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].

Group 1 - China's economic growth since the reform and opening-up has been remarkable, making it the world's second-largest economy and a key player in international economic cooperation [1] - The China-Africa Cooperation Forum, established in 2000, has expanded dialogue and cooperation between African countries and China, focusing on mutual respect and benefit [1][2] - Education cooperation is emphasized as a critical component of sustainable development in China-Africa relations, with China committing to support talent development in African nations [2] Group 2 - Human resource cooperation projects between China and Africa have diversified and included traditional sectors like agriculture and urban development, as well as high-tech fields such as 5G and artificial intelligence [2] - Madagascar has significantly benefited from China's educational training programs, with many individuals receiving training in China [2] - The Beijing Action Plan (2025-2027) from the China-Africa Cooperation Forum highlights the importance of educational collaboration for ongoing development [2] Group 3 - The experience of studying in China has positively influenced career paths, enabling individuals to contribute to bilateral relations between Madagascar and China [3][4] - Madagascar was one of the first African countries to sign a memorandum of understanding for the Belt and Road Initiative, showcasing its commitment to cooperation with China [4] - China's initiatives, such as the Global Development Initiative, provide more financing opportunities for developing countries amid a challenging international financing environment [4] Group 4 - China continues to promote high-level openness and quality cooperation under the Belt and Road Initiative, aiming to create opportunities for developing countries to access the Chinese market [4] - The focus on practical cooperation between China and Africa is expected to yield mutual benefits and a promising future for both parties [4]

Core Viewpoint - The summer travel season is approaching, with multiple airlines increasing capacity and launching new routes to popular domestic and international destinations, particularly in the northwest and northeast regions of China, as well as to Japan and South Korea [1][2][4]. Domestic Capacity Expansion - Airlines are focusing on enhancing flight capacity to popular tourist destinations in the northwest, such as Xinjiang, with Southern Airlines planning to open and increase flights to various locations including Changbai Mountain and Wulumuqi [2]. - Southern Airlines will operate over 2,300 flights weekly from Beijing Daxing, with a significant increase in wide-body aircraft usage on popular routes [2]. - The planned flight volume for Xinjiang during the summer travel period is expected to grow by over 20% compared to the previous year, with some regional airports seeing increases of over 40% [2]. Price Trends - The price of direct flights from Beijing to various destinations in Xinjiang has decreased, with the lowest fares dropping significantly compared to previous searches [3]. - As of June 29, the average price of pre-sold tickets for the summer travel season has decreased by 1.3% year-on-year, attributed to high prices in the previous year leading to lower sales [3]. International Route Developments - The hottest international destinations for the summer travel season include Japan and South Korea, with airlines planning to increase flights to these regions [4][5]. - Eastern Airlines plans to open new routes to Tokyo and Osaka, while other airlines are also increasing their international flight offerings significantly [5][6]. Belt and Road Initiative Routes - Several airlines are launching new routes to countries involved in the Belt and Road Initiative, with Southern Airlines and Eastern Airlines opening direct flights to cities like Istanbul and Almaty [7]. - As of mid-May, flights between China and Belt and Road countries accounted for approximately 72% of international flights [7]. Service Enhancements - Airlines are introducing targeted passenger services for the summer season, including expanded pet transport services and dedicated transportation for students [10]. - New direct routes are being established to connect popular tourist destinations with major cities, enhancing convenience for travelers [9].

证券研究报告 2025 年 6 月 30 日 9[Table_Title] 每日复盘 2025 年 6 月 30 日三大指数集体上涨，游戏股全线大涨 资金筹码方面，主力资金 6 月 30 日净流出 20.65 亿元。其中超大单净流 入 31.77 亿元，大单净流出 52.42 亿元，中单资金净流出 50.46 亿元，小单 持续净流入 65.99 亿元。 6 月 30 日，上证 50、沪深 300、中证 500 以及中证 1000 等 ETF 大部分 成交额较上一交易日增加。华夏上证 50ETF、华泰柏瑞沪深 300ETF、嘉实沪 深 300ETF、易方达沪深 300ETF、南方中证 500ETF、南方中证 1000ETF 和华 夏中证 1000ETF 成交额分别为 22.11 亿元、43.00 亿元、8.28 亿元、16.38 亿 元、14.54 亿元、14.70 亿元和 3.72 亿元，分别较上一交易日变化+1.43 亿 元、+0.42 亿元、-2.60 亿元、+0.80 亿元、+1.34 亿元、+2.92 亿元、+0.61 亿元。6 月 27 日主要宽基 ETF 资金流向显示资金主要流入上证 50ETF， ...