Market Overview - The A-share indices experienced an overall increase during the week from August 25 to August 29, 2025, with the Shanghai Composite Index rising by 0.84%, the Shenzhen Component Index by 4.36%, and the ChiNext Index by 7.74% [2][3] - Among the 31 first-level industries, 15 saw gains while 16 experienced declines, with the top three performing sectors being Communication (up 12.38%), Non-ferrous Metals (up 7.16%), and Electronics (up 6.28%) [2][4] - The average daily trading volume for the week was 29,831 billion yuan [2] Bond Market Review - The central bank conducted a net monetary injection of 196.1 billion yuan, with total monetary supply at 22,731 billion yuan and monetary withdrawal at 20,770 billion yuan [8] - Most interest rates declined, with the interbank pledged repo rates for 1D, 7D, 14D, and 1M changing by -2.58 BP, +0.23 BP, -0.85 BP, and +1.49 BP respectively [11] - The major bond market indices mostly saw declines, with the China Bond Composite Index changing by +0.08% and the China Convertible Bond Index decreasing by -2.58% [20] Public Fund Products Review - A total of 36 new funds were established during the week, with a total issuance of 26.337 billion units, including 25 equity funds and 5 bond funds [21][23] - As of August 29, 2025, there were 13,120 public funds in China, with a total net asset value of 34,601.8 billion yuan, including 3,164 equity funds and 3,903 bond funds [25] Fund Manager Insights - Fund managers highlighted the importance of sectors such as AI, semiconductor, and consumer electronics, indicating a focus on growth opportunities in these areas [41][43] - The macroeconomic environment remains stable, with expectations of a continued upward trend in the A-share market, particularly in the technology sector [45] - Concerns regarding U.S.-China trade tensions persist, but the market appears to be desensitized to these issues, with potential for a bullish market outlook [46]

Core Viewpoint - The company, Nantong Xingqiu Graphite Co., Ltd., is actively expanding its international market presence, particularly in India and Southeast Asia, while maintaining a strong position in the domestic graphite equipment sector [2][3]. Company Overview - Nantong Xingqiu Graphite was established on October 24, 2001, and went public on March 24, 2021. The company specializes in the research, production, sales, and maintenance of graphite equipment [7]. - The main revenue sources for the company include graphite equipment (53.78%), equipment parts (20.66%), maintenance services (10.99%), and other services (8.67%) [7]. - As of June 30, 2025, the company reported a revenue of 310 million yuan, a year-on-year increase of 5.77%, while the net profit attributable to shareholders decreased by 24.50% to 46.67 million yuan [7]. Market Position and Recognition - The company is recognized as one of the primary suppliers of graphite chemical equipment and has been designated as a "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology [2][3]. - This designation highlights the company's focus on niche markets, strong innovation capabilities, high market share, mastery of key technologies, and superior quality and efficiency [3]. Recent Developments - The company signed a product sales contract with Adani Group's subsidiary Mundra for a total amount of approximately 29.99 million yuan, involving the supply of graphite equipment for a 1 million ton green PVC project [2]. - The company successfully ignited a three-in-one hydrochloric acid synthesis furnace for its recent projects in Vietnam, indicating progress in its international project execution [2]. Financial Performance and Shareholder Information - The company has distributed a total of 205 million yuan in dividends since its A-share listing, with 140 million yuan distributed over the past three years [8]. - As of June 30, 2025, the number of shareholders decreased by 10.42% to 3,524, while the average circulating shares per person increased by 11.63% to 40,795 shares [7].

