Core Viewpoint - Shanghai is accelerating its development as an international financial center, with China Construction Bank (CCB) playing a pivotal role in facilitating cross-border financial services and supporting both domestic enterprises going global and foreign enterprises entering the Chinese market [1][2]. Group 1: CCB's Strategic Initiatives - CCB signed a new strategic cooperation agreement with the Shanghai municipal government on September 11, 2024, establishing the "CCB Shanghai Global Financial Service Center" to enhance global financial service coordination [1]. - In just over six months, the center has successfully facilitated cross-border credit applications for 12 enterprises, totaling 27.9 billion yuan, with a credit balance for "going out" clients reaching 34.6 billion yuan by the end of Q1 2025, reflecting a growth of 1.8 billion yuan or 5.5% since September 2024 [1]. - The center has also engaged with 53 global Fortune 500 clients, expanding its service coverage and increasing the financing scale for 17 Fortune 500 clients to 168.7 billion yuan, a growth of 19 billion yuan or 13% since its inception [1]. Group 2: Support for Chinese Enterprises - CCB's Shanghai branch has integrated domestic and international resources to provide comprehensive support for Chinese enterprises' overseas investments, addressing regulatory challenges and facilitating efficient communication with foreign exchange management authorities [4][5]. - The bank successfully navigated regulatory hurdles for Baowu Steel Group's investment in the Simandou iron ore project in Guinea, ensuring smooth capital flow for the project [5]. Group 3: Collaboration with Foreign Enterprises - CCB has enhanced its collaboration with foreign enterprises, exemplified by its partnership with Brazil's Vale, which has seen significant growth in trade and financial services, including the issuance of a 150 million yuan customs guarantee [7][8]. - The bank's strategic dialogue with Vale has led to the establishment of international syndicate loans and regular loans, totaling 163 million USD and 187 million USD respectively, marking a significant advancement in their partnership [7][8]. Group 4: Future Outlook - CCB aims to leverage Shanghai's financial ecosystem to further support enterprises in going global, deepen relationships with key foreign enterprises, and enhance cross-border financial services [8]. - The bank plans to focus on four key areas: cross-border syndicates, treasury centers, trade finance, and innovative services for foreign financial institutions, aiming to strengthen its competitive edge in international business [8].

Core Viewpoint - The article highlights the strong performance of the Yajiang Hydropower Station concept stocks and the short-term rise of CATL's A and H shares, indicating a bullish sentiment in the market [1][12]. Market Overview - On July 22, the A-share market saw a slight increase, with the Shanghai Composite Index rising by 0.25% to 3568.78 points, the Shenzhen Component Index up by 0.56% to 11069.57 points, and the ChiNext Index increasing by 0.69% to 2312.74 points [1]. - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.14 trillion yuan, an increase of 513 billion yuan compared to the previous trading day [4]. Sector Performance - The infrastructure sector experienced a significant rally, with concepts related to hydropower construction, cement manufacturing, and large-scale infrastructure leading the gains. Notably, stocks related to the Yajiang Hydropower Station and water conservancy projects remained hot [4][5]. - Conversely, sectors such as the internet, insurance, and banking saw overall declines, with specific stocks like PEEK materials and Yushun Robotics underperforming [4]. Notable Stocks - The Yajiang Hydropower Station concept stocks saw explosive growth, with over 20 stocks hitting the daily limit up, including companies like China Power Construction and Poly United [10][11]. - CATL's A shares rose nearly 3%, accumulating over 8% in the last three days, while its H shares increased nearly 3%, with a total rise of over 14% in the same period [13]. Special Mention - The Science and Technology Innovation Board (STAR Market) celebrated its sixth anniversary, having accepted 589 companies with a total market capitalization of nearly 8 trillion yuan, showcasing its role in China's capital market reform [18].

