Group 1 - The Federal Aviation Administration (FAA) indicated that the crash of the Indian Airlines 787 flight does not appear to be caused by the fuel control unit from Boeing [1]

Core Insights - Sichuan Tengdun Technology Co., Ltd. focuses on the development and manufacturing of large drones, achieving significant technological breakthroughs in low-altitude logistics and autonomous navigation [1][3] - The company has successfully developed the "Mixianglong" amphibious drone, which can operate in water-rich areas for emergency rescue and ecological monitoring, filling a gap in domestic drone applications [3] - Chengdu's aviation industry is experiencing rapid growth, with the establishment of a flexible automated production line that has increased production efficiency by over four times [3] - Chengdu Aileida Aviation Manufacturing Co., Ltd. specializes in precision manufacturing for aerospace, with capabilities spanning from material forming to final inspection [4] Company Developments - Sichuan Tengdun Technology Co., Ltd. has been recognized as a national-level "little giant" enterprise and has made advancements in key technologies such as intelligent payload management and flight safety [1] - The "Mixianglong" drone can reach altitudes of 10,000 meters and utilizes BeiDou satellite technology for precise control, applicable in various fields including emergency rescue and ecological monitoring [3] - Sichuan SanChuan Aviation Technology Co., Ltd. operates the first private five-axis flexible automated production line in China, enhancing production capabilities significantly [3] - Hanmo Industrial Co., Ltd. has developed high-end industrial machines, achieving international standards in precision and stability, and has created a fully autonomous core CNC system [3] Industry Trends - Chengdu's aviation industry is becoming one of the largest and most comprehensive specialized manufacturing parks globally, focusing on enhancing the entire supply chain [3][4] - The Chengdu Aviation Industry Park aims to strengthen project recruitment and integrate more companies into the core supply systems of major manufacturers like COMAC and AVIC [4] - The industry is set to expand its scale and enhance competitiveness, promoting the rapid development of the aerospace sector [4]

