本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 核心观点： 长期视角：技术壁垒决定韧性，高附加值产品优势凸显。具备技术壁垒、产品差异化的行业在长期关税冲 击中展现更强定价权，形成"量价同涨+依赖度提升"的良性循环。建议关注药品、电机和电气设备、有机 化合物、铝制品等行业。 点击注册小程序 短期视角：出口下降具有普遍性，更多韧性通过转口贸易体现，对华进口依赖度高产品的海外替代较弱。 芬太尼关税导致中国对美国短期出口额骤降，不同性质产品无明显差异。通过转口贸易体现出口韧性的产 品包括玩具、家具、鞋靴、玻璃制品、贱金属杂项制品、电机和电气设备等。此外，美国对华进口依赖度 高产品的海外替代率偏低，需求缺口难以由其他国家填补。可以关注美国进口商在高进口依赖度产品中的 补库需求带来的出口反弹。 查看完整报告 特别申明： 本报 ...

新华财经上海6月14日电（记者杨有宗）"技术中心将赋能恩福进一步提升技术自主性，通过强化本地研 发能力，开发出贴合中国客户实际应用场景的创新产品与技术，并为本地客户提供更加独立、更加优质 的服务。"近日，科德宝集团中国地区代表王嘉毓接受新华财经采访时做出上述表述。 科德宝旗下的恩福（中国）前不久举行技术中心暨无锡新厂房启用仪式，该项目总投资2亿元人民币， 集研发、生产、销售于一体，是科德宝集团深化本土发展、赋能中国产业升级的关键举措。 据了解，该技术中心在立足汽车工业和通用工业等多个领域技术优势的基础上，将深入布局新能源汽 车、氢能与燃料电池、风电设施、机器人等新兴产业方向。 在王嘉毓看来，虽然中国市场潜力巨大，但也面临着不小的挑战，激烈的市场竞争和多元的市场需求就 是挑战之一。"随着中国产业结构不断升级，中国本地客户对更深层次的研发能力的需求日益增加，体 现在产品开发、设计、样件制作和验证等多个环节。" 在当今经贸格局下，如何提升供应链的稳定性和韧性也是需要企业进一步考虑的问题。"增强本地化研 发能力有助于恩福在复杂的全球供应链体系中，强化自身供应链的稳定性与韧性，以便更好地协调本地 采购、生产等环节，保障 ...

Core Viewpoint - Major Chinese automotive manufacturers have collectively committed to controlling payment terms with suppliers to within 60 days, addressing long-standing issues of extended payment cycles that have affected cash flow and exposed risks in the supply chain [1][2]. Group 1: Industry Commitment - The commitment from automotive companies is seen as a positive step towards improving the overall quality of the supply chain and enhancing its resilience against potential disruptions [1]. - The revised "Regulations on Ensuring Payment to Small and Medium-sized Enterprises" effective from June 1 mandates large enterprises to pay small and medium-sized enterprises within 60 days [1][3]. Group 2: Financial Implications - Shortening payment terms may increase the interest-bearing liabilities for large manufacturers, but it could significantly reduce costs across the supply chain due to their lower financing costs compared to smaller firms [2]. - For instance, while some private enterprises face financing costs above 10%, major manufacturers can secure financing at rates below 3%, creating a 7% cost differential that can be leveraged to lower overall supply chain expenses [2]. Group 3: Need for Clarity - The automotive industry's commitment lacks a clear timeline, and companies should establish a specific schedule for implementing these changes to ensure transparency and understanding across the supply chain [3]. - There is a need for clarity on how payment terms will be calculated and the specific payment methods to be used, moving away from practices that maintain extended payment cycles [2][3]. Group 4: Broader Industry Impact - The issue of payment terms is not limited to the automotive sector but is prevalent across various industries, and the automotive sector's collective commitment could serve as a model for other sectors [3]. - Adjustments in payment policies could lead to new competitive dynamics, emphasizing cash flow, supply chain stability, and compliance as critical competitive factors [3]. Group 5: Future Industry Landscape - The competitive landscape in China is expected to evolve, with surviving companies likely to possess global competitive advantages after navigating intense competition [4]. - The expectation is that the automotive industry's commitment will contribute to a more resilient and efficient industrial ecosystem, setting a precedent for other sectors [3][4].

