Core Insights - The global supply chain is accelerating its shift towards emerging markets like China, characterized by regionalization, digitalization, and sustainability [1] - China is actively responding to changes through strategies such as "dual circulation" and "new quality productivity," providing a "Chinese solution" for global supply chain optimization [1] Group 1 - The release of the "Global Supply Chain Development Trend Blue Book (2025)" by the China Federation of Logistics and Purchasing highlights current trends in the supply chain [1] - The blue book indicates a significant transformation in the global supply chain landscape, emphasizing the importance of emerging markets [1] - Key features of the evolving supply chain include regionalization, digitalization, and a focus on green practices [1]

Group 1 - The company reported a revenue of HKD 1.094 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 12.99% [1] - The profit attributable to the company's owners was HKD 76.043 million, down 3.86% year-on-year, with basic earnings per share at HKD 0.1013 [1] - The decline in revenue was primarily attributed to a weak global illustrated book market and the impact of reciprocal tariffs imposed by the Trump administration, which led to a shift in global supply chains [1] Group 2 - The decrease in profit attributable to owners was mainly due to a decline in revenue and profit contributions from Regal and Quarto [1] - The company proposed an interim dividend of HKD 0.03 per ordinary share [1]

导 语：印度以温和应对和积极谈判，获得了制造业发展的关键机遇。 随着唐纳德·特朗普（Donald Trump）引发的新一轮关税冲击令美中贸易战升级，全球投资者正重新 聚焦印度资产，将其视为相对安全的避风港。 自4月2日美国突然加征关税以来，MSCI公司（MSCI Inc.）追踪印度股票的指数下跌幅度不到3%， 仅为亚洲其他市场指数跌幅的一半左右。与此同时，尽管全球债市普遍走软，印度债券却表现坚 挺，因为印度央行采取了更为宽松的政策立场，为银行体系注入流动性。 印度庞大的内需型经济被认为比许多其他国家更能抵御全球经济衰退的冲击。与中国的强硬反制不 同，新德里却选择采取缓和的态度，争取在未来90天内与特朗普政府达成一项临时贸易协议。随着 美中贸易紧张局势升级，全球供应链的转移也可能使印度从中受益。 "在这场贸易战中，印度正迎来一个利好阶段，因为其经济是以内需消费为驱动的。"Smartsun Capital Pte.的基金经理苏米特·罗赫拉（SumeetRohra）表示，"我们正在逢低吸纳，因为市场很快将 触底反弹，企业盈利有望从今年开始进入两位数增长。" 彭博经济研究（Bloomberg Economics）预计 ...