金十数据6月4日讯，记者昨天从工业和信息化部了解到，工业和信息化部、国家发展改革委、农业农村 部、商务部、国家能源局五部门将于6月中旬在江苏启动2025年新能源汽车下乡活动。记者了解到， 2025年新能源汽车下乡将选取一批新能源汽车推广比例不高、市场潜力较大的典型县域城市。五年来， 山东、江苏、四川、海南、云南、重庆、湖北、广西、新疆、西藏、内蒙古、山西等10余个省、市、自 治区先后举办了29场专场活动、上百场巡游巡展活动；发布9批次、400余款新能源汽车下乡车型，下乡 活动车型累计销售近1500万辆。 （央视财经） 新能源汽车下乡累计销量近1500万辆 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On June 3, the liquidity situation was balanced with a slight easing trend. The bond market showed a weak and volatile performance overall, while the convertible bond market continued to rise following the equity market. US Treasury yields generally increased across various tenors, and the 10-year government bond yields of major European economies mostly declined [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: The "Regulations on the Sharing of Government Affairs Data" will be implemented on August 1, 2025. The Caixin China Manufacturing PMI in May was 48.3, dropping 2.1 percentage points from the previous month. The central bank conducted a standing lending facility operation of 14.01 billion yuan in May. The total social logistics volume in the first four months increased by 5.6% year-on-year. Five departments jointly launched the new energy vehicle campaign in rural areas [4][5][6]. - **International News**: The number of job openings in the US in April unexpectedly increased. The OECD downgraded the global economic growth forecast for 2025 to 2.9%. Lee Jae-myung won the South Korean presidential election [7][8][10]. - **Commodity News**: International crude oil and natural gas futures prices rose on June 3 [11]. 3.2 Liquidity - **Open Market Operations**: On June 3, the central bank conducted a 7-day reverse repurchase operation of 454.5 billion yuan at an interest rate of 1.40%. With 830 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 375.5 billion yuan [13]. - **Funding Rates**: On June 3, the funding situation was balanced with a slight easing trend, and major repurchase rates declined. DR001 decreased by 6.86bp to 1.414%, and DR007 decreased by 11.49bp to 1.550% [14]. 3.3 Bond Market Dynamics - **Interest Rate Bonds**: - **Cash Bond Yield Trends**: On June 3, the increase in the issuance price of negotiable certificates of deposit dampened market sentiment, and the bond market showed a weak and volatile performance. The yield of the 10-year treasury bond active bond 250011 rose by 0.10bp to 1.6760%, and the yield of the 10-year CDB bond active bond 250210 rose by 0.45bp to 1.7170% [17]. - **Bond Tendering**: Information on the tendering of three agricultural development bonds was provided, including terms, issuance scales, winning yields, and other details [18]. - **Credit Bonds**: - **Secondary Market Transaction Anomalies**: On June 3, the trading price of one industrial bond, "H0 Baolong 04", deviated by more than 10%, with a gain of over 1200% [18]. - **Credit Bond Events**: Multiple credit bond events were reported, including bond resumptions, holder meetings, credit rating adjustments, and debt settlements [19]. - **Equity and Convertible Bond Indices**: - **Equity Market**: On June 3, the three major A-share indices closed higher. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 0.43%, 0.16%, and 0.48% respectively, with a total trading volume of 1.16 trillion yuan [20]. - **Convertible Bond Market**: The convertible bond market continued to rise following the equity market. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose by 0.29%, 0.28%, and 0.32% respectively. Most convertible bond issues closed higher [20]. - **Convertible Bond Tracking**: On June 3, Nenghui Convertible Bond announced that it would not adjust the conversion price downward, and Kesun Convertible Bond announced that it would not choose to adjust the conversion price downward if the downward adjustment conditions were triggered again within the next six months [22]. - **Overseas Bond Markets**: - **US Bond Market**: On June 3, the 10-year US Treasury yield remained unchanged at 4.46%, while yields of other tenors generally increased. The yield spread between the 2-year and 10-year US Treasuries narrowed by 2bp to 50bp [23][24]. - **European Bond Market**: On June 3, the 10-year government bond yield of France remained unchanged, while those of other major European economies mostly declined [26]. - **Price Changes of Chinese Dollar Bonds**: Information on the daily price changes of Chinese dollar bonds as of the close on June 3 was provided, including the daily and monthly changes, credit entities, bond codes, and other details [28].

