Core Viewpoint - The Asian Infrastructure Investment Bank (AIIB) plans to provide a loan of $200 million to Morocco by the end of 2025 to support projects aimed at mitigating climate change impacts and improving ecosystems under the "Nationally Determined Contributions" (NDC) framework [1] Group 1: Loan Details - The loan from AIIB will be part of a total investment plan of $900 million for Morocco's NDC, which includes various climate resilience projects [1] - The funding will complement a commitment of $350 million from the World Bank in results-based financing (PforR) [1] - The remaining $350 million will be financed by the Moroccan government [1] Group 2: Project Focus - Projects funded by the loan will include the procurement of weather radar to enhance weather and natural disaster forecasting [1] - Establishing agricultural cooperatives to promote date palm cultivation and developing plant species that adapt to climate change to enhance ecosystem resilience [1]

Group 1: Company Announcements - China Shipbuilding Industry Company plans to terminate the listing of China Heavy Industry due to a merger, which has been approved by the China Securities Regulatory Commission [3] - *ST Suwu's stock closed at 0.99 yuan, below the 1 yuan threshold, which may lead to delisting if it remains below this price for 20 consecutive trading days [4] - Foton Motor has identified tax payment deficiencies amounting to 28.83 million yuan for the years 2022-2024, which have been settled without administrative penalties [5] - Wolong Electric Drive has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [6] - Dayuan Pump Industry reported that its liquid cooling business generated approximately 1.6 million yuan in revenue in Q1 2025, representing only 0.43% of total revenue [7] - Gansu Energy Chemical's subsidiary Jinhe Coal Mine has resumed production after passing safety inspections following a CO2 incident [8] Group 2: Financial Performance - China Telecom reported a net profit of 23.017 billion yuan for the first half of 2025, a 5.5% increase year-on-year, with total revenue of 269.422 billion yuan, up 1.3% [10] - JD Group's second-quarter revenue reached 356.7 billion yuan, reflecting a year-on-year growth of 22.4%, while net profit decreased to 6.2 billion yuan from 12.6 billion yuan in the previous year [11] - Chuanjinno achieved a net profit of 177 million yuan in the first half of 2025, marking a significant increase of 166.51% year-on-year, with total revenue of 1.744 billion yuan [12] - Darentang reported a net profit of 1.928 billion yuan for the first half of 2025, a remarkable increase of 193.08%, despite a 33.15% decline in revenue [13] - Baodi Mining's net profit fell by 40.11% to 61.592 million yuan in the first half of 2025, although revenue increased by 23.65% to 721 million yuan [14] - Bailong Oriental's net profit rose by 67.53% to 390 million yuan, with a revenue decline of 9.99% to 3.591 billion yuan [15] - Dunhuang Seed Industry reported a net profit of 54.454 million yuan, up 73.43% year-on-year, with revenue of 718 million yuan, a 21.63% increase [16] - Huarui Precision's net profit increased by 18.80% to 85.4597 million yuan, with revenue growing by 26.48% to 519 million yuan [17] - Chongqing Beer reported a net profit of 865 million yuan, a decrease of 4.03%, with revenue slightly down by 0.24% to 8.839 billion yuan [18] Group 3: Shareholding Changes - Tibet Tourism's major shareholder, Travel Investment Group, plans to reduce its stake by up to 0.97%, equivalent to 2.2 million shares, within three months [20] Group 4: Strategic Partnerships - Shanying International has signed strategic investment cooperation agreements with Yunyin Technology and Proton Technology to establish a technology company focused on providing integrated solutions for the paper and packaging industry [22][23]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The July financial data shows significant fiscal support, with 188 billion yuan in investment subsidies for equipment renewal under the 2025 ultra - long - term special treasury bonds, driving over 1 trillion yuan in total investment in various fields [1] - In July 2025, M2 balance was 329.94 trillion yuan, a year - on - year increase of 8.8%; M1 balance was 111.06 trillion yuan, a year - on - year increase of 5.6%. Net capital injection in the first seven months was 465.1 billion yuan, RMB loans increased by 12.87 trillion yuan, and deposits increased by 18.44 trillion yuan. The social financing scale stock at the end of July was 431.26 trillion yuan, a year - on - year increase of 9% [1] Summary by Directory Upstream - In the energy sector, international oil prices continued to decline; in the agricultural sector, egg and palm oil prices rebounded [2] Midstream - In the agricultural sector, the operating rate of pig products continued to rise [3] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities declined seasonally and were at a near - three - year low; in