Group 1 - The article discusses the recent decline in the U.S. inflation rate, with May's CPI data showing a decrease that was below market expectations. This decline is attributed to low energy prices influenced by trade disputes and OPEC+ production increases, as well as companies stabilizing product prices by absorbing tariff costs [4] - It highlights that only certain sectors are experiencing price increases, while significant categories like clothing and automotive prices continue to fall. Additionally, consumer confidence has been impacted by tariffs, leading to a decrease in demand for travel-related services [4] Group 2 - The article reports on a fire at Jiangxi Yangfan's workshop, which may affect the supply of light initiator intermediates. The demand for light initiators is driven by the PCB industry, with Jiurich and Yangfan being major suppliers. The domestic production and sales of light initiators are on the rise, and product prices are expected to rebound from their lows [5] - It also notes the recent frequency of accidents in chemical enterprises, which has impacted the supply of chemicals like caprolactam. The article suggests focusing on the nylon and specialty nylon supply chain, as caprolactam is used to produce nylon 6, with a current production capacity of 7.1 million tons per year in China [6]

以下文章来源于高瑞东宏观笔记 ，作者高瑞东 刘星辰 高瑞东宏观笔记 . 对全球宏观和金融市场的思考 点击注册小程序 查看完整报告 考虑到非农数据仍保持韧性，关税政策对经济的传导存在滞后影响，预计美联储仍将保持耐心观察，短期内降 息紧迫性不强。但目前来看，关税政策对通胀的冲击更可能是一次性的，全面涨价的风险也相对可控，年内降 息仍然是可选项。当前市场多数预期首次降息时点为9月，年内共降息两次。 一、5月美国通胀环比读数低于市场预期 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 1）5月美国CPI同比+2.4%，前值+2.3%，市场预期+2.4%；2）季调后CPI环比+0.1%，前值+0.2%，市场预期 +0.2%；3）核心CPI同比+2.8%，前值+2.8%，市场预期+2.9%；4）季调后核心C ...

Group 1 - The chemical industry is facing frequent accidents, impacting the supply of chemicals such as caprolactam [2] - The recent accident at China Pingmei Shenma Group's nylon technology company will affect the supply of related chemical products, with a focus on stricter safety regulations for high-risk chemical reactions [2] - Leading companies in the chemical industry are expected to maintain orderly production through enhanced safety management and advanced production technologies [2] Group 2 - Nylon, known for its excellent properties, has a wide range of downstream applications, with significant consumption expected to grow [3] - In 2024, the apparent consumption of nylon 6 and nylon 66 is projected to be 531.6 million tons and 73.9 million tons, respectively, representing year-on-year growth of 22.2% and 41.2% [3] - Companies such as Polyone and Taihua New Materials are recommended for investment in the nylon and specialty nylon industry chain [3] Group 3 - Caprolactam is a crucial organic chemical raw material primarily used to produce nylon 6, with a current production capacity of 7.1 million tons per year in China [4] - The accident may impact approximately 5.6% of the industry's caprolactam supply [4] - Major producers include Luxi Chemical (650,000 tons/year), Hualu Hengsheng (400,000 tons/year), and Hengyi Petrochemical (225,000 tons/year) [4]

Core Viewpoint - The fire incident at Jiangxi Yangfan's workshop may impact the supply of light curing agent intermediates, particularly affecting the production of light curing agent 907, which is crucial for various applications including PCB inks and fine chemicals [3][4]. Group 1: Incident Overview - On June 9, 2025, a fire occurred at Jiangxi Yangfan, a wholly-owned subsidiary of Yangfan New Materials, resulting in one employee sustaining minor burns [3]. - The local emergency management bureau has mandated Jiangxi Yangfan to halt production and operations for rectification [3]. Group 2: Production Capacity and Revenue Impact - Jiangxi Yangfan has an intermediate production capacity of 3,170 tons, contributing approximately 47.3% of Yangfan New Materials' total revenue of 346 million yuan in 2024 [3]. - The company also has additional production capacities in Inner Mongolia (15,275 tons) and a new facility in Zhejiang (2,200 tons) [3]. Group 3: Market Demand and Supply Dynamics - The demand for light curing agent 907 is driven by the PCB industry, which is experiencing growth due to the recovery in electronic consumer products and the rising computational needs of emerging industries like AI [4]. - Major suppliers of light curing agent 907 in China include Jiurich New Materials and Yangfan New Materials, with the latter relying on intermediates like mercaptan compounds for production [4]. Group 4: Price Trends and Market Outlook - The market for light curing agents has seen continuous growth in production and sales, although prices have fluctuated significantly due to regulatory policies and external factors [5]. - Following a period of price decline from 2020 to 2023, the prices of light curing agents are expected to stabilize and potentially recover as unfavorable factors dissipate, benefiting leading companies in the industry [5].