Core Points - The "Zheng He" international multimodal transport train service has officially entered a regular operation phase, connecting Yunnan with the Indian Ocean and enhancing international logistics capabilities [1][2] - The service aims to promote the "Belt and Road" initiative by facilitating trade and logistics between Yunnan and Southeast Asian countries, thereby optimizing resource allocation and industrial collaboration [2][5] Group 1: Service Launch and Operations - The second "Zheng He" train departed with nearly 300 tons of fresh Yunnan fruits and vegetables, marking the commencement of regular operations [1] - The train will travel along the China-Laos Railway to Vientiane, Laos, and then connect to Thailand's Laem Chabang Port before shipping to Singapore, distributing Yunnan products globally [1] Group 2: Government Support and Strategic Goals - Local government departments are actively implementing strategies to enhance the multimodal transport service, focusing on improving logistics efficiency and reducing costs [2][5] - The initiative is expected to deepen ties between Yunnan and South Asian/Southeast Asian countries, fostering a new level of regional economic integration [5] Group 3: Future Development and Impact - The "Zheng He" service is set to expand its routes and increase frequency, contributing to the construction of the international land-sea corridor [5] - The operation of the "Zheng He" train is seen as a model for developing multimodal transport and enhancing the "Belt and Road" initiative, providing valuable experience for future projects [5]

9月1日上午，上海合作组织成员国元首理事会第二十五次会议在天津梅江会展中心举行。中国国家主席 习近平主持会议并发表题为《牢记初心使命 开创美好未来》的重要讲话。 9月的天津，秋高气爽。梅江会展中心外，与会各国国旗、上海合作组织会旗迎风飘扬。上海合作组织 2024－2025年轮值主席国徽标格外醒目。 习近平同出席会议的上海合作组织成员国领导人、常设机构负责人亲切握手并集体合影，随后主持元首 理事会会议。 习近平指出，中国始终将自身发展同上海合作组织发展联系起来，同各成员国人民对美好生活的向往联 系起来。中方愿同各方一道，牢记初心使命，积极担当作为，推动上海合作组织行稳致远，朝着构建人 类命运共同体的美好未来坚定前行。 上海合作组织成员国白俄罗斯总统卢卡申科、印度总理莫迪、伊朗总统佩泽希齐扬、哈萨克斯坦总统托 卡耶夫、吉尔吉斯斯坦总统扎帕罗夫、巴基斯坦总理夏巴兹、俄罗斯总统普京、塔吉克斯坦总统拉赫 蒙、乌兹别克斯坦总统米尔济约耶夫，上海合作组织秘书长叶尔梅克巴耶夫、地区反恐怖机构执行委员 会主任沙尔舍耶夫先后发言。各方高度评价中国为推动上海合作组织发展所作贡献和担任轮值主席国期 间卓有成效的工作，积极评价上海合作 ...

新华社天津9月1日电（记者丁锡国、邹伟）9月1日上午，上海合作组织成员国元首理事会第二十五次会 议在天津梅江会展中心举行。中国国家主席习近平主持会议并发表题为《牢记初心使命 开创美好未 来》的重要讲话。 9月的天津，秋高气爽。梅江会展中心外，与会各国国旗、上海合作组织会旗迎风飘扬。上海合作组织 2024－2025年轮值主席国徽标格外醒目。 五是坚持务实高效。持续推进上海合作组织改革，加强资源投入和能力建设，让组织机制更完善、决策 更科学、行动更高效，为成员国安全和经济合作提供更有力支撑。 习近平指出，中国始终将自身发展同上海合作组织发展联系起来，同各成员国人民对美好生活的向往联 系起来。中方愿同各方一道，牢记初心使命，积极担当作为，推动上海合作组织行稳致远，朝着构建人 类命运共同体的美好未来坚定前行。 上海合作组织成员国白俄罗斯总统卢卡申科、印度总理莫迪、伊朗总统佩泽希齐扬、哈萨克斯坦总统托 卡耶夫、吉尔吉斯斯坦总统扎帕罗夫、巴基斯坦总理夏巴兹、俄罗斯总统普京、塔吉克斯坦总统拉赫 蒙、乌兹别克斯坦总统米尔济约耶夫，上海合作组织秘书长叶尔梅克巴耶夫、地区反恐怖机构执行委员 会主任沙尔舍耶夫先后发言。各方高度评价 ...

