Core Viewpoint - The government of Weinan is implementing targeted support measures to enhance the development of private enterprises, significantly improving service efficiency and fostering innovation in the region [1][2][5]. Group 1: Government Support and Services - Weinan's private economy accounted for 60.3% of the city's GDP in 2024, highlighting the importance of private enterprises in the local economy [1]. - The city has streamlined business registration processes by integrating eight departments into a single-window service, reducing required materials by over 40% and completing the entire process within one working day [2]. - Weinan has abolished 32 documents that hinder fair competition and introduced measures to reduce inspection frequency, thereby alleviating the operational burden on businesses [2]. Group 2: Innovation and Collaboration - Weinan is fostering collaboration between enterprises and academic institutions, with companies like Shaanxi Aode Machinery signing technology development contracts with Xi'an Jiaotong University and Chang'an University [3][4]. - The city has established 174 technology innovation platforms, enhancing the transformation of scientific research into practical applications and significantly increasing the number of technology-based SMEs [4]. Group 3: Financial Support for Enterprises - The Weinan government has organized 40 government-bank-enterprise matchmaking events, resulting in 30 specialized small and medium-sized enterprises receiving a total of 1.6 billion yuan in credit and 700 million yuan in financing support [5]. - The total loan balance for technology enterprises in Weinan reached 9.535 billion yuan, with inclusive loans for small and micro enterprises amounting to 34.177 billion yuan [5].

Group 1 - The core viewpoint of the news is that Xianheng International (605056.SH) received an A rating in the latest ESG assessment by Huazheng Index, although its ranking among 490 companies in the mechanical manufacturing sector dropped from 20th to 60th [1][3] Group 2 - Xianheng International's scores in the ESG assessment are as follows: E score of 69.24 with a rating of CCC, ranking 107th; S score of 87.58 with a rating of A, ranking 50th; G score of 89.05 with a rating of A, ranking 9th among 490 companies [3] - The ESG report disclosure rate among A-share companies has increased, with 2,469 companies publishing ESG-related reports for the 2024 fiscal year, representing a disclosure rate of 45.6%, an increase from the previous year [4]

Core Viewpoint - The company, Shandong Swan Cotton Machinery Co., Ltd., has announced a guarantee for a bank loan of 20 million yuan for its wholly-owned subsidiary, Xinjiang Swan Modern Agricultural Machinery Equipment Co., Ltd. This guarantee is part of the company's strategy to support its subsidiary's financing needs and ensure smooth operational activities [1][4]. Summary by Sections 1. Guarantee Overview - The company has signed a guarantee contract with Urumqi Bank for a one-year working capital loan of 20 million yuan for its subsidiary [2]. - The guarantee is a joint liability guarantee with a term of three years from the loan's maturity date [2]. 2. Internal Decision-Making Process - The company held board meetings on April 8 and April 30, 2025, to approve the guarantee and the anticipated bank credit limit for the year [2]. - The total guarantee amount for Xinjiang Swan before this guarantee was 10 million yuan, leaving a usable limit of 10 million yuan prior to this guarantee [2]. 3. Subsidiary Information - Xinjiang Swan is a wholly-owned subsidiary of the company, established on September 16, 2010, with a registered capital of 100 million yuan [3]. - The subsidiary's total assets as of March 2025 were approximately 452.41 million yuan, with total liabilities of about 271.80 million yuan [3]. 4. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the subsidiary's funding needs, enhancing financing efficiency and ensuring smooth operations [4]. - The subsidiary has stable operations and good credit status, allowing the company to effectively monitor and manage the associated risks [4]. 5. Board Opinion - The board has confirmed that the guarantee falls within the approved credit limit and is necessary for the subsidiary's operations, with manageable overall risk [4]. 6. Cumulative Guarantee Situation - As of the announcement date, the total external guarantee amount by the company and its subsidiaries is approximately 394.48 million yuan, accounting for 44% of the latest audited net assets [4]. - The specific guarantee amount for the subsidiary's bank credit is 20 million yuan, representing 2.23% of the latest audited net assets [4].

Group 1 - The core viewpoint is that the EU should expedite tariff negotiations with the US to avoid escalating trade tensions, as emphasized by German Chancellor Merz [1] - Merz highlighted that the current US-EU tariff dispute poses a threat to several key industries in Germany, including chemicals, pharmaceuticals, machinery manufacturing, steel and aluminum, and automotive sectors [1] - The focus of the negotiations should not be on a comprehensive trade agreement covering all details, but rather on quickly resolving the tariff dispute [1]