1. Report Information - Report Type: Fixed Income Report - Release Time: July 22, 2025 - Analysts: Liang Weichao, Xie Peng [1][2] 2. Core Viewpoints - The weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. - For urban investment bonds, short - duration and low - rated high - grade liquidity bonds have increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, while Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, while those in 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA remained stable, those with AA+ and AA decreased, and those with AA(2) and AA - increased. - For industrial bonds, the number of low - rated high - grade liquidity bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, while those in real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, while those in 1 - 2 years and over 5 years remained stable. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA - and AA increased, while those with AAA+, AAA, and AA+ remained stable. [3][8][18] 3. Summary by Directory 3.1 Urban Investment Bonds - **Liquidity Changes**: Short - duration and low - rated high - grade liquidity urban investment bonds increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, AAA remained stable, AA+ and AA decreased, AA(2) and AA - increased. [8] - **Yield Changes**: Regionally, the yields of high - grade liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly decreased, with a decline of 2 - 5bp. By maturity and implied rating, the yields of high - grade liquidity urban investment bonds mainly decreased, with a small decline of 1 - 2bp. [9] - **Top 20 Ascending Entities in Liquidity Score**: The entity levels are mainly AA, concentrated in regions such as Zhejiang, Sichuan, Tianjin, and Beijing, and the industries mainly involve construction decoration and comprehensive industries. - **Top 20 Ascending Bonds in Liquidity Score**: The bonds are mainly from regions such as Beijing, Hunan, and Zhejiang. - **Top 20 Descending Entities in Liquidity Score**: The entity levels are mainly AA, with regional distributions mainly in Zhejiang, Jiangsu, and Shandong, and the industries are mainly construction decoration, transportation, and real estate. - **Top 20 Descending Bonds in Liquidity Score**: The bonds are mainly from regions such as Jiangsu, Zhejiang, and Shandong. [12][13][15][17] 3.2 Industrial Bonds - **Liquidity Changes**: The number of low - rated high - grade liquidity industrial bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, 1 - 2 years and over 5 years remained stable. In terms of implied ratings, AAA - and AA increased, AAA+, AAA, and AA+ remained stable. [18] - **Yield Changes**: By industry, the yields of high - grade liquidity bonds in real estate, public utilities, transportation, coal, and steel mainly decreased, with the decline concentrated in 1 - 4bp; the yield of real estate decreased by more than 10bp. By maturity, the yields of high - grade liquidity bonds in each maturity mainly decreased, with a decline of 3 - 5bp. By implied level, the yields of high - grade liquidity bonds in each implied level mainly decreased, with the decline concentrated in 2 - 5bp. [20] - **Top 20 Ascending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce, and the entity levels are mainly AAA and AA+. - **Top 20 Ascending Bonds in Liquidity Score**: The industries are mainly transportation and public utilities. - **Top 20 Descending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce and retail, and the entity levels are mainly AAA and AA. - **Top 20 Descending Bonds in Liquidity Score**: The industries are mainly public utilities and transportation. [21][24][27][29][30]

Core Viewpoint - The construction of pilot test bases in Liaoning is seen as "patient capital" invested by local governments in technological innovation, focusing on long-term returns from the transformation of scientific and technological achievements into practical applications [1][6]. Group 1: Pilot Test Bases and Their Role - Liaoning has established a network of pilot test bases to enhance the connection between research and industry, leveraging its rich educational resources and strong industrial foundation [2][4]. - The province has built 53 provincial-level pilot verification platforms, including 37 pilot platforms and 13 pilot bases, equipped with over 17,000 sets of testing equipment, and has conducted more than 1,700 pilot projects [4][6]. - The pilot test bases are crucial for accelerating the transformation of scientific achievements, fostering new industries such as fine chemicals, new energy, and biomedicine, thereby promoting the industrial transformation of old industrial bases [2][4]. Group 2: Economic Impact and Innovation - The pilot test bases have directly facilitated industrial investments exceeding 3 billion yuan, with incubated companies contributing annual output values of several billion yuan [4][5]. - The successful transformation of technologies, such as the green production technology for ethylamine, has generated cumulative output values of approximately 10 billion yuan [4]. - Liaoning's policies, including the establishment of a 300 million yuan fund for pilot verification and achievement transformation, aim to enhance the success rate of industrialization [5][6]. Group 3: Collaboration and Development Models - Liaoning has explored collaborative models involving government, universities, and key enterprises to promote the construction and development of diverse pilot test bases [3][4]. - The integration of resources through models like "government + institutions" and "pilot bases + parks" has strengthened Liaoning's position as an innovation hub in Northeast China [4][6]. - The pilot test bases are designed to provide comprehensive services, including workshops, storage, and public testing centers, to support various pilot projects [3][4]. Group 4: Technological Advancements and Industry Upgrades - The pilot test bases have enabled significant technological breakthroughs in various sectors, including fine chemicals and advanced manufacturing, contributing to the high-end, intelligent, and green development of industries [9][10]. - The successful application of advanced technologies, such as the stabilization treatment agent for weathering steel, has been utilized in major national projects, showcasing the practical impact of these innovations [10]. - The establishment of a complete chain from laboratory to pilot testing to industrialization has facilitated the local transformation of scientific achievements, with over half of Liaoning's technological outcomes being realized locally [5][6].