Core Viewpoint - The establishment of the China-Shanghai Cooperation Organization (SCO) Local Economic and Trade Cooperation Demonstration Zone in Qingdao serves as a unique international platform for local economic cooperation with SCO countries, promoting openness and collaboration over the past seven years [1] Group 1: Economic and Trade Cooperation - The SCO Demonstration Zone is the only international platform focused on local economic cooperation with SCO countries, continuously evolving to enhance "SCO strength" through open collaboration [1] - The "Silk Road E-commerce" service platform in the SCO Demonstration Zone facilitates cross-border e-commerce, allowing products from Kazakhstan and Belarus to reach Qingdao directly via TIR logistics [9] - The TIR cross-border road transport model is introduced as the "fourth logistics channel," providing direct point-to-point delivery without the need for transshipment [13] Group 2: Cultural Exchange and Experience - The Qingdao SCO International Expo Center offers immersive cultural experiences, allowing visitors to enjoy products and traditions from various SCO countries without traveling [5] - The center serves as a comprehensive experience hub that integrates meetings, exhibitions, product sales, cultural exchanges, and business services, acting as an important window for "Belt and Road" international cooperation [5] Group 3: Talent Development - The China-SCO Economic and Trade College, established in 2022, collaborates with over 40 domestic and international institutions to create a talent training platform, having conducted 305 training sessions with participation from over 20,000 individuals from 84 countries by July 2025 [12]

一是坚持求同存异。尊重彼此差异，保持战略沟通，凝聚集体共识，加强团结协作，把合作盘子做 大，把各国禀赋用好，把促进本地区和平稳定和发展繁荣的责任共同扛在肩上。 新华社天津9月1日电 （记者丁锡国、邹伟）9月1日上午，上海合作组织成员国元首理事会第二十 五次会议在天津梅江会展中心举行。中国国家主席习近平主持会议并发表题为《牢记初心使命 开创美 好未来》的重要讲话。 二是坚持互利共赢。深化发展战略对接，高质量共建"一带一路"，提升贸易和投资便利化水平，加 强能源、基础设施、绿色产业、数字经济、科技创新、人工智能等领域合作，在彼此成就、共创未来中 共同迈向现代化。 三是坚持开放包容。在人文交流中相知相亲，在经济合作中鼎力支持，携手打造立己达人、美美与 共、和合共生的文明百花园。 四是坚持公平正义。弘扬正确二战史观，反对冷战思维、阵营对抗和霸凌行径，维护以联合国为核 心的国际体系，支持以世界贸易组织为核心的多边贸易体制，推动构建更加公正合理的全球治理体系。 五是坚持务实高效。持续推进上海合作组织改革，加强资源投入和能力建设，让组织机制更完善、 决策更科学、行动更高效，为成员国安全和经济合作提供更有力支撑。 9月的天津 ...

在"一带一路"倡议不断深化的背景下，中亚电商市场正迎来爆发式增长。作为区域增长极，乌兹别克斯 坦凭借年轻化的人口结构和数字化基础设施的突破，展现出强劲发展动能。 毕马威预测显示，该国电商市场规模将在未来五年内突破20亿美元，线上零售占比有望从当前的3%跃 升至15%。 乌兹别克斯坦最大数字生态系统——涵盖Uzum Market电商平台的企业，其创始人兼首席执行官贾苏尔· 朱马耶夫在接受《中国经营报》记者专访时透露，通过构建"电商+金融科技+物流"三位一体的生态体 系，平台正成为连接"中国制造"和中亚消费市场的重要枢纽。 腾讯同样看好这片电商蓝海。2025年8月，腾讯携手VR Capital共同向Uzum投资了近7000万美元。 《中国经营报》：中亚地区面临物流、运营成本等诸多挑战，你认为电商潜力如何？ 贾苏尔·朱马耶夫：中亚电商正处于加速增长阶段，同时各国的发展阶段并不一致。根据毕马威的预 测，乌兹别克斯坦电商市场规模将在未来五年内增长约7倍，到2027年达到12亿美元。去年，Uzum Market启用了该地区最大的物流中心，自提点网络的扩张推动了线上购物的普及，更重要的是，这让偏 远地区居民也能获得丰富的商 ...

