Core Viewpoint - The global competition for rare earth elements is intensifying, with China facing challenges to maintain its technological dominance in the industry [1][10]. Group 1: China's Position and Actions - In July 2025, China's Ministry of Commerce launched a special operation against rare earth smuggling, marking the beginning of a reshuffle in the global rare earth industry [1]. - China holds a significant technological monopoly in rare earth refining, with 88% of global refining technology and 94% of high-end magnetic materials [7]. - The recent special operation aims to cut off the "curved blood transfusion" route used by the U.S. to import Chinese rare earths through third countries [9]. Group 2: U.S. Strategy and Challenges - The U.S. has imposed strict sanctions on Chinese rare earths while simultaneously relying on them for its military supply chain stability [5]. - Despite having domestic mines and partnerships with Australia, the U.S. still heavily depends on Chinese technology for refining [7]. - The U.S. Department of Defense invested $1.3 billion to support domestic rare earth companies, but the yield of trial products was below 20% due to various constraints [7]. Group 3: Global Competition and Future Outlook - Other countries, such as India and Australia, are also entering the rare earth competition, with India aiming for over 50% self-sufficiency in rare earth oxides within three years [9]. - Industry experts believe that merely increasing funding will not allow these countries to catch up with China's lead in rare earth refining in the short term [9]. - The ultimate competition will focus on mastering core technologies for high-performance rare earth materials, making simple export bans insignificant [9][10].

新华社柏林7月14日电 专访｜中国产业链供应链增强跨国企业在华深耕信心——访施耐德电气全球执 行副总裁尹正 新华社记者李函林 施耐德电气全球执行副总裁、中国及东亚区总裁尹正日前表示，集成度高、韧性强的中国产业链供应 链，不仅为跨国企业提供了稳定预期，还增强其在华深耕的信心。 尹正在第三届中国国际供应链促进博览会即将举行之际接受新华社记者书面专访时说，中国作为全球唯 一拥有全工业门类的国家，是全球产业链供应链的重要"稳定器"和"创新源"。 "当前，建设韧性、高效、绿色的供应链正成为各方共识。"尹正说，在此背景下，链博会的举办恰逢其 时。作为全球首个以供应链为主题的国家级展会，链博会为推动全球供应链安全稳定、促进产业深度融 合提供了重要平台。 "这也是我们决定参展的关键原因。"他说，施耐德电气希望借助链博会，与更多合作伙伴共同探索转型 路径，携手推动产业链向高端迈进。 尹正形容链博会是"链接世界、共创未来"的一扇窗，是中国高水平对外开放的新名片。他表示，对于包 括施耐德电气在内的跨国企业而言，链博会不仅是展示创新成果的舞台，也为拓展全球合作带来了切实 机遇。 "中国是全球经济增长的重要引擎，拥有雄厚的产业基础和强 ...

Core Viewpoint - The 14th Qilu Hot Pot Festival will be held from May 22-24, 2026, in Jinan, Shandong, showcasing the significance of the hot pot industry in China and its growing market opportunities [2][3]. Group 1: Event Overview - The Qilu Hot Pot Festival is the first industry-specific exhibition in China to receive UFI certification, known for its strong effectiveness in the industry [2][5]. - The festival has been successfully held for thirteen consecutive years, establishing itself as a trusted brand exhibition in the hot pot industry [2][3]. Group 2: Market Significance - Shandong Province, a major player in China's catering industry, has over 30,000 hot pot restaurants as of the first half of 2024, ranking among the top in the nation [3]. - The surrounding provinces, such as Henan and Jiangsu, have hot pot markets that are nearly on par with Shandong, indicating a vast market potential for the festival [3]. Group 3: Industry Impact - The festival has significantly increased its industry influence in East and North China, attracting numerous enterprises and professional visitors from various regions [3][6]. - The festival serves as a high-quality communication and development platform for the hot pot industry, especially amid rapid changes and competition within the catering sector [7][9]. Group 4: Future Developments - The 14th Qilu Hot Pot Festival will focus on enhancing the participation of professional audiences from various levels within Shandong, aiding exhibitors in exploring the local market [6][11]. - The festival will continue to host high-quality supporting activities, including competitions and forums, to promote industry communication and collaboration [9][11].