Group 1 - The core viewpoint is that trade disputes triggered by US tariffs should be resolved through multilateral platforms like the WTO, and there is potential for deeper trade cooperation between the EU and China, particularly in green technology and finance [1][2] - The trade dispute has a broader global impact compared to previous trade wars, with significant uncertainty, especially affecting machinery and transportation equipment, which accounted for over 30% of EU exports to the US in 2024 [1] - Achieving an ideal trade agreement between the EU and the US is challenging due to unclear negotiation goals and the need for a unified stance among EU member states to strengthen their negotiating power [1][2] Group 2 - There is a call for the EU, China, and other pro-multilateralism countries to unite in defending the WTO mechanism and free trade, which could pressure the US to return to multilateral negotiations [2] - The 50th anniversary of EU-China diplomatic relations presents an opportunity to deepen dialogue and cooperation in trade and investment, leveraging complementary advantages [2] - The EU can achieve tangible results in green energy through trade cooperation with China, particularly in areas like battery and electric vehicle development, while China can benefit from the EU's expertise in aerospace, machinery manufacturing, and fintech [2][3]

Core Viewpoint - The company, Shandong Haomai Machinery Technology Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 4.00 yuan per 10 shares for all shareholders, excluding shares held in the repurchase account [1][2][3]. Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of 4.00 yuan (including tax) for every 10 shares held, based on a total share capital of 798,558,800 shares after excluding 1,441,200 shares held in the repurchase account [1][2][3]. - The total cash dividend amount to be distributed is 319,423,520 yuan (including tax) [2][3]. Shareholder Rights - Shares held in the repurchase account do not participate in the dividend distribution, as per the Company Law and relevant regulations [1][2]. - The distribution plan will be adjusted if there are changes in the share capital due to share repurchases before the implementation date [2][3]. Key Dates - The record date for the dividend distribution is set for July 9, 2025, and the ex-dividend date is July 10, 2025 [3]. Taxation Details - Different tax rates will apply for various categories of shareholders, with specific provisions for individual and institutional investors [3]. - The company will not withhold personal income tax for individual shareholders at the time of distribution, but will calculate tax based on the holding period when shares are sold [3]. Payment Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodial institutions [3].

1. Report's Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View of the Report - The real - demand for steel is weak, and steel prices are still in the process of finding a bottom [1][3] 3. Summary by Related Catalogs 3.1 Total Quantity Contradictions - Macro Policy - The 2025 government work report's GDP target is about 5%, the deficit is 4%, the inflation target is 2%, the local government special bond scale is 4.4 trillion, and the ultra - long - term special sovereign bond scale is 1.3 trillion. The Politburo meeting on April 28th did not issue any unexpected policies, and China will enter a policy window period. In May, the M1 - M2 scissors gap was - 5.6, and the decline continued to narrow [7] 3.2 Total Quantity Contradictions - Capital Supply - In March 2025, the ultra - long - term special sovereign bond scale was 1.3 trillion. On May 20th, the loan market quotation rate (LPR) was lowered for the first time this year. On May 15th, the deposit reserve ratio of financial institutions was lowered by 0.5 percentage points [11] 3.3 Total Quantity Contradictions - Capital Demand - Relevant data on new social financing scale, resident medium - and long - term loans, new RMB loans, and enterprise medium - and long - term loans are presented, but no specific conclusions are drawn from the data [13][14][15][16] 3.4 Real Estate 3.4.1 Sales - Housing prices show signs of stabilizing, and the decline in new home sales has narrowed. Rigid demand is related to population growth, urbanization rate, and resident leverage ratio. Investment demand is related to housing prices. Housing prices lead to second - hand housing sales, and second - hand housing sales lead to new home sales [17][20][22] 3.4.2 New Construction and Land Transactions - Land acquisition leads new construction by 6 months [24] 3.5 Infrastructure 3.5.1 Funds - Traditional funds include public fiscal expenditure, government - funded expenditure, and special bonds. Emerging funds involve quasi - fiscal policies, such as 700 billion yuan of the 1 - trillion - yuan ultra - long - term special treasury bonds in 2024 being used for "two major" construction projects, and a 1.3 - trillion - yuan ultra - long - term special sovereign bond in March 2025 [26][27][30][31] 3.5.2 Projects - Data on the construction industry PMI and the start - up investment amount of major projects are presented [33] 3.6 Manufacturing 3.6.1 General Situation - Supported by new factors, the production and sales of major industrial products maintain high growth, but exports face shocks [34] 3.6.2 Production and Sales of Major Industrial Products - The production and sales of automobiles, white goods, excavators, and other products are presented, with specific production data and year - on - year growth rates [39][40] 3.6.3 Production Enterprises' Orders and Sales - The planned and actual production of household appliances such as air conditioners, refrigerators, and washing machines, as well as their domestic sales data, are presented [43] 3.6.4 Automobile Production and Sales - The automobile industry operates on a production - based - on - sales model, with structural contradictions in production and sales by variety. Leading indicators include enterprise orders [57] 3.6.5 Machinery Production and Sales - The machinery industry operates on a production - based - on - sales model, and the export proportion of sub - varieties is increasing year by year. Leading indicators include enterprise orders [65] 3.6.6 Ship Production and Sales - Shipbuilding is driven by economic growth, manufacturing capacity changes, supply - demand patterns, renewal cycles, and transportation efficiency in different periods. Currently, shipyards have sufficient orders on hand, and new orders continue to grow at a high rate [70] 3.7 Steel Direct Exports - Steel exports are adjusting passively by trading price for volume. Vietnam's anti - dumping tax has a great impact on China's steel exports to Vietnam, and the traditional price - for - volume model is affected [71][74] 3.8 Steel Demand - Steel demand is gradually peaking, and negative feedback should be vigilant. Data on spot transactions and variety price difference structures are presented [83][89][91]

