Core Viewpoint - The 2026 Miaohang Town Investment Promotion Conference highlights the town's commitment to optimizing the business environment and attracting investment, showcasing its determination and actions in this regard [1][3]. Group 1: Business Environment Optimization - Shanghai has released its "Action Plan for Accelerating the Creation of a First-Class Business Environment" for the ninth consecutive year, emphasizing the importance of "industrial ecology" in fostering competitive industrial clusters [3]. - Miaohang Town is building a modern industrial system centered on green economy, digital economy, and consumer economy, while actively attracting quality projects and deepening cooperation with research institutions [3][6]. - The "Jinang MIAO Plan" service brand has been recognized as one of the top ten innovative practices in optimizing the business environment, contributing to the town's impressive achievements in this area [3][6]. Group 2: Development Advantages - Miaohang Town boasts unique advantages, including a prime location with a dense transportation network, excellent ecological living conditions, a youthful population, and a robust industrial foundation [6]. - The town has successfully opened a 1.4-kilometer waterfront trail, enhancing community integration and increasing the occupancy rate of local parks by 8% [7]. Group 3: Policy and Talent Support - A series of significant policies were announced to support talent development, including the "Vibrant Miaohang Talent Plan," which aims to create a comprehensive talent service system [7][9]. - The establishment of the "Private Enterprise Innovation Development Center" reflects the town's commitment to supporting the growth of private enterprises [10]. Group 4: Investment and Project Signings - Eight key projects were signed at the conference, covering various sectors such as technology, consumption, and finance, indicating the strong appeal of Miaohang's business environment [9]. - The investment from newly settled companies like MiChain Co-Creation Technology and Baobaby's Baoshan branch is expected to contribute significantly to the local economy and industrial structure [9].

Group 1 - The core point of the article is that the US and EU will sign a memorandum of understanding within the next 30 days to enhance the security of critical mineral supply chains [1] - The US and EU will identify and support projects in mining, recycling, processing, and refining sectors [1] - The trade initiative may include coordinated trade policies, price floors, standard-based markets, price differential subsidies, or purchase agreements [1]

Group 1: IPO Market Activity - The US IPO market showed high activity this week with 6 companies going public through traditional IPOs and 2 SPACs listing, alongside 13 companies filing for initial public offerings [1][8] - Alliance Laundry Holdings (ALH) raised $826 million with a market cap of $4.5 billion, pricing at the upper limit of its range, and saw a 14% increase in stock price [1][4] - Phoenix Education Partners (PXED) raised $136 million with a market cap of $1.3 billion, pricing at the midpoint of its range, and experienced a 13% stock price increase [1][4] Group 2: SPAC Listings - Two SPACs completed their listings this week: GigCapital8 raised $220 million and Lake Superior Acquisition raised $100 million, focusing on energy, social media, and consumer goods [3][4] - The SPAC market remains active, with several new SPACs filing for IPOs, including Xsolla SPAC 1 and Alussa Energy Acquisition II, both aiming to raise $250 million [5][7] Group 3: Company Performance - One and One Green Tech (YDDL) raised $10 million with a market cap of $27 million, and its stock surged by 31% [2][4] - Turn Therapeutics (TTRX) went public through direct listing but saw a 26% decline in stock price, opening at $10 [3][4] - Leifras (LFS) raised $5 million with a market cap of $10.5 million, but its stock fell by 5% [2][4] Group 4: Upcoming IPOs and Regulatory Changes - 13 companies have filed for IPOs, including BillionToOne and Evommune, each planning to raise $100 million [4][5] - The SEC issued new guidelines allowing companies to announce their pricing range during the IPO process, which may encourage more companies to proceed with listings amid macroeconomic uncertainties [9]

Group 1 - Trump is expected to announce a new Federal Reserve chair soon, narrowing down candidates to four, excluding Treasury Secretary Scott Bencet [2] - Trump plans to impose drug tariffs starting small and eventually reaching 250%, with an initial rate not disclosed [2] - Trump threatened to significantly increase tariffs on India within 24 hours due to its oil purchases from Russia, although he did not specify new rates [3] Group 2 - The EU has decided to suspend retaliatory tariffs against the US that were set to take effect on August 7, while still retaining the option to reinstate them [5] - The EU is currently in discussions with the US to implement a trade agreement reached last month, amid dissatisfaction from several EU member states regarding the perceived leniency of the agreement [5] - US stock markets opened higher, with notable gains in companies like Pfizer and British Petroleum, while cryptocurrency stocks like Coinbase saw declines [6] Group 3 - Palantir's stock surged by 8% to reach a new all-time high, with its market capitalization exceeding $400 billion, following an upgrade in target price by Wedbush from $160 to $200 [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The global platinum supply is highly concentrated with low elasticity, and there is a supply - demand imbalance in the market [1][4][11] Group 3: Summary by Related Catalogs 1. Global Platinum Supply Pattern 1.1 Global Platinum Supply Concentration and Elasticity - South Africa, Zimbabwe, and Russia are the main suppliers of global platinum. In 2024, South Africa's platinum output decreased by 4% year - on - year to 120 tons, accounting for 71% of the global total. Zimbabwe and Russia each accounted for 11%, and other countries' total output accounted for only 8% [1] - Long - term trends, under - performance of new projects, mine depletion, and shutdowns have continuously restricted supply, resulting in insufficient output elasticity of major global platinum - producing countries. In 2024, factors such as power outages and production restructuring led to a decline in global platinum output [1] - In 2024, global platinum production was 195.9 tons. Global mined platinum output decreased by 567 kg to 155.9 tons, and the proportion of recycled platinum was 20.4%. The global platinum recycling volume increased by 3% year - on - year to 39.97 tons. It is expected that in 2025, global mined platinum output will decrease by 4% year - on - year to 150.1 tons [4] 1.2 Platinum Global Balance - The main consumers of global platinum are China, Europe, North America, and Japan. China's demand accounts for 26% of the global total, with industrial demand being the largest. Western Europe and North America account for 20% and 18% respectively, with automotive catalyst demand being the largest. Japan accounts for 9%, mainly in automotive catalysts and jewelry. India's industrial demand is small, but its automotive catalyst and jewelry demand are increasing, and its future demand is expected to exceed Japan's [6] - In 2024, global platinum group metal demand decreased by 1.6% year - on - year to 198 tons, with a global platinum supply shortage of 1.98 tons. Automotive industry platinum demand decreased by 3% to 63.4 tons, jewelry demand decreased slightly by 0.3 tons to 38.3 tons, industrial demand remained flat at 63.4 tons, and hydrogen energy demand increased slightly by 0.3 tons to 2 tons [11] - The global platinum balance sheet shows trends in mine production, recycling, total demand, and supply - demand differences from 2017 to 2025f [13]