本报记者梁傲男 7月25日，中国食品土畜进出口商会酒类进出口商分会发布2025年上半年酒类进出口情况。总体来看， 上半年我国酒类进出口市场呈现"进口弱、出口强"态势。 从进口来看，今年上半年，进口酒整体延续弱势，进口总额为17.3亿美元，同比下降13.6%；进口总量 3.6亿升，同比下降2.5%。 其中，烈酒进口金额降速明显放缓，进口数量增速扩大，重回进口酒第一大类别，并呈现威士忌、白兰 地、白酒"三分天下"格局。上半年，烈酒进口总额7.2亿美元，同比下降27.9%；进口总量5422万升，同 比增长10.3%。葡萄酒进口金额急转直下，进口数量加速下行，上半年，葡萄酒进口总额为7.1亿美元， 同比下降0.1%；进口总量为11亿升，同比下降12.7%。啤酒进口表现更趋疲弱，上半年，啤酒进口总额 为2.4亿美元，同比下降2.2%；进口总量18亿升，同比增长2.5%。 具体来看，上半年，白酒出口总额5.3亿美元，同比增长30.9%；出口总量831万升，同比增长7.4%。上 半年，啤酒出口总额为2.8亿美元，同比增长25.8%；出口总量4.0亿升，同比增长23.8%。葡萄酒出口总 额2635万美元，同比增长174%；出 ...

Core Insights - The Chinese cultural and creative industry is undergoing a paradigm shift driven by technology, with significant growth in museum product sales, reaching 3.428 billion yuan in 2024, a 63.7% increase year-on-year [1] - The integration of AI, VR, and AR technologies is enhancing visitor experiences in museums and cultural sites, making cultural services more personalized and engaging [2][4] - Local government policies are supporting the fusion of technology and cultural industries, encouraging innovative applications of new technologies in tourism and cultural consumption [4][5] Group 1: Industry Growth and Trends - The cultural and creative industry is experiencing a transformation, with cultural symbols becoming consumer hotspots, supported by advanced technologies [1] - The introduction of AR technology in museums allows for immersive experiences, enhancing visitor engagement and interaction with exhibits [2][3] - The rise of AR products, such as AR fridge magnets, showcases how technology can redefine traditional cultural items into interactive experiences [3] Group 2: Technological Integration - The use of AI, VR, and AR is creating new pathways for cultural experiences, allowing for dynamic storytelling and interactive engagement with historical artifacts [2][4] - Projects like the VR archaeological experience at Sanxingdui provide visitors with immersive insights into historical contexts, enhancing cultural preservation efforts [6][7] - The combination of regional culture and technology is transforming static cultural symbols into engaging consumer experiences, fostering deeper connections with visitors [7] Group 3: Policy Support and Market Dynamics - Local governments are actively promoting the integration of technology in cultural consumption, with initiatives aimed at enhancing service levels in tourism and commercial sectors [4] - The market is witnessing a mix of responses to technological applications, with some projects lacking depth in storytelling, leading to consumer fatigue [6] - To avoid homogenization, the industry must focus on unique product features and meaningful cultural narratives, leveraging technology to enhance consumer engagement [6][8]

Core Viewpoint - The Ministry of Finance reported a stable overall fiscal operation in the first half of 2025, with a slight decline in general public budget revenue but an increase in expenditure, particularly in key areas such as social security and employment [1][2]. Revenue Summary - National general public budget revenue reached 11.5566 trillion yuan, a year-on-year decrease of 0.3%, with tax revenue at 9.2915 trillion yuan, down 1.2%, and non-tax revenue at 2.2651 trillion yuan, up 3.7% [1]. - Central government revenue was 4.8589 trillion yuan, down 2.8%, while local government revenue increased by 1.6% to 6.6977 trillion yuan [1]. Expenditure Summary - National general public budget expenditure totaled 14.1271 trillion yuan, a year-on-year increase of 3.4%, with central government expenditure rising by 9% to 1.9914 trillion yuan and local government expenditure increasing by 2.6% to 12.1357 trillion yuan [1][2]. - Key areas of expenditure included social security and employment (up 9.2%), education (up 5.9%), and science and technology (up 9.1%) [2]. Fiscal Policy Implementation - The Ministry of Finance emphasized the implementation of a more proactive fiscal policy, focusing on enhancing expenditure intensity and optimizing expenditure structure to support key areas [2][3]. - Measures included accelerating budget issuance, effectively utilizing bond funds, and ensuring basic livelihood support [2][3]. Bond Issuance and Support - In the first half of the year, 2.6 trillion yuan in new local government bonds were issued to support major projects, along with 658.3 billion yuan in long-term special bond funds [3]. - Special bonds totaling 500 billion yuan were issued to enhance the capital of four major state-owned banks, improving their ability to serve the real economy [3]. Consumer Support Initiatives - The Ministry of Finance allocated 162 billion yuan in special bond funds to promote consumption through initiatives like trade-in subsidies for consumer goods [3]. - Additional measures included providing subsidies for elderly care services to enhance consumer capacity and willingness [3].

