报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 （1）微细球形铝粉行业产业概述：微细球形铝粉产品精度高、跨度小、粒径分级明确，具有活性铝含量高、氧含量低的特点。 微细球形铝粉产业链分析 近年来随着我国经济的飞速发展，微细球形铝粉不仅应用于军用市场，随着以其为原料的民用产品市场不断扩大，氮气雾化法生产微细球形铝粉的技术也成 为一种常规的金属粉体材料生产技术，广泛应用于铝颜料、耐火材料、化工、铸造冒口、电子浆料、发热包、粉末涂料、粉末冶金、合金添加剂、3D打印 材料、陶瓷材料、氮化铝、氧化铝等下游行业。 （2）产业发展历程分析：铝粉的工业化生产已有100多年的历史,空气雾化法生产铝粉有近90年的历史。由于空气雾化法生产工艺爆炸风险很高，目前已逐 步被氮气雾化法所替代。 ...

摘要 事件： 5月31日，国家统计局公布5月PMI指数，制造业PMI为49.5%、前值49%；非制造业PMI为50.3%、前值 50.4%。 观察细分行业看，内需主导尤其国内消费支撑力大的制造业PMI表现更好，出口依赖度高或投资驱动影响大的行 业表现偏弱。 5月，装备制造、消费品等行业受内需支撑较大，两个行业PMI边际上行1.6、0.8pct至51.2%、 50.2%；食品加工、专用设备等行业也受内需影响较大，生产指数和新订单指数均高于54.0%。相比之下，出口依 赖度较高的纺织、化学纤维、黑色压延等行业生产及新订单指数均低于临界点；同时，高耗能行业PMI受外需及 国内投资较弱的双重拖累，较前月下行0.7pct至47%。 核心观点： 5月新出口指数偏低，但内需如消费品、装备制造行业PMI明显改善。 制造业分项中，新订单指数的表现，也指向内外需驱动力的分化在进一步拉大，其中内需订单的修复程度好于新 出口。 5月，内需订单指数再度回升至荣枯线以上（+0.3pct至50.1%）；4-5月平均看，该指数较3月回落2.2pct。相 比之下，新出口订单指数尽管边际回升2.8pct至47.5%，但4-5月平均值仍较3月下行 ...

在刚刚过去的5月，房地产市场依旧呈现出分化趋势。 6月1日，中指研究院发布的"百城价格指数"显示，5月份百城新建住宅平均价格为16815元/平方米，环比增长0.30%，同比增长2.56%；二手住宅平均价格为 13794元/平方米，环比跌幅扩大至0.71%，同比下降7.24%。 具体来看，一二线城市新房价格环比呈现上涨态势，其中上海以1.47%的涨幅领先，广州以1.25%的涨幅紧随其后；三四线城市新房价格环比略有下降。二 手房方面，一线、二线以及三四线城市二手住宅价格环比跌幅分别为0.37%、0.78%和0.76%。 具体来看，5月新房价格上涨较为显著的城市包括上海、广州、无锡和南通，环比分别上涨1.47%、1.25%、0.77%和0.38%；价格下降较为明显的城市则包括 珠海、东莞、乌鲁木齐、江门和廊坊，分别环比下降1.13%、0.48%、0.41%、0.41%和0.35%。 | | | 样本平均 | 样本价格 | | | 样本平均 | 样本价格 | | --- | --- | --- | --- | --- | --- | --- | --- | | 城市 | 环比涨跌 | 价格 | 中位数 | 城市 | ...

Core Viewpoint - The new regulations on internet lending by commercial banks aim to enhance the management and compliance of lending practices, leading to a significant restructuring and differentiation within the industry [2][4][7]. Summary by Sections Internet Lending Business - Internet lending refers to the model where commercial banks collaborate with external internet platforms to provide loans to eligible borrowers, primarily serving personal consumption and small businesses [1]. New Regulations Highlights - Commercial banks and consumer finance companies must not only act as funding sources but also enhance post-loan collection management, correcting any identified violations promptly [2]. - Banks are required to accurately understand the actual fees charged by credit enhancement service providers, ensuring that the total financing cost for borrowers does not exceed the legal limit of 24% annual interest [2]. - A list management system will be implemented for platform operators and credit enhancement service providers, prohibiting collaboration with entities not on the approved list starting from October 1, 2025 [2]. Industry Response to New Regulations - Following the announcement of the new regulations, several institutions, including Guangzhou Bank and Chengde Bank, have proactively disclosed their lists of lending partners, indicating a trend towards collaboration with leading platforms [3][4]. - The disclosed lists predominantly feature top-tier platforms and various types of institutions, reflecting a significant shift in the industry landscape [3]. White List Disclosure - Guangzhou Bank has revealed a list of 17 cooperative lending platforms and credit enhancement institutions, including major players like Lexin and WeBank [4]. - Chengde Bank's list includes companies under Ant Group and JD Group, showcasing the involvement of major internet firms in the lending space [4]. Business Models of Consumer Finance Companies - Consumer finance companies often establish lending platforms to match third-party funding sources, enhancing their business structure through a combination of off-balance-sheet and on-balance-sheet operations [6]. Industry Differentiation and Restructuring - The implementation of the list management system is expected to intensify industry differentiation, favoring larger, more compliant institutions that can meet regulatory standards [7][8]. - The capital strength of leading internet companies allows them to dominate the market, while smaller institutions may struggle to expand due to capital constraints [7]. Performance of Leading Institutions - Leading consumer finance companies, such as Mashang Consumer Finance, reported a net profit of 2.281 billion yuan in 2024, reflecting a 15.1% year-on-year increase, despite a decline in on-balance-sheet loan issuance [9]. - The company has established partnerships with over 90 financial institutions, with its open platform business lending amounting to 180.6 billion yuan in 2024, indicating a strategic shift towards open platform operations [10].

