Core Viewpoint - The article highlights the dedication and resilience of Zhang Laizai, a retired forest ranger in Guangdong, who has devoted over 40 years to protecting the forest and wildlife, showcasing the challenges and rewards of his profession [1][9]. Group 1: Career and Experience - Zhang Laizai began his career as a forest ranger in 1981 and has since walked over 200,000 kilometers, equivalent to circling the equator five times [3][7]. - He worked under harsh conditions for over two decades, living in a simple shelter without basic amenities like water and electricity [3][4]. - The isolation of the job was a significant challenge, with long periods of solitude in the forest, leading him to develop hobbies like writing poetry to cope [4][9]. Group 2: Changes and Innovations - The reform of state-owned forest farms in Guangdong in 2015 brought significant improvements, including better living conditions and the introduction of technology for forest management [7]. - Zhang Laizai adapted to new technologies, such as drone operation, while maintaining traditional methods of patrolling the forest [7][8]. Group 3: Achievements and Recognition - Throughout his career, Zhang has maintained a perfect record of no forest fires or thefts in the 4,000 acres he oversees, earning numerous accolades including "National Excellent Forest Ranger" and "Guangdong Good Person" [9]. - His commitment to the role has inspired a new generation of forest rangers to continue the legacy of forest protection in Guangdong [9].

Core Viewpoint - The "anti-involution" policy is gaining traction in the market, aimed at addressing the overcapacity issues in traditional industries and enhancing profitability for industrial enterprises [1][2]. Group 1: Historical Context - In the previous round of supply-side reforms, key sectors such as steel, coal, and building materials were prioritized, resulting in significant price increases: coal sector rose by 18.03%, steel by 20.04%, and building materials by 29.96% from February 2016 to December 2017 [2][4]. Group 2: Current Industry Focus - **Photovoltaics**: The industry is undergoing self-regulation with major companies committing to a 30% production cut starting July, which may stabilize prices and improve profitability [5][6]. - **Building Materials**: A coalition of 33 major construction firms has initiated a campaign against excessive competition, with the China Cement Association advocating for high-quality development and price increases to combat rising costs [9]. - **Coal**: The supply-side reform focuses on reducing production capacity, which is expected to boost coal prices and profits. The coal sector is also benefiting from high dividend yields, with the index showing over 6% yield as of mid-2025 [10]. - **Steel**: The steel industry faces challenges from declining demand and increased export pressure. However, if government policies are implemented to control production, profitability may improve as prices are already at historical lows [11]. Group 3: Investment Opportunities - **Photovoltaics ETF**: The potential for recovery in the photovoltaic sector presents an investment opportunity [9]. - **Building Materials ETF**: The largest market scale ETF in the building materials sector is highlighted as a key investment [9]. - **Coal ETF**: The only coal ETF in the market is noted for its growing scale and high dividend potential [10]. - **Steel ETF**: The unique steel ETF in the market is also mentioned as an investment opportunity [12].

Core Insights - The Chinese capital market continues to thrive in the first half of 2025, with a significant increase in IPO applications and a deepening of the comprehensive registration system [1][2] - The number of IPO applications accepted by the three major exchanges reached 177, a 405.71% increase compared to the same period in 2024 [2] - The Beijing Stock Exchange (北交所) has become the preferred choice for companies, with 115 out of 177 applications (64.97%) directed there [2] - The month of June saw a surge in IPO activity, with 150 applications accepted, accounting for 84.75% of the total for the first half of the year [2] IPO Market Overview - The A-share market's IPO acceptance and review processes have shown signs of recovery since the beginning of 2025 [1] - The introduction of the "1+6" policy measures by the CSRC on June 18 is viewed as a positive signal for the market, correlating with the spike in IPO applications post-announcement [3] Broker Performance - A total of 38 brokers participated in the IPO process for the 177 accepted applications, with four brokers exceeding 10 projects each: Guotai Junan, CITIC Securities, CICC, and Zhongtai Securities [4][5] - Guotai Junan led with 26 projects, surpassing CITIC Securities' 22 projects, indicating a competitive landscape among leading brokers [5] - In terms of fundraising, CITIC Securities' 22 projects aimed to raise a total of 497.61 billion, while Guotai Junan's 26 projects targeted 208.26 billion [5][6] IPO Termination Cases - In the first half of 2025, 74 IPO projects were terminated, a significant decrease compared to the same period in 2024 [7] - Guotai Junan and CITIC Securities led in the number of terminated projects, with 9 and 7 respectively, reflecting their high volume of overall IPO engagements [7] - Some brokers, like Wenkang Securities, faced challenges with all their IPO projects being terminated, indicating potential issues in their underwriting processes [8]

