RT Gareth Jenkinson (@gazza_jenks)Toyoto - the Japanese automobile manucfacturer - is deeply exploring blockchain and has published a deep research paper with @avax.We're chatting to Roi Hirata live now on #CHAINREACTION 👇https://t.co/NCCP8wsVbz ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Economy and Macro Environment - **Key Focus**: Economic growth, monetary policy, property sector stabilization, and demand-side measures Core Insights and Arguments 1. **Slower Growth and Demand-Side Measures**: July economic data indicated softer growth momentum, with a month-on-month contraction in new bank lending and broad-based weakness in household and corporate lending. This may prompt faster rollout of demand-side measures to stabilize growth in H2 [2][7] 2. **Policy Support for Private Economy**: President Xi emphasized the need for measures to promote the private economy, including fair competition and settling local government arrears. Special local government bonds (SLGBs) are being used to accelerate repayments to private firms [3][7] 3. **Property Sector Intervention**: The central government may take a more active role in stabilizing the property sector, potentially asking state-owned enterprises (SOEs) to purchase unsold homes to clear excess inventories [4][8] 4. **Monetary Policy Stance**: The People's Bank of China (PBoC) maintained a moderately accommodative monetary policy, focusing on structural support for the real economy. Targeted support for SMEs and sectors like technology and green development is emphasized [9][11] 5. **Weakness in Property Data**: July property data showed significant declines, with property investment falling at the fastest pace since November 2022. The central government is expected to introduce more forceful solutions to address this weakness [8][9] 6. **Credit Support for Key Sectors**: The PBoC's report highlighted the need for targeted credit support in five major areas, which now account for approximately 70% of new loans [10][11] 7. **Preventing Capital Idleness**: The PBoC stressed the importance of preventing capital idleness in the financial system, aiming to improve efficiency rather than tightening monetary conditions [12][11] Additional Important Insights 1. **Economic Activity Indicators**: Various economic activity indicators, such as the operating rates of semi-steel tyres and cement shipping, showed mixed results, indicating a need for close monitoring of industrial performance [13][19] 2. **Container Shipping Costs**: Container shipping costs on China-Eastern US routes have declined, reflecting changes in global trade dynamics [70][11] 3. **Inflation Trends**: Crude oil and steel rebar prices have edged down, while agricultural product prices have increased seasonally, indicating varied inflationary pressures across sectors [57][65] 4. **Visitor Trends**: There has been an increase in mainland Chinese visitors to Hong Kong, suggesting a potential recovery in tourism-related sectors [76][78] This summary encapsulates the key points discussed in the conference call, focusing on the economic outlook, policy measures, and sector-specific insights that could influence investment decisions.

Industry Development - Pakistani business magnate Mian Mohammad Mansha is establishing an electric vehicle factory [1] - The factory is a partnership with Chery Automobile, a major Chinese car exporter [1]

日美两国达成贸易协议后，日本东证指数涨幅扩大至2%。汽车股集体走高，东证汽车指数涨近5%，本田汽车涨逾7%，丰田汽车涨近7%，外汇交易员 (@myfxtrader):特朗普称将对日本商品征收15%关税，日本将向美国投资5500亿美元。美国将获得90%的利润。 日本将向其国家开放贸易，包括轿车、卡车、大米等农产品以及其他东西。 ...

Core Insights - The Jinan City government is actively promoting the "Industrial Strong City Development Strategy," focusing on industrial return and modernization of the industrial system, resulting in robust growth in the industrial economy of the Shizhong District [1] Group 1: Industrial Growth and Performance - Shizhong District has 82 large-scale industrial enterprises, with total industrial output value projected to reach 155.7 billion yuan in 2023 and 177.8 billion yuan in 2024, reflecting growth rates of 19.9% and 14.1% respectively [1] - The district has accumulated 330 industrial projects over the past three years, with total investments exceeding 90 billion yuan, indicating a strong foundation for future growth [2] Group 2: Key Industry Developments - The artificial intelligence sector is developing rapidly, with 40 key enterprises and a planned computing power of 4600P, focusing on high computing power and strong applications [3] - The new energy equipment industry is expected to achieve an output value of 70.4 billion yuan in 2024, contributing to the "Shandong Energy Internet Industry Cluster" with a total output value exceeding 340 billion yuan [3] Group 3: Digital Transformation - The district has established 5,481 5G base stations and 14,500 kilometers of deterministic networks, providing strong support for new industrialization [4] - The digital services industry is expected to generate revenues of 156.1 billion yuan in 2024, with 13 digital service enterprises reaching billion-level revenues [4] Group 4: Innovation Ecosystem - In 2024, the district is expected to register over 1,400 technology contracts with transactions exceeding 10 billion yuan, indicating a thriving innovation environment [5] - The number of provincial-level "specialized, refined, characteristic, and innovative" enterprises has doubled compared to the previous year, showcasing a significant increase in innovation capacity [5]

