Core Viewpoint - The report of the China Europe Dividend Select Mixed Fund indicates a positive performance in net asset value growth, with A and C class shares showing growth rates of 2.16% and 2.01% over the past three months, and 15.74% and 15.08% since the fund's inception [1][2]. Fund Performance - As of June 30, the total fund shares amounted to 10.9 million, with A class shares at 4.73961 million and C class shares at 6.18585 million [2]. - The fund primarily invests in dividend-themed listed companies, managed by Liu Yong and Zhang Xue Ming, who have 9 and 8 years of experience in the securities industry, respectively [2]. Investment Strategy - The fund managers have shifted focus from bank stocks to market-oriented dividend stocks, citing a decrease in the attractiveness of bank dividends due to significant price increases [4]. - The top ten holdings in the second quarter no longer included bank stocks, with new investments in companies like Zhengmei Machine and Midea Group [3][4]. Market Context - The banking sector has seen substantial growth, with the Shanghai Securities Bank Index rising over 17% year-to-date, and several banks, including Xiamen Bank, showing increases exceeding 40% [4][5]. - Analysts remain optimistic about bank stocks, suggesting that the evolution of long-term bad debt cycles, rather than short-term economic fluctuations, will drive bank stock valuations [5][6]. Dividend Stock Appeal - The high dividends from dividend stocks are increasingly attractive in a low overall investment return environment, providing a valuable return source for funds facing a debt asset shortage [6]. - Banks are highlighted as the best performers among dividend stocks due to their stable future net profits and cash flows, supported by significant retained earnings [6].

Core Insights - A significant illegal tobacco operation was dismantled in Inner Mongolia, involving a network that distributed processed tobacco across multiple provinces, resulting in the arrest of 11 suspects and the seizure of over 1.35 tons of finished tobacco and 33 tons of raw materials [1][5][6] Group 1: Discovery and Investigation - The investigation began with a tip-off regarding a flower shop suspected of illegal tobacco sales, leading to the discovery of bulk tobacco without proper labeling [2] - The suspects were found to be using household appliances as a cover for shipping tobacco, indicating a sophisticated smuggling operation [2][3] - A collaborative effort between police in different provinces was initiated to track and apprehend key suspects involved in the illegal tobacco supply chain [3][4] Group 2: Network Disruption - The investigation revealed a larger network involving multiple layers of suppliers and distributors, with significant financial transactions traced back to a source in Yunnan [4][6] - A coordinated operation in September 2024 led to the seizure of over 30 tons of tobacco products and the arrest of several key figures in the operation [5][6] - The operation successfully dismantled a four-tier supply chain, cutting off a major illegal tobacco distribution network that spanned across the country [6]

Core Viewpoint - The recent food safety supervision and sampling conducted by the Ordos Market Supervision Administration revealed that out of 102 batches of food samples, 7 batches were found to be non-compliant, primarily due to pesticide residue exceeding national safety standards [2][3]. Summary by Categories Non-compliant Products - Spinach sold by Guoxin Wholesale in Eerduosi was found to have aresenite residue exceeding the national standard [2]. - Wokan sold by Xiaoshen Supermarket in Eerduosi had residues of benzimidazole and chlorpyrifos exceeding the national standard [2]. - Yam sold by Derong Supermarket in Kangbashi District was found to have residues of mefenoxam and manganese mefenoxam exceeding the national standard [2]. - Bok choy sold by Xiaoshen Supermarket in Eerduosi had aresenite residue exceeding the national standard [2]. - Ginger sold by Lixiu Vegetable and Oil Store in Wushenqi was found to have thiamethoxam residue exceeding the national standard [2]. - Banana sold by Huhamudi Xiaocai Supermarket in Hangjin Banner had residues of imidacloprid and fluazinam exceeding the national standard [3]. - Ordinary cabbage (rapeseed) sold by Liu Jianjun Vegetable Wholesale in Dalate Banner was found to have chlorpyrifos residue exceeding the national standard [3]. Regulatory Actions - The market supervision departments at all levels have initiated investigations and actions to trace the flow of non-compliant products, urging companies to take measures such as recalling and removing non-compliant products from shelves [2][3].

Group 1 - The core viewpoint of the articles highlights the efforts of Ordos City in Inner Mongolia to accelerate the transformation of major scientific and technological achievements and promote the construction of a national innovative city through the implementation of the "Breakthrough" project in technology [1][2] - Ordos City has increased the number of research and development institutions at the autonomous region level and above to 273, achieving full coverage of key industries with research and development platforms [1] - The city is focusing on three technological breakthrough points: hydrogen energy, energy storage and new power systems, and new chemicals and materials, while planning new areas in renewable energy, artificial intelligence, and low-altitude economy [1] Group 2 - The construction of a smart connected vehicle demonstration zone was initiated in 2023, aiming to accelerate the development of smart connected vehicles and smart logistics through an automated driving application matrix [2] - The local government is committed to promoting the integration of technological innovation and industrial innovation, transforming traditional industries, and fostering breakthroughs in emerging industries [2] - Ordos City aims to create a number of landmark new technologies and product application scenarios, contributing to the establishment of a national innovative city [2]

