● 本报记者徐昭 在全球经贸格局重塑与宏观政策调整的背景下，实体企业正面临着前所未有的价格波动挑战。如何利用 期货工具构建"防波堤"，成为关乎企业生存的重要命题。 中国证券报记者调研发现，尽管越来越多的企业开始运用期货工具管理风险，但专业人才短缺、现金流 承压、非标品种匹配难等问题仍制约着避险效果。对此，金瑞期货总经理侯心强向记者介绍，公司通过 构建全链条服务体系，从制度建设、人才培养到场外衍生品创新，助力企业穿越周期。更值得关注的 是，针对中小微企业普遍存在的"期货恐惧症"，公司独创的分层教育体系与产融生态共建模式，正推动 行业认知从"高风险"向"价值发现"跃迁。在服务资源分配失衡与国际化短板的行业现状下，这场关于期 货市场如何精准滴灌实体经济的探索，或许能为行业转型提供新范式。 多重宏观因素冲击 "国际经贸摩擦考验全球供应链稳定性，关税政策调整冲击产业出口，加剧有色金属价格剧烈波动，这 对企业库存管理、盈利能力等形成挑战。"侯心强认为，面对困境，产业企业积极依托期货市场的价格 发现功能，通过跟踪期货合约价格趋势，主动把握价格周期与市场机遇，动态谋划推进转型升级和战略 性新兴产业项目；同步借助期货市场预判行 ...

数据显示，上半年，我国规模以上电子信息制造业增加值同比增长11.1%，增速分别比同期工业、高技 术制造业高4.7个和1.6个百分点。规模以上电子信息制造业累计实现出口交货值同比增长3.6%，较1至5 月提高0.3个百分点。据海关统计，上半年，我国出口笔记本电脑6675万台，同比下降2.8%；出口手机 3.4亿台，同比下降7%；出口集成电路1678亿个，同比增长20.6%。 效益方面，上半年，规模以上电子信息制造业实现营业收入8.04万亿元，同比增长9.4%；营业成本7.02 万亿元，同比增长9.6%；实现利润总额3024亿元，同比增长3.5%；营业收入利润率为3.76%，较1至5月 提高0.4个百分点。6月份，规模以上电子信息制造业营业收入1.55万亿元，同比增长9.6%。 投资略有下滑。上半年，我国电子信息制造业固定资产投资同比增长4.6%，较1至5月回落2.4个百分 点，比同期工业投资增速低5.7个百分点。 ● 本报记者杨洁 工业和信息化部日前发布的数据显示，上半年，我国电子信息制造业生产快速增长，出口稳定向好，效 益持续改善，行业整体发展态势良好。主要产品中，手机产量7.07亿台，同比下降4.5%，其中 ...

Core Viewpoint - China Changan Automobile Group Co., Ltd. has been established, marking a significant development in the Chinese automotive industry, with ambitious goals set for the future [1][2]. Group 1: Company Formation and Goals - The establishment of China Changan Automobile aims to achieve a production and sales target of 5 million vehicles by 2030, with over 60% being new energy vehicles and over 30% in overseas sales [1]. - The company plans to invest over 200 billion yuan in R&D over the next decade and recruit 10,000 technology innovation talents [1][2]. - Changan Automobile will hold a 35.04% stake in Changan Automobile Co., becoming its indirect controlling shareholder [1]. Group 2: Strategic Collaborations - Changan Automobile is positioned as a neutral, international smart manufacturing platform, aiming to enhance competitiveness across the industry [2]. - The company has initiated strategic collaborations with major groups, including Huawei and Haier, to explore opportunities in various sectors [2][3]. - The motorcycle business of Changan is also seen as having potential for deepening development alongside automotive ventures [2]. Group 3: Market Performance and Production - In the first half of the year, Chongqing's automotive production reached 1.2185 million units, with a 19.6% increase in new energy vehicle value added [3]. - The establishment of China Changan Automobile is expected to attract core supporting enterprises to Chongqing, bolstering the development of the entire automotive industry chain in the region [3]. Group 4: Sales Targets and Product Plans - The company has set a sales target of 1.65 million vehicles for the second half of the year, contributing to an overall annual target of 3 million vehicles [6]. - New products are set to be launched across various brands, including the introduction of new electric models and enhancements in technology [6]. - The company is focusing on international market expansion, with personnel arrangements completed for five overseas market regions [6].

