本期债券的成功发行为临港投控集团做大做强主责主业引入了金融活水，申万宏源证券 将紧密围绕临港新片区的战略定位和发展需求，助力临港投控集团充分发挥产业投资、 城市运营、数字城市建设等方面的关键作用，为临港新片区新一轮开放发展做出更大贡 献。 近日，申万宏源证券作为分销商，助力 "上海临港新片区投资控股（集团）有限公司 2025 年非公开发行可续期公司债券（第一期）"成功发行，本期债券发行规模合计 20 亿元，品种一期限为 3+N 年，票面利率 2.35 % ；品种二期限为 5+N 年，票面利率 2.60 % 。 中国（上海）自由贸易试验区临港新片区是习近平总书记亲自谋划、亲自部署、亲自推 动的重大国家战略。临港投控集团作为上海自贸区临港新片区的开发建设主体和综合运 营商，承担保障房建设及销售等任务，并参与自贸临港新片区新兴产业的股权直投和基 金投资，已形成房产销售、物业租赁和管理、基金投资管理、公共交通运输和公用事业 电力五大业务板块。 本内容最终解释权归申万宏源证券有限公司所有。 免责 声 明 ...

Core Viewpoint - The article emphasizes the significance of urban renewal in Hainan as a transformative approach to enhance urban living conditions, optimize city structures, and support the development of the Hainan Free Trade Port [1][2][3]. Group 1: Importance of Urban Renewal - Urban renewal is a necessary requirement for the transformation of urban development models, especially as Hainan's urbanization rate reaches 63.08% by the end of 2024, with Haikou and Sanya at 83.52% and 73.29% respectively [2]. - The initiative aligns with the "People's City" concept, focusing on improving living conditions and public services for residents, particularly the elderly and children [3]. - Urban renewal serves as an effective means to stimulate economic growth and domestic demand, especially in the context of slowing economic growth and rising global protectionism [3]. Group 2: Unique Features and Advantages of Hainan's Urban Renewal - Hainan benefits from the policy advantages of the Free Trade Port, with specific support measures introduced to facilitate urban renewal, including 20 targeted policies for planning, land supply, project supervision, and funding [5]. - The region's excellent ecological environment, highlighted by successful ecological restoration projects in Sanya, enhances the appeal of urban renewal efforts [6]. - Hainan's diverse cultural landscape, including various cultural influences, enriches the urban renewal process, fostering a sense of cultural identity and community among residents [6]. Group 3: Strategies for Advancing Urban Renewal - The focus should be on creating livable spaces that enhance residents' quality of life through the renovation of old neighborhoods and the development of public amenities [7]. - Building resilient cities is crucial, particularly in enhancing infrastructure to withstand natural disasters, as demonstrated by Sanya's upgraded drainage systems [7]. - Incorporating advanced technology into urban renewal initiatives can lead to smarter, more efficient urban living environments, as seen in the intelligent management systems in Haikou and Boao [8]. - Preserving historical and cultural resources is essential, with a proposed mechanism for protecting and utilizing these assets to maintain the city's heritage while promoting modern development [8]. Group 4: Overall Vision - The ongoing urban renewal efforts aim to create a vibrant, attractive, and sustainable Free Trade Port, ensuring that residents experience improved living conditions and a renewed sense of community [9].

Group 1: Free Trade Zone in Da Nang - The Vietnamese National Assembly has approved the establishment of the country's first free trade zone in Da Nang, covering approximately 1,881 hectares and encompassing various functional areas such as production, logistics, trade, services, digital industry, and information technology [1] - The Vice Prime Minister of Vietnam expressed hopes that the free trade zone will become a global economic hub, driving local and national economic growth [1] - Da Nang has been merged with Quang Nam Province, increasing its area to 11,000 square kilometers, with plans for a regional financial center and significant infrastructure investments [1] Group 2: Economic Growth and Challenges - Vietnam's GDP is projected to reach approximately $476.3 billion in 2024, with a growth rate of 7.09%, and foreign direct investment is expected to hit a record $25.35 billion, a year-on-year increase of 9.4% [2] - The total goods import and export value is anticipated to reach $786.29 billion, reflecting a year-on-year growth of 15.4% [2] - However, external factors such as U.S. trade policies and weakened global demand pose significant risks to Vietnam's economy, with projections indicating a potential decline in growth rates by 2025 [2][3] Group 3: Structural Reforms and Trade Negotiations - The establishment of the Da Nang free trade zone is seen as a key measure in Vietnam's structural reforms aimed at mitigating external risks [3] - As the U.S. approaches the deadline for imposing high tariffs, Vietnam is intensifying negotiations with the U.S. to address trade disputes [3] - Recent trade talks in Washington have shown significant progress, with both parties agreeing to continue discussions online [3] Group 4: Regional Trade Agreements - The completion of the China-ASEAN Free Trade Area 3.0 negotiations is expected to enhance economic cooperation and address global challenges [4] - Vietnam's inclusion as the tenth partner in the BRICS cooperation mechanism highlights its significant role in the global value chain and commitment to a more inclusive international order [4] - Long-term benefits for Vietnam from various trade agreements will depend on its ability to implement pilot projects like the Da Nang free trade zone to deepen and expand its openness [5]

