Group 1 - The first World Brand Conference was held in Hong Kong, aiming to implement the brand strong country strategy and assist Hong Kong in becoming a global brand center [1] - The conference was attended by notable figures including Hong Kong's Chief Executive and various government officials from mainland China [1] Group 2 - The "5th World Food Forum" was announced as a significant follow-up event, scheduled for October 28, 2025, in Hainan, China, focusing on solving food system issues [2] - The forum will gather experts and scholars from over 100 countries to discuss global food system challenges and solutions [5][6] Group 3 - The "5th World Food Forum" will release the "Global Food System and SDG Research Report," which includes a "National Food System Scorecard" assessment framework based on over 240 quantitative indicators [6] - The report aims to evaluate food systems across three dimensions: eaters (40%), food (40%), and food sequence (20%), measuring their contributions to the UN Sustainable Development Goals (SDGs) [6] Group 4 - The forum's theme emphasizes the need for a systemic approach to address food system challenges, responding to the UN Secretary-General's call for sustainable and equitable food systems [5][7] - The forum aims to enhance corporate participation in food system construction and strengthen corporate social responsibility (ESG) values [6]

Group 1 - The core viewpoint of the news is that Qingke Chuangye has been actively repurchasing its shares, signaling confidence in its future development and potentially indicating that its stock is undervalued [1][3] - As of July 8, 2025, Qingke Chuangye repurchased 2,800 shares at an average price of 1.12 HKD per share, totaling approximately 3,140 HKD, with a cumulative repurchase of 1.6732 million shares this year, representing 0.55% of its total share capital [1] - The stock repurchase activity is seen as a strategy to enhance earnings per share and stabilize stock prices, thereby boosting investor confidence during market volatility [1] Group 2 - Qingke Chuangye is a publicly listed company in Hong Kong, focusing on the entrepreneurial and investment ecosystem, providing a wide range of products and services [2] - The company has a strong presence in the entrepreneurial services sector, offering information, data, and research reports to entrepreneurs, investors, and industry participants [2] - Qingke Chuangye plays a significant role in the entrepreneurial investment ecosystem by organizing various entrepreneurial events to facilitate communication and financing for startup projects [2]

值得关注的是，当前市场估值结构呈现显著分化。标普500市盈率(TTM)虽达21.5倍，但科技巨头占比33%的权重结 构使其估值水平低于2000年互联网泡沫时期的28倍。瑞银提出的"估值相对论"在美联储政策轨迹中得到印证：2023 年基准利率维持5.25%-5.5%高位，但标普500指数仍实现24%年涨幅，显示利率上行并未抑制科技股估值扩张，这 与1995-1999年期间美联储6次加息但纳指仍暴涨400%的现象形成历史共振。 NDR最新情绪指标显示，当前市场修正周期(下跌20%所需交易日)处于历史低位，标普500指数在不触发熊市阈值 的情况下已连续512个交易日创新高，这一数据超越1990年代牛市后期表现。市场正处在技术革命红利释放与地缘 秩序重构的交汇期，投资者需在战略定力与战术灵活之间寻找平衡点。 瑞银强调的两大核心逻辑已获得多维度数据支撑：其一，生产力跃升方面，人工智能技术突破正复制1990年代互 联网革命的路径。AI通过算力重构、数据要素配置和产业智能化升级，推动全要素生产率提升，这与1987-2000年 期间互联网技术催生纳斯达克指数十年涨超400%的轨迹形成历史呼应。其二，全球安全格局重构层面，IM ...

宏观研究 证 券 研 究 报 告 【每周经济观察】 关税战下的美国抢进口：规模、区域和结构 ——海外周报第 96 期 主要观点 从两个视角看：1）主要区域进口增速。从这个角度看，今年以来进口暴涨的 拉动主要源自欧元区、东盟、中国台湾地区、澳大利亚和印度。1-4月美国进 口累计同比（按人口普查局口径，后文同）为 19.3%，上述 5区域合计拉动美 国进口同比 11个点。4月美国整体进口增速下滑至 1.9%，上述 5区域中，东 盟、中国台湾地区和印度仍然保持较强拉动，合计约为5.7个点，而欧元区拉 动转负，拖累约 0.1 个点。 2）主要区域进口空运占比。从这个角度看，今年以来抢进口最强的（2025Q1 相比于 2024年空运进口占比提升最多的）或是澳大利亚、欧元区、印度、越 南（或东盟整体）、中国台湾地区。与此同时，上述五个经济体中，4月单月空 运进口占比相比 2025Q1下降的主要有澳大利亚、欧元区，或反映这两个区域 抢进口动能边际衰减。 核心观点：四问美国抢进口：1）美国有效关税率究竟提高了多少？4月升至 7%，2024 年为 2.3%，其中，对中国为 37.5%（2024 年为 10.6%），对中国以 外 ...

