Core Points - The report discusses the management of the convertible bond issuance by Tibet Qizheng Tibetan Medicine Co., Ltd, detailing the bond's approval, issuance, and key terms [3][4][10] Group 1: Bond Issuance Overview - The China Securities Regulatory Commission approved the issuance of convertible bonds totaling RMB 800 million, with a face value of RMB 100 per bond, consisting of 8 million bonds [3][4] - The bonds are listed on the Shenzhen Stock Exchange under the name "Qizheng Convertible Bonds" with the code 128133, and the issuance date was October 27, 2020 [3][4] Group 2: Bond Terms and Conditions - The bond has a six-year term, from September 22, 2020, to September 21, 2026 [4] - The coupon rates are structured to increase annually, starting at 0.40% in the first year and reaching 1.80% in the sixth year [4][5] - Interest is paid annually, with the first payment occurring one year after the issuance date [5] Group 3: Conversion and Adjustment Mechanism - The initial conversion price is set at RMB 30.12 per share, subject to adjustments based on stock dividends, capital increases, and other corporate actions [6][7] - Following the 2024 annual profit distribution, the conversion price will be adjusted from RMB 19.39 to RMB 19.01 per share, effective from July 10, 2025 [9][10] Group 4: Impact Analysis - The adjustments to the conversion price comply with legal regulations and do not adversely affect the company's operational or debt repayment capabilities [10]

巴西财政部长：财政部下月将决定是否调整年度融资计划，以维持更快的债务展期速度。财政部"确 定"将在2025年下半年再次进入全球债券市场。 ...

Group 1 - The first batch of 10 Sci-Tech Bond ETFs was fully subscribed on July 7, with all products sold out on the same day, indicating strong market demand [1][2] - Each of the 10 Sci-Tech Bond ETFs had a fundraising cap of 3 billion yuan, and the rapid sale reflects the growing interest in bond ETFs [2][5] - The total scale of bond ETFs reached approximately 389.94 billion yuan before the launch of these new products, and the completion of this fundraising is expected to push the total above 400 billion yuan [1][5] Group 2 - The Sci-Tech Bond ETFs are designed to track the performance of bonds issued by technology innovation companies, providing investors with a convenient tool to participate in the market [3][7] - These ETFs feature a T+0 trading mechanism, low management fees of 0.15% per year, and diversified investment characteristics, making them attractive to investors [3][7] - The bond ETF market has seen rapid growth, with the total assets increasing significantly from 1 billion yuan in May 2024 to 3 billion yuan by June 2025, indicating a strong upward trend [5][6]

Group 1 - The first batch of 10 Science and Technology Innovation Bond ETFs (科创债ETF) was officially launched on July 7, marking a significant milestone in capital market services for technological innovation [1][2] - These ETFs provide conservative investors with a low-volatility tool to participate in the technology sector, offering high liquidity and low credit risk, making them a stable choice during periods of interest rate fluctuations [1][2] - The launch of these ETFs is supported by strong institutional and individual investor demand for asset allocation, particularly in the context of a slowing global economy and declining traditional investment product yields [2][3] Group 2 - The introduction of Science and Technology Innovation Bond ETFs fills a gap in the bond index products for the technology sector, enhancing the variety of credit bond ETFs available [3] - As of June 2025, the stock of Science and Technology Innovation bonds is expected to exceed 2 trillion yuan, with 1.35 trillion yuan in exchange-traded Science and Technology Innovation company bonds [3][4] - Regulatory measures are being implemented to support the issuance and liquidity of Science and Technology Innovation bonds, which will further enhance the market capacity for these ETFs [3][6] Group 3 - The bond ETF market has seen unprecedented growth, with the total domestic bond ETF market size reaching 350 billion yuan, nearly doubling since the beginning of 2024 [5][6] - The advantages of credit bond ETFs, such as low fees, high transparency, and efficient trading mechanisms, have made them increasingly attractive in a low-interest-rate environment [6][7] - The growth of credit bond ETFs is expected to continue, driven by favorable policies and the increasing demand for diversified investment options [6][7]

