Core Viewpoint - The article emphasizes the importance of foreign investment in China's economic stability and growth, highlighting the need for collaboration between domestic and foreign enterprises to enhance competitiveness and innovation in the face of global uncertainties [1][2][3]. Group 1: Economic Environment - The current international situation is complex and poses significant challenges to economic development, yet China maintains a stable growth trajectory due to favorable macro policies and market dynamics [1][2]. - China's strong industrial support capabilities and continuous optimization of supply chains enhance the quality and efficiency of production, which is crucial in the context of global industrial chain adjustments [2]. Group 2: Technological Innovation - The acceleration of a new round of technological revolution necessitates rapid industrialization and iterative upgrades of new technologies, presenting vast opportunities for international companies to engage in technological cooperation in China [2][3]. - The interaction between technological and industrial innovation in China is highly efficient, providing a conducive environment for foreign enterprises to innovate and collaborate [2]. Group 3: Stability and Openness - Amid rising protectionism and unilateralism, the stability of the business environment in China is increasingly valuable, allowing multinational companies to thrive and expand their operations [2][3]. - China remains committed to its policy of openness, encouraging foreign enterprises to invest and grow within its market, thereby fostering mutual benefits and technological advancements [3].

Group 1 - The Summer Davos Forum, also known as the Annual Meeting of the New Champions, focuses on emerging markets and technological innovation, contrasting with the main Davos Forum which addresses global political, economic, and social issues [3][4] - The 2025 Summer Davos Forum in Tianjin showcased significant technological advancements, including AI and robotics, highlighting the growing importance of innovation in the Chinese economy [5][12] - The forum attracted global attention, with notable figures like economist Zhu Min and TCL founder Li Dongsheng discussing the current economic climate and the importance of adapting to external challenges [10][11] Group 2 - AI was a central theme at the forum, with discussions around its implications for industry and society, exemplified by interactive exhibits that challenged traditional views on human-AI relationships [18][19] - The event emphasized China's commitment to high-quality opening-up and international cooperation, with diverse global participants contributing to a vibrant exchange of ideas [21][23] - The theme of "Entrepreneurial Spirit in the New Era" resonated throughout the forum, with figures like JD.com's Liu Qiangdong exemplifying the balance between innovation and social responsibility [25][26]

Group 1 - The sixth Qingdao Summit of Multinational Company Leaders concluded with three strategic cooperation agreements and 35 economic and trade projects signed, totaling approximately $20 billion in investment [1] - The 9th China-South Asia Expo featured 16 exhibition halls and over 2,500 participating companies, showcasing products from various countries, indicating a vibrant market [2] - The fourth China-Africa Economic and Trade Expo signed 176 projects worth $11.39 billion, reflecting a 45.8% increase in signed projects and a 10.6% increase in total value compared to the previous edition [2] Group 2 - The events serve as a bridge for international cooperation, with participants expressing optimism about opportunities in the Chinese market and a commitment to deepening market engagement [4] - New products and technologies were prominently featured, with a focus on innovations such as digital payment solutions and agricultural machinery, highlighting the evolving landscape of international trade [5] - China is enhancing its appeal as an investment destination, with infrastructure improvements and a large domestic market creating significant business opportunities [3][6] Group 3 - China is implementing policies to support trade with developing countries, including zero-tariff treatment for products from 33 African countries and several South Asian nations, facilitating greater market access [6] - The sixth Qingdao Summit introduced new forums and activities, emphasizing practical engagement and collaboration among multinational companies [7] - Upcoming international trade events, such as the Summer Davos Forum and the China-ASEAN Expo, are expected to further enhance China's role in global economic cooperation [7]

