其次，改革应推动规则更新与机制优化。确保协商一致原则不沦为决策僵局，重建高效可信的争端解决 机制，提升成员广泛参与度，让所有成员都能共享贸易发展带来的红利。这正是世贸组织秘书处倡导 的"再全球化"理念的核心要义。 再次，改革必须回应当前经济形势的深刻变化。世贸组织规则上次重大革新是在30多年前的乌拉圭回合 谈判。当时全球价值链尚未形成，数字革命刚刚起步。如今，服务贸易、数据流动和人工智能正在深刻 重塑贸易形态。世贸组织最新发布的《2025世界贸易报告》指出，如能有效弥合数字鸿沟，仅人工智能 一项就可能在2040年推动全球贸易额增长近40%。如果多边贸易体制无法顺应这一趋势，就可能被边缘 化。 首先，改革必须立足于全球贸易体系的有效根基。世贸组织之所以不可替代，在于其在全球经济治理中 承担着制定贸易规则、促进成员对话、提供争端解决机制等基础性功能。规则缺失，则不确定性上升； 对话缺位，则合作难以为继；争端解决机制弱化，则矛盾更易激化。改革就是要让这些根基更加公平、 高效、符合时代发展趋势。 改革议题已成为将于2026年3月召开的世贸组织第14届部长级会议的核心内容。应对当下挑战，需要新 的思路和智慧。从本质上看 ...

Group 1 - The root of tariff issues lies in domestic politics of relevant countries, reflecting internal contradictions rather than being a true global issue. Globalization may evolve but will not disappear as human trade history has never been interrupted [1] - The current global economic landscape is not moving towards "de-globalization" but rather entering a phase of "re-globalization," leading to the formation of two distinct economic groups and a potential "third group" of countries [1] - Optimism about the future of the global economy suggests that fragmentation will improve over the next decade, leading to a more interconnected global economy driven by innovation, technology, and consumers [1] Group 2 - U.S. consumers are primarily concerned about inflation, which has created two distinct groups: those with assets who have seen purchasing power increase, and those facing economic pressure. Understanding this trend is key to grasping consumer behavior [2] - Investment strategies should focus on maintaining high diversification and a certain level of cash position, as the market is closer to a correction than to a further 10%-20% increase [2] - The core investment advice includes diversifying from current market leaders, with a focus on the shift in the dollar cycle, accelerated asset diversification, the entrepreneurial wave in Asia (especially China), and undervalued energy stocks compared to AI stocks [3]

Core Insights - The article emphasizes Hong Kong's strategic position as a key hub for entrepreneurs to seize new opportunities amid a shifting global economic landscape [2][6][7] Group 1: Program Overview - Tsinghua Wudaokou's "Zijing Plan" is the first flagship program focused on Hong Kong and globalization, set to commence on February 4 [3][7] - The program gathers top talents from various fields, including decision-makers from listed companies and leaders in AI and biotechnology, covering critical areas such as capital markets and technological innovation [3][6] - The curriculum is designed around a three-dimensional learning system: systematic lectures, in-depth discussions, and on-site visits to key institutions like the Hong Kong government and the Stock Exchange [3][7][14] Group 2: Learning Objectives - The program aims to help entrepreneurs understand Hong Kong's social culture, integrate into the local business ecosystem, and grasp opportunities in AI and Web3 [6][7] - Participants will gain insights into Hong Kong's unique advantages as a global financial center, free trade hub, and fintech testing ground [7][14] - The initiative encourages exploration of business opportunities in the Asia-Pacific region and the Belt and Road Initiative [6][14] Group 3: Networking and Collaboration - The program facilitates deep interactions with leaders from Hong Kong's financial, legal, and technological sectors, providing access to international resources and perspectives [15][32] - It aims to create a cross-regional and cross-industry platform for collaboration among entrepreneurs from both Hong Kong and mainland China [32][33] - Participants are encouraged to leverage Hong Kong as a strategic point for further development and global expansion [33]

