《报告》指出，2025年1月至6月，全球黄金贸易量为3053.8吨，全球白银贸易量为1.7万吨，全球铂金贸 易量为476.8吨。 关注1 去年全球煤炭贸易量上涨，中国进口量再创新高 数据显示，去年全球原油贸易量为21.60亿吨，同比下降0.2%。去年全球前五大原油出口国分别为沙特 阿拉伯、俄罗斯、加拿大、美国和阿拉伯联合酋长国，分别占全球总出口量的14.9%、11.3%、10.1%、 9.2%和8.5%。其中，沙特阿拉伯出口量较2023年减少0.25亿吨，俄罗斯、加拿大出口量较2023年分别增 长0.04亿吨、0.10亿吨。 全球前五大原油进口国(地区)分别为中国、欧盟、美国、印度和日本，分别占全球总进口量的25.6%、 21.4%、15.2%、11.1%、5.3%。其中，中国进口量较2023年减少0.19亿吨，但仍稳居全球第一大原油进 口国地位，主要从俄罗斯(19.6%)和沙特阿拉伯(14.2%)等国家进口。 在煤炭贸易量方面，去年全球煤炭贸易量上涨，中国进口量再创新高。《报告》指出，去年全球煤炭贸 易量为35.99艾焦，同比增长1.3%，与2018年的历史最高纪录持平。前五大出口国为印度尼西亚、澳大 利亚 ...

Core Insights - The merger and acquisition (M&A) market showed signs of recovery in July 2025, with 291 completed transactions, a year-on-year increase of nearly 10%, and a total value of $11.729 billion, reflecting a 23.93% growth compared to the previous year [2][6]. Group 1: Major Transactions - The most notable transaction was TCL Technology Group's acquisition of a 21.53% stake in Huaxing Optoelectronics for 11.562 billion RMB, marking the largest single exit for private equity in July [2][3]. - Shenzhen State-owned Assets Management achieved a significant cash return of 11.562 billion RMB from this transaction, which accounted for nearly 80% of the total private equity exits in July [5][6]. Group 2: Market Overview - In July 2025, the Chinese M&A market exhibited a pattern of "decreased proposal volume but stable pricing," with 405 disclosed M&A proposals, a 25.28% decrease year-on-year, while completed transactions increased by 9.81% [6][12]. - The total value of completed transactions reached $11.729 billion, indicating improved market execution efficiency and gradually restored confidence [6][12]. Group 3: Fund Exits - A total of 45 private equity funds achieved exits in July, doubling the number from the same period last year, with total funds returned amounting to 14.36 billion RMB, the highest in the past year [13][15]. - Notable exits included the sale of 24% equity in Guangzhou Xingke by the National Big Fund, generating approximately 320 million RMB [15].