Core Viewpoint - The article emphasizes the importance of promoting large-scale equipment updates and the replacement of consumer goods to address complex domestic and international situations, expand domestic demand, accelerate economic and social development, and facilitate a comprehensive green transition [1]. Group 1: Consumer Goods Replacement - As of June 30 this year, the replacement of old consumer goods in five categories (automobiles, home appliances, digital products, home decoration, and electric bicycles) has driven sales exceeding 1.6 trillion yuan, surpassing the expected sales for 2024 [2]. - The government aims to ensure a smooth and orderly implementation of the consumer goods replacement policy by balancing the use of funds and focusing on key products [2]. Group 2: Equipment Updates - In the first half of 2025, investment in equipment and tools is expected to grow by 17.3% year-on-year, with significant growth in related sectors such as computer and office equipment manufacturing (21.5%) and consumer goods manufacturing (12.3%) [2]. - The government plans to utilize special long-term bonds to support equipment update projects and accelerate project construction and fund disbursement [2]. Group 3: Financial Support and Policy Implementation - The article highlights the need to enhance financial support for equipment updates through loan interest subsidies and to simplify operational processes to boost market enthusiasm [3]. - It emphasizes the importance of supporting high-demand durable consumer goods and prioritizing the replacement of scrapped products [3]. Group 4: Supervision and Management - The government stresses the need for strict supervision and management to prevent project and fund risks, ensuring accountability at all levels [4]. - Measures will be taken to combat fraudulent activities related to national subsidies and to enhance the quality supervision of consumer goods [4].

（原标题：国家发改委署名文章：动态优化消费品以旧换新政策结构 加快资金拨付形成更多实物工作 量） 国家发展改革委7月25日在署名文章《扎实推动大规模设备更新和消费品以旧换新》中指出，推动大规 模设备更新和消费品以旧换新（即"两新"），是应对复杂国际国内形势，坚定办好自己的事，全方位扩 大内需，加快经济社会发展全面绿色转型，推动构建新发展格局的重要举措。接下来，要准确把握新形 势新任务新要求，进一步完善"两新"政策实施机制，加强统筹协调，聚焦重点领域，丰富支持手段，严 格监督管理，充分发挥"两新"政策效能。 对于一些重点产品设备，要充分发挥政策带动和资金放大撬动效应。深入开展各领域存量产品设备评估 诊断，分析评估不同行业、不同产品设备更新改造的直接效益和带动效应，强化节能降碳工作导向，优 化设备更新和消费品以旧换新支持品类和执行标准，向节能降碳潜力大的重点产品设备倾斜。 同时，用好科技创新和技术改造再贷款政策工具，加力实施设备更新贷款贴息，进一步激发市场积极 性，按照地方"自审自放自贴"的原则，简化操作流程，提高办事效率，扩大贷款贴息政策惠及面。动态 优化消费品以旧换新政策结构，重点支持需求迫切、拉动效应大但购 ...

| 全球航空业E ... | 24.88 | ↓ -0.68 (-2.64%) 43.22万股 | | | --- | --- | --- | --- | | US JETS | | | | | 可选消费ET ... | 224.24 | J -2.31 (-1.02%) | 69.52万股 | | us XLY | | | | | 区域银行ET ... | 62.87 | ↓ -0.49 (-0.77%) 178.29万股 | | | us KRE | | | | | 黄金ETF-SP ... | 310.23 | ↑ -1.95 (-0.63%) | 121.13万股 | | us GLD | | | | | 能源业ETF - ... | 86.49 | J -0.32 (-0.37%) | 96.68万股 | | us XLE | | | | | 公用事业ET ... | 84.24 | -0.17 (-0.20%) 162.86万股 | | | us XLU | | | | | 日常消费品E ... | 81.57 | ↓ -0.08 (-0.10%) 158.55万股 | | | us XLP | ...