Core Viewpoint - The Shanghai Cooperation Organization (SCO) has achieved significant milestones over the past 24 years by adhering to the "Shanghai Spirit" of mutual trust, mutual benefit, equality, consultation, respect for diverse civilizations, and seeking common development [3][4]. Group 1: Achievements and Contributions - The SCO has established a military trust mechanism in border areas, promoting cooperation and friendship among member states [3]. - The organization has successfully initiated the "Belt and Road" cooperation, with a trade volume exceeding $2.3 trillion ahead of schedule, and has developed a comprehensive international transportation network of nearly 14,000 kilometers [3]. - The SCO has created a long-term friendly cooperation treaty, enhancing people-to-people exchanges and cooperation across various sectors, including local governments, media, think tanks, women, and youth [3]. Group 2: Future Directions - The SCO aims to maintain unity while respecting differences among member states, enhancing strategic communication, and collectively shouldering the responsibility for regional peace and development [5][6]. - The organization emphasizes mutual benefit and win-win cooperation, focusing on high-quality development strategies, trade facilitation, and collaboration in energy, infrastructure, green industries, digital economy, and technology innovation [5][6]. - The SCO promotes openness and inclusivity, encouraging cultural exchanges and economic cooperation among member states to create a harmonious and prosperous environment [6]. Group 3: China's Role and Initiatives - China has invested over $84 billion in SCO member states and has achieved a bilateral trade volume exceeding $500 billion annually [8]. - The country plans to implement 100 "small but beautiful" livelihood projects in member states, provide 2 billion RMB in aid, and double the number of scholarships for SCO students [8]. - China aims to establish 10 "Luban Workshops" in member countries over the next five years, offering training opportunities for 10,000 individuals [8].

Investment Rating - The report maintains a positive outlook on the construction materials sector, highlighting opportunities in AI materials, overseas expansion, and transformation strategies [4]. Core Insights - The cement industry is experiencing profit recovery through price increases and cost reductions, with strong overseas performance and ongoing supply-side checks on overproduction [4]. - Consumer building materials remain at a low point in terms of market conditions, but leading companies are showing signs of recovery; balance sheet improvements are gradual and vary by company [4]. - The fiberglass sector is benefiting from high demand for specialty fiberglass driven by AI, while traditional fiberglass margins continue to improve [4]. - The glass industry is in a bottoming phase, with ongoing monitoring of supply-side changes [4]. - Investment suggestions include focusing on AI PCB upstream new materials, leading companies with high technical barriers, and products that are rapidly upgraded, as well as opportunities in the "Belt and Road" initiative [4]. Cement Industry Analysis - The report provides a profit forecast and valuation for the cement sector, indicating a slight decline in sales volume for major players like Conch Cement and Huaxin Cement in H1 2025, with overall national cement production down 4.3% [14][13]. - The report notes that the cement industry's profit recovery is expected as supply-side checks on overproduction are implemented [14]. - The overseas expansion of companies like Huaxin and Conch Cement is highlighted as a significant growth area, with Huaxin establishing bases in 12 countries and Conch increasing its overseas clinker capacity [14]. Consumer Building Materials Overview - The consumer building materials sector is currently facing challenges, with a significant decline in construction activity and a focus on finding demand bottoms [17]. - Companies like Keda Manufacturing and Sanke Tree are showing resilience through overseas expansion and strong performance in non-real estate sectors [17]. - The report emphasizes the importance of business transformation and the progress of companies adapting to new market conditions, such as Keda's acquisition of new technology and partnerships [17]. Financial Performance Metrics - The report includes detailed financial metrics for various companies, indicating trends in revenue, profit margins, and market valuations [13][24]. - Notable improvements in gross margins for companies like Sanke Tree and Keda Manufacturing are reported, reflecting successful cost management and pricing strategies [23][24]. - The report also highlights the cash flow and receivables situation for consumer building materials companies, indicating varying levels of financial health and operational efficiency [19][21].