Group 1 - Recent international capital markets have seen a surge in the allocation of Chinese assets, with nearly 60% of sovereign wealth funds prioritizing China as an investment market [1][3] - Korean investors have shown increasing enthusiasm for Chinese stocks, with a cumulative trading volume of $5.764 billion in 2023, making China the second-largest overseas investment destination for Korean investors [3] - A significant inflow of over $2 billion into five major overseas-listed Chinese ETFs was recorded in July, indicating strong international interest in Chinese equities [4] Group 2 - Foreign investors are particularly favoring high-dividend stocks and growth stocks, with several A-shares having over 24% foreign ownership, reflecting strong interest in China's high-end manufacturing sector [5][6] - The investment logic for foreign capital includes the establishment of competitive barriers, sustainable performance growth, and expanding market share in niche sectors [5][6] - Foreign institutions have actively conducted research on A-share companies, with 219 investigations involving 216 stocks in July alone, indicating a robust interest in the Chinese market [5][6] Group 3 - The investment value of stable cash flow companies and industry leaders with sustainable return on equity is highlighted during China's economic transformation [6][7] - High-dividend stocks provide a cash flow cushion against market volatility, while growth stocks represent a long-term bet on technological innovation and economic upgrading in China [6][7] - The combination of high-dividend and growth stocks reflects a flexible investment strategy by foreign capital, balancing certainty and growth potential [7]

在全球贸易冲突持续升级的背景下，国际资本的配置逻辑正发生深刻变化。美国、欧盟等发达经济 体不断强化外资审查制度，以国家安全为由收紧投资准入，而与之形成鲜明对比的是，中国正坚持在强 化合规监管的同时，加快推进高水平制度型开放。今年以来，多项便利外商股权投资的新政相继落地。 这种分化格局促使全球企业，特别是中国企业，在"走出去"过程中重新审视地缘风险、政策合规等新变 量。 富而德律师事务所反垄断业务合伙人杜宁（Ninette Dodoo）在接受《国际金融报》记者采访时指 出，"越来越多的外国监管机构在使用外资审查、反垄断等工具时，会参考现任政府的政策取向和优先 目标，某种程度上，这些监管工具已经被政治化。" "但是在某些产品或行业领域，中国的技术水平已经处于领先地位。"杜宁表示，例如在生物医药和 汽车行业，许多外国投资者已经通过投资、成立合资企业或持有少数股权等方式与中国企业展开合 作。"一方面，他们遵循'在中国，为中国'的策略，利用中国庞大的市场需求；另一方面，他们也认识 到中国在产品研发和工程能力方面的优势。这种趋势正在得到越来越多企业的支持，因为他们看到了与 中国企业合作的益处，以及中国企业海外投资带来的积 ...

Group 1 - The core viewpoint of the article highlights the recent market adjustments, with major indices mostly declining, while specific sectors like PCB and innovative pharmaceuticals continue to accelerate trends, indicating a shift in market dynamics [3][12] - The AI computing sector shows increased capital expenditure from overseas tech giants, confirming the rationality of North American computing demand, while domestic computing's self-control is seen as an inevitable trend [4][13] - The innovative pharmaceutical theme has surged significantly, with the Wind data indicating a 25.61% increase in the innovative drug index for July, driven by clinical advancements and overseas breakthroughs [14] Group 2 - As of August 1, 2025, over 91.81% of actively managed equity funds have achieved positive returns this year, with an average return of 13.50%, significantly outperforming the Shanghai-Shenzhen 300 index [15] - The active equity fund index tracking shows varied performances, with the growth stock index rising by 0.63% and achieving a cumulative excess return of 20.58% since inception [8][12] - The pharmaceutical stock index rose by 3.48% last week, reflecting strong performance in the sector, while the consumer stock index fell by 1.78% [9][12]

一、关税延期背后的谈判交锋 据看看新闻报道，7月31日，商务部官宣中美关税休战协议再延90天，为全球最大两个经济体的经贸关 系注入短期稳定。这场在瑞典斯德哥尔摩落幕的第三轮谈判，表面是关税延期的程序性推进，实则暗藏 美方精心设计的三大谈判陷阱，将中美博弈推向更复杂的维度。 美国海关查验（资料图） 二、美方三大谈判陷阱解析 （一）产业政策干预：以"产能过剩"施压制造业转型 美方在谈判中重提"中国产能过剩威胁论"，要求中方主动限制钢铁、光伏等产业的产能扩张，为美国制 造业回流腾出市场空间。其核心逻辑是将美国制造业空心化归咎于中国商品的"低价倾销"，试图通过关 税工具迫使中国接受产业发展"自我设限"。 数据显示，2025年上半年中国对美出口机电产品同比增长12%，而美国同类产品在本土市场占有率已跌 破30%。美方的真实意图是借助关税谈判，系统性打压中国高端制造崛起，维持其在全球产业链上游的 垄断地位。这种将经贸问题政治化的做法，直接触及中国产业升级的核心利益。 2024年中国从俄罗斯进口原油占比达18%，伊朗原油进口量较2023年增长25%，低价稳定的能源供应对 保障工业体系运转至关重要。美方若实施所谓"500%次 ...