美国联邦检察官正在准备对试图逃避美国关税的公司和个人提起刑事指控。 7月23日，美国司法部明确表示，正在为一个专注于贸易欺诈的新部门增派"重要人员"。与此同时，据 媒体报道，美国各地的联邦检察官办公室已经开始调取拜登政府期间的外国商品交易记录，为潜在的诉 讼案件收集证据。 报道援引美国官员称，规避关税每年给政府造成数十亿美元的税收损失。此次执法行动将覆盖钢铁、 铝、纺织品和消费品等多个行业，旨在维护公平的贸易环境，并确保国家税收。 此举与特朗普在今年4月作出的承诺相呼应，他当时声称将对全球范围内的关税欺诈行为采取"非常严 厉"的措施。尽管针对其政府已实施关税的逃税调查进展尚不明朗，且部分新关税生效仅数周，但司法 部门的前期准备工作已释放出强烈的执法信号，对投资者和跨国企业构成了直接影响。 执法重心转移：从民事罚款到刑事诉讼 传统上，美国海关官员处理关税规避行为，如伪造进口商品原产国或在报关单上错报商品分类等，多依 赖罚款或民事和解。然而，司法部如今释放的信号表明，情节严重的违法行为将面临刑事检控。 司法部刑事司负责人Matthew Galeotti表示： 虽然一些疏忽行为或行政错误可能更适合通过民事途径处理， ...

Group 1 - The "Forbes Global 2000" list for 2025 has been released, highlighting the top companies based on revenue, profit, assets, and market value, with Daikin Group recognized for its excellence in global operations, technological innovation, and corporate social responsibility [1][5] - The 2025 list features a record total revenue of $52.9 trillion, with total profits reaching $4.9 trillion, total assets at $242.2 trillion, and total market capitalization exceeding $91.3 trillion, showcasing the strong financial health of the listed companies [5] - The manufacturing sector is increasingly recognized, with 76 manufacturing companies making the list, emphasizing the foundational role of manufacturing in the global economy [5] Group 2 - Daikin is a globally renowned company that integrates research, production, sales, and after-sales service of air conditioning equipment and core refrigerants, establishing a unique competitive advantage through its comprehensive industry chain capabilities [7] - Since its establishment in 1924, Daikin has focused on air conditioning and fluorochemical businesses as dual engines for growth, continuously exploring the secrets of "comfortable air" [7] - Daikin's commitment to technological and quality excellence has led to its operations spanning 175 countries and regions, earning it a reputation as a trusted global brand [7] Group 3 - Daikin views corporate social responsibility as a fundamental driver of its century-long development, continuously providing solutions for environmental issues and sustainable development through technological innovation [8] - The company aims to leverage its leading advantages in environmental technologies, such as heat pump technology and variable frequency control technology, to create comfortable air environments while offering green solutions [10] - Daikin's advanced variable frequency technology allows for precise output of air conditioning systems, significantly reducing energy consumption and carbon emissions [10]

在生物安全方面，25项定性和感官类标准样品，用于病原微生物、转基因植物的分子生物学检验，以及 植物检疫中昆虫、毒麦、假高粱的形态学鉴定，将有效提高口岸检疫的效率和准确度，增强国门生物安 全防护能力。 17项消费品标准样品，为全链条质量保障体系提供基础，其中，11项食品及食用农产品类标准样品涵盖 食品中有益或有害物质含量测定。5项纺织类标准样品可配套相关文字标准，用于织物起毛起球毡化和 纺织品色牢度的感官分级。此外，1项电声类标准样品的成功复制，确保了声音音质的准确鉴定和主观 评价。 市场监管总局批准延长持久性有机污染物、有机氯农药、重金属、挥发性有机物、硝基苯、石油烃、石 油类等19项标准样品有效期，为进一步提升生态环境监测数据质量，助力深入打好污染防治攻坚战和美 丽中国建设，提供了坚实的标准样品支撑。（央视新闻） 市场监管总局（国家标准委）近日批准发布106项国家标准样品，着力构建现代化标准样品体系，为产 业升级、民生保障、生态治理提供坚实技术支撑。 在材料方面，45项金属和非金属材料标准样品覆盖有色金属、建筑材料、石油化工等领域，支撑关键战 略材料自主研发。 ...

