Group 1 - The International Court of Justice (ICJ) issued an advisory opinion stating that countries may violate international law if they do not actively address climate change, potentially leading to legal consequences [1] - The advisory opinion emphasizes that a clean, healthy, and sustainable environment should be considered a fundamental human right, and countries have a legal obligation to curb greenhouse gas emissions and protect environmental systems [1] - The ICJ's president highlighted that the current climate crisis threatens the survival of the planet and all life, and failure to take appropriate action could result in legal responsibilities, such as ceasing harmful practices and compensating for negative impacts [1] Group 2 - The advisory opinion could serve as a basis for accountability among nations and may influence the agenda of the upcoming COP30 climate change conference [1] - The opinion was released amid efforts by the U.S. government to weaken environmental regulations, which could hinder future climate change initiatives [2] - The Pacific island nation of Vanuatu initiated a global response to climate change, gaining support from over 130 countries, leading to the UN General Assembly's request for the ICJ's advisory opinion [2]

Group 1 - The French industry is expected to experience a significant slowdown in greenhouse gas emission reduction this year, with a 0.2% increase in emissions in the first quarter compared to the previous year, reaching 104.2 million tons of CO2 equivalent [1][2] - The construction sector is identified as the main driver of the increase in emissions, with a 5.2% rise, equivalent to an additional 1 million tons of CO2 equivalent [1] - The energy sector also saw a slight increase in emissions of 0.5%, primarily due to increased consumption related to urban heating [1] Group 2 - Despite the increase in emissions in the first quarter, the total emissions for the year are projected to decrease by approximately 0.8% compared to 2024, reaching 366 million tons of CO2 equivalent [2] - The French government’s low-carbon strategy requires an average annual reduction of 5% in greenhouse gas emissions from 2024 to 2030 to achieve a 50% reduction from 1990 levels by 2030 [2] - The Minister for Ecological Transition has called for a "collective re-mobilization" to intensify emission reduction efforts in sectors such as construction and transportation [2]

Core Points - The US-Japan trade agreement includes Japan's commitment to invest $550 billion in the US and a $8 billion purchase plan for US agricultural products [1][2] - The agreement establishes a unified 15% tariff on Japanese goods, including automobiles, which is lower than the previously threatened 25% tariff [2][4] Investment Commitment - Japan will create a $550 billion investment fund aimed at revitalizing and expanding core US industries, expected to generate hundreds of thousands of jobs [3] - The fund will focus on strategic sectors such as energy infrastructure, semiconductor manufacturing, critical mineral processing, pharmaceuticals, and defense shipbuilding [3] Tariff Framework - A unified 15% tariff will be applied to Japanese imports, including a 12.5% additional tariff on automobiles and a 2.5% basic tariff [4] - The current 50% tariffs on steel and aluminum will remain unchanged [4] Agricultural and Energy Developments - Japan will increase its US rice import quota by 75%, raising the total to approximately 600,000 tons [5][7] - Japan has committed to purchasing $8 billion worth of US agricultural products, including corn, soybeans, fertilizers, and sustainable aviation fuel [5][7] - The agreement also includes significant expansions in US energy exports to Japan, particularly in liquefied natural gas [7] Aerospace and Defense Cooperation - Japan will purchase 100 Boeing aircraft and additional defense equipment to enhance security cooperation in the Indo-Pacific region [7][8] - The agreement allows US automobiles to enter the Japanese market without long-standing restrictions, with US automotive standards being recognized in Japan [8]

Group 1 - Japan will immediately increase imports of U.S. rice by 75% under the zero-tariff minimum market access framework, with a total import volume reaching approximately 600,000 tons [1][3] - Japan has agreed to purchase $8 billion worth of U.S. agricultural products, including soybeans, corn, fertilizers, bioethanol, and sustainable aviation fuel (SAF) [4] - The agreement emphasizes the importance of the U.S.-Japan alliance as a cornerstone for peace in the Indo-Pacific region and a driver for global growth and technological innovation [2] Group 2 - The U.S. government has highlighted a $550 billion investment commitment from Japan, focusing on strategic sectors such as energy infrastructure, semiconductor manufacturing, critical minerals, pharmaceuticals, and shipbuilding [2] - Japan will simplify certification procedures for U.S. cars deemed safe, allowing for easier market entry for American automotive products [3] - Japan has committed to purchasing U.S. military equipment and has plans to buy dozens of U.S. defense systems annually, alongside a commitment to purchase 100 Boeing aircraft [4]