Core Viewpoint - Shanghai is accelerating the integration of artificial intelligence (AI) with manufacturing, aiming to enhance the sector's high-end, intelligent, green, and integrated development, thereby transforming "Shanghai Manufacturing" into "Shanghai Intelligent Manufacturing" [1] Group 1: Policy Initiatives - The Shanghai government has approved an implementation plan to promote "AI + Manufacturing," emphasizing the strategic opportunity presented by AI in the manufacturing sector [1] - Previous initiatives include the "Action Plan for Promoting Industrial Service Empowerment for Industrial Upgrading (2024-2027)" which aims to deepen the integration of AI and manufacturing [2] - The Shanghai Economic and Information Commission has issued measures to further expand AI applications, including financial support for benchmark demonstration projects [2] Group 2: R&D and Infrastructure Development - Shanghai has established a strong foundation for AI development, with the "Mosu Space" innovation community attracting 255 AI model companies and facilitating the successful deployment of 34 registered AI models [3] - The city is also advancing industrial internet platforms, such as the "Baolindeng" industrial cloud platform and the industrial corpus public service platform, to support "AI + Manufacturing" [3] Group 3: Industry Applications and Success Stories - Companies like SAIC Motor have implemented AI-driven smart manufacturing systems, significantly optimizing production processes and enhancing product quality [3][4] - High-tech firms such as Heihu Technology are utilizing AI agents to streamline industrial production, achieving a 60% reduction in preparation time and tripling scheduling speed [4] Group 4: Economic Impact - In the first half of the year, Shanghai's industrial output value increased by 5.6% year-on-year, marking the highest growth rate in nearly two years, attributed to the "AI +" initiatives [6] - Shanghai's unique position as a major economic center with a manufacturing value-added target of over 25% of GDP underscores the importance of AI in driving industrial transformation [7] Group 5: Collaborative Ecosystem - Shanghai's universities and research institutions are collaborating closely with enterprises to develop industrial AI models tailored to manufacturing needs, enhancing predictive maintenance and production optimization [8] - The city has attracted leading AI companies, forming a strong cluster of foundational models that enhance the integration of AI into manufacturing [8] Group 6: Financial Support and Investment - Major banks have launched a total of 400 billion RMB in special credit lines to support the "AI + Manufacturing" initiatives, addressing funding challenges for enterprises [9] - Venture capital firms are actively investing in the "AI + Manufacturing" sector, facilitating the rapid development and application of new technologies [9] Group 7: Competitive Landscape - Other cities in China are also advancing their "AI + Manufacturing" strategies, each with unique strengths, which will reshape the competitive landscape of urban manufacturing [12] - The integration of AI into manufacturing is expected to redefine urban industrial structures, with cities that successfully implement these strategies gaining a competitive edge in the global market [13]

◇2020年9月4日，在2020年中国国际服务贸易交易会全球服务贸易峰会上，国家主席习近平郑重宣布："为更好发挥北京在中国服务业开放中 的引领作用，我们将支持北京打造国家服务业扩大开放综合示范区，加大先行先试力度，探索更多可复制可推广经验；设立以科技创新、服务 业开放、数字经济为主要特征的自由贸易试验区，构建京津冀协同发展的高水平开放平台，带动形成更高层次改革开放新格局。" ◇五年来，北京开放型经济韧性与活力持续增强：实际使用外资661.8亿美元，占全国8.4%，其中服务业实际使用外资占比超九成；2022至 2024年进出口连续三年突破3.6万亿元；服务贸易规模稳居全国前三，2021年以来年均增速达9.4%；自贸试验区各片区围绕金融服务、生物医 药等产业开展集成创新，实际使用外资占全市比重从不足10%跃升至超20%。 ◇北京通过构建国际会展平台为枢纽、自贸试验区为引擎、综合保税区为支点、服务业扩大开放重点园区为载体的多元矩阵，串联起会展经 济、高端制造、数字贸易、生物医药等跨产业开放网络，形成"展产城"融合、"政产学研用"协同的立体化开放生态，为制度型开放提供物理空 间与实践载体。 ◇北京依托"两区"叠加优势 ...

