Report Industry Investment Rating - The investment rating for the US dollar bond market is "Underperform" [1] - The investment rating for the US stock market is "Underperform - Maintained" [5] Core Viewpoints - The US non - farm data is weak, and the expectation of an interest rate cut within the year has increased. The Fed's internal disagreement on interest rate cuts has intensified, and the US economic outlook is not optimistic due to factors such as insufficient domestic demand, low corporate investment willingness, and trade policy uncertainties [1][2] - In the context of increasing divergence in Fed policies, differentiated economic data, and falling interest rates, the short - term risk - aversion sentiment in the US bond market has increased. It is recommended that investors maintain medium - and short - duration US dollar bonds as the core allocation [4] Summary by Directory US Treasury Benchmark Interest Rates - The report presents figures related to 2 - year and 10 - year US Treasury yields, the yield curve, bid - to - cover ratios for various maturities, issuance winning bid rates for 2 - 30 year US Treasuries, monthly issuance amounts, and the implied number of interest rate cuts in the federal funds rate futures market [14][22][24] US Macroeconomic and Liquidity - The US GDP grew by 3% year - on - year in Q2, but there are hidden dangers. Private consumption growth was only 0.98%, corporate investment showed negative growth, net exports were mainly due to reduced imports, government contribution was almost zero, and inflation pressure persisted [2] - The July non - farm employment data was far lower than expected, with new employment dropping to 73,000, the lowest in 9 months, and the previous values were significantly revised down by 258,000. The unemployment rate rose to 4.2%, the labor participation rate dropped to 62.2%, and the year - on - year hourly wage increase rose to 3.9% [3] Exchange Rates - The report shows figures on the one - year trend of non - US currencies, the two - week changes in non - US currencies, the Sino - US sovereign bond spread, the relationship between the US dollar index and the 10 - year US Treasury yield, the relationship between the US dollar index and the RMB index, and the one - year locked - in exchange cost change of the US dollar against the RMB [60][62][64] Overseas US Dollar Bonds - Figures on the price trends of US dollar bonds, US - EU comprehensive US dollar bonds, global investment - grade US dollar bonds, and the price trends of global high - yield US dollar bonds and Chinese domestic bonds are presented, as well as the two - week return comparison of the global bond market [67][71][73] Chinese - Issued US Dollar Bonds - The report shows the return trends of Chinese - issued US dollar bonds since 2023 (by grade and industry), the yield and spread trends of investment - grade and high - yield Chinese - issued US dollar bonds, the two - week returns (by grade and industry), the net financing amount trend, and the maturity scale of each sector [90][84][91] Rating Actions - In the past two weeks, the three major international rating agencies took 8 rating actions on Chinese - issued US dollar bond issuers, including 2 downgrades, 3 rating revocations, and 3 initial ratings [93]

今年，中国130家上榜公司的2024年营收总额约为10.7万亿美元；上榜中国企业的2024年平均利润从39亿美元提高到42亿美元，同比增加7.4%。 粤企新增1家，广州6家上榜 记者梳理发现，广东全省共有18家企业上榜今年的《财富》世界500强，相比去年新增1家企业——碧桂园控股有限公司于2024年跌出榜单后，今年重回 《财富》世界500强，最新排名460位。 总部位于广州的企业有6家上榜，分别是南方电网、广汽集团、广州工控集团、广新控股集团、广州建筑集团、广药集团。 7月29日，《财富》杂志发布2025年世界500强排行榜，130家中国企业进入榜单。按照上榜企业总部所在城市统计，广东全省共18家企业上榜，相比去年 新增1家企业。其中，总部位于广州市的企业有6家上榜。 130家中国企业上榜，平均利润同比增加7.4% 今年《财富》世界500强排行榜企业的营业收入总和约为41.7万亿美元，超过全球GDP的三分之一，比去年增长了约1.8%。此次上榜门槛（最低销售收 入）从321亿美元增长至322亿美元。所有上榜公司的净利润总和同比增长约0.4%，约为2.98万亿美元。500家上榜公司的资产总额和净资产总额均达到自 ...

据了解，广州工控集团通过创新存量盘活机制、提升运营能力等多路径策略，已成功盘活存量土地约28 万平方米。其中，广州工控增城专精特新产业园是广州工控集团首个"工改工"园区，荣获"新质智造产业 园"称号；"南洋电器厂及周边更新改造项目"积极探索改造新路径，为城市中心城区"共用地"开发难的困 局提供了可复制、可推广的盘活模式。 下一步，广州工控集团将深度融入并服务广州市"制造业立市"核心战略，通过系统化梳理存量资源、专 业化设计盘活路径、市场化拓展资本运作，加速释放资产盘活效能。作为广州工控集团属下专业资产管 理及运营平台，工控资产也将以此次活动为契机，围绕广州市"12218"现代化产业体系和广州工控集团发 6月25日，由广州市人民政府国有资产监督管理委员会（下称"广州市国资委"）指导、广州工业投资控股 集团有限公司（下称"广州工控集团"）主办、广州工控资产管理有限公司（下称"工控资产"）承办的"盘 活国有存量资产提升资产管理效能"主题培训暨国资大讲堂顺利举行。广州市国资委领导以及来自26家市 属国企及下属单位近200名领导干部与业务骨干参加培训。 盘活存量资产是贯彻新发展理念、服务广州高质量发展大局的重要战略举措 ...

Core Insights - Zhejiang province is enhancing its economic cooperation with the Middle East, particularly in infrastructure, energy transition, and digital innovation, leveraging strategic complementarities [1][2] - In 2024, the trade volume between Zhejiang and Middle Eastern countries is projected to reach $83.1 billion, with Saudi Arabia, UAE, and Turkey accounting for over 60% of this trade [1] - The Middle East is becoming a significant market for Zhejiang enterprises, driven by its unique advantages such as energy transition, infrastructure development, a youthful population, and emerging market openness [2] Trade and Economic Cooperation - Zhejiang's trade with the UAE has seen substantial growth, with the province being the largest contributor to China's trade with the UAE [2] - The UAE is promoting a favorable business environment with incentives like no minimum investment, no personal income tax, and low tariffs to attract foreign investment [2] - Trade relations between Zhejiang and Turkey are also expanding, with potential collaboration in fintech, digital platforms, and clean technology [2] Investment Opportunities - Saudi Arabia is driving investments in infrastructure, renewable energy, water resources, mining, and manufacturing, creating unprecedented opportunities for Chinese enterprises [4] - The Saudi Vision 2030 plan aims to enhance governance, economic prosperity, and social vitality, encouraging digitalization and economic diversification [4] - Over 150 Chinese enterprises are currently engaged in trade cooperation in Saudi Arabia, with a focus on engineering, logistics, and e-commerce [6] Service Alliance - The "Zhejiang Going Global" service alliance has been established to support Zhejiang enterprises in international markets by providing a platform for information sharing and resource integration [6] - The alliance includes 30 member organizations from various sectors, aiming to offer comprehensive and diversified support for businesses venturing abroad [6]