Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In the production industry, the decline in industrial profits has narrowed. From January to July 2025, the total profit of industrial enterprises above designated size was 4,020.35 billion yuan, a year - on - year decrease of 1.7%. In July, the year - on - year decline in profits continued to narrow, and the manufacturing industry showed significant improvement [1]. - The service industry should focus on the implementation of housing new policies. The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - Quality Urban Development" was released, aiming to promote the construction of "good houses" and complete communities and build a new model for real estate development [1]. 3. Summary by Directory A. Upstream - Chemical industry: The price of urea has dropped significantly [2]. - Energy: The international crude oil price has slightly rebounded [2]. B. Midstream - Chemical industry: The operating rate of PTA has been continuously declining [3]. - Energy: The coal consumption of power plants has remained stable [3]. - Agriculture: The operating rate of pig products has increased [3]. C. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have seasonally declined [3]. - Service: As the end of the summer vacation approaches, the number of domestic flights has slightly decreased [3]. D. Key Industry Price Indicators | Industry | Indicator | Price (8/28) | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2301.4 yuan/ton | - 0.43% | | | Spot price of eggs | 6.5 yuan/kg | - 2.10% | | | Spot price of palm oil | 9532.0 yuan/ton | - 0.19% | | | Spot price of cotton | 15331.8 yuan/ton | 0.80% | | | Average wholesale price of pork | 19.8 yuan/kg | - 1.05% | | Non - ferrous metals | Spot price of copper | 79183.3 yuan/ton | 0.49% | | | Spot price of zinc | 22106.0 yuan/ton | - 0.49% | | | Spot price of aluminum | 20746.7 yuan/ton | 0.24% | | | Spot price of nickel | 121966.7 yuan/ton | 0.91% | | | Spot price of aluminum | 16837.5 yuan/ton | 0.71% | | | Spot price of rebar | 3246.0 yuan/ton | 0.00% | | Ferrous metals | Spot price of iron ore | 789.6 yuan/ton | 0.54% | | | Spot price of wire rod | 3375.0 yuan/ton | - 0.52% | | | Spot price of glass | 13.9 yuan/square meter | - 0.36% | | Non - metals | Spot price of natural rubber | 15016.7 yuan/ton | 0.45% | | | China Plastic City Price Index | 803.2 | - 0.21% | | Energy | Spot price of WTI crude oil | 64.2 dollars/barrel | 2.30% | | | Spot price of Brent crude oil | 67.4 dollars/barrel | 0.90% | | | Spot price of liquefied natural gas | 3956.0 yuan/ton | 1.07% | | | Coal price | 783.0 yuan/ton | 0.00% | | | Spot price of PTA | 4910.0 yuan/ton | 2.91% | | Chemical industry | Spot price of polyethylene | 7451.7 yuan/ton | 0.20% | | | Spot price of urea | 1717.5 yuan/ton | - 3.51% | | | Spot price of soda ash | 1290.0 yuan/ton | 0.00% | | | National cement price index | 129.6 | - 0.64% | | Real estate | Building materials composite index | - | - 0.23% | | | National concrete price index | 93.0 | 0.00% | [35]

联合能源集团(00467)发布截至2025年6月30日止六个月中期业绩，营业额80.88亿港元，同比减少4.17%; 股东应占溢利7.4亿港元，同比减少26.74%;每股基本盈利2.88港仙。 ...

