意大利4月调整后工业销售年率 1.1%，前值-1.10%。 ...

意大利4月季调后工业销售月率 1.5%，前值-1.60%。 ...

Core Viewpoint - Chongqing is prioritizing energy conservation and carbon reduction, focusing on a green and low-carbon development path, achieving significant progress in energy efficiency and economic growth since the 14th Five-Year Plan [1][2][3] Group 1: Energy Consumption and Economic Growth - Energy consumption intensity in Chongqing decreased by 3.5%, 2.7%, 3.0%, and 3.2% in 2021, 2022, 2023, and 2024 respectively, with a cumulative decline of 11.8% since the 14th Five-Year Plan [1] - The average annual energy consumption growth rate is 2.4%, supporting an average annual economic growth rate of 5.6% [1] Group 2: Policy Implementation and Organizational Leadership - The Chongqing municipal government has actively implemented national strategies for green development, holding multiple meetings to align with Xi Jinping's ecological civilization thoughts and carbon neutrality goals [2] - Key performance indicators related to energy conservation are monitored monthly, with quarterly assessments to ensure effective policy implementation [2] Group 3: Industrial and Structural Optimization - Chongqing is enhancing its industrial structure by developing key industries such as intelligent connected vehicles and advanced materials, with strategic emerging industries accounting for 34.6% of the industrial added value [2] - The city has launched various energy-saving action plans for major industries, including steel and cement, to optimize energy efficiency [2] Group 4: Energy Transition and Renewable Energy Development - The city is accelerating the construction of cross-provincial energy channels and increasing local renewable energy utilization, with renewable energy installed capacity now accounting for 15.5% of total power generation [2] - New energy projects, such as wind and solar power, have been developed, achieving a 100% renewable energy consumption rate [2] Group 5: Energy Management and Efficiency Improvement - Chongqing has supported 266 projects for reasonable energy use since the 14th Five-Year Plan, with a focus on energy consumption dual control and energy-saving audits [3] - The city has implemented a model combining energy efficiency diagnosis, upgrades, and monitoring, providing services to 758 enterprises and conducting energy audits for 1,056 enterprises [3] Group 6: Sector-Specific Energy Efficiency Initiatives - The city is promoting industrial energy efficiency through circular production methods and has established 170 national green factories and 16 green parks [4] - In the construction sector, 99.68% of new buildings are expected to meet green building standards by 2024, with significant progress in prefabricated buildings [4] - Transportation energy efficiency is being enhanced with the expansion of low-carbon transport systems, including the construction of standardized shore power facilities [5]

Market Overview - US stock indices closed higher, with the S&P 500 and Nasdaq reaching their highest closing levels in over four months. The Dow Jones rose by 1.19%, Nasdaq by 1.43%, and S&P by 1.11% [1] - The VIX index fell by 11.85% to 17.48, indicating reduced market volatility [1] - The US dollar index decreased by 0.42% to 97.97, while the yield on the 10-year Treasury bond dropped by 1.173% to 4.297% [1] Industry & Stocks - Most sectors in the S&P 500 saw gains, with semiconductor and technology sectors leading the way, rising by 3.79% and 1.8% respectively. Energy and consumer staples were the only sectors to decline, down by 1.3% and 0.09% [1] - Chinese concept stocks mostly rose, with notable increases in TSMC (up 4.65%), Alibaba (up 3.47%), and Pinduoduo (up 5.11%) [1] - Major tech stocks also saw gains, with Nvidia rising by 2.59% and Amazon by 2.06%. However, Apple fell by 0.6% and Tesla by 2.35% [2] Company Highlights - FedEx reported fourth-quarter revenue of $22.2 billion, exceeding analyst expectations of $21.75 billion. However, the company did not provide full-year guidance due to global demand uncertainty [12] - Meta Platforms achieved a market share of 50.8% in the AR/VR headset market, leading a strong rebound with a year-on-year growth of 18.1% [13] - UBS raised its valuation for Tesla's Robotaxi business to $350 billion, assuming successful execution and regulation, which is an increase from a previous valuation of $225 billion [16] Regulatory & Economic Insights - The International Bank for Settlements stated that stablecoins fail to meet the three main tests of currency due to lack of central bank support and insufficient protection against illegal use [5] - The Federal Reserve's Chairman Powell indicated that the path for future interest rates could vary significantly based on economic conditions, with no immediate need for rate cuts [10][11]

