Core Viewpoint - The Chinese pig farming industry is experiencing a reduction in pig inventory, which is expected to stabilize pig prices and improve farming profitability in the coming months [1][2]. Group 1: Pig Farming Industry - In June, the inventory of pigs aged five months and older decreased by 0.8% compared to the previous month, indicating a reduction in pig output for July and August [1]. - The average price of pigs from January to June was 15.50 yuan per kilogram, reflecting a year-on-year decline of 0.8% due to high output and seasonal consumption patterns [2]. - The Ministry of Agriculture and Rural Affairs plans to stabilize pig production by adjusting capacity, enhancing market warning signals, and controlling the output rhythm [2]. Group 2: Beef and Dairy Farming Industry - The beef and dairy farming sectors have faced significant losses, prompting the Ministry of Agriculture to implement various relief policies to support farmers [5]. - Beef farming has shown signs of recovery, with prices rebounding after a low point post-Spring Festival, and profitability has been maintained for three consecutive months [5]. - Dairy farming is also improving, with a 4.2% year-on-year decrease in Holstein cow inventory and a 7.7% reduction in milk production costs [5]. - The Ministry aims to enhance the competitiveness of the beef and dairy sectors by extending the industrial chain and increasing added value [5][6].

这就是稳定币的力量。 它既不是主权国家发行的，也不属于银行，却连接着硅谷、华尔街、东南亚制造业与中东贸易帝国。 这不是科幻，是现实：2025年中美欧纷纷出手，将稳定币纳入国家金融战略。从金币到纸币，从美元到 稳定币，货币从来都不只是工具。 货币是权力的载体，帝国的信用，竞争的投影。 这背后是时代的趋势——地缘政治逐渐衰退，产缘政治加速崛起，科缘政治开始萌芽。 铸币权，不止是印钞的权利，更是定义交易体系与掌握规则制定权的象征。这一轮稳定币博弈，本质 是"谁来定义下一代全球货币体系"的问题。 "2025年的某个深夜，当全球金融市场都在沉睡时，一笔价值10亿美元的转账悄然完成。没有银行，没 有SWIFT，没有央行批准——只有32个字符的哈希值，证明这笔钱从A地瞬间到达了B地。 当铸币权开始下放，全球竞争的格局吹响稳定币的号角。这个战场，大国博弈，用新的逻辑探索未来： 一个在下放铸币权中拥抱创新，一个尝试现有全球格局的货币突破。 2025，中美时代的铸币权战争拉开序幕。 宏观，中美双极新格局 美国有三个镜像，民主党的美国，共和党的美国，特朗普的美国。 民主党的美国想要继续虹吸人口红利，技术多样化，普天之下莫非王土，星 ...

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) is being held in Beijing, showcasing the integration of cross-border product matrices and the dual roles of overseas Chinese businesses as "chain leaders" and "social responsibility" contributors [1][2]. Group 1: Event Overview - The Chain Expo features a layout of "6 chains and 1 exhibition area," facilitating easier communication and precise matching of cooperation among upstream and downstream enterprises [4]. - Thailand is the guest country for this year's expo, with a significant increase in the number of participating enterprises across various sectors, including automotive manufacturing, electronic technology, and agricultural processing [4]. Group 2: Business Perspectives - Companies participating in the expo aim to strengthen cooperation with China and globally in supply chains, particularly in green agriculture and digital technology [4]. - The wine industry representative emphasizes the importance of the entire supply chain, from cultivation to end-user sales, and highlights the expo's role in fostering collaboration and innovation across different sectors [5]. Group 3: Innovation and Collaboration - The Chain Expo is not merely about showcasing products but focuses on collaborative synergy and deep integration across the supply chain, which is unique compared to other exhibitions [5]. - Initial cooperation intentions have been established between wine industry representatives and upstream/downstream enterprises in areas such as agricultural technology and smart logistics [5].

"尽管通胀有所缓和，部分地区金融状况开始企稳，但不确定性仍严重制约全球增长前 景，"Godongwana表示，"贸易壁垒增加、全球失衡持续以及新地缘政治风险令人担忧。" 特朗普政府此前威胁自8月1日起对包括南非在内的贸易伙伴加征关税(其中对南非关税高达30%)，此举 引发金融市场震荡。此外，这位美国总统还曾不实指控南非纵容针对白人阿非利卡农民的"种族灭绝"。 智通财经APP获悉，二十国集团(G20)财长及央行行长会议近日在德班东海岸豪华度假胜地举行，与会 各国正面临美国总统特朗普贸易政策带来的阴云。南非作为东道主呼吁G20发达经济体加强协作。 国际货币基金组织(IMF)4月已将2025年全球经济增长预期从1月预测的3.3%下调至2.8%。 为期两天的会议由南非财政部长Enoch Godongwana共同主持。他在开幕致辞中警告，多重逆风正威胁 全球经济。 本次会议是今年第三次G20财长会议。前两次会议均未能达成联合公报，主席总结文件显示各方存在重 大分歧。将于12月接任G20轮值主席国的美国，其代表始终反对有关气候融资和机构包容性的表述—— 而这正是南非议程的核心内容。 Godongwana称："我们肩负重振 ...

