Economic Overview - In July, industrial added value increased by 5.7% year-on-year, down from 6.8% in June, while the service production index rose by 5.8%[1] - External demand showed unexpected strength with exports growing by 7.2%, surpassing the expected 5.9%, while internal demand weakened with retail sales increasing by only 3.7% compared to 4.8% in June[1] Consumer Trends - Retail sales growth declined from 6.4% in May to 4.8% in June and further to 3.7% in July, primarily driven by a slowdown in goods sales[1] - The sales growth of "trade-in" subsidy products fell from an average of 17.5% to 12.7%, indicating a significant impact on overall retail performance[1] Investment Insights - Fixed asset investment growth dropped from 2.6% in June to 1.6% in July, with construction investment showing negative growth for the first time since August 2020, at -0.8%[1] - Manufacturing investment growth decreased from 7.5% in June to 6.2% in July, highlighting a divergence in investment performance across different sectors[2] Future Outlook - Despite potential pressures in Q4 due to high base effects and demand front-loading, there are three supporting factors for consumer growth in the second half of the year: gradual recovery in dining growth, the release of childbirth subsidies, and consumer loan interest subsidies[1] - The construction sector is expected to face continued pressure in August due to adverse weather conditions, but policy-driven financial tools may provide support in Q4[2]

智通财经APP获悉，香港屋宇署6月共批出6份建筑图则，其中九龙3份及新界3份，当中包括2项住宅及 商住发展、2项工厂及工业发展，以及2项社区服务发展。 屋宇署同时发出18份入伙纸，包括中港岛3份、九龙7份及新界8份。其中住宅用途建筑楼面面积约18.08 万平方米，共2637个单位;非住宅用途建筑楼面面积约7.78万平方米。 6月份新落成楼宇的报价总值约为114亿港元。 获准动工的建筑工程项目有11个，工程完成后将提供住宅用途建筑楼面面积约8.58万平方米，涉及单位 1815个;非住宅用途建筑楼面面积约19.6万平方米。另外，该署亦接获3个建筑项目的上盖工程动工通 知。 ...

巨佬们最新动向来了！ 随着13F文件出炉，巴菲特最新买入的神秘公司揭晓。 伯克希尔在二季度大手笔建仓503.9万股陷入困境的联合健康（UNH），建仓成本价为314美元，季末持 仓市值达15.7亿美元，为伯克希尔的第18大持仓，在总持仓中占比0.61%。 报告发布后，联合健康股价盘后大涨超10%。 值得一提的是，巴菲特曾在2006至2009年期间持有约118万股联合健康股票，随后在2010年全部清仓。 联合健康股价年内暴跌45%。去年12月4日，联合健康集团高管、联合健康保险公司CEO布莱恩·汤普森 在纽约曼哈顿的一家希尔顿酒店外遭枪杀，引发全美对医疗体系的广泛讨论。 联合健康暂停了年度业绩预测、更换了首席执行官，公司目前还在接受美国政府对其医疗保险计费做法 的调查。 有观点认为，建仓联合健康的可能不是巴菲特本人，而是两位投资副手Todd Combs和Ted Weschler的操 作。 13F报告显示，巴菲特旗下伯克希尔二季度建仓联合健康、纽柯钢铁、地产股莱纳建筑、霍顿房屋、拉 马尔户外广告、安防产品供应商安朗杰； 增持雪佛龙、星座集团、Pool、达美乐、海科航空、莱纳B； 减持苹果、美国银行、德维特、威瑞信、 ...

Core Viewpoint - Berkshire Hathaway has continued its trend of net stock selling for the 11th consecutive quarter, with a reported long position in U.S. stocks amounting to $257.5 billion as of the end of Q2 2025 [2] Group 1: Berkshire Hathaway's Investment Actions - In Q2, Berkshire Hathaway restarted selling Apple shares, continued to reduce its stake in Bank of America, and increased its holdings in Chevron and the food and beverage sector [2] - Six new positions were established, including significant investments in UnitedHealth, Nucor Steel, Lennar, and Lamar Advertising, with a total market value of approximately $3.65 billion at the end of the quarter [2][5] Group 2: UnitedHealth's Performance and Market Reaction - UnitedHealth reported Q2 revenue of $111.6 billion, a year-on-year increase of 13%, but adjusted net profit fell over 23.7% to $3.406 billion, leading to a decline in stock price [6] - Following Berkshire's announcement of re-establishing a position in UnitedHealth, the stock price surged over 8% in after-hours trading [5][6] Group 3: Market Sentiment and Future Outlook - Analysts suggest that Berkshire's renewed investment in UnitedHealth may be due to its stock price reaching a multi-year low, with a current P/E ratio of 11.55, indicating potential for long-term returns [7] - Despite the challenges, if profit margins improve, the stock could return to a fair value of around $360, with conservative estimates placing the target price above $300 [7]

