"凤凰涅槃"象征重生。在法国卡昂大学正门广场，一尊从火焰中奋力振翅的青铜凤凰雕塑昂然矗立，象 征着大学自战火中重生，也代表着整座城市自废墟中崛起的精神信念。 来诺曼底探寻第二次世界大战盟军登陆的足迹，少不了经过卡昂。这座法国西北重镇距登陆海滩仅20公 里，当时桥梁损毁严重，部队难以前行，盟军不得不通过空袭解除德军封锁，给卡昂造成重创。市中心 1/3化为瓦砾，基础设施几近瘫痪。在如今已成为博物馆的卡昂男子修道院，笔者看到一张城市全景照 片。1948年，当地摄影师登上圣让教堂，用玻璃底片记录下重建前的城市景观：废墟上野草茂密，残存 的教堂和房屋孤立其中，一片萧索。 如今贯穿卡昂市中心的主干道名为"6月6日大道"，是战后重建的中轴线。这条纵向通道全长1200米、宽 40米，一端起于奥恩河岸，另一端直抵卡昂城堡，沿线串联抵抗广场、重建建筑群、圣皮埃尔教堂等历 史遗址，构成一条连接中世纪与现代的"记忆轴线"。 漫步街头，不时可见庆祝卡昂"千年诞辰"的海报。早在1025年，诺曼底公爵理查二世的一份文书中就载 有卡昂的名字，那时已有港口与集市，城市雏形初具。11世纪中期，征服者威廉在此修建城堡及两座修 道院，令卡昂成为诺曼 ...

Group 1: Open Market Operations - The central bank conducted a 900 billion yuan 7-day reverse repurchase operation on July 10, with a fixed interest rate of 1.40%, resulting in a net injection of 328 billion yuan for the day after accounting for 572 billion yuan in reverse repos maturing [2][3] Group 2: Liquidity Conditions - Liquidity has slightly contracted, with the overnight pledged repo rate rising to 1.32% and the 7-day pledged repo rate increasing by nearly 2 basis points to 1.49% [4] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit is around 1.62%, showing a slight increase from the previous day [7] Group 4: Bond Market Trends - Major interbank bond yields have generally risen, indicating a shift in market sentiment [9] - Government bond futures closed collectively lower, with the 30-year main contract down 0.36%, the 10-year down 0.16%, the 5-year down 0.14%, and the 2-year down 0.04% [13] Group 5: Urban Investment Bonds - Recent trends in urban investment bonds (AAA) show varying yield spreads across different maturities, reflecting market dynamics [11][12] Group 6: Key News and Developments - The National Development and Reform Commission aims to achieve new urbanization goals by 2035, focusing on high-quality development and increased investment in key areas [14] - The Ministry of Commerce responded to U.S. trade concerns, emphasizing that the issue of overcapacity lies with the EU due to insufficient R&D investment [14] - The Bank of Japan maintained its economic assessment across nine regions, noting limited impact from U.S. tariffs on exports and output [15] - The Bank of Korea kept its key interest rate at 2.50%, aligning with market expectations, while expressing concerns over fiscal imbalances [15] Group 7: Bond Market Events - Oceanwide Group is formulating a domestic credit bond resolution plan, while Longfor Group has successfully passed all 21 domestic bond restructuring proposals [16] - Demand for Japan's 20-year government bond auction fell below the 12-month average [16] - A series of negative events have been reported for various bond issuers, including downgrades in credit ratings for multiple companies [16]

市场价2500元，1600元就能租下，北京朝阳区将台乡"将小爱"公益寓站，成了顺丰小哥秦永财和妻子的 小家。在这里，他们有了第二个娃。 每天收派快递上百件，起早贪黑不觉苦，秦永财笑道："租房享低价，孩子能托管，干活有劲，小家也 有盼头。" 一句"有劲"，道出多少小哥的心声；一声"盼头"，藏着心底最柔软的牵挂——家。对小哥来说，家的定 义，朴素简单，又牵动人心：房租能担，娃儿能管，病了能看。 家的概念，也在延展。随着各地加快推动小哥融入城市，他们正从"城市过客"变为"共建力量"。城就是 家，家就是城，"小家"与"大家"，正在双向奔赴。 "家"的温度，折射城市对劳动者的尊重。为城市奔忙的千万小哥，其住宿难、就医难、子女陪伴难等问 题如何解？怎样在城市中找到归属感？又如何成为城市治理和发展的重要力量？ "小哥初到大城市，最操心住宿问题" 一张床、一间房、一套房，各地探索逐步满足小哥安居需求 秦永财的家，18平方米，不算宽敞，但收拾得整洁温馨，衣柜、餐桌等一应俱全。彩色地垫上，小儿子 咿呀学语；洁白墙壁上，大儿子的奖状高高悬挂。 "这位置，这价格，想租一样大的几乎不可能，更别说带家具了。"秦永财是安徽阜阳人，18岁成 ...

