1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Since the launch of the pilot green foreign - debt business in 16 provinces and cities, there may be a window period for the issuance of urban investment overseas bonds. In 2025, the issuance of urban investment dim - sum bonds decreased significantly, while the issuance of US - dollar bonds increased slightly. The net financing of overseas bonds varies by region, and some regions face large future maturity scales. For overseas bonds maturing before 2027, investors can consider moderately lowering the regional selection criteria, and for high - quality credit entities, they can consider moderately extending the bond duration. Additionally, investors should focus on bond liquidity and credit enhancement [3][10][37]. 3. Summary According to the Table of Contents 3.1 Issuance Situation - **Dim - sum Bonds**: In 2025, the issuance volume of dim - sum bonds decreased significantly. From January to August, only about 70 billion yuan was issued, much lower than the same period in 2023 and 2024. Henan had a relatively large increase in issuance this year, and the issuers were mainly medium - to high - rated entities. The issuance term was mainly 2 - 3 years, and the issuance volume in the 6% - 7% coupon rate range increased significantly, with the overall issuance cost rising [11][12][15]. - **US - dollar Bonds**: In 2025, Fujian had a relatively large increase in issuance. AA+ and AAA entities were the main issuers, indicating that investors had higher requirements for the qualifications of the issuer or guarantor. The issuance term was also mainly 2 - 3 years, and the issuance cost decreased, as the issuance volume in the 4% - 5% coupon rate range increased this year, while that in the 5% - 7% range decreased year - on - year [19][21][22]. 3.2 Maturity Situation - **Net Financing**: The net financing of urban investment overseas bonds varies by region. From January to July 2025, Shandong, Jiangsu and other provinces had relatively large net financing, while Zhejiang had a large net repayment. This difference may be the result of different regions balancing short - term debt - servicing pressure and medium - to long - term debt resolution tasks [25][28]. - **Future Maturity**: Shandong, Zhejiang, Sichuan, and Jiangsu have relatively large future maturity scales of urban investment overseas bonds. For dim - sum bonds, after September 2025, the maturity debt is mainly concentrated in November and December, and from 2026 onwards, it is concentrated in 2026 - 2027. For US - dollar bonds, after September 2025, the maturity debt is evenly distributed in the remaining months, and from 2026 onwards, it is concentrated in 2026 - 2028 [29][32]. 3.3 Future Outlook - **Regional and Duration Strategy**: For overseas bonds maturing before 2027, investors can moderately lower the regional selection criteria; for high - quality credit entities, they can moderately extend the bond duration. This is due to the successful attempt of domestic bond replacement of overseas bonds in Kunming and the ongoing attempt in Chongqing, the "asset shortage" faced by overseas investors, and the expected easing of overseas liquidity with the Fed's expected interest - rate cuts [37]. - **Focus on Liquidity and Credit Enhancement**: Investors with high safety requirements should choose bonds with better liquidity. In terms of credit enhancement, a filing letter of credit has the highest guarantee effectiveness, followed by parent - company guarantee and then a keep - well agreement. Bonds guaranteed by AAA entities can strike a balance between safety and return. For investors seeking higher returns, they can further lower the credit rating and administrative level of the guaranteeing entity [40][41].

Group 1 - Xi Jinping attended the 60th anniversary celebration of the Tibet Autonomous Region, emphasizing the importance of strengthening the sense of community among the Chinese nation and advancing modernization [2][5] - The State Council, led by Premier Li Qiang, held a meeting to discuss policies for equipment upgrades and the promotion of sports consumption [4] - The State Administration for Market Regulation reported significant achievements in high-quality development during the 14th Five-Year Plan period [6] Group 2 - The 2025 Shanghai Cooperation Organization Summit is scheduled for August 31 to September 1 in Tianjin, where Xi Jinping will host key meetings and deliver a keynote speech [3] - The Jiangsu Free Trade Zone's plan for the biopharmaceutical industry has been approved, aiming to enhance R&D capabilities and service levels [11] - A new mandatory national standard for harmful substances in electronic products has been issued, detailing limits and compliance evaluation methods [10]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The Chinese economy shows new resilience with the dual records of "trillion - kilowatt - hour electricity consumption and trillion - yuan trading volume". The policy combination is effective, and a positive cycle has been formed [1]. - The domestic stock market is in a resonance period of "policy bottom + fund bottom + valuation bottom", and the market trend is likely to continue, but investors need to adapt to accelerated sector rotation and structural differentiation [2]. - Various commodities have different trends affected by factors such as supply and demand, geopolitics, and policies [2][3]. 