in tariffs, which could further suppress growth and raise inflation [4][6] - The "Great Beautiful Act" introduced by Trump may provide some support to economic growth, potentially increasing GDP by 0.5% by 2026 [5][6] Inflation and Monetary Policy - Inflation is anticipated to rise structurally in the second half of 2025, delaying the Federal Reserve's interest rate cuts [1][6] - The potential for increased tariffs poses additional risks to both consumer purchasing power and corporate profits, which may further inhibit investment and spending [4][6]

Core Insights - The article discusses the emergence of OpenAI's Sora in 2024, which is expected to lead a new era in video generation, significantly improving the quality and efficiency of video production, particularly in the fields of film, e-commerce, and advertising [1][11] - It highlights the competitive landscape in the AI video generation market, with Chinese companies like Kuaishou leading in annual recurring revenue (ARR) and market share by 2025 [3][28] Technology Path and Evolution - The evolution of video generation technology has gone through three main stages: image stitching, mixed architectures (self-regression and diffusion), and the convergence towards the DiT (Diffusion Transformer) path following the release of Sora [4][6][7] - Sora's introduction in February 2024 marks a significant improvement in content generation quality, with major companies adopting DiT as their core architecture [2][11] Market Potential - The global AI video generation market is projected to reach approximately $6 billion in 2024, with the combined P-end (Prosumer) and B-end (Business) market potentially reaching $10 billion in the medium term [3][22] - The article emphasizes the high growth potential of the market, particularly in the P-end and B-end segments, driven by the demand for cost-effective content creation tools [21][23] Competitive Landscape - By 2025, Kuaishou is expected to capture around 20% of the global market share in video generation, leading the industry, while other Chinese companies like Hailuo, PixVerse, and Shengshu are also performing well [3][28] - The competition is characterized by a mix of strong players, with a focus on different aspects of video generation technology, indicating a diverse and competitive market landscape [27][28] Future Directions - The future of video generation technology is anticipated to focus on end-to-end multimodal models, which will enhance the capabilities of video generation systems by integrating various data types [15][16] - The article suggests that the integration of understanding and generation in multimodal architectures will be a key area of development, potentially leading to improved content consistency and model intelligence [17][18]

Core Viewpoint - The Federal Reserve's decision to maintain interest rates aligns with market expectations, indicating a cautious approach towards potential rate cuts due to ongoing inflation risks from tariffs and a stable labor market [1][2][3] Group 1: Federal Reserve's Policy Signals - There is internal disagreement within the Federal Reserve regarding policy direction, with two board members opposing the decision to keep rates unchanged, marking the first time since 1993 that two members have voted against a collective decision [2] - Powell and the majority of officials prefer to maintain a tight monetary policy, citing that the inflation effects from tariffs will gradually manifest over the coming months, impacting U.S. businesses and consumers [2][3] - Powell acknowledged that current monetary policy is somewhat restrictive, contributing to downward pressure on the labor market, despite a rebound in GDP growth [3] Group 2: Independence of the Federal Reserve - The Federal Reserve is committed to maintaining its independence, despite pressure from President Trump to lower interest rates, emphasizing that monetary policy aims to achieve full employment and stable inflation, not to assist the government in reducing debt costs [3][6] - The structure of the Federal Reserve's decision-making process, which involves a committee of 12 voting members, ensures that even if Trump were to dismiss Powell, the overall direction of monetary policy would remain unchanged [6] Group 3: Future Outlook on Interest Rates - The Federal Reserve is not prepared to cut rates in the near term, with future decisions dependent on inflation trends, which are expected to rise in the latter half of the year primarily due to tariffs [4][5] - The current fiscal policy environment is expected to remain relatively loose, which may lead to sustained economic growth and inflation, suggesting that monetary policy could remain tight for an extended period [5]

Core Viewpoint - The article discusses how AI is reshaping the advertising industry through precision and automation, which is expected to enhance media eCPM in the short to medium term [4][6]. Group 1: Content Production - AI tools for content generation are reducing creative costs and enhancing market competitiveness. For instance, Kuaishou's AIGC marketing material consumption has exceeded 30 million yuan daily, estimated to account for a low double-digit percentage of overall material consumption [4][6]. - The use of AI tools has led to significant cost reductions, with Kuaishou reporting a 70% decrease in material costs for representative clients, while Tencent's Miaosi can reduce production costs by over 50% [4][6]. Group 2: Advertising Optimization - AI-driven advertising systems are optimizing the advertising process by enhancing user insights and achieving precise targeting, which directly impacts eCPM. This involves understanding user behavior data and social media interactions to create detailed user profiles [4][13]. - Platforms like Douyin are integrating multi-modal interaction data to achieve real-time matching of ad content with user scenarios through dynamic creative optimization [4][14]. Group 3: Interactive Innovation - The introduction of AI-powered customer service and digital human live streaming is filling marketing gaps and enhancing professional agent capabilities. For example, Kuaishou's AI customer service has improved local service merchants' lead retention rates by over 20% [5][18]. - Digital humans can operate continuously and support multiple live streaming scripts, significantly reducing initial investment costs and enabling 24-hour coverage [5][19]. Group 4: Industry Landscape Changes - Major platforms are accelerating ecosystem restructuring and transforming service provider roles. Leading platforms are using AI to redefine traditional industry chain divisions, resulting in increased advertising budgets from advertisers [5][28]. - Traditional 4A companies are evolving into "AI strategy service providers," integrating AI tools into their service offerings to enhance value and adapt to industry changes [5][29]. Group 5: eCPM Optimization - The core of eCPM optimization lies in understanding user groups and ad content. Platforms are analyzing these elements to improve advertising monetization efficiency [4][22]. - Key factors influencing eCPM include enhancing precision in understanding user intent, improving efficiency in content production, and increasing value through diverse advertising models [4][27].

