Group 1 - The 2025 China International Service Trade Fair will be held from September 10 to 14 at Shougang Park, focusing on environmental services as a core topic [1] - The environmental services exhibition will showcase cutting-edge achievements in three main areas: new energy and low-carbon services, ecological environment services, and green low-carbon digital technologies [1] - The exhibition area will cover 6,600 square meters, with over 50 companies participating, including 16 Fortune 500 and industry-leading enterprises [1] Group 2 - The "Urban Operation Guarantee Industry Enterprise Cluster," led by the Municipal Urban Management Committee, focuses on refined urban management, smart upgrades, and sustainable development [2] - This cluster will present smart solutions in urban lighting, smart pipelines, clean energy, and ecological sanitation, highlighting Beijing's commitment to urban governance and development [2] - The water technology cluster, organized by the Municipal Water Authority, will showcase innovations in smart water management, including an integrated perception system and AI applications in water services [2] Group 3 - Major companies such as PetroChina, Sinopec, CNOOC, and Beijing Energy Group will participate in the trade fair, focusing on green energy, circular economy, and new materials [3]

21世纪经济报道记者周潇枭 北京报道 超万亿元存量PPP项目迎来了政策的明确支持。 2014年以来，在中央政策支持下，社会资本参与基础设施和公共服务的PPP模式推广到交通、能源、环 保、水务、片区开发等多个领域，有力地推动了我国基础设施建设和城镇化的进程。财政部数据显示， 截至2020年1月末，全国政府和社会资本合作（PPP）综合信息平台管理库累计入库项目9459个，投资 额14.4万亿元；累计落地项目6410个，投资额10万亿元。 有承接PPP项目咨询业务的人士对21世纪经济报道记者表示，自2023年以来，PPP项目遭遇监管政策调 整和地方财力收缩等冲击，主要表现为部分地方无力支付PPP合同应付款，或者以各种理由拖欠付款。 这使得涉足PPP业务的相关企业和金融机构出现现金流短缺、应收账款高企，或者债务违约的困境之 中。 需要指出的是，今年积极财政政策很重要的方向之一，就是支持地方化解存量债务，其中有部分用于存 量PPP项目的建设。 按照中央的规定，从2024年开始，连续五年每年从新增地方专项债中安排8000亿元，补充政府性基金财 力，专门用于化债。部分地方披露了更详细的资金用途，显示部分化债资金用于存量PP ...

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交9787.34万元，其中，买入成交额为 3924.60万元，卖出成交额为5862.74万元，合计净卖出1938.15万元。 具体来看，今日上榜营业部中，第一大买入营业部为华鑫证券有限责任公司深圳益田路证券营业部，买 入金额为1142.43万元，第一大卖出营业部为中信证券股份有限公司杭州凤起路证券营业部，卖出金额 为1696.81万元。 资金流向方面，今日该股主力资金净流入3693.61万元，其中，特大单净流入3581.10万元，大单资金净 流入112.51万元。近5日主力资金净流入3625.69万元。 世茂能源(605028)今日涨停，全天换手率8.96%，成交额3.33亿元，振幅15.52%。龙虎榜数据显示，营 业部席位合计净卖出1938.15万元。 上交所公开信息显示，当日该股因日振幅值达15.52%上榜，营业部席位合计净卖出1938.15万元。 4月26日公司发布的一季报数据显示，一季度公司共实现营业收入7727.25万元，同比下降16.14%，实现 净利润3342.38万元，同比下降3.42%。（数据宝） 世茂能源8月20日交易公开信息 | 买/ ...

2025年上半年，公司充分发挥四大产业协同发展的优势，积极抢抓国家新型电力系统建设及国际市场需 求增长等重大战略机遇，通过实施精益管理，大力对各类经营业务实施存量调优和增量引领，克服了多 晶硅价格和煤炭价格下行等不利影响，实现了整体稳健发展。随着国家及行业内卷治理工作的加速推 进，公司发展的外部环境将更趋有利。公司坚持输变电高端装备制造、新能源、新材料和能源四大产业 协同发展战略定力，大力开拓国内外市场，全面深化创新、提质、降本、增效等关键措施，着力打造更 为强劲的内在竞争力。同时，公司加快推动20亿Nm3/年煤制气等重大项目建设，构建未来增长极，持 续提升公司盈利能力。 格隆汇8月20日丨特变电工(600089.SH)公布半年度业绩快报，2025年上半年，公司实现营业总收入 484.01亿元，同比增长1.12%；实现利润总额44.23亿元，同比增长15.62%；实现归属于上市公司股东的 净利润31.84亿元，同比增长5.00%。截至2025年6月30日，公司总资产2,207.99亿元,较期初增长6.17%； 归属于上市公司股东的所有者权益717.88亿元，较期初增长6.35%。 ...