会议探讨了扩大摩洛哥对土耳其市场出口的途径，着力解决贸易失衡问 题。双方重申将秉持"互利共赢"原则建立伙伴关系，确保公平可持续地共享协 定红利。为此，摩土两国同意审议技术委员会工作报告——该报告梳理了贸易 往来现状，指出贸易商面临的实际困难，并提出激活双边合作的具体机制。 据摩洛哥《晨报》6月24日报道，6月23日（周一）在土耳其首都安卡拉举 行的第六届摩洛哥-土耳其自由贸易协定（FTA）联合执行委员会会议上，摩土 双方重点讨论了如何加强双边贸易往来、建立更平衡的经济伙伴关系。 会议由摩洛哥工业与贸易部负责对外贸易的国务秘书奥马尔·海吉拉与土耳 其商务部副部长穆斯塔法·图兹库共同主持。根据会后发布的联合声明，本次会 议是摩洛哥2025-2027外贸行动计划的重要组成部分，旨在评估自2006年1月生 效的摩土自贸协定实施情况。 （原标题：摩洛哥-土耳其自贸协定焕发新活力） 双方达成了一系列具体措施，包括通过加强两国工业一体化将目前约50亿 美元的贸易额进一步提升，在1年内筹办"土耳其-摩洛哥商业投资论坛"，以及 举办联合投资促进会议和洽谈活动。此外，摩土两国决定在两部委之间建立直 接沟通渠道，以消除障碍、改善贸 ...

Group 1 - The forum focused on the theme "Uncertain Times: Open Reshaping Growth," emphasizing that only "openness" can create certainty amid uncertainty in geopolitics and the global economy [1] - The relationship between China and France is entering a new chapter, with France recognizing China as a crucial strategic market across various sectors [1][2] - The bilateral trade and investment between China and France have achieved fruitful results over the past 50 years, contributing to a mutually beneficial community [2] Group 2 - The first roundtable discussion highlighted opportunities in the "China-France Health Industry," noting the rapid development of China's medical innovation and the potential for effective cooperation [3] - The second roundtable focused on the "Growth Drivers of the China-France Consumer Market," with LVMH's Secretary General emphasizing the strategic value of the Chinese market for European luxury goods, as 10% of LVMH's 215,000 employees work in China [3]

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 中国燃气（00384.HK） 24/25 财年年报点评：自由现金流改善，DPS 维持 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 81,863 | 80,255 | 79,610 | 81,073 | 83,311 | | 同比(%) | (11.43) | (1.96) | (0.80) | 1.84 | 2.76 | | 归母净利润（百万元） | 3,185 | 3,252 | 3,477 | 3,726 | 3,997 | | 同比(%) | (25.82) | 2.09 | 6.93 | 7.16 | 7.28 | | EPS-最新摊薄（元/股） | 0.58 | 0.60 | 0.64 | 0.68 | 0.73 | | P/E（现价&最新摊薄） | 12.54 | 12.28 | 11.49 | 10.72 | 9.99 | 20 ...

他提到，近期去往欧洲时发现大家都在讨论，"特朗普现象"到底是短波现象还是长波现象？如果 是"短波"现象，持续到下一届大选，则只需要忍耐三年；如果是"长波现象"，则必须另外准备策 略。在他看来，我们也应该动态调整应对措施。 针对美国当前"与天斗、与地斗、与人斗"的对抗态势，他警示"没有好的收场"，甚至可能"哄然倒 地"。在此动荡背景下，高志凯提出，应该遵循邓小平过往提到的"站稳脚跟，稳步前进"方针，既 要避免未站稳而摔倒，也要防止停滞错失机遇。在他看来，"中国已经是捍卫自由贸易的旗手"，自 由贸易大旗握在中国手中，"中国已经是赢家了"。 点击 " 阅读原文 " 了解更多详情 ！ 在闭幕对话环节，全球化智库(CCG)副主任、苏州大学讲席教授高志凯谈到当前的国际形势时强 调，全球化与自由贸易互为"硬币两面"，反全球化实为反自由贸易，这注定是短期的行为。 全球化智库(CCG)副主任、苏州大学讲席教授高志凯 凤凰网财经讯6月28-29日，"2025中国企业出海高峰论坛"在深圳举行，本次论坛由凤凰网主办， 雪花超高端系列品牌-醴首席赞助合作，中国企业出海全球化理事会联合主办，以"为开放的世 界"为主题，旨在全球产业链深度 ...

