Core Insights - Bolivia's Deputy Minister of Energy Planning and Development, Velasquez, expressed admiration for China's impressive development, particularly in the energy sector and renewable energy utilization [1] - The collaboration between Bolivia and China in energy and infrastructure projects is expected to enhance Bolivia's industrial capabilities and environmental protection [1][2] Group 1: Renewable Energy Development - China is recognized as a global leader in renewable energy generation, making significant advancements in solar, wind, and hydropower technologies [2] - The increase in renewable energy's share in electricity production is crucial for sustainable development, aligning with China's dual carbon goals [1] Group 2: Bilateral Cooperation - Recent years have seen an upgrade in Bolivia-China cooperation, with Bolivian products like beef and quinoa being exported to China, and infrastructure projects such as hydropower stations being developed with Chinese assistance [1] - Velasquez highlighted the importance of technical and experience sharing from China, which has helped Bolivia enhance its industrial capacity [1][2] Group 3: Multilateral Cooperation - Velasquez participated in a training program organized by Chinese ministries, emphasizing the importance of multilateral cooperation in addressing global challenges [2] - The "China-Latin America Cooperation Action Plan (2025-2027)" reflects China's commitment to supporting the development of Latin American countries [2]

Core Viewpoint - 德石股份 has signed a strategic cooperation agreement with Sinopec International Co., Ltd., focusing on the cooperation in screw drill tools, which is expected to enhance business relations and mutual benefits between the two companies [2]. Group 1: Company Performance - As of June 27, 2025, 德石股份 closed at 17.14 yuan, down 1.15%, with a turnover rate of 6.38%, a trading volume of 93,500 shares, and a transaction amount of 160 million yuan [1]. Group 2: Strategic Initiatives - The company is actively focusing on the "Belt and Road" initiative, considering it a key overseas market, and aims to provide quality products and services to clients in these regions [3]. - The company is exploring potential projects in the renewable energy sector, although specific plans were not disclosed [2]. Group 3: Investor Relations - The company has increased its R&D investment in recent years, with updates on key projects expected to be disclosed in the 2024 annual report [2]. - On June 27, 2025, the net outflow of main funds was 23 million yuan, while speculative funds saw a net inflow of 6.49 million yuan, and retail investors had a net inflow of 16.51 million yuan [3].

中新社西藏林芝6月29日电题：多国政商人士相聚林芝共话"环喜马拉雅"合作 中新社记者江飞波 "智利也是'一带一路'共建国家，工作中心是贸易、投资基础设施，还有国际合作。"近日，在西藏自治 区林芝市主办的"环喜马拉雅"企业家国际会议上，智利驻华大使巴勃罗·阿里亚兰称，智利对国际合作 的重要性抱有坚定信念。 "西藏自治区与巴基斯坦北部地区的地形有许多相似之处，而且西藏是巴基斯坦一些主要河流的发源 地。我们需要加强合作，加强关系。"塔尼维尔·艾哈迈德·巴蒂建议拉萨或林芝早日开通直飞巴基斯坦的 航班，这将进一步促进中国与巴基斯坦之间的双向旅游。 6月28日，参加"环喜马拉雅"企业家国际会议的外国驻华使节、企业代表集体参访了林芝经济开发区， 了解当地经济发展情况。此外还参观了巴松错景区，该景区依托国道318线等有利条件，带动数百名当 地农牧民就业，成为西藏生态与民生协同发展的缩影。 图为6月28日，韩国锦成东株式会社总经理曲恬在参访西藏林芝景区时留影。中新社记者江飞波摄 韩国锦成东株式会社总经理曲恬首次进藏便深受触动："这里纯净的环境让人流连忘返，而且使我对喜 马拉雅地区的发展也有了更深的认识。" 据悉，2018年，林 ...

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 关注下半年政策力度，继续推荐水利、洁 净室工程等板块 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 周观点： （1）前 5 月基建投资整体保持平稳，投资结构上来看，水上运输和水 利管理业依然保持较高增速，交通大类投资增长有所加快，后续需关 注专项债发行节奏及财政政策延续性对实物量的影响；近期重大基建 投资项目进展关注度提升，对区域需求拉动值得关注，建议关注中西 部地区的受益标的。5月建筑 PMI环比继续回落，其中土木工程建筑业 商务活动指数比上月上升 1.4 个百分点，已连续两个月回升，反映基建 相关工程项目施工加快，同时看到新订单指数环比有所回升，反映项 目预期有所改善。展望下半年来看预计增量的财政政策支持和融资端 的改善对投资端和实物量的效果将逐渐显现，同时扩内需预期增强， 基建投资和重点区域建设有望政策加码。我们建议关注估值仍处历史 低位、业绩稳健的基建龙头央企和地方国企估值持续修复机会，推荐 中国交建、中国电建、中国中铁，建议关注中国核建、中国化学等。 （2）出海方向：2025 年前 5 个月我国对外承包 ...

