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 ...

Core Viewpoint - The article emphasizes that as long as China and Europe maintain dialogue and cooperation, the formation of opposing camps will be difficult. Choosing open and win-win strategies will prevent the reversal of economic globalization trends. Strengthening unity and coordination is essential for both parties to act as stabilizing forces in a turbulent world [1] Group 1 - The article highlights the need for China and Europe to enhance coordination and work together to address global challenges, especially in the context of a complex international situation [1] - A joint statement on climate change was issued during the meeting, reaffirming both parties' commitment to multilateralism and global climate governance [1] - The article underscores the international responsibilities that China and Europe should undertake in promoting global cooperation [1]

Group 1 - The eighth China International Import Expo (CIIE) will be held from November 5 to 10 in Shanghai, emphasizing the theme "New Era, Shared Future" [2] - Over 50 countries and international organizations have confirmed participation, with Sweden and the UAE as guest countries, and Kyrgyzstan making its debut [3] - The exhibition area has exceeded 330,000 square meters, with 170 companies and 27 institutions confirmed as full participants, reflecting strong confidence in the Chinese economy [4] Group 2 - The forum will focus on open cooperation, with themes including "Open Cooperation for New Opportunities" and will release the "World Open Report" and the latest "World Open Index" [5] - Various supporting activities are being organized, including policy interpretation, industry seminars, and cultural exchange events [6] Group 3 - Service levels for the expo will be enhanced by reducing costs, optimizing on-site services, and improving digital navigation systems for exhibitors [7] - The Shanghai government has established a comprehensive service guarantee plan, focusing on security, transportation, accommodation, and catering for the event [9][10] Group 4 - Customs will facilitate the importation of exhibits with dedicated channels and support measures, while traffic management will be optimized to handle visitor flow [11] - The expo aims to increase its impact through innovative forums and enhanced online trade opportunities, alongside cultural and tourism integration [12]

新华社北京7月25日电 特稿｜成就彼此 惠及世界——开辟中欧关系更加美好的未来 新华社记者张远 朱瑞卿 今年是中国和欧盟建交50周年。7月24日上午，习近平主席在会见欧洲理事会主席科斯塔和欧盟委员会 主席冯德莱恩时指出，中欧建交50年来，交流合作成果丰硕，既成就彼此又惠及世界，其中的重要经验 和启示就是相互尊重、求同存异、开放合作、互利共赢。 习近平主席就中欧关系未来发展提出三点主张：坚持相互尊重，巩固伙伴关系定位；坚持开放合作，妥 善处理分歧摩擦；践行多边主义，维护国际规则秩序。 当前，世界百年变局加速演进，人类社会再次来到关键十字路口。作为当今世界两大建设性力量，中欧 更应为变乱交织的世界提供宝贵的稳定性和确定性。 促进对话合作 把握伙伴关系定位 五十载栉风沐雨，中欧如今已成为推动多极化的两大力量，支持全球化的两大市场，倡导多样性的两大 文明。中欧关系已经成为世界上最具影响力的双边关系之一，为增进中欧人民福祉、促进世界和平和发 展作出了重要贡献。 习近平主席多次访问欧洲，为中欧架起友谊合作之桥。今年以来，习近平主席与欧洲领导人密切沟通互 动，包括同科斯塔通电话，会见西班牙首相桑切斯，同科斯塔、冯德莱恩就中 ...

Group 1 - The core viewpoint emphasizes the importance of mutual respect, open cooperation, and multilateralism in the future development of China-EU relations, as articulated by President Xi Jinping during the recent summit [1][2][3] - The annual trade volume between China and the EU has significantly increased from $2.4 billion at the time of diplomatic relations to an expected $785.8 billion in 2024, with mutual investment stock rising to approximately $260 billion [2] - The essence of China-EU economic relations is characterized by complementarity and mutual benefit, despite recent challenges and calls for reducing economic dependence [3][4] Group 2 - The call for deepening green and digital partnerships highlights the potential for cooperation in areas such as green transition, logistics, and biotechnology, which are seen as historic opportunities for establishing a new type of economic relationship [4] - The joint declaration on climate change between China and the EU serves as a model for global cooperation, especially in the context of the U.S. withdrawal from the Paris Agreement [4] - The overall sentiment is that cooperation should remain the main theme of China-EU relations, ensuring a positive trajectory for the next 50 years [5]