3. Summary by Relevant Catalogs a. Chief Comment - A - share market major indices are rising, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index up 12.51%, 14.45%, and 21.19% respectively this year. The trading volume of the Shanghai and Shenzhen stock markets frequently exceeds 2 trillion yuan, and the margin trading balance is at a historical high [1]. - In July, the total social electricity consumption reached 1.0226 trillion kilowatt - hours, a year - on - year increase of 8.6%, doubling compared to a decade ago [1]. - China's foreign trade maintains a steady - to - improving trend, with the cumulative import and export growth rate rising month by month, achieving a 3.5% increase in the first seven months [1]. b. Key Varieties - **Equity Index**: The equity index shows differentiation. The domestic liquidity is expected to remain loose in 2025, and more incremental policies may be introduced in the second half of the year. The external risks are gradually easing. The CSI 500 and CSI 1000 indices with more technology - growth components are more offensive, while the SSE 50 and CSI 300 indices with more dividend - blue - chip components are more defensive [2]. - **Precious Metals**: Gold and silver are in a volatile state. The market is waiting for signals from Powell's speech at the Jackson Hole meeting. The long - term drivers of gold still provide support, and the overall trend of gold and silver may be volatile with the increasing expectation of interest rate cuts [3]. - **Crude Oil**: International oil prices continue to rise due to the decline in US crude oil inventories, strong oil demand, and the uncertainty of efforts to end the Russia - Ukraine conflict. The hurricane season in 2025 is relatively calm so far [3]. c. Main News Concerns - **International News**: The EU and the US announced details of a new trade agreement. The US will impose a 15% tariff on most EU goods, while the EU will cancel tariffs on US industrial products and provide preferential market access for US seafood and agricultural products. The EU plans to purchase $750 billion of US liquefied natural gas, oil, and nuclear products and $40 billion of US AI chips by 2028 [5]. - **Domestic News**: The State Council agreed in principle to the "Development Plan for the Open and Innovative Development of the Whole Biopharmaceutical Industry Chain in the China (Jiangsu) Free Trade Pilot Zone" [6]. - **Industry News**: In July, the total social electricity consumption exceeded 1 trillion kilowatt - hours for the first time globally, with a significant increase in the proportion of new energy [7]. d. Morning Comments on Main Varieties - **Financial**: - **Equity Index**: The US three major indices fell. The domestic equity index shows differentiation, and the market trading volume is 2.46 trillion yuan. The market is in a favorable period, but investors need to pay attention to sector rotation [10]. - **Treasury Bonds**: Treasury bonds rebounded after reaching the bottom. The central bank's monetary policy is loose, which supports short - term treasury bond futures prices, but the stock - bond seesaw effect may suppress the bond market, and the cross - variety spread may widen [11]. - **Energy and Chemicals**: - **Crude Oil**: Oil prices continue to rise due to factors such as inventory decline and demand. The hurricane has not affected key oil and gas infrastructure. The number of initial jobless claims in the US increased, and the OPEC's production increase situation needs to be monitored [12]. - **Methanol**: Methanol prices fell at night. Coastal methanol inventories increased significantly, and the short - term trend is mainly bullish [13]. - **Rubber**: The price of rubber is mainly supported by the supply side. The demand side is weak, and the short - term trend is expected to continue to correct [15]. - **Polyolefins**: Polyolefin futures rebounded. The market is mainly driven by supply and demand. The inventory is slowly being digested, and the terminal demand may pick up in mid - to - late August [16]. - **Glass and Soda Ash**: Similar to polyolefins, the market is driven by supply and demand, and attention should be paid to the autumn stocking market and supply - cost changes [17]. - **Metals**: - **Precious Metals**: Gold and silver are volatile, waiting for signals from Powell's speech. The long - term drivers of gold still support the price, and the overall trend may be volatile [18]. - **Copper**: Copper prices may fluctuate within a range due to factors such as low concentrate processing fees and stable downstream demand [19]. - **Zinc**: Zinc prices may fluctuate widely. The supply of concentrates has improved, and the smelting supply may recover [20]. - **Lithium Carbonate**: The short - term trend is affected by sentiment. The supply is expected to increase slightly in August, and the demand is also expected to increase. The inventory situation is complex, and the price may have room to rise if the inventory is depleted [21]. - **Black Metals**: - **Iron Ore**: The demand for iron ore is supported by strong production. The global iron ore shipment has decreased recently, and the mid - term supply - demand imbalance pressure is large. The market is expected to be volatile and bullish [22]. - **Steel**: The supply pressure of steel is gradually emerging, but the supply - demand contradiction is not significant. The market is expected to be volatile and bullish [23]. - **Coking Coal and Coke**: The futures of coking coal and coke are in a wide - range volatile state, with intense long - short competition [24]. - **Agricultural Products**: - **Protein Meal**: Bean and rapeseed meal are weakly volatile at night. The US soybean production is expected to be good, but the reduction in planting area provides support. The domestic market is expected to be range - bound [25]. - **Oils and Fats**: Oils and fats rose at night. The production and export of Malaysian palm oil increased in August, but there are risks of a short - term decline due to factors such as US biodiesel news [26]. - **Sugar**: International sugar prices are expected to be volatile as the global sugar market is about to enter the inventory - accumulation stage. The domestic sugar market is supported by high sales - to - production ratios and low inventories, but import pressure may drag down prices [27]. - **Cotton**: US cotton prices fell. The domestic cotton market supply is relatively tight, but the demand is in the off - season. The short - term trend is expected to be volatile and bullish with limited upside space [28]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index is weakly volatile. The freight rate has been decreasing, and the short - term decline may slow down. The high - volume capacity supply may increase the downward pressure on freight rates during the off - season [29].

