Core Insights - China's foreign trade showed a positive trend with a total import and export value of 25.7 trillion yuan in the first seven months of the year, marking a year-on-year growth of 3.5% [1] - Exports increased by 7.3%, while imports decreased by 1.6%, but the decline was less severe than in the first half of the year [1] Group 1: Trade Performance - In July, China's total import and export value grew by 6.7% year-on-year, with exports rising by 8% and imports increasing by 4.8%, indicating a strong monthly performance [2] - The manufacturing sector capitalized on the US-China tariff suspension, contributing significantly to July's export growth [2] - Domestic demand is improving, as evidenced by the gradual recovery in imports due to ongoing consumption-boosting initiatives [2] Group 2: Export Composition - In the first seven months, 60% of exports were mechanical and electrical products, with high-end machine tool exports increasing by 23.4% [3] - New green and low-carbon products saw a 14.9% increase in exports, highlighting a shift towards high-quality trade [3] - Notable growth in exports of air conditioners and other cooling products, with air conditioner exports to Europe rising by 28.9% [3] Group 3: Role of Private Enterprises - Private enterprises accounted for 14.68 trillion yuan in imports and exports, a 7.4% increase, representing 57.1% of China's total foreign trade [4] - The number of private enterprises engaged in foreign trade increased by 8.5%, reaching 570,000, which constitutes 87.2% of all trading enterprises [4] Group 4: Market Diversification - Trade with ASEAN, the EU, Africa, and Central Asia grew by 9.4%, 3.9%, 17.2%, and 16.3% respectively, indicating successful market diversification [4] - Trade with countries involved in the Belt and Road Initiative saw a 5.5% increase [4] Group 5: Strategic Adaptation - Companies are actively seeking new markets and adapting to external challenges, with many reporting a backlog of orders into the fourth quarter [5] - The external trade environment remains complex, necessitating innovation and the development of new products to enhance competitiveness [5] - The customs authority expresses confidence in meeting annual foreign trade goals despite external uncertainties [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% relative to the market in the next six months [4]. Core Insights - The company is a leading player in the emerging market hygiene products sector, with a strong market share in Africa. In 2023, it held the top position in the African market for baby diapers and sanitary napkins, with market shares of 20.0% and 14.0% respectively [7][10]. - Revenue has been consistently growing, with a 28.6% year-on-year increase in 2023, driven by an expanded sales network and optimized product mix. However, growth slowed to 7.2% in the first three quarters of 2024 due to a decline in product prices [7][20]. - The emerging markets for baby and female hygiene products show significant growth potential, with Africa's newborn population growing at a CAGR of 1.5% from 2019 to 2023, and low market penetration rates for hygiene products [7][38]. Summary by Sections 1. Company Overview - The company, established in 2009, became independent in 2022 and focuses on hygiene products for emerging markets, particularly in Africa, Latin America, and Central Asia. It has a strong presence in the African market [7][10]. 2. Revenue Growth - In 2023, the company achieved revenue of $410 million, a 28.6% increase year-on-year. The growth was attributed to market expansion and product optimization. However, revenue growth slowed to 7.2% in the first three quarters of 2024 due to a 6-11% decline in product prices [20][21]. 3. Market Potential - The company operates in a market with significant growth potential, particularly in Africa, where the penetration rates for baby diapers and sanitary napkins are low compared to developed markets. The CAGR for the African baby diaper market is projected at 8.0% from 2023 to 2028 [38][39]. 4. Product Portfolio - The company has a diverse brand matrix, with its flagship brand, Softcare, contributing significantly to revenue. The average price of its products is approximately 70-80% of that of leading international brands [14][21]. 5. Cost Structure and Profitability - The company's gross margin improved significantly from 23.0% in 2022 to 34.9% in 2023, primarily due to a decrease in raw material costs. The net profit margin also increased to 21.6% in the first three quarters of 2024 [29][34].