Core Viewpoint - The article discusses the ongoing "decoupling" between the US and China, highlighting the shift from cooperation to competition, and the implications for global trade, investment, and technology [2][3][4]. Trade Implications - The US has maintained high tariffs on Chinese goods since 2018, with an average tariff expected to exceed 20% under a potential second Trump administration, affecting various industries [3] - Companies have relocated production to countries like Vietnam, Mexico, and Malaysia to mitigate the impact of tariffs, resulting in a significant shift in supply chains [3] - The change in origin labels from "Made in China" to "Made in Vietnam" illustrates the transformation in sourcing strategies [3] Capital and Technology Decoupling - US venture capital, once a driving force for Chinese tech startups, has largely withdrawn, with increased scrutiny on foreign investments in sensitive sectors like chips and AI [3] - The concept of "regionalized operations" is emerging, where sensitive technologies remain in the US while lower-value industries are outsourced [3][4] Psychological Shift - There is a growing consensus in the US across various sectors that reliance on China poses risks, prompting a desire to diversify supply chains [4] China's Response - The Chinese government is promoting a "self-sufficiency" movement in technology, driven by past experiences like the Huawei incident [5] - The relationship between the US and China is evolving towards a "gradual distancing" rather than a complete separation, as seen in the production strategies of companies like Apple [5] Economic Impact - The decoupling is expected to lead to higher production costs and persistent inflation in the US, while China may face reduced exports and foreign investment, impacting growth potential [6] - In 2025, foreign direct investment in China is projected to be $23.2 billion, the second-lowest level since 2003 [6] Global Economic Trends - The world is transitioning from "global integration" to "regional multipolarity," creating new investment opportunities in various regions [7] - The decoupling is not a temporary issue but a long-term reality, requiring investors to adapt their strategies to find new opportunities in a changing landscape [7]

Group 1: Industry Overview - The global container shipping industry is experiencing increased volatility due to factors such as tariff changes and geopolitical tensions, yet international trade volume continues to grow, indicating a shift towards "re-globalization" with emerging markets in Africa, South America, and South Asia becoming key growth nodes [1][8] - The container supply chain sentiment index remains in a positive range, with a reported index of 176.61 in July 2025, reflecting an upward trend in new container production and slight price increases [4][5] Group 2: Company Performance - CIMC Group reported a significant increase in revenue and profit for the first half of 2025, achieving operating income of 76.09 billion yuan and a net profit of 1.278 billion yuan, marking a year-on-year growth of 47.63% [2] - The container manufacturing segment remains a strong pillar for CIMC Group, with revenues of 21.735 billion yuan and a net profit of 1.444 billion yuan, reflecting a 13.2% increase year-on-year, alongside a record sales volume of 1.1259 million TEU for dry containers [2][3] Group 3: Market Dynamics - Despite uncertainties from tariff changes, domestic trade in China is steadily growing, with a reported import and export volume of 21.79 trillion yuan in the first half of 2025, up 2.9% year-on-year [4] - The demand for refrigerated containers has surged, with sales reaching 92,000 TEU, doubling year-on-year, driven by strong export demand for fruits from South America [2][5] Group 4: Future Outlook - The global container shipping market is projected to see a trade volume increase of 2.5% by the end of 2025, reaching 219 million TEU, supported by a significant rise in imports to the U.S. and exports from the EU [5][6] - Shipping companies are actively preparing for emerging markets and new shipping routes, with new container ship orders reaching 1.9201 million TEU in the first half of 2025, a 25.78% increase from the same period in 2024 [9]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The one - time impact of the "anti - involution" policy on the bond market has ended, raising the oscillation center of the 10 - year Treasury bond yield from 1.65% to 1.7%, and it is expected to maintain a high - level oscillation pattern. The bond yield is driven by upward and downward forces, and will remain relatively balanced and return to a narrow - range oscillation state. The increase in social financing and social retail growth rates due to the "anti - involution" policy has limited impact on the bond market this year, but risks in the fundamental verification period next year need to be guarded against. It is recommended to appropriately reduce leverage and duration [1][16]. - Overseas, the U.S. bond market continues the previous week's trend, with the short - end rising less than the long - end. The global is facing challenges of regional supply - demand imbalance during the "re - globalization" process. The Fed's expectation of interest rate cuts has increased, and there is a high probability of interest rate cuts in the near future, with the second half of the year being a key period for policy adjustment [2][4]. 