Key Points - China will continue to expand high-level opening-up and further reduce the negative list for foreign investment, enhancing intellectual property protection and fair competition [1] - The Chinese government has initiated the establishment of a World Artificial Intelligence Cooperation Organization, with the headquarters tentatively planned to be in Shanghai [4] - The Ministry of Agriculture and Rural Affairs, along with ten other departments, has released a plan to promote agricultural product consumption, indicating a proactive approach to stimulate domestic demand [8] - The National Development and Reform Commission is focusing on improving the collaborative development between state-owned and private enterprises, aiming to enhance economic vitality and industrial competitiveness [3] - The third batch of funds for the consumption upgrade program has been allocated, amounting to 69 billion yuan [4] - The overall public budget revenue for the first half of the year was 115,566 billion yuan, showing a slight year-on-year decrease of 0.3%, while expenditures reached 141,271 billion yuan, an increase of 3.4% [4]

Group 1 - China's development model offers a new paradigm for other countries, showcasing rapid growth and effective governance [2] - China has successfully lifted 800 million people out of poverty, accounting for over 70% of global poverty reduction during the same period, achieving the UN's 2030 sustainable development goals ahead of schedule [2] - The emphasis on education and talent cultivation has led to significant achievements in innovation, placing China at the forefront of AI, clean energy, and high-end manufacturing [2][3] Group 2 - Xiong'an New Area exemplifies the balance between ecological protection and urban development, serving as a model for environmentally friendly city construction [3] - China's commitment to ecological civilization is evident through large-scale afforestation, land restoration, and desertification control efforts [3] - The development model in China focuses on people-centered growth, enhancing living standards and encouraging public participation in social governance [3] Group 3 - In the context of increasing global uncertainty, China is viewed as a stabilizing force, promoting multilateralism and equal treatment of nations [4] - China's foreign policy is based on peace, cooperation, and win-win outcomes, rather than zero-sum game logic [4] - China's contributions to global governance, including climate change, international trade rules, and public health security, highlight its role as a key player in promoting world peace and development [5]

Core Viewpoint - The Chinese government has proposed the establishment of a World Artificial Intelligence Cooperation Organization, with a preliminary consideration of Shanghai as its headquarters, aiming to promote multilateralism and address the digital and intelligence divide globally [1][2]. Group 1: Goals of the Organization - The organization aims to deepen innovation cooperation and release the benefits of artificial intelligence by creating a platform for supply and demand, facilitating practical cooperation between China and other countries [1]. - It seeks to promote inclusive development and bridge the intelligence gap by helping developing countries enhance their AI capabilities and ensuring they benefit equally from the AI wave [1][2]. - The organization will strengthen collaborative governance to ensure AI develops in alignment with human civilization progress, forming a global governance framework and standards through international consensus [2]. Group 2: Principles and Participation - The organization will adhere to principles of mutual respect for sovereignty, equality, and support for countries to engage in AI cooperation based on their national conditions [2]. - It emphasizes the importance of the United Nations in AI governance and aims to complement its efforts while promoting an open and inclusive approach to multilateralism [2]. - The organization welcomes willing countries to participate in its preparatory work, fostering international cooperation in AI governance [2].

Trade and Investment - The trade between China and the EU reached $785.8 billion in 2024, marking an increase of over 300 times compared to 1975 when diplomatic relations began [6] - Chinese battery manufacturer CALB is investing $2.2 billion in a plant in Sines, Portugal, which is expected to create 1,800 jobs [6] - Xi Jinping emphasized the complementary and mutually beneficial nature of the China-EU economic and trade relationship, advocating for strengthened green and digital partnerships [5][6] Multilateralism - Xi Jinping highlighted the importance of viewing China-EU relations from a strategic and long-term perspective, supporting European integration and the EU's strategic autonomy [9] - Both sides agreed to enhance communication regarding trade concerns and maintain stable industrial and supply chains [8] - A joint statement on climate change was issued, reflecting a shared commitment to addressing global challenges and pursuing green development [10]

