Core Insights - The introduction of a new batch of floating fee rate funds by 11 fund companies, including E Fund, Invesco Great Wall, and Huatai-PB, marks a significant development in the market [1][2] - The new funds show a clear shift in style, with an increased focus on industry-themed funds, particularly in sectors like healthcare, high-end equipment, and manufacturing, indicating a growth-oriented strategy [2][3] Fund Issuance and Performance - The first batch of floating fee rate funds, consisting of 26 products, was reported on May 16 and began fundraising at the end of May, reflecting a proactive approach to fund management [3] - Out of the 26 funds, 24 have completed their fundraising, with a total of 22.68 billion yuan raised, averaging approximately 944.5 million yuan per fund, which is significantly higher than the average of 440 million yuan for other actively managed equity funds in the year [4][5] - Seven funds exceeded 1 billion yuan in fundraising, with the top fund, Dongfanghong Core Value, raising nearly 2 billion yuan [5] Market Response and Investor Engagement - The average number of subscription accounts for the first batch of floating fee rate funds reached 10,400, nearly three times the average for last year's actively managed equity funds, indicating strong investor interest [5][6] - E Fund's Growth and Progress fund led in subscriptions with 47,300 accounts, showcasing the popularity of these new fund products [5] Industry Impact - The successful launch and initial performance of the floating fee rate funds demonstrate the industry's shift from a scale-oriented approach to a return-oriented strategy, reflecting regulatory and institutional commitment to enhancing investor experience [6]

Core Viewpoint - The Xinjiang aid initiative led by Xuzhou is significantly enhancing the high-quality development of Kuqa City through various measures focused on employment, industry, and public services [1][2][3] Group 1: Employment and Industry Development - Xuzhou has invested a total of 4.07 billion yuan in the Kuqa-Dushanzi Economic and Technological Development Zone, establishing the Xukui Industrial Park as a key growth driver for the local economy [1] - The initiative emphasizes industrial support by setting up development funds, providing entrepreneurial loans, and facilitating training for local entrepreneurs, which has effectively stimulated market vitality and expanded flexible employment channels [1] Group 2: Employment Service System - A high-standard labor market was established with an investment of 5 million yuan, integrating job information, skills training, and support for disadvantaged groups into a comprehensive service platform [2] - The program focuses on vocational skills training in various fields, enhancing local labor competitiveness and job adaptability, transitioning from "blood transfusion" to "blood production" [2] Group 3: Public Services and Social Governance - The Xuzhou initiative has transformed the Kuqa City Library through a 5 million yuan digital upgrade, increasing the collection to nearly 140,000 volumes and providing 78TB of digital resources accessible via a mobile app [2] - The annual visitor count to the library surged from 20,000 to over 200,000 post-renovation, reflecting the community's growing enthusiasm for reading and learning [3] - The initiative also focuses on talent cultivation through educational and medical support, enhancing local capabilities and service quality through a "team-based" assistance model [3]

工业硅周报 反内卷会议落幕，工业硅企稳反弹 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F03084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1 / 8 2025 年 7 月 7 日 ⚫ 上周工业硅震荡上行，主因工信部及中央财经委会议强调 将综合治理光伏产业低价无序竞争，推动落后产能有序退 出，聚焦加快行业高质量发展路径，大幅提振市场信心。 供应来看，新疆地区开工率大幅降至5成，川滇地区丰水 期开工率复苏有限，内蒙和甘肃皆有装置停产，供应端维 持弱势下行；从需求侧来 ...

钢材周报 2025 年 7 月 7 日 内外政策影响 钢价偏强反弹 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 ⚫ 宏观面：中央财经委员会召开第六次会议，研究纵深推 进全国统一大市场建设、海洋经济高质量发展等问题。 会议强调，要依法依规治理企业低价无序竞争，规范政 府采购和招标投标、招商引资，着力推动内外贸一体化 发展，持续开展规范涉企执法专项行动。美国总统特朗 普宣布与越南达成贸易协议，越南对美出口商品将被征 收20%关税，任何转运货物将被征收40%的关税。另外， 越南已同意取消对进口美国商品的所有税费。 ⚫ 基本面：上周螺纹产量221万吨，环比 ...