Core Viewpoint - Japan's GDP for the April to June period shows a seasonally adjusted growth of 0.3% quarter-on-quarter, translating to an annualized growth rate of 1.0%, marking five consecutive quarters of growth [2][5]. Group 1: Economic Indicators - The actual GDP growth exceeded the median forecast of 0.3%, with personal consumption contributing to a 0.2% increase, consistent with the previous quarter [4]. - Equipment investment rose by 1.3%, particularly in software, while public investment decreased by 0.5% and government consumption remained flat [4]. - Exports grew by 2.0%, driven by increases in electronic components and equipment, while imports rose by 0.6%, primarily due to higher oil and natural gas imports [4]. Group 2: Contributions to GDP Growth - Domestic demand contributed negatively by 0.1 percentage points, marking a return to negative contributions after two quarters, largely due to inventory effects [5]. - External demand contributed positively by 0.3 percentage points, indicating a stronger performance in exports compared to imports [5]. - The revised GDP growth for January to March was adjusted to a positive 0.1%, transitioning from a previously reported negative growth [5].

Core Insights - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in its stake in Apple and the unveiling of a "mystery holding" [1] - The company reduced its Apple shares by 20 million, approximately 6.67%, while still maintaining it as its largest holding [1] - Additionally, Berkshire sold 26.3 million shares of Bank of America, a reduction of about 4.17% [1] New Investments - Berkshire initiated positions in six new stocks across various sectors, including healthcare, steel, and real estate, with a total market value of approximately $3.65 billion at the end of the quarter [2] - Notable new purchases include over 5 million shares of UnitedHealth (valued at about $1.57 billion), over 6.6 million shares of Nucor Steel (valued at about $860 million), and over 700,000 shares of Lennar (valued at about $780 million) [2] - The new investments are considered defensive plays with potential for valuation recovery, aligning with Buffett's "moat" investment philosophy [2] Increased Holdings - In Q2, Berkshire increased its stake in Chevron by approximately 3.45 million shares and added to its positions in Constellation Brands (about 1.39 million shares) and Pool Corporation (nearly 2 million shares) [2] - The company also made slight increases in its holdings in aerospace company Heico and Domino's Pizza [2] Financial Performance - Berkshire's Q2 net profit for 2025 was reported at $12.37 billion, reflecting a significant year-over-year decline of 59.24% [3]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, made significant changes in its Q2 13F filing, notably acquiring shares in UnitedHealth, which was previously considered a rumor [1][5]. Group 1: Berkshire Hathaway's Holdings - As of the end of Q2, Berkshire's long positions in U.S. stocks reached a total value of $257.5 billion [2]. - The top holdings include Apple with 280 million shares valued at approximately $57.45 billion, American Express at $48.36 billion, and Bank of America at $28.64 billion [3]. - Berkshire reduced its holdings in Apple by 20 million shares and in Bank of America by 26.3 million shares during the quarter [4]. Group 2: UnitedHealth Acquisition - Berkshire acquired 5.039 million shares of UnitedHealth, valued at $1.572 billion, marking a significant entry into the healthcare sector [5]. - Following the announcement, UnitedHealth's stock price surged over 8% in after-hours trading [5]. - The company has faced challenges, including a recent profit forecast downgrade and ongoing investigations into its billing practices [5]. Group 3: Other Investment Activities - In addition to UnitedHealth, Berkshire opened positions in Nucor, Lamar Advertising, and Allegion, while also repurchasing shares in Lennar and DR Horton [9]. - The firm increased its stakes in Chevron, Constellation Brands, and Domino's Pizza, while reducing its holdings in Charter Communications and F1 Group [11]. - Berkshire completely exited its position in T-Mobile US during this quarter [11].

