泰国政府近期重拳整治外资非法经营"代持企业"问题，初步调查发现相关非法经营活动已造成高达152.88亿泰铢（约合34亿人民币）的经济损失。该行动 是继"代持企业大清查第一期"之后的进一步深化，由泰国商务部与泰国中央调查局（CIB）联合展开，重点打击外资通过泰国人名义代为注册公司以规避 本地法律的行为。 泰国商务部长皮猜表示，泰国总理佩通坦高度关注此类非法经营活动，认为其严重影响国内中小企业的发展环境。他指出，全球经济变局加剧了非法资本 的流动风险，泰国亟需加强制度防线。 图：2024年4月24日，泰国警察突袭北榄府的一间仓库，发现大量走私、假冒等非法产品于网上销售。 图：2024年12月4日，泰国商务部和中央调查局在"代持企业大清查第二期"行动联合新闻发布会上展示了从代持企业查获的证据。 据2024年5月21日召开的外国企业和产品违法行为管理委员会第五次会议披露，过去九个月间，执法机关共处理39186起涉及非法或不合格网络产品案件， 造成损失超过20.74亿泰铢。此外，对价值低于1500泰铢的进口商品征税也取得阶段性成果，征税总额达17.96亿泰铢。 图：2025年5月1日，泰国警方启动"代持企业大清查第三期 ...

英国政府将培训12万英国建筑工人、工程师、以及护理人员，从而降低对移民的依赖程度。 ...

Group 1: Trade Measures - The U.S. has imposed a 30% additional tariff on specific models of cranes imported from China, affecting over $1.5 billion worth of imports annually [3] - The U.S. Coast Guard announced a new port facility usage fee for Chinese-built vessels, charging double compared to other countries, impacting a wide range of ships including commercial and fishing vessels [3] - The construction industry in the U.S. is expected to see an 8% increase in project costs over the next year due to the crane tariff, potentially leading small contractors to abandon projects and affecting local employment [3] Group 2: Geopolitical Implications - The U.S. aims to weaken China's manufacturing competitiveness through economic measures, which is crucial for maintaining its dominance in the global supply chain [5] - The U.S. actions are seen as a political maneuver to divert attention from domestic economic and social issues, especially with elections approaching [6] - China is accelerating free trade agreement negotiations with other economies, reducing reliance on the U.S. market, and implementing reciprocal trade measures against certain U.S. goods [6] Group 3: International Reactions - International economic organizations emphasize that confrontation between the U.S. and China will harm both parties, advocating for cooperation as a solution [8] - The World Trade Organization has expressed concerns that U.S. protectionist measures undermine the multilateral trade system and could negatively impact global economic recovery [6] - Long-term cooperation in various fields such as trade, climate, and security is essential for both nations, with a call for dialogue to achieve mutual benefits and global economic stability [8]

华尔街聚焦"人民币升值"主题 关税大战并未在今年推动美元升值，相反美元资产遭到抛售，关税或冲击美国通胀、加剧债务负担，同时也在侵蚀各界对美元信用的信心。与此同时，德国 罕见开始转向财政扩张，推动欧元对美元一度攀升10%，日元也在日本央行加息预期下升值，这也导致美元指数今年累计下跌近10%。 与2018年3月至2020年1月的中美贸易战1.0不同，当时人民币对美元汇率从6.26的低点升至7.18的高点（即贬值13%），而自 "对等关税"实施以来，人民币对 美元汇率已升值1%。然而，人民币的涨势普遍落后于欧元和一众亚洲货币。 不过，近期华尔街的唱多力量也开始渐强。例如，高盛预计未来3个月、6个月和12个月的汇率将从之前的7.3、7.35和7.35分别调整至7.2、7.1和7。这意味着 未来12个月人民币汇率将上涨3%。该机构最新认为，汇率升值将有望利多相关股票。 5月26日，离岸人民币一度对美元升破7.17，最低至7.16。 5月26日，离岸人民币一度对美元升破7.17，最低至7.16，截至同日19:00报7.1782。今年以来亚洲货币和欧元多数对美元升值5%~10%，而人民币从年初到5 月初的涨幅不到2%，近期 ...

