Core Viewpoint - The BRICS cooperation mechanism has become an essential force in the global governance system, and the BRICS countries should further enhance consensus and advance cooperation across various fields to contribute to stable and sustainable global economic growth and a more inclusive global governance system [1] Group 1: Economic Cooperation - BRICS countries should significantly expand trade relations, leveraging their strong trade potential as they account for nearly one-fifth of global merchandise trade, with strong industrial complementarity among members [2] - In investment cooperation, BRICS nations should promote mutual openness and win-win cooperation, encouraging investment collaboration and lowering entry barriers to achieve resource synergy in supply chains [2] - The rapid development of the digital economy presents a unique opportunity for BRICS countries to accelerate their growth, with China and India being major players in this sector [2] Group 2: Globalization and Trade Agreements - The BRICS countries should seize the opportunities presented by the Belt and Road Initiative, aligning it with their development strategies to attract more members and deepen cooperation [3] - There is a need to explore the signing of a BRICS free trade agreement to facilitate communication, establish common standards, promote factor mobility, optimize trade processes, and reduce entry barriers [3] Group 3: Global Governance Participation - BRICS countries should actively participate in global governance, addressing challenges through a shared global governance perspective [5] - In public health, BRICS nations should work towards improving the global public health governance system and enhance cooperation in vaccine and drug research to combat pandemics [5] - In climate change, BRICS countries should implement the UN 2030 Sustainable Development Agenda and engage in practical cooperation on green economy development and carbon neutrality [5] - Strengthening collaboration in global poverty alleviation is essential, utilizing China's successful experiences in conjunction with the realities of other countries [5]

全面注册制实施以来，通过注册环节流程机制的优化，企业上市审核效率明显提升。数据显示，今年上 半年共有173家企业进行IPO，首发募资超2000亿元，其中科创板、创业板IPO募资规模占比合计超过七 成。从行业来看，电子、电力设备、机械设备等行业募资额居前。业内人士表示，上述特征反映出我国 经济结构正在向科技创新、绿色经济和消费升级加速转变。 173家IPO企业登陆A股市场 Wind数据显示，以上市日作为统计标准（下同），截至6月30日，今年以来A股市场共有173家企业成功 进行IPO，首发募集资金约为2097.38亿元。与去年同期的171家、3119.20亿元相比，IPO企业数量同比 保持均衡，而首发募集资金则减少约33%。 《经济参考报》记者根据Wind数据统计，以申万一级行业作为统计标准，上半年IPO企业数量最多的前 五大行业分别为机械设备、电子、汽车、基础化工和电力设备，上市企业家数分别为26家、23家、17 家、17家和17家。而IPO募资金额最高的前五大行业分别为电子、电力设备、机械设备、汽车和医药生 物，募资总额分别为512.31亿元、256.13亿元、246.88亿元、153.64亿元以及151. ...

Group 1 - Wang Zhishan, former deputy director of the Standing Committee of the People's Congress of Shuangyashan City, Heilongjiang Province, is under investigation for serious violations of law after voluntarily surrendering [1][3] - Wang Zhishan has held various positions including deputy mayor of Shuangyashan City and has been involved in the Chinese Democratic League [3] - He is recognized as a scholar and has published several works on green economy and ecological economy, along with poetry collections [3] Group 2 - The Central Third Inspection Team is currently conducting inspections in Heilongjiang Province, with a focus on receiving reports related to violations of political and organizational discipline among provincial leaders [4]

Group 1 - Australia will be the guest country at the 2025 China International Fair for Trade in Services, signaling a positive collaboration in various sectors including services, education, healthcare, food, consumer goods, and tourism [1] - The Australian pavilion at the fair will feature nearly 60 institutions and companies, covering an exhibition area of 360 square meters, the largest for any guest country in the history of the fair [1] - The Australian Trade and Investment Commission will lead the organization of the Australian pavilion, showcasing Australia's strengths in green economy, education, tourism, food, consumer goods, and health [1] Group 2 - China is Australia's largest bilateral trade partner, with trade in goods and services accounting for 26% of Australia's total trade in the 2023-2024 fiscal year [2] - The bilateral trade volume with China is expected to grow by 2.6% in the 2023-2024 fiscal year, reaching AUD 325 billion (approximately RMB 1.5 trillion) [2] - Australia's exports of goods and services to China are projected to be AUD 212.7 billion (approximately RMB 1 trillion), with service trade experiencing a significant growth of 42.3%, driven mainly by tourism and education [2]