Core Viewpoint - Shandong province is enhancing its open economy by creating a high-level open platform to attract multinational companies, with a focus on improving the business environment and facilitating foreign investment [3][13]. Group 1: Investment Environment - Shandong has implemented high-standard international trade rules in the Qingdao Free Trade Zone, promoting innovation in goods trade, financial openness, and the digital economy to attract multinational companies [10][13]. - The province has seen significant foreign investment, with 236 Fortune 500 companies investing in 946 projects, totaling $105.91 billion [4][14]. - The government is providing comprehensive services to foreign enterprises, including a "one-on-one" service team to support their development [14]. Group 2: Carbon Footprint and Sustainability - Companies in Shandong are increasingly focusing on carbon footprint reporting to meet international client demands, particularly from the EU [15]. - The Qingdao Free Trade Zone has pioneered a carbon footprint evaluation model, establishing a carbon emission accounting system for key industries [15][16]. Group 3: Trade and Export Growth - Shandong has actively engaged in the Belt and Road Initiative, with exports to participating countries exceeding $500 million this year [18]. - The province has launched the "Ten Thousand Enterprises Going Global" initiative, planning over 370 trade fairs and matchmaking events to help companies expand into international markets [18]. Group 4: Multinational Company Engagement - The sixth Qingdao Summit for Multinational Company Leaders is set to take place, with 471 confirmed attendees, including 342 international guests [21]. - Previous summits have successfully attracted 421 Fortune 500 companies and resulted in 592 signed investment projects worth $69.8 billion [20][21].

Core Points - Chengdu is attracting global investors with its high-level openness and commitment to international cooperation [1][3][12] - The city has hosted several significant international events, enhancing its global influence and appeal [3][10][12] - Chengdu's international aviation hub is expanding, with passenger throughput expected to exceed 100 million by 2027 [13] - The city has signed numerous investment cooperation projects, with significant financial commitments made during the recent global investment conference [6][10][18] Group 1: Investment Opportunities - The 2025 "Invest Chengdu" global investment conference resulted in 16 cooperation projects with a total signed amount of 82.53 billion yuan [6] - The second "Belt and Road" technology exchange conference led to 28 bilateral government technology cooperation agreements [8] - The 20th China Western International Expo attracted over 3,000 enterprises, resulting in 416 signed investment projects worth 354.3 billion yuan [10] Group 2: Infrastructure and Connectivity - Chengdu's international air hub has seen passenger throughput surpassing 87 million and cargo throughput exceeding 1 million tons [13] - The city has established over 73 international direct flights connecting to five continents, with a projection of 1 million passengers by 2027 [13] - Chengdu's international freight trains connect to 120 cities abroad and 30 cities domestically, facilitating a robust logistics network [13] Group 3: Business Environment - Chengdu is implementing policies to optimize the business environment for foreign investment, including measures to encourage the establishment of foreign R&D centers [18] - The city has attracted over 5,000 foreign enterprises, with foreign direct investment reaching 1.671 billion USD in 2024, ranking first in Central and Western China [14] - Global companies express confidence in Chengdu's strategic opportunities and favorable industrial ecosystem [20][21]

