Core Viewpoint - The China Logistics and Purchasing Federation announced that the logistics industry prosperity index for June is 50.8%, reflecting a 0.2 percentage point increase from the previous month [1] Investment Situation - In June, logistics infrastructure investment maintained steady growth, with the fixed asset investment completion index rising to 54.5%, an increase of 0.3 percentage points month-on-month [1] - Since February, the fixed asset investment completion index has shown a continuous upward trend month by month [1] - All sectors, except for warehousing, have shown recovery, with key projects in transportation logistics hubs progressing smoothly [1] Sector Performance - Fixed asset investment completion index for water transport, air transport, and postal express industries increased by 0.5, 0.4, and 0.3 percentage points respectively [1] - The business activity expectation index has remained above 55% for four consecutive months, indicating a high prosperity level [1] - The business activity expectation indices for railway transport, air transport, and postal express are 55.3%, 58.7%, and 57.4% respectively [1]

Domestic News - The Chinese government aims to improve water efficiency, with the water consumption per ten thousand GDP decreasing by 4.4% in 2024 compared to 2023 [1] - The Ministry of Water Resources reported a slight increase in total water consumption nationwide, while unconventional water supply continues to rise, optimizing the water source structure [1] - The State Council is advancing legislative work for 2025, focusing on various financial regulations and management guidelines [2] - China has established the world's largest internet-based electricity service system, with over 400 million registered users and an online processing rate exceeding 97% [2] - In the first five months of this year, China approved 468 new national standard substances, marking a 65.9% year-on-year increase [2] - The China Logistics and Purchasing Federation reported a warehouse index of 50.5% for May, indicating stable growth in the warehousing sector [3] - Chongqing has released a list of 42 low-altitude economic application scenarios and 40 capability lists, focusing on modern urban governance and low-altitude logistics [3] - Zhengzhou is enhancing consumer subsidies in key sectors like automobiles and home appliances, launching a gold and jewelry consumption subsidy program [3] International News - Emerging markets have seen record inflows of funds into stocks and bonds over the past eight weeks, with nearly $95 billion in cash inflows in the latest week [5] - The Bank of Thailand has revised its inflation forecast for the year to a range of 0.0% to 1.0% [5] - The Reserve Bank of India unexpectedly cut interest rates by 50 basis points, marking the third consecutive rate cut, with a total reduction of 100 basis points since 2025 [5] - The Swiss National Bank stated it does not aim to prevent trade balance adjustments or gain unfair competitive advantages for the Swiss economy [5]

Group 1 - The Federal Reserve's Beige Book indicates that half of the regions reported slight to moderate economic decline, while three regions reported no change and three regions reported slight growth [1] - All regions noted high levels of economic and policy uncertainty, leading to hesitancy and cautious attitudes among businesses and households in decision-making [1] - Manufacturing activity showed a slight decline, and consumer spending reports were mixed, with most regions indicating a slight decrease or no change in spending; however, some regions reported an increase in spending on goods affected by tariffs [1] Group 2 - Residential real estate sales showed little change, with most regions reporting that new home construction activity was flat or slowing [1] - Reports on bank loan demand and capital expenditure plans varied across regions [1] - Port activity was active, but other regions reported mixed results in transportation and warehousing activities [1]

Group 1 - The company Guangzhou Jiacheng International Logistics Co., Ltd. issued convertible bonds totaling RMB 800 million, with a maturity of 6 years and a net fundraising amount of RMB 793.8213 million after deducting issuance costs [1][17]. - The bonds have a face value of RMB 100 each, with an annual interest rate that increases from 0.30% in the first year to 3.00% in the sixth year [2][3]. - The initial conversion price for the bonds is set at RMB 22.98 per share, with provisions for adjustments based on various corporate actions [4][5]. Group 2 - The company operates in the logistics industry, providing customized logistics solutions and comprehensive supply chain services, particularly for manufacturing and e-commerce clients [17]. - The company has a registered capital of RMB 345,211,243 and was established on October 24, 2000, with its headquarters located in Guangzhou [17]. - The company’s main business includes international freight forwarding, warehousing, and supply chain management services, catering to both domestic and international markets [17]. Group 3 - The bonds are listed on the Shanghai Stock Exchange under the code "113656" and are subject to specific terms regarding interest payments, conversion rights, and redemption options [1][10]. - The company has established a fundraising management system to ensure that the raised funds are used according to the planned projects, including the "Cross-border E-commerce Smart Logistics Center" and "Free Trade Port Cloud Intelligence International Distribution Center" [17]. - The company has received a credit rating of AA- for both its corporate and bond ratings, indicating a stable outlook [17].

Group 1 - The stock of Baoshui Technology (600794) reached the daily limit, with a turnover rate of 8.27% and a transaction amount of 388 million yuan, showing a volatility of 13.66% [2] - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 9.92%, with a net buying amount of 35.87 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 91.13 million yuan, with a buying amount of 63.50 million yuan and a selling amount of 27.63 million yuan, resulting in a net buying of 35.87 million yuan [2] Group 2 - The largest buying brokerage was Kaiyuan Securities with a purchase amount of 20.66 million yuan, while the largest selling brokerage was China Galaxy Securities with a selling amount of 6.65 million yuan [2] - The stock experienced a net inflow of 91.77 million yuan from main funds, with a significant single net inflow of 105 million yuan, while large single funds saw a net outflow of 13.08 million yuan [2] - Over the past five days, the main funds have seen a net inflow of 88.40 million yuan [2] Group 3 - The company reported its 2024 annual results, achieving an operating income of 900 million yuan, a year-on-year decrease of 39.96%, and a net profit of 210 million yuan, a year-on-year decrease of 16.83% [2]