Core Viewpoint - The article emphasizes the ongoing efforts to combat corruption in state-owned enterprises (SOEs) in Chongqing, highlighting systematic measures taken by the local disciplinary inspection and supervision authorities to address issues such as improper subsidies, gift acceptance, and other misconduct [3][13]. Group 1: Anti-Corruption Measures - The Chongqing Municipal Commission for Discipline Inspection and Supervision is focusing on the SOE sector, implementing a closed-loop approach to address corruption and improve work ethics [3]. - A total of 63 district-level SOEs were investigated, uncovering 274 issues and leading to 14 cases being filed and 16 individuals receiving disciplinary actions [3][6]. - The authorities are integrating anti-corruption efforts with reform, system improvement, and governance to create a comprehensive approach to tackling misconduct in SOEs [3][11]. Group 2: Monitoring and Reporting Mechanisms - The "Code Reporting" platform has been established to enhance public reporting of misconduct, leading to investigations into high-interest borrowing practices by SOEs [5]. - A digital monitoring system for SOE funds has been developed to identify potential risks and unusual transactions, enhancing the detection of corruption [6][8]. - Collaboration with various departments is emphasized to broaden the sources of problem leads, ensuring effective oversight and enforcement [5][7]. Group 3: Case Studies and Enforcement Actions - Significant cases include the investigation of a former executive at Chongqing Construction Group, which utilized audit results to uncover complex corruption schemes [6][10]. - The article details multiple cases of corruption involving SOE officials, with severe penalties including expulsion from the party and imprisonment for those found guilty [9][10]. - The authorities are committed to a dual approach of investigating both bribery and corruption, ensuring accountability for all parties involved [10][11]. Group 4: Systematic Improvements and Governance - The article discusses the establishment of mechanisms for continuous monitoring and improvement of internal controls within SOEs, with 29 new regulations implemented [12]. - The focus is on creating a "clean SOE" brand through enhanced governance and risk management practices, ensuring transparency and accountability in operations [12][13]. - The Chongqing Municipal Commission for Discipline Inspection and Supervision is dedicated to maintaining a "zero tolerance" stance towards corruption, reinforcing the need for systemic reforms [13].

Market Performance - On August 19, the Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index decreased by 0.12%, and the ChiNext Index dropped by 0.17%[4] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.59 trillion yuan, a decrease of 175.8 billion yuan compared to the previous trading day[4] Sector Analysis - The sectors with the highest gains included IT services, automotive parts, and consumer electronics, while the sectors with the largest outflows were securities, semiconductors, and aviation equipment[5] - Over 2,900 stocks rose in the market, with strong performance in sectors like reducers, CPO, integrated die-casting, immunotherapy, and industrial mother machines[1] Investment Insights - The market is experiencing a solid upward trend, with a technical need for consolidation above the 3,700-point level[2] - Investors are advised to consider reducing positions in previously high-performing tech stocks while focusing on AI computing, humanoid robots, and consumer recovery sectors[2] Fund Performance - More than 2,000 equity funds reached historical net asset value highs, with over 96% of equity funds achieving positive returns this year[14] - The strong performance is attributed to ample liquidity and gradual recovery in corporate earnings, leading to a bullish trend in the equity market[14] Economic Indicators - The National Development Bank issued 385 billion yuan in loans for advanced manufacturing and strategic emerging industries from January to July, marking a year-on-year increase of 51.3%[9] - The sports industry in China has seen an average annual growth rate of over 10% in the past five years, becoming a new highlight in economic development[11]

Group 1 - The event "Chinese Business Forum" was held in São Paulo, Brazil, focusing on opportunities and challenges faced by Chinese enterprises in Brazilian customs and the regulatory model for federal government railway and highway concessions [1][3] - Zhang Guanghua, President of Bank of China (Brazil) and Chairman of the Chinese Enterprises Association, highlighted the Brazilian government's ongoing "digital customs" reform, which brings policy benefits to Chinese companies [3][4] - The concession model in Brazil requires companies to undertake not only construction tasks but also operation and maintenance, raising the bar for the comprehensive capabilities of enterprises [3][4] Group 2 - The Secretary-General of the Chinese Enterprises Association, Li Dongcheng, emphasized the importance of understanding customs policy benefits, reducing compliance risks, and seizing market opportunities for Chinese companies in Brazil [4] - Felipe Queiroz, Director of the National Land Transportation Agency, encouraged Chinese enterprises to actively participate in upcoming highway and railway bidding projects, highlighting the increasing openness of infrastructure projects to private capital [6] - The Chinese Consulate in São Paulo expressed commitment to facilitating connections for Chinese enterprises and promoting bilateral trade and investment cooperation [6]