Core Viewpoint - The eighth Hongqiao Forum emphasizes "open cooperation" as a response to the current global economic challenges, advocating for multilateralism and free trade to enhance international economic governance [4][8][10]. Group 1: Forum Themes and Activities - The main theme of the eighth Hongqiao Forum is "Open Cooperation to Create New Opportunities, Shared Future" [4]. - The forum will include a main forum and four sub-forums focusing on "Open Cooperation," "Open Innovation," "Open Development," and "Open Sharing" [4][5]. - Key topics under "Open Cooperation" include revitalizing multilateral cooperation, WTO reforms, and enhancing supply chain resilience through financial collaboration [4][5]. - "Open Innovation" will focus on digital empowerment through AI development and smart manufacturing [4][5]. - "Open Development" will address green and sustainable development, including green trade and new energy storage [5]. - "Open Sharing" will discuss China's openness, consumer stimulation, and foreign investment opportunities [5]. Group 2: Expert Insights - Experts highlight the significance of the forum in promoting open cooperation amidst a backdrop of rising protectionism and unilateralism [8][10]. - The forum serves as a platform for discussing how to counteract the challenges posed by the current global economic landscape, including the shift from efficiency to security in trade [8][10]. - The emphasis on multilateral cooperation is seen as crucial for enhancing supply chain resilience and stabilizing the global economy [10].

蔡润表示，国之交在于民相亲，中国将进一步扩大对欧免签范围，进一步便利人员往来。中方将落实 好"3年1万，欧洲翻番"等倡议，进一步促进青年一代的交流。中方期待欧方积极回应中方相关政策举 措，共同加强中欧人民之间的相互了解，拉紧友谊纽带，为中欧关系发展提供不竭动力。 蔡润说，经过50年的发展，中欧关系正站在新的历史起点上。当前，百年变局加速演进，大国关系深刻 调整，中欧关系更具战略意义和全球影响，希望欧方树立客观理性对华认知，奉行更加积极务实对华政 策，与中方共同努力推动中欧关系沿着正确方向行稳致远。"我们愿同欧方把握合作机遇，妥处分歧摩 擦，既成就彼此，又照亮世界。" 蔡润说，面对单边主义、保护主义的冲击，国际社会更加期盼中欧携手推动全球经济治理朝着更加公正 合理的方向发展。 蔡润说，中欧是支持全球化的两大市场，双方在贸易、投资、规则制定等方面加强交流合作，可以为全 球化提供强劲动力，也可以为变乱交织的世界增加更多稳定性、确定性。只要中欧选择开放共赢，经济 全球化的潮流就不会发生根本逆转。 展望中欧关系的未来，蔡润表示，双方要巩固传统领域合作，拓展新兴领域合作。中欧在经贸、科技、 教育、文化、环境、旅游等传统领 ...

Group 1: China-EU Relations - The 50th anniversary of China-EU diplomatic relations marks a significant historical moment, emphasizing mutual respect, open cooperation, and multilateralism as key principles for future development [2][3] - The bilateral trade relationship has evolved dramatically, with trade volume increasing from approximately €2 billion annually 50 years ago to over €20 billion daily today, representing a 365-fold increase [6] - China and the EU are each other's second-largest trading partners, with China being the EU's third-largest export market and the largest source of imports [6] Group 2: Climate Change Cooperation - A joint statement on climate change was issued during the summit, highlighting the importance of policy continuity and stability among major economies in addressing climate challenges [4][5] - Both parties committed to accelerating global renewable energy deployment and enhancing cooperation in areas such as energy transition, methane emission control, and green technology [5] - The leaders emphasized adherence to the principles of the UN Framework Convention on Climate Change and the Paris Agreement, advocating for differentiated responsibilities based on national circumstances [4] Group 3: Trade Imbalance Concerns - The EU expressed concerns over the trade imbalance, noting that the EU accounts for 14.5% of China's exports, while China only represents 8% of EU exports [7] - The EU has criticized China's overcapacity and subsidy policies, leading to the imposition of anti-subsidy tariffs on Chinese electric vehicles [6][7] - The EU and China are in negotiations regarding electric vehicle pricing to address these trade concerns, with technical discussions reportedly nearing completion [6][7] Group 4: Business Engagement - A meeting between Chinese and EU business leaders highlighted confidence in trade and investment cooperation, with calls for a fair and equitable distribution of cooperation outcomes [8][9] - Chinese Premier Li Qiang emphasized the importance of free and open trade, encouraging European companies to invest in China while seeking a fair business environment for Chinese firms in Europe [8] - The China-EU Business Association's statement underscored the potential for bilateral relations, advocating for direct engagement to address challenges [9]