Group 1 - The company held an online investor reception day on July 2025, where executives discussed operational performance and future plans with investors [1] - The company emphasizes high dividend returns to shareholders and aims to maintain current dividend levels despite market conditions [1][2] - The company plans to focus on technological innovation and supply chain upgrades to enhance competitiveness in the chlor-alkali chemical, clean energy, and ferroalloy sectors [1][2] Group 2 - The company has no current plans for A and B share consolidation or mid-term dividend schemes, and coal sales accounted for approximately 9% of revenue while clothing sales accounted for about 15% in 2024 [2] - The company reported a 32% year-on-year profit increase in the first quarter, primarily due to significant reductions in product costs [3] - The company is exploring new growth opportunities and optimizing its business layout, including potential entry into the medical sector through its investment in Richde Medical Technology [3]

| A | 股代码 | 600295 | A | 股简称 | 鄂尔多斯 | 编号：临 | 2025-018 | | --- | --- | --- | --- | --- | --- | --- | --- | | B | 股代码 | 900936 | B | 股简称 | 鄂资 | B | 股 | 内蒙古鄂尔多斯资源股份有限公司 关于参加内蒙古辖区上市公司 2025 年投资者 网上集体接待日活动情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、投资者网上集体接待日活动召开情况 （一）公司一直坚持高分红回报投资者，这也是我们小股民能一直坚持持有 公司股票的原因。在此，也感谢公司管理层的努力！请问：1、在当前形势下， 能否继续坚持当前的股息？2、公司未来的业绩增长点在哪？ 答复：尊敬的投资者您好，感谢您对公司一直以来的关注与认可。公司一贯 坚持"为股东创造红利、为客户创造价值、为员工创造机会"的经营宗旨，以温 暖世界的情怀不断回馈股东、回馈社会、回馈职工。公司始终坚持价值创造，恪 守"三讲""三重"价值纲领，在持续改 ...

Group 1 - The event "One Chain a Month, Benefit Together" in Ordos facilitated credit cooperation intentions between 12 financial institutions and 9 enterprises, resulting in a total signing amount of 29.7 billion yuan, covering various sectors including agriculture, infrastructure, public services, industrial upgrading, ecological development, and new energy [1] - A total of 101 key industry projects were promoted to financial institutions, with a total financing demand of 30.3 billion yuan, focusing on livelihood projects, rural revitalization, new energy and equipment manufacturing, and park city construction [1][3] - The event aimed to deepen the cooperation mechanism between government, finance, and enterprises, optimize the financial business environment, and inject vitality into the high-quality economic development of the region [3][15] Group 2 - The People's Bank of Ordos introduced a package of central bank policies and major monetary policy tools, helping enterprises understand the credit information sharing platform and monetary policy guidance [3] - Professionals from Guorong Securities and Dongfang Jiafu provided insights on capital market conditions, paths for enterprise listing, and strategies for local government investment in strategic emerging industries [3][8] - The event was significant for implementing the spirit of the 20th National Congress of the Communist Party and supporting key economic initiatives and actions [15][17]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Short - term market trend is bullish, and attention should be paid to the pressure around 5100 on the daily K - line of V2509 [3]. - In July, domestic PVC plants are undergoing centralized maintenance, and the capacity utilization rate is expected to continue to decline. Although some plants are planned to be put into production, the exit of backward production capacity driven by policies is expected to relieve supply pressure [3]. - It is the off - season for domestic downstream demand, and the demand in the Indian market is suppressed by the rainy season. The anti - dumping policy may be implemented in early July [3]. - The impact of power rationing in Inner Mongolia has weakened, and some calcium carbide plants have resumed production. The lifting of the export restriction on ethane to China by the US may drive down the cost of the ethylene - based method in the future [3]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of PVC futures is 5040 yuan/ton, with a daily increase of 77 yuan/ton. The trading volume is 1242330 lots, an increase of 267395 lots, and the open interest is 932779 lots, a decrease of 34594 lots [3]. - The net long position of the top 20 futures holders is 23605 lots, an increase of 6984 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4980 yuan/ton, up 10 yuan/ton, and the price of calcium carbide - based PVC is 4822.31 yuan/ton, up 30 yuan/ton [3]. - In the South China region, the price of ethylene - based PVC is 4945 yuan/ton, unchanged, and the price of calcium carbide - based PVC is 4860 yuan/ton, up 18.75 yuan/ton [3]. - The CIF price of PVC in China is 700 US dollars/ton, unchanged, and the CIF price in Southeast Asia is 660 US dollars/ton, unchanged. The FOB price in Northwest Europe is 750 US dollars/ton, unchanged [3]. - The basis of PVC is - 180 yuan/ton, a decrease of 7 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2650 yuan/ton, unchanged; in North China, it is 2630 yuan/ton, a decrease of 1.67 yuan/ton; in the Northwest, it is 2388 yuan/ton, unchanged [3]. - The mainstream price of liquid chlorine in Inner Mongolia is 50.5 yuan/ton, unchanged [3]. - The CFR mid - price of VCM in the Far East is 524 US dollars/ton, unchanged, and in Southeast Asia is 564 US dollars/ton, unchanged [3]. - The CFR mid - price of EDC in the Far East is 184 US dollars/ton, an increase of 8 US dollars/ton, and in Southeast Asia is 188 US dollars/ton, an increase of 10 US dollars/ton [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 77.44%, a decrease of 0.65 percentage points. The operating rate of calcium carbide - based PVC is 80.8%, a decrease of 0.17 percentage points, and the operating rate of ethylene - based PVC is 68.54%, a decrease of 1.92 percentage points [3]. - The total social inventory of PVC is 37.31 tons, an increase of 1.14 tons. The inventory in East China is 33.03 tons, an increase of 1.1 tons, and the inventory in South China is 4.28 tons, an increase of 0.04 tons [3]. 3.5 Downstream Situation - The national real estate climate index is 93.72, a decrease of 0.14. The cumulative value of new housing construction area is 23183.61 million square meters, an increase of 5347.77 million square meters [3]. - The cumulative value of real estate construction area is 625019.54 million square meters, an increase of 4704.49 million square meters. The cumulative value of real estate development investment is 19154.81 billion yuan, an increase of 4281.68 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 14.54%, an increase of 0.83 percentage points, and the 40 - day historical volatility is 15.28%, a decrease of 1.36 percentage points [3]. - The implied volatility of at - the - money put options is 19.11%, a decrease of 0.06 percentage points, and the implied volatility of at - the - money call options is 19.1%, a decrease of 0.07 percentage points [3]. 3.7 Industry News - On July 10, the spot exchange price of PVCSG5 in East China increased by 60 - 70 yuan/ton compared with the previous day, with the price ranging from 4830 to 4920 yuan/ton [3]. - From June 28 to July 4, the capacity utilization rate of PVC in China was 77.44%, a decrease of 0.65% compared with the previous period [3]. - As of July 3, the new sample statistics of Longzhong's social inventory increased by 2.89% month - on - month to 59.18 tons, a year - on - year decrease of 37.66% [3].