Global Trade and Tariff Policy - The US has raised tariffs on imported steel and aluminum from 25% to 50%, causing concerns over global supply chain disruptions. The EU has threatened to implement countermeasures by July 14 if no agreement is reached, escalating trade tensions between the US and EU [3] - The Midwest aluminum premium surged by 54%, and steel futures rose over 8%, increasing cost pressures on downstream industries such as automotive and appliances [3] - Brazil and India have indicated they will take reciprocal measures or resort to the WTO if negotiations fail [3] US-China Trade Negotiations - The Trump administration has requested countries to submit their best trade proposals by June 4, or face the reinstatement of tariffs. China has responded by stating it will maintain communication based on the consensus from Geneva talks, with a potential extension of short-term tariff exemptions until the end of August [4] Federal Reserve and Interest Rate Policy - Federal Reserve officials have expressed caution regarding rapid interest rate cuts, emphasizing the need for more evidence of declining inflation. Current rates are seen as providing a solid foundation for economic conditions [5] - US factory orders fell by 3.7% month-on-month in April, marking the largest decline since January 2024, while job vacancies increased to 7.39 million, indicating a mixed picture of labor market resilience and cooling [6] - The market anticipates a 98% probability that the Federal Reserve will maintain interest rates in June, with the first rate cut potentially delayed until after July [7] Commodity Market - Oil prices have risen to a two-week high, with Brent crude increasing by 1.5% to $65.63 per barrel and US crude rising by 1.4% to $63.41 per barrel, influenced by ongoing Russia-Ukraine conflict and deadlock in the US-Iran nuclear deal [7] - Gold prices have faced downward pressure due to a strengthening dollar, with spot gold dropping nearly 1% to $3352.30 per ounce, while platinum and palladium prices rose by 0.9% and 2.1% respectively due to industrial demand [8] Stock Market Performance - US tech stocks led the market, with Nvidia rising nearly 3% to reclaim the title of the world's most valuable company, and Broadcom delivering record switch chip deliveries, contributing to the Nasdaq's first year-to-date gain [9] - In China, the Shanghai Composite Index rose by 0.43%, with the Shenzhen and ChiNext indices increasing by 0.16% and 0.48% respectively, supported by active trading in sectors such as innovative pharmaceuticals and robotics [10] Policy and Industry Highlights - A joint initiative by five departments has launched a campaign to promote the adoption of 124 models of new energy vehicles in rural areas, aiming to enhance charging infrastructure and vehicle-network interaction technology [11] - A collaboration between Yaoshi Bang and Yujian Technology is set to advance the development of pharmaceutical collaborative robots, with the medical robot market projected to exceed $373 million by 2028 [12]

Market Overview - The Hang Seng Index closed at 23,512, up 1.53% for the day and 17.21% year-to-date[4] - The Hang Seng China Enterprises Index rose 1.92% to 8,520, with a year-to-date increase of 16.87%[4] - The Hang Seng Tech Index increased by 1.08%, reaching 5,189, and has gained 16.15% this year[4] U.S. Market Performance - The Dow Jones Industrial Average closed at 42,520, up 0.51%, with a slight year-to-date decline of 0.06%[4] - The S&P 500 Index finished at 5,970, rising 0.58% and up 1.51% year-to-date[4] - The Nasdaq Composite Index increased by 0.81% to 19,399, with a year-to-date gain of 0.46%[4] Japanese Market Performance - The Nikkei 225 Index closed at 37,447, down 0.06% and has decreased by 6.14% year-to-date[7] - The Tokyo Stock Exchange Index fell by 0.22%[9] Sector Highlights - Major tech stocks in Hong Kong saw significant gains, with Xiaomi up over 3% and Tencent rising 1.32%[9] - Wind energy stocks surged, with Goldwind Technology increasing by over 13%[9] - Biopharmaceuticals performed well, with Junshi Biosciences rising over 9%[9] Notable Stock Movements - Nvidia rose by 2.8% and Microsoft by 0.22% in the U.S. market, while Apple gained 0.78%[9] - Chinese electric vehicle manufacturer Li Auto saw a 6.07% increase in stock price, with May deliveries up 16.7% year-on-year[9] Economic Indicators - The U.S. job openings report showed nearly 7.4 million available positions, exceeding market expectations[9] - OECD downgraded the U.S. economic growth forecast from 2.8% to 1.6% for the year[11]

