Group 1 - The "International Economic Situation Seminar" held in Phnom Penh aims to deepen understanding of the current international economic landscape and explore new challenges and opportunities amid rising unilateralism and trade protectionism [1] - The seminar emphasizes the importance of regional cooperation and high-quality development in response to the complex international environment [1][2] - The event serves as a platform for gathering insights and fostering development among Cambodian Chinese and Hong Kong business communities [1] Group 2 - Zhao Haiyan highlighted the accelerated changes in the global landscape, with the rise of global southern countries and the need for international cooperation to address deficits in peace, development, security, and governance [2] - China maintains its position as Cambodia's largest trading partner and foreign investor, contributing significantly to Cambodia's economic development [2] - The relationship between China and its neighboring countries is at its best historically, with a focus on creating a community of shared destiny [2] Group 3 - Hong Kong's economy is impacted by U.S. tariffs and unilateral policies, but it demonstrates strong resilience due to support from the central government and its economic foundation [3] - Hong Kong's strategy focuses on leveraging its connection to the mainland while expanding its global trade network, including establishing trade offices in various countries [3] - Trade with ASEAN has significantly increased, with ASEAN becoming Hong Kong's second-largest goods export market, reaching a bilateral trade total of $165 billion in the previous year, a 14% increase [3] Group 4 - The seminar featured discussions by experts on global macroeconomic trends, emerging market dynamics in Asia, and new opportunities for China-Cambodia economic cooperation [4]

Core Points - The China International Airlines' C909 aircraft has officially entered international commercial operations with its first flight from Hohhot to Ulaanbaatar on July 1 [1][2] - The C909 is China's first fully independently developed regional jet, showcasing strong environmental adaptability and has delivered over 200 aircraft to more than ten domestic and international customers [1] - The launch of the C909 on the Hohhot-Ulaanbaatar route aims to enhance tourism and economic cooperation between China and Mongolia, contributing to the "Go Mongolia" and "China Travel" initiatives [1][2] Summary by Sections - **Aircraft Details** - The C909 is China's first fully independently developed regional jet [1] - It has been delivered to over ten customers, with more than 200 units in operation [1] - The aircraft has operated over 600 routes, connecting nearly 200 cities [1] - **Flight Operations** - The C909 will operate the Hohhot-Ulaanbaatar-Hohhot route with flight numbers CA757/8, offering seven flights per week starting July 1 [1] - The inaugural flight was celebrated with a water salute at Ulaanbaatar's Chinggis Khaan International Airport [1] - **Strategic Importance** - The launch of the C909 on this route is seen as a significant step in enhancing bilateral cooperation in civil aviation between China and Mongolia [2] - The initiative is part of a broader strategy to support the "Belt and Road" high-quality development and deepen cultural exchanges [2] - **Future Prospects** - There is an expectation for closer cooperation between Chinese and Mongolian aviation enterprises, with hopes for more routes to be operated by Chinese-made aircraft [2]

跨境出海丨市场观察 本周看点： -四川"智造"打开新空间：智能机器人、低空飞行器加速出海； -穿越红利周期，中国App如何突围全球增长新格局； -高增长按下暂停键，2025成跨境分水岭。 行业环境 1.四川"智造"打开新空间：智能机器人、低空飞行器加速出海 关键词 ： 智能机器人,低空经济,科技创新,出海合作,一带一路 概要 ： 第二届"一带一路"科技交流大会在成都举行，聚焦四川人工智能与低空经济等新兴产业 的国际合作。协作机器人、水下机器人和无人机等"智造"产品加速出海，与沿线国家深化合 作。天链、潜行科技等企业实现规模化商用，傲势科技海外订单增长显著。同时，四川打造低 空经济发展高地，民航二所展示低空交通管理平台提升安全监管能力，强调电子通讯安全与技 术融合。四川以科技创新推动新兴产业全球化布局，注重安全有序发展。 2.北京大兴国际机场临空经济区跨境电商产业迎来高速增长 带动河北特色产业集 群"品牌出海" 关键词 ： 跨境电商,临空经济区,品牌出海,国际贸易,数字化转型 概要 ： 北京大兴国际机场临空经济区举办跨境电商产业交流会，透露2024年跨境电商进出口 值同比增长超120%，注册企业达14500家。 ...