the service sector, the popularity of movies decreased and box office revenue declined [4] Industry Credit Spread Tracking - The report provides the credit spreads of various industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, showing their data from last year to this week and their quantiles [48] Key Industry Price Index Tracking - It includes price data of multiple industries such as agriculture, non - ferrous metals, energy, and chemicals, along with their year - on - year changes and trends in the past 5 days [49]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs strengthening, and the bond market is expected to have no trend - based market, so a cautious attitude is recommended [6][7]. - The long - term performance of Chinese equity assets is optimistic, and it is advisable to consider going long on stock index futures [9][10]. - The long - term bullish trend of precious metals is expected to continue, and it is recommended to consider going long on gold futures [11][12]. - For steel products such as rebar and hot - rolled coils, investors can pay attention to opportunities to buy on dips and manage positions carefully [14][15]. - For iron ore, investors can pay attention to opportunities to buy on dips and manage positions carefully [16][17]. - For coking coal and coke, investors can pay attention to opportunities to buy on dips and manage positions carefully [19][20]. - For ferroalloys, after a decline, investors can consider long - position opportunities at low levels when the spot market falls into a loss - making range again [22][23]. - For crude oil, the main contract should be put on hold for the time being [26]. - For fuel oil, the main contract should be used to narrow the spread between high - and low - sulfur fuel oils [28]. - For synthetic rubber, investors should wait for it to stabilize and then participate in the rebound [29][30]. - For natural rubber, investors should pay attention to long - position opportunities after a correction [32][33]. - PVC is expected to fluctuate at the bottom [34][36]. - Urea is expected to fluctuate in the short term and be treated bullishly in the medium term [37][38]. - PX is expected to fluctuate and adjust in the short term, and interval trading is recommended [39]. - PTA is expected to have some support below in the short term, and interval trading is recommended [40][42]. - Ethylene glycol is recommended for interval trading in the short term, and attention should be paid to port inventory and import changes [43]. - Short - fiber is expected to fluctuate with costs in the short term, and attention should be paid to cost changes and macro - policy adjustments [44]. - Bottle chips are expected to fluctuate with costs, and risk control is necessary [45]. - Soda ash is expected to have high - level adjustments in supply, and attention should be paid to controlling positions [46]. - Glass is recommended for short - selling in the short term, and attention should be paid to controlling positions [47]. - Caustic soda is expected to have a stable and narrow - range adjustment in price, and the market will gradually return to the logic of stable spot prices [48][49]. - Pulp is expected to maintain a weak and fluctuating pattern in the short term [51][52]. - Lithium carbonate trading is complex, and it is recommended that non - participants operate with a light position and control risks [53]. - For copper, investors should pay attention to long - position opportunities [55][57]. - Tin is expected to fluctuate [58]. - Nickel is expected to fluctuate [59]. - For soybean oil and soybean meal, investors should consider exiting long positions at high levels and then look for long - position opportunities at support levels [60][61]. - For palm oil, long - position holders should consider reducing positions [62][64]. - For rapeseed meal and rapeseed oil, long - position holders should consider reducing positions [65][66]. - Cotton is expected to be strong in price [67][69]. - Sugar is recommended for on - the - sidelines observation [70][71]. - Apples are recommended for on - the - sidelines observation [73][75]. - For live pigs, an inverse spread strategy is recommended [76][77]. - For eggs, a 9 - 10 inverse spread strategy is recommended [78][79]. - For corn and starch, the near - month contract of corn has support at low levels, and starch follows the corn market [80][81]. - Logs are expected to have some support for bullish sentiment in the short term [82][84]. Summaries by Related Catalogs 1. Treasury Bonds - On the previous trading day, treasury bond futures closed up across the board. The central bank conducted 118.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 20 billion yuan on the day. China's macro - economic data in July showed that M2 increased by 8.8% year - on - year, M1 increased by 5.6%, and M0 increased by 11.8%. The increase in RMB loans in the first seven months was 12.87 trillion yuan, and the increase in RMB deposits was 18.44 trillion yuan. The cumulative increase in social financing scale in the first seven months was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year [5]. - The macro - economic recovery momentum needs strengthening, and the bond market is expected to have no trend - based market, so a cautious attitude is recommended [6][7]. 