1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - Palm oil: The fundamental contradictions are not obvious, and it is greatly affected by international oil prices [2][4]. - Soybean oil: There is insufficient speculation on US soybean weather, lacking driving forces [2][4]. - Soybean meal: Due to trade concerns and the decline of US soybeans, Dalian soybean meal may fluctuate weakly [2][15]. - Soybean: Affected by the weak atmosphere in the surrounding market, the market may fluctuate weakly [2][15]. - Corn: It will fluctuate weakly [2][18]. - Sugar: It will be range - bound [2][21]. - Cotton: Attention should be paid to US tariff policies and their impacts [2][24]. - Eggs: The expectations are running ahead, and the reality is following [2][28]. - Live pigs: Attention should be paid to the sentiment of the new round of speculative realization [2][30]. - Peanuts: There is support at the bottom [2][35]. 3. Summary by Related Catalogs 3.1 Palm Oil, Soybean Oil, and Rapeseed Oil - **Fundamental Data**: Palm oil's daily - session closing price was 8,466 yuan/ton with a - 0.07% change, and the night - session closing price was 8,482 yuan/ton with a 0.19% change. Soybean oil's daily - session closing price was 7,894 yuan/ton with a - 0.63% change, and the night - session closing price was 7,870 yuan/ton with a - 0.30% change. Rapeseed oil's daily - session closing price was 9,548 yuan/ton with a - 0.61% change, and the night - session closing price was 9,492 yuan/ton with a - 0.59% change [4]. - **Macro and Industry News**: From July 1 - 5, Malaysia's palm oil exports were 213,055 tons, a 31.59% increase from the same period last month. Indian officials called for an increase in palm oil import tariffs and a minimum guaranteed price. Up to 500 million tons of palm - based residues and biomass in Southeast Asia can be used to produce sustainable aviation fuel [5][8]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is 0 [13]. 3.2 Soybean Meal and Soybean - **Fundamental Data**: DCE soybean 2509's daily - session closing price was 4079 yuan/ton with a - 54 (- 1.31%) change, and the night - session closing price was 4073 yuan/ton with a - 18 (- 0.44%) change. DCE soybean meal 2509's daily - session closing price was 2937 yuan/ton with a - 25 (- 0.84%) change, and the night - session closing price was 2933 yuan/ton with a - 15 (- 0.51%) change [15]. - **Macro and Industry News**: As of July 6, 2025, the good - to - excellent rate of US soybeans was 66%, the same as expected and the previous week, and lower than 68% in the same period last year. Brazil exported 1,917,950.97 tons of soybeans in the first week of July. Argentina will export 30,000 tons of soybean meal to China for the first time. On July 7, CBOT soybean futures closed at a two - week low due to favorable weather in the US Midwest and trade concerns [9][15][17]. - **Trend Intensity**: The trend intensity of soybean meal and soybean is - 1 (only referring to the price fluctuations of the main - contract futures on the day - session of the reporting day) [17]. 3.3 Corn - **Fundamental Data**: The closing price of C2509 was 2,326 yuan/ton with a - 1.36% change, and the night - session closing price was 2,321 yuan/ton with a - 0.21% change. The closing price of C2511 was 2,283 yuan/ton with a - 0.91% change, and the night - session closing price was 2,378 yuan/ton with a 4.16% change [18]. - **Macro and Industry News**: The northern corn collection and port prices remained stable, while the prices in Northeast China and North China mostly declined. The prices of imported sorghum and barley were also reported [19]. - **Trend Intensity**: The trend intensity of corn is 0 [20]. 