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 237,000 CNY/ton, with a week-on-week change of -0.4% [2] - The price of carbon fiber remains at 83.8 CNY/kg, with a gross profit of -8.78 CNY/kg [2] - The price of beryllium remains stable [2] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 535 USD/ton, with a week-on-week change of -1.83% [3] - The prices of battery-grade lithium hydroxide, industrial-grade lithium carbonate, and electrolytic-grade lithium carbonate are 61,800 CNY/ton, 60,000 CNY/ton, and 62,600 CNY/ton, with week-on-week changes of -1.0%, -0.96%, and -1.9% respectively [3] - The price of iron phosphate lithium and 523-type cathode materials are 303,000 CNY/ton and 1,059,000 CNY/ton, with week-on-week changes of -3.81% and +0% respectively [3] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.28 USD/kg, with no change week-on-week [4] - The price of EVA is 10,500 CNY/ton, with a week-on-week change of -0.9% [4] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, with no change week-on-week [4] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials such as zirconium oxychloride and sponge zirconium remain stable, while uranium price is 52.17 USD/pound, with a week-on-week change of +0.6% [5] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 186,500 CNY/ton, with a week-on-week change of -0.27% [6] - The price of silicon carbide is 5,600 CNY/ton, with no change week-on-week [6] - The prices of high-purity gallium, crude indium, and refined indium are 1,875 CNY/kg, 2,425 CNY/kg, and 2,525 CNY/kg, all remaining unchanged [6] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 278.00 CNY/g, 1,480.00 CNY/g, and 1,015.00 CNY/g, with week-on-week changes of +8.2%, +1.7%, and -2.9% respectively [7]

Market Overview - The oil prices surged significantly during the week of June 3 to June 6, 2025, while domestic equity market indices experienced a broad increase, with the ChiNext Index rising by 2.32% [3] - In terms of industry performance, the telecommunications, non-ferrous metals, and electronics sectors saw the highest gains, whereas the home appliances, food and beverage, and transportation sectors faced the largest declines [3] Fund Issuance - A total of 42 new funds were established this week, with a combined issuance of 31.013 billion units. This included 9 bond funds, 8 mixed funds, 22 equity funds, and 3 FOF funds [4] - Overall, 36 new funds were issued across various types, including 13 equity funds, 11 mixed funds, 10 bond funds, 1 FOF fund, and 1 international (QDII) fund [4] Fund Performance Tracking - All types of thematic industry funds collectively increased this week, with TMT thematic funds showing strong performance, rising by 3.64%, and pharmaceutical thematic funds continuing their advantage with a 2.24% increase [5] - As of June 6, 2025, the weekly performance of various thematic funds was as follows: TMT (3.64%), pharmaceutical (2.24%), cyclical (2.13%), balanced industry (1.85%), rotation (1.75%), new energy (1.56%), financial real estate (1.33%), consumer (0.90%), and defense industry (0.77%) [5] ETF Market Tracking - The stock ETF market experienced a net outflow of funds, with a notable outflow from large-cap broad-based ETFs, while TMT thematic ETFs saw significant inflows [6] - The median return for stock ETFs was 1.32%, with a net outflow of 2.559 billion yuan. Hong Kong stock ETFs had a median return of 2.40% and a net outflow of 3.716 billion yuan [6] - Commodity ETFs recorded a median return of 1.44% with a net outflow of 1.172 billion yuan [6] Fund Positioning Monitoring - The estimated position of actively managed equity funds decreased by 0.38 percentage points compared to the previous week. Increased allocations were observed in telecommunications, textiles and apparel, and banking sectors, while reductions were noted in home appliances, automotive, and computer sectors [7] ESG Financial Products Tracking - The green bond issuance market cooled down this week, with 10 new green bonds issued, totaling 9.27 billion yuan. The cumulative issuance of green bonds in the domestic market reached 4.48 trillion yuan, with a total of 3,871 bonds issued [8] - In terms of fund performance, the median net value change for actively managed equity, passive stock index, and bond ESG funds was 1.33%, 0.74%, and 0.08%, respectively. Thematic funds focused on sustainable development, social responsibility, and low-carbon economy showed significant advantages [8] - As of June 6, 2025, there were 213 ESG funds in the domestic market, with a total scale of 132.772 billion yuan [8]

宝丽迪的COFs已完成吨级量产，产业化进展逐步推进 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 COFs是一种新兴的结晶性多孔高分子材料，下游潜在的应用领域较为丰富 COFs材料(Covalent Organic Fra-meworks)，又称作共价有机框架材料，是一种新兴的由有机分子组成，以共价 键连接的结晶性多孔高分子材料，也被称为"有机沸石""均孔树脂"。COFs材料具有高的热化学稳定性、良好 的生物相容性、大的比表面积及孔隙率、可控的化学物理性质、低的骨架密度、永久开放的孔道结构及合成策 略多样化等特点。在催化化工、气体分离存储、生物医药纯化、环保处理、石油分离、核工业废水处理、海水 淡化、光电材料等领域具有应用可能性。在化工催化方面可用于炼油纯化、空气分离、制冷剂制造；水处理方 面可用于工 ...