3. Summary by Relevant Catalogs 3.1 One - Week Views 3.1.1 Domestic Bond Market - From August 4 - 8, 2025, the yield of the 10 - year Treasury bond active bond decreased by 0.4bp from 1.695% to 1.691%. The yield was affected by various factors such as tax policies, stock - bond seesaw effects, news events, and import - export data throughout the week [1][11]. 3.1.2 U.S. Bond Market - From August 4 - 8, 2025, overseas continued the previous week's trend, with U.S. bonds falling and U.S. stocks flat. The short - end of U.S. bonds rose less than the long - end. The U.S. jobless claims, manufacturing new orders, and service PMI data showed a weakening economic situation, and the Fed's expectation of interest rate cuts has increased [2][4]. 3.2 Domestic and Overseas Data Aggregation 3.2.1 Liquidity Tracking - The net investment in the open market from August 4 - 8, 2025, was - 5365 billion yuan. The money market interest rates showed a certain degree of decline [30]. 3.2.2 Domestic and Overseas Macroeconomic Data Tracking - Domestic: The total transaction area of commercial housing increased overall. Steel prices fluctuated, and LME non - ferrous metal futures prices rose. - Overseas: U.S. jobless claims increased, manufacturing new orders declined, and service PMI decreased. The yield of U.S. bonds changed, with the short - end rising and the long - end falling [51][58][2]. 3.3 Local Bond One - Week Review 3.3.1 Primary Market Issuance Overview - From August 4 - 8, 2025, 32 local bonds were issued in the primary market, with an issuance amount of 165.459 billion yuan, a repayment amount of 82.611 billion yuan, and a net financing amount of 82.848 billion yuan. The top three provinces in terms of issuance amount were Hunan, Tianjin, and Hebei [82][85]. 3.3.2 Secondary Market Overview - As of this week, the local bond stock was 52.61 trillion yuan, the trading volume was 302.322 billion yuan, and the turnover rate was 0.57%. The top three provinces in terms of trading activity were Sichuan, Jiangsu, and Yunnan, and the top three trading - active maturities were 30Y, 10Y, and 20Y [100]. 3.3.3 This Month's Local Bond Issuance Plan - The issuance plan of local bonds in the future shows the planned issuance amounts of different provinces on different dates [106]. 3.4 Credit Bond Market One - Week Review 3.4.1 Primary Market Issuance Overview - This week, 441 credit bonds were issued in the primary market, with a total issuance amount of 370.193 billion yuan, a total repayment amount of 172.857 billion yuan, and a net financing amount of 197.336 billion yuan, an increase of 13.19 billion yuan compared to last week [107]. 3.4.2 Issuance Interest Rates - The actual issuance interest rates of various bond types this week showed different degrees of change, with short - term financing bills increasing by 41.49bp, medium - term notes increasing by 3.60bp, and corporate bonds increasing by 4.39bp [117]. 3.4.3 Secondary Market Transaction Overview - The total trading volume of credit bonds this week was 242.326 billion yuan, with different trading volumes for different bond types and ratings [120]. 3.4.4 Maturity Yields - The maturity yields of various bond types such as government - owned development bonds, short - term financing bills, medium - term notes, corporate bonds, and urban investment bonds showed different degrees of decline this week [120][121][124]. 3.4.5 Credit Spreads - The credit spreads of short - term financing bills, medium - term notes, corporate bonds, and urban investment bonds all narrowed this week [132][134][139]. 3.4.6 Grade Spreads - The grade spreads of short - term financing bills and medium - term notes generally narrowed, those of corporate bonds generally widened, and those of urban investment bonds showed a differentiated trend [142][145][149]. 3.4.7 Trading Activity - The top five most actively traded bonds of each bond type this week are presented in a table [153].