Group 1 - The public auction of 81,147,337 shares of Zhongtai Automobile (stock code: 000980) owned by Jiangsu Shenshang Holding Group Co., Ltd. will take place on JD Network Judicial Auction Platform from June 29, 2025, to June 30, 2025 [1] - The auction will be conducted by Jilin Province Jincuiniu Network Technology Co., Ltd., which will assist in the investigation and auction process, with costs borne by the defendant [1] - Interested parties must contact the court before the auction date to assert any rights, including priority purchase rights, or they will be deemed to have waived such rights [2]

Investment Rating - The report indicates a mixed investment outlook for the industry, with industrial production rated at 0, fixed asset investment at -1, and retail sales at +2 [2]. Core Insights - The report highlights that China's industrial production and fixed asset investment missed market expectations, while retail sales showed significant growth, indicating a divergence in economic performance across sectors [1][17]. - The report emphasizes the importance of government policy in stimulating domestic demand, particularly through consumer goods trade-in programs, amidst ongoing deflationary pressures and a prolonged downturn in the property market [1][17]. Summary by Sections Industrial Production - Industrial production (IP) growth moderated to 5.8% year-on-year in May from 6.1% in April, primarily due to slowing export growth linked to increased US tariffs [8][11]. - Sequentially, IP is estimated to have contracted by 0.1% month-on-month non-annualized in May [8]. - Key sectors such as electrical machinery and chemical manufacturing experienced slower output growth, overshadowing gains in automobile production [8][11]. Fixed Asset Investment - Fixed asset investment (FAI) growth slowed to 2.9% year-on-year in May from 3.6% in April, driven mainly by declines in infrastructure and property investments [10][11]. - Manufacturing investment growth remained robust at 7.8% year-on-year in May, contrasting with the overall slowdown in FAI [10]. Retail Sales - Retail sales growth surged to 6.4% year-on-year in May, significantly above market consensus, driven by strong sales in home appliances and communication equipment [11][12]. - The growth in online and offline goods sales improved, with notable increases in restaurant sales revenue as well [11]. - The report cautions that the recent retail sales improvement may not be sustainable due to potential payback effects and funding shortages in consumer goods trade-in programs [1][11]. Property Market - Property-related activity remained weak, with property sales declining by 3.3% year-on-year in volume and 5.9% in value terms in May [13]. - New home starts and completions also showed significant year-on-year declines, indicating ongoing challenges in the real estate sector [13]. Labor Market - The nationwide unemployment rate edged down to 5.0% in May from 5.1% in April, reflecting seasonal patterns, while the unemployment rate for migrant workers increased slightly [14][17]. - Youth unemployment rates showed some moderation but are expected to rise amid the upcoming college graduation season [14][17].

Innovation & Industry Disruption - Mavericks challenge established norms and rewrite industry rules, exemplified by Tesla's impact on the automotive industry [2] - Companies prioritizing efficiency over innovation risk irrelevance, as demonstrated by Kodak's failure to embrace digital cameras [11][12] - Fear of judgment prevents employees from sharing innovative ideas; 73% of employees withhold ideas due to fear [10] - Rule-breaking is correlated with breakthrough innovation; 18% of professionals who regularly broke rules were five times more likely to achieve breakthrough innovation [8] Maverick Traits - Vision is the ability to foresee future trends and technologies, like Nicola Tesla's early concepts of wireless communication [4] - Courage involves standing out from the crowd and challenging conventional wisdom, as Galileo did when he proposed the Earth revolved around the sun [5] - Initiative is taking bold steps and pushing boundaries, similar to Steve Jobs' introduction of the iPhone [5][6] - Commitment is persisting despite setbacks, illustrated by Elon Musk's perseverance with SpaceX despite multiple rocket launch failures [6][7] Practical Application - Maverick thinking is essential in today's rapidly changing world [15][16] - Encouraging maverick behavior involves asking questions and embracing discomfort [16][17] - There is no perfect timing for ideas; it's best to start discussing them when they are still imperfect [17][18]