| | | | | 西新榨季制糖比,从而使得产糖量超预期。 | | --- | --- | --- | --- | --- | | | | 玉米 | | 短期政策性谷物投放预期和麦玉价差偏低对玉米市场带来利空影 响,关注投放量和投放价格,预期盘面偏震荡,建议观望。新季 | | | | | | 种植成本下移,远月C01建议关注逢高做空机会。 | | | | | | 国内累库压力下,基差和近月盘面表现预期承压。美豆供需平衡 | | | | 日期 | | 表存趋紧预期,若中美贸易政策不变,四季度豆粕存去库预期, | | | | | | 远月合约预期重心抬升;若达成协议,预期美豆上涨贴水下跌, | | | | | | 整体盘面下跌空间预期有限。 | | | | | | 纸浆外盘报价下降,发运量增加,国内需求清淡,目前估值偏 | | | | | | 代. 同时存在宏观利好。 | | | | 原不 | 看否 | 原木当前处于淡季,在外盘上涨的情况下供应下降有限,偏弱看 守。 | | | | | | 生猪存栏持续修复背景下,出栏体重持续增加。盘面存栏宽裕预 | | | | 丰信 | | 期较明显,贴水现货较多。短期现货受出 ...

为破解这一难题，市生态环境局积极推行建设项目环境影响评价审批"一件事"改革工作。一方面， 同步推进一般环评与核辐射环评的受理、审查及批复环节，打破以往"串联式"办理的局限，大幅提升审 批效率；另一方面，通过部门内高效协同，由审批部门传递文书，经各区政务窗口直接送达企业许可文 书，让企业办事不再"折返跑"。 联合审批模式的效能，在江苏华智汽车零部件有限公司项目上得到初步验证。改革后，审批周期较 传统流程缩短50%，企业往返报件次数从4次减至1次。"节省的不仅是时间，更推动项目提前落地抢占 了市场先机。"公司项目负责人张敏感慨道。 近日，在市生态环境局"陪跑员"的帮助下，江苏华智汽车零部件有限公司办件员工小李仅跑了一趟 便拿到两份环评批复，他笑着竖起大拇指说："没想到不仅全程有人'陪着跑'，还办得又快又好！" 按照传统审批流程，企业需分别编制一般建设项目环评报告和辐射项目环评报告，经历"两套材 料、两轮流程、市区两级审批"的过程。"企业在高淳，跑一趟市政务中心将近100公里，两个许可加起 来审批时长要20多个工作日。"市生态环境局驻政务大厅负责人蒋广亭表示，从20多个工作日到如今一 趟搞定，得益于"我陪企业跑流程 ...

Group 1 - The core point of the news is the successful installation of the 202nd elevator in the Chao Ming Street area, marking a significant milestone in the renovation of old residential communities [1][2] - The installation of elevators is seen as a testament to grassroots governance and community coordination, highlighting the importance of resident engagement and problem-solving [1][2] - The process of installing the 200th elevator involved extensive community discussions and coordination, demonstrating effective local governance and commitment to improving residents' quality of life [1] Group 2 - As of now, a total of 202 elevators have been installed in the Chao Ming Street area, with additional elevators under construction and in the review stage [2] - The local government plans to expedite the construction process and improve the approval workflow to address the challenges of elevator installation in old communities [2] - The initiative aims to enhance the safety and reliability of the elevators, ensuring they serve as a "happy ladder" for the residents, particularly the elderly [2]