Company Overview - Rongzun International Holdings operates through three main subsidiaries registered in Hong Kong, focusing on renovation, extension, and civil engineering projects [3] - The company specializes in various construction services, including structural engineering, renovation, facility configuration changes, and civil engineering works [3] Financial Performance - As of September 30, 2024, Rongzun International Holdings reported total revenue of 39.08 million yuan, a year-on-year decrease of 59.89% [2] - The company recorded a net profit attributable to shareholders of -9.46 million yuan, showing a year-on-year increase of 58.01% [2] - The gross margin stood at -9.02%, with a debt-to-asset ratio of 16.5% [2] Market Position - Rongzun International Holdings has a price-to-earnings (P/E) ratio of 119.9, ranking 104th in its industry, while the average P/E ratio for the construction industry is 10.22 [2] - The company has underperformed the Hang Seng Index, with a year-to-date decline of 4.76%, compared to the index's increase of 17.65% [2] Recent Stock Performance - On May 26, the Hang Seng Index fell by 1.35%, while Rongzun International Holdings' stock price increased by 9.0%, closing at 1.09 HKD per share [1]

Group 1: National Enterprise Reform - The core viewpoint is that 2025 is expected to be a pivotal year for state-owned enterprise (SOE) reform, with significant advancements anticipated in market-oriented transformations [2] - Recent meetings held by major central enterprises, including State Grid and China Huaneng, have focused on promoting company value and implementing market-oriented value management systems [2] - Policies from regions like Shanghai and Fujian are encouraging enterprises to enhance their market value management, indicating a shift from policy advocacy to practical implementation [2] Group 2: ETF Performance - As of May 26, 2025, the National Enterprise Win-Win ETF (159719) has seen a slight increase of 0.13%, with a weekly rise of 0.40% as of May 23 [1] - Over the past three years, the net value of the National Enterprise Win-Win ETF has increased by 44.35%, placing it in the top 3.74% of its category [1] - The Greater Bay Area ETF (512970) has experienced a decline of 0.42% recently, but its net value has risen by 19.73% over the past five years [4] Group 3: Index Tracking - The National Enterprise Win-Win ETF closely tracks the FTSE China National Enterprise Open Win-Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong [5] - The index consists of 100 constituent stocks, including 80 A-share companies and 20 companies listed in Hong Kong, focusing on globalization and sustainable development [5] - The Greater Bay Area ETF tracks the CSI Guangdong-Hong Kong-Macau Greater Bay Area Development Theme Index, with the top ten weighted stocks accounting for 53.26% of the index [7][9]

5月23日，OFAC发布了 通用许可证GL25 根据总统关于终止对叙利亚所有制裁的公告，为叙 利亚提供立即的制裁豁免。GL 25 取消了对叙利亚的制裁。GL 25 将使新的投资和私营部门活 动与总统的"美国优先"战略保持一致。美国国务院同时发布一项豁免，根据《杰苏尔叙利亚平 民保护法》（Caesar Act），这将使我们的外国合作伙伴、盟友和该地区进一步释放叙利亚 的潜力。这是美国政府为消除巴沙尔·阿萨德政权滥用行为而对叙利亚实施的制裁完整架构的 组成部分之一。 "正如特朗普总统所承诺的，财政部和国务院正在实施授权，以鼓励对叙利亚的新投资。叙利 亚还必须继续努力成为一个和平的稳定国家，而今天的行动将有望使该国走上光明、繁荣和 稳定的未来之路，" 财政部长斯科特·贝森特 说道。 重新开始的机会 阿萨德政权对其人民的暴行以及在该地区支持恐怖主义的时代已经结束，叙利亚人民翻开新 的篇章。美国政府致力于支持一个稳定、统一、与自身及邻国和平相处的叙利亚。美国已延 长对新叙利亚政府的制裁豁免，前提是该国不会为恐怖组织提供庇护，并确保其宗教和民族 少数群体的安全。美国将继续监测叙利亚的进展和地面局势的发展。 GL 25 是 ...