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Viewpoints of the Report - The yield of the 10-year active treasury bond decreased from 1.7325% last Friday to 1.695%, with a weekly change of -3.75bp. The bond yield showed a pattern of "first rising then falling," corresponding to the "first rising then falling" of the Shanghai Composite Index, indicating an obvious stock-bond seesaw effect [1][11] - Starting from August 8, the interest income of newly issued treasury bonds, local government bonds, and financial bonds will be subject to value-added tax again. This policy change has short-term and long-term impacts on the bond market. In the short term, it is beneficial for old bonds, while in the long term, it is bearish for the bond market [14][15] - The probability of the Fed cutting interest rates in September is as high as 89.8%, mainly due to the weakening of the US labor market, with the number of newly added non-farm payrolls reaching the lowest point in 2025 and the unemployment rate rising [21][22] Group 3: Summary According to the Directory 1. One-week Viewpoints - **Yield Changes of 10-year Treasury Bonds**: The yield of the 10-year active treasury bond decreased by 3.75bp this week. The yield showed different trends on each trading day due to various factors such as commodity futures, stock markets, policy announcements, and economic data [1][11] - **Impact of Bond VAT Policy**: Starting from August 8, newly issued bonds will be subject to VAT, while old bonds and their subsequent issuances will continue to be exempt. In the short term, it is beneficial for old bonds, and in the long term, it is bearish for the bond market [14][15] - **Possibility of Fed Interest Rate Cut**: Considering the US economic data and labor market conditions, the probability of the Fed cutting interest rates in September is as high as 89.8% [21][22] 2. Domestic and Overseas Data Summary - **Liquidity Tracking**: The total net injection of the open market operation from July 28 to August 1 was -6433 billion yuan. The money market interest rates showed different degrees of decline [33][35] - **Domestic and Overseas Macroeconomic Data Tracking**: The total commercial housing transaction area showed signs of recovery. Steel prices and LME non-ferrous metal futures official prices declined. Overseas, US bond yields generally increased, and the US dollar index, commodities, and stock markets showed different trends [50][57][71] 3. One-week Review of Local Bonds - **Primary Market Issuance Overview**: A total of 70 local bonds were issued in the primary market this week, with an issuance amount of 337.175 billion yuan, a repayment amount of 94.638 billion yuan, and a net financing amount of 242.536 billion yuan. The top three provinces in terms of issuance amount were Sichuan, Anhui, and Yunnan [82][83] - **Secondary Market Overview**: The stock of local bonds this week was 52.53 trillion yuan, with a trading volume of 36.6108 billion yuan and a turnover rate of 0.69%. The top three provinces with active trading were Sichuan, Shandong, and Anhui [95] - **Local Bond Issuance Plan for this Month**: The local bond issuance plan shows the planned issuance amount of each province on different dates [102][103] 4. One-week Review of the Credit Bond Market - **Primary Market Issuance Overview**: A total of 215 credit bonds were issued in the primary market this week, with a total issuance amount of 179.211 billion yuan, a total repayment amount of 165.838 billion yuan, and a net financing amount of 13.372 billion yuan. The net financing amount decreased by 41.542 billion yuan compared with last week [104] - **Issuance Interest Rates**: The issuance interest rates of different types of bonds showed different degrees of changes, with the issuance interest rate of short-term financing increasing by 20.50bp, and the issuance interest rates of medium-term notes, enterprise bonds, and corporate bonds showing varying degrees of decline [120] - **Secondary Market Transaction Overview**: The total turnover of credit bonds this week was 558.558 billion yuan, with different trading volumes for different ratings and bond types [120] - **Yield to Maturity**: The yields to maturity of different types of bonds showed different trends, with the yields of short-term financing and medium-term notes showing mixed trends, and the yields of enterprise bonds and urban investment bonds generally rising [121][124][125] - **Credit Spreads**: The credit spreads of short-term financing and medium-term notes generally narrowed, while the credit spreads of enterprise bonds and urban investment bonds showed different trends [126][129][135] - **Grade Spreads**: The grade spreads of short-term financing and