Trade Growth - In 2024, trade between China and other member countries of the Shanghai Cooperation Organization (SCO) is projected to reach approximately $512.4 billion, representing a year-on-year increase of 2.7%, which is double the trade volume during the 2018 Qingdao summit hosted by China [1][3] Import and Export Dynamics - China is expected to import nearly $90 billion worth of crude oil, natural gas, and coal from other SCO member countries in 2024, along with agricultural products valued at $13.66 billion, with energy products accounting for about one-fifth of China's total imports [3][5] - The export of electromechanical products from China to SCO member countries is anticipated to be $210 billion, constituting 63% of total exports, contributing significantly to the industrialization, economic transformation, and improvement of local livelihoods in member countries [5]

Core Viewpoint - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) will be listed on September 2, 2025, providing investors with a new tool to invest in high-dividend central enterprises within the Hong Kong Stock Connect framework [1]. Group 1: Fund Overview - The fund closely tracks the CSI Hong Kong Stock Connect Central Enterprise Dividend Index, which consists of 50 listed companies controlled by central enterprises, selected for their stable dividend levels and high dividend yields [1]. - The index is weighted by dividend yield and has strict requirements for the sustainability of dividends, with a cap on individual sample weights, focusing primarily on the financial and industrial sectors [1]. Group 2: Top Holdings - The top ten weighted stocks in the index include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, China Pacific Insurance, CNOOC, China Shenhua Energy, China Unicom, and Sinopec Engineering, collectively accounting for 30.47% of the index as of August 29 [1][2]. Group 3: Investment Strategy and Benefits - The index offers a strategic overlay by allowing mainland investors to conveniently invest in scarce high-dividend central enterprise stocks in the Hong Kong market, avoiding QDII quota restrictions [4]. - Central enterprises exhibit strong operational stability and cash flow, demonstrating resilience during macroeconomic fluctuations [4]. - The index's dividend yield as of August 29 is 5.89%, outperforming the 4.29% yield of the CSI Central Enterprise Dividend 50 Index [4]. Group 4: Market Context - The Hong Kong dividend market continues to benefit from inflows of southbound capital, enhancing the investment value of the Hong Kong Stock Connect Central Enterprise Dividend ETF amid weak economic expectations [4]. - The combination of stable dividends, structural opportunities, and supportive government policies contributes to the attractiveness of this investment vehicle for conservative investors seeking stable cash flow and asset preservation [5].

Core Viewpoint - The trade conflict between the US and India, particularly the imposition of a 50% tariff by the US, is not just a straightforward trade issue but is deeply rooted in complex geopolitical dynamics, with India adopting a flexible diplomatic stance while facing pressure from the US [1][3]. Group 1: Economic Impact - Indian exporters are projected to lose between $25 billion to $30 billion due to the new tariffs, significantly affecting labor-intensive sectors such as textiles, jewelry, shrimp, furniture, and carpets, with export volumes potentially slashed by 70% [3]. - Despite the tariff impacts, India's economy is not as vulnerable as perceived; the GDP growth rate may drop by 1 percentage point, but this is not catastrophic for the Modi administration, which has implemented various supportive policies like tax reforms and export subsidies [3][8]. - Key sectors such as pharmaceuticals, energy, and electronics remain unaffected by the tariffs, indicating that India still has strategic advantages and reserves [3]. Group 2: Geopolitical Dynamics - Modi's upcoming visit to China for the Shanghai Cooperation Organization summit is strategically timed amidst escalating US-India trade tensions, signaling a potential shift in India's diplomatic focus [4][6]. - The recent thaw in Sino-Indian relations, marked by small diplomatic gestures and a mutual understanding of the need to resolve border issues, suggests that India is looking for opportunities rather than choosing sides in the US-China rivalry [6]. - The narrative of Modi's close relationship with Trump has been undermined, leading to political challenges domestically as opposition parties and even factions within Modi's party question his judgment and approach to US relations [7][8]. Group 3: Trust and Future Outlook - The most significant damage from the tariff situation may not be economic but rather the erosion of trust between India and the US, as well as the disillusionment of Indian elites regarding the benefits of aligning closely with the US [8]. - Modi's response to the crisis indicates a shift towards a more autonomous foreign policy, suggesting that India is willing to explore new partnerships and opportunities beyond its traditional alliances [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. It is recommended to construct option portfolio strategies mainly as sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, such as SC2510 (crude oil) at a price of 484 with a 0.21% increase, PG2510 (liquefied petroleum gas) at 4,334 with a 0.73% decrease, etc. [4]. 