Group 1 - The core theme of Ordos City is "desertification prevention and green development," which has led to the establishment of a national sustainable development agenda innovation demonstration zone approved by the State Council in July 2022 [1] - Ordos City has significantly improved its desertification management, with the governance rate of the Kubuqi Desert increasing from 4.6% in the early 21st century to 40% currently, transforming from "desert encroachment" to "green recovery" [2] - The Kubuqi Desert ecological governance area has been recognized by the United Nations as a "global desert ecological economy demonstration area" [2] Group 2 - The Ujier Wind Farm in Ordos City, along with the "Juma" solar power station, generates 2 billion kWh of green electricity annually, saving approximately 680,000 tons of standard coal and reducing CO2 emissions by about 1.65 million tons [3] - Ordos City has a total potential for wind and solar energy development of 140 million kW, equivalent to the installed capacity of 6.2 Three Gorges hydropower stations, benefiting from an average annual sunshine duration of 3,000 hours [3] - The city plans to add over 10 million kW of new energy installations by 2024, bringing the cumulative installed capacity to 21.24 million kW, which accounts for nearly one-sixth of Inner Mongolia's total new energy capacity [3] Group 3 - Ordos City has made significant advancements in high-tech research, with technologies such as porous electrode carbon and CO₂ hydrogenation for green aviation fuel reaching internationally leading levels [4] - The establishment of several research institutions, including the Ordos Energy Research Institute and the Ordos Carbon Neutral Research Institute, has been part of the city's strategy to support technological innovation [4] - Ordos City has attracted high-level innovative talent, enhancing its innovation capabilities and ranking among the top 100 cities in China for innovation [4]

Group 1 - The core viewpoint emphasizes the integration of traditional and innovative energy solutions, particularly in the context of coal and distributed energy systems [1][2] - Wang Zhonglin proposes a "dual-track parallel" strategy, highlighting that coal supports 64% of the national electricity, while distributed energy acts as a local energy circulatory system [2] - The importance of conceptual transformation is stressed, showcasing examples of off-grid solar charging stations and self-powered irrigation systems at the expo [2] Group 2 - The discussion on industrial upgrades in Ordos focuses on the role of smart technology, with intelligent sensor networks providing real-time geological risk warnings and AI optimizing mining operations to reduce energy consumption by 30% [3] - Innovations such as 5G inspection robots and AI algorithms for autonomous decision-making in mining equipment are highlighted as practical implementations of these concepts [3][4] - The event serves as a platform for collaboration between academia and industry, facilitating the transition of technologies from research to practical applications in mining [4] Group 3 - Wang Zhonglin expresses aspirations for the upcoming 20th expo, including a desire for technology transaction volumes to exceed 10 billion, the establishment of "Mine Hong + AI" initiatives along the Belt and Road, and the vision for Ordos to become a model city for distributed energy [4]