Group 1 - The central economic work conference emphasized the need to comprehensively rectify "involution" competition in the photovoltaic industry, with a focus on regulating low-price disorderly competition and guiding companies to enhance product quality [1] - The Ministry of Industry and Information Technology issued a notice on the 2025 annual special energy-saving inspection tasks for the polysilicon industry, maintaining a focus on energy consumption [1] - Recent price increases in the upstream photovoltaic industry chain are driven by the actual exit time and scale of production capacity, with a strong focus on the supply-side catalysis in the silicon material segment and new technologies in BC and precious metals [1] Group 2 - The recent mainstream prices for silicon materials are reported at 42-47 RMB per kilogram for dense materials and 43-46 RMB per kilogram for granular materials, with silicon wafer prices generally rising by approximately 0.1 RMB per piece [1] - The price of battery cells continues to increase, while the price dynamics in the module segment are expected to persist, although policy-driven trends may help the market move away from the bottom range [1] - The Carbon Neutrality 50 ETF (159861) tracks the Environmental Protection 50 Index (930614), which selects listed companies involved in clean energy, pollution control, and energy conservation to reflect the overall performance of the environmental industry [1]

Core Viewpoint - Beijing has initiated significant efforts in promoting clean production, with 151 key units starting clean production work and 44 units completing audits, leading to substantial energy savings and emissions reductions [2][3][5]. Group 1: Clean Production Initiatives - A total investment of 350 million yuan has been made to implement various clean production schemes, achieving annual energy savings of 7,720 tons of standard coal, a reduction of 16,600 tons of carbon dioxide emissions, and water savings of 515,100 cubic meters [2][3]. - The clean production concept focuses on reducing pollution at the source, improving resource and energy efficiency, and minimizing harmful emissions during production and service processes [2]. Group 2: Specific Case Study - Hongqiao Market - Hongqiao Market has implemented 11 clean production schemes, including smart power distribution and efficient heating systems, resulting in annual electricity savings of 3,300 kWh and 24 tons of standard coal [4]. - The market has achieved a comprehensive energy saving rate of 16.62% and a reduction of carbon emissions by 2,898 tons through the adoption of green electricity and various energy-saving measures [4]. Group 3: Future Directions - In the second half of the year, Beijing's clean production efforts will continue to align with the goal of becoming an international green economy benchmark city, focusing on integrating clean production with ESG mechanisms and promoting regional collaboration [6].

Core Insights - The sustainable bond market has seen significant growth over the past decade, raising over $5.5 trillion for projects aimed at addressing environmental challenges and social inequalities [1][2] - LSEG has played a pivotal role in this market, launching the first dedicated green bond segment in 2015 and evolving it into the Sustainable Bond Market (SBM) [1][8] Market Growth and Impact - Over 170 issuers have launched 720 bonds in the LSEG sustainable bond market, raising nearly $422 billion, which supports various environmental and social projects [2] - Funding from these bonds has primarily supported energy efficiency, natural resources, and sustainable land use projects, accounting for about 25% of total funds raised [2] Market Development - The SBM has expanded from a single segment to a comprehensive market, introducing categories for sustainable development, social bonds, and issuer-level bonds [8] - The market has also introduced transition bonds to support issuers in climate-related activities [8] Value Creation for Issuers and Investors - The SBM provides issuers access to a global investor base, often resulting in oversubscription for bond offerings, enhancing visibility and credibility [9] - Investors benefit from a diverse range of debt asset classes and strict sustainability standards, which enhance confidence in their investments [9] Emerging Trends - The market is evolving to support various financing needs, including climate adaptation projects and blue bonds aimed at ocean protection [18] - New financial instruments like debt-for-nature swaps are gaining traction, allowing emerging market sovereigns to refinance debt at lower rates to fund conservation efforts [18] Future Outlook - LSEG is committed to driving innovation in the sustainable bond market, anticipating continued growth and the emergence of new financing opportunities [14][15]