美国5月职位空缺意外增加37.4万个，达到776.9万个，超出市场预期。然而，招聘人数下降11.2万人， 降至550.3万人，且6月制造业PMI显示制造业依然低迷。供应管理协会(ISM)的调查显示，关税政策的不 确定性导致供应链瓶颈，工厂等待原材料的时间延长，企业对长期采购决策持谨慎态度。机械制造商甚 至形容当前商业环境为"糟糕透顶"，反映了贸易政策对实体经济的冲击。 黄金ETF最新持仓数据： | 日期 | 净持仓量（盎司） | 净持仓量（吨） | 总价值（美元） | | --- | --- | --- | --- | | 2025-07-01 | 30486604.07 | 948.23 | 102065136577.81 | | 2025-06-30 | 30624797.70 | 952.53 | 100644114369.24 | （注：黄金ETF持仓增加，表明买盘增加，市场看涨黄金的情绪升温，利多黄金；黄金ETF持仓减少， 表明卖盘增加，市场看跌黄金的情绪升温，利空黄金。） 【要闻回顾】 国际黄金周二（7月1日）日K收涨，美市尾盘，国际黄金收报3338.17美元/盎司，上涨35.46美元或 1.07 ...

Overall Inventory Cycle - In April, the total inventory in the U.S. increased by 3.37% year-on-year, compared to a previous value of 3.43%[1] - The total sales in April rose by 3.74% year-on-year, down from 4.04% previously[1] - The data indicates a preliminary shift towards active destocking in the U.S. inventory cycle[1] Industry Inventory Cycle - Among 14 major industries in April, 10 were in passive restocking, including construction materials, metals, and consumer goods[12] - The historical percentile for overall inventory in April was 39.2%, with chemical products at 85.7% and construction materials at 83.2%[12] - Oil and chemical sectors are likely transitioning to active destocking, while construction and metal inventories remain high[12] Future Outlook - Despite uncertainties regarding tariffs, the U.S. inventory cycle is expected to lean towards active destocking in Q2 due to previous overstocking[1] - The "panic import" demand has extended the passive restocking cycle for downstream industries[14] - Active destocking is anticipated for automotive and automotive parts as of December 2024, with a continued trend into April 2025[14]

Core Viewpoint - The National Foreign Exchange Administration's Guangxi Zhuang Autonomous Region branch is actively promoting financial openness towards ASEAN, enhancing cross-border trade and investment, and facilitating high-quality economic development in the region. Group 1: Financial Openness and Trade Growth - From January to April 2025, Guangxi's foreign-related income and expenditure reached $22.31 billion, a year-on-year increase of 19% [1] - The goods trade income and expenditure amounted to $18.72 billion, growing by 21.5% year-on-year [1] - Guangxi's goods trade with ASEAN reached $2.42 billion, with an 11.6% year-on-year increase, maintaining ASEAN as Guangxi's largest trading partner for 25 consecutive years [1] - The proportion of cross-border funds from ASEAN in Guangxi's total has increased from 23% to 28% over the past three years [1] Group 2: Cross-Border Investment Initiatives - Guangxi is pushing for more high-level open pilot projects for cross-border trade and investment, including the expansion of the Qualified Foreign Limited Partner (QFLP) pilot to the entire region [2] - As of April 2025, registered capital for QFLP pilot enterprises reached $3.377 billion, injecting significant vitality into the regional economy [2] - Guangxi has been approved for a new pilot policy for cross-border trade agency payment, enhancing support for border residents engaging in trade with ASEAN [2] Group 3: Streamlining Foreign Exchange Operations - The Guangxi branch has introduced nearly 30 measures to improve the convenience of cross-border trade and investment financing [3] - Key measures include delegating registration tasks to banks and allowing online processing for various foreign debt registrations [3] - By April 2025, 1,400 entities benefited from these measures, involving $27.61 billion, while over 6,600 capital project digital transactions amounted to $10.454 billion [3] Group 4: Case Studies of Trade Facilitation - A copper company in Guangxi, as a pilot enterprise for trade foreign exchange facilitation, processed 61 transactions worth $170 million, significantly reducing time and costs for payment processing [4] - An automotive group successfully completed a cross-border payment within 48 hours for an urgent software procurement, achieving an 85% speed increase compared to conventional processes [5]