Core Viewpoint - The emergence of Vision-Language-Action (VLA) models is set to revolutionize the intelligent assisted driving industry, moving from traditional modular systems to a more integrated end-to-end architecture, enhancing driving experience and capabilities [1][2][3]. Industry Trends - The intelligent assisted driving sector is witnessing a shift from "usable" to "user-friendly" experiences, driven by the increasing adoption of new energy vehicles and the demand for improved driving assistance [3]. - VLA models are expected to dominate the market, with projections indicating that by 2030, VLA-driven end-to-end solutions could capture 60% of the L4 market share, leading to a reevaluation of the value chain for traditional Tier 1 suppliers [4]. Technological Advancements - The VLA model integrates visual, language understanding, and action decision-making, significantly enhancing scene reasoning and generalization capabilities compared to previous models [2][3]. - The VLA architecture is seen as a more comprehensive evolution of the end-to-end and VLM (Vision-Language Model) combination, addressing limitations in complex driving scenarios [3]. Competitive Landscape - Tesla is positioned as a potential beneficiary of this transformation, with its FSD Beta V12 showing a 76% reduction in intervention frequency compared to the previous version [4]. - Domestic automakers are also actively exploring VLA technologies, with companies like Li Auto emphasizing the importance of VLA in their future models [4]. Manufacturing Innovations - AI is driving a paradigm shift in automotive manufacturing, moving from traditional assembly line methods to more efficient, data-driven "smart island" models [2][5]. - The integration of AI in manufacturing processes is seen as essential for overcoming challenges such as long changeover times and quality fluctuations [6][7]. Future Outlook - The VLA technology is expected to redefine the competitive landscape of the intelligent assisted driving market, leading to a layered market structure rather than a single dominant technology [6]. - The acceptance of AI for process optimization in manufacturing is growing, with companies recognizing the need for comprehensive AI integration to enhance operational efficiency [8].

● 本报记者 徐昭 在全球经贸格局重塑与宏观政策调整的背景下，实体企业正面临着前所未有的价格波动挑战。如何利用 期货工具构建"防波堤"，成为关乎企业生存的重要命题。 中国证券报记者调研发现，尽管越来越多的企业开始运用期货工具管理风险，但专业人才短缺、现金流 承压、非标品种匹配难等问题仍制约着避险效果。对此，金瑞期货总经理侯心强向记者介绍，公司通过 构建全链条服务体系，从制度建设、人才培养到场外衍生品创新，助力企业穿越周期。更值得关注的 是，针对中小微企业普遍存在的"期货恐惧症"，公司独创的分层教育体系与产融生态共建模式，正推动 行业认知从"高风险"向"价值发现"跃迁。在服务资源分配失衡与国际化短板的行业现状下，这场关于期 货市场如何精准滴灌实体经济的探索，或许能为行业转型提供新范式。 从保值赋能到行业生态共建 精准服务中小微企业 多重宏观因素冲击 企业套保机遇与难题并存 今年宏观事件对商品市场的冲击较为明显，包括美国关税动态、全球降息周期以及流动性变化等。从实 体企业角度看，在美国宣布加征关税的扰动下，全球贸易局势进一步紧张，市场维持动荡，对于产业利 润微薄的有色金属加工企业而言，其加工费不断下降，企业需要通 ...

Core Insights - The futures industry is experiencing steady growth, with significant performance differentiation among companies, highlighted by the impressive growth of Zhongcai Futures, which has become a model for the industry [1][3][4] Industry Performance - In the first half of 2025, over 150 futures companies achieved a net profit of 5.074 billion yuan, a year-on-year increase of 32%, and operating revenue of 18.676 billion yuan, up 3.89% [1] - The trading volume and value in the national futures market increased significantly, with a total trading volume of 4.076 billion contracts and a trading value of 339.73 trillion yuan, representing year-on-year growth of 17.82% and 20.68% respectively [2] - The participation of private equity funds in the futures market reached a record high, growing by 15% compared to the end of the previous year [2] Company Strategies - Zhongcai Futures reported a net profit of 690 million yuan, a staggering increase of 376%, and operating revenue of 980 million yuan, up 303% [3][5] - The company's success is attributed to its strong research capabilities, effective team collaboration, and a robust client resource ecosystem supported by its parent company [5][6] - The shift from traditional brokerage income to a diversified revenue model, including proprietary investments and asset management, has been crucial for profit growth [2][3] Competitive Landscape - The industry is undergoing a strategic transformation from traditional brokerage services to diversified, high-value financial services, leading to increased profit margins for leading firms [3][7] - Larger firms are expected to maintain their competitive edge due to their capital strength, brand recognition, and advanced research capabilities, while smaller firms face increasing pressure [7][10] - Companies are encouraged to focus on differentiated services and niche markets to survive in a competitive environment [7][10] Future Outlook - The internationalization of the futures industry is expected to accelerate, providing broader development opportunities while raising the bar for operational capabilities [8] - The trend towards mixed operations and collaboration with other financial institutions will likely expand the business scope of futures companies [8][10] - Companies must leverage technology and enhance their service offerings to meet evolving market demands and investor needs [9][10]