Group 1: Report Industry Investment Ratings - There is no information about industry investment ratings in the provided report. Group 2: Core Views of the Report - A-shares are stabilizing amidst fluctuations, and domestic risk assets are expected to attract more international capital inflows. The short - term trading volume has not expanded, and the market is mainly in a fluctuating state. [3] - The overall market sentiment for treasury bonds is relatively strong. For the unilateral strategy, treasury bonds can be appropriately allocated with long positions on dips. For the spot - futures strategy, the positive arbitrage strategy of the TS2509 contract can be appropriately concerned. [3] - The prices of crude oil and precious metals have declined. If the risk - aversion sentiment continues to weaken, the sold out - of - the - money call options on gold can be held. The upward drive has weakened, and the price has shifted to high - level consolidation. [3] - The EC main contract continues to fluctuate within a narrow range of 1900 - 2200. [3] Group 3: Summaries by Related Catalogs Financial Sector - **Stock Index**: The lower support of the index is relatively stable, while the upward breakthrough pressure still exists. The negotiation of tariffs is still in the game. The Lujiazui Financial Forum reflects the development goals of opening up to the outside world and RMB internationalization. It is recommended to try selling the put options with an exercise price of 5800 in July to earn the premium. [3] - **Treasury Bonds**: The mention of monetary policy in the Lujiazui Forum is less, and the policies expected by the market have not been implemented. But treasury bond futures have not shown an obvious correction. [3] - **Precious Metals**: The Fed kept the interest rate unchanged as expected with a hawkish attitude. The risk - aversion sentiment has weakened, and the prices of crude oil and precious metals have fallen. [3] - **Container Shipping Index (European Line)**: The EC main contract continues to fluctuate within a narrow range of 1900 - 2200. [3] Black Sector - **Steel**: The demand and inventory of industrial steel products are deteriorating. It is recommended to wait and see for unilateral operations and focus on the long - steel and short - raw material arbitrage operation. [3] - **Iron Ore**: The decline in molten iron production has narrowed, and the arrival volume has climbed to a high level. It is recommended to try shorting on rebounds, with the upper pressure level around 720. [3] - **Coking Coal**: The auction non - successful rate in the market has decreased, the coal mine start - up rate has declined from a high level, and the spot market is weakly stable. It is recommended to go long on coking coal and short on coke. [3] - **Coke**: The third round of price cuts by mainstream steel mills on June 6 has been implemented, and there is still an expectation of a fourth - round price cut this week. It is recommended to go long on coking coal and short on coke. [3] - **Silicon Iron**: Pay attention to the cost changes, and the losses of manufacturers are intensifying. It is recommended to try shorting on rebounds when the price reaches 5300 - 5400. [3] - **Silicon Manganese**: The profit situation in different production areas is differentiated, and the futures price is fluctuating at the bottom. It is recommended to try shorting on rebounds when the price reaches 5700 - 5800. [3] Non - ferrous Sector - **Copper**: The weak driving force continues, and the futures price fluctuates within a narrow range. The main contract is expected to fluctuate between 77000 - 80000. [3] - **Zinc**: The center of zinc price has moved down, and the inventory reduction provides support for the price. Pay attention to the support level of 21000 - 21500 for the main contract. [3] - **Nickel**: The sentiment is低迷, and the futures price maintains a weak fluctuation. The fundamentals have not changed much. The main contract is expected to fluctuate between 118000 - 124000. [3] - **Stainless Steel**: The futures price fluctuates within a narrow range, and the fundamentals remain weak. The main contract is expected to fluctuate between 12400 - 13000. [3] - **Tin**: Under the strong reality, the tin price fluctuates at a high level. It is recommended to focus on the recovery