Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On July 24, 2025, all the current - month contracts of the four major stock index futures rose, with IF up 0.71%, IH up 0.49%, IC up 1.61%, and IM up 1.6% [1] - On the trading day, the total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 16,976 lots, IH by 13,034 lots, IC by 9,753 lots, and IM by 6,634 lots. In terms of positions, the total positions of IF increased by 2,311 lots, IH by 135 lots, IC by 1,553 lots, and IM by 35 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The A - share market had a good performance, with the Shanghai Composite Index up 0.65%, the Shenzhen Component Index up 1.21%, the ChiNext Index up 1.5%, and the North 50 up 1.1%. The A - share market turnover was 1.87 trillion yuan, slightly lower than the previous day's 1.9 trillion yuan [6] Summary by Related Catalogs Stock Index Futures Data - **IF Contracts**: IF2508 closed at 4,147 with a 0.71% increase, a basis of - 2.04, a turnover of 37.62 billion yuan, a trading volume of 30,340 lots (down 1,946 lots), and a position of 47,426 lots (up 357 lots); IF2509 closed at 4,141.2 with a 0.76% increase, a basis of - 7.84, a turnover of 80.85 billion yuan, a trading volume of 65,298 lots (down 10,716 lots), and a position of 163,125 lots (up 1,443 lots); IF2512 closed at 4,111.8 with a 0.78% increase, a basis of - 37.24, a turnover of 17.36 billion yuan, a trading volume of 14,115 lots (down 3,732 lots), and a position of 53,553 lots (down 269 lots); IF2603 closed at 4,083.4 with a 0.78% increase, a basis of - 65.64, a turnover of 5.35 billion yuan, a trading volume of 4,380 lots (down 582 lots), and a position of 7,264 lots (up 780 lots) [1] - **IH Contracts**: IH2508 closed at 2,815.4 with a 0.49% increase, a basis of 2.96, a turnover of 1.077 billion yuan, a trading volume of 12,773 lots (down 3,448 lots), and a position of 20,633 lots (down 224 lots); IH2509 closed at 2,816.6 with a 0.50% increase, a basis of 4.16, a turnover of 2.894 billion yuan, a trading volume of 34,309 lots (down 8,089 lots), and a position of 63,790 lots (up 95 lots); IH2512 closed at 2,818 with a 0.49% increase, a basis of 5.56, a turnover of 442 million yuan, a trading volume of 5,242 lots (down 1,496 lots), and a position of 14,530 lots (up 95 lots); IH2603 closed at 2,818 with a 0.43% increase, a basis of 5.56, a turnover of 128 million yuan, a trading volume of 1,518 lots (down 1 lot), and a position of 1,938 lots (up 169 lots) [1] - **IC Contracts**: IC2508 closed at 6,269.6 with a 1.61% increase, a basis of - 24, a turnover of 3.22 billion yuan, a trading volume of 25,848 lots (down 1,438 lots), and a position of 53,361 lots (up 1,361 lots); IC2509 closed at 6,226 with a 1.72% increase, a basis of - 67.6, a turnover of 6.096 billion yuan, a trading volume of 49,292 lots (down 5,044 lots), and a position of 109,680 lots (up 284 lots); IC2512 closed at 6,104.6 with a 1.79% increase, a basis of - 189, a turnover of 1.802 billion yuan, a trading volume of 14,865 lots (down 2,494 lots), and a position of 57,871 lots (down 610 lots); IC2603 closed at 5,997.8 with a 1.95% increase, a basis of - 295.8, a turnover of 650 million yuan, a trading volume of 5,463 lots (down 777 lots), and a position of 8,877 lots (up 518 lots) [1] - **IM Contracts**: IM2508 closed at 6,675.8 with a 1.60% increase, a basis of - 25.32, a turnover of 5.751 billion yuan, a trading volume of 43,342 lots (up 960 lots), and a position of 64,427 lots (down 557 lots); IM2509 closed at 6,618.6 with a 1.84% increase, a basis of - 82.52, a turnover of 16.3 billion yuan, a trading volume of 124,051 lots (down 7,313 lots), and a position of 181,457 lots (up 72,061 lots); IM2512 closed at 6,435.4 with a 1.88% increase, a basis of - 265.72, a turnover of 3.716 billion yuan, a trading volume of 29,081 lots (down 610 lots), and a position of 79,069 lots (up 96 lots); IM2603 closed at 6,273.2 with a 1.86% increase, a basis of - 427.92, a turnover of 1.076 billion yuan, a trading volume of 8,632 lots (up 329 lots), and a position of 13,360 lots (up 1,094 lots) [1] Positions of the Top 20 Futures Members - **IF Contracts**: For IF2508, long positions increased by 197 lots, and short positions increased by 808 lots with a net short - position change of 2,370 lots; for IF2509, long positions decreased by 108 lots with a net long - position change of - 645 lots, and short positions increased by 1,821 lots; for IF2512, long positions decreased by 734 lots, and short positions decreased by 259 lots [5] - **IH Contracts**: For IH2508 and IH2509, long positions decreased by 164 lots with a net long - position change of - 62 lots, and short positions increased by 171 lots; for IH2509, long positions increased by 77 lots, and short positions increased by 345 lots; for IH2512, long positions increased by 25 lots, and short positions increased by 231 lots with a net short - position change of 747 lots [5] - **IC Contracts**: For IC2508, long positions increased by 778 lots, and short positions increased by 1,333 lots; for IC2509, long positions decreased by 1,091 lots with a net long - position change of - 434 lots, and short positions increased by 3 lots with a net short - position change of 996 lots; for IC2512, long positions decreased by 121 lots, and short positions decreased by 340 lots [5] - **IM Contracts**: For IM2508, long positions decreased by 533 lots with a net long - position change of - 1,886 lots, and short positions increased by 414 lots; for IM2509, long positions decreased by 560 lots, and short positions decreased by 904 lots with a net short - position change of - 715 lots; for IM2512, long positions decreased by 793 lots, and short positions decreased by 225 lots [5] Important Drivers - The Chinese President met with the President of the European Council and the President of the European Commission, emphasizing the importance of China - EU cooperation [6] - The National Development and Reform Commission and the State Administration for Market Regulation issued a public consultation on the draft amendment to the Price Law of the People's Republic of China, aiming to clarify the standards for identifying improper price behaviors [6] - The A - share market had a good performance, with the Shanghai Composite Index closing above 3,600 points for the first time since January 2022, and the ChiNext Index leading the gains. Nearly 4,400 stocks rose, and the short - term sentiment and the index both showed signs of recovery [6]