Core Insights - In the first half of the year, the China Council for the Promotion of International Trade approved 1,418 overseas economic and trade exhibition projects, covering an exhibition area of 826,000 square meters [1] - A total of 54 organizing units have implemented exhibition projects in 44 countries and regions, with an actual exhibition area of 382,000 square meters and over 23,000 participating enterprises [1] - There is a notable increase in participation from emerging markets, with the number of Chinese exhibitors in ASEAN and Latin America accounting for 39.8% of the total, an increase of 8.5 percentage points compared to the same period in 2024 [1] Industry Trends - Emerging industries are showing a sustained increase in overseas exhibition participation, particularly in fields such as electronic information, artificial intelligence, green low-carbon technology, and intelligent manufacturing [1] - Chinese enterprises showcased their independent innovation achievements in key international technology exhibitions, contributing to the expansion of exports of high-tech and high-value-added products [1] - At the European International Smart Energy Exhibition, the number of Chinese participating enterprises increased to 850, with organizers and professional visitors expressing admiration for China's international leadership in the new energy sector [1] Overall Performance - The overall operation of overseas exhibition work in the first half of the year has been stable, with a more diverse range of participating industries, continuous expansion of participating regions, and steady improvement in the quality of participating enterprises [2] - There has been a significant enhancement in the sense of gain for enterprises involved in these exhibitions [2]

Core Insights - The China Council for the Promotion of International Trade (CCPIT) reported a 13.31% year-on-year increase in the issuance of various certificates, totaling 3.8887 million from January to June 2023, indicating resilience and vitality in China's foreign trade despite challenges [1] - The RCEP certificates issued amounted to $4.415 billion, with a 27.93% increase in value and a 27.70% increase in the number of certificates issued, showcasing the benefits of free trade agreements for enterprises [1] - The CCPIT has facilitated the participation of over 23,000 enterprises in international exhibitions, with a total exhibition area of 382,000 square meters, reflecting a strong push for enterprises to explore diverse international markets [3] Trade Policy Implementation - The CCPIT has actively promoted the implementation of policies to stabilize foreign trade, assisting enterprises in securing orders and expanding markets [2] - The organization has approved 1,418 international trade exhibition projects, with a planned exhibition area of 826,000 square meters, demonstrating a commitment to enhancing international trade engagement [3] Market Expansion - There is a notable trend of enterprises expanding into emerging markets such as ASEAN, the Middle East, and Latin America, with participation from these regions increasing by 8.5 percentage points compared to the previous year [4] - The Brazilian International Auto Parts Exhibition attracted over 300 Chinese enterprises, highlighting the growing presence of Chinese companies in international trade events [4] Industry Focus - The CCPIT has emphasized the participation of enterprises in emerging industries such as new energy and electronic information, with 850 Chinese companies attending the European International Smart Energy Exhibition, showcasing China's advancements in these sectors [5] - The organization aims to enhance the quality and diversity of participating enterprises, contributing to the export of high-tech and high-value-added products [5] Legal Support for Enterprises - The CCPIT has seen a 16.43% increase in foreign-related disputes, with 404 cases accepted in the first half of the year, indicating a growing need for legal support in international trade [6] - The organization has provided extensive legal services, including handling over 43,000 commercial mediation cases and answering 18,500 inquiries through its legal platform [6]

Group 1 - In the first half of 2023, Foshan's foreign trade import and export total reached 233.98 billion yuan, with a year-on-year increase of 15.6% [3] - Exports amounted to 183.56 billion yuan, up 22.1% year-on-year, while imports were 50.42 billion yuan, showing a slower growth [4] - The export of "new three samples" products (electric passenger vehicles, lithium batteries, and solar cells) reached 1.13 billion yuan, a significant increase of 81% year-on-year [4] Group 2 - The export of lithium batteries was 730 million yuan, growing by 88.7%, while solar products and new energy vehicles also saw substantial increases [4] - The "Belt and Road" countries became a key growth point for Foshan's "new three samples" exports, with a total of 780 million yuan exported, marking a 136% increase [4] - Private enterprises contributed 98% of the export value of "new three samples," with 154 private companies involved, representing 93% of the total exporting companies [5] Group 3 - Despite trade tensions affecting the U.S. market, Foshan's home appliance exports to the EU grew, with a total of 6.74 billion yuan, an increase of 8.1% [5] - Emerging markets also showed strong performance, with exports to Africa reaching approximately 11.83 billion yuan, up 20.1% year-on-year [5][6] - Companies like Guangdong Xinbao Electric Co., Ltd. and China Liansu Group Holdings Ltd. have successfully targeted specific markets, leading to significant export growth [5][6]

