Market Overview - The Nasdaq and S&P 500 indices rose, driven by Google's stock surge, while the Dow Jones fell slightly [2] - Google shares increased by 9.1% following a favorable court ruling, while Apple rose by 3.8% [2] - Tesla and Amazon saw minor gains, while Nvidia experienced a slight decline [2] Labor Market Data - U.S. job openings fell for the second consecutive month, decreasing from 7.36 million to 7.18 million [3] - The upcoming non-farm payroll report is expected to show an increase of 75,000 jobs, with the unemployment rate projected to rise from 4.2% to 4.3% [4] Federal Reserve Outlook - The likelihood of a 25 basis point rate cut by the Federal Reserve increased from 93% to 95% [5] - The labor market's weakening is influencing the Fed's potential policy shift, with upcoming employment reports being crucial for decision-making [5] Bond Market - Long-term U.S. Treasury yields declined, with the 10-year yield falling to 4.22% [6] - The Fed's Beige Book indicated little change in economic activity and employment levels since July [6] Individual Stock Performances - Macy's stock surged nearly 21% after reporting better-than-expected Q2 results and raising its full-year outlook [7] - Campbell Soup Company shares rose by 7.2% despite a decline in sales, as its Q4 earnings exceeded Wall Street expectations [8] Commodity Prices - International oil prices dropped, with WTI crude falling to $63.97 per barrel and Brent crude to $67.60 per barrel [8] - Gold prices reached new highs, with COMEX gold futures rising to $3,593.20 per ounce [9]

Core Viewpoint - Dongbai Group demonstrates resilience and innovation in the retail sector amidst structural adjustments and rapid changes in consumer trends, achieving stable growth through a dual-driven strategy of "commercial retail + warehousing logistics" [1] Group 1: Financial Performance - In the first half of 2025, Dongbai Group reported operating revenue of 929 million yuan, a year-on-year increase of 0.11% [1] - The company's net profit attributable to shareholders, excluding non-recurring items, reached 64.89 million yuan, reflecting a year-on-year growth of 3.14% [1] Group 2: Retail Business Strategy - The commercial retail segment generated 791 million yuan in revenue, remaining stable compared to the previous year, supported by the deepening of the first-store economy and innovations in consumer scenarios [2] - Dongbai Group introduced 201 new brands in the first half, including 67 first-store brands, enhancing its core store brand renewal [2] - The Dongbai Center and Lanzhou Center achieved significant sales rankings, with 23 brands in the Dongbai Center entering the national TOP10 and 169 brands ranking first in Fujian Province [2] Group 3: Cultural and Tourism Integration - The Fuzhou Liqiao Ancient Street project continues to drive growth, with the second phase introducing 37 new brands and achieving over 11 million visitors, a year-on-year increase of 30.83% [3] Group 4: Digital Transformation and Asset-Light Model - Dongbai Group's membership system surpassed 4.3 million members by the end of June, a 5.19% increase from the end of 2024, enhancing member engagement through over 150 exclusive events [4] - The company is advancing its asset-light transformation, exemplified by a partnership with Gansu New Investment Commercial Management Company for the "New Investment Era Center" project, covering an area of approximately 70,000 square meters [4] Group 5: Future Outlook - Dongbai Group aims to continue optimizing operational efficiency and customer experience through light asset expansion, first-store economy deepening, scenario-based operations, and a digital membership system, while enhancing core competitiveness for high-quality development [5]

Group 1 - The U.S. stock market saw all three major indices rise on August 6, with the Nasdaq Composite showing the strongest performance, closing up 252.87 points, or 1.21% [1] - The Dow Jones Industrial Average increased by 81.38 points, closing at 44,193.12 points, a rise of 0.18%, while the S&P 500 rose by 45.87 points, closing at 6,345.06 points, a gain of 0.73% [1] - Apple's stock price surged by 5.09%, becoming a significant driver of the market's upward movement [1] Group 2 - Apple's stock experienced its largest single-day increase since May 12, attributed to a new investment commitment from the White House, which includes an additional $100 billion investment in the U.S. [3] - This new investment will bring Apple's total investment in the U.S. to $600 billion, following a previously announced plan to invest $500 billion over the next four years [3] - The investment plan aims to shift more of Apple's supply chain to the U.S. and includes the construction of a large factory in Texas for AI servers, creating approximately 20,000 new R&D jobs nationwide [3] Group 3 - Major technology stocks generally performed well, with Amazon rising by 4%, Tesla by 3.62%, and Broadcom by 2.98%, contributing to positive market sentiment [4] - Retail and consumer electronics sectors showed strong performance, with Shopify soaring by 21.97% and Walmart increasing by 4.08% [4] - Conversely, sectors such as weight loss drugs and chemical products faced declines, with Dow Chemical falling by 4.83% and Novo Nordisk by 3.9% [4]