2. Stock Index - On the previous trading day, stock index futures showed mixed performance. The main contract of CSI 300 Index Futures (IF) rose 1.02%, the main contract of SSE 50 Index Futures (IH) rose 0.35%, the main contract of CSI 500 Index Futures (IC) rose 1.78%, and the main contract of CSI 1000 Index Futures (IM) rose 1.77% [8]. - The long - term performance of Chinese equity assets is optimistic, and it is advisable to consider going long on stock index futures [9][10]. 3. Precious Metals - On the previous trading day, the closing price of the gold main contract was 777.72, up 0.22%, and the night - session closing price was 777.1; the closing price of the silver main contract was 9,300, up 1.23%, and the night - session closing price was 9318. The US Treasury Secretary speculated that the Fed might cut interest rates, and the global trade and financial environment is complex, which is beneficial to the allocation and hedging value of gold. The Fed is expected to cut interest rates, providing a new driving force for gold [11]. - The long - term bullish trend of precious metals is expected to continue, and it is recommended to consider going long on gold futures [11][12]. 4. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures fell slightly. The latest price of Tangshan common carbon billet was 3080 yuan/ton, the spot price of Shanghai rebar was 3240 - 3370 yuan/ton, and the price of Shanghai hot - rolled coil was 3490 - 3500 yuan/ton. Policy changes are the main factor affecting the market, and the price of finished products follows the price of coking coal. In the medium term, the price of finished products is expected to return to the logic of industrial supply and demand. The downward trend of the real estate industry and over - capacity are the core factors suppressing rebar prices. The steel industry's stable - growth policy may be a positive factor [13][14]. - Investors can pay attention to opportunities to buy on dips and manage positions carefully [14][15]. 5. Iron Ore - On the previous trading day, iron ore futures fluctuated and consolidated. The spot price of PB fines at the port was 788 yuan/ton, and the spot price of Super Special fines was 660 yuan/ton. Policy is the main factor affecting the market, and the iron ore price follows the coking coal price. The daily output of hot metal remains above 2.4 million tons, supporting the iron ore price. Although the import volume of iron ore has increased significantly since April, the import volume and domestic output in the first half of the year decreased year - on - year, and the port inventory is lower than last year. The supply - demand pattern is strong in the short term but may weaken in the medium term [16]. - Investors can pay attention to opportunities to buy on dips and manage positions carefully [16][17]. 6. Coking Coal and Coke - On the previous trading day, coking coal and coke futures回调 significantly. On Wednesday night, affected by the position - limit measures of the Dalian Commodity Exchange, the prices of coking coal and coke futures fell sharply. The policy of coal production verification has affected the supply, and some coal mines have stopped production, resulting in a month - on - month decrease in coking coal supply [18][19]. - Investors can pay attention to opportunities to buy on dips and manage positions carefully [19][20]. 7. Ferroalloys - On the previous trading day, the main contract of manganese silicon closed down 0.65% to 6074 yuan/ton, and the main contract of silicon iron closed down 1.02% to 5794 yuan/ton. The spot price of manganese silicon in Tianjin was 6000 yuan/ton, unchanged; the price of silicon iron in Inner Mongolia was 5450 yuan/ton, unchanged. The shipping volume of manganese ore from Gabon decreased, and the supply of Australian ore increased, with the port manganese ore inventory rising slightly to 4.49 million tons. The output of rebar by sample building material steel mills increased slightly, and the output of ferroalloys continued to rise, but the demand recovery was weak, and the supply was still high. The high inventory of warrants exerts pressure on the spot and futures markets [21]. - After a decline, investors can consider long - position opportunities at low levels when the spot market falls into a loss - making range again [22][23]. 