柬埔寨人民党主席洪森亲王于28日在庆祝人民党成立74周年纪念大会上表示，柬埔寨经济在2025年上半 年表现出良好的增长势头，并预计全年将实现5.2%的增长率。 洪森亲王在讲话中指出："在当前积极的发展进程中，我们可以自豪地看到，柬埔寨在2025年上半年的 经济增长态势稳健。宏观经济稳定、通胀率保持在低水平、瑞尔币汇率稳定、国际储备继续增长，为经 济稳步前行奠定了坚实基础。" 据洪森亲王介绍，2025年前五个月国际贸易总额达255.03亿美元，同比增长18%，其中出口额为120.14 亿美元，同比增长17.98%。 投资领域： 核准投资项目共290项，较去年同期增加137项。 就业人数达187万人，同比增加约5万人。 农业方面，2025年旱季水稻生产实现显著增长： 播种面积达907,889公顷，较去年增长67,701公顷。 投资总额达42亿美元，增长14亿美元。 可预期新增就业岗位达20万个。 工业与就业方面： 全国注册企业及机构总数达45,386家，较去年增长588家。 国内游客达1,316万人次，同比大幅增长 50%。 洪森亲王强调，这些成就的取得，反映出国家整体治理能力的提升和社会稳定所带来的信心。他补充 ...

[Table_ReportDate] 2025 年 06 月 30 日 [Table_ReportName] 证券研究报告 —策略深度报告 分析师：杨欣（分析师） 联系方式：0871-63577941 邮箱地址：yangxin@hongtastock.com 资格证书：S1200522090001 [重点是企业盈利 Table_Title] ：6 月经济综述 报告摘要 [Table_Summary] 经济数据表现与企业利润现状：尽管全球贸易摩擦成本上升，但 5 月中国经济数据展现出较强韧性，社会零售总额同比增长 6.3%，工业 增加值同比增速 5.8%，二季度 GDP 增速有望维持在 5.2%左右，全年 完成 5%的增长目标难度不大。然而，1-5 月工业企业利润同比-1.1%， 较上月下滑 2.5 个百分点，从基本面量的企稳转化为企业利润回升面临 多重挑战。 企业利润下滑的原因分析：企业利润走弱的关键原因在于价格低 迷，1-5 月 PPI 累计同比-2.6%，5 月单月同比-3.3%，导致工业企业利 润率同比下跌 4.24%。供给端方面，过去几年制造业投资持续高于固定 资产投资整体，带来的产能扩张多与高技术部 ...

英国第一季度经济环比增长0.7%。 ...

Group 1 - The UK economy grew by 0.7% in the first quarter, matching expectations for the same growth rate [1]

投资咨询业务资格：证监许可【2012】669号 市场情绪延续回暖，风险资产表现偏好 ——中信期货晨报20250630 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | | | 本 2001 11 2017 11:50 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1000 1000 1000 10 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现代 | | | 日度涨跌幅周度涨跌幅月度涨跌幅季度涨跌幅今年涨跌幅 | | | | | 沪深300期货 | 3876.6 | - ...

Group 1 - Fitch Ratings has revised its global economic growth forecast for this year from 1.9% to 2.2%, and next year's forecast from 2% to 2.2%, although these figures remain below last year's growth of 2.9% and the long-term average of 2.7% [1][3] - The adjustment is primarily due to the recent improvement in the international trade environment, with reduced tariff disputes between the US and major trading partners alleviating recession concerns [3][5] - The economic growth forecast for the Eurozone has been slightly upgraded to 0.8% from a previous estimate of 0.6%, but remains constrained by energy price volatility and weak manufacturing [5][6] Group 2 - The US economic growth forecast for 2022 has been raised from 1.2% to 1.5%, indicating short-term economic resilience, although domestic demand may slow in the latter half of the year [3][5] - The uncertainty surrounding global trade remains, with the effective tariff rate in the US currently at 14.2%, potentially rising to nearly 18%, which could exert pressure on global supply chains and inflation [5][6] - Fitch warns that despite short-term improvements, the global economy faces the most severe trade risks since the 1930s, with tariff policy uncertainty continuing to suppress business investment and consumer confidence [6]