作为中国餐饮市场实效化国际餐饮盛会，ACE2026第四届亚洲餐饮展览会（简称ACE第四届亚餐展）将于2026年5月22-24日在山东国际会展中心举办。 ACE第四届亚餐展规划展览面积达60000平方米，计划组织2000+家餐饮产业链企业到会参展，并将邀约100000+专业观众到会参观采购，全力打造餐饮产 业链供需对接、产业交流盛会。 重庆市商务委原一级巡视员、重庆市火锅产业协会会长陈国华表示，ACE亚餐展成为推动餐饮美食新场景、新品牌、新业态、新模式创新发展的一次盛 会，成为展示餐饮品牌形象、提升企业影响力的盛会，成为餐饮企业链资源、链产品、链企业、链世界的共赢盛会。 在ACE第三届亚餐展上，为更精准、高效的促进展商与高品质专业观众间的对接合作，还多措并举邀请了众多实力渠道商前来展会现场参观采购，并在展 会现场举办了精准对接交流会，进一步提升了展商与专业观众的参展、选品效率。 在ACE第四届亚餐展上，大会组委会仍将继续组织更多优质渠道资源到展会现场，为展会实效化的继续提升注入新动能。 精准触达高品质买家，ACE亚餐展实效性标签被广泛认可 ACE亚餐展自举办以来，便着力打造展会良好的实效化效果。经过连续三届的培 ...

Market Overview - The A-share market experienced a volatile upward trend this week, driven by the banking sector and certain blue-chip stocks, with structural activity noted in AI hardware-related fields [2][3]. Weekly Review - The banking sector performed exceptionally well, with the four major banks (Agricultural, Industrial, Commercial, and Construction) reaching historical highs in stock prices. The dividend yield for bank stocks is currently around 4%, making them attractive in the current low-interest-rate environment [3]. - The rise in bank stocks and increased interest in stablecoins also positively impacted brokerage, insurance, and diversified financial sectors [3]. - The government has emphasized addressing "involution" competition, particularly in industries like new energy vehicles and photovoltaics. Recent policies aim to promote industrial upgrades and innovation, leading to a notable performance in the photovoltaic sector, with slight gains in steel, building materials, and cement stocks [3]. AI Hardware Sector - The AI hardware sector saw significant gains due to Nvidia's market capitalization reaching a historical high, alongside optimistic expectations for mid-year performance across the AI industry chain. Key products like PCB circuit boards and CPO optical modules experienced substantial price increases [4]. - However, the sector faced increased volatility due to substantial price increases since early June and uncertainties surrounding global trade tariffs [4]. Market Outlook - With core listed companies in major sectors like finance, innovative pharmaceuticals, new energy, and real estate seeing rising stock prices, the Shanghai Composite Index has surpassed the 3500-point mark and is showing an upward trend. It is anticipated that A-share listed companies' performance will gradually improve in the low-interest-rate environment, leading to a heightened preference for equity assets [5]. - There is an opportunity to strategically position in high-quality listed companies expected to report growth in mid-year results [5].

