Core Points - The Chinese government expresses a desire for mutual cooperation with the European side to create a brighter future for China-EU relations, marking the 50th anniversary of diplomatic ties [1][3] - Key principles for future development of China-EU relations include mutual respect, open cooperation, and adherence to multilateralism [1][2] Summary by Sections Diplomatic Engagement - Chinese President Xi Jinping and Premier Li Qiang held discussions with European Council President Charles Michel and European Commission President Ursula von der Leyen, focusing on strategic issues and international concerns [1][2] - The leaders emphasized the importance of maintaining strategic communication and deepening partnership [2] Economic Cooperation - Both sides agreed to enhance trade and investment relations, aiming for more positive outcomes in cooperation [2] - There is a commitment to resolve trade disputes through dialogue and to oppose "decoupling" [2] Climate Change and Sustainability - A joint statement on climate change was issued, highlighting the significance of a green partnership in the China-EU relationship [2] - Both parties expressed a commitment to achieving successful outcomes in climate initiatives and maintaining stable supply chains [2] Future Outlook - The meeting was characterized as constructive, fostering mutual understanding and trust, and creating better conditions for future cooperation [3]

Core Points - The third meeting of the China-Australia Free Trade Agreement Joint Committee was held via video on July 24, co-chaired by China's Vice Minister of Commerce and Australia's Deputy Secretary of Foreign Affairs and Trade [1] - Both parties acknowledged the significant achievements in bilateral economic and trade cooperation over the past 10 years since the agreement's implementation, recognizing its important role in promoting trade relations [1] - The meeting emphasized the commitment to open cooperation, multilateralism, and free trade, using the 10th anniversary of the agreement as an opportunity to deepen mutually beneficial cooperation and enhance trade and investment liberalization [1] Summary by Categories Trade and Economic Cooperation - The meeting highlighted the fruitful results of the China-Australia Free Trade Agreement (ChAFTA) over the last decade, reinforcing its role as a crucial mechanism for bilateral trade relations [1] - Both sides agreed to continue discussions on trade and investment concerns, aiming to identify areas for further improvement and expansion [1] Implementation and Future Plans - Reports on goods trade, services trade, and intellectual property were presented, reviewing the implementation status of the agreement across various sectors [1] - The parties agreed to advance the review process to determine areas that could be further refined or expanded, along with making work arrangements for future cooperation [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On July 24, the funding situation tightened further, with major repo rates rising significantly. Affected by the increasing expectation of industrial product price hikes, the stock market rally, and the tightened funding situation, the bond market weakened further. The convertible bond market followed the equity market higher, with most convertible bond issues rising. Yields on U.S. Treasuries across all maturities generally increased, and yields on 10 - year government bonds in major European economies mostly rose significantly [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing the importance of China - EU relations and the principles for future development [3]. - The central bank and the Ministry of Agriculture and Rural Affairs jointly issued an opinion to increase financial resource input in key areas of rural revitalization and improve rural basic financial services [4]. - The draft amendment to the Price Law was open for public consultation, covering aspects such as improving government pricing, clarifying the criteria for identifying improper price behaviors, and strengthening legal responsibilities for price violations [6]. - As of July 24, 735 billion yuan of central budget - internal investment in 2025 had been basically allocated, focusing on multiple fields such as modern industrial systems and infrastructure [7]. - The central bank announced a 400 - billion - yuan MLF operation on July 25, with a net injection of 100 billion yuan, marking the fifth consecutive month of increased roll - overs [8]. 3.1.2 International News - The European Central Bank maintained interest rates unchanged, waiting for the clarity of U.S. tariff policies. Since June 2024, it has cut interest rates eight times [9]. - In July, the U.S. Markit manufacturing PMI fell into contraction again, but the recovery of the service sector offset the decline. The composite PMI index rose, but concerns about the business environment persisted [10]. 