Group 1 - Volant Aviation signed a tripartite cooperation agreement with Pan Pacific and China Aviation Technology International Engineering Company, involving the procurement of 500 VE25-100 eVTOLs for short-distance transportation and emergency rescue services in Thailand and the Maldives, with a total order value of $1.75 billion [1] - This order surpasses the previous record of a $1 billion order signed by another company, marking the largest single order for high-grade passenger eVTOLs from China [1] - Pan Pacific is a comprehensive real estate developer and infrastructure investment company based in Bangkok, Thailand, with core businesses in infrastructure construction and diversified investments, including renewable energy and aviation logistics [1] Group 2 - China Aviation Technology International Engineering Company focuses on aviation infrastructure construction services and is part of the China Aviation Industry Group, covering various engineering sectors [2] - The year 2025 is anticipated to be the commercial launch year for eVTOLs, with multiple manufacturers receiving significant orders, indicating a growing global market recognition for Chinese eVTOLs [2] - Recent orders include a $1 billion agreement between Autocraft and another company for 350 E20 eVTOLs, showcasing the increasing demand for eVTOLs in international markets [2] Group 3 - Volant Aviation's partnership with Pan Pacific and China Aviation International Engineering is expected to facilitate the commercial deployment of eVTOLs in targeted regions, leveraging their strengths in infrastructure and application scenario development [3] - The collaboration aims to enhance maintenance infrastructure and develop vertical take-off and landing points, ensuring the successful operation of Chinese eVTOL products overseas [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Gold and silver are strengthening. The market's risk aversion demand has increased before the new tariff deadline on August 1st. The weakening of the US dollar and US Treasury yields has provided upward momentum for gold. Although the impact of the US tariff policy on economic data is smaller than expected, the subsequent impact may gradually increase. The long - term drivers of gold still provide support, but the upward movement is hesitant at high prices. Silver is showing strength due to the boost from industrial products. In the near term, there is a need to be vigilant against the risk of Trump's threats being realized, and gold and silver may continue to show a relatively strong performance [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Changes**: The current prices of沪金2508,沪金2512,沪银2508, and沪银2512 are 790.16, 795.02, 9431.00, and 9462.00 respectively. The price increases are 7.66, 8.30, 65.00, and 50.00, with corresponding increases of 0.98%, 1.06%, 0.69%, and 0.53%. The trading volumes are 25775, 31505, 85020, and 101074 respectively, and the open interests are 42972, 104970, 117554, and 220226 respectively [2]. 3.2 Spot Market - **Prices and Changes**: The previous closing prices of Shanghai Gold T + D, London Gold, and Shanghai Silver T + D are 780, 790.91, and 9368.00 respectively. The price increases are 3, 7.83, and 142.00, with corresponding increases of 0.39%, 1.00%, and 1.54%. The price of London Silver is 39.27 with an increase of 0.37 and an increase rate of 0.95% [2]. 3.3 Inventory - **Changes**: The inventories of Shanghai Futures Exchange gold and silver are 28,857 kg and 1,199,046 kg respectively, with a decrease of 5,420.00 kg in silver inventory. The COMEX gold and silver inventories are 37,488,075 and 497,984,759 respectively, with increases of 295,931.68 and 339196 respectively [2]. 3.4 Related Markets - **Indices and Yields**: The current values of the US dollar index, S&P index, US Treasury yield, Brent crude oil, and US dollar - RMB exchange rate are 97.3550, 6309.62, 4.35, 68.67, and 7.1705 respectively. The changes are - 0.49%, 0.06%, - 0.68%, 0.01%, and - 0.01% respectively [2]. 3.5 Derivatives - **ETF and CFTC Positions**: The current positions of spdr gold ETF and SLV silver ETF are 44315 tons, with an increase of 1.00 ton. The CFTC speculative net positions in silver and gold are 33486 and 32895 respectively, with changes of 481 and - 1451 respectively [2]. 3.6 Macroeconomic News - **Trade Agreements**: US President Trump announced trade agreements with the Philippines and Indonesia. The US will lower the tariff on Philippine goods from 20% to 19%, and the Philippines will open its market to the US with zero - tariff. Indonesia will remove 99% of its tariff barriers against the US, and all Indonesian products exported to the US will be subject to a 19% tariff. Indonesia will also supply key minerals to the US and sign major agreements worth hundreds of billions of dollars to purchase Boeing aircraft, US agricultural products, and US energy [3]. - **Fed - related News**: Trump said that Fed Chairman Powell is about to leave office, and he believes that the interest rate is too high and should be lowered by 3 percentage points or more. The Trump administration has pressured the Fed to cut interest rates. US Treasury Secretary Besent said that tariff revenues are "huge" and may account for 1% of the US GDP, and are expected to reach $2.8 trillion in the next decade. He also supports Powell to complete his term and calls for an internal review of his non - monetary policy functions. A US congressman has accused Powell of perjury regarding the Fed building renovation and called for criminal charges [3].

Core Viewpoint - Shanghai Electric Group Co., Ltd. has approved a guarantee of €300 million for Broetje-Automation GmbH and its wholly-owned subsidiary to meet Airbus SAS's requirements as a strategic supplier [1][2]. Group 1 - The Supervisory Board of Shanghai Electric convened a meeting with all three members present, complying with the Company Law and Articles of Association [1]. - The guarantee is valid until September 1, 2031, with a maximum duration of 74 months, contingent upon shareholder approval and the transfer of 100% equity of Broetje-Automation to Shanghai Electric Automation Group Hong Kong [1][2]. - Broetje-Automation has a strong historical relationship with Airbus, having signed a main supply agreement in March 2025 to provide manufacturing equipment and services [2]. Group 2 - The guarantee is deemed necessary and reasonable to fulfill Airbus's unified requirements for strategic suppliers, aligning with Broetje-Automation's operational needs [2]. - The voting results for the guarantee proposal were unanimous, with three votes in favor and no opposition or abstentions [2]. - The guarantee matter will be submitted for approval at the company's shareholders' meeting [2].