Group 1 - The core initiative is the launch of the 2025 New Energy Vehicle (NEV) rural promotion activity in Jiangsu, organized by five government departments [1] - The program aims to select typical county-level cities with low NEV promotion ratios and significant market potential, encouraging participation from various market entities in production, sales, finance, charging, and after-sales services [4] - The initiative will implement promotional schemes combining vehicle purchase discounts, energy support, and service guarantees, utilizing both online and offline methods [4] Group 2 - Over the past five years, more than 29 special events and hundreds of promotional activities have been held across over 10 provinces and regions, resulting in the release of over 400 NEV models and nearly 15 million units sold [6] - In Beijing, since the launch of the old-for-new electric bicycle program in September 2024, over 140,000 applications have been submitted, leading to new vehicle sales exceeding 380 million yuan [7] - The sales volume of electric bicycles in stores has increased, with overall sales growth of approximately 15% to 20% compared to the same period in 2024 [11]

Core Viewpoint - The new energy vehicle (NEV) sector is experiencing significant growth, driven by government initiatives and market dynamics, with various ETFs reflecting this upward trend in their performance [1][2][3]. Group 1: New Energy Vehicle Sector - The China Securities New Energy Vehicle Industry Index (930997) rose by 1.51% as of June 4, 2025, with notable increases in constituent stocks such as Rongjie Co., Ltd. (002192) up 3.85% and Zhongmin Resources (002738) up 3.82% [1]. - The New Energy Vehicle ETF (515700) saw a near 2% intraday increase, currently up 1.45%, with a latest price of 1.61 yuan, and a one-year cumulative increase of 9.98%, ranking in the top half among comparable funds [1]. - The New Energy Vehicle ETF's latest scale reached 2.185 billion yuan, placing it in the top half of comparable funds [1]. - Over the past two weeks, the New Energy Vehicle ETF's shares increased by 5 million, marking significant growth and ranking in the top half among comparable funds [2]. - The latest financing buy-in amount for the New Energy Vehicle ETF reached 1.7466 million yuan, with a financing balance of 50.9178 million yuan [2]. - The Ministry of Industry and Information Technology and other government bodies are promoting NEVs in underrepresented county-level cities, aiming to enhance market penetration and resource allocation [2]. Group 2: Automotive Parts Sector - The China Securities Automotive Parts Theme Index (931230) increased by 0.32% as of June 4, 2025, with significant gains in stocks like Hexing Co., Ltd. (605005) up 10.00% and Xusheng Group (603305) up 9.99% [5]. - The Automotive Parts ETF (159306) rose by 0.36%, with a latest price of 1.11 yuan, and a six-month cumulative increase of 3.36%, ranking in the second quarter among comparable funds [5]. - The Automotive Parts ETF's average daily trading volume over the past year was 2.573 million yuan, leading among comparable funds [5]. - The Automotive Parts ETF's shares increased by 4 million over the past three months, achieving significant growth and ranking in the second quarter among comparable funds [5]. Group 3: Photovoltaic and New Materials Sector - The China Securities Photovoltaic Industry Index (931151) rose by 0.91% as of June 4, 2025, with key stocks like Aisheng Co., Ltd. (600732) up 3.99% and Luxiao Technology (002617) up 2.96% [8]. - The Photovoltaic ETF (516180) increased by 0.76%, with a latest price of 0.53 yuan [8]. - The China Securities New Materials Theme Index (H30597) rose by 0.77%, with significant gains in stocks like Sankeshu (603737) up 6.24% and Blue Sky Technology (300487) up 5.05% [8]. - The New Materials ETF Index Fund (516890) increased by 0.82%, with a latest price of 0.49 yuan [8]. - The New Materials Theme Index includes 50 companies involved in advanced materials, reflecting the overall performance of the sector [10].

3日，两市股指盘中维持震荡上扬走势，北证50指数涨超1%。截至收盘，沪指涨0.43%报3361.98点，深 证成指涨0.16%报10057.17点，创业板指涨0.48%报2002.7点，北证50指数涨1.03%，沪深北三市合计成 交11640亿元，成交额和此前一日大致相当。行业方面，医药、银行、纺织服装、食品饮料、军工、保 险、券商等板块走高，创新药、减肥药、医美概念、黄金概念、体育概念等活跃；钢铁、煤炭、电力等 板块疲弱。 光大证券认为，短期外部风险扰动最严重的时候或许已经过去，但仍需要对特朗普后续政策的反复保持 警惕。近期国内政策仍积极发力，预计后续政策仍将持续落地。随着中美两国为"对等关税"按下90 天"暂停键"，短期内出口或将保持高增，预计消费仍是经济修复的重要动能之一。内外因素交织之下， 预计指数6月整体保持震荡。 今日投资机会解析 光大证券指出，此次督察强调黄河流域生态保护，多地已有项目因环保问题关停。农药行业继续向绿色 清洁低碳方向发展，政策推动减量增效，淘汰高毒高风险产品，提升行业集中度。友道化学爆炸事件影 响氯虫苯甲酰胺短期供应，成本支撑增强，价格或上涨。有机颜料行业在环保趋严背景下持续整合 ...