瑞达期货研究院 「2025.06.13」 碳酸锂市场周报 供给偏多库存高位，碳酸锂仍存有压力 研究员:王福辉 期货从业资格号 F03123381 期货投资咨询 从业证书号 Z0019878 助理研究员: 陈思嘉 期货从业资格号F03118799 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：碳酸锂主力合约周线震荡偏弱。截止收盘，周线涨跌幅-0.83%，振幅3.81%。主力合约报价59940元/吨。 后市展望：宏观方面，工信部表示，支持整车企业切实践行"支付账期不超过60天"承诺，继续引导整车企业与供应 链企业建立长期稳定的合作关系，促进大中小企业融通创新、协同发展，积极营造"大河有水小河满"的良好局面， 不断提升产业链供应链韧性和安全水平。碳酸锂基本面原料端，海外矿山持续挺价，出货意愿有所下降，冶炼厂需求 亦因为库存尚充足而采购情绪较弱。供给端，因前期期价反弹，部分冶炼厂因套保而锁定利润，生产意愿有所恢复， 进出口方面，智利出口量大幅减少，预计后续到港后国内供应量级亦将相应回落。国内供给量预计将呈现短期偏多随 后逐 ...

但从单周（6.9~6.13）表现看，银行ETF（512800）稳步向上，并于本周二（6月10日）再度刷新上市以来场内价格新高，其标的指数周内累计上涨0.46%， 已连涨6周！ 作为近两年A股市场"最抗跌"的板块，银行持续上行，走出了傲人的相对收益。今年以来，中证银行指数累计上涨9.8%，较上证指数、沪深300分别超额9.05 和11.6个百分点；若从2022年10月底的近3年低点算起，中证银行指数累计涨幅高达55%，同期上证指数和沪深300涨幅仅15.81%、9.12%。 | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | --- | | | | | 区间首日】本年初 ×固尾日 2025-6-13 | [区间首日] 2022-10-31 [区间尾日] 2025-6-13 | | | | | | [自位] % | THAN O | | | | 399986.SZ | 中证银行 | 9.8016 | | 54.9458 | | 2 | 000300.SH | FR300 | -1.7975 | | 9.1167 | | 3 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is adopting a strategy of "one shield and three arrows" to navigate the challenges and opportunities arising from global changes, including geopolitical complexities and US-China competition [1][3]. Group 1: Market Resilience - The SFC emphasizes the importance of a resilient market in the face of capital market volatility, which has become the new norm [3]. - The recent increase in US tariffs led to significant market declines, with the Hang Seng Index experiencing its largest single-day drop in nearly 30 years, yet the Hong Kong market demonstrated resilience through effective regulatory frameworks and risk management measures [4]. - The SFC has been closely monitoring market conditions and conducting stress tests on exchanges and intermediaries to assess risk management capabilities [4]. Group 2: Seizing Opportunities - Hong Kong is positioned as the third-largest international financial center, relying on proactive strategies to capitalize on emerging opportunities [6]. - In May, international funds significantly flowed back into A-shares and Hong Kong stocks, indicating a potential restructuring of global asset allocation [7]. Group 3: Three Arrows Strategy - The first arrow focuses on enhancing Hong Kong's core competitiveness as a top financing and wealth management center, with recent H-share listings, such as CATL, raising a record $5.3 billion [8]. - The second arrow aims to deepen connections between Hong Kong and both emerging and mature markets, expanding the scope of mutual access to include funds, ETFs, and derivatives [9]. - The third arrow emphasizes innovation through technology, including digitalization, blockchain, and generative AI, to maintain long-term competitiveness [11].

Core Viewpoint - The article highlights the resilience of China's foreign trade amidst unprecedented uncertainty caused by the "reciprocal tariff" policy implemented by the Trump administration, with a steady growth trend observed in the first five months of 2025 [1] Trade Performance - In the first five months of 2025, China's total goods trade value reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with May's trade value at 3.81 trillion yuan, up 2.7% year-on-year [1] - In May, China's export value was 2.28 trillion yuan, slightly up from 2.27 trillion yuan in April, with a year-on-year increase of 4.8% in USD terms, indicating strong economic resilience despite a decline in growth rate [1] Export Product Structure - The export product structure shows a divergence, with upstream raw materials, mobile phones, and home appliances experiencing weaker exports, while labor-intensive products like clothing, bags, and toys improved due to mature supply chains and production capabilities [2] - The export of electromechanical products remained robust, with integrated circuit exports showing significant growth, reflecting advancements in high-end manufacturing and industrial upgrades [2] Trade Partners - ASEAN, EU, and the US are the top three trading partners, with a decline in "rush exports" to emerging economies. Exports to the US decreased, with the share of US exports in China's total exports dropping from 10.46% in April to 9.12% in May [3] - Despite the decline in direct exports to the US, strong performance in exports to non-US countries has helped mitigate some of the impacts, with signs of recovery in exports to the US observed in late May [3] EU and Africa Trade - Exports to the EU grew by 12.02% year-on-year and 5.97% month-on-month in May, supported by marginal recovery in the Eurozone manufacturing sector [4] - Trade with Africa reached a historical high in the first five months, with exports to Africa increasing by 33.34% year-on-year, highlighting the importance of diversifying trade [4] Import Performance - In May, China's imports decreased by 3.4% year-on-year and 3% month-on-month, with a trade surplus of 103.22 billion USD. Imports from the US saw a significant decline due to tariff policies [5] - Imports from the EU showed improvement, recovering from a -16.5% decline in April to near 0 in May, reflecting deepening economic cooperation [5] - The decline in imports of major commodities like crude oil and iron ore indicates that domestic investment and industrial demand have not fully recovered, while imports of data processing equipment maintained high growth [5] Future Outlook - The article suggests that despite the complex global trade environment, China's foreign trade is expected to continue steady growth supported by ongoing policies aimed at stabilizing foreign trade [5]

