供需边际转弱对冲油价修复作用，PTA盘面偏弱运行 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn PTA：PTA走势或承压偏弱，原油走弱削弱成本驱动，叠加纺织成交持续低 于均值表明终端需求疲软，产业链负反馈下PTA加工费可能被压缩，但低库 存及高基差限制下行空间。 2. 聚酯 07月07日，短纤主力合约收6518.0元/吨，较前一交易日收涨0.06%。华东 市场现货价为6695.0元/吨，较前一交易日收跌15.0元/吨，基差为177.0 元/吨。 聚酯产业链呈现供应趋松、库存分化的特点。供应方面，PX期货价从6月27 日至7月7日由6752元/吨降至6684元/吨，PTA同期由4778元/吨跌至4710元/ 吨，产业链成本端支撑松动。 需求方面，轻纺城成交量MA15指标从6月27日609万米持续攀升至7月7日643 万米，下游纺织补库需求逐步释放。 库存方面，涤纶短纤库存天数7.99天远超五年均值4.96天，但长丝品类中 DTY(28.6天)、FDY(22.4天)、POY ...

作 者丨 王俊 尤一炜 章驰 编 辑丨肖潇 打开APP随即弹出广告，想关闭却找不到"×"按钮，甚至瞬间自动跳转购物平台，这些细微的 烦扰渗透在使用手机的每一天。 而在屏幕的另一端，声称只需花费5万元成本坐拥百万收益，"一个月提一辆帕拉梅拉"的造富 神话，也同时上演。 两种反差感极强的画面背后，都有着一条共同的主线： 互联网广告投放产业链。 为了提升广告曝光与点击率，很多时候聚合广告联盟平台与APP之间形成了秘而不宣的合谋， SDK是刀，APP是执刃者。比如SDK可以提供参数设置，让手机小角度倾斜就能触发"摇一 摇"广告；或者延迟显示"x"按钮，确保用户先误触广告。 21世纪经济报道记者独家获悉， 个别聚合广告SDK平台"指导"APP开发者躲避监管，根据监 管检测形式，动态调整参数逃避技术审查。这套策略已引起监管关注，对相关平台进行了约 谈。 与此同时，围绕聚合广告平台SDK机制，还衍生出一整条逆向灰产路径：有人反过来利用这 些SDK规则，"埋伏进韭菜园做庄"，批量搭建空壳App，靠养机、渠道分发和广告分成获利。 他们号称只需花费5万以内的启动资金，每天花费两个小时就能坐拥数十万乃至几百万收益。 无论是聚合广告 ...

格隆汇7月8日丨乐氏国际控股(01529.HK)公告，于2025年7月8日，集团透过公司的间接全资附属公司订 立股权转让协议，以收购亳州乐老号医药有限公司("目标公司")的100%股权，总代价为人民币90万元， 有关代价乃经订约方公平磋商后厘定。董事会预期是次收购短期内不会对集团的财务状况或营运有任何 重大不利影响。于完成后，目标公司将成为公司间接全资附属公司，其财务业绩将会于集团的综合财务 报表综合入账。 基于上文所述，董事会认为收购目标公司符合公司及其股东的整体利益，并与集团的长期战略目标一 致。 集团计划在目标公司现有业务的基础上，提升管理效率，整合资源。集团的目标是成为全面的供应链服 务供应商，拓展业务至基本分销以外范畴，为产业链提供金融、数据及管理解决方案等增值服务。集团 亦计划应用数字技术以降低营运成本，并利用人工智能提高决策的准确性。通过上述措施，集团力求将 其物流实力转型为数据实力、服务实力及财务实力。此外，集团计划以目标公司为切入点，进一步开拓 产业链上下游商机，从而扩大其价值创造范围。 目标公司持有《药品经营许可证》，其主要从事药品的批发与分销、第一类及第二类医疗仪器的销售以 及医护人员防 ...

