Index Performance - The Hang Seng Index (HSI) closed at 25,562, up 0.7% for the day and 27.4% year-to-date[2] - The MSCI China Index increased by 0.4%, with a year-to-date growth of 25.4%[2] - The KOSPI index showed significant growth, up 33.8% year-to-date, closing at 3,210[2] Commodity Price Performance - Brent Crude oil prices rose by 2.9% to $70 per barrel, but are down 3.1% year-to-date[3] - Gold prices decreased by 0.7% to $3,315 per ounce, with a year-to-date increase of 26.3%[3] - The Baltic Dry Index (BDI) surged by 126.5% year-to-date, remaining stable at 2,258[3] Economic Outlook - China's GDP growth is projected at 4.9% for the year, with Q3 and Q4 expected to grow at 4.7% and 4.3% respectively[6] - Manufacturing investment is anticipated to slow from 7.5% in H1 to 3.6% in H2, while infrastructure investment is expected to decrease from 8.9% to 6.8%[6] - Consumer retail sales are forecasted to grow by 4.3% in H2, with an annual growth of 4.6%[6] Monetary Policy Insights - There is potential for a 50 basis point reduction in reserve requirements, with an expected interest rate cut of 10-15 basis points in H2[7] - Fiscal policy may see optimization in the use of existing funds and an increase in policy financial tools, though aggressive new debt issuance is not anticipated[7]

Core Theme - The 8th World Artificial Intelligence Conference (WAIC 2025) will take place in Shanghai from July 26 to 28, 2025, focusing on "Global Solidarity in the AI Era" to discuss AI technology development and governance frameworks [1]. Event Overview - The conference will feature over 800 exhibitors showcasing more than 3,000 exhibits, with attendees from over 30 countries, including 12 award laureates and over 80 academicians [7]. - A keynote speech titled "Era of Experience" will be delivered by a Turing Award winner, highlighting the significance of experience in AI [7]. Exhibition Details - Four exhibition halls will be established: - H1 for core technologies, including large language models and computing chips - H2 for industrial applications in sectors like intelligent driving and smart cities - H3 for smart devices, including humanoid robots - H4 for ecosystem connectivity, linking startups and investors [8]. AI Industry Insights - Shanghai's AI industry scale exceeded 118 billion yuan in Q1 2025, with the city housing one-third of the national talent pool [9]. - The WAIC will introduce a "WAIC City Walk" smart experience loop, showcasing new technologies in urban services and transportation [9]. Sub-brands and Ecosystem - WAIC has launched four sub-brands: - WAIC Future Tech for innovation resource matching - WAIC CONNECT for unlocking commercial demands - WAIC UP! for co-creating ideological frameworks - WAIC Young for stimulating youth potential [10]. Governance and Collaboration - WAIC 2025 will serve as a platform for global dialogue on AI governance, releasing the "China AI Safety Commitment Framework" to balance innovation with risk governance [11].

Core Viewpoint - Baidu is developing large language models but is facing challenges due to U.S. export restrictions impacting its resources [1] Company Summary - Baidu is currently building large language models with limited resources [1] - The company is affected by export restrictions imposed by the U.S., which limits its access to necessary technology and components [1] Industry Summary - The industry is witnessing a trend where companies are increasingly focused on developing AI technologies, particularly large language models [1] - Export restrictions from the U.S. are creating barriers for companies like Baidu, potentially impacting their competitive edge in the global market [1]