Group 1 - The Hong Kong IPO market has seen a resurgence in 2025, with 51 companies listed and a total financing amount of 124 billion HKD, compared to 77 companies and 88 billion HKD in 2024 [2][5] - Over 200 companies are currently preparing for IPOs in Hong Kong, indicating strong market interest and potential growth [2][5] - The recovery is attributed to multiple factors, including improved market conditions, regulatory support, and increased demand for dual listings from A-share and ADR companies [5][14] Group 2 - The trend of dual listings in Hong Kong is driven by regulatory support and market demand, with A-share IPOs slowing down due to stricter regulations from the China Securities Regulatory Commission [5][14] - The Hong Kong stock market has performed well, with the Hang Seng Index and Hang Seng Tech Index rising 20% and 17% respectively in the first half of the year, boosting companies' willingness to raise funds [5][14] - The Hong Kong Stock Exchange has optimized its policies, including shortening IPO review times and introducing a "technology company channel" to facilitate listings [5][14] Group 3 - The current IPO activity is more about boosting market sentiment rather than consuming liquidity, with IPO financing accounting for less than 1% of the total market capitalization and trading volume [10][15] - The low interbank rates in Hong Kong and the outflow of global funds from the US have made Hong Kong stocks more attractive to international investors [21][15] - Historical data shows that large IPOs tend to have a short-term negative impact on the market, but the market rebounds quickly post-listing [23][15] Group 4 - The investor structure in the Hong Kong IPO market is characterized by a dominance of foreign cornerstone investors and a resurgence of retail investor enthusiasm, with an average subscription multiple of 9 for IPOs this year [26][32] - Companies with cornerstone investor ownership between 30% and 50% tend to perform better post-IPO, and high-growth companies can achieve excess returns even at higher valuations [32][38] Group 5 - The active IPO market in Hong Kong positively influences the A-share market, with increased southbound capital flows during periods of high IPO activity [39][44] - New IPOs are quickly included in major indices, attracting passive funds and enhancing liquidity, with an estimated 134 billion USD in passive funds expected to flow into the market [54][55] Group 6 - The sectors showing the highest demand for new IPOs include healthcare, technology, and materials, with consumer sectors also performing well post-IPO [60][55] - A list of high-quality A-share companies planning to list in Hong Kong has been identified, focusing on those with strong growth potential and favorable foreign ownership [60][61]

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 7 月 24 日星期四 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周三，早盘 A 股震荡起伏，午后冲高回落。截至收盘，上证指数涨 0.01%，报 3582.30 点。深成指跌 0.37%，创业板指跌 0.01%，沪深 300 涨 0.02%、上证 50 涨 0.32%，中证 500 跌 0.27%、中证 100 ...

Market Performance - The three major U.S. stock indices all closed higher, with the Dow Jones up 1.14%, the S&P 500 up 0.78%, and the Nasdaq up 0.61% [1] - Major tech stocks mostly rose, with Nvidia up over 2%, Facebook up more than 1%, Amazon up 0.36%, Tesla up 0.14%, Microsoft up 0.12%, while Apple fell 0.12% and Google dropped 0.58% [1] - Chinese concept stocks mostly increased, with Brain Rebirth up over 8%, Pony.ai up over 8%, Century Internet up over 8%, Luokung up over 7%, WeRide up over 5%, and GDS Holdings up over 4%. In contrast, Daqo New Energy fell over 5%, Melco Resorts dropped over 2%, NIO fell over 2%, and JinkoSolar declined over 1% [1] - European stock indices also closed higher, with Germany's DAX up 0.83%, France's CAC40 up 1.37%, and the UK's FTSE 100 up 0.42% [1] Commodity Prices - International precious metal futures generally fell, with COMEX gold futures down 1.34% at $3397.50 per ounce and COMEX silver futures down 0.09% at $39.52 per ounce [1] - International oil prices fluctuated narrowly, with the main U.S. oil contract up 0.17% at $65.42 per barrel and Brent crude up 0.10% at $68.66 per barrel [1] Currency and Bond Markets - The U.S. dollar index fell 0.15% to 97.20, while the offshore RMB closed at 7.1520 against the dollar [1] - U.S. Treasury yields collectively rose, with the 2-year yield up 4.03 basis points at 3.870%, the 3-year yield up 4.74 basis points at 3.824%, the 5-year yield up 4.22 basis points at 3.926%, the 10-year yield up 3.58 basis points at 4.380%, and the 30-year yield up 1.95 basis points at 4.938% [1] - European bond yields also rose, with the UK 10-year yield up 6.5 basis points at 4.632%, France's 10-year yield up 3.6 basis points at 3.298%, Germany's 10-year yield up 4.9 basis points at 2.636%, Italy's 10-year yield up 2.8 basis points at 3.459%, and Spain's 10-year yield up 2.5 basis points at 3.225% [1]