比利时首相德韦弗会见王毅 相关链接 金十数据7月1日讯，据外交部网站，当地时间2025年7月1日，比利时首相德韦弗在布鲁塞尔会见中共中 央政治局委员、外交部长王毅。王毅表示，今年是中欧建交50周年，具有承前启后重要意义。中欧半个 世纪交往历程充分证明，双方完全可以相互尊重，实现合作共赢。面对变乱交织的国际局势，中欧作为 全球两大力量、两大市场、两大文明，应当坚持伙伴关系定位和合作共赢主基调，加强沟通、增进理 解，筑牢互信，共同维护多边主义和自由贸易体制，做世界的"稳定之锚"，成为彼此可靠强劲、相互成 就的伙伴。双方还就乌克兰问题等交换了看法。 ...

Core Viewpoint - The Federal Reserve, as the central bank of the United States, plays a crucial role in influencing the global economy and maintaining a balance of interests between the states and the government [1]. Group 1: History and Formation of the Federal Reserve - The Federal Reserve was established after several iterations of central banking in the U.S., starting with the First Bank of the United States in 1791 [4][9]. - The need for a central bank arose from the financial struggles of the newly independent U.S. government, which had incurred significant debt during the Revolutionary War [5][6]. - The First Bank of the United States was created to manage this debt, with the government holding a 20% stake and foreign financiers holding the majority [9]. Group 2: Challenges and Changes in Central Banking - The First Bank faced opposition from prominent figures like Thomas Jefferson and ultimately ceased operations in 1811, leading to a period without a central bank [14][21]. - The absence of a central bank resulted in economic instability and bank failures, prompting the establishment of the Second Bank of the United States, which successfully stabilized the economy [19][21]. - The Second Bank also faced opposition and was dissolved in 1836, leading to decades without a central banking system [21][22]. Group 3: Establishment and Role of the Federal Reserve - The Federal Reserve was created to address the issues of banking crises and to provide a stable monetary policy framework [28]. - It operates as a consortium of several banks, with its board representing the interests of state banks, thus ensuring their participation in monetary policy decisions [28]. - The Federal Reserve's independence from government intervention is a key feature, allowing it to make decisions based on economic stability rather than political pressure [29][30]. Group 4: Impact and Significance of the Federal Reserve - Since its inception in 1907, the Federal Reserve has developed mechanisms to respond to economic crises, becoming an essential part of the U.S. economic and financial stability [28]. - The expertise of its board members, who are seasoned professionals in finance, contributes to its effectiveness in maintaining economic stability [30]. - The Federal Reserve's operational model has proven its significance over the years, with its historical role and decisions subject to future evaluation [31].

Core Insights - The article highlights the rising popularity of west-facing apartments among young people, who view them as a hidden gem for achieving "sunset freedom" despite traditional views that consider them less desirable [1][3]. Group 1: Market Trends - West-facing apartments have become a trending choice among young professionals, particularly those who work in busy urban areas and have a lifestyle that involves late hours [3][4]. - In the past two years, specific neighborhoods like Huating Garden, Jiulong Garden, and Baihuan Garden have seen a significant increase in transactions of west-facing apartments, with each community surpassing 100 sales in 2024 [3][4]. Group 2: Economic Factors - The affordability of west-facing apartments is a key attraction for young buyers facing economic pressures in large cities, making them a viable option for those seeking cost-effective living spaces [4][5]. - Data from Beike indicates that in Jiulong Garden, 39% of the transactions in the first half of 2025 were for west-facing units, reflecting their growing appeal [5]. Group 3: Pricing Dynamics - Pricing for west-facing apartments tends to be lower compared to south-facing units, although factors such as floor level, layout, and location can significantly influence prices [5][6]. - For example, a 104.4 square meter west-facing unit in Jiulong Garden is listed at approximately 5.1 million yuan, while a comparable south-facing unit is priced higher at around 5.8 million yuan [5]. Group 4: Consumer Preferences - The experience of living in west-facing apartments varies based on design, surrounding obstructions, and floor level, which can affect the amount of sunlight received [6]. - Young buyers are encouraged to consider these factors carefully to make informed decisions rather than following trends blindly [6].