3400 点或仍有拉锯，把握结构性机会，高抛低吸或是占优策略 总量视角 【A 股大势研判】 周二午后 A 股突然跳水，周三沪深三大指数高开高走全线走强，成功实现了 对周二下跌的反包，沪指收盘在 3400 点上方。不过，周三量能明显萎缩，这或 许反应出市场的几个主要矛盾：一是信心修复但追高意愿不足；二是利好刺激边 际效应递减。虽有积极消息推动高开，但指数未能借势放量上攻，显示利好对市 场整体做多动能的提振作用有限；三是缩量反包更倾向于对周二下跌的技术性修 复。 英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 6 月 12 日 考虑到海外压力犹存、国内经济修复不强及政策预期的博弈窗口，因此，虽 然周三反包形态确实缓和了市场悲观情绪，显示出下方承接力量的存在，使得回 撤风险有所减弱。但由于量能不足，反弹根基并不牢固，同时，在缺乏显著放量 以及强有力的新驱动因素的情况下，市场难以形成一致的单边预期，短期内难以 期待指数出现流畅、大幅的拉升，3400 点附近或仍有拉锯，预计短期 A 股市场将 呈现震荡或震荡上行的概率较大，把握结构性机会。 操作上，避免盲目追涨杀跌，高抛低吸或是占优策略。对前期涨幅较大 ...

Core Viewpoint - The Guangxi Activity Week at the 2025 Osaka World Expo aims to showcase Guangxi's natural beauty, ethnic culture, and achievements in green development, while promoting trade and cultural exchange with Japan [1][2][3] Group 1: Event Overview - The Guangxi Activity Week is themed "Beautiful Guangxi, Green Future" and features various forms of exhibitions, intangible cultural heritage performances, and trade negotiations [1] - Over 200 distinctive Guangxi products are set to embark on international markets, with 35 Guangxi enterprises engaging in trade discussions with over 60 representatives from Japanese business associations [1] Group 2: Cultural and Technological Integration - The opening ceremony included performances that blend ethnic culture with ecological civilization, showcasing traditional arts and modern technology [2] - The event utilizes VR and digital technology to create immersive experiences, allowing visitors to "travel" through Guangxi's scenic landscapes [2] Group 3: Future Initiatives - Guangxi plans to leverage the Expo platform for a series of promotional activities, including product exhibitions, health industry promotions, and cultural tourism initiatives [3] - The region aims to establish collaborative projects with Japan in areas such as environmental protection, green energy, health, and cultural tourism [3]

热门中概股涨跌不一，哔哩哔哩涨8.28%，腾讯音乐涨1.31%，理想汽车涨1.12%，拼多多涨0.75%，百 度涨0.07%。小马智行跌3.21%，蔚来跌1.84%，阿里巴巴跌1.27%，新东方跌1.11%，好未来跌1.02%， 小鹏汽车跌0.24%，京东跌0.18%。 机构观点： 中信建投：稀土出口或迎积极信号，国内上涨收敛内外价差 中信建投研报表示，自4月我国实行部分稀土出口管制以来，4月稀土永磁出口量环比下降50%以上，创 下近5年稀土永磁出口数据的历史新低，含有镝铽等元素的稀土磁材是新能源车驱动电机的关键材料， 海外多家车企宣告原料库存紧张。近期商务部回应，对符合规定的稀土出口许可申请中方将予以批准。 受出口或逐步放松预期影响，市场上调稀土原料报价。参考此前国内锗、镓、锑等出口管制金属价格走 势，多数金属在出口管制后初期价格下跌或持稳，海外价格快速上涨，随着出口许可发放，金属出口逐 步恢复，国内价格锚定海外高价明显上涨，内外价差收敛以国内上涨方式进行。因此，后续稀土出口管 制放松或对价格上涨呈助推作用，稀土板块迎估值提升之后再迎利润增厚双击。 凤凰网财经讯 6月12日，三大指数集体低开，沪指低开0.1 ...

中信证券研报表示，新型政策性金融工具时隔3年重启使用，规模为5000亿元，主要用于补充项目资本 金，加快投资项目落地进度。从近期地方政府召开的政策解读会、项目调度会相关报道看，新型政策性 金融工具的投向既包括城市基础设施、水利设施、交通基础设施等传统基建领域，也包括数字经济、人 工智能、低空经济等前沿科技产业。传统意义上政策性金融工具具有较大的撬动作用，化债环境下本次 撬动作用需结合企业贷款投放情况观察，但总体上财政政策显示出积极发力姿态，稳增长决心坚定。新 型政策性金融工具从推出到落地时滞约1-2个月，预计后续地方债发行使用将加速，特别国债支持的"两 重"项目也将加速落地，对今年下半年经济形成有力支撑。 ...

