Group 1 - Industrial Fulian reported a record high revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.6%, with a net profit of 12.11 billion yuan, up 38.6% [2] - In Q2, the revenue exceeded 200 billion yuan for the first time, reaching 200.34 billion yuan, a 35.9% increase year-on-year, with a net profit of 6.88 billion yuan, up 51.1% [2] Group 2 - A-share indices collectively rose last week, with the Shanghai Composite Index hitting a new high for the year, up over 2% for the week [3] - The market is shifting from traditional cyclical sectors to technology sectors, with quality tech assets expected to yield significant excess returns in Q3 [3] Group 3 - Major foreign investment projects are progressing steadily, with new policies to encourage foreign investment being implemented [4] - Cities like Wenzhou, Dalian, and Xuzhou have GDP growth rates exceeding 6%, with potential to join the "trillion-dollar club" by year-end [4] Group 4 - In July, the consumer price index (CPI) in Guangdong turned positive, rising 0.5% month-on-month, while the producer price index (PPI) decreased by 0.2% [5] - Hong Kong saw a record number of registered local companies, exceeding 1.5 million, with significant direct investment and job creation [5] Group 5 - Nearly 50 A-share companies have disclosed interim dividend plans, with major firms like China Mobile announcing substantial dividends [6] - The Hong Kong Investment Management Company is focusing on nurturing local startups and investing in quality enterprises [7] Group 6 - The A-share market is expected to face some resistance in the short term but remains in a bull market, with industry rotation accelerating [8] - Southbound capital has seen a cumulative net inflow of 900.8 billion HKD, indicating a strong preference for Chinese concept stocks [8] Group 7 - The new science and technology bond policy has led to a significant issuance of 880.66 billion yuan in three months, with a low average coupon rate [21] - Gold futures prices reached a historical high, driven by geopolitical factors and central bank policies [22]

自2005年汇率形成机制改革以来，人民币汇率中间价作为基准汇率，对于引导市场预期、稳定市场汇率 发挥了重要作用。但这一段时间，人民币汇率中间价偏离市场汇率幅度较大，持续时间较长，影响了中 间价的市场基准地位和权威性。 为避免失衡过度累积，需要通过增强中间价的市场化程度和基准性加以调整，于是也就有了"8·11汇 改"。2015年8月11日，为增强人民币对美元汇率中间价的市场化程度和基准性，央行宣布完善人民币对 美元汇率中间价报价。自当日起，做市商在每日银行间外汇市场开盘前，参考上日银行间外汇市场收盘 汇率，综合考虑外汇供求情况以及国际主要货币汇率变化向中国外汇交易中心提供中间价报价。 对于此次完善人民币汇率中间价形成机制，央行在2015年第三季度中国货币政策执行报告中提到，一方 面在机制上加大市场供求对汇率形成的决定性作用，提高中间价的市场化程度；另一方面则顺应市场的 力量对人民币汇率适当调整，使汇率向合理均衡水平回归。中间价与市场汇率之间的偏离得到校正，中 间价的基准作用明显增强。 本报记者刘琪韩昱 10年前的8月11日，中国人民银行（以下简称"央行"）宣布完善人民币对美元汇率中间价报价（即"8·11 汇改" ...

[ 1994年初汇率并轨至今已逾三十年。在有管理浮动的框架下还有待进一步克服"浮动恐惧"，完成汇率 市场化的惊险一跃。市场汇率风险意识日益增强、人民币国际化程度日益提高、外汇市场运行机制日益 完善，这为人民币汇率更加市场化创造了条件。 ] 2015年8月11日9点25分，中国人民银行发布《关于完善人民币对美元汇率中间价报价的声明》，宣布为 增强人民币对美元汇率（如非特指，均指人民币对美元双边汇率）中间价的市场化程度和基准性，决定 完善中间价报价。即日起，做市商在每日银行间市场开盘前，参考上日收盘汇率，综合考虑外汇供求情 况和国际主要货币汇率变化向中国外汇交易中心（CFETS）提供中间价报价。 "8·11"汇改初期，我国遭遇了"资本外流—储备下降—汇率贬值"的高烈度跨境资本流动冲击。到2016年 底，人民币汇率跌至7比1附近，外汇储备离跌破3万亿美元也是一步之遥。2017年，通过引入逆周期调 节因子，更好反映经济基本面变化和防范市场顺周期羊群效应，进一步完善中间价报价机制，实现了汇 改的成功逆袭。2018年初，央行宣布恢复汇率政策和监管政策中性，基本退出了外汇常态干预。2019年 8月初，人民币破7，打开了可上 ...