Exhibition Overview - The International Builders' Show (IBS) is one of the most influential events in the construction industry, organized by the National Association of Home Builders, which has 200,000 member units [1] - The 2025 IBS in Las Vegas attracted over 1,300 exhibitors from 29 countries, covering a net area of more than 45,000 square meters and welcoming over 60,000 attendees from various sectors [1] - The 2026 IBS will be held in Orlando, Florida, aiming to better serve exhibitors and attendees while showcasing the latest technologies and materials in the building materials industry [2] Market Analysis - According to the U.S. Department of Commerce, the U.S. goods trade deficit increased by 1.0% in the first nine months of 2015, with total imports at $1,684.3 billion and exports at $1,133.3 billion [3] - The U.S. construction materials industry is experiencing a strong recovery, driven by the rebound in the real estate market, with particular attention on home decoration materials and cement [3] - The ongoing recovery in the U.S. real estate market is expected to continue, supported by favorable factors such as a recovering job market, which will stimulate sales of building materials [3] Exhibition Scope - The exhibition will cover a wide range of categories including construction machinery, building materials, sanitary ware, and home automation products [4][5] - Specific categories include construction machinery, doors, windows, glass, cement, insulation materials, and various home appliances [4][5]

Core Viewpoint - The new round of urban renewal is set to significantly impact the real estate market, with a focus on improving living conditions and stimulating domestic demand rather than creating wealth through demolition and reconstruction [2][19]. Group 1: Urban Renewal vs. Previous Housing Renovation - The current urban renewal differs fundamentally from the previous "shelter improvement" initiatives, which allowed individuals to gain wealth through direct financial compensation [4][5]. - Urban renewal is likened to repairing an old car instead of replacing it, focusing on maintaining and upgrading existing structures rather than large-scale demolition [8][10]. - The government aims to stimulate consumption and boost employment through urban renewal, which is seen as a crucial strategy for expanding domestic demand [12][16]. Group 2: Economic Implications - Urban renewal is expected to create more jobs due to the labor-intensive nature of repair work compared to large construction projects, thus driving employment [12][17]. - The initiative will also consume significant amounts of construction materials, benefiting related industries that have been struggling in recent years [12][13]. - Although the scale of urban renewal may seem small compared to previous housing renovations, its cumulative effect on the economy should not be underestimated as it can lead to substantial economic stimulation over time [14][19]. Group 3: Long-term Benefits - Urban renewal is positioned as a new driver for economic growth, replacing the traditional reliance on real estate for GDP contribution, especially as the real estate sector contracts [17][19]. - The initiative is expected to facilitate the reduction of housing inventory and promote sustainable economic development through stock investment rather than large-scale infrastructure projects [17][19]. - Ultimately, while urban renewal may not create instant wealth for individuals, its long-term benefits for the economy and society are significant, fostering a healthier economic environment for all [19].

Group 1 - Ningde Times participated in the completion of the Zeyuan Fund, with a total scale of 10.128 billion yuan, increasing by 50.42% from the previous announcement [3] - Zhongjin Gold's controlling shareholder plans to inject four companies into the company to resolve competition issues, including acquiring stakes in Inner Mongolia Jintao and others [4][5] - Keli Yuan plans to invest an additional 500 million yuan in a storage industry fund, increasing its total investment to 700 million yuan [6] Group 2 - China Shenhua intends to acquire 7.43% of the National Energy Group Financial Company for 2.929 billion yuan, which is expected to increase its net profit by 97 million yuan [7] - Weir Shares plans to issue H-shares and list on the Hong Kong Stock Exchange [8] - Hualan Shares is establishing a joint venture for Tibetan medicinal baths and plaster products, with a registered capital of 7 million yuan [15] Group 3 - Yunnan Copper plans to acquire 40% of Liangshan Mining through a share issuance, with the stock resuming trading on May 26 [10] - Ruishun Technology's subsidiary plans to establish a joint venture in Malaysia to provide automation solutions [11] - ST Quanwei's stock will be subject to additional risk warnings due to ongoing litigation involving a subsidiary [12] Group 4 - Hengfeng Information's controlling shareholder has terminated the agreement to transfer part of the company's shares, with no impact on control [13] - Huadian Technology's subsidiary has not yet commenced substantial construction on a polyurethane new materials project [14] - ST Yinjian will remove the delisting risk warning and some other risk warnings, changing its stock name [38] Group 5 - China Tonghao won approximately 3.789 billion yuan in contracts in the rail transit market from March to April [39] - Intercontinental Oil and Gas plans to invest about 848 million USD in the Iraq South Basra project [40][41] - Jiaying Pharmaceutical's subsidiary signed a contract for the development of a traditional Chinese medicine innovation project [42] Group 6 - Ruidong Intelligent signed a strategic cooperation agreement with Shunde Vocational and Technical College to enhance collaboration in technology [43] - Jiaojian Co. won a bid for a drainage project worth 225 million yuan [44] - Hengshun Vinegar's controlling shareholder plans to increase its stake in the company by 50 to 100 million yuan [45]