Report Industry Investment Rating - The overall outlook for the black building materials industry is "oscillating," with short - term prices expected to be on the stronger side [2][6]. Core Viewpoints - Macro - favorable news such as "anti - involution," Shanxi's crude steel reduction, and "urban renewal" has fermented, leading to a significant upward movement in prices. The market is dominated by macro - policy imagination during the off - season. The fundamentals have no significant contradictions, and the rally in the futures market has spurred downstream restocking, causing spot prices to rise in resonance. In the short term, prices are expected to run strongly [1][2]. - The expectation of a new round of supply - side reform for steel is increasing, and the warming market sentiment has spurred speculative demand, forming a positive feedback for the industrial chain. Against the backdrop of decent spot fundamentals, the futures market is expected to run strongly. Attention should be paid to policy implementation and off - season demand [6]. Summary by Directory Iron Element - Overseas mines have basically ended their end - of - quarter volume rush this week, with a decline in shipments. The arrival volume at 45 ports has slightly increased but fallen short of expectations, and there may be a concentrated arrival in the next 1 - 2 weeks. Steel mills' profitability has slightly improved, and the iron - making volume has decreased but remains at a high level year - on - year. Due to the lower - than - expected arrivals and high demand, port inventories have slightly decreased, and the overall supply - demand contradiction is not prominent. The market sentiment is good, and the futures price is expected to run strongly with oscillations [2]. Carbon Element - In Shanxi, the coal mines affected by previous accidents are gradually resuming supply, but some mines in Shanxi and Shaanxi are still reducing production. Overall, supply is slowly recovering. At the import end, the Mongolia - China border will be closed for 5 days starting tomorrow due to the Naadam Festival, but recent customs clearance has been at a high level, and port transactions are good. On the demand side, coke production has slightly decreased, and there is still short - term rigid demand for coking coal. Downstream procurement sentiment is positive, and the coking coal trading atmosphere is good. The overall supply - demand contradiction is not prominent at present, and attention should be paid to coal mine resumption and Mongolian coal imports [3]. Alloys Manganese Silicon - The sharp rise in coking coal futures prices has raised expectations of an increase in energy prices, strengthening the cost support for manganese silicon. Recently, the sentiment in the black chain has been positive, and the news of peak - period power rationing and the cancellation of electricity subsidies in Ningxia has caused the manganese silicon futures price to open and close higher, but this news has been proven false. Port inventories have slightly increased, and with the arrival of low - priced ores in the future, there is still room for ore prices to decline. The supply - demand relationship of manganese silicon is becoming looser, and it is more difficult to reduce inventories. In the short term, the futures price is expected to fluctuate with the sector [3][6]. Ferrosilicon - The supply - demand relationship of ferrosilicon is relatively healthy. In the short term, the futures price is expected to fluctuate with the sector. However, there is a possibility of filling the supply - demand gap in the future, increasing the difficulty of inventory reduction. Attention should be paid to the adjustment of ferrosilicon's electricity cost [6]. Glass - The news of stronger - than - expected urban renewal and a high - level urban renewal meeting has driven up the futures price. In the off - season, demand is declining, and deep - processing demand has continued to weaken. Although downstream restocking at the beginning of the month has led to good production and sales, the sustainability is to be observed. There are still 3 production lines waiting to produce glass, and daily melting is still on the rise. Upstream inventories have slightly decreased, and there are many market sentiment disturbances. The market is waiting and seeing, and the long - term over - supply pattern is difficult to change. Enterprises are advised to seize the short - term positive feedback hedging opportunities [6]. Steel - The supply - side contraction expectation formed by the "anti - involution" policy and Shanxi's production - limit news, as well as the demand - side improvement expectation such as "urban renewal," have jointly promoted the futures market to be strong. After the futures rally, spot trading sentiment has improved. This week, the supply and demand of rebar have both decreased, and inventory has continued to decline; the supply and demand of hot - rolled coils have both decreased, and inventory has slightly increased; the supply and demand of the five major steel products have both decreased, and inventory changes are limited, with the absolute inventory at a relatively low level over the years. In the short term, with the warming of the macro - sentiment and no obvious negative factors in the fundamentals, steel prices are expected to run strongly. Attention should be paid to policy implementation and off - season demand [9]. Iron Ore - The port trading volume has decreased. From the fundamental perspective, overseas mines have basically ended their end - of - quarter volume rush this week, with a decline in shipments. The arrival volume at 45 ports has slightly increased but fallen short of expectations, and there may be a concentrated arrival in the next 1 - 2 weeks. Steel mills' profitability has slightly improved, and the iron - making volume has decreased but remains at a high level year - on - year. Due to the lower - than - expected arrivals and high demand, port inventories have slightly decreased, and the overall supply - demand contradiction is not prominent. With good market sentiment and decent fundamentals, the futures price is expected to run strongly with oscillations. Before the market sentiment weakens, the price is likely to rise rather than fall [9][10]. Scrap Steel - The fundamentals are stable, and the price is oscillating. The apparent demand and production of rebar have slightly decreased, in line with off - season characteristics, and the total inventory has continued to decline, indicating some resilience in off - season demand. After the market sentiment has warmed up, raw material prices have risen significantly, and the futures price has oscillated upward. This week, the average daily arrival volume of scrap steel has slightly increased but is still lower than the same period last year, and resources are slightly tight. After the rise in steel prices, the profitability of some electric furnaces has recovered, and the daily consumption of scrap steel in electric furnaces has slightly increased; the iron - making volume of blast furnaces has slightly decreased, and the daily consumption of scrap steel in long - process production has also decreased. Although the arrival volume has slightly increased this week, the daily consumption is at a relatively high level in the same period, and factory inventories have slightly decreased [10]. Coke - The futures price of coke has strengthened following coking coal. On the supply side, most coke enterprises are maintaining normal production, while a small number of enterprises with poor profitability have reduced production, and coke production has slightly decreased. On the demand side, the average daily iron - making volume has decreased this week but remains at a high level year - on - year. Steel mills' profitability is good, and they are actively restocking. Recently, the futures market has been strong, and arbitrage demand has been actively purchasing, leading to a rapid reduction in coke inventories of coke enterprises. The current supply - demand pattern of coke has further improved. In the short term, coke prices are likely to rise rather than fall under the strong pull of raw coal prices [10][11][13]. Coking Coal - Market sentiment has been high, and coking coal prices have continued to rise. On the supply side, coal mines affected by previous accidents in Shanxi are gradually resuming supply, but some mines in Shanxi and Shaanxi are still reducing production, and overall supply is slowly recovering. At the import end, the Mongolia - China border will be closed for 5 days starting tomorrow due to the Naadam Festival, but recent customs clearance has been at a high level, and port transactions are good. On the demand side, coke production has slightly decreased, and there is still short - term rigid demand for coking coal. Downstream procurement sentiment is positive, and the coking coal trading atmosphere is good. The overall supply - demand contradiction is not prominent at present, and attention should be paid to coal mine resumption and Mongolian coal imports. Upstream coal mines are still reducing inventories, and the positive market sentiment remains, so the futures market is expected to be supported in the short term [11][12][13]. Glass - The news of stronger - than - expected urban renewal has driven up the futures price. In the off - season, demand is declining, and deep - processing demand has continued to weaken. Although downstream restocking at the beginning of the month has led to good production and sales, the sustainability is to be observed. There are still 3 production lines waiting to produce glass, and daily melting is still on the rise. Upstream inventories have slightly decreased, and there are many market sentiment disturbances. The market is waiting and seeing. In the short term, one should wait and see the pace and intensity of policy introduction. If policies continue to exceed expectations, downstream expectations may improve, leading to a wave of restocking and price increases. In the long run, market - oriented capacity reduction is still needed, and the market is expected to oscillate [14]. Soda Ash - The supply - side over - supply pattern has not changed. The market has spread the news of "anti - involution" in the photovoltaic industry, with an expected significant reduction in daily melting, and the current daily melting of photovoltaic glass has slightly decreased, and the demand for heavy soda ash has flattened, with weak demand expectations. The downstream demand for light soda ash is weak, and manufacturers have continued to cut prices. Sentiment is interfering with the futures market, and the long - term over - supply pattern is difficult to change. Although the short - term "anti - involution" sentiment has driven up the futures price, the over - supply problem still exists after the positive feedback. Enterprises are advised to seize the short - term positive feedback hedging opportunities. In July, there are planned maintenance activities, and in the short term, it is expected to oscillate. In the long run, the price center will continue to decline to promote capacity reduction [6][14][16]. Manganese Silicon - The sharp rise in coking coal futures prices has raised expectations of an increase in energy prices, strengthening the cost support for manganese silicon. Recently, the sentiment in the black chain has been positive, and the news of peak - period power rationing and the cancellation of electricity subsidies in Ningxia has caused the manganese silicon futures price to open and close higher, but this news has been proven false. Port inventories have slightly increased, and with the arrival of low - priced ores in the future, there is still room for ore prices to decline. The supply - demand relationship of manganese silicon is becoming looser, and it is more difficult to reduce inventories. In the short term, the futures price is expected to fluctuate with the sector [3][6][16]. Ferrosilicon - The sharp rise in coking coal futures prices has raised expectations of an increase in energy prices, strengthening the cost support for ferrosilicon. Recently, the sentiment in the black chain has been positive, and the news of peak - period power rationing and the cancellation of electricity subsidies in Ningxia and Qinghai has caused the ferrosilicon futures price to rise strongly, but this news has been proven false. During the steel tender period, the amount of low - priced goods in the market has decreased, and the strong futures market has driven up the spot price. The cost support for ferrosilicon has weakened. The supply of ferrosilicon is increasing. The downstream demand for steelmaking remains resilient. Attention should be paid to the price of this round of steel tenders. The current supply - demand relationship of ferrosilicon is relatively healthy. In the short term, the futures price is expected to fluctuate with the sector. However, there is a possibility of filling the supply - demand gap in the future, increasing the difficulty of inventory reduction. Attention should be paid to the adjustment of ferrosilicon's electricity cost [18][19].