Group 1 - Indonesia has become the second Southeast Asian country to open its doors to the US, following Vietnam, and is attempting to exchange rare earth cooperation for tariff concessions [1][5] - The trade agreement announced by President Trump is characterized as an unequal treaty, requiring Indonesia to fully open its market and pay a 19% tariff, along with a $40 billion purchase of Boeing aircraft [2][5] - The agreement includes a "double tariff" clause, imposing additional tariffs on Indonesian exports containing foreign materials, effectively pressuring Indonesia to choose sides between the US and China [2][5] Group 2 - The US is Indonesia's third-largest export market, making the loss of this market significantly impactful on Indonesia's economy, prompting the Indonesian government to leverage rare earth resources for tariff benefits [5][9] - Indonesia's intention to collaborate with the US on rare earth development is seen as a strategic alignment in the ongoing US-China rivalry, despite recent Chinese investments in Indonesia's electric vehicle battery production [5][9] - The agreement may serve as a template for US dealings in Southeast Asia, with the Trump administration showing interest in Indonesia's copper resources, suggesting that resource-rich countries may be pressured into similar arrangements [7][9] Group 3 - China maintains a comprehensive advantage in the rare earth industry, controlling the entire supply chain from extraction to refinement, which poses a challenge for Indonesia despite its mineral resources [9][11] - China's approach to trade disputes emphasizes constructive engagement and the promotion of an open world economy, contrasting with the US's unilateral tariff strategies [11] - The current restructuring of international economic relations presents challenges for countries like Indonesia, highlighting the risks of short-term gains at the expense of long-term interests [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the overseas market from July 14 - July 18, 2025, including market performance, policy news, and economic fundamentals. The market's expectation of interest rate cuts has decreased due to factors like better - than - expected economic data. Trump's policies have impacts on trade, stablecoin, and government spending. The overseas economy shows mixed trends in different aspects such as overall sentiment, employment, demand, and production [1][2][3]. 3. Summary According to the Directory 3.1 Overseas Market One - Week Review - **Equity Market**: US stocks' three major indices showed different trends, with the Nasdaq performing well. Factors influencing US stocks include decreased interest - rate cut expectations, the signing of the stablecoin bill, and the approval of H20 chip sales to China. As of July 18, the S&P 500 and Nasdaq rose 0.59% and 1.51% respectively, while the Dow fell 0.07%. Some international indices also had gains [10]. - **Foreign Exchange**: The US dollar continued to rebound. Retail sales being better than expected, initial jobless claims lower than expected, and the June CPI showing tariff impacts led to a decrease in interest - rate cut expectations. As of July 18, the US dollar index rose 0.60%, and the euro, yen, and RMB depreciated against the US dollar [10]. - **Interest Rates**: US Treasury bonds fluctuated within a narrow range. After the release of CPI, retail sales, and jobless claims data, Treasury yields rose, but fell on Friday due to Fed Governor Waller's dovish remarks. As of July 18, the 2Y Treasury yield fell 2bp, and the 10Y rose 1bp [11]. - **Commodities**: Crude oil, gold, and silver prices declined. Market risk - aversion sentiment decreased, and Trump's sanctions on Russia did not include new energy - export restrictions. As of July 18, COMEX gold and silver fell 0.31% and 1.75% respectively, and WTI crude oil fell 2.11% [11]. 3.2 Overseas Policy and News 3.2.1 Overseas Central Bank Dynamics - Fed officials had different stances. Waller continued to be dovish, while Collins and Bostic were hawkish. The market's expectation of interest rate cuts cooled. As of July 19, the probability of a rate cut by September was 52.9% (down from 60.3% a week ago), and the expected number of rate cuts in 2025 was 1.82 (down from 2.01 a week ago) [2][29]. - The Fed's Beige Book showed that manufacturing activity declined slightly, corporate recruitment was cautious, and the economic outlook was neutral to slightly pessimistic [29]. 3.2.2 Trump Policy Tracking - **Trade**: The US government approved the sale of NVIDIA H20 chips to China, and Trump was optimistic about reaching an agreement on illegal drugs with Beijing. Trump announced an agreement with Indonesia, aiming to reduce the trade deficit. He also mentioned the possibility of imposing tariffs "slightly above 10%" on smaller trading partners [35]. - **Stablecoin**: Trump signed the "Genius Act" to establish a regulatory framework for US stablecoins, marking the implementation of stablecoin regulatory legislation [38]. - **Government Lay - offs and Expenditure Cuts**: The US Supreme Court allowed large - scale lay - offs in the Department of Education. The government also cancelled federal aid for the California high - speed rail project and a Massachusetts highway project [38]. 3.3 Overseas Economic Fundamental High - Frequency Tracking 3.3.1 Overall Sentiment - Bloomberg's median forecast showed that the probability of a US recession was 35% and that of the eurozone was 30%, both unchanged from a week ago. Polymarket's bet on a 2025 US recession decreased to 18% from 20% a week ago [43]. - The US and German weekly economic activity indices decreased. The New York Fed's Nowcast model raised Q2 and Q3 GDP growth expectations, while the Atlanta Fed's GDPNow model lowered the Q2 expectation [44][48]. 3.3.2 Employment The number of initial jobless claims decreased for the fifth consecutive week. As of July 12, it was 22.1 million, lower than the expected 23.3 million [53]. 3.3.3 Demand - Retail sales were stable. The red - book commercial retail sales annual rate was 5.2% as of July 12. Airport security check - in numbers were higher than the previous year, and railway transportation volume rebounded [57]. - The real - estate market activity declined. The 30 - year mortgage fixed - rate rose, and mortgage application activities decreased [57]. 3.3.4 Production The US production side remained stable. As of July 12, the crude - steel capacity utilization rate was 78.7%, and the crude - steel output was 178.3 million short tons, both higher than the previous year. The refinery capacity utilization rate was 93.9% [63]. 3.3.5 Shipping International freight indicators showed mixed trends. The Baltic Dry Index, Panamax Freight Index, and Capesize Freight Index rose, while the Drewry World Container Freight Index (WCI) and some China - related container freight indices fell [66]. 3.3.6 Price US retail gasoline prices fell. The 1 - year and 2 - year inflation swaps rose, indicating an increase in inflation expectations [70]. 3.3.7 Financial Conditions The US financial pressure slightly increased. The OFR US Financial Stress Index rose, the CCC high - yield bond credit spread was basically flat, and the SOFR - ON RRP spread widened [72]. 3.4 Next Week's Overseas Important Event Reminders Next week (July 21 - July 25, 2025), key events include the ECB's interest - rate meeting (market expects a pause in rate cuts), the preliminary PMI values of the eurozone and US manufacturing and service sectors, US durable goods orders, and US second - hand and new home sales [77].

