新矿产资源法的主要制度考虑 新修订的矿产资源法已于2025年7月1日起正式施行。此次修法，是矿产资源法颁布实施三十多年来 的一次整体性、系统性、重构性修改，是自然资源法治领域的一个重要事件，为新时代我国矿业高质量 发展提供了有力的法治保障。 修法的主要过程 矿产资源法制定于1986年，1996年、2009年修改过部分条款。1986年矿产资源法落实矿产资源国家 所有、国家保障自然资源合理开发利用等宪法规定，明确矿产资源勘查开采基本管理制度，充分调动各 方面参与矿业开发保护工作的积极性，为改革开放时期我国矿业快速发展打下了坚实的制度基础。1996 年对矿产资源法作出修正，明确由国务院代表国家行使矿产资源所有权，并进一步确认探矿权、采矿权 的财产权属性，建立有偿取得和依法转让制度，推动矿业管理体制从计划经济模式向社会主义市场经济 模式转变。2009年的修正属于个别文字打包修改。总体上看，矿产资源法实施三十多年来，对于加强我 国矿产资源勘查、开发利用和保护工作，服务和保障社会主义现代化建设发挥了重要作用。 随着经济社会的不断发展，在党中央领导下，我国矿业领域也在逐步进行改革探索，积累了很多好 的经验，同时在实践中也暴 ...

Core Viewpoint - The construction of a unified national market is essential for the smooth flow and efficient allocation of resources, which is a cornerstone for high-quality development [1] Group 1: Policy and Reform Initiatives - The Central Committee and State Council have emphasized the need to promote the free flow of goods and resources across a larger scope, aiming to create a unified market for factors and resources [1] - Various regions are intensifying reforms for market-oriented allocation of factors, continuously improving the institutional framework to enhance the flow of resources [1][3] - A series of reform measures are being implemented to address issues such as rural land utilization, urban settlement policies, and the integration of capital markets for small and medium enterprises [5][9] Group 2: Talent Mobility and Development - The facilitation of talent mobility is a critical aspect of building a resource market, with significant reforms in regions like Shenzhen and Chongqing to attract and retain skilled professionals [2][3] - In Shenzhen, over 12,000 Hong Kong residents have benefited from relaxed employment regulations, enhancing the local talent pool [2] - In Chongqing, reforms have led to the recognition of 645 rural talents with senior titles, addressing talent shortages in public services and engineering [2] Group 3: Market Mechanisms and Efficiency - The establishment of unified trading rules and standards is crucial for breaking down barriers and enhancing the efficiency of resource transactions [6][10] - The electricity market in Shanxi exemplifies the shift towards a competitive pricing mechanism, allowing for real-time price adjustments and promoting the utilization of renewable energy [7] - The data market is projected to exceed 160 billion yuan in transaction volume by 2024, reflecting a 30% year-on-year growth, indicating positive trends in the factor market [6] Group 4: Ecosystem Development and Collaboration - A robust ecosystem is vital for the orderly flow of resources, with initiatives aimed at attracting diverse participants to create complete industrial chains [11] - The Shenzhen Data Exchange has seen a compound annual growth rate of over 50% in transaction volume, indicating a thriving data trading environment [11] - Collaborative efforts across regions, such as the G60 Science and Technology Innovation Corridor, aim to integrate supply chains and enhance innovation ecosystems [12]

7月10日，山东证监局通报了多起债券市场违规事件。其中包括对威海蓝创建设投资有限公司、潍坊滨 城建设集团有限公司、山东如意科技集团有限公司及其相关人员采取出具警示函措施。 从通报内容来看，部分公司未按照规定时间披露2024年年度报告，还有的涉及非市场化发行的情形。 今年以来，各地监管部门对辖内债市监管力度持续加码，福建证监局、浙江证监局等多地监管部门对辖 内债券发行人的违规行为进行了通报，涉及未及时披露多笔债务逾期、信披违规、有关责任人履职违规 等诸多问题。 又有债券发行人违规，部分涉及非市场化发行 7月10日，山东证监局通报了多起债券市场违规事件。其中，包括对威海蓝创建设投资有限公司、潍坊 滨城建设集团有限公司、山东如意科技集团有限公司及其相关人员采取出具警示函措施。 通报内容显示，潍坊滨城建设集团有限公司作为企业债券发行人，未在规定期限内披露2024年年度报 告。对时任董事长兼信息披露事务负责人的周强，以及时任总经理的王文智、时任财务负责人的赵进 富，山东证监局依规采取出具警示函的行政监管措施，并记入证券期货市场诚信档案数据库。 类似情况还有山东如意科技集团有限公司，该公司作为债券发行人没有在规定期限内披 ...