Core Viewpoint - The revitalization of Wuchang Ancient City, a historical site with over 1800 years of history, is being driven by cultural tourism and urban development, enhancing its appeal to visitors and integrating modern commercial activities with historical preservation [1][2][3]. Summary by Sections Historical Preservation and Renovation - 83 historical buildings have been restored in Wuchang Ancient City, with a focus on maintaining their original appearance and historical significance [2][3]. - The Doujiying area, which underwent protective renovations over two years, now offers views of the iconic Yellow Crane Tower, enhancing the historical skyline of the city [3][4]. - The renovation process involved significant challenges, including the restoration of the largest Nordic-style building complex in Wuhan, which required extensive research and modern technology for accurate reconstruction [4][5]. Cultural and Commercial Integration - The revitalization efforts have introduced a blend of cultural and commercial activities, with 60% of the businesses in the Doujiying area being non-standardized commercial ventures, including themed cafes and cultural shops [7][8]. - The introduction of new businesses aims to create a "street museum" experience, allowing visitors to engage with the historical narratives of the area while enjoying modern amenities [6][8]. Tourism and Economic Impact - Wuchang District is projected to receive over 50 million tourists in 2024, with tourism revenue expected to exceed 52 billion yuan, indicating a strong economic impact from the cultural tourism initiatives [13]. - The district has been recognized for its cultural industry competitiveness and tourism capabilities, ranking among the top in China for both categories [13]. Future Development Plans - Future plans for Wuchang Ancient City include the establishment of a spatial layout characterized by a central axis and multiple horizontal axes to showcase its historical and cultural heritage while promoting modern recreational activities [6][12]. - The ongoing development aims to foster a new quality of productivity driven by cultural tourism, contributing to the economic transformation towards a more digital and sustainable model [13].