Report Industry Investment Rating No relevant content provided. Core Views - The overall year-on-year revenue growth rate of public REITs declined marginally by 3 pct to -3%. The financial completion rate remained at a high level. Except for the water supply limitation of Yin Hua Shaoxing Raw Water, resulting in a 68% revenue completion rate for the water conservancy facilities sector, the revenue completion rates of the remaining sectors were above 93%. Due to the non-arrival of subsidies, the distributable amount completion rate of the energy sector was only 48%, while the completion rates of the remaining sectors were all above 94% [2]. - Consumption and affordable housing are still high-performing sectors with high revenue growth. Consumption revenue increased by 4% year-on-year, with a completion rate of 102%/114% (revenue/distributable amount, excluding new bonds, the same below), continuing to lead. The month-on-month changes of individual bonds were divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian were weaker than other individual bonds. The market seemed to accept the seasonal attribution of Huaxia Capital and CIFI Group's CM奥莱's manager, and it rose slightly by 1.48% after the release of the second-quarter report (from July 18th to July 29th, the same throughout the text). Huaan Bailian, on the other hand, fell by 8.88%. Affordable housing revenue increased by 6% year-on-year, with a completion rate of 100%/98%, and the occupancy rate remained relatively stable [2]. - The performance of warehousing and logistics was better than expected. Although it continued to "exchange price for volume", most assets were able to achieve a stable or increasing occupancy rate, and the sector's revenue stabilized marginally. The year-on-year revenue decreased by 4%, with a month-on-month growth rate increase of 2 pct, and the completion rate was 97%/98%. The main operating pressure on the sector came from the entry of competitors rather than trade frictions. The coastal warehousing and logistics operations of Hongtu Yantian Port and Huaxia Shenzhen International Hangzhou Project were not weak [3]. - The energy sector had a high revenue completion rate, but the quarterly fluctuations in distributable amounts dragged down the market performance. The year-on-year revenue increased by 1%, with a completion rate of 99%/48%. The delayed payment of national subsidies for wind and solar projects led to cash flow shortages, and the distributable completion rate of some projects was below 53%. If the subsidies are concentrated in the second half of the year, the completion rate is expected to improve [3]. - The sectors with weak performance were mainly industrial parks and transportation. The revenue of industrial parks decreased by 14% year-on-year, and the decline marginally widened by 4 pct. The completion rates were 93%/96%, both relatively low among all sectors. Many industrial parks mentioned the pressure from the entry of competitors, and the occupancy rates generally decreased month-on-month. However, factory projects showed operational resilience, and the occupancy rates of some factories increased against the trend. After the release of the second-quarter report, the market repriced the operational resilience of Bosera Jinkai Industrial Park [3]. - The revenue of the transportation sector decreased by 2% year-on-year, and the growth rate decreased by 2 pct marginally. Only a few individual bonds showed operational improvements [3]. - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. As of July 29th, the CSI REITs Total Return Index has corrected by 3% from its peak. In late June, the CSI REITs Total Return Index reached a phased high in February 2023, and its relative cost-effectiveness compared to stocks and bonds was relatively low. Driven by the recovery of risk appetite and the increase in REITs supply, REITs prices have declined. Valuation compression was the main theme of trading during the quarterly report period. Sectors and individual bonds with high year-to-date gains tended to fall, and price changes did not fully match performance. However, individual bonds with outstanding performance were also priced [4]. - REITs may enter a volatile range, and stable sectors are still preferred. On the one hand, REITs valuations are not low, and the improvement in risk appetite may continue. June may be a phased high. On the other hand, on July 25th, the cash distribution rate of property rights REITs was 3.86%, and the overall market IRR was 4.05%. There was still a spread of 232 BP between