Core Insights - In May, new home prices in major Chinese cities continued to show structural increases, while second-hand home prices experienced a downward trend [1][2] - The average price of new residential properties in 100 cities was 16,815 yuan per square meter, reflecting a month-on-month increase of 0.30% and a year-on-year increase of 2.56% [1] - The average price of second-hand residential properties in 100 cities was 13,794 yuan per square meter, showing a month-on-month decrease of 0.71% and a year-on-year decrease of 7.24% [1] New Home Market - The new home market displayed a differentiated trend, with core cities seeing active transactions driven by high-quality improvement projects, while some existing projects faced significant pressure [1][2] - In May, new home prices in first-tier cities rose by 0.90%, while second-tier cities saw a slight increase of 0.06%. In contrast, third and fourth-tier cities experienced a decrease of 0.11% [1] - Shanghai and Guangzhou led the price increases among 100 cities, with respective month-on-month increases of 1.47% and 1.25% [1] Second-Hand Home Market - The transaction volume in the second-hand home market decreased month-on-month, with a trend of "trading at lower prices" dominating the market [1][2] - The month-on-month decline in second-hand home prices slightly widened in May [1] Policy and Market Outlook - Financial policies aimed at stabilizing the real estate market were implemented in early May, including reductions in housing provident fund loan rates and LPR for loans over five years, which lowered purchasing costs [2] - The real estate policies are expected to maintain a loose tone in June, with a focus on the implementation of special bonds for land acquisition and urban village renovations [2] - As the mid-year sales period approaches, real estate companies are likely to increase their sales efforts and promotional activities, particularly in core cities, although market differentiation among cities and projects is expected to continue [2]

导 读 市场格局仍集中于头部企业；前5月依旧有超6成的销售百强未重启拿地。 ☉ 文／克而瑞研究中心 | | | | 2025年1-5月 · 中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | | | B | - 地TOP100 | | | | | | 新增主地价值 | | | 新增土地建面 | | 排名 | 企业名称 | (亿元) | 排名 | 企业名称 | (万平方米) | | 1 | 保利发展 | 413.2 | 1 | 绿城中国 | 185.0 | | 2 | 绿城中国 | 394. 0 | 2 | 保利发展 | 184. 2 | | 3 | 中国金茂 | 359. 7 | 3 | 中海地产 | 164. 1 | | 4 | 束润量抑 | 331.6 | 4 | 邦泰集团 | 135. 4 | | 5 | 中海地产 | 329. 1 | ર્ | 招商蛇口 | 124. 3 | | ୧ | 招商蛇口 | 294. 1 | ୧ | 建发房产 | 109.0 | | 7 | 滨江集团 | 275. 3 | 7 | 未润里斯 | 105. 7 | | 8 ...