Core Viewpoint - The Hainan Free Trade Port is set to officially start its full island closure operation on December 18, 2025, marking a new phase in its development [1]. Group 1: Progress and Development - The construction of the Hainan Free Trade Port has made significant progress over the past five years and is now entering a new stage of full island closure operation [2]. - The policy system for the closure operation is designed in a phased manner, with specific measures to enhance trade and investment [3][4]. Group 2: Trade Policies - A more open zero-tariff policy for goods trade will be implemented, increasing the proportion of zero-tariff items from 21% to 74% for imports from abroad [3]. - More relaxed trade management measures will be introduced, allowing for open arrangements for certain prohibited or restricted imports [3]. - Eight open ports will facilitate the entry of goods into Hainan, with additional "second-line" ports to streamline customs processes [3][4]. Group 3: Economic Impact - The series of open measures will improve the business environment, attract more investment, and create higher-income job opportunities for local residents [5]. - The influx of talent from outside will enrich the local workforce, combining local and external experiences to enhance the development of the Free Trade Port [6]. Group 4: Future Directions - Further open measures are needed, including establishing a transparent investment environment, improving financial policies, and enhancing cross-border data flow mechanisms [9]. - The Hainan Free Trade Port is not a "borderless" area but remains under the supervision of the customs laws of the People's Republic of China, ensuring effective regulation and support for its unique industries [10].

Company Overview - Tianfulong (603406) was listed on the Shanghai Stock Exchange on August 8, with an issue price of 23.6 yuan per share and a P/E ratio of 20.93, lower than the industry average of 32.3 [1] - The company was established in 2009 and is headquartered in Yangzhou, Jiangsu [2] - The actual controllers, Zhu Daqing and Chen Hui, hold 79.3% of the shares, maintaining control post-IPO [2] Business Model - Tianfulong specializes in the R&D, production, and sales of differentiated polyester short fibers, expanding from recycled colored polyester to differentiated composite fibers and polyester new materials [2] - The company's products cater to various sectors, including business, travel, home, healthcare, and clothing [2] - The low-melting-point short fiber business contributed approximately 50% of revenue during the reporting period, while recycled colored polyester accounted for over 30% [2] Financial Performance - Revenue for the years 2022, 2023, and 2024 was approximately 2.576 billion, 3.336 billion, and 3.841 billion yuan, respectively, with corresponding net profits of about 358 million, 431 million, and 454 million yuan [3] - The overall gross margin has been declining, with rates of 18.86%, 18.31%, and 16.50% during the same period [3] - In Q1 2025, revenue was approximately 818 million yuan, a year-on-year decline of 1.39%, while net profit was about 121 million yuan, a year-on-year increase of 2.51% [3] Tax Benefits - Tianfulong benefited from VAT refunds amounting to 62.54 million, 54.43 million, and 86.70 million yuan over the reporting period, representing 16.05%, 11.68%, and 17.77% of total profits [3] - Income tax benefits were 51.79 million, 61.33 million, and 67.49 million yuan, accounting for 13.29%, 13.21%, and 13.83% of total profits [3] Market Position - China is the largest producer of chemical fibers and polyester globally, with a 72% share of the world's chemical fiber production in 2022 [8] - The domestic polyester short fiber industry is highly concentrated, with the top four companies accounting for approximately 43% of total capacity as of the end of 2023 [8] - Tianfulong ranks ninth in the primary polyester short fiber sector and second in the recycled polyester short fiber sector [8] Future Plans - The company plans to raise approximately 790 million yuan through its IPO, with total expected fundraising of about 944 million yuan to fund projects including the annual production of 170,000 tons of low-melting-point polyester fibers and 10,000 tons of high-elastic low-melting-point fibers [9]

编者按：在美国关税冲击以及地缘政治回潮等复杂挑战下，东亚各国以及地区合作面临巨大的"压力测 试"。以东盟和中日韩（10+3）机制为主渠道的东亚合作如何保持韧性，并在转危为机中实现更大发 展？本期"环球圆桌对话"就此展开讨论。 许利平：中国社科院亚太与全球战略研究院研究员 当然，在单边主义、保护主义和经济霸凌冲击国际多边贸易体制的大背景下，东亚合作也面临着复杂挑 战。比如，地区国家出口面临美国关税冲击。10+3国家多为外向型经济体，相当程度上依赖出口拉动 经济增长。这种出口导向的经济发展模式一方面是面向东亚区域内部，另一方面也面向区域外，尤其是 与美欧的贸易往来。目前来看，对美出口在地区国家对外贸易中普遍占据相当高的比例，美国滥施关税 将对东亚国家出口产生直接影响。当然，美国关税冲击也会刺激地区国家对商品出口进行结构性调整， 包括减少对美出口，增加对区域内以及美国之外其他国家和地区的出口比重。 尽管如此，地区国家出口成本还是不可避免地将会有所增加。长期以来，经济全球化和世界范围内的产 业分工促进资金、人力、原材料和中间品等各种资源自由流动、优化配置。但美国挑动关税和贸易摩 擦，对全球产供链包括中间品贸易造成打击 ...