新华财经伊斯坦布尔7月31日电（记者许万虎）西班牙第二大银行BBVA本月31日公布的最新财报显 示，BBVA二季度归属净利润达27.49亿欧元，环比增长1.9%；2025年上半年归属净利润同比增长 9.1%，达54.47亿欧元。 当前，中国与土耳其的双边经贸关系日益紧密。今年上半年，中国连续多月蝉联土耳其最大进口来源 国。若土耳其金融市场持续深化开放，中资银行或将迎来更多在当地拓展业务的契机。 （文章来源：新华财经） BBVA管理层表示，这一趋势反映出全球金融资本正在从传统欧美市场向增长更快的新兴地区倾斜。此 外，在全球银行业趋于分化的背景下，BBVA将通过加码数字化转型与可持续金融，构建新的增长引 擎。 分析指出，BBVA对土耳其的持续投入折射出国际银行对新兴经济体信心的边际改善，特别是在通胀趋 稳与汇率波动缓解的背景下。 新兴市场贡献显著。墨西哥市场继续成为集团增长的主要动力，二季度归属净利润12.65亿欧元，同比 增长4.9%；尽管宏观经济环境面临挑战，但BBVA土耳其业务表现出较强韧性，二季度归属净利润同比 增长22.4%，达到2.54亿欧元。分析认为，土耳其通胀持续放缓支持其净利润增长。 ...

Investment Rating - The report maintains an "Outperform" rating for the energy storage industry [5][4][6]. Core Insights - The energy storage industry is experiencing rapid growth, particularly in emerging markets, driven by power shortages and supportive government policies [2][4][54]. - The demand for energy storage systems is expected to remain strong in 2025, with significant increases in both domestic and international markets [1][3][56]. - The "Big and Beautiful" act in the U.S. is anticipated to boost short-term demand for energy storage, although a decline in demand may occur post-2026 [27][29]. Summary by Sections Industry Overview - In the first half of 2025, domestic energy storage system shipments reached 110 GWh, nearly matching the total for 2024, with battery shipments at 265 GWh, a year-on-year increase of 128% [1][56]. - The U.S. saw a 30% year-on-year increase in installed front-of-the-meter storage, reaching 5.65 GW in the first half of 2025 [1][27]. Emerging Markets - Emerging markets are projected to become significant export destinations for domestic energy storage companies, with orders from the Middle East, Australia, and East Asia reaching 35 GWh, 33 GWh, and 24 GWh respectively [2][51]. - The report forecasts a substantial increase in energy storage demand in regions facing power shortages, such as Southeast Asia, South Africa, and India [54][55]. Global Market Outlook - The global energy storage market is expected to see new installed capacity of 221 GWh in 2025, with a projected market value of 1787 billion yuan [3][96]. - Emerging markets are anticipated to achieve a cumulative installed capacity of 40.5 GWh by 2025, reflecting a 293% year-on-year growth [3][96]. Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, due to their strong market positions and growth potential [4][113].