the IRR and the 10-year Treasury bond, supporting investor demand. Observe whether the REITs index can stabilize at the previous low price level (such as the level at the end of April). Currently, it is judged that the volatile range of the CSI Dividend Total Return is between 1052 - 1125 (1052 is the low in April, and 1125 is the high in June). If risk appetite changes drastically, it may break through the volatile range, while a slowdown in REITs supply will help stabilize the bottom of the range. When selecting bonds, first, the valuation advantages of sectors with relatively stable cycles are not extreme (the IRR spread is at the median), and stable sectors have performance support. It is expected that stable sectors such as consumption and affordable housing will still perform better. Second, the arrival of national subsidies is theoretically a short-term impact, and there may be investment opportunities after the adjustment of new energy individual bonds is in place. Third, factory-type individual bonds in industrial parks are still worthy of attention [5]. Summary by Directory REITs Overall - The overall revenue growth rate of REITs was -3% year-on-year, a 3 pct decline compared to Q1 2025. The revenue of property rights REITs decreased by 4% year-on-year. Consumption and affordable housing had positive year-on-year growth, warehousing and logistics and affordable housing stabilized marginally, while industrial parks continued to decline. The year-on-year revenue growth rates of industrial parks, warehousing and logistics, affordable housing, and consumption were -14%, -4%, +6%, and +4% respectively, with marginal changes of -4 pct, +2 pct, +6 pct, and -53 pct compared to Q1 2025. The revenue of franchise rights REITs decreased by 2% year-on-year, and the energy sector performed relatively well. The year-on-year revenue growth rates of transportation, energy, and environmental protection were -2%, +1%, and -6% respectively, with marginal changes of -2 pct, +19 pct, and -2 pct compared to Q1 2025 [17]. - After excluding the impact of new bonds, the overall market operating revenue completion rate was 96%. The revenue completion rates of the municipal, consumption, and affordable housing sectors met the standards. The distributable amount completion rate of the energy sector was relatively low due to the existence of an account period for new energy subsidies, resulting in quarterly fluctuations in the distributable amount. The completion rates of the remaining sectors were all above 94% [18][23]. Market Reaction - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. The CSI REITs Total Return Index reached its peak on June 20th and had corrected by 3% by July 29th. Valuation compression was the main theme of trading during the quarterly report period, causing the rise and fall of REITs to not fully match performance. The month-on-month increase of individual bonds after the release of the quarterly report was generally negatively correlated with the year-to-date increase. The affordable housing sector with a high year-on-year revenue growth rate fell by 2.86%, not significantly better than other sectors, which was related to its high valuation and year-to-date increase. The industrial park sector with the most obvious marginal weakening of performance did not decline significantly, possibly because its valuation was not high, and the cash distribution rate on July 18th was at the 53% percentile in history. Some individual bonds with low valuations did not decline significantly even if their performance remained weak, such as CICC Hubei KeTou Optics Valley and Jianxin Zhongguancun. Some individual bonds with performance that exceeded expectations, such as Bosera Jinkai Industrial Park, Huatai Jiangsu Expressway, and Huaxia JINMAO Commercial, continued to rise on the basis of their significant increases this year. Several energy REITs with low distributable amounts and Guangfa Chengdu Gaotou with a large decline in occupancy rate fell significantly. Consumption had a high year-to-date increase and was still one of the three best-performing sectors after the quarterly report, indicating strong market recognition of this sector [27]. Sector Analysis - **Industrial Parks**: The revenue of industrial parks decreased by 14% year-on-year, and the growth rate decreased by 4 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 93% and 96% respectively. The occupancy rates generally decreased month-on-month, while rents varied. Factory-type projects showed performance resilience. New supply led to intensified competition. Some individual bonds faced significant performance pressure. At the individual bond level, Jianxin Zhongguancun Industrial Park, Huaxia Hefei High-tech, Huaxia Hangzhou HeDa High-tech, CICC Hubei KeTou, and others were worthy of attention [31][32]. - **Warehousing and Logistics**: The revenue of warehousing and logistics decreased by 4% year-on-year, and the growth rate increased by 2 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 97% and 98% respectively. It adopted a strategy of "exchanging price for volume", and the occupancy rates of most assets were stable or increasing. The main operating pressure came from the entry of surrounding competitors. At the individual bond level, Hongtu Yantian Port, CICC Puluosi, Huaxia Shenzhen International Warehouse Logistics, and others were worthy of attention [36]. - **Affordable Housing**: The revenue of the affordable housing sector increased by 6% year-on-year, and the growth rate increased by 6 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 100% and 98% respectively. The occupancy rates of the underlying assets fluctuated slightly, with most fluctuations within 2 pct [45]. - **Consumption**: The revenue of the consumption sector increased by 4% year-on-year. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 102% and 114% respectively. The month-on-month revenue was divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian's month-on-month revenue were at least 10 pct lower than other individual bonds. At the individual bond level, Huaxia Vanke Commercial, Huaxia Capital and CIFI Group's CM奥莱, and Yifangda Huawai Agricultural Trade were worthy of attention [46]. - **Transportation**: The revenue of the transportation sector decreased by 2% year-on-year, and the decline widened by 2 pct compared to Q1 2025. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 95% and 97% respectively. Some individual bonds, such as Ping An Guangzhou Guanghe, CICC Anhui Expressway, and Huatai Jiangsu Expressway, performed well. At the individual bond level, Huaxia China Communications Construction, CICC Anhui Expressway, Zhongjin Shandong High-Speed, and others were worthy of attention [51]. - **Energy**: The revenue of the energy sector increased by 1% year-on-year, a 19 pct increase compared to Q1 2025, reflecting the large quarterly fluctuations in the revenue of the energy sector. The revenue and distributable amount completion rates were 99% and 48% respectively. The accounts receivable of new energy REITs such as photovoltaic and wind power were relatively high, resulting in a significantly lower distributable amount completion rate than the revenue completion rate. It is expected that the distributable amount completion rate will gradually increase in the second half of the year. At the individual bond level, Penghua Shenzhen Energy, CITIC Construction Investment National Power Investment New Energy, and others were worthy of attention [55]. - **Utilities**: Except for Yin Hua Shaoxing Raw Water, the revenue completion rates were at a relatively high level of 95% - 110%. At the individual bond level, AVIC Shougang Biology and Yin Hua Shaoxing Raw Water were worthy of attention [63].

Core Viewpoint - The Philippines faces a chronic issue of traffic congestion and inadequate infrastructure, which hampers economic productivity and investment attraction, exacerbated by fragmented governance and ineffective institutional frameworks [1][2][12]. Infrastructure Challenges - Manila's traffic congestion is the worst globally, with average commuting times exceeding 50 minutes, leading to daily economic losses of approximately 3.5 billion Philippine pesos (around 61 million USD) [2][3]. - The current government plans to invest 9.5 trillion pesos (approximately 165.6 billion USD) in infrastructure, yet many projects face delays due to governance issues, land disputes, and corruption [3][4]. Project Failures - The Makati subway project, initiated in 2018, has not progressed due to legal disputes over land ownership, leading to the withdrawal of the Philippine Infrastructure Development Holding Company from the partnership [4][5]. - The project’s failure highlights systemic issues in the Philippines' infrastructure development, including fragmented governance and lack of effective coordination among local governments [7][8]. Governance and Institutional Issues - The fragmented governance structure in Metro Manila, composed of 16 independent cities, complicates cross-city infrastructure projects, leading to delays and inefficiencies [7][8]. - The reliance on public-private partnerships (PPP) has proven problematic, with insufficient contract preparation and unclear risk allocation, resulting in failed projects like the Makati subway [8][9]. Land and Legal Complications - The Philippines' land ownership issues, including unclear property rights and inadequate compensation mechanisms, create significant barriers to infrastructure development [9][10]. - Legal disputes over land ownership have further complicated infrastructure projects, as seen in the Makati subway case, where the Supreme Court ruled against the city’s jurisdiction over key project areas [4][9]. Cultural and Systemic Barriers - The lack of long-term governance commitment and effective cross-government collaboration has led to a cycle of project failures, with political changes disrupting ongoing initiatives [11][12]. - The historical context of colonialism has contributed to the current deficiencies in the transportation system, necessitating not just physical infrastructure but also improvements in governance and institutional frameworks [13].