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR data of different option varieties are given, which helps describe the strength of the option underlying market and whether a turning point occurs in the underlying market. For example, the volume PCR of crude oil is 0.76 with a - 0.05 change, and the open interest PCR is 0.65 with a 0.03 change [5]. 3.2.2 Pressure and Support Levels - From the perspective of the strike prices of the largest open interests of call and put options, the pressure and support levels of option underlying are analyzed. For instance, the pressure level of crude oil is 600 and the support level is 415 [6]. 3.2.3 Implied Volatility - The implied volatility data of various option varieties are provided, including at - the - money implied volatility, weighted implied volatility and its change, annual average implied volatility, call and put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 23, and the weighted implied volatility is 25.58 with a - 0.56 change [7]. 3.3 Strategies and Recommendations 3.3.1 Energy - Type Options (Crude Oil) - Fundamental aspect: OPEC shows a restrained attitude to support prices. US refinery demand declines due to reduced imports, and shale oil fluctuates normally. The overall fundamental situation is healthy, and the crack spread remains strong. Market trend: In June, it rose rapidly, then pulled back after reaching a high; since July, it has weakened and fluctuated within a range; in August, it first rose then fell, showing a short - term weak fluctuation. Option factors: Implied volatility remains around the average level; the open interest PCR is below 0.80, indicating a short - term weak and fluctuating market; the pressure level is 600 and the support level is 415. Strategies: Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [8]. 3.3.2 Energy - Type Options (Liquefied Petroleum Gas) - Fundamental aspect: Domestic supply is loose, with high - level and stable operation of major refineries, and high seasonal commodity volume. Import has declined slightly in the past two weeks, and port inventory remains high. Demand is low in summer, and chemical demand has declined slightly. Market trend: After a low - level range - bound fluctuation, it rose significantly and broke through the upper level, then pulled back after reaching a high in July, and accelerated the decline in August before rebounding and then being blocked. Option factors: Implied volatility has dropped significantly and returned to around the average level; the open interest PCR is around 0.60, indicating strong short - selling power; the pressure level is 5400 and the support level is 4200. Strategies: Directional strategy: None; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. 3.3.3 Alcohol - Type Options (Methanol) - Fundamental aspect: Import arrivals have increased, and port inventory has accumulated to a high level. Demand from port MTO has improved, but overall downstream demand is weak. Market trend: After a sharp decline in July, it fluctuated significantly, and has been weakening since August. Option factors: Implied volatility has declined and fluctuates below the average level; the open interest PCR is below 0.80, indicating a short - term weak and fluctuating market; the pressure level is 2600 and the support level is 2250. Strategies: Directional strategy: Construct a bearish call spread strategy; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. 3.3.4 Alcohol - Type Options (Ethylene Glycol) - Fundamental aspect: Port inventory is 500,000 tons, with a de - stocking of 47,000 tons compared to the previous period; downstream factory inventory days are 13.2 days, a decrease of 0.3 days. In the short term, arrivals are low and departures are high, and port inventory is expected to continue to decline. Market trend: It first declined then rose in June, reached a high and then pulled back; in July, it fluctuated weakly at a low level and then rose before a rapid decline; in August, it continued to fluctuate weakly. Option factors: Implied volatility fluctuates below the average level; the open interest PCR is below 0.60, indicating strong short - selling power; the pressure level is 4600 and the support level is 4400. Strategies: Directional strategy: None; Volatility strategy: Construct a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. 