8. Crude Oil - On the previous trading day, INE crude oil oscillated downward, hitting a new low in recent days. The CFTC data showed that speculators reduced their net long positions in US crude oil futures and options. The Baker Hughes report showed that the total number of US oil and gas rigs decreased by 1. The IEA monthly report raised the global oil supply growth forecast and lowered the global oil demand growth forecast, and it is expected that there will be a record - high oil supply surplus next year [24]. - The market focus has shifted to the US - Russia talks, and geopolitical risks have eased. The IEA monthly report is negative for crude oil prices. The main contract of crude oil should be put on hold for the time being [25][26]. 9. Fuel Oil - On the previous trading day, fuel oil oscillated downward, and its trend remained weak. The downstream demand in the Asian fuel oil market continued to be weak, and the expected increase in Western arbitrage inflows pressured the low - sulfur fuel oil market. The supply of high - sulfur fuel oil in Asia was sufficient, and the power plant demand decreased. In the Singapore spot market, the trading was difficult to conclude due to the large gap between buyers' and sellers' quotes [27]. - The main contract of fuel oil should be used to narrow the spread between high - and low - sulfur fuel oils [28]. 10. Synthetic Rubber - On the previous trading day, the main contract of synthetic rubber closed down 0.13%. The mainstream price in Shandong remained stable at 11850 yuan/ton, and the basis was stable. The supply decreased due to increased losses, the macro - sentiment was positive, and the market stabilized. The price of butadiene oscillated, and the processing of synthetic rubber was in a loss. The weekly capacity utilization rate of China's high - cis butadiene rubber industry fell to around 68%. The production of some unexpectedly shut - down enterprises resumed, driving a slight increase in the overall capacity utilization rate. The manufacturer's inventory decreased month - on - month, and the trader's inventory increased month - on - month [29]. - Investors should wait for it to stabilize and then participate in the rebound [29][30]. 11. Natural Rubber - On the previous trading day, the main contract of natural rubber rose 0.13%, and the main contract of 20 - grade rubber fell 0.08%. The Shanghai spot price remained stable at around 14400 yuan/ton, and the basis was stable. The macro - market sentiment improved, and there were continued disturbances on the supply side, with the market stabilizing and rising. Heavy rainfall in domestic and foreign production areas affected rubber tapping, and the raw material purchase price continued to rise, strengthening the upstream cost support. The production of some unexpectedly shut - down enterprises resumed, driving a slight increase in the overall capacity utilization rate. The natural rubber inventory in China decreased this week, with both dark and light rubber inventories falling. It is estimated that Thailand's rubber production will increase by 2% to 4.89 million tons in 2025 [31][32]. - Investors should pay attention to long - position opportunities after a correction [32][33]. 12. PVC - On the previous trading day, the main contract of PVC closed down 0.38%, the spot price decreased by 10 - 20 yuan/ton, and the basis was stable. The oversupply situation of PVC continued, but the room for further decline was limited, and it continued to fluctuate at the bottom. The number of domestic PVC enterprises under maintenance decreased week - on - week, and the supply increased. The operating rates of the main downstream pipe and profile industries continued to decline, and the operating rates of other products were relatively stable. The cost and profit were mainly affected by raw materials. Currently, the raw material price fell, while the PVC price rose slightly, and the PVC profit improved. The social inventory of PVC increased by 7.49% week - on - week to 7.763 million tons, a year - on - year decrease of 17.52% [34][35]. - PVC is expected to fluctuate at the bottom [34][36]. 13. Urea - On the previous trading day, the main contract of urea closed flat. The price in Linyi, Shandong remained stable at 1720 yuan/ton, and the basis was stable. In the short term, the fundamentals changed little, and the market oscillated. In the medium term, a bullish view was maintained. The supply side saw a slight decline in the overall industry operating rate, but the supply remained at a high level. The main downstream compound fertilizer for autumn was in the production season, and the operating rate increased steadily. The operating rate of melamine decreased slightly. The total inventory of Chinese urea enterprises was 887,600 tons, lower than expected last week, and the inventory of urea ports was 483,000 tons, higher than expected last week [37][38]. - Urea is expected to fluctuate in the short term and be treated bullishly in the medium term [37][38]. 