| 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | (0) | 24994.14 | +168.48 | 0.68% | | 800100 | 国企指数 | | 9040.20 | +53.73 | 0.60% | | 800700 | 恒生科技指数 | | 5585.50 | +46.67 | 0.84% | 盘面上，大型科技股普遍飘红，美团涨近3%，京东涨超2%，阿里巴巴、小米涨超1%。 雅鲁藏布江水电工程开工，涉1.2万亿投资，建材水泥股、钢铁股、风电股、大基建股等相关板块全天表现强势，其中，尤其是东方电气盘中一 度飙升超700%最终收涨65.2%，华新水泥飙涨85.6%，重庆钢铁大涨25.5%，山水水泥涨超23%，中铝国际、中国中铁、中国建筑国际等皆走强。 中资券商股、石油股、黄金股、煤炭股、内房股、海运股、家电股、军工股纷纷上涨。 今日，港股三大指数呈现V型走势，国企指数、恒生科技指数午后一度转跌，最终分别收涨0.6%及0.84%，恒生指数涨0.68%盘中一度站上25000 点 ...

金十数据7月21日讯，A股三大股指整体呈现震荡上升态势，沪指涨0.44%，深成指涨0.29%，创业板指 涨0.12%。沪深两市半日成交额1.09万亿，较上个交易日放量708亿，市场活跃度大幅提升。盘面上，个 股涨多跌少，全市场超3500只个股上涨。受雅鲁藏布江下游水电工程开工消息影响，早盘雅下水电概 念、水泥建筑等热门概念股集体大爆发，中国电建、西藏天路、高争民爆、青松建化、上峰水泥等多股 涨停。钢铁板块延续强势，西宁特钢、八一钢铁涨停。稀土永磁板块再度强势上涨，盛和资源涨停，华 宏科技、北方稀土跟涨；保险、光刻机、银行板块跌幅居前，同飞股份跌超3%，中国太保、齐鲁银行 跌超2%。 A股午评：沪指涨0.44% 水泥建筑概念股大爆发 ...

Summary of Conference Call Records Industry Overview - The construction industry is facing severe issues of excessive competition and homogenization, leading to low profitability for companies. In 2024, the total revenue of the industry is expected to decline by 4.3%, with a performance drop of 14% [1][3] - The "anti-involution" policy introduced by the Ministry of Industry and Information Technology aims to eliminate low-price disorderly competition and guide companies to launch new products, which is crucial for the construction industry [2] Key Companies and Their Performance - Central enterprises with good business models and stable cash flows, such as China National Materials and China State Construction International, are expected to benefit from the anti-involution policy due to their strong net profit performance and growth, making them suitable for dividend stock allocation [1][4] - Honglu Steel Structure has seen an increase in production and sales from 2021 to 2024, but its profits have fluctuated significantly, primarily due to steel price volatility. The net profit per ton dropped from 280 RMB in 2021 to 110 RMB in 2024 [1][6] - Zhongguang International and China National Materials are likely to benefit from improved domestic corporate profits, alleviating debt issues and encouraging investment in green technology upgrades [1][9] Market Dynamics - The rise in steel prices has a significant impact on companies like Honglu Steel Structure, which benefits from holding large inventories. The pricing strategy is based on current prices plus processing fees [1][5] - The construction sector may benefit from improved operational quality and valuation recovery due to the anti-involution policy [2] Challenges and Opportunities - The main challenges for the construction industry include excessive competition, homogenization, and issues such as blind expansion and high debt levels, which have led to low profitability [3][11] - Opportunities arise if the Chinese economy can break the deflation spiral and achieve a new growth cycle, leading to demand-side growth. Additionally, increased investment in green technology and the promotion of smart manufacturing will provide new development momentum for construction companies [11] Future Outlook - Honglu Steel Structure's future performance will depend on several factors, including market share improvement, macroeconomic conditions, and advancements in smart manufacturing that can reduce costs significantly [8] - The overall improvement in the competitive environment due to breaking the deflation spiral and healthy price increases will be beneficial for the construction industry and related companies [10]