Core Insights - The report highlights the establishment of the international standard for supercapacitors in energy storage, proposed by China and supported by countries like Germany and Japan, which is expected to promote global standardization in this field [2] - The report discusses the Chinese government's initiatives to boost domestic consumption and optimize policies for replacing old consumer goods, aiming to enhance the internal circulation of the economy [2] - The report notes the historical peak in national electricity load, surpassing 1.5 billion kilowatts, indicating a strong demand for energy during the summer peak season [2] - The report mentions the ongoing efforts to regulate the competition in the new energy vehicle industry, emphasizing the need for rational competition and adherence to payment commitments by major companies [2] Company Insights - The report details the performance of Shaanxi Coal Industry Co., Ltd., which is the largest listed coal enterprise in Shaanxi, focusing on its coal mining, washing, transportation, and sales operations [15][16] - The company achieved a revenue of 184.145 billion yuan in 2024, a year-on-year increase of 7.77%, and a net profit of 22.36 billion yuan, reflecting stable performance despite declining coal prices [16] - The company has a significant coal resource base of 17.931 billion tons, with a mining life of over 70 years, primarily located in the Shaanxi region [17] - The report indicates that the company is implementing a "coal-electricity integration" strategy following its acquisition of Shaanxi Coal Power Group, which is expected to enhance profitability and stability [19][21] - The company has maintained a high cash dividend policy, with total cash dividends reaching 13.07 billion yuan in 2024, representing 58.45% of the net profit attributable to shareholders [20][21] Industry Insights - The report analyzes the domestic airline industry, noting a cautious increase in capacity during the low season, with a 1.1% year-on-year rise in domestic flight capacity in June [11] - The report highlights that the overall passenger load factor for listed airlines decreased by 0.4 percentage points month-on-month but increased by approximately 1.7 percentage points year-on-year [11] - The international airline capacity saw a year-on-year increase of about 17.4%, but the growth rate has slowed down, indicating a challenging demand environment [12] - The report suggests that the coal market may experience a rebound in prices due to seasonal demand and regulatory measures aimed at curbing low-price competition [20]

德国外交部长瓦德普尔：（关于以色列空袭叙利亚）呼吁所有国内外行动者不要采取任何危及叙利亚稳 定的行动。 ...

智通财经APP获悉，7月17日港股市场，北水成交净买入18.55亿港元，其中港股通(沪)成交净买入16.68 亿港元，港股通(深)成交净买入1.87亿港元。 北水净买入最多的个股是美团-W(03690)、建设银行(00939)、小米集团-W(01810)。北水净卖出最多的 个股是腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 22.07 乙 | 16.01亿 | 38.09亿 | | HK 01810 | | | +6.06亿 | | 国泰君安 ... | 19.49 亿 | 18.05亿 | 37.54 Z | | HK 01788 | | | +1.45 乙 | | 阿里巴巴-W | 17.28 乙 | 16.98亿 | 34.26 乙 | | HK 09988 | | | +3017.40万 | | 泡泡玛特 | 8.42 亿 | 13.20 亿 | 21.62亿 | | HK 09992 | | | -4.78 Z- | | 理想汽车-W | 8.96亿 | 11.00亿 ...

Domestic News - The China Service Trade Association plans to launch a senior training course on "Stablecoins and Innovative Development of Cross-Border E-Commerce" in August 2025, which will cover core concepts, underlying logic, regulatory frameworks, and practical applications of stablecoins in cross-border e-commerce [2] - In the first half of the year, the national railway system sent a record 2.24 billion passengers, marking a year-on-year increase of 6.7%. The average daily operation of passenger trains reached 11,183, up 7.5% year-on-year [2] - The Shanghai Customs reported that 1.275 million vehicles were exported through the Shanghai port in the first half of the year, a year-on-year increase of 13%. The export volume has surged from 379,000 vehicles in 2020 to an expected 2.39 million by 2024, with an average annual growth rate of 58.4% [2] Economic Data - The Sichuan Provincial Bureau of Statistics reported that the GDP for the first half of 2025 reached 3.19182 trillion yuan, reflecting a year-on-year growth of 5.6%. The industrial added value for large-scale enterprises grew by 7.3% [3] International News - U.S. President Trump indicated plans to impose uniform tariffs on over 150 minor trade partners, potentially setting rates between 10% and 15% [4] - Japan's Ministry of Finance reported a 26.7% year-on-year decline in automobile exports to the U.S. in June, contributing to an overall 11.4% drop in exports to the U.S. for the month [4]

Core Insights - 华夏基金 (Hong Kong) has launched its second batch of tokenized funds, including the 华夏美元数字货币基金 and 华夏人民币数字货币基金, with the latter being the world's first tokenized fund denominated in RMB [1][2] - The series of tokenized funds aims to provide long-term returns in line with current money market rates by investing in short-term deposits and high-quality money market instruments [4] - The global market for tokenized currency funds is projected to exceed $400 billion by 2030, driven by increasing institutional interest in digital assets [8] Group 1: Fund Characteristics - Tokenized funds utilize a "traditional + digital" dual distribution model, allowing investors to transact through both traditional channels and licensed virtual asset trading platforms (VATPs) [1][4] - Unlike traditional funds, tokenized funds exist as blockchain digital tokens, enabling real-time verification of ownership and high transparency as all transactions and holdings are permanently recorded on-chain [4][5] - The operational infrastructure of tokenized funds is based on blockchain technology, reducing intermediaries and enhancing efficiency compared to traditional funds that rely on centralized systems [4] Group 2: Market Trends and Predictions - The demand for compliant on-chain yield products is growing, particularly among cryptocurrency investors, as regulated on-chain funds and central bank digital currencies (CBDCs) become more prevalent [8][9] - The total value of tokenized non-liquid assets is expected to reach $16 trillion by 2030, indicating a significant shift towards asset tokenization in the financial sector [8] - The recent approval of the "Stablecoin Bill" in Hong Kong is expected to facilitate the entry of stablecoins into the market, further enhancing the tokenized financial ecosystem [9]

俄罗斯外交部：实现稳定的道路在于对话。 ...