Core Viewpoint - The meeting between Chinese President Xi Jinping and European leaders emphasizes the importance of deepening China-EU relations, which is seen as beneficial for both parties and the global community, especially in the context of current international challenges [1][2][3] Group 1: Principles and Future Directions - Xi Jinping highlighted three key principles for the future development of China-EU relations: mutual respect, open cooperation, and adherence to multilateralism, which are essential for a successful partnership [1] - The essence of China-EU economic relations is characterized by complementary advantages and mutual benefits, with a focus on achieving dynamic balance in development [2] Group 2: Strategic Cooperation and Global Challenges - Both China and the EU advocate for multilateralism and open cooperation, which are crucial in addressing global challenges such as climate change and maintaining international order [3] - The joint declaration on climate change during the 25th China-EU leaders' meeting signals a commitment to collaborative efforts in tackling global issues and promoting multilateralism [3]

Core Viewpoint - The meeting between Chinese President Xi Jinping and European leaders highlights the significance of China-EU cooperation amid a rapidly changing international landscape, emphasizing the need for mutual respect, open collaboration, and adherence to multilateralism [8][10][11]. Summary by Relevant Sections - **Historical Context**: This year marks the 50th anniversary of China-EU diplomatic relations, with leaders reflecting on the historical development and future prospects of their partnership [8][9]. - **Economic and Social Impact**: The cooperation between China and the EU has led to closer economic ties and effective collaboration in areas such as climate change, benefiting nearly 2 billion people in both regions [9]. - **Future Directions**: Xi Jinping proposed three key principles for the future of China-EU relations: mutual respect to strengthen partnerships, open cooperation to manage differences, and commitment to multilateralism to uphold international order [10].