Wind数据显示，截至7月27日，A股IPO市场合计有305家公司在审，北交所占比为六成，其中有4家为 珠海企业。此前递表的天威新材、珠海鸿瑞两家企业已经终止IPO，目前有4家珠海企业进入审核流 程，其中杰理科技和南特科技已进行至第二轮问询回复阶段。 一直以来，北交所侧重支持专精特新企业发展，"小巨人"特色愈加凸显。创新度和投研力成为北交所 IPO申请能否过会的重要标准。正在冲刺北交所IPO的杰理科技、南特科技、锐翔智能、传美讯均在细 分行业占有一席之地，是珠海各细分赛道的代表性企业，与北交所定位契合。 杰理科技作为国家级制造业单项冠军和国家级专精特新"小巨人"企业，是国内领先的蓝牙音频芯片设计 企业，其在AIoT领域的布局与技术积淀备受关注，是本次珠海IPO"闯关潮"的领军企业。南特科技聚焦 关键基础零部件和特定技术领域，主要大客户有美的和格力。锐翔智能是一家专业从事智能制造装备的 研发设计、生产和销售的高新技术企业。传美讯是国内最早从事数码喷印墨水研发及生产销售的企业之 一。 南方财经记者冯玉怡 珠海报道 沉寂了两年多的资本市场"珠海板块"今年明显活跃，IPO申请迎来扩容势头。 南方财经记者梳理发现一个显 ...

Group 1 - The A-share market experienced a collective pullback on July 30, with the ChiNext Index leading the decline, down 1.72% as of 14:17 [1] - The ChiNext Index focuses on strategic emerging industries such as high-end manufacturing, photovoltaics, and new energy vehicles, exhibiting high elasticity and often leading the rebound in A-share markets [1] - The Huaxia ChiNext ETF (159957) closely tracks the ChiNext Index, showcasing high growth and elasticity characteristics, with a management fee of 0.15% and a custody fee of 0.05%, the lowest in its category [1]

Group 1 - The opening of the "Specialized, Refined, Characteristic, and Innovative" board in Shaanxi marks a significant step in providing a higher-level capital connection platform for local SMEs [1][2] - A total of 105 companies have listed on the new board, including 82 in the incubation layer, 13 in the standard layer, and 10 in the cultivation layer, covering sectors such as high-end manufacturing, artificial intelligence, biomedicine, new materials, and new energy [1] - The board aims to create a comprehensive financial service ecosystem through nine key service products, including policy connection, equity management, investment and financing connection, and listing incubation [1] Group 2 - The initiative is expected to enhance the "technology-industry-finance" cycle in Shaanxi, contributing to the high-quality development of the local economy [2] - The Shaanxi Equity Exchange Center plans to continuously improve the service functions of the board, focusing on building a service matrix that integrates financing, intelligence, and resources to strengthen the innovation capabilities of enterprises [2]

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) was held in Beijing, featuring 1,200 participating companies and institutions, with over 6,000 cooperation agreements signed [3][4] - The theme of the expo was "Linking the World, Creating the Future," emphasizing international collaboration and innovation in supply chains [3] Panasonic - Panasonic's business in China accounts for 24.4% of its global operations, contributing 30% to its profits [6] - The company showcased its new rail transit platform door solution, which has been implemented in 53 projects across 18 cities in China [4][5] - Panasonic has established deep collaborations with over 6,000 local suppliers in China, enhancing its supply chain stability and innovation capabilities [5][6] Novo Nordisk - Novo Nordisk has introduced 22 innovative drugs and 11 injection devices in China by the end of 2024, focusing on diabetes and obesity treatment [7][9] - The company aims to enhance local supply chain management through partnerships with Chinese firms, improving drug accessibility and efficiency [8][10] - Novo Nordisk's "China Co-Creation" project has led to the simultaneous clinical approval of new drugs in China and globally, benefiting local patients [9][10] Honeywell - Honeywell's new products are primarily developed by local teams in China, with over 95% of exhibits tailored to meet local market demands [11][12] - The company has established a complete localized value chain in China, including R&D, manufacturing, and services [12][13] - Honeywell emphasizes the importance of collaboration with local suppliers to ensure supply chain stability and innovation [12][14] Schneider Electric - Schneider Electric has built 21 "zero-carbon factories" and 15 national "green factories" in China, focusing on sustainable development [15][17] - The company aims to enhance supply chain resilience and efficiency through digital transformation and AI technologies [16][17] - Schneider Electric's operations in China have significantly reduced energy consumption and improved production efficiency since 2019 [17][18]