马斯克：尽管关税带来阻力，特斯拉(TSLA.O)能源业务增长非常良好。 ...

Group 1 - Honeywell is focusing on building a more resilient local supply chain in China, with over 95% of its exhibited products at the Chain Expo developed and manufactured by local teams [2] - The company recently held a supplier conference in China, which included a unique business matching platform and rapid meet-and-greet sessions for suppliers to connect with representatives from Honeywell's four major business groups [2] - Honeywell's R&D teams are strategically located in cities like Tianjin, Nanjing, Suzhou, and Xi'an, which enhances service to the local market and has resulted in over 4,500 effective patents and patent applications in China [2] Group 2 - A special channel management training program has been initiated by Honeywell, led by the company's president, with over 100 channel partners completing the training so far [3] - The training involves practical projects and covers lean management and Six Sigma methodologies, which are typically kept confidential [3] Group 3 - Honeywell emphasizes the importance of profitability across the supply chain, stating that without it, issues will arise, and aims to help partners achieve sustainable profitability [4]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with the Shanghai Composite Index briefly surpassing 3600 points before retreating [1] - The overall market saw a high rate of stock volatility, with a 50% rate of stocks hitting their daily limit down [1] - The total trading volume for the day reached 1.9 trillion yuan [1] Hot Topics Yarlung Tsangpo River Hydropower Project - Stocks related to the Yarlung Tsangpo River hydropower project continued to surge, with companies like China Power Construction and Huaxin Cement hitting their daily limit up [4] - The project has garnered significant market attention, leading to a valuation recovery for infrastructure stocks due to low valuations and high dividend yields [5] Consumer Sector - The consumer sector showed strong activity, with companies such as Hanchang Group and Nanjing New百 hitting their daily limit up [6] - The World Health Organization raised alarms regarding the spread of the chikungunya virus, which could impact public health and consumer behavior [6] Nuclear Fusion Sector - The nuclear fusion sector saw notable movements, with companies like GuoJi Heavy Industry and XueRen Group experiencing significant gains [8] - The establishment of China Fusion Energy Co., a subsidiary of China National Nuclear Corporation, was announced, with an investment of approximately 11.49 billion yuan from various stakeholders [8] Stock Performance Yarlung Tsangpo River Project Stocks - Key stocks in this sector included: - ShanHe Intelligent: 10.67 yuan, +10.00%, market cap 11.445 billion yuan - Tibet Tianlu: 12.75 yuan, +10.01%, market cap 16.93 billion yuan - Deep Water Regulation Institute: 27.82 yuan, +20.02%, market cap 6.206 billion yuan [5][16] Consumer Sector Stocks - Notable performers included: - Hanchang Group: 10.92 yuan, +9.97%, market cap 3.22 billion yuan - Nanjing New百: 7.55 yuan, +10.06%, market cap 8.796 billion yuan - Rainbow Group: 22.65 yuan, +10.00%, market cap 2.38 billion yuan [7][16] Nuclear Fusion Stocks - Key stocks included: - GuoJi Heavy Industry: 4.09 yuan, +9.95%, market cap 29.503 billion yuan - XueRen Group: 11.44 yuan, +10.00%, market cap 7.443 billion yuan [9][10]