政策先行强统筹，筑牢收购"压舱石"。作为粮食主产区，哈尔滨市将秋粮收购作为保障粮食安全和农民 利益的核心工作，强化部门协同联动，粮储、农业农村、交通等多部门建立联席会议机制，形成全链条 保障体系。全市准备收购资金170亿元，有效仓容664万吨;提早启动国家政策性粮食收购，推动5家中储 粮直属粮库及其分库入市，累计完成政策性收购31万吨;建立"日监测、周分析、月调度"粮情监测机 制，发布市场行情信息35条，当前全市玉米收购价格稳定在1.05-1.07元/斤，同比上涨0.11元/斤，水 稻、大豆价格同比均有上涨。 （来源：饲料行业信息网） 来源：饲料行业信息网 今年以来，哈尔滨市粮食和物资储备局深入贯彻落实国家及省、市秋粮收购工作部署，按照"市场化收 购为主导、政策性收购为托底"工作思路，统筹"人、钱、仓、粮"关键要素，通过政策统筹、市场拓 展、科技赋能、监管护航多维发力，推动全市秋粮收购工作平稳有序推进，实现收购总量稳步增长、市 场价格稳中有升、农民收益持续向好的良好局面。截至目前，全市已累计收购秋粮473万吨，同比增长 22%，其中水稻315万吨、玉米146万吨、大豆12万吨，让种粮农民的"金穗子"化身"钱袋 ...

Summary of Key Points from the UBS Evidence Lab China Consumer Survey Industry Overview - The report focuses on the consumer sentiment and economic outlook in China, based on a survey conducted with 3,000 consumers in July 2025, highlighting trends in income growth, savings, and consumption patterns [2][7][62]. Core Insights 1. **Slower Income Growth**: - A net 41% of respondents reported salary increases over the past year, with average salary growth at 3.3%, down from 4.6% in 2024 [2][8]. - Income growth from investments and property letting also softened, reflecting a prolonged property downturn [9][21]. 2. **Consumer Sentiment**: - Respondents expressed weaker expectations for income growth over the next 12 months, with only 46% expecting salary increases, down from 50% in 2024 [19][22]. - The share of respondents reporting a better financial situation decreased to 39% from 43% in 2024 [9]. 3. **Savings and Consumption Trends**: - Household saving intention increased, with 54% planning to increase cash and deposits holdings, while only 6% expect to increase consumption [12][22]. - The overall consumption willingness remained subdued, with only 29% expecting to increase consumption in the next year, down from 36% in 2024 [44]. 4. **Impact of Policy Support**: - Nearly 75% of respondents received some form of policy support, with over 80% planning to use trade-in subsidies [4][38]. - Retail sales in sectors with trade-in subsidies increased by 25% YoY, significantly outperforming those without subsidies [4]. 5. **Sector-Specific Spending Intentions**: - Increased willingness to spend was noted in sectors like sports, education, healthcare, and travel, while spending on offline entertainment and dining out weakened [44][39]. 6. **Property Market Sentiment**: - Only 4% of respondents reported property value appreciation over the past year, the lowest since the survey began in 2018 [27]. - Future expectations for property value appreciation also declined, with only 23% expecting increases in the next year [28]. 7. **Consumer Price Expectations**: - Consumer price expectations were less positive than in 2024, with 48% expecting prices to rise, down from 54% [29]. 8. **Outlook for 2026**: - Consumption growth is expected to remain modest in 2026, with anticipated mid-single-digit growth due to stagnant income growth and ongoing property market challenges [49]. Additional Important Insights - The survey indicates a sustained negative wealth effect from the property downturn, which is crucial as property constitutes over 50% of household wealth [27]. - The government is expected to extend trade-in subsidies modestly in 2026, but the potential for new consumption categories remains uncertain [49]. - The report emphasizes the need for measures to support the labor market and stabilize housing prices to aid consumption recovery in the medium to long term [49].

and their markets have seen a big rebound in stock markets in the past three months. The Shanghai Composite up nearly 9%, the FXI ETF up more than 15%, the KWEB Internet ETF up about that amount as well. Joining us now is Brendan Ahern.He's the chief investment officer at Crane Shares. Brendan, bring us up to speed. I mean you might have heard a little bit of that discussion about um sort of the future of some companies like Apple in China but more specifically amid rumors swirling about the health of Xiinp ...

Economic Outlook - Despite the trade truce, economic numbers appear soft, necessitating a broader perspective [1] - Macro policy improvements in September of last year, along with front-loaded activity in Q1, led to solid data in Q4 of last year and Q1 of this year [2] - The underlying economic momentum is moderating due to trade tariff issues with the US and increasing external uncertainty [2][3] - The baseline expectation is for sequential growth of the Chinese economy to slow from approximately 66% quarter-on-quarter in Q1 to around 35% in Q2, and further to 3% in Q3 [3] - PMI numbers align with expectations of moderating economic momentum [4] Sector Performance - Diverging trends exist across different sectors, with China's exports to the US down 40% in April and May [5] - Sectors receiving policy support, such as training subsidies and equipment upgrades, are performing well [6] - The housing sector continues to be a drag on the economy and has not yet bottomed out [6] - Consumer sentiment outside of policy support areas remains at a historical low [7] Policy Implications - Domestic and consumption support are crucial for policy focus this year [7] - Subsidies for consumer durables and autos have shown some impact, but their effect will fade by year-end [7] - Further policy support, particularly for services consumption, is needed [8]