当计划生效，所有计划股份将被注销，而计划股份的股票此后将不再具有所有权文件或凭证的效力。本 公司将根据上市规则第6.15(2)条申请在生效日期后切实可行的情况下尽快撤销股份于联交所的上市地 位。 据悉，要约人为一家于英属维尔京群岛注册成立的有限公司，并为中国中信股份有限公司的直接全资附 属公司。要约人的主要业务为特钢制造、能源及房地产。 格隆汇10月20日丨大昌行集团(01828.HK)公布，于2019年10月14日，要约人中信泰富有限公司要求董事 会向计划股东提呈根据公司条例第673条透过协议安排对本公司进行私有化，涉及注销计划股份的该建 议，并以向计划股东以现金支付每股计划股份的注销价格作为此事项的代价。 根据该计划，倘若该建议获批准及实施，计划股份将予注销，而作为此事项的代价，各计划股东将有权 收取每股注销计划股份的现金注销价格港币3.70元，较10月14日收市价港币2.69元溢价约37.55%。 要约人确认，于本公告日期：要约人特殊目的实体的成员公司实益拥有、控制或行使指示10.74亿股股 份，约占已发行股份的56.81%；及计划股东实益拥有、控制或行使指示8.17亿股股份，约占已发行股份 的43.1 ...

Group 1 - The core viewpoint of the article emphasizes the need for high-quality urban development through improved infrastructure and optimized urban space utilization [1] - The article highlights the importance of enhancing urban infrastructure layout, structure, and functionality, as well as strengthening system integration [1] - It discusses the efficient use of underground space and the construction of comprehensive underground utility corridors tailored to local conditions [1] Group 2 - The article mentions the acceleration of urban underground pipeline network construction and renovation [1] - It emphasizes the need for robust coverage of fifth-generation mobile communication networks (5G) and gigabit optical networks, along with optimized computing power facility layouts [1] - The article outlines the necessity of modernizing the comprehensive transportation system to improve intercity and intra-city commuting efficiency [1] Group 3 - It calls for the enhancement of water resource allocation and supply management systems in urban areas [1] - The article stresses the importance of improving transportation hub transfer facilities and the construction of convenient amenities such as parking spaces and charging stations [1]

Group 1 - The European Commission proposed two legislative measures to implement the EU-US joint statement on tariffs, marking a significant step forward [1][2] - The measures aim to ensure the reduction of tariffs on the EU automotive sector by the US, effective from August 1, and to further stabilize and enhance transatlantic trade and investment relations [3] - The EU plans to eliminate tariffs on certain US industrial goods and provide preferential market access for specific seafood and non-sensitive agricultural products, while extending the zero-tariff treatment for shrimp [3][4] Group 2 - The US has committed to reducing tariffs on EU automobiles and parts from 27.5% to 15%, and will implement zero or near-zero tariffs on several products starting September 1 [3][5] - The joint statement indicates that the US will apply the higher of the Most Favored Nation (MFN) tariff rate or a 15% tariff rate on EU-origin goods, with a cap of 15% on most EU products, including automobiles, pharmaceuticals, semiconductors, and timber [5] - The EU is expected to purchase US energy products, including liquefied natural gas and oil, with projected purchases reaching $750 billion by 2028, along with commitments for AI chips and defense equipment [6][7] Group 3 - The EU and the US will continue discussions on further tariff reductions and identify additional areas for cooperation [8][9] - The European Commission will work with EU member states and the European Parliament to implement the main contents of the agreement, aiming for a fair and balanced trade agreement [9]

Core Viewpoint - The European Commission has proposed legislation to eliminate certain tariffs on American goods, aiming to enhance transatlantic trade and investment stability following the U.S. tariff reductions on the EU automotive sector starting August 1 [2][3]. Group 1: Tariff Changes - The EU will eliminate tariffs on all American industrial products and provide preferential market access for U.S. seafood and non-sensitive agricultural products [4][5]. - The U.S. will reduce tariffs on EU automobiles and parts from 27.5% to 15%, and implement zero or near-zero tariffs on several products including softwood, aircraft, and generics starting September 1 [2][5]. Group 2: Legislative Process - The proposed measures are necessary legislative steps to fulfill commitments outlined in the EU-U.S. joint statement, requiring approval from the European Parliament and the EU Council to take effect [3][12]. Group 3: Future Cooperation - The EU and U.S. have agreed to continue discussions on further tariff reductions and to identify additional areas for cooperation [11][13]. - The EU plans to procure U.S. energy products, AI chips, and defense equipment, with expected purchases reaching $750 billion by 2028 for energy products and at least $400 billion for AI chips [9][10].

