印度6月制造业PMI终值 58.4，初值 58.4。 ...

Group 1 - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including their entry into the basic medical insurance drug list and the establishment of a commercial health insurance innovative drug list [1] Group 2 - The Caixin China Manufacturing Purchasing Managers' Index (PMI) for June recorded 50.4, an increase of 2.1 points from May, returning above the critical point [2] Group 3 - According to the National Film Administration, the box office for the first half of 2025 is projected to be 29.231 billion yuan, with 641 million viewers, representing year-on-year growth of 22.91% and 16.89% respectively, and domestic films accounting for 91.2% of the box office [3] Group 4 - The domestic fuel surcharge for air routes will increase by 10 yuan starting July 5 [4] Group 5 - As of the midday close, the Shanghai Composite Index rose by 0.21%, while the Shenzhen Component Index fell by 0.32%, and the ChiNext Index decreased by 0.58% [5]

Group 1 - The core viewpoint of the report indicates that the global economy may face increased downward pressure, with expected growth slowing to 2.5% by 2025 [1] - Export and investment in the Asian region are under pressure, but expansionary macro policies can help mitigate the impact [1] - China's economy remains resilient, supported by stable macro policies that effectively bolster domestic demand growth [1] Group 2 - The chief economist for HSBC Global Investment Research in Greater China, Liu Jing, noted that China's manufacturing sector is undergoing a process of upgrading its value chain [1] - There is a significant increase in the proportion of capital goods and intermediate goods in China's export products, with added value from China in goods exported to the U.S. by countries like Mexico and Vietnam also rising [1] - Despite the uncertainty regarding the direction of global supply chain restructuring, a clear trend is emerging where Chinese manufacturing continues to extend towards both ends of the "smile curve," with Chinese companies actively seeking higher added value and deeper integration into the global supply chain [1]

Group 1 - Panasonic has officially terminated its refrigerator and washing machine business in India, responding to ongoing operational losses and a market share below 2% over the past six years [1][3] - The decision aligns with Panasonic's global restructuring plan aimed at divesting non-profitable business units and focusing on high-value areas such as smart home systems and commercial HVAC solutions [1][3] - Despite the cessation of traditional appliance operations, Panasonic's Indian subsidiary is projected to achieve revenues of ₹1,150 billion in the fiscal year 2024-25, driven by a 25% growth in the air conditioning product line and increased penetration in the smart kitchen market [3] Group 2 - The restructuring has led to a dual-track operational model for Panasonic's Indian segment, retaining core businesses in smart home systems, digital audio-visual products, and smart kitchen ecosystems while strategically nurturing industrial IoT solutions and building automation systems [4] - The business transformation highlights a strategic shift for multinational companies in emerging markets, moving from consumer-oriented segments to industrial empowerment, leveraging technological collaboration to build differentiated competitive advantages [5]

数据来源：Bloomberg，Reuters，同花顺 iFinD，SMM，国泰君安期货研究 2025 年 07 月 01 日 锌：基本面相对偏空 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 22495 | 0.38% | 伦锌 3M 电子盘收 | 2741 | -1.35% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 160924 | -64900 | 伦锌成交量（手） | 12088 | -377 | | （手） | | | | | | | 沪锌主力持仓量 | 140186 | -2242 | 伦锌持仓量（手） | 207539 | -2439 | | （手） | | | | | | | 上海 0# 锌升贴水 | 35 | -15 | LME CASH-3M 升 | -10.23 | -7.23 | | （元/吨） | | | ...

金十数据7月1日讯，6月财新中国制造业PMI各分项指数，涨跌互现。其中生产指数和新订单指数均从 收缩区间再度回到荣枯线上方，前者录得七个月新高，新出口订单指数、就业指数和原材料购进价格指 数均在收缩区间上升。尽管生产和需求改善，但不确定性仍让企业对增加采购相对谨慎，采购量指数在 收缩区间降至九个月新低，加之生产加快，原材料库存指数从扩张区间降至荣枯线，企业更多动用库存 交付订单，产成品库存指数降至收缩区间。 财新6月中国制造业PMI：制造业景气重回扩张 企业预期仍待改善 ...

Core Viewpoint - China's Caixin Manufacturing PMI for June is reported at 50.4, exceeding expectations of 49.3 and the previous value of 48.3 [1] Summary by Categories Economic Indicators - The Caixin Manufacturing PMI indicates a slight expansion in the manufacturing sector, as a reading above 50 signifies growth [1] - The increase from the previous month's value of 48.3 to 50.4 suggests a recovery in manufacturing activity [1] Market Implications - The better-than-expected PMI figure may signal improved economic conditions, potentially influencing investor sentiment positively [1] - This data could lead to adjustments in market forecasts and investment strategies within the manufacturing sector [1]

中国6月财新制造业PMI将于十分钟后公布。 ...

Core Viewpoint - The article indicates that the Caixin Manufacturing PMI for June in China will be released at 09:45 Beijing time, which is a key indicator for assessing the health of the manufacturing sector in the country [1] Group 1 - The Caixin Manufacturing PMI is a significant economic indicator that reflects the performance of the manufacturing industry in China [1]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 7 月 1 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：震荡偏强 核心逻辑：昨日各股指均震荡整理，全天小幅上涨。股市全市场成交额 15756 亿元，较上日缩量 475 亿元。消息面上，统计局公布了 6 月制造业 PMI 数据，为 49.7，上月为 49.5，其中新订单指数回升 至扩张区间，制造业 PMI 表现边际向好趋势。近期股市风险偏好回升，主要原因在于政策面托底需求 以及增量资金入市的预期不断升温，加上外部风险因素短期内趋于缓和，大金融与 AI 科技板块成为 市场主线。目前沪深两市成交金额达到 1.5 万亿元的量级，市场情绪偏向积极乐观。总的来说，短期 内股指震荡偏强为主。 （仅供参考，不构成任何投资建议） | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2509 | 震荡 | 上涨 | ...