Group 1 - The TMT theme ETF has seen significant capital inflow, with industry theme funds collectively rising, particularly TMT and pharmaceutical theme funds, which increased by 3.64% and 2.24% respectively [4] - The domestic new fund market is active, with a total issuance of 31.013 billion units this week [4] - Stock ETFs experienced a net outflow, with broad-based ETFs showing significant net outflows, while the capital outflow from the Sci-Tech Innovation and entrepreneurship theme ETFs was relatively small [4] Group 2 - Platinum prices have reached a new high since 2018, while tungsten prices have hit a new high since 2013 [5] - Lithium prices have fallen below 80,000 yuan per ton, with potential for accelerated capacity clearance in the future; companies with cost advantages and resource expansion in the lithium sector are recommended for attention [5] - The Democratic Republic of Congo has decided to suspend cobalt exports for four months, which may alleviate the global oversupply of cobalt [5] Group 3 - COFs (Covalent Organic Frameworks) are emerging crystalline porous polymers with a wide range of potential applications; the preparation methods include solvent thermal synthesis, ionothermal synthesis, mechanochemical synthesis, and microwave-assisted synthesis [6] - Baolidi has completed ton-level production of COFs, indicating progressive industrialization [6]

Steel Industry - The average daily crude steel output of key steel enterprises reached a four-month low in late May 2025, indicating a potential recovery in profitability to historical average levels due to the revised "Steel Industry Normative Conditions" by the Ministry of Industry and Information Technology [4] Copper Industry - COMEX copper inventory hit a new high since September 2018, while LME copper inventory reached a near 12-month low; trade conflicts have eased, leading to a rebound in copper prices, but demand risks remain as the market enters a seasonal lull [5] Basic Chemicals - The rise of the trendy toy industry is driving new consumer demand, with the market size of China's pan-entertainment toy market surpassing 100 billion yuan, expected to reach 212.1 billion yuan by 2029; this growth will benefit the color masterbatch and pigment industries [6] Public REITs - The total market value of public REITs surpassed 200 billion yuan for the first time, with a market value index of 113.91 as of June 6, 2025, reflecting a 19% increase since the end of 2024; the market is expected to continue growing steadily [8] New Energy and Environmental Protection - Recent policies related to the new power system are expected to lead to breakthrough developments, addressing renewable energy consumption issues through market-based pricing mechanisms and innovative supply models [9] Digital Currency and Web3 - The passage of the GENIUS Act in the U.S. Senate and the approval of the stablecoin regulation draft in Hong Kong are expected to catalyze the application of Real World Assets (RWA), creating new pathways for traditional finance to integrate into the digital economy [9] Sunac Services - Sunac Services is expected to experience stable growth as the impact from real estate associations diminishes, with a significant increase in sales amounting to 4.9 billion yuan in May 2025, a year-on-year increase of 128% [10]

Core Viewpoint - Recent policies related to the new power system have been intensively released, aiming to address the consumption issues of renewable energy through various mechanisms and technological innovations [3]. Group 1: Policy Developments - On May 30, the National Development and Reform Commission and the National Energy Administration issued a notice to promote green electricity direct connection, utilizing a "physical direct connection + marketization" model to facilitate point-to-point power supply [3]. - On June 4, the National Energy Administration announced the first batch of pilot projects for the new power system, focusing on various technological and system-friendly innovations [3]. - Provincial governments have also released detailed documents related to the "136 Document," which addresses pricing mechanisms, supply models, and technological innovations to tackle renewable energy consumption [3]. Group 2: Investment Opportunities - Virtual power plants are highlighted as a crucial component of demand-side response, effectively reducing peak power load through resource aggregation and digital technology [4]. - Wind power is expected to see a recovery in sales and profit margins due to the restructuring of new energy installation logic under the "136 Document," as wind power generation curves are more favorable [4]. - Storage and power equipment sectors should continue to be monitored, particularly in Europe, Southeast Asia, and Africa, where high growth is anticipated [4]. - Controlled nuclear fusion and solid-state batteries are expected to attract ongoing market interest, with a focus on domestic experimental pile tenders and technological advancements in solid-state batteries [4].