面对新质生产力加速发展、县域经济崛起、就业市场结构性矛盾凸显等新特征，如何通过政策创新实现 就业与用工的精准匹配，成为破解就业难题的关键。 ■ 李海楠 当前正值毕业季，教育部会同相关部门组织各地各高校积极行动，聚力攻坚，全力促进未就业毕业生就 业。下一步，教育部还将会同相关部门提供不断线就业服务，帮助未就业毕业生通过参与职业能力培 训、就业见习等尽早实现就业。 这不仅是对当前就业形势的积极回应，更折射出中国经济结构转型与人才需求升级的深层互动。 随着经济回升向好为今年就业环境奠定总体稳定基调，加之各地积极筹备政策挖潜岗位需求，应对预计 达1222万人的2025年高校毕业生应做到未雨绸缪、有的放矢。 展望下半年乃至今后的就业市场，要维持就业市场稳定，同时与经济社会发展相匹配，仍需要持续且有 效的政策工具创新。 积极对接新质生产力加速发展所衍生出的人才需求缺口。2025年以来，教育部持续对接经济大省的人才 需求，挖潜拓岗，推动构建区域性就业大市场。比如，广东省围绕发展新质生产力等领域需求，已挖掘 岗位超120万个，实现了人才供给与产业需求的同频共振。 这种"产业需求清单+高校专业调整"的联动机制，意在通过对经济大 ...

Core Insights - The current overseas storage and industrial storage sectors are at a turning point of industry recovery, with inventory backlog being resolved and downstream market share concentrating, leading to a release of demand from Asia, Africa, and Latin America [1] - It is expected that leading companies will see significant improvement in Q2 2025, exceeding market expectations, and the annual performance will return to a high growth range [1] - The recovery in Australia, Europe, and emerging markets has led to a substantial increase in shipments of small inverters in Q2, with positive guidance for future performance, marking the beginning of a new growth phase for the overseas energy storage inverter industry [1]

证券研究报告·行业点评报告·工程机械 工程机械行业点评报告 6 月挖机内销韧性凸显，出口高景气延续 2025 年 07 月 09 日 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 国内市场：6 月挖掘机内销增速转正，需求韧性凸显 2025 年 6 月挖掘机销量 18804 台，同比+13%，其中国内挖机销量 8136 台，同比+6%，恢复正增长。1-6 月国内挖机累计销量 65637 台，同比+22.9%， 整体景气度向上。6 月装载机销量 12014 台，同比+11%，其中国内销量 6015 台，同比+14%。5 月国内挖机销量波动导致市场预期较低，6 月已有 所恢复，我们认为全年来看工程机械仍能够实现可观增长，主要由于：① 当前短期波动主要由于资金到位节奏：下游并非缺乏项目，而是地方政府 资金到位率的短期波动影响开工继而影响销量。展望后续，中央资金对应 的水利款项将在 2025 年持续形成支撑，地方政府资金也将随着化债压力 逐渐减小而逐步倾斜至工程开工端，农村水利带来的中小挖需求有望成为 内需韧性的核心来源。②存量更新替换需求仍在：上一轮挖机上行周期为 2015-20 ...

Core Viewpoint - CBOT corn futures fell below $4 per bushel due to concerns over demand stemming from President Trump's latest tariff measures, while crop growth conditions in the U.S. suggest potential increases in yield [1] Group 1: Market Reaction - Chicago corn futures dropped by 1.7% to $3.9675 per bushel, marking the lowest level since August [1] - The decline in corn prices reflects heightened market anxiety regarding demand forecasts [1] Group 2: Government Actions - The U.S. government announced tariffs on several major agricultural trading partners, including Japan and South Korea [1] - Although tariffs were announced, Trump postponed the implementation date to August 1 [1] Group 3: Crop Conditions - Current crop growth conditions in the U.S. indicate a potential increase in corn production [1]

Core Insights - The U.S. Energy Information Administration (EIA) projects that U.S. natural gas production and demand will reach record highs by 2025, followed by a decline in 2026 [1] Industry Summary - The EIA anticipates a peak in natural gas production and demand in 2025, indicating a significant growth trend in the industry leading up to that year [1] - The expected decline in 2026 suggests potential volatility in the natural gas market, which could impact pricing and investment strategies [1]

Core Viewpoint - The EIA Short-Term Energy Outlook report projects an increase in U.S. crude oil demand growth to 30,000 barrels per day by 2026, up from a previous estimate of 20,000 barrels per day [1] Industry Summary - The report indicates a significant upward revision in the forecast for U.S. crude oil demand growth, reflecting a more optimistic outlook for the energy sector [1] - The increase in demand growth may influence market dynamics, pricing, and investment strategies within the oil industry [1]