金十数据6月24日讯，英国工业联合会周二表示，英国制造业本月订单萎缩幅度为1月以来最大，销售价 格预期降温。英国6月CBI工业订单差值从5月份的-30降至-33。而过去3个月的产出指标有所改善，但仍 处于收缩区间。英国工业联合会首席经济学家Ben Jones表示："英国制造业正面临巨大压力，要应对能 源成本高企、劳动力成本上升、普遍存在的技能短缺，以及动荡的全球经济环境。"英国工业联合会还 表示，制造商对价格上涨的净预期降至2月份以来的最低水平。 英国工业联合会：6月份英国工厂的订单降幅更大 ...

Group 1 - The core point of the article indicates that the CBI industrial orders balance in the UK for June is -33, marking the lowest level since January [1]

Group 1 - The core point of the article indicates that the CBI industrial price expectations balance for June in the UK is reported at 19, which is below the expected value of 25 and lower than the previous value of 26 [1]

Core Points - Malaysia's Ministry of Trade has signed an economic partnership agreement with Switzerland, Norway, Iceland, and Liechtenstein [1] - The agreement guarantees that over 90% of Malaysia's export products will be exempt from tariffs in the long term, including all industrial products [1]

Group 1 - The market risk appetite remains challenged due to various uncertainties, with significant net outflows from US equity funds reaching a new high since March [1] - The Federal Reserve maintains its cautious stance, keeping the federal funds rate at 4.25%-4.50% while adjusting economic forecasts, indicating uncertainty in growth and inflation [2][3] - The retail sales data showed a 0.9% month-on-month decline in May, which was below expectations, while core retail sales increased by 0.4%, reflecting steady economic momentum [2] Group 2 - The US stock market experienced a narrow range of movements, with the healthcare sector declining by 2.7% and the energy sector rising by 1.1% due to recovering oil prices [5] - There was a significant outflow of $18.43 billion from US equities, the highest since March, driven by geopolitical factors and uncertainties surrounding US tariffs [6] - Market sentiment has shifted to a wait-and-see approach, with the bullish momentum turning into sideways consolidation, although the probability of a significant market drop remains low unless geopolitical tensions escalate [7]

Group 1 - The core viewpoint of the article emphasizes the potential impact of stablecoins on the financial system, highlighting their role as a bridge between decentralized finance (DeFi) and traditional finance [3] - The recent passage of stablecoin legislation in the United States and Hong Kong marks a significant step in establishing regulatory frameworks for stablecoins, filling a regulatory gap in this area [3] - Stablecoins are seen as crucial infrastructure for DeFi, and their regulation by major economies like the US and Hong Kong indicates a move towards integrating cryptocurrencies into the mainstream financial system [3] Group 2 - The article discusses the implications of the recent global trade tensions and the unusual market behaviors observed, such as traditional safe-haven assets no longer being secure and the reversal of correlations between US Treasury bonds and other assets [7] - It suggests that these anomalies can be better understood through the lens of a restructuring international monetary order, where shifts in capital flows and market dynamics overshadow individual asset fundamentals [7] - The report focuses on the driving factors and operational patterns of this restructuring, exploring its effects on global asset pricing and policy implications [7] Group 3 - The outlook for the second half of 2025 indicates a convergence of economic momentum between the US and non-US regions, primarily driven by a slowdown in the US economy [11] - Non-US regions are expected to have some advantages due to relatively loose monetary policies and remaining output gaps, although recovery may face uncertainties and constraints [11] - The article expresses a more favorable view on non-US opportunities, particularly in the European market, while suggesting a balanced allocation strategy across regions [11] Group 4 - The article analyzes the impact of Hibor (Hong Kong Interbank Offered Rate) on the Hong Kong stock market, noting that Hibor's significant decline since early May indicates a temporary liquidity surplus in Hong Kong dollars [15] - This liquidity surplus is believed to influence market trends, especially in growth sectors like new consumption and innovative pharmaceuticals, despite the overall market underperforming compared to global benchmarks [15] - The report raises questions about the mechanisms through which Hibor's decline affects the stock market and speculates on its future trajectory [15]