Core Insights - Hubei Province has announced the list of 15 selected industrial clusters for small and medium-sized enterprises (SMEs) for the year 2025, aiming to enhance their comprehensive strength by 2027 [1] - The development plan targets the creation of two industrial clusters with annual revenues exceeding 100 billion yuan, five exceeding 50 billion yuan, and 50 exceeding 10 billion yuan [1] Group 1: Selected Industrial Clusters - The 15 selected industrial clusters include: Wuhan Intelligent Detection Equipment, Wuhan Intelligent Connected Vehicle Software, Qianjiang High-end Wet Electronic Chemicals, Huangshi Heat Exchanger, Zigui Glass New Materials, Tongcheng Electronic Intelligent Components and Mica Substrate, Jingmen LED Semiconductor Materials and Testing, Xiantao High-end Special Chemical New Materials, Gedian Optoelectronic Semiconductor Chips and Devices, Xiangcheng Biological Innovative Raw Pharmaceutical Chemicals, Zhongxiang New Type Special Fertilizers, Huangshi High-end Die-casting Molds, Yidu Bulk Material Conveying Equipment, Jingzhou Intelligent Washing and Drying Machines, and Suizhou Intelligent Emergency Mobile Equipment and Emergency Support Services [1] Group 2: Wuhan's Industrial Clusters - Wuhan's Intelligent Detection Equipment cluster is located in the core area of China Optical Valley, focusing on a full-chain industrial ecosystem that integrates design, R&D, manufacturing, and sales services, with 60 enterprises in the cluster [2] - The Intelligent Connected Vehicle Software cluster in Wuhan leverages the automotive industry advantages, focusing on the integration of smart connected vehicles and digital economy, covering key areas such as autonomous driving and vehicle networking [2] Group 3: Support and Development Plans - Hubei Province plans to provide financial support for these industrial clusters, encouraging the establishment of innovation platforms such as technology centers and engineering research centers [2] - For leading enterprises that build R&D centers with construction costs exceeding 20 million yuan within three years, the provincial government will provide a subsidy of up to 5 million yuan, accounting for 10% of the costs [2]

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 贾东旭 摘要 在当前宏观政策积极发力稳增长的背景下，政策性金融工具备受关注。前两轮其成效显著，本轮新型工 具何时可能落地？资金投向又会有哪些新动向？本文分析，可供参考。 短期还有哪些稳增长工具值得期待？政策性金融工具或"呼之欲出"。 4月政治局会议对宏观政策做出新部署，货币政策率先在5月初落地，财政政策方面，政府债发行依旧保 持积极态势，短期内增量可能来源于政策性金融工具。 货币政策上，央行于 5月7日推出三大类货币政策 措施及十项具体举措。财政政策方面，除政府债净融资维持高位外，增量资金来源需关注政治局会议提 出的 "新型政策性金融工具"。 政策性金融工具可能在6月底落地，一方面源于发改委给出的指引，另一方面也和当前经济基本面稳健有 关。 国家发展改革委副主任表示，"力争6月底前下达2025年'两重'建设和中央预算内投资全部项目清 单，同时设立新型政策性金融工具。"另外，当前经济基本面表现稳健，5月乘联会乘用车零售同比 13.0%，出口相关指标也处于较高区间。 同时，5 月份以来，多地积极筹备项目并准备申报，召开新型政策性金融工具政策 ...

Group 1: Policy Developments - President Xi Jinping and President Trump discussed the importance of US-China relations, emphasizing the need for mutual respect and cooperation in economic matters [1][2] - The introduction of the "Regulations on Government Data Sharing" aims to enhance government digital governance and service efficiency, addressing the issue of "data silos" [2][3] - The Ministry of Finance and other departments announced a unified horizontal ecological compensation mechanism focusing on the Yangtze and Yellow River basins to improve ecological protection [4][5] Group 2: Urban Development Initiatives - The Ministry of Finance announced support for 20 cities, including Beijing and Tianjin, for urban renewal projects, with a total expected subsidy exceeding 20 billion [7][8] - The initiative aims to improve urban infrastructure and promote sustainable urban development through various financing methods [8] Group 3: Human Resources and Manufacturing Integration - The Ministry of Human Resources and Social Security launched a pilot program to integrate human resources services with the manufacturing sector, focusing on cities with advanced manufacturing bases [9][10] - The program aims to establish a standard system for human resources services in manufacturing and enhance regulatory measures against illegal practices [9][10]