14. PX - On the previous trading day, the main contract of PX2509 fell 0.35%. The PXN spread was adjusted to 260 US dollars/ton, and the PX - MX spread was 120 US dollars/ton. The PX operating rate rose slightly to 82%, a month - on - month increase of 0.9%. Some refineries increased their loads or restarted. In June, the total import volume of PX in the Chinese mainland was about 765,000 tons, a month - on - month decrease of about 1% and a year - on - year increase of about 34.4%. The international oil price oscillated weakly [39]. - PX is expected to fluctuate and adjust in the short term, and interval trading is recommended [39]. 15. PTA - On the previous trading day, the main contract of PTA2509 fell 0.55%. The spot price in East China was 4695 yuan/ton, and the basis rate was 0.06%. Some PTA plants restarted or reduced their loads, with the PTA operating rate at 76.2%. The operating rate of polyester increased to 88.8%. The profit of PTA processing improved slightly to around 200 yuan/ton [40]. - PTA is expected to have some support below in the short term, and interval trading is recommended [40][42]. 16. Ethylene Glycol - On the previous trading day, the main contract of ethylene glycol fell 0.47%. The overall operating rate of ethylene glycol was 68.40%, a month - on - month decrease of 0.6%. The operating rate of ethylene glycol produced by the oxalic acid catalytic hydrogenation method increased by 0.14%. The inventory at the main ports in East China was about 553,000 tons, a month - on - month increase of 37,000 tons. The planned arrival volume at the main ports from August 11 to August 17 was about 141,000 tons. The downstream polyester operating rate was adjusted to 88.8%, and the operating rate of terminal looms was adjusted locally [43]. - Ethylene glycol is recommended for interval trading in the short term, and attention should be paid to port inventory and import changes [43]. 17. Short - Fiber - On the previous trading day, the main contract of short - fiber 2510 fell 0.22%. The operating rate of short - fiber plants rose to around 90.6%. The sales of polyester yarn improved, and the operating rates of downstream drawing, weaving, and dyeing in Jiangsu and Zhejiang were 70%, 59%, and 65% respectively. The raw material inventory of terminal factories in Jiangsu and

1. Report Industry Investment Ratings No investment ratings for the entire industry are provided in the reports. 2. Core Views of the Report - Overseas, the possibility of the Fed cutting interest rates has led to a weaker US dollar and rising global risk appetite. Domestically, economic growth slowed in July, but policies may boost consumption, and the extension of the tariff truce period has reduced short - term tariff uncertainties, with different asset classes showing various trends [2]. - Different sectors in the market have different outlooks. For example, the stock market may be strong in the short - term, precious metals are supported at high levels, the black metal market is expected to be volatile, the non - ferrous and new energy sectors are showing weakness, the energy and chemical sector is facing downward pressure, and the agricultural products market has various influencing factors [2][4][5]. 3. Summary by Relevant Catalogs Macro - finance - Overseas: US Treasury Secretary indicated a possible 50 - basis - point rate cut by the Fed, and multiple Fed officials' dovish stances led to a decline in the US dollar index and rising global risk appetite. - Domestic: China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, with economic growth slowing. Trade deficit decreased, and net exports' contribution to the economy weakened. Policies may boost consumption, and the extension of the tariff truce period reduced short - term tariff uncertainties. Asset trends: stocks may be strong in the short - term, bonds may oscillate and correct, and different commodity sectors have different trends [2]. Stock Index - Driven by sectors like armament restructuring, industrial metals, and components, the domestic stock market continued to rise. The market's trading logic focuses on domestic stimulus policies and trade negotiation progress, with short - term upward macro - drivers strengthening. Short - term cautious long - position is recommended [3]. Precious Metals - Gold and silver prices showed different trends on Wednesday. Moderate inflation data in the US strengthened the expectation of a September rate cut, pushing up the expectation of a loose environment. The weakening US dollar and lower 10 - year Treasury yields supported precious metals at high levels. Gold has a long - term bullish outlook, and long - term positions can be considered when it retraces to support levels [4]. Black Metals - **Steel**: The domestic steel futures and spot markets weakened on Wednesday. Japan's anti - dumping investigation on steel from South Korea and China dampened market sentiment. Demand continued to weaken, inventories increased, and production decreased. A range - bound trading strategy is recommended in the short - term [5]. - **Iron Ore**: Futures and spot prices of iron ore weakened slightly. With the expansion of production restrictions in the north, iron ore supply decreased, but port inventories increased, and prices may