3.1.3 Commodities - On July 24, international crude oil futures prices turned up, and international natural gas prices rose slightly. COMEX gold futures fell [11]. 3.2 Funding Situation 3.2.1 Open Market Operations - On July 24, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 119.5 billion yuan due to 450.5 billion yuan of reverse repurchase maturities [13]. 3.2.2 Funding Rates - On July 24, due to continuous net withdrawals by the central bank, the funding situation tightened further, and major repo rates rose significantly. For example, DR001 rose 28.05bp to 1.652%, and DR007 rose 9.33bp to 1.576% [14]. 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - **Spot Bond Yield Trends**: On July 24, affected by multiple factors, the bond market weakened further. Yields on the 10 - year Treasury bond active issue 250011 and the 10 - year China Development Bank bond active issue 250210 increased [17]. - **Bond Tendering Situation**: Various bonds were tendered on July 24, with details on issuance scale, winning yields, and subscription multiples provided [18]. 3.3.2 Credit Bonds - **Secondary - market Transaction Anomalies**: On July 24, the trading price of one industrial bond, "H0 Zhongnan 02", deviated by more than 10%, falling by over 28% [19]. - **Credit Bond Events**: Multiple events occurred, including some companies being included in the list of dishonest被执行人, delayed rating report disclosures, rating withdrawals, forced interest - payment events, ineffective bondholder meetings, and companies being investigated by the CSRC [20]. 3.3.3 Equity and Convertible Bonds - **Equity and Convertible Bond Indexes**: On July 24, the three major A - share stock indexes had mixed performances, with the Shanghai Composite Index closing above 3600 points. The convertible bond market followed the equity market higher, with most convertible bond issues rising [21]. - **Convertible Bond Tracking**: On July 25, Guanghe Convertible Bond was listed. On July 24, some convertible bonds announced proposals to lower conversion prices or were expected to trigger conditions for lower conversion prices, and some were about to meet early redemption conditions [24]. 3.3.4 Overseas Bond Markets - **U.S. Bond Market**: On July 24, yields on U.S. Treasuries across all maturities generally increased, and the yield spread between 2 - year and 10 - year U.S. Treasuries remained unchanged, while the spread between 5 - year and 30 - year U.S. Treasuries narrowed [25][26]. - **European Bond Market**: On July 24, the yield on the 10 - year British government bond declined, while yields on 10 - year government bonds in other major European economies generally rose significantly [28]. - **Daily Price Changes of Chinese - funded U.S. Dollar Bonds**: As of the close on July 24, price changes of various Chinese - funded U.S. dollar bonds were provided, including those of companies like Sunac China and Lenovo Group [30].

Core Points - The United States has announced its third withdrawal from UNESCO, reflecting its "America First" stance and prioritizing national interests over international laws and rules [1][2][3] - This decision is seen as part of a broader trend of unilateralism by the U.S., which is perceived to weaken its soft power and international influence [1][3] - The withdrawal will take effect on December 31, 2026, and is attributed to the U.S. government's belief that UNESCO promotes divisive social and cultural initiatives [2][4] Group 1: U.S. Withdrawal from UNESCO - The U.S. has previously withdrawn from UNESCO twice, first in 1984 due to allegations of corruption and mismanagement, and again in 2017 [4] - The current withdrawal is based on ideological differences and a lack of willingness to lead globally, rather than solely financial considerations [3][4] - UNESCO's budget has been growing, with voluntary contributions doubling since 2018, despite the U.S. reducing its financial support [4][5] Group 2: International Reactions and Implications - UNESCO's Director-General expressed regret over the U.S. decision, emphasizing that it contradicts the principles of multilateralism [2][3] - The Chinese government has criticized the U.S. for its lack of responsibility as a major power and has reiterated its commitment to multilateralism and support for UNESCO [2][5] - The withdrawal raises questions about the reliability of the U.S. in international organizations and may create opportunities for China to enhance its influence within UNESCO [3][4]

