国泰海通证券研究·2025-07-24 13:27Group 1: Core Views - The article highlights the shift in urban development in China from incremental expansion to improving existing stock, emphasizing quality and efficiency [1] - The 50th anniversary of diplomatic relations between China and Europe is approaching, with signs of warming interactions in political, economic, and technological fields [1] - Despite existing differences in market access, subsidies, and supply chain issues, there is strategic space for deepening cooperation between China and Europe, especially in green energy and digital economy [1] Group 2: Domestic Economic and Industrial Policies - The Central Urban Work Conference emphasized optimizing urban structure, energy transition, quality enhancement, and green transformation [2] - The Chinese government is taking measures to regulate the instant retail market and curb "involution" competition through price subsidies [2] - New policies encouraging foreign investment reinvestment in China were announced, alongside efforts to standardize competition in the new energy vehicle sector [2] Group 3: Capital Market Developments - The Shanghai Stock Exchange released guidelines for self-regulation of companies listed on the Sci-Tech Innovation Board [3] - The People's Bank of China is focusing on structural monetary policy tools to support technological innovation and boost consumption [3] - A significant reverse repurchase operation of 1.4 trillion yuan was conducted by the People's Bank of China [3] Group 4: Global Geopolitical and Economic Tracking - The article reports on increasing tariffs and trade frictions, with the U.S. imposing a 19% tariff on all imports from Indonesia and a 93.5% preliminary anti-dumping duty on graphite imports from China [4] - U.S. economic indicators show a 2.7% year-on-year increase in CPI for June, surpassing market expectations [4] - The Federal Reserve's economic outlook suggests a slowdown in U.S. economic growth over the next six months [4] Group 5: Upcoming Important Events - The first Shanghai International Low-altitude Economy Expo is scheduled from July 23 to 26, 2025 [5] - The 25th China-EU Leaders' Meeting is set for July 24 [5] - The Federal Open Market Committee (FOMC) will announce its interest rate decision on July 31 [5]