medium-term notes generally narrowed, the grade spreads of enterprise bonds generally widened, and the grade spreads of urban investment bonds generally narrowed [139][143][147]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the yield of the 10-year active Treasury bond rose from 1.664% last Friday to 1.664% + 6.85bp = 1.7325%. The "anti-involution" policy and the start of the Yarlung Zangbo River hydropower project extended the stock-bond seesaw last week to the commodity-bond seesaw this week. By referring to the supply-side reform from 2015 - 2017, it is predicted that the PPI year-on-year will steadily recover but is unlikely to turn positive this year, and the recovery of the year-on-year growth rate of social financing stock requires time and central bank support. It is expected that the interest rate will mainly show a downward trend this year [1][18]. - Last week, overseas markets generally continued the previous week's trend, with US Treasuries falling and US stocks remaining flat. The short - end of US Treasuries rose less than the long - end. Considering the impact of Trump's tariff policy on prices and the support of stablecoins for the short - end of US Treasuries, and based on the new data, the report analyzes the US economic data in July 2025, including PMI, housing sales, unemployment benefits, and EIA crude oil inventory. The "Shadow Fed Chairman" and Trump are pressuring the Fed to cut interest rates. The probability of a 25bp interest rate cut in July remains at 4.1%, while the probability of a rate cut in September has increased to 61.9% [3][7]. 3. Summary According to the Table of Contents 3.1 One - Week Views 3.1.1 Impact of "Anti - Involution" Policy on Commodity - Bond Seesaw - This week (July 21 - 25, 2025), the yield of the 10 - year active Treasury bond rose 6.85bp from 1.664% last Friday to 1.7325%. The start of the Yarlung Zangbo River hydropower project and the "anti - involution" policy affected the bond market. The yield increased on most days, with a slight decline on Friday [1]. - By looking back at the supply - side reform from 2015 - 2017, there was a one - year lag between the rise in commodity prices and bond yields. It is predicted that the PPI year - on - year will recover but not turn positive this year, and the recovery of the social financing stock growth rate needs time and central bank support. It is expected that the interest rate will mainly decline this year [18]. 3.1.2 Outlook for US Treasury Yields After Data Release - Last week, overseas markets continued the previous week's trend, with US Treasuries falling and US stocks remaining flat. The short - end of US Treasuries rose less than the long - end. The report analyzes the July 2025 US economic data: the service PMI decreased, the manufacturing PMI increased; the EIA crude oil inventory decreased by 316.9 million barrels; the annualized month - on - month decline in existing home sales in June was 2.7%; the number of initial jobless claims decreased, and the number of continued jobless claims increased. The "Shadow Fed Chairman" and Trump are pressuring the Fed to cut interest rates. As of July 25, the probability of a 25bp interest rate cut in July remained at 4.1%, and the probability of a rate cut in September increased to 61.9% [3][7]. 3.2 Domestic and Overseas Data Summaries 3.2.1 Liquidity Tracking - In terms of open - market operations, from July 21 - 25, 2025, the net investment was 1295 billion yuan. The money market interest rates generally increased compared to last week [40]. - The yields of various bonds and the term spreads of bonds also changed. For example, the yields of 1 - year and 3 - year Treasury bonds increased, and the term spreads of some bonds also changed [48]. 3.2.2 Domestic and Overseas Macroeconomic Data Tracking - Steel prices significantly increased. For example, the price of HRB400 20mm rebar nationwide rose from 3321 yuan/ton on July 18 to 3472 yuan/ton on July 25, an increase of 151 yuan/ton [55]. - The official prices of LME non - ferrous metal futures all increased. For example, the price of LME 3 - month zinc rose from 2782 dollars/ton on July 18 to 2845 dollars/ton on July 25, an increase of 2.26% [57]. - The total commercial housing transaction area increased across the board [56]. 3.3 One - Week Review of Local Government Bonds 3.3.1 Primary Market Issuance Overview - This week, 61 local government bonds were issued in the primary market, with a total issuance amount of 3757.55 billion yuan, a repayment amount of 828.46 billion yuan, and a net financing amount of 2929.09 billion yuan. The top three provinces in terms of issuance amount were Zhejiang, Chongqing, and Guangdong [68]. - One province issued special refinancing bonds to replace hidden debts, with Henan issuing 118.6481 billion yuan. From January 1 to July 25, 2025, the total issuance of such bonds nationwide was 18364.35 billion yuan [71]. - The total early redemption scale of urban investment bonds this week was 19.58 billion yuan, with Chongqing, Gansu, and Yunnan leading in redemption amount [75]. 