加强巡察整改和成果运用是巡察工作的落脚点和提高巡察监督质效的关键所在。荣县将巡察整改质效评 估结果作为被巡察党组织巡察整改落实情况"回头看"的重要依据，县纪委监委机关、县委组织部根据评 估结果强化后续监督检查，督促被巡察党组织持续抓好整改，确保巡察整改不折不扣落实到位。 四川省荣县把开展巡察作为落实全面从严治党责任、强化党内监督的重要举措和有效途径，探索创新制 度体系，推行精细化、流程化管理，充分发挥巡察利剑作用，着力提升巡察整改实效和成果运用质效。 在明确"评什么"的基础上，该县探索建立被巡察党组织自评、党员干部群众测评、巡察整改督评的"三 评"评估流程，制定巡察整改质效评估工作手册，细化7个阶段18个环节工作流程，灵活采取"听、查、 谈、访、评"等方式进行综合评价，县纪委监委机关、县委组织部、县委巡察机构会商评定结果，确保 评价结果真实有效。 荣县将巡察整改作为检验巡察工作成效的关键环节，坚持以体制机制建设为抓手，通过建立巡察整改成 效量化评估体系，明确"评什么""怎么评""如何用"等可量化、可操作性的标准，规范综合评价的方式方 法、指标体系、结果运用，不断健全完善巡察整改和成果运用机制。 为推动巡察整改 ...

作为国民经济的支柱之一，化工行业的发展质量直接关系产业链供应链的稳定性与实体经济的活力。然 而近年来，行业逐渐陷入"内卷"困局，这不仅制约了自身高质量发展，更对上下游产业产生连锁影响。 据恒力产融化工学院副院长赵曦明介绍，我国化工产能约占全球的45%，当前市场呈现"供需两旺"格 局，整体开工率维持在75%左右，但结构性过剩趋势已然形成，尤其是乙烯、丙烯、聚酯、聚烯烃等产 品仍处于投产周期，这使得行业"内卷求生存、外卷挤压国际市场"的特征愈发明显。 从竞争格局来看，化工行业"冰火两重天"：一边是传统大宗品深陷产能释放与低利润泥潭，一边是高端 电子化学品、生物基化工等细分领域凭借技术突破与政策红利蓬勃发展。"在此背景下，行业未来必然 聚焦新质生产力，走向精细化、一体化、低碳化，在新能源材料与高端新材料的国产替代、生物基与可 降解材料、资源循环与低碳技术、农化与医药中间体等领域重点发力。"赵曦明表示。 当前，化工行业的"内卷"已从单纯的供需错配延伸至全产业链的低价无序竞争，企业陷入"扩产—降价 —亏损—再扩产"的循环。广发期货能化分析师苗扬表示，这种状况不仅削弱了行业整体盈利能力，更 制约了研发投入与技术升级，导致 ...

●在美国，白人和黑人在领取失业保险福利方面存在显著不平等：失业后黑人领取失业保险的可能 性比白人低 30%，领取的福利金额也比白人少 46%。 声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系 删除。 期刊介绍 ： 《Journal of Public Economics》（公共经济学杂志）是一本专注于公共经济学领域的学术期刊。该 期刊自1972年成立以来，涉及的主题包括税收政策、公共支出、社会保障、公共选择理论、环境经 济学、劳动经济学、教育经济学、卫生经济学、城市经济学和发展经济学等。它探讨了公共政策的 效率和分配问题，以及需求者、供应者和其他卫生保健机构的行为模型。该刊每年发行12期，平均 每期发表10篇左右，2024年影响因子为3.5。 本期看点： 失业保险： ●将医疗补助（Medicaid）服务外包给私人健康保险公司后所产生的动态财政成本，在过渡在初期 财政成本略微降低，但随后几年中 Medicaid 的支出持续上升。 ●医疗补助（Medicaid）管理式医疗（MMC）强制政策实施后在医疗质量方面产生了积极影响，还 通过增加接受Medicaid患者的医生数量，扩 ...

投资咨询业务资格：证监许可【2011】1778 号 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 时间周期说明：短期为一周以内、中期为两周至一月 晨会纪要 宝城期货甲醇早报-2025-07-11 品种晨会纪要 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 甲醇 2509 | 震荡 | 震荡 | 震荡 偏强 | 偏强运行 | 煤炭价格反弹，甲醇震荡偏强 | 主要品种价格行情驱动逻辑—商品期货能源化工板块 甲醇（MA） 日内观点：震荡偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：随着国内甲醇产能持续释放，内部供应压力有增无减。叠加海外船货不断到港，外部供 应预期逐渐增大，港口迎来累库周期，而下游需求则步入淡季，供需结构趋于宽松。在经历前期大 幅回调以后，利空情绪得 ...