Core Points - The third China International Supply Chain Promotion Expo (Chain Expo) showcased over 100 new innovations, marking a 10% increase from the previous year, with participation from 14 departments, organizations, and enterprises, including international authorities like the World Intellectual Property Organization [1] - The event highlighted the importance of transforming scientific innovations from laboratories to industrial applications, emphasizing the seamless integration of innovation chains and industrial chains [2] - The aviation manufacturing sector, represented by China Aviation Industry Corporation, demonstrated its advancements in creating an open supply chain, reflecting the industry's role as a benchmark for national industrial strength and technological innovation [3] - The Chain Expo served as a networking platform, facilitating collaboration between researchers and businesses, thereby expanding the "innovation circle" [4] - Notable multinational companies, including NVIDIA, made their debut at the expo, showcasing AI advancements and emphasizing China's evolving role in the global industrial chain [5]

Group 1 - A federal judge in Texas will hold a hearing on August 28 regarding a criminal settlement agreement between the Department of Justice and Boeing, which could prevent the company from being prosecuted for two 737 MAX crashes, despite strong opposition from victims' families [1][2] - Boeing has already pleaded guilty to a criminal fraud charge, admitting to misleading U.S. regulators about critical flight control system issues in the 737 MAX, in exchange for a three-year suspension of independent oversight by the DOJ [1][2] - The judge emphasized that he will hear arguments on whether dismissing the charges is reasonable, having previously labeled Boeing's actions as "the deadliest corporate crime in U.S. history" [1] Group 2 - Boeing will pay a total of $1.1 billion in settlement, which includes $243.6 million in new fines, $444.5 million to a victims' fund, and the remaining funds allocated for enhancing compliance and safety systems [2] - The DOJ noted that most families have received "billions of dollars" in compensation through civil lawsuits, although specific amounts for each victim's family have not been disclosed [2] - The legal battle reflects a complex balance between corporate responsibility, judicial oversight, and victims' rights, with the outcome of the hearing potentially serving as a significant indicator for global aviation safety regulation [2]

Group 1 - The 2025 China Unicom Partner Conference highlighted China's leading position in the global information and communication network, with 5G applications integrated into 86 out of 97 national economic categories and industrial internet covering all 41 industrial categories [1][3] - China Commercial Aircraft Corporation's chairman emphasized the integration of 5G and AI technologies in large aircraft development, marking a new stage of industrialization with the establishment of the world's first 5G industrial park and the first fully connected 5G factory in China [3] - China Unicom's chairman stated the company's commitment to creating a new ecosystem for AI industry integration, aiming for deeper and broader incorporation of AI into key industries and households, with AI redefining digital consumption [3] Group 2 - Huawei's ICT business CEO reported that the monthly active users of AI-native applications have surpassed 270 million, indicating AI's rapid transformation of production and lifestyle, positioning it as a core engine for industrial change [3]