重要新闻 1. 国务院：政府部门应当科学合理确定政务数据共享属性，不得通过擅自增设条件等方式阻碍、影响政 务数据共享 李强签署国务院令，公布《政务数据共享条例》。条例提到，政府部门应当科学合理确定政务数据共享 属性，不得通过擅自增设条件等方式阻碍、影响政务数据共享。对属于有条件共享类的政务数据，政府 部门应当在政务数据目录中列明共享范围、使用用途等共享使用条件。对属于不予共享类的政务数据， 政府部门应当在政务数据目录中列明理由，并明确相应的法律、行政法规以及国务院决定依据。（新华 社） 2. 商务部等五部门组织开展2025年新能源汽车下乡活动，特斯拉Model 3、Model Y车型在列 工业和信息化部、国家发展改革委、农业农村部、商务部、国家能源局组织开展2025年新能源汽车下乡 活动。选取一批新能源汽车推广比例不高、市场潜力较大的典型县域城市，举行若干场专场活动；以此 为中心辐射周边乡镇，结合地区特点开展若干场特色活动。与县域充换电设施补短板试点、智能网联汽 车"车路云一体化"试点等工作形成协同效应，推动优质资源向乡村地区倾斜。其中，特斯拉Model 3、 Model Y车型在列。 3. 商务部：希望欧方 ...

Group 1 - The Ministry of Industry and Information Technology and other departments have launched the 2025 New Energy Vehicle (NEV) initiative to promote NEV usage in rural areas, focusing on quality and reliable models [1] - The initiative includes exhibitions, test drives, and collaboration with after-sales service, charging service, insurance, and financial service companies to enhance the NEV ecosystem in rural regions [1] - Policies such as tax reductions and incentives for vehicle trade-ins will encourage manufacturers to expand their product offerings and improve service levels in rural markets [1] Group 2 - Dongxing Securities notes that the automotive industry is experiencing intensified competition, impacting profitability and cash flow, but leading companies are still showing improvements in net profit and operating cash flow [2] - The release of new vehicles during auto shows and the ongoing effects of new policies are expected to gradually improve the performance of automotive companies in the second quarter [2] - Recommended companies for investment include SAIC Motor, Jianghuai Automobile, BYD, Changan Automobile, and others within the automotive and related sectors [2]

Market Overview - US stock indices continued to rise, with the Dow Jones up 0.51%, Nasdaq up 0.81%, and S&P 500 up 0.58% at the close [1] - The VIX index fell by 3.65% to 17.69, indicating reduced market volatility [1] - The US dollar index increased by 0.59% to 99.27, while the yield on the 10-year Treasury rose by 0.383% to 4.456% [1] - Gold prices dropped by 0.83% to $3353.32 per ounce, and Brent crude oil rose by 0.74% to $65.57 [1] - April job openings in the US unexpectedly surged, while factory orders recorded the largest monthly decline since January 2024 [1] Industry & Stocks - Most sectors in the S&P 500 saw gains, with semiconductor and technology sectors leading at 2.69% and 1.5% increases, respectively [1] - Real estate, communication, and consumer staples sectors declined by 0.36%, 0.28%, and 0.1% [1] Chinese Concept Stocks - Chinese concept stocks mostly rose, with notable performances from Li Auto, which saw a 6.07% increase in May deliveries, up 16.7% year-on-year [2] - Goldman Sachs raised its target price for Li Auto to $35.3, reflecting a positive outlook [2] - TSMC rose by 1.42%, while Alibaba and Pinduoduo saw slight increases of 0.19% and 1.96%, respectively [2] - JD.com fell by 1.37%, while NIO and Xpeng saw minor increases [2] Major Corporate Developments - Constellation Energy signed a 20-year power purchase agreement with Meta, starting mid-2027, to supply electricity from its Illinois nuclear plant [3] - Applied Digital entered into a 15-year lease agreement with CoreWeave, projected to generate approximately $7 billion in revenue [4] - Hims & Hers Health announced the acquisition of UK startup Zava to expand its European presence [5] - The German automotive industry warned that China's rare earth export restrictions could lead to production disruptions [6] Economic Indicators - Upcoming economic data to watch includes the US ISM Non-Manufacturing PMI for May and the Federal Reserve's Beige Book on economic conditions [7]