Key Points - The issuance of replacement bonds for hidden debt reached approximately 1.8 trillion yuan in the first half of the year, indicating a rapid and early issuance trend [1] - The issuance of special new bonds for debt resolution is projected to be 800 billion yuan annually for five years starting in 2024, with 4.623 billion yuan issued in the first half of this year [1][2] - The total amount of local bonds issued for debt resolution accounted for 41% of the total issuance in the first half of the year [1] - The issuance of replacement bonds helps to make hidden debts visible, thereby reducing the scale of existing hidden debts and improving the overall debt structure [2] - Local governments are increasingly using special bonds to repay overdue payments to enterprises, with specific allocations made in regions like Yunnan [2][3] - The Ministry of Finance emphasizes the importance of resolving overdue payments to enterprises, particularly for private enterprises, to enhance their resilience against risks [3][4] - There is a call for accelerating the transformation of local investment companies to reduce reliance on local governments and improve their market competitiveness [4][5]

Group 1 - In June, Guangzhou's new housing market showed strong performance with 6,796 new residential units signed, marking a monthly record for the year [1] - The signed area in June reached 80.9 million square meters, reflecting a 42.8% increase compared to the average monthly transaction area in the first five months of the year, indicating resilience and growth potential in the market [1] - The increase in transactions was driven by traditional mid-year sales pushes from real estate companies and accelerated housing ticket arrangements, which supported the local market's strong performance [1] Group 2 - The Guangzhou Housing Ticket Arrangement Implementation Plan was approved in January 2024, leading to continuous upgrades in the housing ticket policy [2] - Recently, a housing ticket worth 100 million yuan was issued, setting a new record for the highest single housing ticket value in Guangzhou [2] - The acceleration of urban village renovations is expected to promote the de-stocking of existing residential properties, with the housing ticket arrangement becoming a key driver for stabilizing the real estate market in the second half of the year [2]

初夏的合肥庐江飞行营地，微风拂过停机坪。随着一阵低沉的嗡鸣，锐翔RX1E-A电动固定翼飞机缓缓 滑向跑道，几秒加速后腾空而起，舷窗外的稻田与河流如画卷舒展。 这是中国首批商业化运营电动固定翼飞机带来的全新飞行体验，也是合肥打造飞行营地矩阵，激活低空 经济"毛细血管"的真实写照。 空中精灵：电动飞机的商业化突破 电动固定翼飞机RX1E-A是中国唯一已取得适航证可开展商业化运营的电动轻型运动类飞机。该飞机总 体设计由中国工程院院士杨凤田领衔设计，是中国第一款具有自主知识产权的新能源轻型运动类飞机。 据零重力飞机工业(合肥)有限公司联合创始人石红介绍，该飞机核心零部件国产化率达100%，其630千 克的最大起飞重量可承载2人，续航程280公里，巡航速度120公里每小时，续航达150分钟。更令人瞩目 的是其"5分钟极速换电"技术，相比传统燃油飞机，电动飞机在通航运营效率和经济性上有了显著提 升。 "它不是'概念机'，而是真能赚钱的工具。"石红指着停机坪上正在换电的飞机说，目前该机型已投入初 级飞行员培训、体验带飞和巡查等场景。 2022年11月，合肥市政府在国家发展改革委的指导下，牵头设立了全国首个国际先进技术应用推 ...

中新网上海7月10日电 (李秋莹)日前，上海市青少年研究中心联合自如租房发布《2025上海青年租房趋 势报告》，全景呈现沪上青年的居住选择与生活态度。报告发现："租住为主"的城市居住新常态正在形 成，其中青年群体成为租房主力军；青年租房策略是在就业、通勤与生活品质等多维需求间的动态平 衡；应届毕业生留城租房比例连年攀升，追求性价比、合租成为首要选择。 截至2024年底，我国常住人口城镇化率达到67%，9.4亿人生活在城镇。在城镇化进程加速的背景下， 城市住房需求持续释放，特别是一线城市的租房市场表现突出。数据显示，北京、上海、广州、深圳四 大一线城市租房人口规模已近4000万人，占常住人口总数近50%。这一趋势在青年群体中表现得尤为显 著，"00后"租住比为68%、"95后"为64%、"90后"为53%，青年正成为推动城市租房市场发展的关键力 量。随着社会观念的转变以及经济形势的变化，租房不再单纯是青年群体用以短期过渡的权宜之计。当 下，不少已购置房产的青年出于追求生活品质、子女教育需求、家庭结构变化、工作调动等原因主动选 择加入租房行列，租赁市场的需求主体正呈现多元化发展趋势。 沪上青年租房呈现出明显的周期 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 07 月 10 日 [Table_Title] 资产配置日报：憧憬 2015 重现 | | | 7 月 10 日，"反内卷"叙事余音未尽，棚改重启预期成为新的主线，股市普涨，债市齐跌，部分商品迎来强势 反弹行情。 国内资产方面，股市，大盘稳中有升，上证指数、沪深 300、中证红利分别上涨 0.48%、0.47%、0.62%；科 技很快仍在调整，科创 50、恒生科技下跌 0.32%、0.29%；小微盘行情相对平淡，中证 2000 下跌 0.05%，万得 微盘股指上涨 0.01%。债市，10 年、30 年国债收益率分别上行 1.45bp、1.60bp 至 1.66%、1.88%；10 年、30年 国债期货主力合约下跌 0.16%、0.36%。 海外方面，美国新一轮关税交易情绪整体进入缓和阶段，美元指数延续震荡走势，黄金价格亦维持窄幅波 动，日内振幅控制在 0-0.5%区间。不过，随着 8 日特朗普提出对进口铜加征 50%关税，铜价波动较大，COMEX 铜价昨日下跌 2.5%后，今日开盘后明显反弹，涨幅一度超过 2%，LME 铜亦表现偏强，日内上涨 ...