weaken in the short - term [5]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat, and futures prices weakened slightly. Demand for ferroalloys decreased due to a decline in steel production. Silicon manganese prices were stable, and manganese ore prices were firm. A range - bound trading strategy is recommended [6][7]. Non - ferrous and New Energy - **Copper**: US inflation data met expectations overall. The expectation of a rate cut increased, but the probability of a 50 - basis - point cut is low. Copper inventories are at a high level, and terminal demand may weaken [8]. - **Aluminum**: Aluminum prices rose slightly on Wednesday. However, its fundamentals weakened, with domestic and LME inventories increasing. The medium - term upside is limited [8]. - **Aluminum Alloy**: Scrap aluminum supply is tight, increasing production costs and causing losses for some enterprises. It is in the off - season, with weak demand. Prices are expected to be range - bound and slightly strong in the short - term [8]. - **Tin**: Supply - side开工率 increased slightly, and the mining end may become looser. Demand is weak, and prices are expected to oscillate in the short - term, with limited upside [9]. - **Lithium Carbonate**: Prices fluctuated sharply on Wednesday. Spot prices increased, and the supply shortage due to mine shutdowns supported prices. Long - term bullish outlook, but pay attention to the progress of mine type changes [10][11]. - **Industrial Silicon**: Prices fell on Wednesday. Pay attention to the influence of coking coal and polysilicon, and the cash - flow cost support [11]. - **Polysilicon**: Prices fell on Wednesday. The number of warehouse receipts increased, indicating stronger hedging and delivery intentions. It is expected to oscillate at a high level in the short - term [12]. Energy and Chemical - **Crude Oil**: US crude oil inventories increased more than expected, and the IEA warned of a record supply surplus next year, causing oil prices to decline. Pay attention to the impact of the meeting on promoting a cease - fire in Ukraine [13][14]. - **Asphalt**: Crude oil costs were low and oscillating, and asphalt prices followed with limited weakness. Inventory removal was slow, and it may continue to be weak and oscillating [14]. - **PX**: PX prices oscillated narrowly. PTA device production cuts and low processing fees limited the recovery, and it will oscillate in the short - term [14]. - **PTA**: PTA prices declined slightly. Profit recovery was limited, and demand growth was restricted. Supply pressure decreased, and it is expected to be range - bound in August [15]. - **Ethylene Glycol**: Prices fell. Inventory pressure was relieved to a limited extent, and supply may increase. It is expected to oscillate in the short - term, with limited upside and a risk of a slight decline [15][16]. - **Short - fiber**: Prices fell due to sector resonance. Terminal orders were average, and inventory accumulated. It is recommended to short on rallies in the medium - term [16]. - **Methanol**: Prices oscillated narrowly. Supply and demand contradictions were not prominent, but there were regional differences. It is expected to oscillate, and the spread between contracts is expected to narrow [17]. - **PP**: Spot prices oscillated narrowly. Supply was abundant, and demand was in the off - season. It is expected to be weak, and attention should be paid to oil price fluctuations [18]. - **LLDPE**: Prices rose. Supply pressure remained, and demand showed signs of improvement. It is expected to oscillate weakly in the short - term [19]. Agricultural Products - **US Soybeans**: CBOT soybean prices rose overnight. The USDA's unexpected reduction in the planting area supported the market. Attention should be paid to US soybean exports and Sino - US soybean trade relations [19]. - **Soybean and Rapeseed Meal**: High domestic inventories of soybeans, soybean meal, rapeseed oil, and rapeseed meal. If there are no major weather risks in South America, there is no stable market foundation in the medium - term. If China continues to purchase US soybeans or Canada's rapeseed products enter the market, prices may face downward pressure [20]. - **Soybean, Rapeseed, and Palm Oil**: Rapeseed oil inventory is high and difficult to reduce, and supply is expected to shrink. Soybean oil's cost is stable, and its supply - demand situation will improve in the fourth quarter. Palm oil prices are expected to be strong. Domestic rapeseed oil was affected by policies, and related oils have limited short - term upside. Attention should be paid to soybean oil's catch - up rally and the buy - soybean - sell - palm oil arbitrage [20]. - **Corn**: Northeast corn prices are weak, with inactive trading. Supply is expected to be sufficient in late August, and the corn futures market is weak [21][22]. - **Hogs**: After continuous price drops, farmers are reluctant to sell at low prices. Supply pressure may ease, and pig prices may stabilize [22].