Core Insights - The "Italy Development Report (2024-2025)" highlights the necessity for pragmatic cooperation between China and Italy amidst a complex international landscape, emphasizing mutual benefits and global impact [1][2] Economic Cooperation - China and the EU have established a strong economic symbiotic relationship, with bilateral trade expected to reach $785.8 billion in 2024, making each other their second-largest trading partners [1] - Italy's economy is significantly affected by U.S. tariff policies, with exports to the U.S. accounting for 4% of its GDP, highlighting the importance of diversifying trade partnerships [2] Strategic Partnerships - 2024 marks a significant year for China-Italy relations, celebrating the 20th anniversary of their comprehensive strategic partnership and the 700th anniversary of Marco Polo's death, with various agreements signed to enhance cooperation [3] - The action plan for 2024-2027 aims to deepen collaboration across various sectors, including cultural exchanges and strategic alignment [3] Sectoral Opportunities - There is considerable potential for cooperation in the service sector, with China planning to expand its service industry, particularly in telecommunications, education, and healthcare, which aligns with Italy's strengths in tourism, healthcare, and education [3] - In artificial intelligence, both countries can learn from each other, with Italy looking to adopt China's advanced practices in AI application while China can benefit from Italy's regulatory frameworks [4] Cultural Exchange - Both countries hold significant cultural heritage, being recognized for their non-material cultural heritage, which presents opportunities for mutual learning and collaboration in preservation efforts [4]

Group 1 - The 25th China-EU Leaders' Meeting was held on July 24 in Beijing, emphasizing the importance of China-EU economic cooperation and the desire for both sides to work together for global stability [1][6] - Nearly 60 China-EU enterprises participated in a roundtable discussion, covering sectors such as digital economy, artificial intelligence, energy, and modern healthcare, highlighting the mutual benefits of cooperation [1][5] - The China-EU relationship has evolved over 50 years, with significant achievements in trade, including a bilateral trade volume increase from $2.4 billion at the time of establishment to $785.8 billion last year [14] Group 2 - The EU and China together account for about one-third of the global economy and trade, indicating their critical role as business partners [3][12] - The EU is encouraged to maintain its cooperative stance with China, avoiding becoming a mere follower of U.S. policies, especially in light of recent geopolitical tensions [10][12] - There is a strong emphasis on the need for both sides to manage differences while enhancing cooperation, with a focus on pragmatic communication to maintain a partnership-oriented relationship [8][16]

Core Viewpoint - The meeting between Chinese Premier Li Qiang and European Commission President Ursula von der Leyen emphasizes the importance of strengthening China-Europe trade and investment cooperation, highlighting the mutual benefits and opportunities that can arise from such collaboration [1][2][3]. Group 1: Trade and Investment Cooperation - Both sides express confidence in China-Europe trade and investment cooperation, noting that bilateral trade and investment have maintained rapid growth, benefiting enterprises and citizens from both regions [1]. - Li Qiang stresses the need for China and Europe to adhere to free and open principles, enhance market connectivity, and align industries to better leverage comparative advantages for mutual benefit [2]. Group 2: Strategic Significance - The current international economic order is under severe strain, making China-Europe cooperation strategically significant in countering global economic challenges and uncertainties [2]. - By expanding trade and investment, China and Europe can create a strong economic synergy, enhancing resilience and vitality in their economies [2]. Group 3: Areas of Focus for Future Cooperation - There is a call for both parties to focus on service trade, technological innovation, green economy, and third-party cooperation to cultivate new growth points in their partnership [2]. - The importance of fostering a healthy competitive relationship and promoting higher levels of coordination and collaboration is emphasized to create a stable and efficient industrial ecosystem [2]. Group 4: Role of Entrepreneurs - Entrepreneurs are recognized as key builders of China-Europe economic cooperation, with a call for them to maintain an open attitude and deepen collaboration in industrial investment, joint research and development, and market expansion [2]. - China aims to continue expanding high-level openness, reduce negative lists for foreign investment, and strengthen intellectual property protection, welcoming more European investments [2]. Group 5: Commitment from the European Side - Ursula von der Leyen reiterates the EU's commitment to deepening a long-term, stable, and mutually beneficial partnership with China, emphasizing the importance of cooperation in trade and investment [3]. - The EU expresses no intention to "decouple" from China and welcomes Chinese enterprises to invest in Europe [3].