Group 1 - The core viewpoint is that the photovoltaic ETF (515790) has shown significant trading activity and liquidity, with an average daily trading volume of 7.73 billion yuan and a net inflow of 1.462 billion yuan during the period from June 30 to July 4 [1] - The ETF's shares reached a historical high for four consecutive trading days, with the latest share count at 16.627 billion and a total scale of 11.423 billion yuan, marking a new high since the second quarter [1] - Positive policy signals for the photovoltaic industry have been released, including a 30% production cut by leading photovoltaic glass companies to address long-standing industry issues [1] Group 2 - The photovoltaic ETF (515790) closely tracks an index that covers the entire photovoltaic industry, selecting no more than 50 representative companies, with the top five constituents being leading firms in the sector [2] - As the first photovoltaic-themed ETF to exceed 10 billion yuan in scale, it stands out for its large size and liquidity, with over 220,000 investors holding shares, indicating its role in capturing opportunities in the high-quality development of the photovoltaic industry [2]

Core Viewpoint - The implementation of the "Private Economy Promotion Law" marks a significant step in supporting the high-quality development of the private economy in China, establishing its legal status and ensuring equal treatment with state-owned enterprises, thereby enhancing the overall business environment for private enterprises [1][2][3]. Summary by Sections Legal Status of Private Economy - The "Promotion Law" legally recognizes the private economy as an essential part of the socialist market economy, ensuring equal status with state-owned enterprises and emphasizing the government's commitment to its sustainable and high-quality development [3]. Government-Enterprise Communication - The law mandates the establishment of effective communication mechanisms between government and private enterprises, allowing for timely feedback and support for private sector needs, thus enhancing service efficiency [4]. Financing Channels and Accessibility - Financial institutions are required to develop tailored financial products for private enterprises, improving credit supply and encouraging innovative financing methods, such as accounts receivable and intellectual property pledges [5]. Technological Innovation - The law encourages private enterprises to engage in technological innovation and participate in national projects, enhancing their integration into the national innovation system and protecting their intellectual property rights [6][7]. Market Access and Fair Competition - The law promotes private enterprises' participation in major national strategies and projects, reduces market entry barriers, and ensures fair competition, thereby enhancing their market access [7]. Modern Corporate Governance - The law guides private enterprises in improving their governance structures and management practices, emphasizing compliance and social responsibility to enhance their overall quality and public image [8]. Policy Recommendations for Development - Recommendations include strengthening fiscal support, improving monetary policy precision, facilitating private investment in various sectors, and providing comprehensive support for international expansion [9][10][12][13][14]. Financial Service System - A multi-layered financial service system is proposed to enhance credit information sharing and support private enterprises in accessing various financing options, including equity and debt markets [15][16]. Communication and Policy Supervision - The establishment of regular communication channels between government and private enterprises is emphasized, along with mechanisms for monitoring policy implementation to ensure effective support for the private sector [17]. Legal Environment Optimization - The law aims to strengthen the legal environment for private enterprises by combating unfair competition and ensuring judicial protection against administrative overreach [18].

Group 1 - The core viewpoint highlights Jinxiang County's strategic development of its garlic industry, aiming to be included in the provincial "14th Five-Year" agricultural and rural planning, and striving to create a national-level condiment production and processing base [1] Group 2 - Jinxiang County has a leading advantage in garlic planting and storage, with 700,000 acres of garlic cultivated, supporting around 2 million acres in the surrounding area, accounting for one-third of the national garlic planting area. The annual processing capacity exceeds 3 million tons, with exports covering over 170 countries and regions, representing more than 70% of the national export volume [1] - The county's logistics system for condiments is among the best in the country, with a cold chain storage capacity of 4.8 million tons, ranking high in the industry. It holds the largest storage volume for spices like San Ying pepper and black pepper, and significant storage for star anise and cinnamon, ensuring stable raw material supply for condiment production [1] Group 3 - The professional park in Jinxiang, covering 11 square kilometers, is the largest specialized food park in the country, promoting an integrated service model for wastewater treatment, heat supply, and foreign trade services. It hosts 82 enterprises, including Fortune Global 500 companies, forming four major industrial clusters and nurturing 24 national high-tech enterprises and 13 provincial leading enterprises [1] - In 2024, the park is set to be included in Shandong Province's pillar industry cluster, with its industrial scale and competitiveness ranking among the top in the province [1] Group 4 - The industry has a complete certification system, enhancing ecological upgrades. Jinxiang has established strategic cooperation with the Shandong Condiment Association, aiming to receive titles such as "Quality Raw Material Base for Spices" by June 2025. Several local enterprises have been recognized as quality condiment producers, achieving full-chain quality certification from raw materials to manufacturing [2] - Jinxiang is accelerating the construction of a national benchmark area for high-quality development in the condiment industry, leveraging its "five major centers" industrial ecosystem [2]