Investment Rating - The industry investment rating is maintained as "Positive" [3] Core Viewpoints - Changxin Technology's planned IPO is expected to benefit the entire semiconductor industry chain, particularly the upstream semiconductor equipment materials and storage sectors [2][6] - The advanced storage and logic capacity expansion continues, with domestic storage leader Changxin Technology expected to increase its capacity by nearly 50% year-on-year in 2025 [6] - The demand for storage is recovering, and some storage price increases have been ongoing for several months, indicating a positive outlook for niche DRAM manufacturers in mainland China [6] Summary by Sections Industry Overview - Changxin Technology, a core enterprise in the DRAM industry chain in mainland China, is undergoing IPO preparations, which is expected to facilitate business expansion through financing [6] - The company's product range includes DDR4/DDR5 and LPDDR4/LPDDR5 series, with plans to deliver HBM3 samples by the end of 2025 and to start mass production in 2026 [6] Market Dynamics - Changxin's market share in terms of bit shipments is projected to increase from 6% in Q1 to 8% by the end of the year, with DDR5/LPDDR5 market shares expected to rise significantly [6] - The supply gap for DDR4 and LPDDR4 continues to exist, benefiting domestic storage manufacturers and niche storage design companies [6] Investment Recommendations - Recommended stocks in the semiconductor equipment and materials sector include Northern Huachuang, Shengmei Shanghai, and Zhongwei Company [6] - In the storage industry chain, recommended stocks include Zhaoyi Innovation and Beijing Junzheng [6]

Transaction Overview - The company plans to acquire 56.0299% equity of Shenzhen Yilian Infinite Technology Co., Ltd. for cash, with a total valuation of 628 million RMB [1][2] - The acquisition will grant the company control over Yilian Infinite, which will be included in the company's consolidated financial statements after completion [1][2] - The transaction requires approval from the company's shareholders' meeting due to the significant net profit of Yilian Infinite exceeding 50% of the company's audited net profit for the last fiscal year [2] Transaction Parties - The seller of the equity is Chen Zheng, who has no direct or indirect shareholding in the company and is not associated with any major stakeholders [2][4] - The other party involved is Shenzhen Boyuan Zhili Management Consulting Partnership (Limited Partnership), which also has no direct or indirect shareholding in the company [4] Target Company Information - Shenzhen Yilian Infinite Technology Co., Ltd. was established on September 10, 2012, with a registered capital of 41.2876 million RMB [3][5] - The company specializes in the research, development, production, and sales of broadband access equipment and wireless network devices [14] - As of April 30, 2025, Yilian Infinite reported total assets of 307.99 million RMB and a net profit of 9.7977 million RMB for the first four months of 2025 [11][12] Financial Assessment - The total equity value of Yilian Infinite was assessed at 628.8346 million RMB, with a significant increase in net asset value compared to its book value [12][13] - The asset-based valuation indicated a total asset value of 360.86 million RMB, with a net asset value of 161.01 million RMB [13] - The revenue method assessment showed a substantial increase in equity value, reflecting a 290.56% increase over the book net asset value [13][14] Transaction Agreement Details - The transaction price was negotiated based on the assessed value, with the cash payment structured to be completed within 60 working days after the agreement takes effect [17][18] - The agreement includes provisions for the transfer of equity and the management of the target company's operational assets post-acquisition [18]

Group 1 - Industrial Fulian's preliminary forecast for Q2 2025 indicates a net profit of 6.727 billion to 6.927 billion yuan, representing a year-on-year increase of 47.72% to 52.11% [2] - The company reported that AI server revenue grew over 60% compared to the same period last year, highlighting its leading position in core product shares among major clients [2] - Despite the traditional off-season for consumer electronics in Q2, the strong growth in AI contributed to a significant overall profit increase [2] Group 2 - The AI industry chain, including sectors like server ODM, PCB, and IC manufacturing, is experiencing high growth rates, with some companies seeing accelerated performance in recent months [3] - Demand for ASICs is also rising, with Broadcom holding a 55% to 60% market share, and its financial reports indicate that ASIC business is a core growth driver [3] - Google has launched its seventh-generation TPU, which can achieve computing power 24 times that of the fastest supercomputer globally, indicating strong demand for AI accelerators [3] Group 3 - The A-share market is witnessing rapid growth in sectors like PCB and optical modules, alongside a new wave of investment expansion [5] - Companies like Huadian Co. are planning significant investments, such as 3.6 billion yuan for new projects, to enhance production capacity [5] - The AI wave is expected to continue driving growth in the industry chain, with recommendations for strategic investments in related sectors [5]