吴政隆出席会晤。 李强指出，历史反复证明，每当中欧能够相互尊重、相互理解、相互开放，双方合作 就很顺畅，彼此就都受益；每当中欧之间出现隔阂、关系受到干扰，双方合作就会遭遇 阻碍，彼此就都受损。中欧有着广泛共同利益，没有根本利害冲突。无论国际风云如何 变化，合作都应当是中欧关系的主基调。中方愿同欧方推动经贸合作提质升级，巩固深 化贸易、投资等传统领域合作，积极拓展人工智能、数字经济、绿色发展等新兴领域合 作，取得更多成果。双方可以打造"升级版"中欧出口管制对话机制，保证中欧产供链稳 定。双方要坚持通过对话磋商、深化合作，妥善解决分歧摩擦。希望欧方坚持市场原 则，为中国企业赴欧投资提供公平、公正、非歧视的营商环境。 李强表示，面对当前变乱交织的国际形势，中欧作为全球的两大力量、两大市场，应 当进一步密切多边协作，共同维护多边主义和自由贸易，抵制单边主义、保护主义，坚 定支持联合国在全球治理中的核心地位，支持世贸组织改革发展，捍卫国际公平正义和 全球经贸秩序，共促世界和平稳定繁荣。 来源：新华社 新华社北京7月24日电 7月24日下午，国务院总理李强在北京人民大会堂同欧洲理事 会主席科斯塔、欧盟委员会主席冯德莱恩共 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On July 24, 2025, all the current - month contracts of the four major stock index futures rose, with IF up 0.71%, IH up 0.49%, IC up 1.61%, and IM up 1.6% [1] - On the trading day, the total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 16,976 lots, IH by 13,034 lots, IC by 9,753 lots, and IM by 6,634 lots. In terms of positions, the total positions of IF increased by 2,311 lots, IH by 135 lots, IC by 1,553 lots, and IM by 35 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The A - share market had a good performance, with the Shanghai Composite Index up 0.65%, the Shenzhen Component Index up 1.21%, the ChiNext Index up 1.5%, and the North 50 up 1.1%. The A - share market turnover was 1.87 trillion yuan, slightly lower than the previous day's 1.9 trillion yuan [6] Summary by Related Catalogs Stock Index Futures Data - **IF Contracts**: IF2508 closed at 4,147 with a 0.71% increase, a basis of - 2.04, a turnover of 37.62 billion yuan, a trading volume of 30,340 lots (down 1,946 lots), and a position of 47,426 lots (up 357 lots); IF2509 closed at 4,141.2 with a 0.76% increase, a basis of - 7.84, a turnover of 80.85 billion yuan, a trading volume of 65,298 lots (down 10,716 lots), and a position of 163,125 lots (up 1,443 lots); IF2512 closed at 4,111.8 with a 0.78% increase, a basis of - 37.24, a turnover of 17.36 billion yuan, a trading volume of 14,115 lots (down 3,732 lots), and a position of 53,553 lots (down 269 lots); IF2603 closed at 4,083.4 with a 0.78% increase, a basis of - 65.64, a turnover of 5.35 billion yuan, a trading volume of 4,380 lots (down 582 lots), and a position of 7,264 lots (up 780 lots) [1] - **IH Contracts**: IH2508 closed at 2,815.4 with a 0.49% increase, a basis of 2.96, a turnover of 1.077 billion yuan, a trading volume of 12,773 lots (down 3,448 lots), and a position of 20,633 lots (down 224 lots); IH2509 closed at 2,816.6 with a 0.50% increase, a basis of 4.16, a turnover of 2.894 billion yuan, a trading volume of 34,309 lots (down 8,089 lots), and a position of 63,790 lots (up 95 lots); IH2512 closed at 2,818 with a 0.49% increase, a basis of 5.56, a turnover of 442 million yuan, a trading volume of 5,242 lots (down 1,496 lots), and a position of 14,530 lots (up 95 lots); IH2603 closed at 2,818 with a 0.43% increase, a basis of 5.56, a turnover of 128 million yuan, a trading volume of 1,518 lots (down 1 lot), and a position of 1,938 lots (up 169 lots) [1] - **IC Contracts**: IC2508 closed at 6,269.6 with a 1.61% increase, a basis of - 24, a turnover of 3.22 billion yuan, a trading volume of 25,848 lots (down 1,438 lots), and a position of 53,361 lots (up 1,361 lots); IC2509 closed at 6,226 with a 1.72% increase, a basis of - 67.6, a turnover of 6.096 billion yuan, a trading volume of 49,292 lots (down 5,044 lots), and a position of 109,680 lots (up 284 lots); IC2512 closed at 6,104.6 with a 1.79% increase, a basis of - 189, a turnover of 1.802 billion yuan, a trading volume of 14,865 lots (down 2,494 lots), and a position of 57,871 lots (down 610 lots); IC2603 closed at 5,997.8 with a 1.95% increase, a basis of - 295.8, a turnover of 650 million yuan, a trading volume of 5,463 lots (down 777 lots), and a position of 8,877 lots (up 518 lots) [1] - **IM Contracts**: IM2508 closed at 6,675.8 with a 1.60% increase, a basis of - 25.32, a turnover of 5.751 billion yuan, a trading volume of 43,342 lots (up 960 lots), and a position of 64,427 lots (down 557 lots); IM2509 closed at 6,618.6 with a 1.84% increase, a basis of - 82.52, a turnover of 16.3 billion yuan, a