吕绍刚 刘森君 走进深圳壁虎科技生产厂房，一排造型各异的专用车映入眼帘：纯电动物流专用车、适合野外勘探的皮 卡车、尾箱配咖啡机的旅居车……不久前，来自非洲加纳的合作商到访这里，并签订协议，将在当地建 设半散件组装生产基地。 "我们面向全球提供滑板底盘和商用车产品，瞄准细分市场，产品已打入欧洲、北美等海外市场。"该公 司副总经理陈祖国介绍，今年投产后，计划在深汕生产300台特种车辆。 新能源汽车产业方兴未艾，深汕精心构建以新能源汽车产业为主，新型储能、新材料、智能制造产业为 辅的现代化产业体系，"一主三辅"协同联动，加快建设深圳新一代世界一流汽车城核心承载区。 "在深汕，是深圳"——合作区的街头，巨幅标语引人瞩目。这片火热的"飞地"，距离深圳市中心100公 里，正处于大开发、大建设、大发展的关键阶段。 一年间，园区高楼拔地而起、科创企业先后落户、名校名院建设进展显著……热火朝天的实干，传递出 发展的信心，彰显出这座汽车城的无限潜力。 亚迪汽车工业园二期。深汕融媒体中心供图 7月7日，深圳市深汕特别合作区，数千台汽车整齐列阵，集结在小漠国际物流港。全球最大汽车运输滚 装船比亚迪"深圳号"即将靠港，装载这批"中国智 ...

Group 1 - The core message emphasizes the importance of implementing Xi Jinping's speech on promoting urban-rural integration and reducing disparities through the "Ten Million Project" [1] - The focus is on enhancing internal driving forces through mountain-sea cooperation and paired assistance mechanisms to activate high-quality development in Chun'an County [1] - The goal is to ensure that Chun'an County's economic growth and residents' income growth consistently exceed the provincial average [1] Group 2 - Development of specialized industries is identified as a crucial path for Chun'an County to enhance wealth for its residents, promoting the full-chain development of local specialties [2] - The encouragement of enterprises to leverage technology and channel advantages to develop and promote unique agricultural products is highlighted [2] - The need for continuous investment in research and development and technological innovation by local companies to meet market demands and enhance competitiveness is stressed [2] Group 3 - The integration of basic public services in education, healthcare, and elderly care is emphasized to improve the overall capacity of county towns and facilitate the urbanization of agricultural transfer populations [3] - The establishment of a comprehensive "common prosperity workshop" in Shuguang Community is recognized as a model for integrating various services to support employment and income generation [3] - The importance of transforming educational and training outcomes into tangible high-quality development results is underscored [3]

宏观经济 | 动态跟踪 "反内卷"强化供给侧国家治理预期，有 望推动实现更高质量增长 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ "反内卷"旨在治理企业低价无序竞争，引导提升产品品质，推动国家治理预期抬 升再进一步。一些观点认为当前产能利用率偏低的行业更多集中于中下游，"反内 卷"推升价格的作用可能有限，但我们认为，借助"反内卷"一系列措施，政策目 标更侧重质量提升、科技投入、劳动者和中小企业权益呵护，以及地方招商引资模 式优化，化解"内卷式"竞争带来的低效率问题、实现"量增质升"比关注价格本 身更加重要。 ⚫ 价格过度竞争抑制创新活力释放的问题已被重视，自上而下的高规格推动持续在 位，这有望成为各部门、各行动的催化剂。从去年政治局会议、中央经济工作会 议，到今年总书记两会参加地方代表团审议、人民日报 6 月 29 日推出金社平文章 《在破除"内卷式"竞争中实现高质量发展》、中央财经委会议的表态，这一提法 多次高规格地出现，涉及行业也在增加：年初市场监管总局座谈会涉及的行业为新 能源链条（天合光能、晶澳科技、 ...