Core Viewpoint - Morgan Stanley has reaffirmed a bullish stance on emerging market (EM) stocks, driven by strong performance in emerging markets, favorable macroeconomic conditions, and a robust rally in China's A-share market [1][2] Group 1: Emerging Market Performance - The MSCI Emerging Markets Index has risen 17.8% year-to-date in USD terms, outperforming developed markets by 660 basis points, marking a significant reversal from a prolonged underperformance since 2010 [2] - Investors have shifted their stance towards emerging markets, particularly focusing on A-shares and Hong Kong stocks, as passive ETFs regain growth momentum [2][3] Group 2: Factors Influencing Market Sentiment - Expectations of a long-term weak dollar and potential interest rate cuts by the Federal Reserve are anticipated to boost emerging market stock prices [2] - Negative factors have been fully priced in, and policy focus is shifting towards supporting the private economy in emerging markets [3] Group 3: Specific Market Insights - China remains a focal point for investment in emerging markets, with positive outlooks also for India, South Korea, and Brazil [3] - The mining sector in emerging markets has been upgraded, with recent strong performance and potential catalysts from improving domestic economic activity in China [3] Group 4: Optimism from Major Financial Institutions - Goldman Sachs has reiterated an "overweight" stance on the Chinese stock market, raising the 12-month target for the MSCI China Index from 85 to 90, indicating over 10% potential investment returns [3][4] - Bridgewater Associates has become more optimistic about the Chinese stock market, citing policy support and the AI investment boom as key reasons for their increased allocation [4] Group 5: Global Asset Management Trends - Global sovereign asset management institutions are significantly increasing their interest in Chinese assets, with most funds planning to boost investments to capitalize on technology-driven growth opportunities [5]

Group 1 - The U.S. Treasury expects to borrow nearly $1.01 trillion in Q3, exceeding previous estimates by over $450 billion, primarily due to cash consumption to avoid hitting the debt ceiling [1][2] - The German government is set to approve a record €126.7 billion budget for 2026, focusing on infrastructure and defense spending [2] - Emerging market ETFs have seen net inflows for the ninth consecutive week, with Chinese assets experiencing a more than doubling in inflow compared to the previous week [2] Group 2 - The Dow Jones Industrial Average fell by 0.14%, while the S&P 500 rose by 0.02% and the Nasdaq Composite increased by 0.33% [3] - COMEX gold futures decreased by 0.65% to $3,314.00 per ounce, while COMEX silver futures fell by 0.09% to $38.33 per ounce [3] - U.S. oil futures rose by 2.79% to $66.98 per barrel, and Brent crude futures increased by 2.87% to $69.60 per barrel [3]

Core Insights - Emerging markets are becoming a highlight for solar module exports, with 115 countries/regions showing year-on-year growth in export value for the first half of 2025, compared to 33 in 2024, indicating a significant upward trend [1] - The growth in emerging markets is primarily driven by numerous small-scale markets rather than large developing countries like Brazil and India [1] - In the first half of 2025, China's solar module exports to Africa increased by 47.5%, to Oceania by 23.7%, and to North America and Asia by 15% and 12.2% respectively [1] Industry Developments - Several companies have announced investment plans in emerging markets such as Africa, including the establishment of a joint venture by Xiamen Xiangyu Group and Zhejiang Dingsen Holdings to focus on the African renewable energy market [2] - Red Sun New Energy, backed by state-owned enterprises, signed an agreement to build Nigeria's first local solar module production line, aiming to create a full-chain capability from component production to power application [2] - SANY Group signed a memorandum of understanding with Zambia to promote green transformation in mining through integrated microgrid and renewable energy technology solutions [3] Market Trends - Traditional export markets such as Europe, the Middle East, and Latin America have seen declines in export volumes, with decreases of 12.3%, 14.9%, and 16.8% respectively in the first half of the year [4] - The potential of emerging markets remains to be fully explored, as the top ten global solar markets account for over 75% of the market share, with many emerging markets needing to surpass the 1GW threshold for solar installation capacity [4] - Bloomberg New Energy Finance projects that the number of GW-level countries and regions will increase from 36 in 2024 to 40 in 2025 [4] Future Outlook - The global solar installation capacity is expected to continue growing in 2025, but the growth rate may slow down, with traditional overseas markets experiencing a decline while emerging markets see rapid demand growth [5]