rhythm of the supply side and adopt the strategy of shorting on highs based on the inflection points of inventory and import data. [3] Energy and Chemical Sector - **Crude Oil**: Geopolitical risks are still uncertain in the short term. In the long - term, the impact of fundamental factors on the market needs to be considered. It is recommended to wait and see for unilateral operations. [3] - **Urea**: The futures price has short - term technical correction pressure, and the upward space of the futures price requires effective verification from the news. It is recommended to take a bullish view in the short term and consider positive arbitrage at the arbitrage end. [3] - **PX**: Its own supply - demand is tight, and the cost side is strong. The short - term trend of PX is strong. Pay attention to the pressure above 7000 and the trend of oil prices. [3] - **PTA**: The supply - demand is gradually weakening, but the cost side is strong. PTA fluctuates strongly. Pay attention to the pressure around 5000. [3] - **Short - fiber**: With the expectation of factory production cuts, the processing fee is expected to be repaired. The unilateral operation of PF is the same as that of PTA. [3] - **Bottle - chip**: During the peak demand season, there is an expectation of production cuts for bottle - chips, and the processing fee may rebound from the bottom. PR follows the cost fluctuation. [3] - **Ethanol**: The shutdown of the Iranian ethylene glycol plant has boosted the rise of ethylene glycol. Pay attention to the pressure of 4500 - 4550 for EG09 in the short term. [3] - **Styrene**: Short - term energy disturbances cause the futures price to fluctuate repeatedly. It is recommended to wait and see for now and pay attention to the short - selling opportunities caused by the resonance of raw material ends in the medium term. [3] - **Caustic Soda**: The purchase price of alumina has continuously declined, and the futures price is mainly searching for the bottom. [3] - **PVC**: The short - term contradiction has not further intensified, and macro - disturbances have increased. The futures price consolidates at a low level. [3] - **Synthetic Rubber**: Affected by international geopolitical conflicts, BR has stopped falling and rebounded. BR2507 fluctuates in the range of 11000 - 12000 in the short term. [3] - **LLDPE**: The spot sentiment is good, and the upstream is holding up the price. It is regarded as bullish in the short term, and positive arbitrage on the monthly spread is recommended. [3] - **PP**: The supply and demand are both weak, but the cost side has strong support. It is recommended to wait and see in the short term and be bearish in the medium term. [3] - **Methanol**: Affected by the Iranian issue, the market's willingness to allocate long positions is strong. It is bullish in the short term, and positive arbitrage on the monthly spread is recommended. [3] Agricultural Sector - **Soybean Meal**: The rise of crude oil and US soybean oil supports US soybeans, and the soybean meal futures price fluctuates strongly. [3] - **Pig**: As the weather gets hotter, the demand is weak, and the pig price fluctuates slightly. Pay attention to the performance around 13500. [3] - **Corn**: The upward momentum is insufficient, and the corn price fluctuates at a high level. It fluctuates around 2400 in the short term. [3] - **Oils**: Short - term oils may show a stagnant - rise and adjustment trend. P2509 may fluctuate around 8500 in the short term. [3] - **Sugar**: The overseas supply outlook is relatively loose. It is recommended to trade short on rebounds, with the reference range of 5600 - 5850. [3] - **Cotton**: The downstream market remains weak. It is recommended to trade short on rebounds and pay attention to the pressure level around 13700. [3] - **Egg**: The spot market remains weak. The price rebounds from the bottom and then shows a short - selling trend after the rebound. [3] - **Apple**: The market is weak, and the trading volume is small. The main contract runs around 7600. [3] - **Jujube**: The market price runs weakly and stably. It runs around 8900 in the short term. [3] - **Peanut**: The market price fluctuates. The main contract runs around 8200. [3] - **Soda Ash**: The logic of oversupply continues. It is