3.3.2 Secondary Market Overview - The stock of local government bonds this week was 52.3 trillion yuan, the trading volume was 3861.04 billion yuan, and the turnover rate was 0.74%. The top three provinces in terms of trading activity were Guangdong, Shandong, and Sichuan. The top three active trading maturities were 30Y, 20Y, and 10Y [80]. - The yields of local government bonds generally declined this week [84]. 3.3.3 This Month's Local Government Bond Issuance Plan The report shows the local government bond issuance plan for the end of July, with multiple provinces having planned issuances [85]. 3.4 One - Week Review of the Credit Bond Market 3.4.1 Primary Market Issuance Overview - This week, 370 credit bonds were issued in the primary market, with a total issuance amount of 3508.44 billion yuan, a total repayment amount of 2959.29 billion yuan, and a net financing amount of 549.15 billion yuan, an increase of 96.95 billion yuan compared to last week [87]. - Specifically, the net financing amount of urban investment bonds was - 308.31 billion yuan, and that of industrial bonds was 857.46 billion yuan [88]. 3.4.2 Issuance Interest Rates The issuance interest rates of various bonds changed. For example, the issuance interest rate of short - term financing bonds decreased by 3.55bp, while that of medium - term notes increased by 9.57bp [99]. 3.4.3 Secondary Market Transaction Overview - The trading volume of credit bonds in the secondary market was 5722.35 billion yuan. Among them, the trading volume of medium - term notes was the largest, reaching 3252.69 billion yuan [101]. 3.4.4 Yield to Maturity - The yields of various bonds generally increased. For example, the yield of 1 - year short - term financing bonds increased by 9.61bp, and the yield of 3 - year medium - term notes increased by 10.40bp [104]. 3.4.5 Credit Spreads - The credit spreads of short - term financing bonds and medium - term notes generally widened, while those of urban investment bonds showed a differentiated trend [109][116]. 3.4.6 Rating Spreads - The rating spreads of short - term financing bonds, medium - term notes, and corporate bonds generally widened, while those of urban investment bonds showed a differentiated trend [120][125]. 3.4.7 Trading Activity - The report lists the top five most actively traded bonds in each bond type. The industrial industry had the largest weekly trading volume of credit bonds, reaching 3262.06 billion yuan [133]. 3.4.8 Changes in Subject Ratings There were no bonds with upgraded or downgraded ratings or outlooks this week [134].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Overseas markets continued the previous week's trend, with US Treasuries falling and US stocks remaining flat. The short - end of US Treasuries had a weaker upward movement than the long - end. There are concerns about the impact of Trump's tariff policies on prices and the support of stablecoins on the short - end of US Treasuries. The global "re - globalization" faces regional supply - demand imbalances, making it difficult for central banks to act in unison, and the view of relying on external "monetary easing" may underestimate this regional feature [1][36]. - There are concerns in the domestic convertible bond market, including potential net supply contraction, the impact of profit - taking by insurance funds and wealth management products on high valuations, and the possibility of equities "occupying" convertible bond positions. However, the convertible bond market in the second half of 2025 still has opportunities, and it is still in the early stage compared to 2014 - 2015, with less extreme supply - demand mismatch [1][37][38]. 3. Summary by Relevant Catalogs 3.1. Weekly Market Review 3.1.1. Equity Market - From July 14th to July 18th, the equity market rose overall. The Shanghai Composite Index rose 0.69% to 3534.48 points, the Shenzhen Component Index rose 2.04% to 10913.84 points, the ChiNext Index rose 3.17% to 2277.15 points, and the CSI 300 rose 1.09% to 4058.55 points. The average daily trading volume of the two markets increased by about 498.76 billion yuan to 15260.45 billion yuan, a week - on - week increase of 3.38%. Among 31 Shenwan primary industries, 18 industries closed up, with 7 industries rising more than 2%. Communication, pharmaceutical biology, automobile, machinery equipment, and national defense and military industry led the gains [6][9][12]. 