3.3.5 Polyolefin - Type Options (Polypropylene) - Fundamental aspect: PE production enterprise inventory is 427,000 tons, with a de - stocking rate of - 14.92% compared to the previous period and a stocking rate of 0.40% compared to the same period last year; PP production enterprise inventory is 538,500 tons, with a de - stocking rate of - 5.91% compared to the previous period and a stocking rate of 9.07% compared to the same period last year. Market trend: The decline has narrowed since July, then it stabilized and fluctuated slightly before a rapid decline; in August, it maintained a weak and small - amplitude fluctuation. Option factors: Implied volatility has declined to a level slightly lower than the average; the open interest PCR is around 0.60, indicating a weak market; the pressure level is 7300 and the support level is 6800. Strategies: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.3.6 Rubber Options - Fundamental aspect: The capacity utilization rate of China's semi - steel tire sample enterprises is 71.87%, a decrease of 7.81 percentage points compared to the same period last year; the capacity utilization rate of full - steel tire sample enterprises is 64.97%, an increase of 7.01 percentage points compared to the same period last year. Market trend: It fluctuated weakly at a low level in June and then rebounded; since July, it has risen in the short term and then reached a high and pulled back; in August, it gradually recovered and then fluctuated within a range. Option factors: Implied volatility first rose rapidly and then declined to around the average level; the open interest PCR is below 0.60; the pressure level has dropped significantly to 18000 and the support level is 15750. Strategies: Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot hedging strategy: None [12]. 3.3.7 Polyester - Type Options (PTA) - Fundamental aspect: PTA's overall social inventory (excluding credit warehouse receipts) is 2.2 million tons, with a de - stocking of 50,000 tons compared to the previous period. Downstream load is gradually increasing, and the number of maintenance in August has increased, with many unexpected maintenance events. Even with the commissioning of new plants, inventory will mainly decrease in the short term. Market trend: It first rose then fell in June, continued to rise and then declined rapidly; in July, it was weak and then rebounded; in August, it declined, then fluctuated slightly and then rebounded rapidly before being blocked. Option factors: Implied volatility fluctuates at a level slightly higher than the average; the open interest PCR is around 0.70, indicating a fluctuating market; the pressure level is 5000 and the support level is 4550. Strategies: Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot hedging strategy: None [12]. 3.3.8 Alkali - Type Options (Caustic Soda) - Fundamental aspect: The average capacity utilization rate of China's caustic soda sample enterprises with a capacity of 200,000 tons and above is 82.4%, a decrease of 0.8% compared to the previous week. Except for the increase in the operating rates in the northwest and southwest regions, other regions have declined. Market trend: It first rose then fell in July, and after a rapid decline in August, it gradually rebounded and showed a short - term bullish and high - level fluctuation. Option factors: Implied volatility fluctuates at a relatively high level; the open interest PCR is around 0.80, indicating a fluctuating market; the pressure level is 3000 and the support level is 2400. Strategies: Directional strategy: None; Volatility strategy: None; Spot collar - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. 3.3.9 Alkali - Type Options (Soda Ash) - Fundamental aspect: Last week, the soda ash factory inventory was 1.8675 million tons, a decrease of 43,300 tons compared to the previous period; the delivery warehouse inventory was 500,700 tons, an increase of 4,400 tons. The total inventory of factory + delivery warehouse is 2.3682 million tons, a decrease of 38,900 tons compared to the previous period. Market trend: It fluctuated slightly in a narrow range in July and then rebounded; since August, it has continued to fluctuate weakly. Option factors: Implied volatility first rose rapidly and then dropped significantly, and currently still fluctuates at a relatively high level; the open interest PCR is below 0.60, indicating strong short - selling pressure; the pressure level is 1640 and the support level is 1180. Strategies: Directional strategy: None; Volatility strategy: Construct a short - volatility combination strategy; Spot long - hedging strategy: Construct a long collar strategy [13]. 3.3.10 Urea Options - Fundamental aspect: Port inventory is 600,000 tons, an increase of 99,000 tons compared to the previous period; enterprise inventory is 1.0858 million tons, an increase of 61,900 tons compared to the previous period, and is at a high level compared to the same period last year. Market trend: It fluctuated widely under the short - selling pressure line in July and then rose rapidly; in August, it continued to fluctuate widely. Option factors: Implied volatility fluctuates slightly around the historical average level; the open interest PCR is below 0.60, indicating strong short - selling pressure; the pressure level is 1900 and the support level is 1700. Strategies: Directional strategy: None; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [14].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core View of the Report The report focuses on understanding the current low inflation and providing an outlook for inflation and the bond market in the second half of the year. It points out that the low inflation is mainly due to a negative output gap and high real interest rates, which suppress aggregate demand. Under the "anti - involution" policy, prices are expected to rise moderately at a low level in the second half of the year, with CPI and PPI showing different trends. In the bond market, the "weak recovery, low inflation" environment provides support, but there are also upward pressure on interest rates and uncertainties [1][2][3][5]. 