Core Viewpoint - The recent trend of companies withdrawing their IPO applications from the ChiNext board to apply for the Beijing Stock Exchange (BSE) reflects a natural outcome of differentiated financing needs and competitive dynamics within the multi-tiered capital market, with BSE showing a higher tolerance for growth potential compared to the stricter requirements of the ChiNext board [1][4][5]. Group 1: Company Movements - Three biopharmaceutical companies, Beijing Beier Bioengineering Co., Ltd. (Beier Bio), Sichuan Meikang Pharmaceutical Software Research and Development Co., Ltd. (Meikang), and Shanghai Baiying Biotechnology Co., Ltd. (Baiying), have recently shifted their IPO applications from the ChiNext board to the BSE [1][4]. - Beier Bio was the first among these companies to apply for an IPO on the ChiNext board, with its application being accepted on July 13, 2020, but it withdrew its application on February 10, 2021 [4][5]. - Meikang and Baiying also had similar experiences, with their ChiNext IPO applications being accepted in June 2023 and subsequently terminated in mid-2024 [4][5]. Group 2: Market Positioning and Requirements - The BSE is positioned as a primary platform for innovative small and medium-sized enterprises, while the ChiNext board has stricter requirements, such as needing a net profit of over 50 million yuan in the last two years or a market value exceeding 1 billion yuan [5][6]. - In contrast, the BSE requires only a net profit of over 800,000 yuan in the last two years or revenue exceeding 10 million yuan in the most recent year, making it more suitable for high-growth, asset-light companies [5][6]. - The BSE's focus on niche "bottleneck" technologies and its more lenient financial standards make it attractive for companies in the technology breakthrough or market introduction phases [5][9]. Group 3: Fundraising and Financial Performance - Baiying's proposed fundraising amount for its BSE IPO is significantly reduced to 491 million yuan from 1.05 billion yuan during its ChiNext application, indicating a strategic shift in funding needs [6][7]. - Beier Bio aims to raise 537 million yuan for its BSE IPO, which is higher than its previous target of 367 million yuan on the ChiNext board [6][7]. - Meikang plans to raise the least amount among the three, with a target of 385 million yuan, down from 435 million yuan during its ChiNext application [7]. Group 4: Financial Indicators - Beier Bio reported a decline in net profit for 2024, with figures of 441.84 million yuan, 1.49 billion yuan, and 1.4 billion yuan for the years 2022 to 2024, respectively [8][9]. - Meikang also experienced a decrease in net profit, with figures of 71.60 million yuan, 95.12 million yuan, and 91.09 million yuan for the same period [8][9]. - In contrast, Baiying showed continuous growth in net profit, with figures of 57.65 million yuan, 84.02 million yuan, and 124 million yuan from 2022 to 2024 [9].

Core Viewpoint - The gold market is experiencing high volatility and mixed opinions regarding its future trajectory, particularly for the second half of 2025, influenced by geopolitical factors, central bank policies, and economic data [1][5][7]. Group 1: Current Market Conditions - Gold prices have shown a significant upward trend earlier this year but have entered a phase of fluctuation since mid-June, with current prices around $3,330 per ounce [1][3]. - As of July 8, 2023, COMEX gold futures were reported at $3,343 per ounce, while London spot gold was at $3,333 per ounce [1]. Group 2: Influencing Factors - Short-term factors supporting gold prices include expectations of Federal Reserve rate cuts, geopolitical uncertainties, and central bank gold purchases [3][5]. - Conversely, potential downward pressures include technical resistance, increased speculative trading, and weak physical demand [3][7]. Group 3: Central Bank Demand - A recent survey indicated that nearly 43% of central banks plan to increase their gold reserves in the next year, with 95% expecting continued gold accumulation [5][6]. - China's gold reserves increased to approximately 2,298.55 tons as of June, marking the eighth consecutive month of accumulation [6]. Group 4: Economic Data and Predictions - U.S. economic data and market expectations regarding Federal Reserve rate cuts are critical in determining gold price movements [7]. - Analysts from Goldman Sachs and Citigroup express concerns that the anticipated rate cuts may lead to a decrease in gold prices, with Citigroup predicting a drop to between $2,500 and $2,700 per ounce by Q2 2026 [7][8]. Group 5: Long-term Outlook - Despite short-term fluctuations, there is a long-term optimistic view on gold's value as a hedge against currency devaluation and inflation, supported by ongoing central bank purchases and a low-interest-rate environment [8].

高盛表示，AI芯片对光模块的配比率正在显著提升，这支撑了数据中心对高速光模块的需求，将光模块厂商2025-2027年 的净利润预测上调42%，目标价提升23%-82%。展望后续，高盛预计一线厂商估值收敛、二线厂商受益于需求外溢将成 为两大投资主线。。 硬·AI 作者 | 李笑寅 编辑 | 硬 AI 随着AI技术的迅猛发展，AI芯片与光模块的"配比率"持续提升，成为推动光模块行业增长的重要引擎。 据追风交易台消息，高盛分析师Jin Guo、Allen Chang在其最新研报中表示，AI芯片与光收发器配比率持 续上升的趋势将显著增强行业长期发展韧性。 01 配比率提升驱动下 光模块需求有强劲支撑 AI芯片与光模块的配比率提升是行业增长的核心驱动力。 报告显示，基于厂商发布的参考设计，GPU/ASIC与光收发器的配比率呈明显上升趋势。 比如，H100和GB200的配比率约为1:3（每GPU需要3个800G光收发模块），而B300提升至1:4.5，特定 ASIC训练集群甚至达到1:8。这一变化源于新芯片更高的带宽需求以及网络架构从400G向800G甚至1.6T 的升级。 报告强调， 这种趋势意味着即使AI芯片销量增长 ...

-400 -200 0 200 400 600 800 1000 日期 01-12 01-24 02-05 02-17 02-29 03-12 03-24 04-05 04-17 04-29 05-11 05-23 06-04 06-16 06-28 07-10 07-22 08-03 08-15 08-27 09-08 09-20 10-02 10-14 10-26 11-07 11-19 12-01 12-13 12-25 2025 2024 2023 2022 2021 热卷--基差 -200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 铁矿石--基差 | | 黑色产业数据每日监测（7.08） | | --- | - ...