金融赋能乡村振兴的力度同步升级。兴业银行、中国银行、建设银行、福建省农信联社及"惠闽宝"代表共同发布 《金融助农行动书》，承诺绿色金融守护绿水青山、以数字科技激活乡村动能、以链式服务助力小农户融入大产 业。 此外，为引导女性掌握数字"新农具"、推动女性创业就业，福建省妇联联合福建省委网信办、省人社厅、省农业 农村厅等单位启动"村村都有女主播"电商人才培育行动。该行动面向女性农民、返乡女大学生等群体，形成"村有 主播、县有'头雁'、市有联盟"的组织网络，推动更多巾帼"新农人"成长为乡村振兴的"兴农人"。 活动期间，网络主播与媒体代表还将实地参访闽江源生态旅游区（金铙山）、高峰香溪花谷、修竹荷苑、源庄文 旅项目等地，通过直播推介文旅亮点，让网友在青山绿水与红色记忆中，感受建宁"生态+红色+文化"的多元魅 力。 据悉，"福农优品·我在家乡等你来"网络直播活动自2023年5月起已连续举办两届。两年来，众多主播与媒体代表 深入福建金牌旅游村、一村一品示范地，通过云端直播将八闽山水物产推向全国，生动展现乡村振兴的丰硕成 果。 启动仪式现场（央广网发 陈钰珍 摄） 启动仪式上，由福建省委网信办牵头，福建省农业农村厅、省文旅 ...

Core Viewpoint - Spain is diverging from the Western political trend by welcoming immigrants, with new regulations easing residency and work permit conditions, potentially granting citizenship to over 1 million people [1][2]. Group 1: Immigration Trends - Between 2021 and 2023, nearly 3 million immigrants from outside the EU entered Spain, driven by the country's labor needs and low birth rate of 1.4, which is significantly below the replacement level of 2.1 [2]. - Spain's economy, bolstered by tourism, ranks fourth in the EU, creating demand for low to mid-level jobs that many locals are unwilling to fill [2]. Group 2: Public Sentiment and Historical Context - Spain has a history of being a major emigration country, which contributes to its current high level of tolerance towards immigrants. A 2019 Pew Research Center survey indicated that Spain has the most positive attitude towards immigration among European countries [3]. - The fragmented national identity in Spain, with strong regional nationalisms, makes it difficult for right-wing politicians to rally anti-immigrant sentiments, contrasting with the situation in countries like France [3]. Group 3: Government Policies and Economic Impact - Prime Minister Pedro Sánchez's pragmatic approach prioritizes immigration from Latin America, allowing applicants to seek citizenship after just two years, which facilitates integration due to shared language and culture [4]. - The Spanish government has strategically addressed labor shortages in sectors like technology, hospitality, agriculture, and elder care by issuing work permits to international students [5]. - The Spanish economy has shown resilience, achieving a growth rate of 3.2% post-pandemic, while other major European economies faced contraction, reinforcing the argument for the economic benefits of immigration [5]. Group 4: Ethical Considerations and Future Outlook - Sánchez emphasizes the moral responsibility of Spain to create a welcoming society, reflecting on the historical journeys of previous generations who emigrated [6]. - Despite some rising concerns among Spaniards regarding immigration, the current policies demonstrate that generous immigration strategies can be a resource for growth and revitalization rather than a threat [6].