第 410 期 2025-07-07 焦点关注 湖北漳富投资集团被通报批评，涉债券募集资金使用违规 7月7日消息，上交所公告，对湖北漳富投资集团及时任董事长李红军，时任总经理、信息披露事务负责 人李飞鸿，时任财务负责人万成予以通报批评。经查明，发行人存在"21荆富01""21荆富02"未按约定使 用募集资金，定期报告披露不准确等违规行为。发行人未能如实披露募集资金使用情况，直至2024年11 月才归还违规使用的资金并更正部分报告内容。 住房城乡建设部就近期房屋建筑工程较大事故约谈甘肃、河北省住房城乡建设厅 日前，住房城乡建设部安全生产管理委员会办公室对甘肃、河北省住房城乡建设厅，定西、石家庄市人 民政府进行约谈，要求深刻汲取"5·25"、"6·3"较大事故教训，必须深刻认识安全生产工作的极端重要 性，切实增强紧迫感与使命感，采取一切必要措施，坚决遏制群死群伤事故。 2025年5月25日，甘肃省定西市锦城云玺商业综合体项目（一期）A区5#楼发生一起起重机械伤害类事 故，造成3人死亡；6月3日，河北省石家庄市长安区和平东路与煤机街交口处污水管道迁改工程发生一 起土方基坑坍塌类事故，造成3人死亡。 宏观动态 国家发 ...

Group 1 - The core announcement is about the adjustment of the conversion price for the first phase of the non-public issuance of exchangeable corporate bonds by the controlling shareholder, New Hope Group [1][2] - The exchangeable bonds were issued on March 22, 2023, with a total scale of 6.5 billion RMB and a maturity of 3 years [1][2] - The adjustment of the conversion price is based on changes in the company's equity due to stock dividends, capital increases, or cash dividends, following specific formulas outlined in the offering document [2] Group 2 - The adjusted conversion price for the exchangeable bonds is calculated to be 13.07 RMB, effective from July 11, 2025, after the completion of the repurchase and cancellation of restricted stock [2] - The number of shares reserved for exchange will be no less than 120% of the total shares required for the exchange of all outstanding exchangeable bonds [3] - The company assures that the adjustment of the conversion price is a normal operation and will not adversely affect its production and operations [4]

作 者丨王峰 编 辑丨周上祺 少见的高温天气下，高校学生宿舍如何"避暑"话题的热度居高不下。在往常颇为凉爽的东北 地区、北方沿海地区，那些宿舍没装空调的大学生发现今年酷热难眠。据报道，青岛大学7月 7日凌晨发布情况说明称，7月6日浮山校区一物业工作人员在值班室被发现身体情况异常，急 救人员抵达现场确认其已不幸离世。有青岛大学保卫处工作人员对媒体表示，"（准备）安空 调的计划好几年了，现在正在装，已经开始装了，（宿舍）都装。" 很多高校校园历史悠久，但学生宿舍设施条件因此受限，最突出的表现之一就是没有空调。 高校学生宿舍的面积有限，布局集中，通风不好，同时人数较多，所以炎热天气下学生宿舍 的热感可能比家里、办公室更强。随着高校办学条件和人们生活条件的提高，只要努力做到 节约用电、绿色低碳，学生宿舍装空调已不是奢侈行为，而是提高学生校园体验的应有之 义。 宿舍也不仅仅是学生休息的场所，而渐渐成为一个综合性育人平台，特别是书院制在国内高 校中日渐流行，集学习、社交、文化、素质拓展等功能为一体的住宿式书院，一个书院坐拥 一处独立空间，这里既是不同院系学生共同生活的宿舍，同时也有健身房、会议室、演讲 厅，在浸润式环境下 ...