Core Points - The upcoming 25th China-EU leaders' meeting is significant as it marks the 50th anniversary of diplomatic relations between China and the EU, as well as the 80th anniversary of the United Nations [1] - China-EU relations have become one of the most influential bilateral relationships globally, yielding substantial cooperation results that benefit nearly 2 billion people in both regions [1] - The current international situation is characterized by increasing turbulence, unilateralism, and protectionism, making the leaders' meeting crucial for enhancing strategic communication and deepening dialogue and cooperation [1] - China expresses willingness to work with the EU to send a positive signal of commitment to strengthening partnership and upholding multilateralism and open cooperation through a successful meeting [1]

Group 1 - The third China International Supply Chain Promotion Expo was held in Beijing, with over 6,000 cooperation agreements signed and more than 210,000 attendees, reflecting a 5% increase from the previous year [1] - The expo aims to enhance connections among upstream, midstream, and downstream enterprises, promoting collaboration between large and small businesses, and facilitating international cooperation in supply chains [1][2] - The China International Import Expo has been held for seven sessions since 2018, attracting over 180 countries and regions, with a total intended transaction amount exceeding $500 billion, serving as a platform for high-level opening up [1][2] Group 2 - China is committed to maintaining a stable and open global supply chain, emphasizing the importance of multilateral trade systems and international cooperation [2][7] - Companies like COFCO and Cargill are leveraging these expos to strengthen their connections with global agricultural trade and enhance cooperation with upstream and downstream enterprises [2] - The "chain master enterprise + supporting cluster" cooperation model proposed at the expo aims to promote the digital, intelligent, and green transformation of global supply chains [6] Group 3 - China has signed 23 free trade agreements with 30 countries and regions, providing zero-tariff treatment for 100% of products from least developed countries with which it has diplomatic relations [3] - The country is recognized as a leading force in promoting trade and investment liberalization and facilitation globally [4] - China's manufacturing sector continues to lead globally, with over 200 major industrial products holding the highest production volume worldwide, reinforcing its role in the global supply chain [6] Group 4 - Various agricultural projects and industrial parks initiated by China are helping improve local development and living conditions in countries across Asia, Africa, and Latin America [9] - China is actively reducing foreign investment restrictions and expanding visa-free access to enhance international cooperation and tourism [10] - The commitment to building a community with a shared future for mankind emphasizes mutual respect, equality, and win-win cooperation [10]

Group 1 - China's economy showed a stable performance in the first half of the year, with a year-on-year growth of 5.3%, contributing significantly to global economic recovery [1][2] - China is a major trade partner for over 150 countries and has maintained its position as the world's largest manufacturing country for 15 consecutive years, ensuring the stability of global supply chains [2][3] - The number of newly established foreign-invested enterprises in China increased by 10.4% in the first five months of this year, indicating a positive trend in foreign investment [3] Group 2 - China plays a crucial role in global economic governance by promoting green finance, digital economy, and multilateral trade order, providing quality public goods to the world [3][4] - The Asian Infrastructure Investment Bank (AIIB) has expanded its membership from 57 founding members to 110 over the past ten years, facilitating over $200 billion in infrastructure investments [3] - China's commitment to open cooperation and innovation is seen as a way to enhance global economic growth and stability, aligning with the expectations of countries worldwide [4]