Core Points - The Chinese government expresses a desire for mutual cooperation with the European side to create a brighter future for China-EU relations, marking the 50th anniversary of diplomatic ties [1][3] - Key principles for future development of China-EU relations include mutual respect, open cooperation, and adherence to multilateralism [1][2] Summary by Sections Diplomatic Engagement - Chinese President Xi Jinping and Premier Li Qiang held discussions with European Council President Charles Michel and European Commission President Ursula von der Leyen, focusing on strategic issues and international concerns [1][2] - The leaders emphasized the importance of maintaining strategic communication and deepening partnership [2] Economic Cooperation - Both sides agreed to enhance trade and investment relations, aiming for more positive outcomes in cooperation [2] - There is a commitment to resolve trade disputes through dialogue and to oppose "decoupling" [2] Climate Change and Sustainability - A joint statement on climate change was issued, highlighting the significance of a green partnership in the China-EU relationship [2] - Both parties expressed a commitment to achieving successful outcomes in climate initiatives and maintaining stable supply chains [2] Future Outlook - The meeting was characterized as constructive, fostering mutual understanding and trust, and creating better conditions for future cooperation [3]

Core Points - The third meeting of the China-Australia Free Trade Agreement Joint Committee was held via video on July 24, co-chaired by China's Vice Minister of Commerce and Australia's Deputy Secretary of Foreign Affairs and Trade [1] - Both parties acknowledged the significant achievements in bilateral economic and trade cooperation over the past 10 years since the agreement's implementation, recognizing its important role in promoting trade relations [1] - The meeting emphasized the commitment to open cooperation, multilateralism, and free trade, using the 10th anniversary of the agreement as an opportunity to deepen mutually beneficial cooperation and enhance trade and investment liberalization [1] Summary by Categories Trade and Economic Cooperation - The meeting highlighted the fruitful results of the China-Australia Free Trade Agreement (ChAFTA) over the last decade, reinforcing its role as a crucial mechanism for bilateral trade relations [1] - Both sides agreed to continue discussions on trade and investment concerns, aiming to identify areas for further improvement and expansion [1] Implementation and Future Plans - Reports on goods trade, services trade, and intellectual property were presented, reviewing the implementation status of the agreement across various sectors [1] - The parties agreed to advance the review process to determine areas that could be further refined or expanded, along with making work arrangements for future cooperation [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On July 24, the funding situation tightened further, with major repo rates rising significantly. Affected by the increasing expectation of industrial product price hikes, 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 mostly rose significantly [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing the importance of China - EU relations and the principles for future development [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 rural basic financial services [4]. - The draft amendment to the Price Law was open for public consultation, covering aspects such as improving government pricing, clarifying the criteria for identifying improper price behaviors, and strengthening legal responsibilities for price violations [6]. - As of July 24, 735 billion yuan of central budget - internal investment in 2025 had been basically allocated, focusing on multiple fields such as modern industrial systems and infrastructure [7]. - The central bank announced a 400 - billion - yuan MLF operation on July 25, with a net injection of 100 billion yuan, marking the fifth consecutive month of increased roll - overs [8]. 3.1.2 International News - The European Central Bank maintained interest rates unchanged, waiting for the clarity of U.S. tariff policies. Since June 2024, it has cut interest rates eight times [9]. - In July, the U.S. Markit manufacturing PMI fell into contraction again, but the recovery of the service sector offset the decline. The composite PMI index rose, but concerns about the business environment persisted [10]. 3.1.3 Commodities - On July 24, international crude oil futures prices turned up, and international natural gas prices rose slightly. COMEX gold futures fell [11]. 3.2 Funding Situation 3.2.1 Open Market Operations - On July 24, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 119.5 billion yuan due to 450.5 billion yuan of reverse repurchase maturities [13]. 3.2.2 Funding Rates - On July 24, due to continuous net withdrawals by the central bank, the funding situation tightened further, and major repo rates rose significantly. For example, DR001 rose 28.05bp to 1.652%, and DR007 rose 9.33bp to 1.576% [14]. 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - **Spot Bond Yield Trends**: On July 24, affected by multiple factors, the bond market weakened further. Yields on the 10 - year Treasury bond active issue 250011 and the 10 - year China Development Bank bond active issue 250210 increased [17]. - **Bond Tendering Situation**: Various bonds were tendered on July 24, with details on issuance scale, winning yields, and subscription multiples provided [18]. 3.3.2 Credit Bonds - **Secondary - market Transaction Anomalies**: On July 24, the trading price of one industrial bond, "H0 Zhongnan 02", deviated by more than 10%, falling by over 28% [19]. - **Credit Bond Events**: Multiple events occurred, including some companies being included in the list of dishonest被执行人, delayed rating report disclosures, rating withdrawals, forced interest - payment events, ineffective bondholder meetings, and companies being investigated by the CSRC [20]. 3.3.3 Equity and Convertible Bonds - **Equity and Convertible Bond Indexes**: On July 24, the three major A - share stock indexes had mixed performances, with the Shanghai Composite Index closing above 3600 points. The convertible bond market followed the equity market higher, with most convertible bond issues rising [21]. - **Convertible Bond Tracking**: On July 25, Guanghe Convertible Bond was listed. On July 24, some convertible bonds announced proposals to lower conversion prices or were expected to trigger conditions for lower conversion prices, and some were about to meet early redemption conditions [24]. 3.3.4 Overseas Bond Markets - **U.S. Bond Market**: On July 24, yields on U.S. Treasuries across all maturities generally increased, and the yield spread between 2 - year and 10 - year U.S. Treasuries remained unchanged, while the spread between 5 - year and 30 - year U.S. Treasuries narrowed [25][26]. - **European Bond Market**: On July 24, the yield on the 10 - year British government bond declined, while yields on 10 - year government bonds in other major European economies generally rose significantly [28]. - **Daily Price Changes of Chinese - funded U.S. Dollar Bonds**: As of the close on July 24, price changes of various Chinese - funded U.S. dollar bonds were provided, including those of companies like Sunac China and Lenovo Group [30].