Core Insights - The consumer market in China is showing a moderate recovery, with a year-on-year growth of 2.5% in the urban fast-moving consumer goods (FMCG) market for the first half of 2025, driven primarily by beverages, which grew by 5.6% [1] - The service consumption sector is on the rise, with a notable 8.7% increase in foot traffic in the out-of-home consumption market [2] - The retail landscape is evolving, with significant performance disparities among major retailers, as evidenced by a 1.1 percentage point decline in market share for the top ten retailers [4] Group 1: Market Performance - The FMCG market's growth is supported by positive trends in beverages, food, household cleaning, and personal care products, while dairy products lag behind [1] - The retail sales of convenience stores decreased by 3.6%, while small supermarkets saw a 7.3% increase in sales [3] - The overall retail sales of consumer goods increased by 5.0% in the first half of the year, with final consumption expenditure contributing over 50% [1] Group 2: Retail Channel Insights - Membership stores are gaining traction, with an overall penetration rate increase of 3.6 percentage points in the first half of 2025, driven by strong performances from Sam's Club [8][9] - Traditional supermarkets are transitioning to hard discount models, with companies like Zhongbai Group and Jiajiayue achieving rapid growth in their discount formats [12] - E-commerce channels experienced a 6.9% increase in sales, with platforms like Douyin and JD Group showing significant growth in penetration rates [13][15] Group 3: Consumer Behavior Trends - Consumers are increasingly sensitive to price while also valuing experiential aspects of shopping, leading to a demand for higher quality and functionality in products [17] - The 618 shopping festival saw a surge in demand for essential goods, with consumers diversifying their purchasing channels and seeking more personalized products [17] - Instant retail is redefining convenience, with platforms integrating resources to enhance consumer experiences, achieving over 35% penetration in the first half of 2025 [16]

Group 1: M&A Activity Overview - From July 14 to July 20, there were 77 M&A events involving listed companies, with 27 classified as significant M&A transactions[9] - Out of the total M&A events, 12 were completed, including 1 significant M&A transaction involving Baota Industrial[9] - There were 3 failed M&A attempts by listed companies, specifically by Lixing Co., Hongming Co., and Zhongji Health[15] Group 2: Policy Updates - On July 18, Tianjin's financial authorities released measures to support M&A, focusing on 12 key industrial chains and establishing a resource pool for quality M&A targets[7] - The Shanghai G60 Science and Technology Innovation Group held a summit on July 16 to discuss M&A and overseas expansion in the context of innovation and industry leadership[7] Group 3: Market Performance - During the week of July 14 to July 20, the restructuring index outperformed the Wind All A index by 0.27%[19] - Over a mid-term view, the restructuring index's rolling 20-day return shifted from negative to positive compared to the Wind All A index[19] Group 4: Control Changes - Two listed companies reported changes in actual control during this period, with Shenjian Co. and Hualan Group undergoing ownership transitions[17]

数据统计显示，中证港股通休闲消费主题指数近一个月上涨1.87%，近三个月上涨17.74%，年至今上涨 19.70%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证券范 围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通休闲消费主题指数从港股通证券范围内选取40只业务涉及休闲消费产业的上市公司 证券作为指数样本，反映港股通内休闲消费领域上市公司证券的整体表现。该指数以2016年12月30日为 基日，以1000.0点为基点。 从指数持仓来看，中证港股通休闲消费主题指数十大权重分别为：百胜中国（10.65%）、泡泡玛特 （9.78%）、安踏体育（9.59%）、美团-W（8.81%）、申洲国际（7.05%）、李宁（5.81%）、海底捞 （4.3 ...

21世纪经济报道记者舒晓婷 北京报道 根据公开数据，截至目前，标普500指数成分股公司中有12%公布了业绩，其中83%业绩好于预期。未 来一周，超过五分之一的标普500指数成分股公司将公布财报。具体包括可口可乐、菲利普莫里斯等消 费品公司以及通用航空，通用汽车、IBM、英特尔、黑石等公司。 市场尤为关注Alphabet和特斯拉的业绩表现。有分析师预计，Alphabet营收预计较上年同期稳健增长 10.7%。投资者将深入研究细节，寻找Alphabet在AI方面的巨额支出正在提振其云业务（该公司最大的 过去一周，美国三大股指涨跌不一。道琼斯工业平均指数累跌0.07%，报44342.19点；纳斯达克综合指 数累涨1.51%，报20895.66点；标普500指数累涨0.59%，报6296.79点。 今年以来，美国三大股指集体上涨。道琼斯工业平均指数累涨4.23%，纳斯达克综合指数累涨8.21%， 标普500指数累涨7.06%。展望后市，胡艺指出，美股本周仍有震荡上行的动力，或在7月底的美联储议 息会议后出现不确定性走势，中长期看美股向下进行一定深度调整的概率很大。依据在于：一是稳定币 和人工智能等领域的热点大概率仍将 ...