县域沟通条块、连接城乡，既是统筹推进新型城镇化建设与乡村全面振兴的战略支点，又是破解城乡二 元结构、促进城乡要素双向流动、实现城乡融合发展的重要突破口。培育壮大县域经济，是扩大国内需 求、畅通国民经济循环的重要举措。今年的中央一号文件提出"着力壮大县域富民产业"，并对"发展各 具特色的县域经济"作出重要部署。大力发展县域经济已经成为当前和未来一个时期区域经济战略布局 中的重要任务。 大力发展县域经济为实现共同富裕探索重要路径。县域经济高质量发展能产生独特的经济效益与社会效 益，在推动基本公共服务均等化、促进农业转移人口高质量充分就业、有效缩小城乡收入差距等方面发 挥作用。一方面，县域通过发展特色农业、农产品加工业及乡村旅游等富民产业，能够增加农民的工资 性收入；通过土地流转、入股分红等，能够增加农民的财产性收入；通过县域内产业发展带动相关服务 业发展，能够拓宽农民的增收途径。另一方面，县域经济高质量发展使得县域具备更强的资源调配能 力，进而确保各项政策精准落地，进一步发挥县域在完善实施区域协调发展战略机制、构建优势互补的 区域经济布局和国土空间体系中的重要作用。 目前，受制于资源禀赋、基础设施、人才储备、技术 ...

Core Viewpoint - The article discusses the challenges posed by "involutionary" competition in the platform economy, particularly in the food delivery sector, highlighting the need for regulatory intervention to promote healthy competition and sustainable development [2][3][4]. Group 1: Current State of Competition - The rapid expansion of the platform economy has led to practices such as "choose one from two" and price wars, resulting in resource waste and unhealthy competition [2]. - Since April 2025, a new round of subsidy and price wars has emerged in the food delivery sector, affecting over 10 million delivery riders and involving millions of restaurants, making it a priority for regulatory action against "involution" [2][3]. Group 2: Impact on Industry Stakeholders - The reliance on high subsidies among platform companies has created a competitive environment that negatively impacts merchants, consumers, and delivery riders, leading to economic fluctuations and resource waste [4][5]. - Large brand merchants can absorb short-term low margins to gain market share, while small merchants face a dilemma of either matching subsidies or risking loss of visibility on platforms, potentially leading to closures [5][6]. Group 3: Long-term Sustainability Challenges - The current competition has led to irrational and homogeneous expansion in supply, particularly in the beverage sector, with a 37.5% increase in new openings in May 2025 compared to April [6]. - Continuous high subsidies are altering consumer price perceptions, leading to a cycle of low-price and low-quality offerings, which could harm the overall market and consumer trust [7][8]. Group 4: Recommendations for Healthy Development - Regulatory bodies are encouraged to implement measures to halt unfair competition driven by high subsidies, including penalties for platforms engaging in such practices [8][9]. - Strengthening the regulatory environment to combat false advertising and other market-distorting behaviors is essential for maintaining fair competition [9]. - Encouraging platforms to focus on innovation and global expansion rather than low-quality competition is vital for the long-term stability of the industry [9].

Core Viewpoint - The anticipation for the official announcement of the "new type of policy financial tools" is building, with local governments already conducting policy interpretation and project application meetings, indicating that the official announcement is imminent [1][2]. Group 1: Policy Financial Tools Overview - Local governments in 12 provinces, including Shandong, Hunan, and Hubei, have held meetings to discuss the new policy financial tools, aiming to seize opportunities in the upcoming policy framework [1]. - In 2022, three policy financial institutions created and deployed approximately 740 billion yuan (about 740 billion) in policy and development financial tools to support major project capital and bridge funding for special bond projects [1]. - The new tools are expected to be officially launched in the second quarter of 2023, as indicated by market research institutions [1]. Group 2: Support and Funding Mechanisms - The new tools are designed to address funding gaps in key areas such as new urbanization, agriculture, artificial intelligence, digital economy, and consumer infrastructure [3]. - Historical experience suggests that fiscal and monetary policies will provide necessary support for the new tools, with a focus on using monetary policy to supplement fiscal efforts, particularly through mechanisms like the Pledged Supplementary Lending (PSL) [2]. - Local governments are actively planning and reserving projects to maximize the benefits of the new tools, emphasizing the importance of leveraging social capital and expanding effective investment [4]. Group 3: Project Focus and Implementation - Specific areas of focus for project applications include industrial development, cultural tourism, agriculture, and urban construction, with local governments identifying priority projects in these sectors [3]. - The three main policy financial institutions involved in the new tools—China Development Bank, Agricultural Development Bank, and China Export-Import Bank—are actively participating in policy interpretation sessions to clarify eligibility and operational models [3]. - Local governments are urged to take advantage of the project application window to implement high-quality projects that translate policy potential into tangible development outcomes [4].