Group 1: Traffic Congestion and Economic Impact - Manila experiences severe traffic congestion, with average one-way commuting times exceeding 50 minutes, and some commuters taking over two hours [2] - The traffic congestion in Metro Manila results in an estimated daily economic loss of 3.5 billion Philippine pesos (approximately 61 million USD), which could rise to 5.4 billion pesos (94 million USD) by 2035 if no interventions are made [2][3] - The inefficiency of the transportation system is recognized as the primary obstacle to national productivity and investment attraction by the National Economic and Development Authority of the Philippines [2] Group 2: Infrastructure Development Plans - The previous government proposed a "Build, Build, Build" initiative, committing at least 5% of GDP annually to infrastructure, while the current administration under Marcos aims to invest 9.5 trillion pesos (approximately 165.6 billion USD) in various infrastructure projects [3] - Major projects like the Metro Manila Subway and the North-South Commuter Railway are intended to transform the city, but many have faced delays and complications [3][4] Group 3: Challenges in Project Execution - The Makati subway project, initiated in 2018, has faced significant legal and administrative hurdles, leading to its current status of being stalled with no construction progress [4][5] - The Philippine Infrastructure Development Holding Company withdrew from the joint venture with the Makati city government, citing economic and operational infeasibility, effectively marking the project's end [5][6] - Legal disputes over land ownership and jurisdiction have severely impacted the project's viability, with the Supreme Court ruling that key land areas belong to Taguig City, not Makati [4][6] Group 4: Systemic Issues in Governance - The fragmented governance structure in the Philippines, characterized by a lack of coordination among the 16 independent cities in Metro Manila, complicates infrastructure development [7][8] - Local governments heavily rely on central government funding, limiting their financial independence and ability to support large-scale infrastructure projects [8][9] - The Public-Private Partnership (PPP) mechanism, while intended to facilitate infrastructure development, suffers from structural weaknesses, including unclear risk allocation and insufficient government oversight [8][9] Group 5: Cultural and Institutional Barriers - The lack of long-term governance stability and cross-government collaboration has led to frequent project disruptions, with political changes often derailing well-planned initiatives [11][12] - The historical context of colonialism has contributed to foundational flaws in the transportation system, complicating efforts to modernize infrastructure [13] - The need for "invisible infrastructure," such as effective governance and institutional frameworks, is critical for overcoming the systemic challenges faced by the country [13]

Group 1 - The report highlights that as of August 4, 2025, there are 73 public infrastructure REITs established in the market, with a total scale of approximately 178.32 billion, accounting for about 0.52% of the total public fund market [5][8]. - The leading asset types in terms of REITs scale are transportation infrastructure (32.07%), park infrastructure (18.31%), consumption infrastructure (12.69%), and warehousing logistics (12.36%) [8][10]. - The report indicates that 71 of the 73 established REITs are already listed for trading, with two data center REITs set to be listed on August 8, 2025 [5][8]. Group 2 - The report notes that public REITs have become a choice for FOF asset allocation, with an increase in the degree of allocation observed [5][16]. - Key REITs with increased allocation in the second quarter include Zhongjin Yinli Consumption REIT, Jiashi Wumei Consumption REIT, Zhongjin Anhui Traffic Control REIT, Zhongxin Jian Investment National Electric Power New Energy REIT, and Jiashi JD Warehousing Infrastructure REIT [5][16]. Group 3 - The report provides insights into various underlying asset types for REITs, including industrial parks, warehousing logistics, transportation infrastructure, energy infrastructure, consumption infrastructure, rental housing, new infrastructure, and municipal water conservancy [13][14]. - Specific investment preferences for industrial parks include long lease terms and fewer tenants, while for warehousing logistics, high demand elasticity and location advantages are emphasized [17][18]. - The report identifies key REITs for each asset type, such as Guotai Junan Dongjiu New Economy REIT for industrial parks and Huaxia Shen International REIT for warehousing logistics, highlighting their competitive advantages and stable rental situations [17][18][19].