Group 1 - The core viewpoint of the article revolves around the contrasting U.S. strategies towards China and India, highlighting a tactical delay in tariffs against China while imposing significant tariffs on India [1][26][50] - The U.S. has postponed the implementation of a 24% tariff on China for 90 days, from August 12 to November 10, to avoid increasing import costs and inflation during the upcoming holiday shopping season [3][5][12] - The U.S. recognizes the substantial economic ties with China, understanding that a full-blown conflict would primarily harm its own retail and manufacturing sectors [5][33] Group 2 - Senator Rubio's comments indicate that simultaneous punitive measures against China, Europe, and India could disrupt global energy markets and lead to rising oil prices, ultimately affecting U.S. domestic prices [7][31] - The market reacted positively to the news of the tariff postponement, with international oil prices falling, as investors feared a potential disruption in energy supply if China were included in secondary sanctions [10][28] - The U.S. decision to delay tariffs on China is seen as a pragmatic approach to stabilize energy markets and avoid exacerbating inflation, while keeping the option of tariffs available for future geopolitical negotiations [12][40] Group 3 - In stark contrast, the U.S. has increased tariffs on India from 25% to a total of 50%, directly targeting Indian exports due to its continued import of Russian oil [14][20] - The U.S. accuses India of helping Russia circumvent sanctions by purchasing oil at low prices, which raises questions about the timing of this aggressive stance [16][18] - India's strong response to the U.S. tariffs, labeling them as "unfair, unjust, and unreasonable," indicates a potential strain in U.S.-India relations, which could lead to a reevaluation of India's foreign partnerships [20][22] Group 4 - The U.S. strategy appears to be a calculated move to apply pressure on India while maintaining a more lenient approach towards China, reflecting a differentiated strategy based on perceived risks and benefits [26][39] - The implications of the U.S. tariffs on India could lead to significant impacts on key export sectors such as textiles, jewelry, and machinery, potentially resulting in a loss of market share for Indian companies [20][24] - The U.S. aims to use India as a model to demonstrate the consequences of continued Russian oil purchases, but this could backfire by pushing India closer to Russia and China [37][39] Group 5 - The article emphasizes the importance of energy prices in U.S. decision-making, as rising oil prices could reignite inflation and negatively impact the domestic economy [28][31] - The U.S. is cautious about its actions towards Russia, balancing the need to maintain pressure while avoiding disruptions in the oil and gas markets [31][33] - The differing approaches towards China and India highlight the complexities of U.S. foreign policy, which must navigate both economic interests and geopolitical dynamics [51][53]

（文章来源：每日经济新闻） *ST东通（SZ 300379，收盘价：5.4元）8月20日晚间发布公告称，公司第五届第二十六次董事会会议于 2025年8月20日在公司会议室以现场与通讯相结合的方式召开。会议审议了《关于使用部分闲置募集资 金暂时补充流动资金的议案》等文件。 2024年1至12月份，*ST东通的营业收入构成为：电信占比38.1%，政府占比18.72%，金融占比14.77%， 其他行业占比9.67%，能源占比9.22%，军工占比7.5%。 ...

Core Viewpoint - Indian Prime Minister Modi vows to continue promoting the "Make in India" initiative and emphasizes protecting farmers' interests, positioning himself as a "wall" against external pressures [1][14]. Group 1: Trade Relations and Responses - Modi's statements are perceived as a response to Trump's punitive tariffs on Indian goods, which have reached 50%, marking a rare extreme in global trade history [3]. - The tariffs have triggered a global chain reaction, with India leading a coalition of 11 emerging economies, including Brazil and South Africa, to reach a consensus on trade strategies [3][21]. - The consensus includes establishing local currency settlement channels, sharing energy supply chains, and coordinating retaliatory tariff measures, collectively representing 22% of global GDP [21]. Group 2: Economic Impact - Following the imposition of tariffs, the Indian rupee depreciated significantly, foreign capital fled, and GDP growth forecasts were adjusted downwards by 1 percentage point [18]. - Modi's counteractions included canceling defense procurement from the U.S. and exploring transactions in yuan for oil purchases from Russia, potentially undermining the dollar's dominance in oil trade [19]. Group 3: Diplomatic Engagements - Modi plans to visit China for the Shanghai Cooperation Organization summit, marking his first official visit in seven years, and will also host Putin in New Delhi [23]. - The timing of these diplomatic engagements coincides with a period of reduced U.S. sanctions pressure, providing an opportunity for India and China to align their positions on shared challenges such as energy security and de-dollarization [25].

