Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The US plans to impose tariffs on imports from 14 countries including Japan and South Korea starting August 1, 2025, with rates ranging from 25% to 40%, and China opposes such protectionist measures [1] - Seven departments jointly issued an opinion to promote the construction of a "1+N" inclusive childcare service system [2] - Upstream energy sees a rise in international crude oil prices while chemical's soda ash prices drop significantly; midstream chemical's polyester operating rate declines and PX and urea operating rates stop falling; downstream real - estate in first and second - tier cities experiences a seasonal decline in housing sales and the service industry sees an increase in domestic flight schedules during the summer [3][4][5] - The electronic credit spread has slightly increased recently [6] 3) Summary by Related Catalogs a. Macro Events - **Production Industry**: The State Council issued an opinion on optimizing government services and promoting the application of new technologies; the US President announced the implementation of tariffs on August 1, 2025 [1] - **Service Industry**: Seven departments jointly promoted the construction of an inclusive childcare service system [2] b. Industry Overview - **Upstream**: Energy - international crude oil prices are rising; Chemical - soda ash prices are dropping [3] - **Midstream**: Chemical - polyester operating rate is decreasing, and PX and urea operating rates have stopped falling [4] - **Downstream**: Real - estate - housing sales in first and second - tier cities are seasonally declining and at a near - three - year low; Service - domestic flight schedules are increasing during the summer [5] c. Market Pricing - The electronic credit spread has recently seen a slight increase [6] d. Industry Weekly Trends - Various industries show different trends. For example, the scores of industries such as agriculture, forestry, animal husbandry and fishery, and chemical industry are decreasing week by week, while some industries like electrical equipment have a relatively high percentile [53]