Core Viewpoint - The AI Fund Zhejiang Merchants Huijin Dividend Selected Mixed Fund A (021859) reported a profit of 256,200 yuan in Q2 2025, with a weighted average profit per fund share of 0.0197 yuan. The fund's net value growth rate was 1.96%, and the fund size reached 12.831 million yuan by the end of Q2 2025 [3][15]. Fund Performance - As of July 18, the fund's unit net value was 1.043 yuan. The fund manager, Zhou Wenchao, oversees seven funds, with the Zhejiang Merchants Zhijiang Phoenix ETF showing the highest one-year cumulative net value growth rate of 24.37%, while the Zhejiang Merchants Huijin Transformation Upgrade A had the lowest at 3.57% [3]. - The fund's net value growth rate over the past three months was 4.19%, ranking 573 out of 615 comparable funds, and over the past six months, it was 5.38%, ranking 482 out of 615 [4]. Risk and Strategy - The fund's management indicated that the global economy and capital markets are in a state of high uncertainty, predicting increased market volatility in Q3. They plan to reduce portfolio elasticity, realize some short-term excess returns, and increase low-position layouts. Maintaining a certain cash ratio is deemed necessary to capitalize on potential market downturns [3]. Fund Metrics - The fund's Sharpe ratio since inception is 0.0726, and the maximum drawdown since inception is 3.68%, with the largest quarterly drawdown occurring in Q2 2025 at 3.4% [9][11]. - The average stock position since inception is 50.2%, compared to the industry average of 83.17%. The fund reached a maximum position of 69.46% at the end of H1 2025 and a minimum of 19.48% at the end of 2024 [14]. Holdings - The fund has a high concentration of holdings, with the top ten stocks as of the end of Q2 2025 including: Yangtze Power, Agricultural Bank, Pinggao Electric, Nanjing Bank, Hangzhou Bank, Ping An Bank, China Mobile, China State Construction, China Merchants Energy, and Nanjing Steel [18].

Group 1: Conflict Trigger - The conflict was triggered by Canada's unilateral imposition of tariffs on Chinese goods, particularly a 100% tariff on electric vehicles and a 25% tariff on steel and aluminum, effective October 1, 2024 [2][4] - Canada's actions were framed as a response to similar measures by the US and EU, but lacked substantial evidence and appeared hasty compared to the thorough investigations conducted by the US and EU [4][6] Group 2: China's Response - In response to Canada's tariffs, China initiated an anti-discrimination investigation against Canada on September 26, 2024, marking a significant move in international trade disputes [8][10] - China also launched an anti-dumping investigation on Canadian canola on September 9, 2024, targeting a key export commodity worth over 3 billion Canadian dollars in 2023 [10][12] Group 3: Historical Context - Diplomatic relations between China and Canada began in 1970, with a mutually beneficial trade relationship that peaked in the 2010s, where bilateral trade reached hundreds of billions of Canadian dollars [14][16] - The relationship soured significantly after the 2018 Meng Wanzhou incident, leading to a series of retaliatory measures and a decline in trust between the two nations [16] Group 4: International Implications - The dispute has broader international implications, with China's anti-discrimination investigation potentially setting a precedent for future trade conflicts, while Canada faces criticism for its unfounded tariff measures [17][19] - Canada has expressed strong condemnation of China's actions and plans to support affected industries, but the scale of assistance is limited, and there are calls for government compromise from the agricultural community [20] Group 5: Conclusion - The trade war illustrates the complexities of global trade dynamics and the lack of true winners, as both countries face economic repercussions and strained relations [21]

Group 1: Market Overview - The three major indices experienced fluctuations and closed with slight declines: Shanghai Composite Index down 0.03%, Shenzhen Component Index down 0.22%, and ChiNext down 0.22%. The STAR Market 50 Index rose by 0.14%. Over 3,100 stocks in the two markets rose, with a total trading volume of approximately 1.44 trillion yuan [2]. Group 2: Pharmaceutical Sector - The pharmaceutical sector stood out, with notable gains from companies such as Guangshentang (300436.SZ) up 16.55%, Iwubio (300357.SZ) up 15.9%, and others like Qianhong Pharmaceutical (002550.SZ) and Frontier Biotech (688221.SH) also experiencing significant increases. The National Healthcare Security Administration recently initiated the 11th batch of centralized drug procurement, focusing on mature "old drugs" while excluding innovative drugs from the procurement process [2]. Group 3: Robotics and Automation - The robotics and reducer sectors saw a collective surge, with Weichuang New Materials (688585.SH) recording six consecutive 20%涨停. The founder of ZhiYuan Robotics plans to acquire 29.99% of Weichuang New Materials at 7.78 yuan per share, potentially gaining control of 66.99% of the company. This move is perceived as a "backdoor listing" in the wind power sector [3]. Group 4: Textile Sector - The textile sector also showed strength, with companies like Jujie Microfiber (300819.SZ) and Lianfa Shares (002394.SZ) hitting涨停. CITIC Securities forecasts steady growth in shoe and clothing consumption by Q2 2025, with major domestic sports brands expected to achieve single-digit growth. The textile manufacturing sector is anticipated to benefit from recent tariff developments, alleviating concerns over tariff uncertainties [4]. Group 5: Declining Sectors - Sectors such as banking, insurance, precious metals, and industrial metals faced declines, with companies like China Ping An (601318.SH) and Xiamen Bank (601187.SH) experiencing downturns. The steel and coal sectors also weakened, with Liugang Co. (601003.SH) dropping over 9% and Zhengzhou Coal Electricity (600121.SH) down over 2% [4].