易峘 首席宏观经济学家 邮箱：evayi@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 沈娟 银行与证券行业首席研究员 座机：0755-23952763 邮箱：shenjuan@htsc.com 今日热点 今日早参 2025 年 6 月 26 日 宏观：关税豁免临近到期扰动全球贸易｜关税影响高频跟踪（6 月 25 日） 概览：贸易量上，6 月以来美国进口呈现前低后高走势，而韩国出口增速明 显改善，或由于 7 月 9 日对等关税豁免到期前美国抢进口、非美抢出口；5 月中美缓和后中国对美"抢出口"在 6 月中旬后持续降温，中国出口整体维 持韧性。通胀上，微观零售数据显示 6 月以来关税对进口商品价格传导仍在 持续。企业信心上，6 月部分地方联储调查显示企业资本开支意愿边际走 弱。整体看，美国消费与就业市场降温，企业信心偏弱，通胀压力仍在传 导，而伴随 7 月 9 日关税暂缓结束临近，贸易量或再度受到扰动。 风险提示：特朗普关税政策再度反复，关税对价格压力超预期。 研报发布日期：2025-06-26 研究员 易峘 SAC:S05 ...

Group 1: Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,455.97, up by 1.04%, and the Shenzhen Component Index at 10,393.72, up by 1.72% [4] Group 2: Agricultural Sector Insights - The agricultural sector, particularly the pig farming industry, is experiencing a price increase, with average pig prices in key provinces showing a mixed trend. As of June 20, the average prices were 13.70, 15.54, and 14.38 CNY/kg in Sichuan, Guangdong, and Henan respectively [6] - The average pork price increased by 0.35% to 20.33 CNY/kg, while the average wholesale price for piglets rose by 3.17% to 28.00 CNY/kg [6] - The report highlights the potential recovery in the feed industry due to declining upstream raw material prices and improving downstream farming conditions, particularly for Haida Group [6] Group 3: Pig Farming Cycle Analysis - The report discusses the "pig cycle," emphasizing that it is fundamentally a capacity cycle rather than just a price cycle. The recovery of production capacity does not necessarily correlate with profitability, which depends on the speed of capacity recovery [6] - The report suggests that the current market may be overly pessimistic regarding the impact of production capacity recovery on profitability, potentially overlooking the positive effects of declining raw material costs and macroeconomic demand recovery in 2025 [6] Group 4: Investment Recommendations - The report recommends several pig farming stocks, including Wens Foodstuffs, Shennong Group, Juxing Agriculture, Tangrenshen, and New Hope, based on the anticipated recovery in profitability [6] - In the poultry sector, the report notes that the performance of Shengnong Development is at a low point in both earnings and price-to-book valuation, indicating good investment potential [6] Group 5: Biopharmaceutical Sector Insights - The report provides an update on the innovative drug Iza-bren, which has shown significant efficacy in treating NSCLC and SCLC patients. The overall response rate (ORR) for NSCLC patients was reported at 52.0%, with a disease control rate (DCR) of 86.7% [8][11] - Iza-bren has demonstrated good safety and anti-tumor activity across various patient groups, including those with EGFR mutations and other driver gene mutations [8][11] Group 6: Photovoltaic Industry Insights - The report indicates that the prices of photovoltaic components have remained stable, with the 182mm TOPCon double-glass component priced at 0.68 CNY/W. However, the market demand is expected to be low in July, leading to potential price pressures [10] - The report notes a significant increase in installed capacity for photovoltaic systems, with a year-on-year growth of nearly 150% in the first five months of the year [10]

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 6 月 26 日 市场放量上涨后，短期走势如何？中期趋势如何？ 总量视角 【A 股大势研判】 周三晨报提醒了券商股的投资机会，市场走势如我们预期，周三券商板块全 线大涨之下，大金融板块带领指数再次上行，沪指也成功创下 2025 年年内新高。 此次突破的核心动力来自大金融板块的集体大涨。四大行股价齐创历史新高，推 动沪指站稳 3400 点。后市何去何从？ 短期看，沪指突破年内新高后，短期目标指向 3500 点，若放量突破则可能 打开上行空间至 3600 点。券商板块作为"牛市旗手"的表现是关键观察指标，若持 续领涨将强化市场做多情绪。不过，鉴于当前市场基本面修复不强，市场持续发 力仍有待共振，指数短期冲高回落保持强震的概率较大。 中长期看，中期市场向好趋势相对明显，A 股有望延续震荡上行趋势。随着 金融支持高质量发展政策落地及 7 月年中会议定调下半年政策方向，叠加美联储 下半年降息预期与国内货币宽松空间打开，市场流动性有望形成共振，进一步提 振市场预期。另外，险资入市放宽、中长期资金引入等政策，促进权益市场流动 性明显改善。 投资机会可关注以下 ...