记者从7月12日在内蒙古自治区兴安盟科尔沁右翼中旗(简称"科右中旗")召开的第二届牛交易大会新闻 发布会上了解到，由内蒙古畜牧业协会主办，科右中旗农牧和科技局、兴安盟畜牧业协会等13家单位联 合承办的第二届牛交易大会将于2025年7月24日—26日在科右中旗举办，大会主要由开幕式、牛产业高 质量发展主旨论坛、枫林品鉴会、牛交易大集、"吃生态饭做牛文章念文旅经"观摩等5个板块组成。 据介绍，科右中旗是国家优势特色产业集群科尔沁肉牛产业集群发展旗、全国肉牛全产业链典型旗、全 国乡村振兴重点帮扶旗。近年来，科右中旗形成了集种源、繁育、饲草、育肥到交易、屠宰、精深加 工、冷链配送、社会化服务于一体的肉牛全产业链发展模式。全旗肉牛存栏从2018年的16.6万头增长到 现在的55万头，全旗肉牛养殖户达4万户、合作社400家，全产业链价值突破百亿元。 本届大会将以"吃生态饭做牛文章念文旅经"为主题，组织全国畜牧业、草业、牛产业等方面知名专家学 者开展高峰论坛，举行枫林品鉴会现场品鉴，现场还将通过拍卖、观摩、估牛赛等形式多样的系列活动 就牛产业进行全方位宣传推介。 大会还将邀请来自国内相关地区、内蒙古自治区有关盟市及科右中旗 ...

Key Insights - The report highlights the strong performance of the domestic computing power industry chain, indicating that the logic chain of "industry breakthrough - performance verification - demand verification" has gradually been established, leading to a catalytic market environment [3][6] - The report emphasizes the robust growth of Jitu Express, with a total global parcel volume of 7.39 billion pieces in Q2 2025, representing a year-on-year increase of 23.5%. The Southeast Asian market showed particularly strong performance, with parcel volume increasing by 65.9% to 1.69 billion pieces [3][7][8] Strategy Research - The domestic computing power industry is entering a high growth cycle, supported by the rapid increase in demand for domestic large models and the upcoming IPOs of key domestic GPU manufacturers, which fill the gap in the A-share market for fully functional GPUs [6] - The report suggests focusing on domestic computing power chips, servers, PCB, and optical communication manufacturers as potential investment opportunities [6] Transportation Sector - Jitu Express's Q2 2025 performance is highlighted, with a total parcel volume of 7.39 billion pieces, marking a new high since its listing. The company has optimized its network and efficiency, significantly enhancing its automation capabilities [7][8] - The Southeast Asian market's strong performance is attributed to strategic partnerships with major e-commerce platforms, which have led to substantial growth in cross-border e-commerce [9] Future Outlook - The report anticipates continued growth in Jitu Express's business volume driven by the e-commerce boom in Southeast Asia, while the optimization of operations in the Chinese market is expected to release profit margins under the "anti-involution" policy [9]

Market Performance - The Shanghai Composite Index reached a new high for the year, surpassing 3500 points, closing at 3510.18, with a weekly increase of 1.09% [2] - The Shenzhen Composite Index and the ChiNext Index saw weekly gains of 1.99% and 2.21% respectively, while the STAR 50 and the Beijing Stock Exchange 50 increased by 0.98% and 0.41% [2] - A total of 4037 stocks experienced positive growth, while 1335 stocks declined during the week [2] Sector Performance - The multi-financial, small metals, and coke sectors led the gains, while the feed, city commercial banks, and coal mining sectors faced the largest declines [2] International Market Overview - Major U.S. stock indices fell on July 12, with the Dow Jones down by 279.13 points (0.63%), the S&P 500 down by 20.71 points (0.33%), and the Nasdaq down by 45.14 points (0.22%) [3][4] - European indices also declined, with the FTSE 100 down by 34.54 points (0.38%), the CAC 40 down by 72.96 points (0.92%), and the DAX down by 201.50 points (0.82%) [3][4] Commodity Prices - International oil prices increased, with WTI crude oil rising by $1.88 to $68.45 per barrel (up 2.82%) and Brent crude oil increasing by $1.72 to $70.36 per barrel (up 2.51%) [3][4] Regulatory Developments - The Shanghai Stock Exchange announced the implementation of the "Guidelines for the Growth Layer of the Sci-Tech Innovation Board," allowing 32 existing unprofitable companies to enter the growth layer immediately [6] - The Ministry of Industry and Information Technology released work points for the integration of information technology and industrialization, emphasizing support for high-quality development of basic and industrial software [9] Economic Agreements - A visa exemption agreement between China and Malaysia will take effect on July 17, allowing holders of valid passports to stay for up to 30 days without a visa [5] Investment Insights - The A-share market has shown strong performance over the past three weeks, with systemic risks remaining low, indicating potential for continued upward movement [8] - Focus on sectors with favorable mid-year performance and long-term investment opportunities in domestic consumption, technology independence, and dividend stocks is recommended [8]