Core Viewpoint - The development of the crayfish industry in Hubei, particularly in Qianjiang, is accelerating due to government initiatives and infrastructure improvements, establishing Qianjiang crayfish as a leading brand in China [1][2]. Group 1: Industry Growth and Economic Impact - The comprehensive output value of Qianjiang crayfish has surpassed 87 billion yuan, with an annual trading volume of 800,000 tons, accounting for 60% of Hubei's total output and 25% of the national output [1]. - The "Xia Tiao" policy has designated "Qianjiang Crayfish" as Hubei's sole regional public brand, promoting a unified marketing strategy across the province [1]. - The establishment of over 4,000 Qianjiang crayfish brand stores and more than 10,000 restaurants using Qianjiang crayfish ingredients and cooking standards has expanded market reach [1]. Group 2: Supply Chain and Logistics Development - A supply chain platform with an annual transaction value exceeding 16 billion yuan has been established, involving 1,094 enterprises and 138,700 registered users [2]. - The "Xia Gu Express" logistics service platform and the only crayfish logistics big data center in the country have been created to enhance the supply chain from production to consumption [2]. - The cold chain logistics delivery system allows for delivery to all provincial capitals within 4 to 14 hours, with a 94% average freshness rate for crayfish [2]. Group 3: Market Dynamics and Price Trends - Seasonal price fluctuations are normal, with prices typically dropping during the rice planting season (May-June) and rising during peak consumption (June-August) [3]. - The introduction of "four seasons of crayfish" technology is expected to stabilize prices by extending the supply window [3]. - A survey indicated that 69.4% of crayfish farmers reported stable or increased earnings compared to the previous year, with an average net income of 2,659.2 yuan per mu, reflecting a 9% year-on-year growth [3].

Group 1: Financing Environment - The financing scale of real estate companies in the first half of this year was 184.4 billion yuan, a year-on-year decrease of 30% [1] - In the second quarter, financing reached 100.4 billion yuan, a quarter-on-quarter increase of 19%, but a year-on-year decrease of 25% [1] - Despite marginal improvements in financing support policies, the financing situation remains severe, especially for private real estate companies [1][6] Group 2: Domestic and International Financing - Domestic bond financing costs decreased to 2.71% in the first half of this year, down 0.2 percentage points from the entire year of 2024 [3] - In contrast, the cost of issuing overseas bonds remains high, with rates around 8.60% for the first half of 2025 [2] - The issuance of overseas bonds by real estate companies is primarily for refinancing existing debts, with high interest rates reflecting investor caution [2][3] Group 3: Debt Maturity and Repayment Pressure - In 2024, the maturity scale of real estate company bonds is expected to reach 482.9 billion yuan, while the issuance scale is only 220.9 billion yuan [7] - The third quarter of 2024 is projected to be a peak period for debt repayment, with approximately 160 billion yuan due [7] Group 4: Alternative Liquidity Solutions - Real estate companies are exploring various methods to supplement liquidity, such as asset sales and debt restructuring [8] - For instance, Vanke completed a stock sale plan raising approximately 479 million yuan, while Rongsheng Development announced asset swaps to reduce debts [8] Group 5: Industry Recovery Mechanisms - The urban real estate financing coordination mechanism has accelerated, with approved loans exceeding 670 billion yuan in 2024 [9] - The government plans to issue 440 billion yuan in special bonds to support investment and debt resolution in the real estate sector [9] - Successful debt restructuring cases among several companies provide a model for others in distress, promoting industry risk clearance [10]