Group 1 - The global supply chain is showing an overall positive development trend, with a strong push for open cooperation among countries [2] - The "Global Supply Chain Promotion Report" and the global supply chain index matrix were released, highlighting improvements in the promotion, connection, innovation, and resilience indices from 2018 to 2024, with the promotion index increasing from 1 to 2.71 [2] - The resilience index remains relatively weak, indicating that the internal quality of the global supply chain is unstable and vulnerable to various adverse factors [4] Group 2 - Open cooperation in the global supply chain is essential for companies like Qualcomm, which benefits significantly from such collaboration [2][3] - The innovation index has risen to 2.16, driven by investments in innovation across the supply chain, highlighting the increasing importance of technological advancements [7] - Companies are focusing on technology investments to enhance the "innovation chain" and improve the quality and efficiency of the global supply chain [8]

Group 1: Trade Data and Trends - In the first half of 2025, China and the US experienced a significant decline in trade, with total import and export value at 2.08 trillion yuan, a year-on-year decrease of 9.3% [1] - Exports from China amounted to 1.55 trillion yuan, down 9.9%, while imports were 530.35 billion yuan, down 7.7% [1] - Despite the decline in US-China trade, China's overall foreign trade reached a historical high of 21.79 trillion yuan, growing by 2.9% year-on-year [1] Group 2: US Tariff Policies - The US has expanded its tariff measures globally, targeting not only China but also countries like Japan, South Korea, and Canada, aiming to reshape global trade rules [3] - The US has implemented policies to limit the use of Chinese materials in renewable energy projects and has canceled tax exemptions for packages under $800, impacting Chinese cross-border e-commerce [3][5] - Trump's approach is characterized as coercive, aiming to pressure allies into compliance, which disrupts global supply chains [3] Group 3: China's Response and Trade Strategy - China is pursuing a more open trade policy, offering zero-tariff treatment to all least developed countries and planning to extend this to 53 African nations [5] - China is actively enhancing trade cooperation with ASEAN, the EU, Central Asia, and Africa, demonstrating its commitment to open markets [5] - The Chinese government emphasizes dialogue and cooperation as the path forward, rejecting coercive tactics from the US [7][8] Group 4: Global Economic Implications - The ongoing trade tensions and tariff measures are seen as detrimental to global economic stability, with a stable trade environment being a common aspiration among nations [8] - The trajectory of US-China trade relations is critical not only for the two countries but also for the recovery and growth of the global economy [8]

Group 1 - China's innovation is driven by high-level technological self-reliance and a commitment to global cooperation, as evidenced by recent conferences on high-speed rail and deep space exploration [1][4] - The country has maintained its position as the world's leading manufacturing nation for 15 consecutive years, producing over 220 major industrial products at the highest volume globally [2] - Significant increases in R&D investment are projected, with a nearly 50% growth expected by 2024 compared to the end of the 13th Five-Year Plan, amounting to an additional 1.2 trillion yuan [2] Group 2 - Chinese high-speed rail technology has positively impacted countries like Indonesia and Serbia, enhancing local transportation and regional development [3] - Exports of green products, including new energy vehicles and solar products, have risen by 12.7% in the first half of the year, positioning China as a leader in global green transformation [3] - China has signed nearly 200 intergovernmental space cooperation agreements with over 50 countries, promoting international collaboration in space technology [4]

Core Viewpoint - The meeting between Liu Jianchao, Minister of the International Liaison Department of the CPC, and former Japanese Prime Minister Yukio Hatoyama emphasizes the importance of open cooperation and true multilateralism between China and Japan, aiming to maintain regional peace and development, which aligns with the expectations of regional countries [1] Group 1 - Both China and Japan have benefited from the post-war international order and multilateralism, highlighting the need for continued collaboration [1] - China remains committed to independence, self-reliance, and reform and opening up, welcoming Japan to share in the opportunities presented by China's development [1] - The year marks the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the global anti-fascist war, underscoring the importance of remembering history to forge lasting peace [1]