他认为，波黑可在绿色领域与中国开展多方面合作，比如引入中国企业在本地生产太阳能和风电设备、 发展新能源汽车装配产业、推动智能建筑材料工厂落地等，这不仅有助于波黑扩大就业、提升技术能 力，也将提升其出口能力。 新华社记者殷晓圣 波黑经济学家加夫兰·伊戈尔日前在接受新华社记者专访时表示，波黑等西巴尔干地区国家在绿色领域 与中国合作潜力巨大，具有现实紧迫性和战略意义。 伊戈尔指出，近年来中国在绿色能源领域发展迅速，成为全球绿色产业发展的主要推动力量。 "波黑不生产风电设备，也不制造光伏组件，更没有能力自产新能源汽车。在这种情况下，与中国这样 在绿色技术领域领先的国家开展合作，是最现实、最理智的选择。"伊戈尔直言，波黑能源转型起步较 晚，既面临技术短板，也缺乏足够的资金来完成绿色转型。 新华社萨拉热窝7月29日电 专访｜在绿色领域与中国合作潜力巨大——访波黑经济学家加夫兰·伊戈尔 伊戈尔表示，近年来波黑与中国企业合作的清洁煤电厂、风电、水电等绿色项目已初步展现潜力。"波 黑需要进一步简化行政程序，精简许可流程，加快绿色项目的审批和落地。" 伊戈尔还提到5G网络和交通基础设施等方面与中国的合作。"绿色能源管理依赖远程控 ...

于本公告日期，债券的未偿还金额为27,100,000欧元。据观察，在连续30个H股证券交易所营业日中的 至少20个营业日，按相关H股证券交易所营业日适用的现行汇率换算为欧元的H股收盘价至少为当时有 效的转换价的130%。于赎回日期完成赎回后，将不再有已发行但尚未赎回的债券。因此，发行人将向 香港联合交易所有限公司申请撤回债券上市。 格隆汇7月29日丨浙江沪杭甬(00576.HK)发布公告，根据2021年1月20日230,000,000欧元于2026年到期的 零息可转换债券信托契据所载的债券条款及条件第7.2.1(i)条，发行人兹发出通知，发行人将于2025年9 月9日按彼时债券的未偿还本金金额赎回全部（而非仅部分）债券。 ...

Core Viewpoint - Bosnia and Herzegovina has significant potential for cooperation with China in the green sector, which is both urgent and strategically important [1] Group 1: Green Energy Cooperation - Bosnia does not produce wind power equipment, photovoltaic components, or electric vehicles, making collaboration with a leading country like China in green technology a rational choice [1] - There is a need for Bosnia to simplify administrative procedures and expedite the approval process for green projects to enhance cooperation with Chinese enterprises [1] Group 2: Economic and Technological Development - Collaboration with Chinese companies in areas such as solar and wind equipment production, electric vehicle assembly, and smart building materials can help Bosnia expand employment, improve technological capabilities, and enhance export capacity [1] - Existing projects in clean coal power plants, wind power, and hydropower with Chinese enterprises have shown initial potential [1] Group 3: Infrastructure and Connectivity - The development of 5G networks and transportation infrastructure is crucial for green energy management, as it relies on remote control systems and data transmission capabilities [1] - China's technological advantages can assist Bosnia in achieving its energy transition goals [1] Group 4: Peace and Global Cooperation - Strengthening cooperation among countries is not only economically beneficial but also essential for global security [1] - Green cooperation should be a new driving force for peace and development, especially in the current turbulent global context [1]