Group 1: Market Overview - From July 1-6, the national retail sales of passenger cars reached 238,000 units, a year-on-year increase of 1%, but a decrease of 6% compared to the previous month. Cumulative retail sales for the year reached 11.14 million units, up 11% year-on-year [1][3] - In the same period, wholesale sales of passenger cars were 233,000 units, showing a year-on-year increase of 39% and no change from the previous month. Cumulative wholesale sales for the year reached 13.51 million units, up 13% year-on-year [1][5] - The retail penetration rate for new energy vehicles (NEVs) was 56.7%, with retail sales of 135,000 units, a year-on-year increase of 21% but a decrease of 11% from the previous month. Cumulative retail sales of NEVs reached 6.58 million units, up 37% year-on-year [1][3] Group 2: Market Trends and Predictions - The domestic economic situation has improved, particularly in exports, stabilizing domestic demand. July is expected to be a month of adjustment in the car market, with a structural differentiation in growth [3][4] - The trend of "old-for-new" vehicle replacement is anticipated to strengthen in the second half of the year, with recommendations for local governments to improve budget planning for subsidies [4][6] - The automotive industry is increasingly driven by both domestic and international demand, with a notable improvement in industry order and a strong start to production and sales in July [5][6] Group 3: Pricing Analysis - The number of models with price reductions has significantly decreased in 2025, with only 14 models in June compared to higher numbers in earlier months. The average price reduction for new energy vehicles was 12% in the first half of 2025 [8][9] - The average price reduction for conventional fuel vehicles was 8.9% in the first half of 2025, indicating a trend of stabilizing prices in the market [9][10] Group 4: Used Car Market Insights - The used car market in China is experiencing growth, with a transaction volume of 7.91 million units in the first five months of 2025, up 0.6% year-on-year, although transaction value decreased by 2.1% [9][10] - The potential for the used car market is significant, especially with the development of new energy vehicles, which provide consumers with lower-cost options for car ownership [10]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In June, the net repayment of urban investment bonds decreased but was weaker than the seasonal trend. The number of first - time bond - issuing entities increased significantly, and the proportion of borrowing new to repay old in bond issuance increased slightly. The number of new financing entities increased, still mainly in the transportation infrastructure sector. Also, 30 new urban investment entities declared themselves as "market - oriented operating entities" [5][9][29]. Summary According to the Directory 1. In June, the net repayment of urban investment bonds decreased but was weaker than the seasonal trend, and the number of first - time bond - issuing entities increased significantly - **Net Repayment Situation**: In June, the net repayment of urban investment bonds was 43.6 billion yuan. Although the net repayment scale decreased compared to May, the decline compared to the same period in previous years further expanded. The net financing scale of exchange - traded urban investment bonds turned negative, and the net repayment scale of association - issued urban investment bonds decreased. Zhejiang, Anhui, Jilin and other 11 provinces had positive net financing, while Sichuan, Hunan, Shanghai and other 19 provinces had net repayment [5][9]. - **Early Repayment**: The actual early repayment scale of urban investment bonds in June increased by 4.6 billion yuan to 9.7 billion yuan compared to May, but the scale of announced early repayment and cash tender offers decreased slightly [5]. - **Termination of Approval**: The number and scale of exchange - traded urban investment bonds whose approval was terminated in June increased compared to May [5]. - **First - time Bond - issuing Entities**: There were 30 first - time bond - issuing entities in June, 13 more than in May. They were mainly distributed in Shandong, Guangdong, and Jiangsu. Most of the funds raised were used to repay interest - bearing debts, and the issuance was mainly through exchange - traded private placement bonds [23]. 2. In June, the proportion of borrowing new to repay old in bond issuance increased slightly, and the number of new financing entities increased but still mainly in the transportation infrastructure sector - **Proportion of Borrowing New to Repay Old**: The proportion of borrowing new to repay old in urban investment bond issuance in June increased slightly by 0.9 percentage points to 82.62%. The proportion of repaying interest - bearing debts continued to rise, while the proportion of supplementary working capital, project construction, and equity investment decreased. In terms of regions, the borrowing - new - to - repay - old ratio in Guizhou, Ningxia, Tianjin, Tibet, and Yunnan remained at 100%, and the ratio in 11 provinces such as Beijing, Shanxi, and Chongqing increased, while that in 9 provinces such as Guangxi, Hubei, and Hebei decreased [29][30]. - **New Financing Entities**: In June, the association issued 26 bonds involving 19 entities with a total issuance scale of 28.91 billion yuan, mainly in Jiangxi, Fujian, and Jiangsu, and mostly transportation infrastructure entities. The exchange issued 59 bonds involving 52 entities with a total issuance scale of 40.71 billion yuan [31][32]. 3. In June, 30 new entities declared themselves as market - oriented operating entities - **Accumulated Declaration Situation**: As of the end of June, a total of 403 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds. In terms of regions, 10 provinces including Zhejiang, Shandong, and Jiangsu had a total of 334 entities making such declarations, accounting for 82.88%. In terms of levels, AA + entities accounted for 53.35% [39]. - **New Declaration in June**: In June, 30 new urban investment entities declared themselves as market - oriented operating entities, including 22 in the association and 8 in the exchange. Only Shenzhen Anju and Xuzhou Metro achieved new financing among them [6]. - **Credit Spread**: The credit spread deviation between market - oriented operating entities and non - declared entities continued to converge, and there was still no significant differentiation [6].

