今年以来，面对复杂严峻的外部环境，长三角地区的上海、南京、杭州、宁波、合肥五大直属海关，分 别会同地方政府建立了进出境特殊物品联合监管机制，有效简化特殊物品进出境审批流程；探索高风险 特殊物品跨区域联合监管，便利企业跨关区开展药品研发生产活动；将供应链安全评估模式推广至长三 角全域，上半年共为长三角10万余票供应链货物减少布控查验量，惠及集成电路、生物医药、人工智能 等先导产业。 新华社上海7月22日电（记者吴宇、陈杰）记者从上海海关了解到，今年上半年，长三角地区实现进出 口8.16万亿元，同比增长5.4%，占同期全国进出口总值的37.4%，比重较去年提升0.9个百分点，展现出 长三角外贸强大的韧性和活力。 为促进区域物流链循环畅通，上海海关牵头将海运领域的"联动接卸"模式推广至江苏南通通海港和启东 吕四港，实现"水水直联、多港互动、内河承接、洋山装卸"，不断拓宽长三角企业的出海通道。目 前，"联动接卸"模式已覆盖长三角14个港口，上海口岸的枢纽和辐射功能得到进一步拓展。 此外，今年以来，上海海关牵头制定了《长三角海关跨关区通关业务联系配合办法》，建立300余人的 联络员队伍，畅通申报地与查验地海关、口岸与属 ...

Economic Growth - In the first half of 2025, China's GDP reached 660,536 billion yuan, with a year-on-year growth of 5.3%[1] - In June, the industrial added value above designated size grew by 6.8% year-on-year, accelerating by 1.0 percentage points from May[1] - The total retail sales of consumer goods in June amounted to 42,287 billion yuan, with a year-on-year growth of 4.8%, down 1.6 percentage points from May[1] Investment and Consumption - From January to June, fixed asset investment (excluding rural households) was 248,654 billion yuan, with a year-on-year growth of 2.8%, down 0.9 percentage points from January to May[1] - In June, the month-on-month growth of fixed asset investment was only 0.5%, a significant drop of 2.4 percentage points from May[12] - The decline in consumption was particularly pronounced in the catering sector, where growth plummeted from 5.9% in May to 0.9% in June[15] Trade and Employment - In June, the total import and export volume reached 38,527 billion yuan, with a year-on-year growth of 5.2%, including exports of 23,394 billion yuan, up 7.2%[1] - The urban surveyed unemployment rate in June remained stable at 5.0%, consistent with the previous month and the same month last year[16] - The export growth rate in June was 5.8%, significantly higher than the expected 3.2%[40]

Group 1 - The report from the Kasikorn Research Center indicates that if the US imposes a 36% tariff on Thai products, it will lead to a significant shrinkage in Thailand's export value in the second half of the year [1][2] - The new tariff rate announced by President Trump is set to take effect on August 1, and if no agreement is reached before this date, the tariff will be implemented [1] - The 36% tariff is expected to reduce Thailand's competitiveness in the US market, particularly for products such as transformers, printers, air conditioners, and shrimp products [1] Group 2 - The Kasikorn Research Center believes that higher tariffs compared to most countries will exert deeper pressure on Thai exports, negatively impacting foreign direct investment and leading to a further decline in private investment [2] - Thailand's economy faces multiple risk factors, including potentially lower-than-expected tourist arrivals, which contribute to downward pressure on economic growth [2] - The economic growth rate for Thailand in 2025 is likely to fall below 1.4% due to these combined factors [2]

Economic Performance Overview - In May, the national economy showed resilience and stability, laying a solid foundation for achieving annual economic goals due to more proactive macro policies [1] - Key indicators in May demonstrated month-on-month increases, with industrial added value growing by 5.8% year-on-year and 0.61% month-on-month [1] - The service sector also accelerated, with the service production index increasing by 6.2% year-on-year and the business activity index at 50.2, indicating expansion [1] Consumer Spending Insights - Retail sales in May reached 41,326 billion yuan, a year-on-year increase of 6.4%, marking a new high for 2024 [1] - The growth in consumption was driven by favorable policies and promotional activities, including the "6.18" online shopping festival and holiday effects from the "May Day" and "Duanwu" festivals [1] - Domestic tourism during the "May Day" holiday saw a 6.4% increase in visitor numbers, while restaurant revenue grew by 5.9% year-on-year [1] Export and Trade Performance - In May, China's total goods import and export amounted to 38,098 billion yuan, with exports at 22,767 billion yuan, reflecting a year-on-year growth of 6.3% [2] - Despite the impact of increased tariffs from the U.S., overall export growth remained positive, with a 7.2% increase from January to May [2] Investment Trends - Fixed asset investment from January to May grew by 3.7%, lower than the 4.0% growth observed in the first four months [2] - Investment in the primary industry rose by 8.4%, while the secondary industry saw an increase of 11.4%, and the tertiary industry experienced a decline of 0.4% [2] Real Estate Market Dynamics - The real estate market showed signs of weakness, with second-hand housing prices in first-tier cities declining by 0.7% month-on-month and new housing prices also decreasing [3] - Real estate investment, sales, and construction area further declined year-on-year in May, indicating a need for policy intervention to stabilize the market [3] Policy Recommendations - There is a necessity for targeted macro policies to enhance investment momentum and stimulate private investment, particularly in the real estate sector [3] - The government is encouraged to innovate service offerings to boost consumption, especially in tourism, dining, retail, and transportation as summer approaches [3]