Core Points - The successful international commercial flight of the domestically produced C909 aircraft by Air China marks a significant milestone in promoting the international operation of Chinese civil aircraft [1][5] - Air China has increased the frequency of flights on the route from Hohhot to Ulaanbaatar from 3 to 7 flights per week, enhancing convenience for business travelers and creating more connections for transfer passengers [3][5] Group 1 - The C909 aircraft completed its first international commercial flight from Hohhot to Ulaanbaatar on July 1, 2023, taking 1 hour and 30 minutes [1] - The flight schedule includes CA757 departing Hohhot at 8:05 AM and arriving in Ulaanbaatar at 10:10 AM local time, with the return flight CA758 departing at 11:10 AM local time [3] - Air China's C909 fleet has grown to 35 aircraft, achieving over 110,000 flight hours and transporting more than 4.13 million passengers [5] Group 2 - The launch of this route is a key initiative for Air China in expanding its "Belt and Road" network, with 68 routes covering key regions in Asia, Africa, and Europe [5] - Air China plans to introduce new routes in the summer and autumn of 2025, including Beijing-Cairo and Beijing-Tashkent [5] - Air China is committed to promoting the large-scale and high-quality commercial operation of domestic aircraft like the C909 and C919, and is actively participating in the development of the C929 wide-body aircraft [5]

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 7 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 7 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《【东北固收】原油地缘溢价消退，提振消费扩 内需继续发力——政策及基本面周度观察 （20250628）》 --20250629 《甬矽转债定价：首日转股溢价率 23%~28%》 --20250626 《华辰转债定价：首日转股溢价率 22%~27%》 --20250623 《社零超预期改善，油价涨幅收窄——政策及 基本面周度观察（20250621）》 --20250622 《锡振转债定价：首日转股溢价率 29%~33%》 --20250622 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin@nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table ...

Core Insights - The SP158 team of Sinopec has achieved a significant milestone by being awarded the "15 Years of Accident-Free Safety" honor by Kuwait Oil Company (KOC), marking a record for Sinopec in Kuwait and making SP158 the first drilling team in KOC's history to receive this accolade [1] Group 1: Safety Achievements - SP158 team has maintained a continuous safe production record of 5,485 days and completed 130 wells, ranking among the top teams out of 130 at KOC [1] - The team has been recognized for its safety management practices, which include innovative safety mechanisms and a strong safety culture [4][6] Group 2: Technical Collaboration - SP158 has become KOC's preferred partner for technical innovation, successfully completing high-risk projects such as the RA104 well and the SA-861 well, setting records for safety and efficiency [2] - The team has implemented new technologies and processes, creating a closed-loop collaboration model that emphasizes safety and technical problem-solving [2] Group 3: Talent Development - SP158 is recognized as a "drilling safety training school," having trained numerous foreign drilling engineers and developed key technical personnel for both Sinopec and KOC [3] - The team fosters a strong learning and mutual support culture, which is highly valued by KOC [3] Group 4: Management Innovations - The team has introduced a dual mechanism of "Safety Micro Groups" and overseas safety inspections, creating a comprehensive management system for daily safety oversight [4] - Employee engagement in safety reporting has increased, with over 1,200 suggestions collected, leading to the development of standardized operating procedures [4] Group 5: Cultural Cohesion - SP158 promotes a "family culture" that bridges cultural differences among its diverse workforce, enhancing trust and collaboration [6] - The team integrates safety awareness into family life, encouraging employees to share their family connections and safety commitments [5][6]

报告显示，2024年30家上市公司的新签合同额合计人民币184,411.76亿元，同比下降3.44%（数据来源：安永《中国上市建筑公司2024年回顾及未来展望》 报告）。在这一背景下，境外业务占比及变化情况备受瞩目。 安永大中华区政府与基础设施事业部主管合伙人兼安永北京主管合伙人杨淑娟在接受环球网记者采访时表示，尽管2024年整体新签合同额有所回落，但部分 领军企业的境外业务占比却逆势上扬。以中国建筑为例，其境外新签合同额同比增长19%，这一强劲增长无疑为行业注入了新的活力，彰显了中国建筑企业 在国际舞台上的竞争力。 杨淑娟介绍，2024年建筑企业境外业务占比小幅提升，如中国建筑境外新签合同额同比增长19%。企业"走出去"时，需关注政治、法律、财税、金融、供应 链及运营等风险。全球地缘政治风险加剧，企业要构建"穿越周期的新生存法则"，重视风险管控与合规管理。 中国建筑企业出海已取得一定成效，但面临诸多挑战。为此，杨淑娟认为，企业应聚焦核心业务、创新项目模式、明晰战略方向、深耕重点区域、优化协同 发展体系以及赋能海外机构。当前国际市场机遇与挑战并存。一方面，全球经济复苏乏力、地缘政治风险持续存在；另一方面，"一 ...