Report Industry Investment Rating - No relevant content provided Core Views of the Report - On July 24, the funding situation tightened further, with major repo rates rising significantly. Affected by the rising expectation of industrial product price increases, the stock market rally, and the tightened funding situation, the bond market weakened further. The convertible bond market followed the equity market higher, with most convertible bond issues rising. Yields on U.S. Treasuries across all maturities generally increased, and yields on 10-year government bonds in major European economies generally rose significantly [1]. Summary by Relevant Catalogs Bond Market News Domestic News - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing that China and the EU should strengthen communication, enhance mutual trust, and deepen cooperation at this critical historical juncture [3]. - The central bank and the Ministry of Agriculture and Rural Affairs jointly issued an opinion to increase financial resource input in key areas of rural revitalization and improve basic financial services in rural areas [3]. - The draft amendment to the Price Law was open for public comment, mainly covering three aspects: improving government pricing, clarifying the criteria for identifying unfair price behaviors, and improving legal liability for price violations [5]. - As of now, 735 billion yuan of the central budget - investment for 2025 has been basically allocated, focusing on supporting projects in multiple fields [5]. - The central bank will conduct 400 billion yuan of MLF operations on July 25, with a net investment of 100 billion yuan [5]. International News - The European Central Bank maintained interest rates unchanged, waiting for the clarity of U.S. tariff policies. The market is now focused on whether the bank will continue to cut interest rates in the future [6]. - In July, the U.S. Markit manufacturing PMI fell back into contraction, but the recovery in the service sector offset the decline in manufacturing. The overall business activity expanded at the fastest pace since December last year [7]. Commodities - On July 24, international crude oil futures prices turned up, and international natural gas prices rose slightly. WTI September crude oil futures rose 1.19% to $66.03 per barrel, Brent September crude oil futures rose 0.98% to $69.18 per barrel, COMEX gold futures fell 0.74% to $3372.50 per ounce, and NYMEX natural gas prices rose 1.63% to $3.115 per ounce [8]. Funding Situation Open Market Operations - On July 24, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 450.5 billion yuan of reverse repurchases maturing on the same day, there was a net withdrawal of 119.5 billion yuan [10]. Funding Rates - On July 24, due to consecutive net withdrawals by the central bank, the funding situation tightened further, and major repo rates rose significantly. DR001 rose 28.05 basis points to 1.652%, and DR007 rose 9.33 basis points to 1.576% [11]. Bond Market Dynamics Interest - Bearing Bonds - **Spot Bond Yield Trends**: On July 24, affected by the rising expectation of industrial product price increases, the stock market rally, and the tightened funding situation, the bond market weakened further. By 20:00, the yield on the 10 - year Treasury active bond 250011 rose 3.40 basis points to 1.7400%, and the yield on the 10 - year CDB active bond 250210 rose 4.80 basis points to 1.8350% [14]. - **Bond Tendering Results**: Multiple bonds were tendered on July 24, with details such as issue scale, winning yield, and subscription multiples provided [16]. Credit Bonds - **Secondary Market Transaction Anomalies**: On July 24, the trading price of one industrial bond, "HO Zhongnan 02," deviated by more than 10%, falling by more than 28% [17]. - **Credit Bond Events**: There were various credit - related events, including the invalidation of a bondholder meeting, companies being investigated by the CSRC, a company being included in the list of dishonest被执行人, delayed rating disclosures, rating withdrawals, and a forced interest - payment event [19][20]. Convertible Bonds - **Equity and Convertible Bond Indexes**: On July 24, the three major A - share indexes showed mixed performances, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 0.65%, 1.21%, and 1.50% respectively. The convertible bond market followed the equity market higher, with major convertible bond indexes rising. The trading volume of the convertible bond market was 83.63 billion yuan, a decrease of 6.772 billion yuan from the previous trading day [21]. - **Convertible Bond Tracking**: On July 25, Guanghe Convertible Bonds will be listed. On July 24, some convertible bonds announced proposals to lower the conversion price or were expected to trigger conditions for lowering the conversion price, and some were about to meet the conditions for early redemption [22][23][24]. Overseas Bond Markets - **U.S. Treasury Market**: On July 24, yields on U.S. Treasuries across all maturities generally increased. The yield on 2 - year U.S. Treasuries rose 3 basis points to 3.91%, and the yield on 10 - year U.S. Treasuries rose 3 basis points to 4.43%. The 2/10 - year U.S. Treasury yield spread remained unchanged at 52 basis points, and the 5/30 - year U.S. Treasury yield spread narrowed by 4 basis points to 98 basis points. The 10 - year U.S. inflation - protected Treasury (TIPS) break - even inflation rate rose 8 basis points to 2.45% [27][28][29]. - **European Bond Market**: On July 24, the yield on 10 - year UK government bonds fell 2 basis points, while yields on 10 - year government bonds in other major European economies generally rose significantly. Yields on 10 - year government bonds in Germany, France, Italy, and Spain rose by 9, 10, 11, and 11 basis points respectively [30]. - **Price Changes of Chinese - Issued U.S. Dollar Bonds**: As of the close on July 24, price changes of Chinese - issued U.S. dollar bonds were provided, including daily changes, credit entities, bond codes, bond balances, maturity dates, yields, and monthly changes [32].