证券简称 推荐次数 所属申万一级行业 东方财富 6 非银金融 东鹏饮料 3 食品饮料 大金重工 3 电力设备 万华化学 3 基础化工 沪电股份 3 电子 洛阳钼业 3 有色金属 牧原股份 3 农林牧渔 华菱钢铁 2 钢铁 中国化学 2 建筑装饰 欣旺达 2 电力设备 ...

开源证券7月金股指数收益居首 回顾券商此前推荐的7月"金股"表现，Wind数据显示，279只月度"金股"有177只在7月取得正收益，占比 63.44%；从单只标的情况看，平安证券推荐的康辰药业以106.74%的月涨幅高居第一，是唯一一只翻倍 股。 同属医药生物行业的博瑞医药7月累计涨幅高达82.05%，位居第二，其在7月获得了东吴证券的推荐； 苑东生物、东山精密、鼎通科技、统联精密4只标的7月涨幅均在50%以上，这些标的分布在平安证券、 长江证券、财信证券、东兴证券等券商的7月"金股"名单中。 ● 本报记者 胡雨 Wind数据显示，截至8月1日中国证券报记者发稿时，已有超过180只A股及港股标的入围券商8月"金 股"名单。从单只标的推荐频次看，东方财富最受券商关注，东鹏饮料、大金重工、万华化学、沪电股 份、洛阳钼业等关注度同样较高。券商此前推荐的7月"金股"超六成在当月取得正收益，开源证券、平 安证券等券商金股指数收益更明显。 机构认为，A股后市或呈现震荡蓄势态势，成长股估值、流动性将尤其受益于弱美元环境，从而表现出 更好弹性，港股也有望继续震荡上行。就后市配置而言，AI+、机器人、半导体、信创等品种值得重点 ...

数据来源/Wind 制表/胡雨 申万一级行业名称 券商"金股"数量 电子 18 基础化工 18 机械设备 16 医药生物 15 有色金属 13 计算机 12 电力设备 10 非银金融 10 汽车 10 国防军工 9 ...

Group 1: Fiscal Policy and Economic Outlook - China's fiscal policy has maintained a proactive stance in the first half of the year, with increased spending intensity and optimized expenditure structure, indicating significant operational space for the second half [2][3] - Key areas of focus for fiscal support include urban renewal, investment in human capital, and industrial upgrades, reflecting a systematic and forward-looking approach [2][3] - The broad fiscal revenue and expenditure gap has increased by at least 1.6 trillion yuan year-on-year, highlighting the critical role of fiscal policy in stabilizing consumption, investment, and the financial system [3] Group 2: Consumer Market and Policy Incentives - The introduction of policies promoting the replacement of old consumer goods is expected to benefit the lower-tier markets and the silver economy, which are seen as undervalued opportunities [4][5] - The "old for new" policy is anticipated to enhance consumer upgrading in lower-tier markets, with significant potential for the home appliance market due to the aging of previous policies [5] - The aging population is expected to drive demand in healthcare, elderly services, and related industries, creating investment opportunities in medical devices, innovative drugs, and elder care services [6] Group 3: Industry Dynamics and Competitive Landscape - The "anti-involution" policy is reshaping the industrial landscape by promoting the exit of inefficient capacity, with leading companies expected to benefit from improved profitability due to their competitive advantages [7] - The focus on "anti-involution" is not merely about capacity reduction but aims at optimizing market mechanisms for high-quality industrial development [7] - The investment logic for core assets in the A50 index is shifting from "reassessing resilience" to "reassessing growth," indicating a potential revaluation of these assets as the real estate cycle stabilizes [9] Group 4: Market Opportunities and Investment Strategies - The current market strategy involves a dual approach of "dividend assets as a shield" and "new tracks as a spear," with dividend assets providing stability amid uncertainty and new sectors driving structural opportunities [8] - The expectation of synchronized interest rate cuts in China and the U.S. is likely to lower financing costs for the real economy and attract foreign investment into the A-share technology growth sector [10] - The anticipated decline in financing costs may stimulate demand in the real estate sector and consumer goods, enhancing the competitiveness of Chinese exports [10]