Economic Growth - In May, the industrial added value above designated size grew by 5.8% year-on-year, a decrease of 0.3 percentage points from the previous month[1] - The total retail sales of consumer goods reached 41,326 billion yuan in May, with a year-on-year growth of 6.4%, accelerating by 1.3 percentage points from the previous month[1] - Fixed asset investment (excluding rural households) in May was 191,947 billion yuan, growing by 3.7% year-on-year, down by 0.3 percentage points from the previous month[1] Consumption and Investment Trends - The monthly GDP growth rate for May was approximately 5.0%, a slight decrease of 0.1 percentage points from April, aligning with the annual economic growth target[2] - Domestic consumption growth significantly increased in May, offsetting the decline in investment and export growth, indicating a shift in economic momentum towards consumption[2] - The government’s focus on boosting consumption is expected to enhance its role in economic growth in the second half of 2025[3] Employment and Unemployment - The urban surveyed unemployment rate in May was 5.0%, down by 0.1 percentage points from the previous month, indicating an improvement in employment conditions[1][17] - The unemployment rate in major cities also showed a similar trend, reflecting seasonal adjustments and improvements in the job market[17] Export and Import Performance - The total import and export value in May was 38,098 billion yuan, with exports at 22,767 billion yuan, growing by 6.3%, while imports decreased by 2.1%[1] - The decline in both exports and imports suggests a cooling off from previous "export rush" activities[47] Inflation and Price Trends - The Consumer Price Index (CPI) in May remained stable year-on-year at -0.1%, while the core CPI increased by 0.6%, indicating a mild upward trend in core prices[51] - The Producer Price Index (PPI) saw a year-on-year decline of 3.3%, with the drop in production material prices being a significant factor[63]

Economic Performance - In May, industrial added value increased by 5.8% year-on-year, exceeding the expected 5.7%, but down 0.3 percentage points from April[2] - The cumulative value from January to May is still 0.5 percentage points higher than the total for last year[2] - Retail sales of consumer goods in May grew by 5.1% year-on-year, surpassing the expected 4.9%, and up 1.3 percentage points from April[2] - Cumulative fixed asset investment growth from January to May was 3.7%, below the expected 4.0%, but still 0.5 percentage points higher than last year[2] Sector Analysis - Manufacturing sector investment from January to May saw a cumulative year-on-year growth of 8.5%, down 0.3 percentage points from January to April, and 0.7 percentage points lower than last year[10] - Infrastructure investment (excluding electricity) grew by 5.6%, down 0.2 percentage points from January to April, but up 1.2 percentage points from last year[10] - Real estate investment showed a decline of 10.7%, down 0.4 percentage points from January to April, and 0.1 percentage points lower than last year[10] Trade and Exports - In May, exports increased by 4.8% year-on-year, down 3.3 percentage points from April, while cumulative exports from January to May were up 0.2 percentage points from last year[11] - Imports decreased by 3.4%, down 3.2 percentage points from April, with cumulative imports down 12.3% from last year[11] - The trade surplus in May was $103.2 billion, a historical high, with a cumulative surplus of $471.9 billion from January to May, representing a year-on-year increase of 40%[11] Economic Challenges - The urban surveyed unemployment rate in May was 5.0%, slightly below the expected 5.1%, but youth unemployment remains high, affecting consumer confidence[4] - The CPI in May was -0.1%, indicating ongoing deflationary pressures, while the PPI was -3.3%[25] - Real estate sector challenges continue to impact overall economic growth, with new housing starts down 22.8% year-on-year from January to May[33]