Core Insights - The "2025 China Enterprises Going Global Summit" held in Shenzhen aimed to create a high-end platform for Chinese companies to address challenges in globalization and explore collaborative transformation paths [1][2] - The forum gathered over 600 decision-makers from Chinese enterprises and featured prominent global leaders, emphasizing the importance of China's global business practices in contributing to world economic prosperity [1][2] Group 1: Key Themes and Discussions - The forum's theme "For an Open World" highlighted the need for dialogue and resource connection amidst global industrial chain restructuring [1] - Former UN Secretary-General Ban Ki-moon praised the timing and significance of the forum, viewing it as a bridge between policy and practice, and a link for East-West wisdom exchange [2] - Discussions included the impact of U.S. unilateralism on globalization, with emphasis on the Belt and Road Initiative as a crucial institutional measure for promoting global cooperation [2][3] Group 2: Perspectives from Industry Leaders - Industry leaders expressed a clear understanding of the challenges and opportunities in global competition, with a focus on technological innovation and brand positioning [4][5] - The former president of the China Banking Regulatory Commission noted a significant shift in China's trade structure, reducing reliance on developed markets, and emphasized the need for global competitiveness in manufacturing [5] - Insights from various executives highlighted the importance of risk management, digital transformation, and brand trust in navigating international markets [7][8] Group 3: Practical Strategies and Initiatives - The forum announced the establishment of the "China Enterprises Going Global Council" to create a collaborative platform addressing compliance and market entry challenges [9][10] - Emphasis was placed on building a diversified partnership ecosystem to overcome trade protectionism and market access barriers [9][10] - The discussions pointed towards a new phase of globalization for Chinese enterprises, focusing on meticulous strategies and value creation rather than mere expansion [10]

可转债周报 20250629 证券研究报告 固定收益 | 固定收益定期 "光大转债"模式再现？ 转债周度专题 本周一晚，齐鲁银行公告"齐鲁转债"预计触发赎回。 浦发转债到期之路也迎来新进展，"光大转债"模式再现。6 月 26 日晚， 浦发银行公告"截至 6 月 25 日，信达证券管理的信丰 1 号单一资产管理 计划通过上海证券交易所系统累计增持公司可转债 117,852,490 张，占浦 发转债发行总量的 23.57%。6 月 26 日，信达证券管理的信丰 1 号单一资 产管理计划将持有的公司可转债通过上海证券交易所系统转让至信达投资 账户"。6 月 27 日，"浦发转债"规模下降 1,178,525.20 万元，与信达证券 增持转债规模相匹配；在此期间，浦发转债转股溢价率维持在 7%附近。这 系列操作与"光大转债"到期前类似：2023 年 3 月，中国华融亦曾大幅增 持临期"光大转债"，后续溢价转股进而极大缓解了"光大转债"的到期偿 还压力。 截至 6 月 27 日，浦发转债剩余规模 382.11 亿元，到期偿还压力有所降低。 除浦发转债外，目前仅有青农转债、紫银转债价格仍在 120 元以下，银行 转债配置 ...

Core Viewpoint - The "2025 China Enterprises Going Global Summit" aims to provide a high-end platform for Chinese companies to address challenges and explore win-win transformation paths in the context of global industrial chain restructuring [1] Group 1: Challenges Faced by Chinese Enterprises Going Global - Domestic industry competition is intensifying, leading many companies to consider overseas investment as a necessity, encapsulated in the phrase "not going global means going out" [3] - Many enterprises lack sufficient knowledge about target countries, investment methods, and associated risks, which can lead to disastrous outcomes if they venture abroad unprepared [3][4] - The limited and fragmented information sources available to companies often mislead them, as they rely on informal networks for insights about foreign markets [4] Group 2: New and Traditional Risks - The current geopolitical landscape presents significant risks, including political risks from globalization protectionism and unilateralism, which disrupt international trade rules and structures [4][5] - Geopolitical conflicts, such as the Russia-Ukraine war and Middle East tensions, pose additional risks that could severely impact global economic activities [5] - The shift towards digital and green economies has led to increased trade protectionism, particularly against Chinese electric vehicles, complicating the investment landscape for Chinese firms [5] Group 3: Recommendations for Risk Management - Companies should maintain confidence in their internationalization efforts, as historical data shows that China's overseas investment has exceeded $2.9 trillion, with over $3 trillion in signed engineering contracts [6] - It is crucial for enterprises to enhance their international operational capabilities and risk management strategies, including thorough market research and compliance management [6] - Accelerating digital transformation is essential for building intelligent risk control systems, allowing companies to better manage uncertainties in overseas investments [6] - Comprehensive support services for Chinese enterprises, especially small and medium-sized ones, are urgently needed to facilitate healthy and orderly foreign investment [6]