过去一年，俄罗斯债务市场出现了一个值得关注的趋势，那就是：大型并且有实力的公司（尤其是银行、能源企业）开始积极发行一种特殊的债券——这些 债券以大幅低于面值的价格出售，即"贴现债券"。 例如，面值1000卢布的债券只需500卢布就能购入，到期时则按全额面值兑付——2024年9月底，俄罗斯储蓄银行发行了1200万份"面值1000卢布"的债券，对 外销售的价格为面值的50%，也就是500卢布。 去年年底，阿尔法银行也发行了数量可观的贴现债券。到了2025年5月，Gazprom Nef不行大规模发行了折价债券，还同时给予利息——最低每年2%利率的 折价债券，有折扣再给利息。 这种现象的背后是多种因素的共同作用 南生认为，当前俄罗斯的高利率环境是首要原因。对于发行债券的大型企业来说，传统的固定票息的债券意味着在高利率时期需要承担昂贵的定期利息支 出，这会给企业短期的现金流带来压力。 例如美国，联邦政府发行的短期国债就是贴现债券，假设是面值100美元的国债，票面是没有利息的，但可能是95美元即可购买，到期后按票面的100美元兑 现——利息就是5美元除以95，利率5.26%。 苏联解体后的俄罗斯，早在1993年就曾发行过 ...

美国与其他经济体达成贸易协议的内容与影响 ——当前经济与政策思考 证券研究报告/宏观专题报告 2025 年 08 月 28 日 分析师：杨畅 执业证书编号：S0740519090004 分析师：夏知非 执业证书编号：S0740523110007 Email：xiazf01@zts.com.cn 相关报告 请务必阅读正文之后的重要声明部分 报告摘要 近期美国与部分经济体先后达成贸易协议，基于白宫网站发布信息（6 月 17 日英国、 7 月 22 日印度尼西亚、7 月 23 日日本、8 月 21 日欧盟）以及特朗普与白宫官员面向 媒体发布（7 月 3 日越南、7 月 22 日菲律宾、7 月 30 日韩国、泰国、柬埔寨、巴基 斯坦）相关情况梳理（注意：发布情况均为贸易协定概要，最终协议仍待敲定后公布， 细节可能存在变化），涉及内容较多，大致可分为"贸易"与"产业"两大部分。"贸 易"部分又可划分为"对美出口"与"自美进口"两个维度。 以上协议内容所产生的影响并不局限美国与其他经济体之间，而在短期引发全球贸易 格局变形，在中期引发全球产业格局重塑。 风险提示：海外政策风险；地缘政治风险；研究报告中使用的公开资料可能存 ...

Core Insights - The article highlights that Australia has emerged as a significant beneficiary in the ongoing US-China trade war, as China has lifted trade barriers against Australian products, marking a shift in diplomatic relations [1][3][5]. Group 1: Trade Relations - After a period of strained relations, China has removed trade barriers on Australian products, including barley, wine, and beef, leading to a significant increase in exports [3][5]. - In 2023, the bilateral trade between China and Australia reached a record high of $210 billion, with South Australia’s exports to China increasing by 33% [5][11]. - Australia has not been affected by high tariffs from the US, with an average tariff of only 10%, the lowest among all trade partners, due to its critical role in the rare earth supply chain [7][9]. Group 2: Diplomatic Strategy - Australia has successfully navigated the US-China tensions by maintaining a balanced diplomatic approach, benefiting economically from China while ensuring security ties with the US [9][13]. - The strategy of not openly siding with China while still engaging in trade has allowed Australia to thrive amidst the geopolitical rivalry [9][15]. - The article suggests that Australia’s approach serves as a model for other countries, demonstrating the effectiveness of flexible diplomacy in a polarized global environment [15][19]. Group 3: Global Trade Dynamics - The ongoing US-China trade war has led to a reconfiguration of global supply chains, with Australia filling the void left by US products in the Chinese market [11][19]. - The World Trade Organization (WTO) has noted a trend towards regionalization, with third-party countries like Australia playing increasingly important roles in global trade [11][19]. - Australia’s experience reflects a broader shift among middle economies towards prioritizing multilateralism over binary alliances in the face of great power competition [15][17].