7月25日，国家版权局发布第八批重点作品版权保护预警名单，两部动画电影位列其中，分别是《浪浪 山的小妖怪》以及将于8月中旬上映的《非人哉：限时玩家》。其中，《非人哉：限时玩家》主要出品 方包括大麦娱乐、光线传媒、中国电影3家上市公司，同时，该片也是动漫IP《非人哉》的衍生电影。 中国动漫集团创作策划中心主任宋磊向《证券日报》记者表示："暑期档是动画电影集中上映的大档 期，市场期待在《哪吒之魔童闹海》之后有更多具有竞争力的动画作品涌现。" "当前海内外诞生的高票房动画电影几乎都是IP续作，因此今年国内动画电影普遍围绕有粉丝基础的IP 展开制作。"一位动画制片人向《证券日报》记者表示，动画电影市场的竞争本质是IP竞争，未来，行 业或加速对有粉丝基础的动画电影的开发。 本报记者李豪悦 灯塔专业版数据显示，截至7月25日记者发稿，电影市场工作日单日票房已连续5天破亿元。其中，7月 25日当天票房有望冲击2亿元。 数据显示，目前暑期档电影总票房已达45.78亿元。《南京照相馆》《长安的荔枝》《戏台》《罗小黑 战记2》位于单日票房吸金榜前四。 值得一提的是，历史片在今年暑期档热度颇高。其中，7月25日上映的《南京照相馆》 ...

Core Viewpoint - China's foreign trade showed steady growth in the first half of 2025, with 22 provinces reporting positive year-on-year growth, highlighting the resilience and vitality of the foreign trade sector amid external pressures [1][2]. Group 1: Overall Trade Performance - The total value of China's goods trade in the first half of 2025 reached 21.79 trillion yuan, marking a historical high for the same period, with a year-on-year increase of 2.9% [2]. - Major provinces such as Guangdong, Jiangsu, and Zhejiang accounted for 64.1% of the national total trade value, with a combined year-on-year growth of 4.8%, surpassing the national average growth rate [2][3]. Group 2: Regional Contributions - The central and western provinces, including Sichuan and Henan, are gradually releasing their potential, with significant increases in trade values [4]. - Qinghai province experienced a remarkable 57.7% growth in total import and export value, driven by a surge in exports of new energy products, particularly lithium-ion batteries [1][4]. Group 3: Future Strategies - Provinces are encouraged to focus on upgrading industries, enhancing infrastructure connectivity, and fostering new competitive advantages in foreign trade [6]. - There is a call for collaboration between inland and coastal regions, as well as between eastern and western provinces, to create a complementary trade structure [6][5].

Core Viewpoint - The recent land auction in Shanghai demonstrates a strong market demand, with 7 out of 8 plots sold at a total of 28.96 billion yuan, indicating a continued recovery in real estate confidence in first-tier cities [1][3]. Group 1: Auction Results - The overall premium rate for the land auction was generally above 10%, with some hot plots exceeding 40% [1]. - The Xuhui Hengfu plot set a national record with a floor price of 20.03 million yuan per square meter and a premium rate of 22.38% [1]. - The Hongkou North Bund plot was won by Greentown China for 6.472 billion yuan, with a floor price of 12.66 million yuan per square meter and a premium rate of 46.33% [2]. - The Pudong Tangzhen plot was acquired by a consortium for 2.73 billion yuan, with a floor price of 52,360 yuan per square meter and a premium rate of 40% [2]. Group 2: Market Analysis - The auction results reflect a significant recovery in the Shanghai land market, driven by the scarcity of quality plots in core areas and rising demand in the new housing market [3]. - Companies are actively acquiring high-quality land to enhance their portfolios and meet market demand for premium residential products [3]. - The ongoing stability in the Shanghai real estate market is supported by the city's strong economic scale, infrastructure, and resource availability [3].

Core Viewpoint - Recent data indicates a continuous increase in domestic tin ingot prices, with prices reaching 270,000 CNY/ton in late July. The price is expected to fluctuate between 250,000 CNY/ton and 280,000 CNY/ton in the coming months due to supply constraints and low inventory levels in the London Metal Exchange [1][2]. Group 1: Supply Factors - The tight supply of tin ore remains unresolved, providing a bottom support for tin prices. Although there is an expectation of some easing in global tin ore supply in the second half of the year, the new supply entering the Chinese market is expected to be limited [1][2]. - Global tin ore grades are declining, leading to limited marginal supply increases and rising cost levels [1]. Group 2: Demand Factors - The main demand for tin metal comes from solder materials, primarily used in the electronics industry, including consumer electronics, communication, computers, and automotive electronics. The global semiconductor sales are projected to recover significantly starting November 2023, with a forecasted sales figure of 167.7 billion USD in Q1 2025, representing an 18.8% year-on-year growth [1]. - The demand for solder materials is expected to maintain positive growth, driven by the increasing penetration and intelligence rates in the domestic automotive sector. The overall consumption of tin metal is anticipated to improve in the fourth quarter, providing upward price potential [2][3]. Group 3: Future Outlook - The development of artificial intelligence technology is expected to enhance the demand for solder materials, particularly in the AI PC market, which is projected to reach 150 million units by 2025. The higher integration and packaging density of AI PC motherboards will likely increase the tin solder demand compared to regular computers [2].