Core Insights - The meeting held on June 28 focused on analyzing the economic performance of the Zhenjiang Economic Development Zone in the first half of the year and planning for the next phase of work [1][2] - Emphasis was placed on the urgency of stabilizing growth and promoting development, with a call for all departments to enhance their sense of responsibility and urgency [1][2] Economic Performance Analysis - The meeting included a detailed report on the economic performance, with a focus on the need for precise measures and effective implementation to achieve annual economic targets [1][2] - The Economic Development Bureau reported on the expected completion of key economic data for the first half of the year [2] Strategic Initiatives - There is a strong emphasis on project attraction, with initiatives to engage with economically developed regions and leading enterprises to expand project cooperation channels [2] - The importance of inviting businesses to visit the development zone to showcase its advantages and conditions for industrial upgrades was highlighted [2] Collaborative Efforts - The need for functional departments to strengthen collaboration in policy formulation and resource allocation was stressed to support economic development [2] - A proactive approach to analyzing and forecasting economic operations was encouraged to address challenges and prepare for high-quality regional economic development [2]

Core Viewpoint - The uncertainty surrounding U.S. economic policies is suppressing economic growth [1] Group 1 - The International Bank for Settlements highlights that the current economic policies in the U.S. are creating an environment of uncertainty [1] - This uncertainty is identified as a significant factor contributing to the slowdown in economic growth [1] - The report suggests that clarity in economic policies could potentially enhance growth prospects [1]

/ 国信期货研究 Page1 国信期货（镍、不锈钢）半年报 镍 黑天鹅灰犀牛齐舞有色仍在强势风口 低位区间 沪镍持续磨底 2021 年 4 月 25 日 2025 年 6 月 29 日 ⚫ 主要结论： 行情方面，沪镍主力合约 2025 年 6 月 26 日收于 120830 元/吨，今年上半年 沪镍整体呈现震荡下行走势。 分析师助理：李众彻 从业资格号：F03130763 电话：021-55007766-6614 邮箱：15834@guosen.com.cn 独立性申明： 作者保证报告所采用的数据均来自合 规渠道，分析逻辑基于本人的职业理 解，通过合理判断并得出结论，力求客 观、公正，结论不受任何第三方的授 意、影响，特此声明。 请务必阅读正文之后的免责条款部分 以信为本 点石成金 宏观层面，美国方面，2025 年以来，美联储在利率政策上持续采取审慎观望 态度，连续四次议息会议维持联邦基金利率目标区间在 4.25%-4.5%不变，这一决 策主要基于对通胀走势和关税政策影响的权衡。尽管面临特朗普政府要求降息的 施压，美联储主席鲍威尔多次强调需等待关税冲击对经济和物价传导的完整评 估，短期内未释放明确降息信号。6 ...

Economic Overview - Hainan's economy showed stable and positive performance in the first five months of the year, with industrial added value above designated size increasing by 11.6% year-on-year [2][3] - The province's industrial enterprises reported a revenue increase of 6.9% and a profit growth of 23.5% [2] Industrial Growth - The equipment manufacturing sector experienced significant growth, with added value increasing by 73.2% [2] - Major industrial products such as methanol, primary plastic, synthetic fiber polymers, and optical fibers saw notable production increases [2] Consumer Market - Retail sales of consumer goods reached 1099.70 billion yuan, marking a 6.7% year-on-year increase, with a notable acceleration of 0.6 percentage points compared to the previous month [2] - The automotive retail sector experienced exceptional growth, with an increase of 76.1%, and new energy vehicle sales surged by 150% [2] Investment Trends - Infrastructure investment (excluding electricity, gas, and water supply) grew by 27%, contributing 5.6 percentage points to overall investment growth [3] - Public service investment rose by 25.1%, and several sectors, including information transmission and software services, saw substantial investment increases [3] Foreign Trade and Finance - Service imports and exports totaled 282.85 billion yuan, reflecting a 20.6% year-on-year growth, with exports increasing by 66.7% [3] - Financial institutions reported a year-on-year increase of 5.8% in loan balances and a 7.5% increase in deposit balances by the end of May [3] Consumer Prices and Environmental Quality - The consumer price index in Hainan decreased by 0.4% year-on-year [3] - The province maintained high environmental quality, with an air quality rate of 96.2% and water quality compliance rates of 100% for water sources and 95.2% for urban rivers and lakes, an improvement of 5.1 percentage points year-on-year [3]