联合国秘书长海洋事务特使彼得·汤姆森现场致辞。 发布海洋科技成果与应用产品，为海洋可持续发展赋能 联合国教科文组织政府间海洋学委员会执行秘书维达尔·海尔格森现场致辞。 "启智海洋：创新科学引领行动，共促可持续的未来"边会现场。国家海洋信息中心供图 时隔3年，一场关于海洋可持续发展的大会如约而至，呼吁"加快采取行动并动员所有行为体养护和可持续 利用海洋"。 2025年6月9日~13日，第三届联合国海洋大会在法国尼斯举行。此次大会由法国和哥斯达黎加共同主办，各 国政府、学术机构、企业以及公益团体等各界代表约1.5万人汇集于此，共商全球海洋治理。大会通过了 《我们的海洋，我们的未来：团结起来采取紧急行动》政治宣言，与各国及相关实体作出的800余项自愿承 诺形成《尼斯海洋行动计划》。 本届海洋大会上，自然资源部全程参与10场全会、10场专题会并举办多场边会活动。在海洋生态、科技和 能力建设、筹融资、气候变化与生物多样性保护、海洋污染、渔业、经济、粮食安全、区域合作以及海洋 法等议题的专题会上，中方专家积极参与讨论。中国工程院院士、自然资源部第二海洋研究所研究员李家 彪作为专题2发言嘉宾作专题报告，提出海洋科学发展与政 ...

Core Viewpoint - The China Council for the Promotion of International Trade (CCPIT) will host the Shanghai Cooperation Organization (SCO) Business Forum during the third Chain Expo, emphasizing regional cooperation and dialogue among businesses [1][2]. Group 1: Forum Details - The forum will take place on July 17 and is themed "Promoting the Shanghai Spirit: Business Community in Action," focusing on actionable outcomes and local development concerns [1]. - Activities will include a series of "SCO Entrepreneurs' Local Tours" in regions such as Xinjiang, Hunan, and Chongqing, aimed at enhancing cooperation in arbitration, cultural tourism, and economic investment [1]. Group 2: Research and Collaboration - The forum will release the "SCO Supply Chain Development Research Report," providing policy recommendations to enhance cooperation in industrial and supply chains among member countries [1]. - Three enterprise matchmaking events will be organized in agriculture, energy, and logistics, alongside exhibition activities to help businesses find optimal partners for resource allocation [1]. Group 3: Current Economic Climate - The current environment for China-Central Asia business cooperation is robust, with a growing willingness for collaboration despite challenges posed by unilateralism and protectionism [2]. - The year marks the "China Year" for the SCO, with significant activities planned to strengthen ties, including multiple delegations of Chinese entrepreneurs visiting SCO member states [2]. Group 4: Recent Achievements - During the second China-Central Asia Summit, 32 contracts and intention agreements were signed between Chinese and Central Asian enterprises, amounting to $11 billion, covering sectors like energy, logistics, and agricultural trade [3].

Group 1 - The forum on data value realization aims to promote the discovery and management optimization of enterprise data assets, facilitating sustainable development in the digital era [1][2] - Three dimensions of data value realization were highlighted: transforming data into products, recognizing data as assets, and the process of "elementalization-assetization-capitalization" to amplify data value [1][2] - The Shanghai Data Exchange plays a leading role in the market, connecting various exchanges and financial markets to promote enterprise data value realization [2] Group 2 - A joint report titled "Research on Data Value Realization of Listed Companies (2025)" was released, establishing a comprehensive evaluation index system covering operational efficiency, application value, management system, and value-added potential [3] - The report aims to scientifically assess the data value realization level of listed companies and provide benchmark cases to showcase successful practices and outcomes [3] - The first "Data Value Realization Ranking of Listed Companies" was published, categorizing companies into those with and without data resources on their balance sheets, offering a systematic evaluation of the data value realization process [3][4] Group 3 - The data value realization ranking serves as a strategic guide for companies to upgrade their strategies and fulfill social responsibilities, promoting proactive data value demonstration [4] - It provides insights into the current state and gaps in digital transformation across industries, highlighting the "digital divide" and aiding in precise resource allocation and decision-making [4]