今年以来，钨价持续攀升。中钨在线数据显示，截至7月25日，黑钨精矿（≥65%）报价至19万元/吨， 较年初上涨32.9%；白钨精矿（≥65%）达18.9万元/吨，较年初上涨33.1%；仲钨酸铵（APT）为28万元/ 吨，较年初上涨32.7%。 二级市场方面，数据显示，今年以来截至7月25日，A股钨板块期间累计涨幅超60%。前海开源基金首 席经济学家杨德龙在接受《证券日报》记者采访时表示，二级市场对钨的价值正在重估，相较于铜、铝 等有色金属，钨板块估值长期偏低，市场资金开始重新审视包括钨在内的小金属投资机会。 从供给端来看，今年4月份，自然资源部下达2025年第一批钨矿开采总量控制指标为58000吨，较2024年 第一批开采总量控制指标减少4000吨，降幅为6.45%。而钨矿主产区江西省、云南省的开采量分别缩减 2370吨、400吨。与此同时，随着钨矿矿山资源品位自然下降、原矿品位持续走低，也对钨价形成了有 力支撑。 从需求端来看，随着我国制造业转型升级加速，光伏、硬质合金等领域对钨制品的需求不断提升。华经 产业研究院数据显示，2022年至2025年，我国光伏切割用钨丝市场规模将从7.19亿元增长至66.59亿 ...

本报记者 周尚伃 素有"券茅"之称的东方财富，近期发生的股权变动引发市场及行业的高度关注。7月24日晚间，东方财富披露了股东沈友 根的询价转让结果，15880万股股份以总价约34.4亿元完成转让，从发布计划到实施完毕仅用时7天，高效完成股权"速配"。最 终，17家中外资知名机构获配，涵盖易方达基金、阿布扎比投资局、摩根士丹利等头部机构，以及国泰海通、中信证券等同 行。 对于东方财富股权为何如此具有吸引力，萨摩耶云科技集团首席经济学家郑磊在接受《证券日报》记者采访时表示："东 方财富作为A股稀缺的'纯互联网券商+金融IT'双料龙头，在经纪、两融、基金代销等核心业务领域的市占率持续攀升。同时， 公司独特的商业模式具备网络效应与规模效应，机构普遍将其视为券商板块中的'成长股'，而非传统意义上的周期股。" 获配机构阵容豪华 回溯至7月18日晚间，东方财富发布的《股东询价转让计划书》显示，股东沈友根因个人资金需求，计划通过询价转让方 式转让股份15880万股，占公司总股本的比例为1%。值得关注的是，本次询价转让不通过集中竞价交易或大宗交易方式进行， 不属于通过二级市场减持，且受让方通过询价转让受让的股份，在受让后6个月 ...

Group 1 - Several brokerage firms have undergone name changes this year, including Credit Suisse Securities to Beijing Securities, Hongxin Securities to Tianfu Securities, Guotai Junan to Guotai Haitong, and Guolian Securities to Guolian Minsheng, primarily due to significant changes in shareholding structures and mergers and acquisitions [1] - Credit Suisse Securities officially changed its name to Beijing Securities on July 23 after a shareholding change that made it a state-owned brokerage, reflecting a distinct regional characteristic [1] - Hongxin Securities changed its name to Tianfu Securities on May 29, with its largest shareholder being Sichuan Trust, which holds 60.38% of the shares after a bankruptcy restructuring [1] Group 2 - The involvement of state-owned shareholders can enhance brokerage firms in governance, capital strength, and business expansion, providing strong financial support to navigate complex market conditions [2] - Mergers and acquisitions are a significant reason for the name changes among brokerages, with Guotai Junan and Haitong Securities' merger being a notable example, completing its registration changes on April 3 [2] - Guolian Minsheng also completed its name change on February 7 after a merger, reflecting its strategic development needs [3] Group 3 - Ongoing mergers and acquisitions in the securities industry include partnerships like Guoxin Securities with Wanhua Securities and Zheshang Securities with Guodu Securities, indicating a trend towards consolidation [3] - The industry is expected to see increased mergers and acquisitions driven by policy guidance and internal motivations, with resource integration becoming a key method for brokerages to enhance scale and comprehensive strength [3] - Large brokerages may use mergers to address weaknesses and consolidate advantages, while smaller brokerages could achieve scale effects and business complementarity through acquisitions [3]