Domestic News - In the first half of 2025, the national general public budget expenditure reached 14.1271 trillion yuan, a year-on-year increase of 3.4%. Key areas such as social security and employment saw a 9.2% increase in expenditure, while science and technology and education expenditures grew by 9.1% and 5.9%, respectively [1] - The Ministry of Finance has pre-allocated 162 billion yuan in long-term special government bonds in two batches earlier this year, with an additional 67 billion yuan allocated recently, and the remaining funds to be distributed in October [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to manage risks in key areas of the capital market, particularly focusing on resolving real estate company bond defaults and supporting a new model for real estate development [2] - The Guangzhou Futures Exchange is advancing the development of photovoltaic module futures, with a proposed trading unit of 720 modules per contract, equivalent to approximately 453.6 kW [2] - The insurance industry association announced that the current predetermined interest rate for ordinary life insurance products is 1.99%, with the maximum rate for new insurance products set at 2.0% [3] - The total transaction volume in China's foreign exchange market reached 25.55 trillion yuan (approximately 3.56 trillion USD) in June 2025, with the interbank market accounting for 21.88 trillion yuan [3] - The Ministry of Transport reported that inter-regional passenger flow reached 33.76 billion trips in the first half of 2025, a year-on-year increase of 4.2% [3] International News - Japanese investors net purchased 571.9 billion yen (approximately 3.88 billion USD) worth of Japanese stocks in the week ending July 19, marking the 15th week of net buying in 16 weeks [4] - In the UK, retail sales increased by 0.9% month-on-month in June, partially offsetting a 2.8% decline in May, driven by warm weather boosting sales of beverages [4] - Turkey's manufacturing confidence index slightly decreased to 100.2 in July 2025, the lowest level since January, while the export expectations index rose slightly to 112.7 [5]

Core Viewpoint - The Guangzhou Futures Exchange is advancing the development of photovoltaic module futures, aiming to enhance trading in the solar energy sector [1] Group 1: Futures Contract Details - The proposed trading unit for photovoltaic module futures is set at 720 modules per contract, equivalent to approximately 453,600 watts [1] - The pricing unit will be in yuan per kilowatt, with a minimum price fluctuation of 0.5 yuan per kilowatt [1] - The daily price limit is established at ±4% of the previous trading day's settlement price, and the minimum margin requirement is 5% of the contract value [1] Group 2: Delivery Quality Standards - The delivery quality standards for photovoltaic module futures will focus on "core power indicators," including metrics that directly affect power output [1] - Key specifications such as minimum peak power, peak power temperature coefficient, and bifaciality will be aligned with the mainstream product specifications of leading market players [1] - A brand delivery system will be implemented, requiring that the modules delivered not only meet quality standards but also be from registered brands announced by the exchange [1]