3.1.2. Convertible Bond Market - From July 14th to July 18th, the CSI Convertible Bond Index rose 0.67% to 453.86 points. Among 29 Shenwan primary industries, 22 industries closed up, with 5 industries rising more than 2%. Household appliances, automobile, media, electronics, and computer led the gains. The average daily trading volume of the convertible bond market was 729.76 billion yuan, a significant increase of 16.97 billion yuan, a week - on - week change of + 2.38%. About 72.12% of individual bonds rose, with 32.49% rising in the 0 - 1% range and 19.71% rising more than 2% [6][14]. - The overall market conversion premium rate continued to decline, with an average daily conversion premium rate of 44.08%, a decrease of 0.24 pct compared to last week. Different price and parity intervals showed different trends in the conversion premium rate. In terms of industries, 9 industries saw an expansion in the conversion premium rate, and 20 industries saw an increase in conversion parity [14][19][29]. 3.1.3. Stock - Bond Market Sentiment Comparison - From July 14th to July 18th, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly increase. The convertible bond market's trading volume increased by 2.38% week - on - week, while the underlying stock market's trading volume decreased by 0.63% week - on - week. Overall, the trading sentiment in the underlying stock market was better [32]. 3.2. Outlook and Investment Strategies - There are opportunities in the convertible bond market in the second half of 2025. Even compared to 2014 - 2015, it is still in the early stage, and the supply - demand mismatch is less extreme. Good "metabolism" will stimulate the continuous vitality of the convertible bond market in the medium term [1][39]. - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for conversion premium rate repair next week are: Likezhuanzhai, Guanghezhuanzhai, Youzuzhuanzhai, Yushuizhuanzhai, Lianchengzhuanzhai, Pufazhuanzhai, Liqunzhuanzhai, Ying19zhuanzhai, Fenghuozhuanzhai, and Shuangliangzhuanzhai [1][39].

Macro Strategy - The "Great Beautiful Act" has been quickly implemented, but its distribution effects and the tightening fiscal impact from excluding extended and expanded tax cuts limit its growth stimulus for the US economy [1][24] - The act's characteristic of "increasing deficits first, reducing deficits later" implies a risk of a "fiscal cliff" around 2028 [1][24] - In the short term, concerns about the impact of US Treasury issuance on market liquidity and yield premiums are not excessive; however, the long-term path dependency of unsustainable US government debt makes it difficult for Treasury yield premiums to decrease [1][24] Fixed Income - The "stock-bond seesaw" effect is evident as the stock market stabilizes, influencing bond yields; the 10-year government bond yield rose from 1.641% to 1.666% during the week [3][5] - The bond market's reaction to Trump's threats of additional tariffs on BRICS countries was muted, indicating a limited impact on bond yields [3][5] - The bond yield's upward trend is expected to continue, influenced by stock market performance, but the extent of the increase is likely to be limited [5] Industry Insights - Wanda Film's diversified layout in esports and concert live streaming is expected to create new growth points, with net profit forecasts for 2025-2027 at 1.0 billion, 1.24 billion, and 1.44 billion yuan, respectively [8] - Lianlian Digital is projected to achieve a reasonable P/S valuation of 8.0x and 7.0x for 2025 and 2026, respectively, as it continues to expand its business [10] - Youyou Foods has revised its profit forecast upwards, expecting net profits of 232 million, 285 million, and 329 million yuan for 2025-2027, reflecting a growth rate of 47.2%, 23.2%, and 15.3% [11] - Siyi Electric's net profit for the first half of 2025 is expected to be 1.293 billion yuan, a year-on-year increase of 46%, driven by strong overseas orders [14][15] - The energy sector, represented by Furan Energy, anticipates stable growth in natural gas supply and a steady increase in new energy business, with net profit forecasts of 872 million, 922 million, and 976 million yuan for 2025-2027 [12] - The lithium battery sector, represented by Weilan Lithium Core, has revised its profit expectations upwards, forecasting net profits of 750 million, 1 billion, and 1.31 billion yuan for 2025-2027, reflecting significant growth [13] - The pharmaceutical sector, represented by Lianbang Pharmaceutical, is expected to see revenue growth driven by innovative drug development, with net profits projected at 3.11 billion, 3.10 billion, and 3.38 billion yuan for 2025-2027 [21]