Macro - Export has rebounded while domestic demand shows divergence, with strong automobile sales and accelerated infrastructure investment, but real estate sales are marginally improving amidst a sluggish land market [1] - High-frequency data indicates a rapid rebound in imports and exports, supported by resilient overseas demand and a recovery in port data and export freight rates due to concentrated shipments from previously accumulated inventories [1] - Production is exhibiting industry-specific trends, with a rebound in the photovoltaic production index, while the operating rates in sectors like steel and petrochemicals are declining [1] - Coal inventories are decreasing from high levels, and steel inventories are being reduced at an accelerated pace [1] - Price performance is generally moderate, with most high-frequency indicators for CPI and PPI trending downwards [1] - The liquidity environment is characterized by a significant drop in the US dollar index and a continuous appreciation of the Chinese yuan [1] Overseas Strategy - The article reviews the asset price movements during four periods of trade friction easing between the US and China from 2018 to 2019, highlighting the uncertainty surrounding trade negotiations [3][4] - Each easing period had varying durations and was often interrupted by unilateral actions from the US, indicating the unpredictable nature of trade negotiations [3] - The first easing period in May 2018 lasted only 10 days, with US stock performance showing volatility, while Chinese A-shares faced downward pressure due to dual challenges from tariffs and financial deleveraging [4] - The December 2018 easing lasted over four months, during which A-shares and Hong Kong stocks briefly rebounded before declining again, while US stocks benefited from rising expectations of Federal Reserve rate cuts [4] - The June 2019 easing lasted about one month, with A-shares initially rising but later experiencing declines due to renewed trade tensions [4] - The October 2019 easing saw a significant initial rise in both US and Chinese stock markets, but subsequent performance diverged [4] Industry - The article discusses the significance of tritium as a fuel for nuclear fusion, highlighting recent policy shifts in the US and Germany towards advanced nuclear technologies [8] - Tritium is described as a scarce resource necessary for nuclear fusion, contrasting with uranium, which is mined [8] - The fusion reaction involves deuterium and tritium, releasing energy and neutrons, with deuterium being abundant and sourced from seawater, while tritium must be artificially produced [8] - The process of generating tritium involves neutron multiplication using beryllium spheres and subsequent reactions with lithium, emphasizing the importance of tritium factories for recovery and purification [8]

21世纪经济报道特约记者 庞华玮 广州报道 据21世纪经报道记者了解，近日《中美日内瓦经贸会谈联合声明》发布后，机构投资者的投资策略和调 仓方向出现了一些新变化。 有机构投资人士表示，近期企业抢融资出海建厂，因而在投资上，机构一边提高了对投资企业质地要 求，一边相应降低了对投资企业的估值要求。 业内人士认为，关税利好消息下，中国资产有望迎来较大的回升机会，后续可关注和积极做多A股和港 股等中国资产，机构也有望借此加仓中国资产。 其中，直接受益于关税下调的进出口相关行业迎来估值修复机会。与此同时，机构还重点关注三大方 向：科技、内需消费和红利。 A股和港股变化背后 5月12日发布的《中美日内瓦经贸会谈联合声明》带动了外围市场大涨。当日美股三大指数均大涨，道 指涨超1100点，纳指暴涨逾4%。尤其科技股巨头表现强劲。亚马逊涨超8%，苹果、特斯拉涨超6%，英 伟达涨逾5%。 同日，中国资产沸腾，纳斯达克金龙中国指数劲升超5%。港股收盘时，恒生指数大涨2.98%，恒生科技 指数暴涨5.16%。汽车、家电、软件服务、可选消费、半导体、机械等板块行情受到提振。 紧跟着的5月13日，A股收盘时，上证指数报3374.87点， ...

Group 1 - The core viewpoint of the article highlights that European companies operating in China are beginning to experience positive impacts from the US-China trade war initiated by Trump, as they are expected to gain market share from American companies that are being pushed out due to high tariffs [1] - A survey conducted by the China EU Chamber of Commerce revealed that 19% of the surveyed companies have already gained more business from domestic and foreign clients due to the trade war, while 36% anticipate future positive impacts [1] - The president of the China EU Chamber of Commerce, Jens Eskelund, noted that many European companies are competing with American imports, seeing opportunities as US products gradually disappear from the market [1] Group 2 - Despite the trade war damaging business confidence, European companies are continuing to pursue a localization strategy in China, which involves increasing local procurement to reduce reliance on imports and mitigate geopolitical risks [2] - Eskelund emphasized that China remains a crucial market for competition in terms of price and quality, indicating a paradox where companies are looking to reduce dependence on China while simultaneously recognizing its importance [2] - The trade war has introduced significant uncertainty for member companies, but there is a belief that China can turn this crisis into an opportunity, proving itself as a stable and predictable investment destination [2]

Production Sector - The coke oven operating rate increased to 75.29%, up by 1.86% from the previous week[7] - The high furnace operating rate rose to 84.35%, reflecting a 0.77% increase[7] - The full tire steel operating rate decreased to 62.46%, down by 2.97% from the previous week[7] Consumption Sector - Weekly box office revenue decreased to 216 million CNY, down by 2,000,000 CNY from the previous week[7] - Average daily retail sales of passenger cars fell to 61,788.25 units, a decrease of 4,001 units[7] - Average daily wholesale sales of passenger cars dropped to 73,632.75 units, down by 5,425.55 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities increased to 167.19 million square meters, up by 18.21% from the previous week[7] - The land premium rate in 100 major cities rose to 7.5%, an increase of 3.27%[7] - Excavator sales reached 19,517 units, a significant increase of 7,877 units compared to the previous month[7] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) decreased to 1,347.84, down by 22.74 points[8] - The Consumer Price Index (CPI) for agricultural products showed a slight decline, with the wholesale price index at 118.13, down by 0.69%[8] - The Producer Price Index (PPI) indicated a rebound in domestic and international commodity prices[8] Transportation - The subway passenger volume in Beijing decreased to 1,057.37 million trips, down by 5.02%[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,847.57 flights, down by 92.29 flights[8] - The China Road Logistics Price Index increased slightly to 1,050.75, up by 0.61[8]