Group 1: Hot News - Next month, the Ministry of Commerce will introduce several policies and measures to expand service consumption, using fiscal and financial means to optimize and enhance service supply capacity and stimulate new service consumption volume. The Ministry of Commerce and relevant departments have jointly formulated "Several Policy Measures to Promote Service Exports", and relevant documents will be publicly issued soon [2] - Shanghai has issued an implementation opinion on accelerating the renovation of urban villages, prioritizing the renovation of villages with urgent public needs and many urban safety and social governance hidden dangers. The renovation of urban villages should solicit the opinions of villagers, and the initial shareholding ratio of the town collective economic organization in the cooperative renovation should generally not be less than 10% [2] - In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June and narrowing for two consecutive months. Among them, the profits of high-tech manufacturing increased by 18.9% from a 0.9% decline in June, driving the profit growth rate of all industrial enterprises above designated size to accelerate by 2.9 percentage points compared to June, showing a significant leading role [2] - As of August 27, among 89 blast furnaces of 23 sample steel enterprises surveyed, 2 new blast furnaces were under maintenance, with a newly added maintenance volume of 4340m³ and a daily average impact on hot metal production of about 10,300 tons. Currently, a total of 16 blast furnaces of steel enterprises in Tangshan are under maintenance, with a daily average impact on hot metal of about 47,400 tons, and the capacity utilization rate is 88.83%. Steel mills will gradually shut down and maintain blast furnaces at the end of the month as required. It is expected that 16 new blast furnaces will be under maintenance, with a daily average impact on hot metal production of about 116,600 tons (including previously maintained blast furnaces). The capacity utilization rate will drop to 78.13%, a decrease of 10.7% compared to the current level (August 27) and a decrease of 6.84% compared to the same period last year [3] - Goldman Sachs expects the oil surplus to intensify, with an average daily surplus of 1.8 million barrels from the fourth quarter of 2025 to the fourth quarter of 2026. By the end of 2026, global oil inventories will increase by nearly 800 million barrels. It is expected that the Brent crude oil price will fall to just over $50 by the end of 2026 [3] Group 2: Key Focus - Key commodities to focus on are urea, polysilicon, PVC, Shanghai copper, and plastic [4] Group 3: Night Session Performance - Night session performance by sector: Non-metallic building materials 2.81%, precious metals 27.04%, oilseeds 12.20%, non-ferrous metals 21.32%, soft commodities 2.52%, coal, coke, and steel ore 14.43%, energy 3.18%, chemicals 12.11%, grains 1.22%, and agricultural and sideline products 3.17% [4] Group 4: Large Asset Performance - Equity: The Shanghai Composite Index had a daily decline of 1.76%, a monthly increase of 6.36%, and an annual increase of 13.38%. The S&P 500 had a daily increase of 0.24%, a monthly increase of 2.24%, and an annual increase of 10.20%. Other indices also had their respective performance [7] - Fixed income: The 10-year treasury bond futures had a daily increase of 0.08%, a monthly decrease of 0.43%, and an annual decrease of 0.83%. Other treasury bond futures also had corresponding performance [7] - Commodities: The CRB commodity index had a daily increase of 0.76%, a monthly increase of 0.32%, and an annual increase of 1.35%. WTI crude oil had a daily increase of 0.96%, a monthly decrease of 7.74%, and an annual decrease of 11.21%. Other commodities also showed different trends [7] - Others: The US dollar index had a daily decrease of 0.05%, a monthly decrease of 1.86%, and an annual decrease of 9.48%. The CBOE volatility index had no daily change, a monthly decrease of 12.56%, and an annual decrease of 15.73% [7]