trading volume of 124,051 lots (down 7,313 lots), and a position of 181,457 lots (up 72,061 lots); IM2512 closed at 6,435.4 with a 1.88% increase, a basis of - 265.72, a turnover of 3.716 billion yuan, a trading volume of 29,081 lots (down 610 lots), and a position of 79,069 lots (up 96 lots); IM2603 closed at 6,273.2 with a 1.86% increase, a basis of - 427.92, a turnover of 1.076 billion yuan, a trading volume of 8,632 lots (up 329 lots), and a position of 13,360 lots (up 1,094 lots) [1] Positions of the Top 20 Futures Members - **IF Contracts**: For IF2508, long positions increased by 197 lots, and short positions increased by 808 lots with a net short - position change of 2,370 lots; for IF2509, long positions decreased by 108 lots with a net long - position change of - 645 lots, and short positions increased by 1,821 lots; for IF2512, long positions decreased by 734 lots, and short positions decreased by 259 lots [5] - **IH Contracts**: For IH2508 and IH2509, long positions decreased by 164 lots with a net long - position change of - 62 lots, and short positions increased by 171 lots; for IH2509, long positions increased by 77 lots, and short positions increased by 345 lots; for IH2512, long positions increased by 25 lots, and short positions increased by 231 lots with a net short - position change of 747 lots [5] - **IC Contracts**: For IC2508, long positions increased by 778 lots, and short positions increased by 1,333 lots; for IC2509, long positions decreased by 1,091 lots with a net long - position change of - 434 lots, and short positions increased by 3 lots with a net short - position change of 996 lots; for IC2512, long positions decreased by 121 lots, and short positions decreased by 340 lots [5] - **IM Contracts**: For IM2508, long positions decreased by 533 lots with a net long - position change of - 1,886 lots, and short positions increased by 414 lots; for IM2509, long positions decreased by 560 lots, and short positions decreased by 904 lots with a net short - position change of - 715 lots; for IM2512, long positions decreased by 793 lots, and short positions decreased by 225 lots [5] Important Drivers - The Chinese President met with the President of the European Council and the President of the European Commission, emphasizing the importance of China - EU cooperation [6] - The National Development and Reform Commission and the State Administration for Market Regulation issued a public consultation on the draft amendment to the Price Law of the People's Republic of China, aiming to clarify the standards for identifying improper price behaviors [6] - The A - share market had a good performance, with the Shanghai Composite Index closing above 3,600 points for the first time since January 2022, and the ChiNext Index leading the gains. Nearly 4,400 stocks rose, and the short - term sentiment and the index both showed signs of recovery [6]

Group 1 - The meeting between Chinese and EU leaders marks a significant moment in their 50-year diplomatic relationship, emphasizing mutual respect and cooperation as key principles for future development [1][2][3] - The EU leaders acknowledged that the current challenges facing Europe do not stem from China, highlighting the importance of understanding the historical and cultural differences between the two regions [2][3] - The joint statement on climate change signifies a commitment to multilateralism and positions China and the EU as leaders in global climate action, especially in light of the US withdrawal from the Paris Agreement [4][5][6] Group 2 - The joint declaration on climate change is seen as a crucial step for global climate governance, particularly benefiting developing countries, and demonstrates the potential for cooperation despite geopolitical tensions [6][7] - The EU expressed a desire for continued investment from Chinese companies, indicating a willingness to strengthen economic ties and avoid "decoupling" [3][4] - The meeting is viewed as an opportunity to reset and enhance the EU-China relationship, with calls for more dialogue and cooperation on trade and other issues [8][9]