Core Insights - The article discusses the integration of scientific research and emergency practices in earthquake management, highlighting the need for better data collection and analysis in post-disaster scenarios [1][2]. Group 1: Research and Development - The China Earthquake Administration is focusing on the structural characteristics of collapsed buildings, which has been a research gap in the field [1]. - Researcher Wang Tao has developed new experimental methods to understand the mechanisms of building collapse and has created effective methods to enhance the seismic performance of buildings [2]. - The research aims to improve the construction of earthquake-resistant buildings, addressing material, component, and structural system aspects to reduce collapse risks [2][3]. Group 2: Emergency Response - Wang Tao has participated in rescue operations during significant earthquakes, including the 2023 Turkey earthquake and the 2025 Myanmar earthquake, assessing the safety of debris and providing data for rescue plans [2]. - His experience allows for quick assessments of remaining load-bearing capacity in damaged structures, which aids in formulating effective rescue strategies [3]. - The article emphasizes the reciprocal relationship between fieldwork and research, where insights gained from rescue operations can inform future scientific studies [3].

21世纪经济报道记者 董静怡 上海报道 近期的跨境电商非常热闹。 随着关税下调，企业都在努力生产、接单、发货。一方面，迅速消化过去一段时间的消费需求，另一方 面，为年中大促以及之后的旺季做准备。 美国市场是中国跨境卖家的核心战场，在经历了该市场的关税政策波动、物流成本上涨等影响后，跨境 电商卖家们的竞争逻辑在发生改变。 他们不再单纯追求增长，而是将更多注意力转向风险管控和供应链韧性，这一压力也传导至物流企业 侧。卖家对物流商的需求从"廉价"转向"可靠"，从"单一市场"转向"多元市场"，从"被动接受"转向"风险 共担"。 尽管外部环境复杂多变，美国市场依然是众多跨境电商卖家重点布局的核心市场。即使在不确定的关税 环境下，卖家仍愿意承担一定的成本压力，继续深耕美国市场。 究其原因，一是美国电商市场体量庞大，消费力强劲；二是经过多年培育，卖家已经建立起较为成熟的 销售渠道和品牌认知度，轻易撤出并不现实。 "美国消费需求一直存在，很多跨境商家会针对美国市场开发产品，消费者对中国产品和供应链的依赖 也很强。"国内某智能设备品牌负责人Jimmy表示。 跨境电商卖家们意识到，完全退出美国市场并非明智选择，但如何在新环境下生 ...

工业和信息化部：支持整车企业切实践行"支付账期不超过60天"承诺 校对：杨舒欣 百万用户都在看 关税，突传重磅！美国、欧盟，新消息！ 刚刚，全线爆发！美国，重大发布！ 突然，快速拉升！马斯克，曝出猛料！ 李成钢：中美就落实两国元首通话共识及日内瓦会谈共识达成框架 暴增超370%！A股，重磅信号！ 突发，美军出动！特朗普发声 违法和不良信息举报电话：0755-83514034 工业和信息化部支持整车企业切实践行有关承诺，继续引导整车企业与供应链企业建立长期稳定的合作关系， 促进大中小企业融通创新、协同发展，积极营造"大河有水小河满"的良好局面，不断提升产业链供应链韧性和 安全水平，也为全球汽车产业发展作出新贡献。 这位负责人说，当前，我国新能源汽车产业正处于高质量发展的关键时期，希望广大企业以身作则，加强行业 自律。也希望社会各界关心支持新能源汽车产业高质量发展，共同抵制"网络水军""黑公关"等网络乱象，营造 积极向上、文明有序的发展环境。 来源：新华社 责编：：王璐璐 一汽、东风、广汽、赛力斯等17家重点汽车企业日前发表声明，就对供应商"支付账期不超过60天"作出承诺。 如何看待汽车企业承诺？推动构建"整车— ...