Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Value Index, which has shown significant growth over various time frames, indicating a positive market trend [1][2]. - The China Securities Hong Kong 300 Value Index has increased by 6.54% in the past month, 18.03% in the past three months, and 22.11% year-to-date [1]. - The index is composed of four sub-indices: the China Securities Hong Kong 300 Growth Index, the China Securities Hong Kong 300 Value Index, the China Securities Hong Kong 300 Relative Growth Index, and the China Securities Hong Kong 300 Relative Value Index [1]. Group 2 - The top ten holdings of the China Securities Hong Kong 300 Value Index include major companies such as China Construction Bank (10.36%), HSBC Holdings (9.8%), and China Mobile (7.29%) [1]. - The financial sector dominates the index's industry composition, accounting for 59.00%, followed by communication services at 10.98% and energy at 10.50% [2]. - The index undergoes semi-annual adjustments, with sample changes implemented on the next trading day after the second Friday of June and December [2].

Group 1 - The core point of the article is that the price of live pigs (external three yuan) has decreased by 4.6% in mid-July compared to early July 2025 [1] - Among 50 monitored important production materials, 28 products saw price increases, while 20 experienced price declines, and 2 remained unchanged [1] - The price of live pigs is now at 14.4 yuan per kilogram, reflecting a decrease of 0.7 yuan [2] Group 2 - The price of rebar (Φ20mm, HRB400E) increased by 52.4 yuan, marking a rise of 1.7% [2] - The price of aluminum ingots (A00) decreased by 141.2 yuan, a decline of 0.7% [2] - The price of liquefied natural gas (LNG) increased by 38.7 yuan, reflecting a rise of 0.9% [2] - The price of urea (medium and small particles) increased by 2.1 yuan, a rise of 0.1% [3] - The price of natural rubber (standard rubber SCRWF) increased by 477.3 yuan, marking a significant rise of 34% [3]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 28 products experiencing price increases, 20 seeing declines, and 2 remaining stable in mid-July 2025 compared to early July 2025 [2][3]. Group 1: Price Changes in Major Categories - In the black metal category, notable price increases include rebar at 3160.6 CNY per ton (up 1.7%), wire rod at 3327.5 CNY per ton (up 1.9%), and hot-rolled ordinary plates at 3299.1 CNY per ton (up 2.3%) [4]. - In the non-ferrous metals category, prices for electrolytic copper decreased by 1895.3 CNY per ton (down 2.4%), while aluminum ingots fell by 141.2 CNY per ton (down 0.7%) [4]. - Chemical products showed mixed results, with sulfuric acid increasing by 11.4 CNY per ton (up 1.7%) and methanol decreasing by 36.2 CNY per ton (down 1.6%) [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) rose to 4325.5 CNY per ton (up 0.9%), while liquefied petroleum gas (LPG) fell to 4455.6 CNY per ton (down 1.2%) [4]. - Coal prices also saw increases, with anthracite coal at 865.4 CNY per ton (up 4.3%) and coking coal at 1150.0 CNY per ton (up 7.0%) [4]. Group 3: Agricultural Products and Inputs - In agricultural products, cotton prices increased by 226.9 CNY per ton (up 1.6%), while corn prices decreased by 38.6 CNY per ton (down 1.6%) [5]. - Fertilizer prices showed a slight increase, with urea at 1822.4 CNY per ton (up 0.1%) and compound fertilizer at 3149.4 CNY per ton (up 0.9%) [5]. Group 4: Monitoring Methodology - The price monitoring encompasses a wide range of products across 31 provinces, involving nearly 2000 wholesalers and dealers, ensuring comprehensive coverage of the market [8][9]. - The methodology includes on-site price collection, as well as inquiries via phone and electronic communication [9].