中信期货2025年中策略会于2025年6月25日在上海浦东嘉里大酒店圆满收官。本次策略会以"御风破浪， 笃行致远"为主题，会期两天，共设置1个主论坛及10个分论坛，以多元化视角对下半年宏观、权益、债 券、大宗商品、汇率、资产管理、场外衍生品、海外市场等内容进行深入思考和展望。策略会期间，来 自产业、金融以及其他行业的投资者共聚现场，共享本次投资交流的盛宴。 主论坛：御风破浪，笃行致远 中信期货董事长窦长宏先生为本次策略会致辞，对出席本次策略会的嘉宾表示热烈欢迎和诚挚感谢。他 表示，中信期货在聚焦高质量产业服务、推进期货业务全球化进程、积极响应金融服务"三农"号召、开 拓创新服务实体企业的期货范式等方面持续发力，坚定不移地将"金融报国、金融为民"的理念践行到实 际发展中。 复旦大学世界经济研究所副所长、经济学院教授沈国兵先生在主论坛上发表了关于《特朗普关税政策对 中美经贸影响及应对》的主题演讲。他认为，中美当前面临的世界经济新形势复杂多变，充满着不确定 性。全球经济面临"贸易碎片化、地缘冲突、气候危机"三重挑战，而多边合作与包容性增长是避免全 球"失序分化"的关键。海外来看，中国经济快速崛起，中美相对实力在全球 ...

玻璃：950-1050区间震荡 截止到20250619，全国浮法玻璃样本企业总库存6988.7万重箱，环比+20.2万重箱，环比+0.29%，同比 +16.82%。折库存天数30.8天，较上期持平（周内样本企业日均产量微增）。 【分析】 玻璃：盘面表现偏强，受到黑色焦煤等品种走强提振，以及玻璃现货市场走货转好，多地区产销偏强， 刚需拿货支撑，盘面走势偏强，但预计淡季下持续性有限，而未来压力仍存。当前处于夏季梅雨淡季， 因此需求进度将再次放缓，深加工订单偏弱，lowe开工率持续偏低，玻璃接下来仍面临过剩压力，最终 行业需要产能出清来解决过剩困境，因此还需等待更多冷修兑现或能带来盘面真正的反转。当前09在 1000点位以下横盘震荡，短期现货转好对价格存支撑，09预计950-1050区间震荡。 【操作建议】 【玻璃现货行情】 玻璃：沙河成交均价1100元/吨上下。 【供需】 截至2025年6月19日，全国浮法玻璃日产量为15.54万吨，比12日-0.16%。本周（20250613-0619）全国浮 法玻璃产量109.35万吨，环比+0.21%，同比-7.88%。 免责声明：本报告中的信息均来源于被广发期货有限公司认 ...

机构：招商证券 研究员：郭倩倩/董瑞斌/朱艺晴/罗宇珩 消费级机器人、教育机器人、物流机器人贡献主要业绩。2024 年公司消费级机器人、教育机器人、物 流机器人收入分别为4.77 亿、3.63 亿、3.22亿元，是公司目前主要的收入来源。消费级机器人主要面向 出口，2025 年公司将在现有猫砂机和割草机器人系列产品基础上，继续迭代高端型号，同时扩大线下 渠道布局，提升全球消费级市场的品牌触达率与复购率。公司是教育机器人龙头，未来受益于教育机器 人渗透率提升。物流机器人需求大但市场竞争较激烈。 给予" 增持" 投资评级。我们预计2025-2027 年， 公司收入为18.91/26.62/36.21 亿元， 同比增长 45%/41%/36% ， 净利润为-9.64/-7.71/-4.42 亿元，整体亏损是由于研发等各项投入较大，但随着收入规 模增加，规模效应增长，亏损有望持续收窄。公司在人形机器人领域技术布局全面，在多个知名客户工 厂训练，有望率先实现商业化落地，首次覆盖，给予"增持"投资评级。 风险提示：人形机器人产业化进度不及预期、客户验证进度不及预期、成本下降进度不及预 营收规模持续增长，费用结构呈现"强技 ...