3. Summary According to the Table of Contents 3.1 How to Understand the Current Low Inflation? - **Negative Output Gap**: China's GDP growth rate has a gap with the potential growth rate, the youth unemployment rate is high, industrial capacity utilization is low, and CPI and PPI are running at a low level, indicating that aggregate demand is lower than aggregate supply [2][18]. - **High Real Interest Rates**: Although the central bank has been lowering the nominal interest rate, the real interest rate has risen due to extremely low inflation and GDP deflator, which inhibits aggregate demand and forms a "passive tightening" effect [3][22]. 3.2 Current Characteristics of the Inflation Market - **Widening CPI - PPI Scissors**: In July 2025, the CPI - PPI scissors reached 3.6 percentage points, reflecting problems such as poor price transmission and unbalanced economic recovery, and squeezing the profits of downstream manufacturing enterprises [4][26]. - **Core CPI Reaching a New High**: In July 2025, the core CPI reached a new high since March 2024, becoming the main support for CPI, which shows positive changes in price operation and the effectiveness of policies [4]. - **"Anti - Involution" Not Driving PPI Upward**: "Anti - involution" policies have promoted the rise of commodity futures prices, but PPI has not increased. This may be due to the difference in pricing logic between futures prices and PPI, and the problem of insufficient terminal demand [4][34]. 3.3 Outlook for Inflation and the Bond Market under "Anti - Involution" - **Inflation Outlook**: In the second half of the year, CPI is expected to rise moderately, with estimated year - on - year growth rates of 0.1% and 0.5% in the third and fourth quarters respectively, and around 0% for the whole year. PPI is expected to maintain a trend of volatile recovery with narrowing year - on - year decline, with estimated year - on - year growth rates of - 2.7% and - 1.5% in the third and fourth quarters respectively, and around - 2% for the whole year, with a low possibility of turning positive within the year [5][41][51]. - **Bond Market Outlook**: In the "weak recovery, low inflation" environment, the bond market is supported by the fundamental logic and the central bank's monetary easing. However, the warming of the equity market and the "anti - involution" and "expanding domestic demand" policies may bring upward pressure on the interest rate center. The impact of the "anti - involution" policy on the bond market depends on whether the price increase expectation can be supported by real demand [6][57].

他指出，当前，乌方正持续推进经济改革和对外开放，并不断改善营商环境，这为中国投资者提供了广 阔的市场和丰富的机遇。他呼吁两国企业界把握时机，深化合作，实现互利共赢。"我认为，绿色能源 及气候投资、数字技术、战略性矿产资源、交通物流与多体联运、旅游综合体建设等领域可以成为两国 企业开展合作的重点方向。" 21世纪经济报道记者郑青亭 北京报道 8月28日下午，乌兹别克斯坦-中国经贸招商论坛在北京国际会议中心举行，吸引了中乌两国政府、商协 会及企业代表逾1000人出席。乌兹别克斯坦共和国副总理贾姆希德·霍扎耶夫在开幕致辞中表示，乌兹 别克斯坦视中国为最重要的战略伙伴之一，两国关系已经提升至新时代全天候全面战略伙伴关系。中方 提出的共建"一带一路"倡议已成为21世纪最重要的国际合作倡议之一。乌兹别克斯坦积极支持并广泛参 与这个倡议，视其为共同发展与加深友谊的纽带。 乌兹别克斯坦共和国副总理贾姆希德·霍扎耶夫（图片由乌兹别克斯坦驻华大使馆提供） 他说，中国是乌兹别克斯坦的主要贸易投资伙伴，2024年双边贸易额已经超过130亿美元。来自中国的 直接投资也较2017年增长数倍，涉及能源、地质、化工、农业、交通、旅游、制药以 ...

Core Viewpoint - The upcoming full island customs closure operation in Hainan Free Trade Port is generating significant interest and investment opportunities from private enterprises, with a notable push from government policies and high-profile endorsements from industry leaders [2][3][4]. Group 1: Investment Opportunities - The official announcement of the full island customs closure operation on December 18 has attracted a wave of investors to Hainan, leading to multiple project signings and investments, including a new investment of 30 billion yuan from Datang Group [2][3]. - High-profile companies such as New Hope, Geely, and Huawei are participating in the promotional activities, indicating strong confidence in the Hainan Free Trade Port's potential [5][6]. - The event serves as a platform for investors to understand the policies and opportunities available, with detailed presentations from government officials on the customs closure policies and key projects [7][8]. Group 2: Government Support and Engagement - The promotional event was organized with high-level participation from national and provincial government officials, showcasing strong governmental support for the Hainan Free Trade Port [4]. - The focus on private enterprises reflects Hainan's commitment to fostering a favorable environment for private sector growth, as evidenced by the implementation of supportive policies for private businesses [9][10]. Group 3: Role of Private Enterprises - Private enterprises constitute 97.5% of Hainan's operational entities and contribute approximately 60% of the province's GDP and nearly 90% of employment, highlighting their critical role in the local economy [10][11]. - The event emphasizes the importance of private sector involvement in the development of the Hainan Free Trade Port, with many participating companies having established a strong presence in the region [11][12]. Group 4: Future Prospects - With less than four months until the customs closure operation, there is an expectation of continued investment enthusiasm, driven by the release of additional supportive policies and measures [13].