Core Viewpoint - The article discusses the international status of the euro and the potential for the renminbi (RMB) to increase its international role, particularly in light of recent U.S. tariff policies that have altered the dynamics of global financial markets [2][10][21]. Euro's International Role - The euro's international status has remained stable in recent years, with some progress in areas like "reverse Yankee" bonds due to U.S. tariff policies, which have prompted investors to seek alternative currencies [2][7]. - The "International Role Composite Index" introduced in the Lagarde report measures a currency's role in international bonds, cross-border deposits, global foreign exchange reserves, and international settlements [6]. - The euro's share in official foreign exchange reserves has remained around 20% since 2015, while the RMB's share was 2.2% in 2024, down approximately 0.4 percentage points from 2022 [6][17]. Impact of U.S. Policies - U.S. tariff policies have created opportunities for the euro to enhance its international role by breaking the traditional negative correlation between U.S. stocks and bonds, leading investors to diversify into other currencies [10][11]. - The report emphasizes that for the euro to capitalize on these opportunities, Europe must eliminate internal financial market fragmentation and establish a unified capital market [11] . Challenges from Digital Currencies - The rise of cryptocurrencies poses challenges to the international monetary system, with the U.S. actively developing policies around digital assets that could affect global financial stability [13][14]. - The report calls for Europe to accelerate the development of a digital euro and improve cross-border payment systems to strengthen the euro's international position [14]. Geopolitical Influences - Geopolitical factors are increasingly seen as significant in shaping the international monetary system, with a notable rise in gold's share in foreign exchange reserves attributed to concerns over geopolitical risks [16]. - The report indicates that military power is linked to a currency's international status, suggesting that the euro lags behind the dollar partly due to the latter's geopolitical security backing [17][18]. Recommendations for RMB - The article suggests that China should leverage its economic position to enhance the RMB's international role without compromising financial security, focusing on practical measures rather than a formal internationalization roadmap [20][21]. - It emphasizes the importance of maintaining economic growth to bolster the RMB's international status, as perceptions of slowing growth could diminish its appeal [21].

Core Viewpoint - The launch of Penghua CSI AAA Sci-Tech Bond ETF reflects strong market demand for high-quality credit bond instruments and investor confidence in the national technology innovation strategy, indicating a promising future development [1] Group 1: Product Overview - Penghua CSI AAA Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Corporate Bond Index and will be listed on the Shanghai Stock Exchange [1] - The ETF serves as a structural supplement in the bond ETF product line, filling gaps in product dimensions and integrating themes, credit products, and technological attributes [1] Group 2: Performance Metrics - The underlying assets primarily consist of high-grade state-owned enterprise bonds, resulting in relatively stable returns and lower volatility [2] - As of June 27, 2025, the CSI AAA Sci-Tech Corporate Bond Index had the highest annualized return of 3.96% among three types of Sci-Tech bond indices, with a cumulative return of 14.20% since the base date of June 30, 2022 [2] Group 3: Management Structure - The ETF will adopt a "dual fund manager" model to leverage complementary advantages in research and operations, as well as coordinated management and risk control [3] - Proposed fund managers Zhang Yangcheng and Wang Zhongxing bring extensive experience in managing bond ETFs and credit bonds, focusing on index replication, tracking error control, and credit assessment [3] Group 4: Strategic Significance - The launch of the Penghua CSI AAA Sci-Tech Bond ETF represents a strategic upgrade of Penghua's bond index product line, supported by a standardized, systematic, and professional passive management capability [3] - The ETF aims to provide a new investment choice with relatively controllable risks and stable return opportunities, enhancing the investment experience while managing credit risk [4]

今年前六个月，市场在持续升级的地缘政治担忧和美国政策(既有预期内的举措，也有突如其来的推 文，取决于当天情况)的双重夹击下剧烈震荡。 尼科尔指出，澳元在四月风险资产抛售中充分承压，但目前对美元汇率已形成底部，预计到明年中或温 和升值至70美分。 他分享了未来半年重点关注的指标，并揭示了澳大利亚投资者面临的重大机遇。 尼科尔未来数月将紧盯三大市场风险：1）贸易——关税谈判中贸易紧张再度升级的可能性，尤其从美 欧关系视角观察；2）通胀——随着关税成本在美国传导并可能波及他国，通胀可能再度抬头；3）债券 收益率——财政可持续性担忧可能引发债券收益率飙升 他特别指出全球增长放缓背景下，澳大利亚采矿和制造业首当其冲。"对采矿业更多是价格而非产量冲 击，但更疲软的全球环境和贸易政策不确定性将波及更广泛的制造业。"这种影响将在八月开始的澳大 利亚财报季显现。 "资源类企业盈利预期已遭下调，工业板块展望也因全球环境动荡趋于谨慎。"但尼科尔认为并非全是坏 消息，"我们期待盈利能触底回升，并关注国内政策激发的市场活力。全球局势任何稳定迹象都可能促 使资金从大盘股转向更广泛板块。" 聚焦澳大利亚国内政策，尼科尔认为货币政策宽松节奏 ...