证券研究报告 2025 年 07 月 11 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3509.68 | 0.48 | | 深证成指 | 10631.13 | 0.47 | | 创业板指 | 2189.58 | 0.22 | | 科创 50 | 979.99 | -0.32 | | 北证 50 | 1408.17 | -0.16 | | 沪深 300 | 4010.02 | 0.47 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 681788 | 529616 | 12.56 | 1.30 | | 深证成指 | 232819 | 191695 | 20.73 | 2.19 | | 创业板指 | 61372 | 48797 | 28.72 | 3.98 | | 科创 50 | 34292 | 22774 | 53.23 | 4.13 | | 北证 50 ...

Group 1 - The Ministry of Human Resources and Social Security and the Ministry of Finance announced an increase in basic pension levels for retirees starting January 1, 2025, with an overall adjustment level of 2% based on the average monthly basic pension of retirees in 2024 [2] - The Chinese government is taking measures to combat the smuggling of strategic minerals such as antimony and gallium, with a special action launched in May to prevent illegal outflows [2] - A new agreement between the Chinese and Malaysian governments will allow visa-free travel for holders of ordinary passports for stays of up to 30 days, effective July 17, 2025 [3] Group 2 - The China Automobile Industry Association reported that the automotive industry saw significant growth in the first half of the year, with production and sales exceeding 15 million units, and new energy vehicle sales reaching 6.968 million units, a year-on-year increase of 41.4% [4] - The Beijing Municipal Government aims for an average annual growth of around 5% in total market consumption by 2030, with plans to create 2-3 consumption landmarks worth over 100 billion [4] - U.S. stock indices saw collective gains, with the S&P 500 and Nasdaq reaching new highs, indicating a positive market sentiment [4] Group 3 - Companies such as Tianbao Infrastructure reported a significant net profit increase of 1581.8% to 2329.27% year-on-year for the first half of the year [6] - East Sunshine projected a net profit increase of 157.48% to 192.81% for the first half of the year [7] - Southwest Securities noted that the profitability of thermal power companies is improving due to declining fuel costs, with a recovery of 11% in stock prices since late January [8] Group 4 - Zhongyuan Securities highlighted that the ongoing anti-involution policies in the chemical industry may lead to a better industry structure, recommending attention to the pesticide, organic silicon, and polyester filament sectors [9]