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 8.84 | | --- | --- | | 总股本/流通股本（亿股）46.52 | / 41.30 | | 总市值/流通市值（亿元）411 | / 365 | | 52 周内最高/最低价 | 9.62 / 6.17 | | 资产负债率(%) | 52.7% | | 市盈率 | 9.21 | | 第一大股东 | 石河子市锦隆能源产业 | | 链有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 天山铝业(002532) 电解铝扩产落地，降本增效可期 l 公司拟扩产 20 万吨电解铝项目 根据公司第六届董事会第十五次会议决议，公司计划利用石河子 厂区东侧预留场地，采用国内先进的电解铝节能技术，对公司 140 万 吨电解铝产能进行绿色低碳能 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—051 北汽福田汽车股份有限公司 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 投资标的名称：北京安鹏科创汽车产业投资基金（有限合伙） （以下简称"合伙企业" 或"基金"） 一、对外投资暨关联交易概述 业投资有限公司（以下简称"北汽产投"）、深圳市安鹏股权投资基金管理有限公司（以 下简称"深圳安鹏"）共同出资设立北京安鹏科创汽车产业投资基金合伙企业（有限合伙）， 其中深圳安鹏作为普通合伙人认缴出资 10 万元，北汽集团作为有限合伙人认缴出资 金备案。 为补强产业链关键环节布局，提升公司供应链稳定性与成本管控能力，同时，布局 前沿技术，降低自主创新风险，实现创新发展，共享行业增长红利，公司拟以自有资金 合伙企业的执行事务合伙人深圳安鹏是北汽产投的全资子公司，北汽产投是公司控 股股东北汽集团的全资子公司，因此，依照上交所《股票上市规则》第 6.3.3 的规定， 本次公司认购基金份额事项构成关联交易。 本次关联交易金额未达到公司最近一期经审计净资产绝 ...

上证指数再度冲击3500点。 今天，上证指数盘中最高涨至3499.89点，收盘价为3497.48点，均刷新今年以来新高。 截至收盘，上证指数上涨0.7%，深证成指上涨1.46%，创业板指上涨2.39%。全市场成交额为14539亿 元，较昨日增加2453亿元。全市场逾4200只个股上涨。 两大板块爆发 今天，光伏和科技股联手走强。具体看，光伏概念中，光伏设备、硅能源、BC电池等板块大涨。通 威股份等多股涨停。 | | | 光伏设备 6724.65 5.61% | | € | | --- | --- | --- | --- | --- | | 成分股 | 基金 | 简况(F10) | 资金 | 板块分7 | | 名称代码 | | 最新 | 涨幅 ◆ | 流通市值 | | 首航新能 次新 301658 | | 36.00 | 20.00% | 13.9亿 | | 首板涨停 最终涨停 10:59 | | | | | | 大全能源 融 688303 | | 26.50 | 11.72% | 146亿 | | 文能聚 | 22.31 | 11.11% | 18.3亿 | | --- | --- | --- | --- | ...

重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示未来表现。投资须谨慎。 从2012年约1.3万辆的年产销量，到2018年突破百万量级，再到2024年迈上千万辆台阶，中国新能源汽车市场实现了爆发式增长。如今，新能源汽车在国 内汽车市场中的占比已过半壁，渗透率超越50%。 中国新能源汽车品牌的全球影响力也在拓展。2023年，中国汽车出口量超越日本，首次登顶全球。同时，在消费者品牌忠诚度历来较高的欧洲市场，也迎 来"分水岭"：2025年5月，某中国领先电动车品牌在欧洲的单品牌销量首次超越特斯拉。 本土品牌对传统外资巨头的超越，背后核心支撑在于完备产业链体系的建立。随着行业从爆发式增长转向新阶段，电动化角逐也步入大浪淘沙阶段。在此 背景下，中国新能源汽车产业正迈向以智能化为核心，重新定义汽车未来的新阶段。 01 换道超车：从汽车行业的追赶者到定义者 在中国乘用车市场，外资品牌曾长期凭借燃油车技术优势占据主导地位，导致自主品牌的市场份额难以突破40%的"红线"。然而，新能源汽车技术的成 熟，为中国汽车行业提供了宝贵的"换道超车 " 机遇。伴随新能源 ...