Core Viewpoint - Maoye Commercial aims to leverage the new consumption momentum and incremental market brought by the World Games and "Chuan Chao" to enhance shopping experiences for consumers, such as offering "tax refunds for departing tourists" [2] Group 1: Company Overview - Maoye Commercial primarily engages in retail business, supplemented by property leasing and hotel operations, with a total of 23 physical retail stores including department stores, shopping centers, outlets, and supermarkets [2] - The company faced performance pressure due to the accelerated transformation of the retail industry and the reshaping of offline experiences, reporting revenues of 2.716 billion yuan and a net profit of 37.15 million yuan for 2024, with a decline in both figures in Q1 2025 [2] Group 2: Strategic Initiatives - The company is increasing its focus on experiential formats such as dining, leisure, entertainment, culture, and night economy to enhance customer engagement and drive traffic [3] - Maoye Commercial plans to deepen its shopping center transformation strategy and diversify its business categories, supported by government measures to boost consumption and economic growth [3] Group 3: Market Position and Digital Transformation - The company has developed various brands targeting different customer segments, with over 60% of its stores located in core business districts and a significant portion being self-owned properties, providing cost advantages [4] - In 2024, online retail sales accounted for 10.06% of total department store sales, and the company had approximately 4.5673 million members by the end of 2024 [4] Group 4: Future Projects - Maoye Commercial plans to accelerate the construction of key projects, including Maoye Tiandi (North District) and Tianfu No.1, located in the central area of Chengdu, which are significant urban complex projects [5] - The completion of these projects is expected to enhance the commercial and business functions of the Maoye Tiandi store and strengthen the company's market position in the Salt Market area of Chengdu [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

Group 1 - Jardine Matheson has appointed Lincoln Pan as its first Chinese CEO, effective December 1, 2025, succeeding John Witt who will retire at the end of November 2023 [1] - Lincoln Pan is currently a partner at PAG and has held significant positions in various companies, including CEO of Willis Towers Watson for Greater China and executive roles at Advantage Partners and GE Capital [3][4] - Jardine Matheson, established in 1832, operates in diverse sectors including financial services, retail, engineering, and real estate, and has over 70 joint ventures and 60 offices in mainland China [7] Group 2 - Jardine Matheson reported revenues of $36,049 million as of July 2024, ranking 112th in the Fortune China 500 list [7] - The company was ranked 17th in the 2024 Hurun China Foreign Investment Enterprises list published in January 2025 [7]

Group 1 - Dongbai Group has signed a cooperation agreement with Gansu Xintou Commercial Management Co., Ltd. to manage the "Xintou Times Center" project in Lanzhou New Area, marking its second light asset project in the northwest region [1] - The "Xintou Times Center" project has a total construction area of 72,400 square meters and is located in a prime area of Lanzhou New Area, surrounded by key resources such as government, residential, educational, and medical facilities [1] - The project aims to leverage Dongbai Group's operational management experience to enhance consumer experience and is expected to become a model for the company's light asset strategy and regional economic collaboration [1] Group 2 - The upgrade of the "Xintou Times Center" is a significant practice of the integration strategy of industry and city in Lanzhou New Area, aiming to fill the commercial gap in the region and promote a virtuous development pattern [2] - Once operational, the project will serve as a one-stop experience center combining shopping, dining, entertainment, culture, social interaction, and business services, enhancing the property value in the surrounding area [2] - The project will utilize Dongbai Group's expertise in commercial operations, brand recruitment, and customer management, aiming to create a leading urban comprehensive commercial entity in the region [2]

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Group 1 - Dongbai Group officially announced a partnership with Gansu Xintou Commercial Management Co., Ltd. to manage the "Xintou Times Center" project in Lanzhou New Area, marking another breakthrough in the light asset management model in the Northwest market [1] - The "Xintou Times Center" project covers a total construction area of 72,400 square meters and is strategically located in the core area of Lanzhou New Area, which has been a key economic growth engine for eight consecutive years [1] - The project aims to create a new commercial landmark in Lanzhou New Area by leveraging the area's comprehensive commercial ecosystem, which includes government, residential, educational, and medical resources [1] Group 2 - Gansu Lanzhou is a strategic location for Dongbai Group's business expansion, with the "Lanzhou Center" being one of its quality self-owned commercial assets, located near the Gansu Provincial Museum [2] - The Lanzhou Center has successfully attracted nearly 1,000 brands, including over 150 first stores in Gansu, catering to diverse consumer needs and becoming a commercial benchmark in the region [2] - In 2024, Dongbai Group plans to enhance the commercial vitality of Lanzhou Center through brand adjustments, spatial restructuring, and innovative scenarios, aiming for an annual foot traffic of 36 million, a year-on-year increase of 7.87% [2] Group 3 - Dongbai Group, as a leading regional player in the retail department store industry, focuses on market demand upgrades and continues to enhance consumer experience through commercial innovation and distinctive operations [3] - The "Xintou Times Center" project is expected to serve as a typical example of Dongbai Group's light asset strategic transformation and regional economic collaboration [3] - The company plans to continue expanding its commercial footprint by leveraging its core areas in Fuzhou and Lanzhou, while firmly advancing its light asset development strategy [3]