文 | 海南省发展和改革委员会 7月10日，海南省发展改革委发布《 关于海南省深化新能源上网电价市场化改革的实施方案 （征求意见稿） 》。 2026年1月1日起，全省新能源（所有风电、太阳能发电，下同）项目 上网电量全部进入电力市场，上网电价通过市场交易形成。 新能源项目参与市场 交易的方式按照南方区域电力市场交易规则执行，鼓励 具备条件的分布式、分散式新能源聚合后报量报价参与市场交易 ，未报量或报价参与市场的默认 作为价格接受者参与市场交易。后续根据市场建设情况，逐步放开各类电源进入市场参与交易。 适当放宽现货市场限价 ，现货市场申报、出清价格 上限考虑 目前省内燃料综合成本和用户承受能力等因素确定；申报、出清价格 下限考虑 新能源在电 力市场外可获得的绿证收益、财政补贴等因素确定，后续根据市场运行情况适时调整。接受市场形成价格的新能源项目，结算价格按照所在节点的实时市 场分时价格确定。价格上下限等具体参数见附表。 明确辅助服务费用分摊方式。 现货市场 未连续运行时 ，辅助服务市场费用由 发电侧分摊 （不含分布式新能源）；现货市场 连续运行时 ，辅助服务市 场费用由 工商业用户用电量和未参与海南省电能量市场 ...

值得注意的是，该基金跟踪的中证光伏产业指数估值处于历史低位，最新市净率PB为1.78倍，低于指数 近3年82.54%以上的时间，估值性价比突出。 数据显示，截至2025年6月30日，中证光伏产业指数(931151)前十大权重股分别为阳光电源(300274)、隆 基绿能(601012)、TCL科技(000100)、特变电工(600089)、通威股份(600438)、TCL中环(002129)、正泰 电器(601877)、晶科能源(688223)、晶澳科技(002459)、德业股份(605117)，前十大权重股合计占比 55.39%。 相关产品：光伏龙头ETF(159609) 截至2025年7月10日午间收盘，中证光伏产业指数(931151)强势上涨2.06%，成分股协鑫集成(002506)上 涨10.00%，晶澳科技(002459)上涨8.47%，弘元绿能(603185)上涨7.35%，双良节能(600481)，阳光电源 (300274)等个股跟涨。光伏龙头ETF(159609)早盘一度张超3%，半日收涨2.17%，最新价报0.42元。拉长 时间看，截至2025年7月9日，光伏龙头ETF近1周累计上涨3.75% ...