Core Viewpoint - The meeting of the Central Political Bureau on July 30 emphasized the need for continuous and stable macroeconomic policies, highlighting the importance of maintaining policy continuity and stability while addressing current economic challenges [3][4][14]. Macroeconomic Policy - The meeting acknowledged that major economic indicators are performing well, with a focus on maintaining policy continuity and stability. It noted the potential for increased fiscal measures in the fourth quarter if economic performance weakens unexpectedly [4][5]. - The meeting indicated that the third quarter may focus on the effectiveness of existing fiscal policies, with a possibility of additional fiscal measures if economic conditions deteriorate [5][21]. - The risk mitigation of existing debt continues, with a strong emphasis on prohibiting new hidden debts and effectively managing local government debt risks [6][21]. Monetary Policy - The meeting reiterated that monetary policy should maintain ample liquidity and promote a reduction in social financing costs, suggesting that lowering financing costs may not necessarily require a reduction in policy interest rates [7][20]. - Structural monetary policy tools are expected to play a significant role in supporting weak economic segments and addressing potential risks [7][20]. Consumer Policy - The meeting proposed to cultivate new growth points in service consumption while ensuring the improvement of people's livelihoods, indicating a focus on sectors such as cultural tourism and basic social services [8][33]. - Specific measures include the implementation of consumption vouchers and support for sectors like dining and tourism to stimulate demand [33]. Technology and Innovation - The meeting emphasized the importance of supporting technological innovation and fostering new pillar industries with international competitiveness, indicating a long-term focus on innovation as a key driver of economic growth [9][14]. Market Competition and Regulation - The meeting highlighted the need to deepen the construction of a unified national market and optimize market competition order, addressing issues of disorderly competition and local government intervention [10][15]. - The focus on "anti-involution" policies aims to regulate market behavior and promote fair competition, particularly in key industries [10][15]. Real Estate Policy - The meeting's discussion on real estate was limited, primarily focusing on high-quality urban renewal, reflecting a cautious approach to the real estate market [12][24]. - The emphasis on prohibiting new hidden debts suggests a shift towards more sustainable financing models for urban development [24][27]. Capital Market - The meeting underscored the importance of enhancing the attractiveness and inclusiveness of the domestic capital market, indicating a commitment to stabilizing and improving market conditions [15][20]. - The potential for increased foreign investment and improved domestic investor sentiment is anticipated as a result of these measures [15][20].

Core Viewpoint - The U.S. steel industry is currently experiencing a tight supply situation driven by tariff policies, leading to a short-term maintenance of high steel prices and a potential long-term upward shift in price levels [1][3]. Supply - The U.S. is the only major market globally with a tight supply and high reliance on imports, with an estimated net import volume accounting for about 20% of consumption in 2024, making it the largest net importer [3][21]. - The U.S. steel supply is characterized by a high proportion of electric arc furnace (EAF) steel, with around 70% of crude steel production coming from EAFs, significantly higher than the global average of 30% [3][5]. - Approximately 7 million tons of crude steel capacity is expected to be released in the medium term, primarily from EAFs, which may partially replace imports and maintain a healthy and flexible supply [3][19]. Demand - The automotive sector represents a significant portion of U.S. steel demand, with an estimated consumption of 89 million tons in 2024, where construction, automotive, and machinery account for approximately 44%, 28%, and 9% respectively [4][33]. - Policy-driven improvements in demand are anticipated, particularly in non-residential construction and automotive sectors, due to tariffs on imported vehicles and increased domestic production [4][39]. Price - U.S. hot-rolled coil (HRC) prices have increased by 35% since the beginning of 2025, reaching $900 per ton, with expectations of maintaining high prices in the short term due to tariff impacts [1][42]. - The price of U.S. steel is influenced by trade protection policies, with a potential for upward movement in the long term as EAF production increases and the supply of quality scrap steel becomes a critical resource [47][48]. Industry Dynamics - The U.S. steel industry has undergone significant consolidation, with the top four companies controlling over 80% of the market share, a trend that has intensified since 2000 [5][15]. - The recent acquisition of U.S. Steel by Nippon Steel is expected to have profound implications for all stakeholders involved, including potential improvements in competitiveness and market share for U.S. Steel [48][49].

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) successfully showcased the CICC's self-developed digital investment research platform and large model applications, highlighting the company's leadership in the financial technology sector and its commitment to intelligent investment research innovation [1][6]. Group 1: Digital Investment Research Platform - The CICC's digital investment research platform, "CICC Insight," was temporarily opened for user registration during the conference, allowing users to access AI-driven investment research services [3]. - The platform integrates CICC's research expertise with advanced AI technologies, offering three core capabilities: data retrieval from vast financial databases, AI-driven search for insights from various reports, and intelligent meeting minutes generation from uploaded audio/files [5][6]. Group 2: Engagement and Impact - The CICC Insight platform attracted significant attention from various stakeholders, including financial institutions, technology companies, and investors, who experienced its capabilities in data retrieval, AI search, and meeting summaries firsthand [6]. - The investment and financing development forum, hosted by CICC during the WAIC, was supported by the digital platform, drawing numerous online investors to participate [8]. Group 3: Future Directions - CICC aims to continuously explore the cutting-edge applications of AI large models in investment research, striving to establish a leading international paradigm for intelligent investment research and enhance the effectiveness of investment services for the real economy [9].