Core Viewpoint - The industrial aluminum profile market in China is experiencing significant growth driven by the increasing demand for lightweight vehicles and the expansion of the new energy vehicle sector, alongside robust demand from the photovoltaic industry [1][9]. Market Overview - Industrial aluminum profiles are primarily alloy materials made from aluminum, produced through processes like melting and extrusion, resulting in various shapes for different applications [2]. - The market is witnessing a production capacity expansion among Chinese manufacturers to meet the rising demand, with a projected production volume of 11.705 million tons in 2024, marking a year-on-year increase of 23.21% [1][9]. Market Policies - A series of supportive policies have been introduced to encourage technological innovation and green manufacturing in the industrial aluminum profile sector, including guidelines for recycling and promoting green finance [4][6]. Industry Chain - The upstream of the industrial aluminum profile industry includes bauxite, recycled aluminum, and production equipment, while the downstream encompasses applications in photovoltaic, new energy vehicles, and construction [7]. Competitive Landscape - The industrial aluminum profile market is highly competitive, with numerous players entering the field. The top twenty companies include prominent names such as Conglin Aluminum Technology and Dingmei New Materials [11][13]. - Conglin Aluminum Technology specializes in high-end industrial aluminum profiles and lightweight equipment, serving major clients like China CRRC and Maersk [14]. - Dingmei New Materials focuses on high-performance aluminum and magnesium alloys, achieving a revenue of 1.491 billion yuan in 2024, with 44.01% from industrial aluminum materials [16]. Development Trends - The industry is expected to adopt smart production lines and technologies such as IoT and AI to enhance efficiency and reduce costs. The use of recycled aluminum is anticipated to increase, promoting resource circularity [18].

马来西亚丝路之友俱乐部主席黄振隆表示，国际社会始终对中国经济前景抱有信心，原因在于中国14亿 人口的巨大消费潜力、经济结构性升级持续推进、深度融入全球和区域供应链。"中国的适应能力、改 革决心和开放姿态，继续支撑着全球对其长期经济轨迹的信心"。 霍尼韦尔中国总裁余锋强调，中国市场的规模、韧性和创新活力为跨国企业在华发展提供了坚实依托， 中国在科技创新、数字经济和低碳发展等领域展现出的强大活力，给企业带来广阔发展机遇。"霍尼韦 尔对在中国持续成长充满信心"。 巴西圣保罗州立大学政治经济学教授马科斯·皮雷斯指出，在当前地缘政治紧张局势持续、全球产业链 和供应链面临断裂风险的背景下，中国经济保持稳定增长，不仅成为全球发展"压舱石"，也为包括巴西 在内的全球南方国家提供机遇。 "中国AI发展速度跟中国高铁一样快" 仲夏时节，天津迎来世界经济论坛第十六届新领军者年会（又称"夏季达沃斯论坛"）。6月24日至26 日，90多个国家和地区的1700余名嘉宾以"新时代企业家精神"为主题，共同探讨在地缘经济格局不断变 化背景下全球增长的新方案。 本届年会会场内，聚焦科技创新、前沿技术主题的论坛几乎场场爆满，与会嘉宾尤为关注中国的 ...

Core Insights - Gansu is highlighted as a region full of opportunities and potential for high-quality development, particularly for Taiwanese businesses [1][3]. Group 1: Event Overview - The "Taiwanese Business in Gansu" promotional event was held in Lanzhou, attended by over 300 Taiwanese business representatives [1][3]. - The National Taiwan Enterprise Federation's sixth member representative meeting was successfully convened, marking a significant step for cross-strait cooperation [3]. Group 2: Investment Landscape - Currently, there are 151 Taiwanese-funded enterprises in Gansu, primarily located in cities along the Silk Road, with 60% focused on agriculture and food processing [3]. - Gansu is positioned as a key hub for the Silk Road Economic Belt, presenting three core opportunities: integration of new energy and manufacturing, upgrading of arid agriculture, and development as a western opening hub [5]. Group 3: Strategic Advantages - Gansu is developing into a modern cold and arid agricultural base, with significant potential for collaboration in agricultural machinery research and product processing with Taiwanese enterprises [5]. - The region's strategic initiatives include the construction of a western opening corridor, a new energy and manufacturing base, and a modern cold and arid agricultural demonstration base, making it a priority for Taiwanese investment [6]. Group 4: Future Prospects - The National Taiwan Enterprise Federation plans to organize visits for Taiwanese business representatives to explore opportunities in traditional Chinese medicine, agriculture, and health industries in Gansu [6].