Group 1: Huawei Pura 80 Launch - Huawei officially announced the launch of Pura 80 Pro and Pura 80 Pro+ with over 40,000 reservations within two and a half hours [1] - The new series is expected to enhance imaging technology, performance, and user experience, and will come pre-installed with HarmonyOS 5 [1] - Analysts predict sales could reach over 10 million units, intensifying competition in the high-end smartphone market [1] Group 2: JD's Stablecoin Development - JD has entered the second phase of sandbox testing for its stablecoin, focusing on scenarios like cross-border payments, investment transactions, and retail payments [3] - The stablecoin is pegged 1:1 to fiat currencies such as HKD and USD, with the first phase targeting these currencies [3] - JD aims to provide efficient, economical, and secure payment infrastructure for global enterprises and individuals [3] Group 3: SHEIN Consumer Complaint - The European Consumer Organization has filed a complaint against SHEIN, accusing it of using "dark patterns" to promote excessive consumer spending [4] - This practice is said to exacerbate environmental and social issues caused by the fast fashion industry [4] Group 4: 6G User Projections - Omdia forecasts that by 2030, the number of global 6G users will reach 289 million, supported by significant investments in RAN [6][7] - RAN investment is expected to grow to $4 billion by 2030 and $25 billion by 2035, indicating a substantial increase in market size [6][7] Group 5: AMD's Acquisition of Brium - AMD has acquired open-source software company Brium to enhance its AI capabilities, marking a strategic commitment to AI development [8] - This acquisition follows previous investments in AI-focused companies, aiming to improve performance on AMD hardware [8] Group 6: NASA Director Nomination Withdrawal - The White House has withdrawn the nomination of Jared Isaacman for NASA director, with implications linked to his close relationship with Elon Musk [9] Group 7: Gree's Dividend Policy - Gree Electric's chairman, Dong Mingzhu, emphasized the company's commitment to dividends, stating that over 170 billion has been distributed since its IPO [10] - This approach is framed as a moral obligation to share wealth with shareholders who supported the company [10] Group 8: Citigroup's Restructuring - Citigroup announced adjustments to its global technology and business support departments, clarifying that these changes will not affect its operations in China [11] Group 9: Support for Mergers and Acquisitions - The China Securities Regulatory Commission (CSRC) expressed strong support for mergers and acquisitions among listed companies to enhance market vitality [12] Group 10: Legal Issues for Evergrande - Evergrande Group faces over 7 billion in legal executions, with numerous cases related to financial disputes [15] - The company has a total of over 630 execution records, amounting to more than 80.5 billion in total claims [15]

Investment Rating - The report indicates a downward revision of global growth projections, forecasting a decline from 3.3% in 2024 to a modest 2.9% in 2025 and 2026, reflecting a negative outlook for the global economy [33][45]. Core Insights - The report emphasizes the significant increase in trade barriers and economic uncertainty, which negatively impacts business and consumer confidence, leading to a slowdown in trade and investment [32][35]. - Inflation remains a concern, with persistent inflation in services and rising prices for goods due to food price increases, exacerbated by protectionist measures [34][36]. - The report highlights the crucial role of public authorities in addressing uncertainty and stimulating growth through trade agreements and investment in infrastructure [37][40]. Summary by Sections 1. General Assessment of the Macroeconomic Situation - Global economic prospects are deteriorating due to increased trade barriers and financial conditions, leading to a projected decline in global GDP growth from 3.3% in 2024 to 2.9% in 2025 and 2026 [45][50]. - The report notes that inflation in G20 countries is expected to decrease from 6.2% in 2024 to 3.6% in 2025, with the U.S. being an exception where inflation is projected to rise to nearly 4% by the end of 2025 [45][50]. 2. Reviving Investment for More Resilient Growth - The prolonged stagnation of investment has weighed on potential production growth, with corporate investment hindered by weak demand and high uncertainty [40][41]. - Public investment has rebounded but remains below pre-global financial crisis levels, indicating a need for reforms to stimulate investment [40][41]. 3. Developments in OECD Member Countries and Certain Non-Member Economies - Economic growth has become negative in advanced economies like the U.S. and Japan, primarily due to a surge in imports, while domestic demand indicators remain positive [54]. - The report highlights that growth in production has strengthened in Germany and the UK, partly due to improved export growth, while several European economies have contracted [54].