Summary of the Conference Call for Shijia Photonics Company Overview - **Company**: Shijia Photonics - **Acquisition Target**: Dongguan Foxima, acquiring 82.3% of shares to enhance technical strength and market competitiveness [2][3] Key Points and Arguments - **Acquisition Purpose**: The acquisition aims to address the MPX chip shortage and enhance the long-term competitiveness of the MPO business by securing production capabilities for MTX chips [2][6] - **Financials of Foxima**: As of Q1 2025, Foxima reported revenues of 82.57 million yuan and a net profit of 30.68 million yuan [2][3] - **Shareholding Structure**: The shareholding arrangement considers the cyclical holding issues of the optoelectronic fund and the willingness of minority shareholders to support long-term development [2][5] - **Production Capability**: The acquisition will allow Shijia Photonics to gain production process capabilities for MTX chips, ensuring a stable supply and reducing overall product costs [6] - **Competitive Position**: Foxima is a leading domestic supplier of METX chips, with competitive product matrix and technical capabilities compared to overseas rivals, though it faces challenges in customer certification and talent retention [7] Industry Dynamics - **Market Demand**: The demand for AWG and MPO businesses remained stable in Q2, with Shijia Photonics maintaining a strong performance despite tariff pressures [4][9] - **Tariff Impact**: New tariffs imposed by the Trump administration on Southeast Asian countries are expected to have a minimal impact on Shijia Photonics, as clients can apply for exemptions [12] - **Supply Chain Stability**: The company has not faced significant material supply issues in Q2, with good collaboration with fiber and cable manufacturers [15] Additional Insights - **Cost Optimization**: While specific quantitative data on cost optimization from the acquisition is not available, the synergy effects are expected to gradually reflect in gross margins [8] - **Future Developments**: The company is actively working on audits and evaluations related to the acquisition, with updates expected in August [10] - **Product Development**: Shijia Photonics is progressing well with its core product AWT, with healthy demand and production ramp-up [17] - **Market Coverage**: The company currently does not have a systematic focus on the new 800G MWDM demand [18] This summary encapsulates the key aspects of Shijia Photonics' conference call, highlighting the strategic acquisition, financial performance, industry dynamics, and future outlook.

Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, driven by rising refrigerant prices and improved industry conditions [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 9.5-10.4 billion yuan for H1 2025, representing a year-on-year increase of 147.0% to 171.7% [1]. - The expected net profit for Q2 2025 is between 5.5-6.4 billion yuan, with a year-on-year growth of 138.5% to 179.8% [1]. - The average domestic prices for refrigerants R22, R32, R134a, and R125 in Q2 2025 are reported at 3.59, 4.97, 4.76, and 4.53 thousand yuan per ton, showing increases from Q1 2025 [1]. Group 2: Market Trends - The upward trend in refrigerant prices is expected to continue, with domestic prices for R22, R32, R134a, and R125 as of July 6, 2025, at 3.50, 5.30, 4.90, and 4.55 thousand yuan per ton [2]. - R32 has broken seasonal market patterns, with enterprise quotes rising to 5.4-5.5 thousand yuan per ton, indicating potential for further performance improvement in Q3 [2]. Group 3: Strategic Initiatives - The company is enhancing its integrated industrial chain, focusing on several key projects, including a 90,000-ton AHF technical transformation project and a 500-ton catalyst technical transformation project [3]. - The company aims to benefit from the ongoing growth in the refrigerant industry, with projected earnings of 24.6 billion, 32.1 billion, and 36.7 billion yuan for 2025-2027 [3].