Core Viewpoint - The impact of U.S. tariff policies on Japanese exports is becoming increasingly evident, with significant declines in both exports and imports reported for July 2023 [2][4][6]. Trade Data Summary - Japan's exports in July fell by 2.6% year-on-year, marking the largest decline in over four years and exceeding economists' expectations of a 2.1% drop [4]. - Imports decreased by 7.5%, which was less than the anticipated 10.4% decline [4]. - Japan recorded a trade deficit of 117.5 billion yen (approximately 795.5 million USD), contrasting with the expected surplus of 196.2 billion yen [4]. - Key export declines included automobiles (down 11.4%), steel (down 21%), and auto parts (down 12.1%) [4]. - Notably, exports to the U.S. decreased by 10.1%, with automotive exports dropping significantly by 28.4% and auto parts by 17.4% [4][6]. Stock Market Reaction - Following the trade data release, the Japanese stock market experienced a decline, with the Nikkei 225 index dropping over 1.5% [5]. - Analysts predict that the Nikkei 225 index, which has risen over 9% year-to-date, may retreat to around 42,000 points by the end of the year [5]. Economic Impact - The U.S. tariff policy has led to a continuous decline in Japanese exports to the U.S. for three consecutive months, with the decline in automotive exports particularly pronounced [6]. - The automotive industry, a core sector of the Japanese economy, is expected to face broader negative impacts due to reduced exports, affecting related industries and regional economies [6]. - Preliminary statistics indicate that Japan's GDP grew by 0.3% quarter-on-quarter and 1.0% year-on-year in Q2 2023, but concerns remain regarding the potential negative effects of U.S. tariffs [6]. Economic Forecast - A survey of economists suggests that Japan's economy may enter negative growth in Q3 2023, with an expected GDP decline of 0.1% quarter-on-quarter, translating to an annualized drop of 0.6% [7]. - Despite the negative outlook, a recent trade agreement between the U.S. and Japan, which includes a 15% tariff rate and a commitment for Japan to invest 550 billion USD in the U.S., was announced by President Trump [7].

Core Viewpoint - The impact of U.S. tariff policies on Japanese exports is becoming increasingly evident, with significant declines in both exports and imports reported for July [1][3][5]. Trade Data Summary - In July, Japan's exports fell by 2.6% year-on-year, marking the largest decline in over four years and exceeding economists' expectations of a 2.1% drop [3]. - Imports decreased by 7.5%, which was less than the anticipated 10.4% decline, resulting in a trade deficit of 117.5 billion yen (approximately $795.5 million) instead of a forecasted surplus [3]. - Key export declines included automobiles (down 11.4%), steel (down 21%), and auto parts (down 12.1%) [3]. - Exports to the U.S. decreased by 10.1%, with automotive exports dropping significantly by 28.4% and auto parts by 17.4% [3][5]. - Japan's trade surplus with the U.S. fell by 23.9% to 585.1 billion yen, continuing a three-month decline [3]. Stock Market Reaction - Following the trade data release, the Japanese stock market saw a decline, with the Nikkei 225 index dropping over 1.5% [4]. - Analysts predict that the Nikkei 225 index, which has risen over 9% this year, may retreat to around 42,000 points by the end of December [4]. Economic Impact - The U.S. tariff policy has led to a continuous decline in Japanese exports to the U.S. for three consecutive months, with the rate of decline increasing [5]. - The automotive sector, a core industry for Japan, has been significantly affected, with a reported 26.7% year-on-year decrease in automobile exports to the U.S. in June [5]. - The Japanese Cabinet Office reported a 0.3% quarter-on-quarter growth in GDP for Q2, with a year-on-year growth of 1.0%, but cautioned about the potential negative impact of U.S. tariffs on future economic performance [5]. Economic Forecast - A survey of ten private economists indicated that six expect Japan's economy to enter negative growth in Q3, with an anticipated 0.1% decline in actual GDP quarter-on-quarter, translating to an annualized decrease of 0.6% [6]. - A recent trade agreement announced by U.S. President Trump may provide some relief, with Japan committing to invest $550 billion in the U.S., which is expected to create numerous jobs [6].

Core Viewpoint - The impact of US tariff policies on Japanese exports is becoming evident, with significant declines in trade figures and potential negative effects on the Japanese economy [1][7]. Trade Data Summary - In July, Japan's exports fell by 2.6%, exceeding expectations and marking the largest drop in over four years. Exports to the US decreased by 10.1%, with substantial declines in automotive and parts exports [2][5]. - Japan recorded a trade deficit of 117.5 billion yen (approximately 795.5 million USD) in July, contrasting with a forecasted surplus of 196.2 billion yen. This was driven by a 11.4% drop in automotive exports and a 21% decrease in steel exports [5][6]. - Imports also saw a decline, with a 7.5% drop in July, which was less than the anticipated 10.4% decrease. Key import reductions included crude oil (down 18%) and coal (down 28.5%) [5]. Stock Market Reaction - Following the release of trade data, the Japanese stock market experienced a decline, with the Nikkei 225 index dropping over 1.5%. Analysts predict a potential retreat of the index from recent highs, largely dependent on the fragile US-Japan trade agreement [6][2]. Economic Impact - The automotive sector, a crucial part of Japan's economy, is facing significant challenges due to reduced exports, which could negatively impact overall economic growth. The Japanese Cabinet Office reported a 0.3% quarter-on-quarter GDP growth for Q2, with a year-on-year increase of 1.0% [9]. - Economic forecasts suggest that Japan's economy may enter negative growth in Q3, with a projected GDP decline of 0.1% quarter-on-quarter, influenced by the ongoing effects of US tariff policies [9]. Tariff Policy Effects - The US tariff policy has led to a continuous decline in Japanese exports to the US, particularly in the automotive sector, where exports fell by 26.7% in June. The tariff rate on Japanese cars was raised from 2.5% to 27.5% [8][9]. - The Kyushu region experienced the most significant declines in automotive exports, with a staggering 67.8% drop in volume and a 76.3% decrease in value [8].