Distribution Plan - The profit distribution plan was approved at the company's 2024 annual general meeting held on June 5, 2025 [1] - The distribution is based on a total share capital of 462,338,461 shares, with 3,994,300 shares held in the company's repurchase account excluded, resulting in a base of 458,344,161 shares for distribution [2] - Each shareholder will receive a cash dividend of 0.30 yuan per share (including tax), totaling 137,503,248.30 yuan (including tax) [2] Dividend Calculation - The ex-dividend reference price is calculated as (previous closing price - 0.2974) [3] - The company will only distribute cash dividends and will not implement any other forms of distribution, such as capital reserve transfers [2][3] Implementation Method - Cash dividends for shareholders, except Shanghai Zhongman Investment Holding Co., Ltd., will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [3] - The company’s repurchase account shares will not participate in this profit distribution [3] Taxation Information - For individual shareholders and securities investment funds, dividends are subject to different tax treatments based on the holding period [4] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.27 yuan per share [5] - For Hong Kong investors through the Stock Connect, a 10% withholding tax applies, also resulting in a net cash dividend of 0.27 yuan per share [5] Contact Information - For inquiries regarding the implementation of this profit distribution, shareholders can contact the company's securities affairs department at 021-61048060 [6]

Group 1 - WTI September crude oil futures closed down by $0.06, a decrease of 0.09%, settling at $65.25 per barrel [1] - Abu Dhabi Murban crude oil futures are currently up by 0.48%, trading at $71.23 per barrel as of 02:33 Beijing time [1] - NYMEX August natural gas futures fell by 5.38%, closing at $3.0770 per million British thermal units [1] Group 2 - NYMEX August gasoline futures settled at $2.1213 per gallon, while NYMEX August heating oil futures closed at $2.4490 per gallon [1] - European natural gas prices reversed previous gains, declining for the fifth consecutive trading day due to ample supply easing market tensions [1] - Europe has increased liquefied natural gas imports this year, as winter inventory levels were lower than in previous years, necessitating rapid import increases for the upcoming heating season [1] Group 3 - On Wednesday (July 23), at the end of European trading, ICE UK natural gas futures fell by 0.99%, while TTF benchmark Dutch natural gas futures dropped by 2.03% [1] - ICE EU carbon emission trading permits (futures prices) also decreased by 2.03% [1]

Core Viewpoint - The legal opinion letter addresses the differentiated equity distribution and special ex-rights and ex-dividend treatment for Zhongman Petroleum and Natural Gas Group Co., Ltd. for the year 2024, ensuring compliance with relevant Chinese laws and regulations [1][4][8]. Group 1: Background of Share Buybacks - In June 2022, Zhongman Petroleum approved a share buyback plan, allowing the repurchase of 5 to 8 million shares at a maximum price of RMB 23.00 per share [4][5]. - By October 26, 2022, the company had repurchased 5,457,900 shares at prices ranging from RMB 21.12 to RMB 22.86, totaling approximately RMB 119.99 million [5]. - In October 2023, a new buyback plan was approved, allowing the repurchase of 1.5 to 3 million shares at a maximum price of RMB 30.95 per share [6]. Group 2: Differentiated Equity Distribution Plan - The differentiated equity distribution plan is necessitated by the discrepancy between the total share capital and the actual shares participating in the distribution due to the buyback [8]. - The proposed cash dividend for 2024 is RMB 3.00 per 10 shares, with adjustments based on the number of shares held in the buyback account [8][9]. - As of July 3, 2025, the total share capital is 462,338,461 shares, with 3,994,300 shares in the buyback account, resulting in 458,344,161 shares eligible for distribution [9]. Group 3: Calculation of Ex-rights and Ex-dividend Reference Price - The ex-rights and ex-dividend reference price is calculated as (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the previous closing price being RMB 19.85 [9][10]. - The calculated reference price impact from the differentiated distribution is minimal, approximately 0.0133% [10]. - The legal opinion concludes that the differentiated equity distribution complies with relevant laws and does not harm the interests of the company or its shareholders [10].

