Domestic Market Overview - The domestic market showed a strong upward trend, with the Shanghai Composite Index closing at 3387.57 points, up 0.21%, and the Shenzhen Component Index closing at 10294.22 points, up 0.44% [1][5][10] - Among the 30 first-level industries, 13 sectors saw gains, with coal, non-ferrous metals, and electric equipment & new energy leading the increases, while comprehensive finance, electronics, and media experienced significant declines [1][5][10] - The total trading volume of the A-share market reached 12144 billion, slightly up from the previous day [1][5][10] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.91%, the S&P 500 down 1.61%, and the Nasdaq down 1.41% [2][5] - Major technology stocks, including Tesla and Apple, fell over 2%, and most Chinese concept stocks also declined, with iQIYI down over 8% and Baidu down over 4% [2][5] News Highlights - The Financial Regulatory Bureau and eight other departments jointly issued measures to support financing for small and micro enterprises, focusing on increasing financing supply and reducing costs [3][12] - Chengdu is promoting the development of a duty-free economy, aiming to establish duty-free shops within the year [3][15] - China and ASEAN countries have completed negotiations for the upgraded version of the China-ASEAN Free Trade Area 3.0, which includes nine new chapters [3][18][19] - The U.S. is attempting to globally ban advanced computing chips from China, which has drawn criticism from Chinese officials [3][16][17]

Core Points - ASEAN and China have been each other's largest trading partners for several years, and they are pushing for the rapid signing and implementation of the ASEAN-China Free Trade Area 3.0 upgrade protocol, which will further enhance mutual cooperation and achieve win-win outcomes [2][3] - The negotiations for the ASEAN-China Free Trade Area 3.0 have made substantial progress, marking a milestone that demonstrates both parties' commitment to maintaining a free trade system and injecting new momentum into regional economic integration [2][3] - In 2024, trade between China and ASEAN reached 6.99 trillion yuan, an increase of 9.0%, accounting for 15.9% of China's total foreign trade [3] Trade and Economic Cooperation - The ASEAN-China Free Trade Area has been continuously upgraded since its establishment in 2010, with the 2.0 version implemented in 2019 after an upgrade agreement in 2015 [3] - ASEAN has remained China's largest trading partner for five consecutive years, while China has maintained its position as ASEAN's top trading partner for 16 years [3] - The 3.0 version of the free trade area emphasizes digital economy, green economy, and supply chain connectivity as key highlights [4] Digital and Green Economy Initiatives - In the digital economy, both parties agreed to enhance connectivity of digital infrastructure and systems such as electronic invoicing and payments, while incorporating high-level personal information protection and digital trade standards [4] - In the green economy, cooperation will focus on green trade, investment, and standards across eight priority areas, promoting sustainable energy and green industry collaboration [4] Sectoral Collaborations - China and ASEAN countries, including Thailand, have engaged in extensive cooperation in e-commerce, photovoltaic power generation, green agriculture, and new energy vehicles [5] - The ASEAN-China Free Trade Area 3.0 will facilitate further collaboration in digital infrastructure and green industry development, positioning both parties at the forefront of global economic innovation [5] Market Potential - With a combined population of over 2 billion, ASEAN and China can create strong development momentum by integrating all aspects from production to sales, enhancing complementary advantages [6]

Core Viewpoint - The negotiations for the China-ASEAN Free Trade Area 3.0 have substantially concluded, focusing on expanding cooperation in emerging fields such as digital economy, green economy, and supply chain connectivity [1] Group 1 - The China-ASEAN Free Trade Area 3.0 negotiations have reached a significant conclusion [1] - Both parties will enhance cooperation in digital economy, green economy, and supply chain connectivity [1] - There will be an emphasis on mutual integration in standards and regulations to promote trade facilitation and inclusive development [1]