Group 1 - The State Council approved the "Development Plan for Open Innovation of the Biopharmaceutical Industry Chain in the China (Jiangsu) Pilot Free Trade Zone," aiming to enhance the global competitiveness of the biopharmaceutical sector [2] - In July, the total electricity consumption in China reached 10,226 billion kWh, a year-on-year increase of 8.6%, with significant growth in the first industry at 20.2% [2] - The National Energy Administration reported that from January to July, total electricity consumption accumulated to 58,633 billion kWh, reflecting a year-on-year growth of 4.5% [2] Group 2 - The National Health Commission released guidelines to improve the ear and hearing health service system, emphasizing the establishment of a collaborative network among various healthcare institutions [3] - The pork market has seen a slight decline in prices due to increased supply, with the national average pig-to-grain price dropping below 6:1, entering a warning zone [3] - The National Development and Reform Commission plans to conduct central frozen pork reserve storage to stabilize the pork market [3] Group 3 - The State Administration of Foreign Exchange will pilot green foreign debt business in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green projects [4] - The U.S. and EU have reached an agreement on a trade framework covering various sectors, including agriculture, automotive, and digital trade [4] Group 4 - Kuaishou reported a total revenue of 35 billion yuan in Q2, with an adjusted net profit of 5.6 billion yuan [6] - Digital Vision achieved a net profit of 1.67 million yuan in the first half of the year, marking a year-on-year increase of 2,747.64% [6] - China Petroleum & Chemical Corporation (Sinopec) saw a 39.8% decline in net profit for the first half of the year and plans to distribute a semi-annual cash dividend of 0.088 yuan per share [6] Group 5 - The dairy industry is expected to experience strong profit elasticity due to the ongoing decline in raw milk prices and a potential recovery in beef and live cattle prices [7] - The gaming industry in China showed steady growth in July, driven by new and mature products, indicating a robust growth momentum [8]

Group 1: Government Policies and Economic Data - The State Council approved the "Development Plan for Open Innovation in the Biopharmaceutical Industry Chain in the China (Jiangsu) Pilot Free Trade Zone," aiming to enhance the global competitiveness of the biopharmaceutical sector [2] - In July, the total electricity consumption in China reached 10,226 billion kWh, a year-on-year increase of 8.6%. The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [2] Group 2: Health and Agriculture Initiatives - The National Health Commission released guidelines to improve the ear and hearing health service system, establishing a collaborative network among various healthcare institutions [3] - Due to increased supply from seasonal factors and prior pig fattening, pork prices have slightly decreased, with the national average pig-to-grain price ratio falling below 6:1, triggering a warning for market stability [3] Group 3: Foreign Trade and Investment - The State Administration of Foreign Exchange initiated a pilot program for green foreign debt in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon projects [4] - The U.S. and EU reached an agreement on a trade framework covering 19 areas, including agricultural products, automobiles, and digital trade barriers [4] Group 4: Company News - Kuaishou reported a total revenue of 35 billion yuan for Q2, with an adjusted net profit of 5.6 billion yuan [6] - Digital Video's net profit for the first half of the year was 1.67003 million yuan, a year-on-year increase of 2,747.64% [7] - Feilu Co. is planning a change in company control and will be suspended from trading starting August 22 [8] - Greeenme signed a strategic cooperation agreement with Weilan Lithium on the joint development of ultra-high energy density battery materials [9] - Sinopec's net profit for the first half of the year decreased by 39.8%, and it plans to distribute a semi-annual cash dividend of 0.088 yuan per share [10] - Jinbo Co. received a contract from a leading OEM to develop and supply carbon-ceramic brake discs [11] - Qianfang Technology reported a net profit of 170 million yuan for the first half of the year, a year-on-year increase of 1,287.12% [12] Group 5: Industry Insights - The dairy and meat sectors are expected to experience profitability due to a rebound in beef and live cattle prices, alongside a reduction in supply pressures [13] - The gaming industry in China showed stable growth in July, driven by new and mature products, indicating a robust growth potential [14]