7月22日，财富中文网发布了2025年《财富》中国500强排行榜。榜单采用与《财富》世界500强一脉相 承的制榜方法，同时包括了上市和非上市企业。 榜单显示，今年500家上榜的中国公司在2024年的总营业收入达到14.2万亿美元，和上年上榜公司相比 下降约2.7%；净利润达到7564亿美元，较上年增长约7%。按美元计算，2024年中国的GDP总量达到 18.75万亿美元，今年榜单中500家公司的收入总和约为中国当年GDP的四分之三。 国家电网有限公司以5484亿美元的营收位居榜首，中国石油天然气集团和中国石油化工集团分列榜单第 二位和第三位，中国建筑集团位列第四。"四大行"均位列前十，其中，工商银行排名最高，位列第五； 农业银行、建设银行、中国银行分别位列第七至第九。 今年前十位中没有大陆民营企业，京东集团仍是排位最高的大陆民营企业，位列第11位，较去年上升2 位。阿里巴巴集团位列第18位，较去年上升3位；腾讯控股位列第32位，较去年上升6位。《财富》表 示，中国几家互联网代表企业值得关注，它们在竞争格局下仍持续增长。 盈利能力方面，最赚钱的十家上榜公司中，除五家商业银行和中石油外，今年进入利润榜前十位的有四 ...

流动性方面，截止7月23日，港股央企红利50ETF（520990）近20个交易日累计成交金额29.62亿元，日 均成交金额1.48亿元；今年以来，134个交易日，累计成交金额155.35亿元，日均成交金额1.16亿元。 港股央企红利50ETF（520990）现任基金经理为龚丽丽、汪洋。龚丽丽自2024年7月25日管理（或拟管 理）该基金，任职期内收益17.15%；汪洋自2025年7月15日管理（或拟管理）该基金，任职期内收益 3.73%。 最新定期报告显示，港股央企红利50ETF（520990）重仓股包括中国移动、中国石油股份、中远海控、 中国海洋石油、中国神华、中国石油化工股份、中国电信、中国联通、招商银行、中煤能源，持仓占比 如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00941中国移动10.83%621.75万4.94亿00857 中国石油股份10.55%7814.80万4.81亿01919中远海控9.66%3540.75万4.40亿00883中国海洋石油 9.03%2547.10万4.12亿01088中国神华8.09%1328.00万3.69亿00386中国石油化工股份7.66%931 ...

7月22日，中国石油（601857）集团董事长、党组书记戴厚良在上海拜会了上海市委书记陈吉宁，双方 就深化互利合作进行交流。上海市委常委、市委秘书长华源，副市长刘多，中国石油集团副总经理、党 组成员任立新，以及双方有关部门负责人等参加会见。 ...

Group 1 - The United States has issued threats to countries cooperating with Russia, particularly targeting China and India, by proposing secondary tariffs on those purchasing Russian oil and gas [1][3] - In 2024, India imported 35% of its oil from Russia, while China's energy trade with Russia continues to expand [1] - The U.S. Republican Senator Graham proposed a radical bill to impose a 500% tariff on countries that continue to buy Russian energy without providing substantial aid to Ukraine, specifically naming China and India [3] Group 2 - India's oil minister expressed confidence that India can meet its energy needs from alternative sources if Russian oil supply is affected, citing diversification of oil suppliers from 27 to 40 countries [5] - The Russian Foreign Ministry confirmed discussions with China and India to restore the trilateral cooperation mechanism, enhancing India's position on the international stage [5][6] - China has reiterated its stance that dialogue is the only viable solution to the Ukraine crisis and opposes unilateral sanctions, indicating potential countermeasures if the U.S. implements secondary tariffs [5][6] Group 3 - Russia has shown resilience against U.S. threats, with plans to accelerate de-dollarization and increase trade settlements in local currencies with China and other countries [8] - The trend of global economic integration suggests that U.S. unilateral sanctions may lead to a backlash, diminishing its global influence [8] - Emerging countries are shifting from passive responses to actively shaping international order, as seen in India's balancing act between the U.S. and Russia and the revival of trilateral cooperation with China and Russia [8]