Core Viewpoint - The article discusses a series of research methodology seminars held by Guotai Junan Securities across three major cities in China, focusing on various industries and their cyclical trends [3][6]. Group 1: Seminar Topics - The seminars cover a wide range of topics including the cyclical manufacturing research methods in the building materials sector, urban cycle research in real estate, and frameworks for steel industry research [6][7]. - Specific sessions include discussions on the aviation and express delivery sectors under the context of "anti-involution," as well as the outlook for refrigerant market cycles in the chemical industry [7]. - Other topics include the analysis framework for the petrochemical industry, coal market assessments, and the comprehensive view of electricity market reforms [7]. Group 2: Industry Insights - The seminars aim to provide insights into the financial cycles of real estate and the consumption trends in building materials [7]. - The discussions also highlight the trends in small metals research and the implications of fiscal funding on infrastructure development [7]. - The sessions conclude with a review of the shipping super bull market and its lessons for future investments [7].

Core Points - The Jiangsu Province has introduced a financial subsidy policy called "Jiangsu Smart Construction Loan" to encourage financial and social capital investment in the smart construction sector from 2025 to 2027 [1][2] - Eligible projects can receive a subsidy of 1.5 percentage points on loan interest from provincial finances, with a maximum annual subsidy of 5 million yuan per project [1] - The subsidy applies to enterprises engaged in smart construction research and application that meet specific criteria, including being registered in Jiangsu, having independent legal status, and maintaining stable operations without major safety or environmental incidents [1] Summary by Sections - **Subsidy Details** - The subsidy is applicable to bank loans for projects related to smart construction transformation and intelligent equipment empowerment, with interest rates capped at 50 basis points above the Loan Prime Rate (LPR) at the time of loan issuance [2] - The total subsidy for "Jiangsu Smart Construction Loan" in 2025 is limited to 20 million yuan, allocated on a first-come, first-served basis until the quota is exhausted [2] - **Eligibility Criteria** - Eligible enterprises must have been operating for at least one year by the end of 2024, have no significant safety, environmental, or quality incidents in the past three years, and not be listed as serious dishonest entities [1] - Each enterprise can only have one loan project benefiting from the subsidy per year [2]

Core Viewpoint - The trend of Greek labor outflow is reversing, with approximately 400,000 Greeks returning home since 2010, leading to a net population inflow of 15,000 in 2023, attributed to economic recovery and policy reforms [1][2]. Group 1: Talent Return and Government Initiatives - The Greek government has introduced a package of incentives to encourage talent return, including a 50% personal income tax reduction for returning and newly recruited professionals for up to 7 years [2]. - The government offers wage subsidies of up to €2,000 for professionals in high-demand fields such as healthcare, science, and engineering [2]. - Simplified qualification recognition processes for overseas professionals aim to expedite their entry into the local labor market [2]. Group 2: Challenges Faced by Returnees - Despite government incentives, most returnees earn significantly lower wages compared to their overseas counterparts, with only 17% receiving comparable salaries [2]. - The purchasing power of Greek workers remains among the lowest in the EU, indicating structural issues in labor compensation [2]. - The labor market exhibits a mismatch between the skills of returnees and available job opportunities, with many high-demand positions in technology and advanced manufacturing unfilled [3]. Group 3: Labor Market Dynamics - Greece faces a dual challenge of labor shortages and unemployment, with significant job vacancies across various sectors, including tourism, construction, and IT [3]. - The aging population poses additional challenges, with projections indicating that by 2050, 37% of the population will be over 65, increasing demand for healthcare and elder-friendly industries [3]. Group 4: Recommendations for Sustainable Talent Retention - Experts suggest that Greece must implement structural reforms beyond tax incentives, including reducing social security burdens and enhancing productivity to improve wage levels [4]. - Aligning industry needs with the skills of returning talent in sectors like energy transition and digital infrastructure is crucial for sustainable growth [4]. - Policies should focus on family stability, improving childcare resources, education, and remote work infrastructure to enhance the living conditions of returnees [4].