TU-204型货运飞机装载货物。岳千惠 摄 6月26日，甘肃省民航物流公司成功首开"兰州=莫斯科"国际货运航线。这不仅是对此前"兰州=塔什干"货运航线的有力拓展，更以首次引进TU-204型全货 机，在中国西部与东欧市场间架起了一条全新的"空中丝绸之路"。随着每周2—3班常态化的运营，这条航线正以稳定的运力，显著提升西北地区与俄罗斯 及周边国家的货物运输时效，为兰州中川国际机场三期投运百日答卷添上了浓墨重彩的一笔。 空铁联运：从地理中心到立体枢纽的百日蜕变 作为国内首创的空铁换乘枢纽，27万平方米的综合交通中心将航空、高铁、公交等多种交通方式编织成网，实现"下高铁即登机"的便捷体验。数据显示， 3月20日至6月27日，机场累计保障运输起降3.41万架次、旅客吞吐量478.20万人次，同比分别增长5.63%、9.20%，枢纽能级提升态势显著。 地面交通网络同样高效协同，中川机场东高铁站自3月20日以来累计发送旅客54.85万人次，日均发送5485人；累计到达旅客74.17万人，日均到达7624人； 民航巴士运送旅客45.42万人次，其中长途旅客达4.13万人次。连接新区秦王川高铁站与机场间的免费巴士，打通了无忧换 ...

Core Points - The article emphasizes the development of modern transportation infrastructure in Xinjiang, which is transforming the region into a key hub for the Belt and Road Initiative, enhancing connectivity between Asia and Europe [3][8][10] - Xinjiang has seen a significant increase in tourism, with 90.34 million domestic and international visitors from January to May this year, showcasing its growing importance as a travel destination [3] - The completion of major highways, such as the Urumqi to Yili Highway, is expected to drastically reduce travel times, enhancing logistics and trade efficiency in the region [5][10] Transportation Infrastructure Development - The Urumqi to Yili Highway, featuring the Tianshan Victory Tunnel, will reduce travel time from 12 hours to 3 hours, significantly improving transportation efficiency [5][10] - The G30 Lianhuo Expressway serves as a crucial land route connecting Central Asia and Europe, while the G7 Jingxin Expressway strengthens ties with North China, shortening the distance from Urumqi to Beijing by 1,300 kilometers [8] - Xinjiang's road network has expanded to 230,000 kilometers by the end of 2024, with over 12,000 kilometers of expressways, ensuring all eligible villages have access to paved roads and public transport [10] Economic Impact - The improved transportation infrastructure has led to reduced logistics costs, with local businesses reporting significant savings and increased efficiency in product delivery [7][8] - The region's GDP grew by 9.1% in 2024, driven by enhanced transportation networks that facilitate trade and tourism [12] - The establishment of cold chain logistics and modern transport routes has improved the quality and marketability of local agricultural products, such as grapes from Turpan [12][14] International Connectivity - Xinjiang's transportation network supports the operation of the China-Europe Railway Express, with 16,414 trains operating in 2024, marking a 14% increase year-on-year [12][16] - The Urumqi International Airport has expanded its capacity to handle 48 million passengers and 550,000 tons of cargo annually, enhancing air connectivity with international markets [17][19] - The region is actively developing new international routes, such as the Urumqi to Chimkent route, to facilitate cultural and economic exchanges with neighboring countries [19] Future Prospects - Xinjiang's "14th Five-Year" transportation plan aims to enhance internal connectivity and streamline access to and from the region, with ongoing projects to further develop the transportation infrastructure [28] - The region is witnessing a surge in investment and interest from businesses looking to leverage improved logistics for trade with Central Asia and Europe, targeting a trade volume of over $4 billion [25][28]

其中，最有代表性的抵制就是5月10日至11日进行的中美日内瓦谈判。"会谈结果表明，中美间相互关税 基本上回到了美国发动关税战前的水平。"龙永图认为，"中美这次谈判充分表明，过去美国一家独大的 霸权主义的时代正在结束。在过去几年当中，多边和准多边的机制正在形成。特别是中国提出的'一带 一路'，可以说是迄今为止推动全球化最重要的一个制度性的举措。" 龙永图指出，虽然在逆全球化思潮盛行的当下，中国企业出海面临着重大挑战，但机会也有很多。他建 议中国出海企业应该抓住三大机遇。 凤凰网财经讯 6月28-29日，"2025中国企业出海高峰论坛"在深圳举行，本次论坛由凤凰网主办，雪花高 端系列品牌-醴首席赞助合作，中国企业出海全球化理事会联合主办，以"为开放的世界"为主题，旨在 全球产业链深度重构之际，为中国企业搭建思想碰撞、资源对接、规则对话的高端平台，系统性破解出 海难题，共探生态共赢转型路径。 原外经贸部副部长、中国入世首席谈判代表龙永图 原外经贸部副部长、中国入世首席谈判代表龙永图出席论坛并发表开幕演讲。他表示，美国总统特朗普 4月2日发动的关税战，使100多个世贸组织成员经过几十年谈判形成的全球关税体制毁于一旦， ...