Core Insights - The production of reconstituted milk involves two main processes: drying and rehydration [2] - The drying process involves dehydrating fresh milk to create milk powder, which extends shelf life and facilitates storage and transportation [2] - The rehydration process includes adding water to the milk powder and homogenizing it to improve texture and taste [2][3] - Reconstituted milk retains similar core nutrients such as protein, fat, and calcium compared to fresh milk, despite a slightly lighter flavor [3] - The technology behind reconstituted milk addresses issues of spoilage and transportation, allowing for stable nutrient delivery to consumers [3]

Market Performance - The CSI All Share Index showed a steady upward trend, closing in the green, with metal and energy sectors leading gains, while gaming and consumer electronics sectors experienced significant declines[1] - On July 18, the Shanghai Composite Index rose by 0.5%, the Shenzhen Component Index increased by 0.37%, and the ChiNext Index gained 0.34%[3] Fund Flows - On July 18, net inflows into the Shanghai Stock Exchange reached 19.758 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 6.016 billion yuan[3] - The top three sectors for net inflows were small metals, chemical products, and industrial metals, while consumer electronics, communication equipment, and gaming sectors faced the largest outflows[3] Economic Indicators - During the 14th Five-Year Plan period, China's foreign trade is projected to grow by 32.4% compared to the end of the 13th Five-Year Plan, maintaining its position as the world's largest trading nation for eight consecutive years[4] - Service consumption in China is expected to grow at an average annual rate of 9.6% from 2021 to 2024, outpacing goods consumption[6] Industry Developments - The first integrated green electricity data center project in Inner Mongolia has been launched, utilizing a total installed capacity of 300,000 kW, including 200,000 kW from wind power and 100,000 kW from solar power[9] - In the first half of 2025, domestic polysilicon production averaged 100,000 tons per month, with a significant year-on-year decrease of 47.4% in February's production[11] ETF Market Trends - The scale of domestic bond ETFs reached a record high of 481.057 billion yuan as of July 17, with a net inflow of 244.574 billion yuan for the year, marking a 176.7% increase[12] - Haitong Fund became the first fund company to surpass 100 billion yuan in bond ETF scale, with its six bond ETFs totaling 101.041 billion yuan[13]

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurship Competition has officially commenced, aiming to foster innovation and collaboration among young entrepreneurs from Hong Kong, Macao, and mainland China [2][6]. Group 1: Competition Structure - The competition features five tracks: Artificial Intelligence and Robotics, Integrated Circuits and Low-altitude Economy, Pharmaceutical Health and Biotechnology, Food Technology and Modern Agriculture, and Modern Services and Cultural Creativity [4][5]. - Registration for the competition is open until July 31, with qualification reviews for projects to be completed by August 10 [5][6]. - The competition consists of three stages: preliminary round (August 11-22), semi-finals (early September), and the national finals, which will take place in Foshan [6]. Group 2: Participation and Outreach - As of now, 2,564 projects have registered for the competition, with participation from all provinces and regions in China, and 135 projects from outside Guangdong [7]. - The Modern Services and Cultural Creativity track has the highest number of registered projects at 858, followed by the Artificial Intelligence and Robotics track with 611 projects [7]. - The competition aims to create a top platform for collaboration between young entrepreneurs from Hong Kong, Macao, and the mainland, leveraging the unique advantages of the "One Country, Two Systems" policy [7]. Group 3: Support for Young Entrepreneurs - The Hong Kong government is actively promoting the competition to support local youth in innovation and entrepreneurship, with various funding programs already underway [7]. - The Macao government is facilitating favorable conditions for local startups to establish themselves in the Greater Bay Area, including organizing exploration activities and providing professional consulting services [7].

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurship Competition will take place from August to mid-September this year, focusing on aligning with national strategic and industrial development trends [1] Group 1: Competition Overview - The competition theme is "Innovate the Future, Gather Talents in Guangdong" [1] - It will be held in multiple cities including Guangzhou, Zhuhai, Shenzhen, Hong Kong, and Macau [1] Group 2: Competition Tracks - There are five competition tracks designed to address specific industry sectors: - Artificial Intelligence and Robotics Track, covering AI technology, quantum computing, intelligent robots, and smart manufacturing [1] - Integrated Circuit and Low-altitude Economy Track, focusing on integrated circuits, low-altitude manufacturing, and commercial aerospace [1] - Pharmaceutical Health and Biomanufacturing Track, including new drug development, medical devices, biotechnology, and health management [1] - Food Technology and Modern Agriculture Track, encompassing marine ranching, agricultural equipment, leisure agriculture, rural tourism, and new food and dining brands [1] - Modern Services and Cultural Creativity Track, which includes technology services, silver economy, animation products, and fashion arts [1]