Core Viewpoint - The company, Dazhong Laser Technology Industry Group Co., Ltd., is revising its articles of association and eliminating the supervisory board to enhance governance efficiency and streamline management processes [1][2]. Group 1: Governance Changes - The company plans to amend its articles of association to remove the supervisory board and transfer its responsibilities to the audit committee of the board of directors [2][3]. - The proposal to eliminate the supervisory board requires approval from the shareholders' meeting, needing at least two-thirds of the voting rights to pass [3]. - The company expressed gratitude to the supervisory board members for their contributions during their tenure [2]. Group 2: Amendments to Governance Systems - The company is revising several governance systems, including the rules for shareholders' meetings, which will be renamed to "Shareholders Meeting Rules" [3][4]. - The board of directors' meeting rules will also be revised, with specific details to be disclosed on June 26, 2025 [4][5]. - The independent director work system is set for revision, with the results to be shared on the same date [5]. Group 3: Additional Governance Proposals - The company is revising the external guarantee decision-making system and the related party transaction decision-making system, with results to be disclosed on June 26, 2025 [6]. - The company is also updating the fundraising management and usage methods, with the details to be published on the same date [6]. - A new system to prevent the controlling shareholder and related parties from occupying company funds is being established [6]. Group 4: Upcoming Shareholder Meeting - The company has proposed to hold the first extraordinary general meeting of shareholders in 2025 on July 11, 2025, to discuss the aforementioned proposals [6].

证券代码：688331 证券简称：荣昌生物 公告编号：2025-035 港股代码：09995 港股简称：榮昌生物 荣昌生物制药（烟台）股份有限公司 关于签署授权许可协议暨对外投资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ? 重要内容提示 有自主知识产权的泰它西普（以下简称"许可产品"）有偿许可给 Vor Biopharma Inc.（以下简称"美国 Vor Bio 公司"），美国 Vor Bio 公司将获得在除大中华 区以外的全球范围（以下简称"许可范围"）内开发和商业化的独家权利。作 为对外许可交易对价一部分，荣昌生物及其全资附属主体烟台荣普股权投资合 伙企业（有限合伙）（以下简称"荣普合伙"）将从美国 Vor Bio 公司取得价值 碑付款，以及高个位数至双位数销售提成款。 交股东大会审议。 一、 交易事项概述 于 2025 年 6 月 25 日（交易时段后），公司及美国 Vor Bio 公司订立许可协议（以 下简称"许可协议"），据此，公司将具有自主知识产权的泰它西普有偿许可给美国 Vor Bio 公司，美国 ...

近几年，北京市在小客车指标的分配上进一步向纯电新能源车辆倾斜，2024年，普通小客车指标进一步 缩减，普通指标额度由3万个降至2万个。今年继续维持着这一分配方式，本期将配置的家庭和个人普通 小客车指标9600个，家庭申请人与个人申请人同池摇号。 需要提醒的是，家庭摇号中签的，将由北京市公安人口管理部门和民政部门对家庭申请人的亲属关系进 行核查，核查通过后发放指标确认通知书。北京市小客车指标办官网也将发布相关情况，市民可以进行 查询。 取得指标确认通知书的单位、家庭和个人，可登录北京市小客车指标调控管理信息系统自行下载打印小 客车配置指标确认通知书，也可携带个人或单位有效证件到各区对外办公窗口打印。 从摇号现场配置结果看，9600个指标中，配置家庭指标数5660个，配置个人指标数3940个，近六成指标 被"无车家庭"摇中，家庭中签概率高于个人。 指标配置工作结束1小时后，申请人可在北京市小客车指标调控管理信息系统公布栏下载文件查看配置 结果或登录系统后在用户中心查询配置结果，也可通过拨打电话12580查询配置结果。由于指标配置当 日网站访问量较大，建议申请人错峰查询。 记者从北京市小客车指标办获悉，截至2025 ...

Core Viewpoint - The company, Dazong Laser Technology Industry Group Co., Ltd., has proposed amendments to its Articles of Association, including the abolition of the supervisory board, which will be submitted for approval at the upcoming extraordinary general meeting of shareholders [1][2]. Summary by Sections Company Governance - The company plans to revise its Articles of Association to enhance governance efficiency and streamline management processes by eliminating the supervisory board, transferring its powers to the audit committee of the board of directors [1][2]. - The proposed changes require a two-thirds majority approval from shareholders present at the extraordinary general meeting [1]. Articles of Association Amendments - The amendments include changes to the definitions of stakeholders, responsibilities of the legal representative, and the rights and obligations of shareholders [1][2]. - Specific articles have been updated to reflect the new governance structure, including the removal of references to the supervisory board and the introduction of new provisions regarding the audit committee [2][3]. Shareholder Rights - The revised Articles of Association maintain the rights of shareholders to supervise company operations, propose suggestions, and request the purchase of their shares under certain conditions [3][4]. - Shareholders will continue to have equal rights and obligations based on the type of shares they hold, ensuring fair treatment [3][4]. Financial and Operational Decisions - The company retains the authority to make significant financial decisions, such as capital increases and share repurchases, subject to shareholder approval [5][6]. - The amendments clarify the procedures for convening shareholder meetings and the requirements for decision-making processes [5][6].