自2003年进入中国以来，晨星始终将全球方法论与本土市场洞察深度结合，作为国内唯一具备基金 评级资格的外资机构，持续为中国投资者提供独立客观的研究支持 。 在晨星（中国）2025年度投资峰会上，晨星全球基金研究主管Laura Lutton女士发表了题为《晨 星投研如何助力投资者体验提升》的主旨演讲。她强调了晨星始终秉持三大投资准则：以投资者 为核心；秉持基本面分析方法；相信费用至关重要。 Laura女士也重点分享了晨星为提升投资者体验而进行的三项关键研究的最新成果：《基金费率与 未来成功率研究》、《主被动晴雨表研究》以及首次在中国发布的《投资者回报差研究》。 晨星的故事始于20世纪80年代的美国。当时，27岁的股票分析师乔·曼苏托（Joe Mansueto）深受 沃伦·巴菲特投资理念的启发，他意识到普通投资者与专业人士之间存在很大的信息鸿沟，这是不公 平的。为赋能所有投资者，1984年，他在芝加哥公寓里创办了晨星公司（Morningstar）。 晨 星 的 公 司 名 源 自 《 瓦 尔 登 湖 》 的 一 句 话 ： " 太 阳 只 是 一 颗 晨 星 （ The sun is but a morning ...

Group 1 - The persistent rise in oil prices may lead the Federal Reserve to adopt a more dovish stance, as it could weaken demand and impact the resilient labor market [1] - Historically, sudden spikes in oil prices have only temporarily increased inflation, and the Fed typically overlooks this; however, the current economic slowdown makes the threat to growth and employment more significant than the temporary inflation boost [1] - The market may take weeks to gain clarity on oil price trends, with baseline predictions suggesting the Fed may initiate rate cuts in December [1] Group 2 - Analysts warn that prolonged conflicts and potential closure of the Strait of Hormuz could push oil prices to $130 per barrel, potentially driving U.S. inflation back to around 6% [2] - Rising gasoline prices, which have been a key factor in the recent cooling of inflation, could reverse trends, leading to a delay in the Fed's first rate cut until early 2026 [2] - Higher energy costs may trigger a chain reaction in supply chains, causing prices of other goods and services to rise, potentially resulting in a stagflation scenario [2]

Core Insights - The report highlights the emergence and growth of new flexible employment forms in the context of the digital economy, addressing key questions about their development, current status, and future trends [1][2] Group 1: Employment Types and Trends - The report categorizes flexible employment into nine types based on a "digital dependency × skill intensity" model, focusing on five typical roles: delivery riders, ride-hailing drivers, video editors, audiobook narrators, and digital content creators [2][3] - The demand for digital skills services is rapidly increasing due to the growth of the digital content industry and corporate digital transformation [2][3] Group 2: Income and Skill Requirements - Income levels vary significantly across different roles, cities, and skill levels, with some positions like digital content creators experiencing high demand and income potential [3][4] - Skill requirements range from basic operations to specialized knowledge and strategic planning, indicating diverse career paths for workers [3][4] Group 3: Challenges in Flexible Employment - The report identifies core issues in flexible employment, including ambiguous labor relations, insufficient social security coverage, misalignment in skill training supply and demand, and limited career advancement opportunities [5] - Workers face economic and psychological pressures due to the need to remain competitive, leading to potential mental health challenges [5] Group 4: Policy Recommendations - The report suggests macro-level policy improvements, such as enhancing social security legal frameworks, clarifying labor relations, and promoting flexible insurance options [5][6] - Industry-level recommendations include building a comprehensive service network, standardizing skill certification, and aligning training with industry needs [5][8] Group 5: Training and Skill Development - There is a strong demand for training among flexible workers, with 83.76% expressing a desire for support, particularly in professional skills and entrepreneurial guidance [7] - The report emphasizes the need for collaboration among platforms, training institutions, and industry stakeholders to develop a systematic training framework that meets the demands of the digital economy [7][8]