内容提要 文章回顾过去二十年中国银行间利率衍生品市场的发展历程，其主要特点有：交易品种不断丰富、市场参与主体逐渐多元化、交易模式和清算方式日益完 善、市场边界不断拓展、应用场景更加多样、对外开放稳步推进、服务实体功能持续增强。展望未来，文章认为随着我国金融市场的繁荣发展，银行间利率 衍生品市场也必将进一步国际化、多元化和专业化。 过去二十年，中国银行间利率衍生品市场经历了快速发展阶段，交易品种不断丰富，市场参与主体逐渐多元化，交易模式和清算方式日益完善，服务实体功 能持续增强。笔者作为市场一员，亲身经历了银行间利率衍生品市场蓬勃发展的峥嵘岁月，谨以此文，回顾银行间利率衍生品市场的发展历程，展望市场未 来发展新篇章。 一、利率衍生品市场发展回顾 近年来，人民币利率互换品种结构和产品用途覆盖范围更为广泛。2019年，中国人民银行进一步推进利率市场化改革，优化贷款市场报价利率（LPR）形成 机制，推进完成存量浮动利率贷款挂钩定价基准的转换，使得贷款利率和市场利率同步波动。随后，挂钩LPR的人民币利率互换很快推出，有效将利率互换 的风险管理功能扩展至贷款市场，进一步满足实体经济的需求。2023年，中国外汇交易中心（以 ...

报告导读： 我们认为， Q2 电价降幅缩窄、煤价降幅扩大，火电业绩将较 Q1 进一步增 长，清洁能源由于资源整体偏枯业绩或将承压。 维持"增持"评级。 25 年 4-5 月，电力、热力生产和供应业实现利润总额 1148 亿元， YOY+6.6% （ 1-3 月 YOY+8.1% ），行业利润整体不断修复。我们认为， Q2 电价降幅缩窄、煤价降幅扩大，火电业 绩将较 Q1 进一步增长，清洁能源由于资源整体偏枯业绩或将承压；今年下半年或将终结"过去两年下半 年电力板块往往下跌"的现象，火电在电价市场化推进，盈利向上，长期看好。 点火价差扩大，北方电厂业绩仍强。 （ 1 ）电价：广东 25Q2 月协均价 0.374 元 / 度，同比 -0.046 元 / 度（ Q1 同比 -0.084 元 / 度）； 25Q2 广东燃煤现货电价均值 0.319 元 / 度、同比 -0.012 元 / 度（ Q1 同比 -0.043 元 / 度）。（ 2 ）煤价： 25Q2 秦皇岛港动力末煤（ Q5500 ）均价 633 元 / 吨，同比 -214 元 / 吨（ Q1 同比 -180 元 / 吨）；（ 3 ）电量：全国 4 、 5 ...

股票研究 /[Table_Date] 2025.07.09 证 券 研 究 报 火电业绩加速修复，水风光或承压 [Table_Industry] 公用事业 股 票 研 究 请务必阅读正文之后的免责条款部分 [Table_Invest] 评级： 增持 25Q2E 业绩前瞻 [table_Authors] 吴杰(分析师) 胡鸿程(分析师) 021-38676666 021-38676666 登记编号 S0880525040109 S0880525070011 本报告导读： 我们认为，Q2 电价降幅缩窄、煤价降幅扩大，火电业绩将较 Q1 进一步增长，清洁 能源由于资源整体偏枯业绩或将承压。 投资要点： 行 业 跟 踪 报 告 告 [Table_Summary] 维持"增持"评级。25 年 4-5 月，电力、热力生产和供应业实现利 润总额 1148 亿元，YOY+6.6%（1-3 月 YOY+8.1%），行业利润整 体不断修复。我们认为，Q2 电价降幅缩窄、煤价降幅扩大，火电业 绩将较 Q1 进一步增长，清洁能源由于资源整体偏枯业绩或将承压； 今年下半年或将终结"过去两年下半年电力板块往往下跌"的现象， 火电在电价市 ...