肯蒂斯还注意到，中国已成为全球可再生能源领域的领跑者，也是全球可再生能源快速大规模增长的主 要驱动力。在她看来，中国对海上风电等绿色能源基础设施的大规模投资，不仅有效减少了碳排放，还 创造了大量就业机会，让可再生能源积极助力经济增长。在良好的政策和完备的基础设施有力支持下， 中国的新能源汽车产业迅速发展。"借鉴中国绿色转型的经验，肯尼亚可以进一步扩大在可再生能源领 域的优势，加大对绿色初创企业的投资，争取成为区域可持续创新和增强气候韧性的中心。"肯蒂斯 说。 "中国持续践行'绿水青山就是金山银山'理念，将生态保护转化为发展优势，走出了一条新的发展路 径。通过政策引导、绿色投资与公众参与的协同推进，中国的成功经验展现了经济发展与生态保护的协 调统一。"肯尼亚公共服务、人力资本发展与特别项目部助理主任肯蒂斯·哈瓦伊·利加米日前接受本报记 者采访时表示，"'两山'理念正推动中国成为可持续发展的全球典范"。 今年4月，肯蒂斯参加了由中国商务部主办、国家林业和草原局管理干部学院承办的"一带一路"国家气 候变化与可持续发展研修班，并到山东省东营市调研。她表示，此次中国之行收获满满，"孤岛万亩槐 树林的种植将昔日盐碱荒滩变 ...

Core Insights - The "Anji County Ecological Civilization Standardization White Paper (2005-2025)" is the first of its kind at the county level in China, aiming to standardize ecological civilization practices and promote sustainable development [1][2] Group 1: Standardization and Implementation - The white paper outlines a systematic approach to standardizing ecological practices, focusing on areas such as bamboo carbon trading, beautiful countryside construction, and the realization of ecological product value [1][2] - It proposes a standardization path of "standard formulation - pilot demonstration - nationwide promotion" to provide a quantifiable and replicable operational guide for rural ecological revitalization across the country [2] Group 2: Economic and Social Impact - Anji County has seen significant economic benefits from ecological standardization, with tourism expected to exceed 34.02 million visitors and generate over 47.56 billion yuan in revenue in 2024, while per capita disposable income for farmers has increased to over 48,000 yuan, approximately six times higher than in 2005 [2] - Innovative models such as bamboo carbon trading and soil and water conservation resource rights auctions have generated over 200 million yuan in ecological product transactions, benefiting more than 50,000 farmers and creating a virtuous cycle of "ecological restoration - industrial upgrading - common prosperity" [2] Group 3: Future Directions - The Anji County Market Supervision Bureau aims to integrate ecological civilization with rural revitalization, enhancing standards in urban-rural infrastructure, public services, and green consumption to promote shared ecological benefits [3]

距离中美贸易战关键"停火协议"到期仅剩最后一天时，特朗普再次展现其标志性的施压战术，他不仅公开喊话要求中国"加倍速购"美国大豆，更祭出新招 ——对本国芯片巨头英伟达等企业征收高达15%的"出口特权费"。 不过如今，这场由美方单方面挑起的贸易博弈，正以意想不到的方式反噬其身。 特朗普对华强索农产品之举绝非一时兴起，其背后是美国农业州的政治压力与滞销大豆堆积如山的现实窘境。 特朗普的核心票仓深植于农业州和大豆种植带，但贸易战直接导致美国大豆对华出口从2017年的3250万吨高峰腰斩。 美国农业部2023年报告显示大豆库存消费比已逼近历史高位，豆农仓库难以消化积压库存。 而面对困局，中国早已未雨绸缪实现进口多元化，南美国家迅速填补空缺，巴西更在2023年超越美国成为中国最大大豆供应国。 更具讽刺意味的是，特朗普的贸易大棒这次竟转向了自家高科技产业。 近期被曝光的政策要求英伟达等芯片企业在向中国出口高端人工智能芯片时，向美国政府额外支付高达销售额15%的"出口协调费"，这种针对本土企业 的"收割"在全球贸易史上实属罕见。 从商业逻辑看，英伟达等企业支付高额费用实属无奈，中国占英伟达数据中心芯片收入的五分之一以上，是其 ...