Core Points - The United States has announced its third withdrawal from UNESCO, reflecting its "America First" stance and prioritizing national interests over international laws and rules [1][2][3] - This decision is seen as part of a broader trend of unilateralism by the U.S., which is perceived to weaken its soft power and international influence [1][3] - The withdrawal will take effect on December 31, 2026, and is attributed to the U.S. government's belief that UNESCO promotes divisive social and cultural initiatives [2][4] Group 1: U.S. Withdrawal from UNESCO - The U.S. has previously withdrawn from UNESCO twice, first in 1984 due to allegations of corruption and mismanagement, and again in 2017 [4] - The current withdrawal is based on ideological differences and a lack of willingness to lead globally, rather than solely financial considerations [3][4] - UNESCO's budget has been growing, with voluntary contributions doubling since 2018, despite the U.S. reducing its financial support [4][5] Group 2: International Reactions and Implications - UNESCO's Director-General expressed regret over the U.S. decision, emphasizing that it contradicts the principles of multilateralism [2][3] - The Chinese government has criticized the U.S. for its lack of responsibility as a major power and has reiterated its commitment to multilateralism and support for UNESCO [2][5] - The withdrawal raises questions about the reliability of the U.S. in international organizations and may create opportunities for China to enhance its influence within UNESCO [3][4]

Core Insights - The "Italy Development Report (2024-2025)" highlights the necessity for pragmatic cooperation between China and Italy amidst a complex international landscape, emphasizing mutual benefits and global impact [1][2] Economic Cooperation - China and the EU have established a strong economic symbiotic relationship, with bilateral trade expected to reach $785.8 billion in 2024, making each other their second-largest trading partners [1] - Italy's economy is significantly affected by U.S. tariff policies, with exports to the U.S. accounting for 4% of its GDP, highlighting the importance of diversifying trade partnerships [2] Strategic Partnerships - 2024 marks a significant year for China-Italy relations, celebrating the 20th anniversary of their comprehensive strategic partnership and the 700th anniversary of Marco Polo's death, with various agreements signed to enhance cooperation [3] - The action plan for 2024-2027 aims to deepen collaboration across various sectors, including cultural exchanges and strategic alignment [3] Sectoral Opportunities - There is considerable potential for cooperation in the service sector, with China planning to expand its service industry, particularly in telecommunications, education, and healthcare, which aligns with Italy's strengths in tourism, healthcare, and education [3] - In artificial intelligence, both countries can learn from each other, with Italy looking to adopt China's advanced practices in AI application while China can benefit from Italy's regulatory frameworks [4] Cultural Exchange - Both countries hold significant cultural heritage, being recognized for their non-material cultural heritage, which presents opportunities for mutual learning and collaboration in preservation efforts [4]