Domestic News - The Ministry of Human Resources and Social Security and the Ministry of Finance announced that starting from January 1, 2025, the basic pension for approximately 150 million retirees will be increased by 2% based on the average monthly pension of retirees in 2024 [3] - The National Development and Reform Commission stated that by 2035, China aims to achieve new urbanization goals, focusing on high-quality development and investment in key areas [3] - The China Automobile Industry Association reported that in the first half of 2025, China's automobile production and sales both exceeded 15 million units, with new energy vehicles accounting for 44.3% of total new car sales [4] - WuXi AppTec announced an estimated revenue of approximately 20.799 billion yuan for the first half of 2025, representing a year-on-year growth of about 20.64% [4] - iFlytek expects a loss of 200 million to 280 million yuan in the first half of 2025, although it has seen a 15% to 20% increase in revenue compared to the previous year [4] Market Overview - The Shanghai Composite Index closed at 3509.68, up 0.48% [7] - The Shenzhen Component Index rose to 10631.13, an increase of 0.47% [7] - The Hang Seng Index increased by 0.57%, closing at 24028.37 [7] - WTI crude oil prices decreased by 2%, settling at $65.59 [7] - COMEX gold prices rose by 0.32%, reaching $3333 [7]

Group 1: Industry Overview - The sales of various excavators reached 18,804 units in June 2025, representing a year-on-year increase of 13.3%, with domestic sales of 8,136 units (up 6.2%) and exports of 10,668 units (up 19.3%) [1] - In the first half of 2025, a total of 120,520 excavators were sold, marking a year-on-year growth of 16.8%, with domestic sales of 65,637 units (up 22.9%) and exports of 54,883 units (up 10.2%) [1] - The domestic excavator sales in June showed a year-on-year growth of 6.2%, rebounding by 7.7 percentage points compared to previous values, driven by accelerated second-hand exports and a low base from the previous year [1] Group 2: Market Dynamics - The construction machinery industry is expected to maintain stable growth in excavator sales, with domestic earth-moving equipment projected to achieve double-digit growth for the year [2] - The demand for excavators is shifting towards recovery, particularly in the mining sector and major water conservancy projects, while the demand for small excavators is slowing down [2] - The government plans to issue long-term special bonds and increase local government special bonds to stimulate infrastructure investment, which is expected to boost downstream equipment demand [5][6] Group 3: Company Performance - Zoomlion (000157) anticipates that domestic sales will enter a growth trajectory, expanding its business from domestic markets to global markets across engineering, agricultural, and mining machinery [3] - Sany International (00631) reported a revenue of 5.876 billion yuan in Q1 2025, a year-on-year increase of 14.6%, with net profit rising by 23.2% [7] - The company is focusing on expanding its overseas business, particularly in emerging regions, while also enhancing its product offerings in earth-moving, agricultural, and mining machinery [7]

Group 1 - The core viewpoint of the article emphasizes the importance of innovation ecosystems in urban development, highlighting the release of the "2025 China 100 Cities" and "2025 Yangtze River Delta 41 Cities" innovation ecosystem index reports [1][2] - The reports rank cities based on various innovation metrics, with Beijing, Shanghai, Shenzhen, Suzhou, and Guangzhou among the top 20 in the "China 100 Cities" index, while Suzhou and Nanjing have consistently ranked in the top ten for five consecutive years [1][2] - The forum discussed various themes related to innovation, including the cultivation of intelligent industries, AI talent characteristics, and the role of technology in urban renewal, showcasing a wide range of perspectives from experts [2] Group 2 - The index was developed through collaboration among numerous experts and institutions, indicating a rigorous validation process involving multiple rounds of data testing and discussions [2] - The article highlights the view of Dr. Shi Qinfeng, who argues that a city's unique innovation ecosystem is crucial for its resilience and talent retention, suggesting that such ecosystems cannot be easily replicated [3] - The research institute aims to become a "wisdom library" by collaborating with various research organizations and data companies, promoting innovation ecosystems as a key to overcoming homogenization challenges and achieving high-quality urban development [3]