Core Viewpoint - The event showcased the construction achievements and development vitality of Xiong'an New Area, emphasizing its role as a national-level new area in China, coinciding with the 80th anniversary of the victory in the Anti-Japanese War and World Anti-Fascist War [1][14]. Group 1: Media Participation - A total of 41 journalists from 37 media outlets across more than 10 countries and regions participated in the visit to Xiong'an New Area [3][11]. - Journalists explored various sites including the "Xiong'an Impression" exhibition hall, Xiong'an Future City scenario innovation park, and the China Telecom Smart City Industrial Park, gaining comprehensive insights into the planning and construction of Xiong'an New Area [3][5]. Group 2: Construction Progress - The construction scene was described as bustling, with significant projects like the Xiong'an Intercity Station and the Beijing-Xiong'an Express Line station under rapid development [5][7]. - The underground space in the area includes layers for slow traffic, transportation transfer, and high-speed rail platforms, facilitating seamless transfers among various transport modes [9]. Group 3: Digital Twin City - The concept of a "Digital Twin City" was highlighted, where every building and road in Xiong'an has a corresponding digital model in the cloud, enhancing urban management through data and algorithms [11][13]. - The integration of smart technologies, such as the "Vehicle-Road-City Integration Service Platform," aims to optimize traffic management and alleviate congestion [11]. Group 4: Environmental and Technological Aspects - The development of green spaces is prioritized, with parks surrounding the city, reflecting the philosophy of "planting green first, then building the city" [13]. - The Xiong'an Future City scenario innovation park showcased advanced technologies in areas like smart agriculture, low-altitude technology applications, and artificial intelligence, indicating a strong focus on innovation and sustainable development [13].

Core Viewpoint - The company reported a stable performance in H1 2025, with revenue and net profit showing slight growth, driven by the integration of Yuefeng Environmental and improvements in cash flow management [1][4]. Financial Performance - H1 2025 revenue reached 5.763 billion yuan, a year-on-year decrease of 1.05%, while net profit was 967 million yuan, an increase of 8.99% [1]. - Q2 2025 revenue was 3.162 billion yuan, up 1.73% year-on-year and 21.60% quarter-on-quarter, with net profit of 547 million yuan, reflecting a year-on-year increase of 8.03% and a quarter-on-quarter increase of 30.17% [1]. - The company’s operating cash flow net amount was 1.221 billion yuan, a year-on-year increase of 280 million yuan, or 29.77% [4]. Business Segmentation - The solid waste treatment business generated revenue of 2.949 billion yuan, with a year-on-year decrease of 3.36%, while net profit was 724 million yuan, up 24.51% [3]. - The revenue from the waste incineration business was 2.126 billion yuan, a year-on-year increase of 17.63%, with net profit of 627 million yuan, up 13.25% [3]. - The company’s power generation volume increased by 21.10% year-on-year to 2.932 billion kWh, and the heat supply volume rose by 41.60% [2]. Cash Flow and Dividends - Free cash flow increased by 495 million yuan year-on-year to 338 million yuan, with a significant contribution from the integration of Yuefeng Environmental [4]. - The company plans to distribute a mid-term dividend of 0.25 yuan per share, totaling 204 million yuan, reflecting a payout ratio of 21.08% [4]. Future Outlook - The company maintains its earnings forecast, projecting EPS of 2.36, 2.62, and 2.77 yuan for 2025-2027 [5]. - The target price is set at 39.18 yuan, based on a PE ratio of 16.6 times for 2025, reflecting confidence in the company’s growth potential and the benefits from the acquisition of Yuefeng [5].

Group 1 - The core viewpoint emphasizes the interconnection between green transformation, technological innovation, and ESG, with green transformation being the primary investment goal and qualitative measure [1] - Investment decisions are significantly influenced by the potential for green transformation, which directly impacts investment returns and effectiveness [1] - Current asset investments are leaning towards mature technologies, while cutting-edge technologies require longer commercialization cycles and incubation scenarios [1] Group 2 - Future opportunities in the consumption-side renewable energy assets, such as photovoltaic, energy storage, and charging facilities driven by carbon-neutral parks, will become a key component of major asset management platforms [2] - China has developed a multi-trillion yuan renewable energy asset market, with consumption-side assets increasingly showcasing market-oriented and tradable characteristics due to policy openness and improved comprehensive energy utilization [2] - Renewable energy assets possess high levels of digitization and informatization, allowing integration with blockchain technology for traceable and immutable data, making them reliable income-generating assets in the Web3 domain [2]