Core Viewpoint - Recent research from Goldman Sachs indicates a significant divergence between small-cap and large-cap stocks in China, reflected in trading volume distribution, performance, concepts, and investor structure [1][11]. Trading Volume Distribution - This week, the trading volume of micro-cap stocks reached a historical high, while the trading volume of the CSI 300 index hit a historical low [1]. Performance Divergence - Smaller market capitalization stocks have outperformed larger ones, with the following week-to-date performance and P/E ratios: - SHCOMP: 0.5%, P/E 14.5 - SSE 50: -0.8%, P/E 10.9 - CSI 300: -0.6%, P/E 12.5 - A 500: -0.4%, P/E 14.5 - CHiNext: -0.4%, P/E 30.5 - STAR50: 0.6%, P/E 139.2 - CSI 500: 1.2%, P/E 28.9 - CSI 1000: 1.7%, P/E 39.6 - CSI 2000: 2.9%, P/E 136.9 - Wind Micro Cap: 3.8% [1]. Concept Divergence - Large-cap indices still reflect market views on economic fundamentals, while micro-cap stocks mainly represent liquidity and retail investor sentiment [2]. Investor Structure Divergence - Micro-cap stocks are primarily dominated by domestic retail investors and speculative funds, whereas large-cap stocks (CSI 500 and above) are mainly led by domestic and foreign institutions [2]. Margin Balance and Fund Activity - Despite a rapid decline in margin balances in April, they have remained around 1.8 trillion yuan in the past two months, significantly above historical averages [4]. - Public funds have notably reduced stock positions following the recent Sino-US Geneva meeting, with the overall stock holding ratio reaching a new low of 70.61% since April [4]. Market Sentiment Indicators - The put-call skew indicator for domestic indices is nearing a one-year high, indicating a lack of confidence in short-term upward movement, while investors are cautiously optimistic about domestic stock indices [9].

Core Viewpoint - The real estate market in China is expected to continue its downward trend into 2025, with significant declines in both sales volume and prices, as predicted by Li Ka-shing in 2018 [2][4]. Group 1: Market Performance - From January to April 2025, the sales area of new commercial housing reached 29,252 million square meters, a year-on-year decrease of 20.2% [2]. - The sales revenue of new commercial housing was 28,067 billion yuan, down 28.3%, with residential sales revenue declining by 31.1% [2]. - In the first quarter of 2025, 53 out of 70 major cities experienced a month-on-month decline in second-hand housing prices, with 12 cities seeing a drop of over 1.5% [2]. Group 2: Predictions and Trends - The real estate market is expected to undergo three major changes in the second half of 2025: 1. Price differentiation will occur, with previously declining prices in second and third-tier cities stabilizing, while core areas of first-tier cities like Shanghai and Shenzhen will start to see price corrections [6]. 2. The government will intensify market rescue efforts, with more policies expected to be introduced, including the cancellation of purchase restrictions and further reductions in mortgage rates [6]. 3. A significant reshuffling of real estate companies is anticipated, particularly affecting those with high debt ratios (70%-80%) that are facing financial difficulties [8]. Group 3: Li Ka-shing's Insights - Li Ka-shing's 2018 prediction highlighted that high property prices in mainland China were unsustainable and would eventually lead to a return to housing's fundamental purpose, warning investors to be cautious [4]. - He also indicated that companies with high debt and declining sales would face bankruptcy or restructuring, while financially stable firms would survive [4].

智通财经APP获悉，上周，伦敦铂金周期间，金属聚焦公司（Metals Focus）发布其铂族金属行业年度旗舰报告。2024年铂族金属市场在历经动 荡后意外企稳，价格均止跌回升，进入窄幅区间内波动。尽管宏观经济和地缘政治不确定性仍在，但因五种铂族金属需求大于供应，且供应端 受资本投资受限、企业重组等因素影响，面临下行压力。Metals Focus 估算，2024年全球铂族金属总产量16%亏损，企业纷纷削减成本。冶炼厂 释放库存虽推高总产量，但矿产 5E 铂族金属供应量仍低于疫情前平均值。 经历了几年的剧烈动荡后，2024年铂族金属市场出人意料地企稳。由于五种铂族金属的需求量均大于实物供应量，因此虽然宏观经济和地缘政 治不确定性挥之不去，而且一些铂族金属的需求前景转弱，但价格均止跌回升，进入窄幅区间内波动。因资本投资受限，加之业内企业加大重 组力度，矿产铂族金属供应量也面临日益加大的下行压力。 据Metals Focus估算，以总维持成本计2024年全球铂族金属总产量中16%都处于亏损状态。在这一背景下业内企业纷纷宣布实施成本削减措施， 例如西班耶-静水矿业公司就宣布把旗下美国矿山的铂族金属产量削减20万盎司。虽 ...

Group 1 - The yogurt market is experiencing a contraction, with a projected decline of 10.68% in market size for 2024 according to Euromonitor data [2] - Major players like Yili and New Hope are still achieving growth in this shrinking market, with Yili's low-temperature yogurt business significantly increasing its market share by 1.3 percentage points [2][4] - Junlebao's "Jianchun" brand leads the low-temperature yogurt market, holding the top market share in both zero-sugar and low-temperature yogurt categories [2][3] Group 2 - The yogurt market is facing intensified price competition, with mainstream prices dropping from 8-10 yuan to around 5 yuan over the past five years [3] - There is a clear polarization in the yogurt market, where low-end products are struggling to sell despite price cuts, while distinctive mid-to-high-end products are seeing relative growth [3] - Companies are increasingly focusing on innovation and new product launches to drive growth in a challenging market environment [3]