Group 1: Talent Attraction and Development - Changshu has a total talent pool of 470,000, including 45,000 high-level talents and 244,000 engineering and technical talents, with a youth resident population ratio of 27.22%, ranking second in Jiangsu province [2] - The establishment of the HuRun U30 China Entrepreneur Pioneer Growth Base aims to support young entrepreneurs by connecting them with investment institutions and mentors [2] - The average value of the 131 young entrepreneurs' companies listed in the latest HuRun report is 280 million RMB, with 11 companies valued over 100 million USD [2] Group 2: Innovation and Industry Upgrading - Changshu focuses on innovation-driven development, investing in talent and technology to accelerate industrial upgrading and create new economic growth areas [3] - Jiangsu ShuoFan Intelligent Equipment Co., Ltd. has experienced rapid growth, achieving a sales increase from 100 million RMB to 600 million RMB within three years, thanks to local support [3] - The establishment of various innovation platforms, such as the Jiangsu Academy of Sciences Innovation Center, aims to address challenges in the carbon fiber industry and promote green development [6][7] Group 3: Policy Support and Financial Initiatives - Changshu has introduced measures to attract high-level talents, including tax incentives for salaries over 800,000 RMB and substantial support for high-energy innovation carriers [4] - The "Changchuan Talent Fund Phase II" has been established with a total scale of 300 million RMB to support technology-driven projects and youth entrepreneurship [8] - A venture capital alliance has been formed, gathering 22 investment institutions to facilitate the integration of talent, industry, and capital [9] Group 4: Comprehensive Talent Ecosystem - Changshu is committed to creating a favorable talent ecosystem, including a one-stop service center for high-level talents to streamline support processes [9] - The city has launched initiatives to develop low-altitude economy talents, including training programs for drone operators and certification engineers [10] - Changshu aims to be a "best partner" for talents by providing comprehensive support and creating opportunities for innovation and entrepreneurship [10]

"凤凰涅槃"象征重生。在法国卡昂大学正门广场，一尊从火焰中奋力振翅的青铜凤凰雕塑昂然矗立，象 征着大学自战火中重生，也代表着整座城市自废墟中崛起的精神信念。 来诺曼底探寻第二次世界大战盟军登陆的足迹，少不了经过卡昂。这座法国西北重镇距登陆海滩仅20公 里，当时桥梁损毁严重，部队难以前行，盟军不得不通过空袭解除德军封锁，给卡昂造成重创。市中心 1/3化为瓦砾，基础设施几近瘫痪。在如今已成为博物馆的卡昂男子修道院，笔者看到一张城市全景照 片。1948年，当地摄影师登上圣让教堂，用玻璃底片记录下重建前的城市景观：废墟上野草茂密，残存 的教堂和房屋孤立其中，一片萧索。 如今贯穿卡昂市中心的主干道名为"6月6日大道"，是战后重建的中轴线。这条纵向通道全长1200米、宽 40米，一端起于奥恩河岸，另一端直抵卡昂城堡，沿线串联抵抗广场、重建建筑群、圣皮埃尔教堂等历 史遗址，构成一条连接中世纪与现代的"记忆轴线"。 漫步街头，不时可见庆祝卡昂"千年诞辰"的海报。早在1025年，诺曼底公爵理查二世的一份文书中就载 有卡昂的名字，那时已有港口与集市，城市雏形初具。11世纪中期，征服者威廉在此修建城堡及两座修 道院，令卡昂成为诺曼 ...

1. 公开市场操作 2. 资金面 流动性微幅收敛，存款类机构隔夜质押式回购利率小幅上行，目前位于1.32%位置。七天质押式回购利率上行近2个bp，现位于1.49%位置。 海外方面，最新美国隔夜融资担保利率为4.34%。 // 债市综述 // 央行公告称，7月10日以固定利率、数量招标方式开展了900亿元7天期逆回购操作，操作利率1.40%，投标量900亿元，中标量900亿元。Wind数据显示， 当日572亿元逆回购到期，据此计算，单日净投放328亿元。 （*数据来源：Wind-央行动态PBOC） 全国和主要股份制银行一年期同业存单最新成交在1.62%附近，较上日小幅上行。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率纷纷上行 （*数 据来源：Wind-国际货币资金情绪指数、资金综合屏） | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （IMM） 3. 同业存单 30年期主力合约跌0.36% 10年期主力合约跌0.16% 5年期主力合约跌0.14% 2年期主力合约跌0.04% （*数据来源：Wind-国债期货） （* ...