recommended to maintain the strategy of shorting on highs on rebounds. [3] Special Commodities Sector - **Glass**: The spot market sales have improved, and the short - term futures price has support. It is recommended to wait and see. [3] - **Rubber**: The continuous rebound of crude oil has driven up the rubber price. The short positions above 14000 can continue to be held. [3] - **Industrial Silicon**: The downstream demand is expected to increase, and the industrial silicon futures price fluctuates. [3] New Energy Sector - **Polysilicon**: There is an expectation of increased production of polysilicon, and the futures price has declined with reduced positions. Short positions can continue to be held. [3] - **Lithium Carbonate**: The futures price fluctuates and consolidates, and the fundamentals still face pressure. The main contract is expected to run between 56,000 - 62,000. [3]

齐鲁晚报·齐鲁壹点 张晓慧 潘英杰 会上，市商务局就潍坊市开放发展情况、重点对外合作领域及机遇作专题推介，市工信局就潍坊市 9+3+N重点产业链情况及合作机遇作专题推介，深入推介潍坊市产业基础、营商环境、合作机会。世界 贸易网点联盟主席、阿拉伯联合酋长国阿尔马尔詹投资与发展有限责任公司董事长、日本国驻青岛总领 事馆副领事、美国谷歌东北亚新客团队副总裁、埃及棉之花纺织公司主席在大会上发言。活动现场气氛 热烈，跨国公司总裁、高管与潍坊市重点园区和企业负责人深入恳谈交流，介绍发展需要，沟通合作意 向，取得了良好效果。会议结束后，部分参会嘉宾还到有关县市区重点企业实地考察，进一步加深了 解，洽谈合作。与会嘉宾纷纷表示，潍坊经济社会持续高质量发展，拥有优良的产业基础、通达的交通 区位优势、开放的营商环境，期待能与潍坊进一步拓展合作空间，深层次推进产业合作和经贸往来，在 更好潍坊建设中共同成就美好未来。 会议期间，潍坊市商务局还举办了"更好潍坊"图片展，以"开放之姿、活力之态、机遇之诚"为主线，展 示了潍坊深厚的文化底蕴、开放的营商环境及农业、工业方面的发展成就。 据悉，本次活动集中宣传推介了潍坊市的资源禀赋、优势产业、 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 （四）关税相关 ： 6 月 12 日，商务部举行新闻发布会。记者就中美伦敦经贸会谈内容提问，" 中美 已达成协议，美国将对华征收 55% 的关税，中国将对美征收 10% 的关税，并且中国将和之前一样向 美国出口磁体和稀土材料 "。商务部发言人表示，中国"依法依规对稀土相关物项出口许可申请进行审 查，已依法批准一定数量的合规申请，并将持续加强合规申请的审批工作"。 风险提示： 政策更新不及时。 近一周，对外开放继续推进，主要涉及前沿地区试点及经验推广。 （一）试点经验推广 。 6 月 13 日，总理主持召开国常会，部署中国（上海）自由贸易试验区试点措 施复制推广工作。会议提出，"要在守住风险底线的前提下，更大力度开展制度型开放试验，加快构建 更高水平开放型经济新体制"。 （二）试点地区扩大开放 。 6 月 11 日，中办、国办印发关于深入推进深圳综合改革试点深化改革创 新扩大开放的意见， 在金融、低空经济、数据、医药等领域，赋予深圳新 ...

Policy Developments - The Chinese government is promoting the replication of pilot measures from the Shanghai Free Trade Zone to enhance institutional openness while maintaining risk control[2] - Shenzhen is set to expand its reform and innovation tasks in finance, low-altitude economy, data, and pharmaceuticals, allowing companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange[2][3] - The Ministry of Commerce plans to revise and expand the "Encouragement Directory for Foreign Investment" to facilitate foreign investment and reinvestment in China[3] Economic Measures - The government aims to stabilize the real estate market by activating demand and optimizing supply, with a focus on risk mitigation[7][22] - The Ministry of Industry and Information Technology is addressing issues in the automotive sector, including reducing "involution" in the new energy vehicle industry and ensuring payment terms do not exceed 60 days[7] - A new policy aims to improve social security and public services, including raising the minimum wage and expanding access to quality education[8][27] Trade Relations - The U.S. has agreed to impose a 55% tariff on Chinese goods, while China will maintain a 10% tariff on U.S. imports, continuing to export magnets and rare earth materials to the U.S.[8][30] - The Chinese government emphasizes the importance of maintaining fair competition and equal treatment for foreign enterprises operating in China[32]

Group 1 - The Argentine Ambassador to China, Ma Zhi Yuan, emphasized that developing countries, including Argentina, are using the Chinese model to address economic development challenges [1][2] - China is seen as a significant partner for Argentina, with complementary advantages in trade and economic cooperation [1][2] - The cooperation between China and Argentina in the renewable energy sector is highlighted, particularly the successful implementation of the Huachari 300 MW solar power station in Argentina [2] Group 2 - The Huachari solar power station has become a model for solar energy application in Latin America, significantly alleviating local electricity shortages and ensuring daily power supply for residents [2] - The "Local Tour of Diplomats in China" event aims to deepen the understanding of foreign diplomats regarding local regions in China and to promote international cooperation in key national development strategies [4]