Group 1: Core Views - The 25th China-EU Leaders' Meeting was held in Beijing on July 24, marking the 50th anniversary of diplomatic relations, with expectations for enhanced communication, mutual trust, and cooperation between China and Europe to provide more stability and certainty for the world [1][2] Group 2: Economic Cooperation - Over the past 50 years, annual trade between China and Europe has increased from $2.4 billion to $785.8 billion, a growth of over 300 times, while investment has risen from nearly zero to approximately $260 billion [2] - The China-Europe "Belt and Road" initiative has seen significant achievements, with over 110,000 China-Europe freight trains operated and various infrastructure projects benefiting local communities [2] - In 2024, the average daily trade volume between China and Europe is expected to reach €2 billion, with extensive cooperation across trade, investment, environmental protection, digital affairs, and cultural exchanges [2] Group 3: Green Development - Both China and the EU are prioritizing green industry development, with notable projects like the Daya Bay Nuclear Power Plant and various renewable energy initiatives symbolizing their cooperation in green technology [3] - The alignment of green low-carbon development goals between China and the EU is seen as a foundation for practical cooperation, contributing significantly to global climate governance [3] Group 4: Multilateralism and Global Stability - As two major global powers, China and the EU are expected to enhance cooperation in trade and investment, thereby promoting multilateralism and free trade, which can add stability and certainty to a turbulent world [4] - Observers emphasize the importance of China and the EU working together to maintain a stable and predictable environment in policy-making and adjustments, especially in the context of rising geopolitical risks and protectionism [4][5]

今年也是联合国成立80周年，中欧作为全球的两大力量、两大市场，应携手践行多边主义，维护国际规 则秩序。当今世界变乱交织，单边主义、霸凌行径严重冲击国际秩序和国际规则，中欧合作的战略意义 进一步凸显。只要中欧坚持对话合作，阵营对立就难以形成；中欧选择开放共赢，经济全球化潮流就不 会逆转；中欧携手践行多边主义，世界就乱不到哪儿去。国际形势越是严峻复杂，中欧就越需要加强团 结协调，坚定做动荡世界中的稳定性力量。世界面临的诸多全球性挑战，也需要中欧加强协调、携手应 对。此次会晤期间，双方共同发表《中欧领导人关于应对气候变化的联合声明》，以实际行动再次表明 双方对维护多边主义、推进全球气候治理的决心。这也是中欧应该承担的国际责任。 中欧关系走过半世纪风雨，值得庆贺，更要倍加珍惜。站在建交50周年的历史节点，中欧应从历史中汲 取智慧和力量，作出符合人民期待、经得起历史检验的战略抉择，相向而行、继往开来，携手开辟中欧 关系更加光明的下一个50年。 中欧是伙伴而不是对手，双方应坚持相互尊重、求同存异。中欧之间没有根本利害冲突和地缘政治矛 盾，这从根本上决定了双方合作大于竞争、共识多于分歧。中方视欧洲为多极世界中的重要一极，始 ...