3.4 Sugar - **Fundamental Data**: The raw sugar price was 16.25 cents/pound with a - 0.12 change. The mainstream spot price was 6050 yuan/ton with a - 20 change. The futures main - contract price was 5754 yuan/ton with a - 15 change [21]. - **Macro and Industry News**: Pakistan approved the import of 500,000 tons of sugar. Brazil's exports in June increased by 5% year - on - year. China imported 350,000 tons of sugar in May. CAOC estimated the domestic sugar production, consumption, and import volume for the 24/25 and 25/26 seasons. ISO estimated a global sugar supply shortage of 5.47 million tons in the 24/25 season [21][22]. - **Trend Intensity**: The trend intensity of sugar is 0 [23]. 3.5 Cotton - **Fundamental Data**: The closing price of CF2509 was 13,760 yuan/ton with a - 0.15% change, and the night - session closing price was 13720 yuan/ton with a - 0.29% change. The closing price of CY2509 was 19,955 yuan/ton with a - 0.22% change, and the night - session closing price was 19910 yuan/ton with a - 0.23% change [24]. - **Macro and Industry News**: The cotton spot trading was mostly sluggish, and the cotton yarn market was still dull. ICE cotton futures fell nearly 1% due to concerns about US tariff policies and good growth conditions of US cotton [25]. - **Trend Intensity**: The trend intensity of cotton is 0 [27]. 3.6 Eggs - **Fundamental Data**: The closing price of eggs 2508 was 3,449 yuan/500 kilograms with a - 3.74% change. The closing price of eggs 2510 was 3,360 yuan/500 kilograms with a - 1.81% change [28]. - **Trend Intensity**: The trend intensity of eggs is 0 [28]. 3.7 Live Pigs - **Fundamental Data**: The Henan spot price was 14980 yuan/ton with a - 200 change. The futures price of live pigs 2509 was 14245 yuan/ton with a - 60 change [31]. - **Market Logic**: The current market has entered the expected trading stage. The expected state reserve purchase has driven the formation of a policy - bottom sentiment. The consistent bullish expectation from July to August has driven the near - end sentiment. The spot price has continued to strengthen, and the futures market has repaired the basis. However, the futures price has offered hedging profits, increasing the game. The large number of piglets sold by group farms in the first quarter will start to be slaughtered in July. Attention should be paid to the subsequent spot performance. The support level of the LH2509 contract is 13,000 yuan/ton, and the resistance level is 14,500 yuan/ton [33]. - **Trend Intensity**: The trend intensity of live pigs is 0 [32]. 3.8 Peanuts - **Fundamental Data**: The price of Liaoning 308 common peanuts was 9,000 yuan/ton with a - 100 change. The closing price of PK510 was 8,098 yuan/ton with a - 1.46% change [35]. - **Spot Market Focus**: The remaining peanuts in the production areas are almost exhausted, and most are selling inventory. The prices in some white - sand peanut production areas are weakly stable, and the prices in large - peanut production areas are stable [36]. - **Trend Intensity**: The trend intensity of peanuts is 0 [37].

开发绿色方案 加码减排目标 持续加大投资特 与此同时，瓦克正通过两种方式对可持续发展进行投资。首先是顺应全球大趋势，投资如可再生能源、 智能建筑、数字化和电动汽车等，同时实现向净零排放转型。其次是根据对《巴黎协定》的承诺，投资 减少公司的碳排放。 对于可持续发展的投资价值，特种化学品生产商认为，可持续发展是顺应投资潮流的。世索科公司首席 执行官伊尔哈姆·卡德里在近期世界石化大会上直言："可持续发展不是慈善，客户已意识到可持续方案 能降低其投资风险。"科莱恩将可持续发展视为竞争优势，通过低碳、循环产品满足客户和监管需求。 霍尔德曼表示，可持续发展正成为全球商业的优先事项，也是欧洲的关键差异化因素。 尽管身处地缘政治紧张和经济不确定性的动荡环境，全球一些主要特种化学品公司仍坚持其气候承诺。 受客户需求和法规驱动，这些企业仍在持续投资开发更绿色的解决方案，并将这些投资视为与客户共同 发展的关键，也是其谋求自身发展的首要任务。 阿科玛可持续发展副总裁Emmanuelle Bromet介绍该公司气候承诺时表示，尽管当前市场波动，但可持 续发展的商业逻辑依然稳固。然而，贸易壁垒正对全球供应链施压，削弱消费者购买力，这成为 ...

近日，中巴可持续发展扩大产能合作基金(以下简称"中巴基金")第二次委员会会议在北京召开。国家外 汇管理局副局长李红燕与巴西财政部国际事务副部长罗熙丹(Tatiana Rosito)共同主持会议。本次会议回 顾了2024年9月首次委员会会议以来中巴基金进展情况，确定中巴基金第二批成果清单，项目覆盖气候 变化、新能源、基础设施等行业，涉及股权、债权、基金等多种投资方式。双方商定在巴西召开2026年 中巴基金委员会会议。(外管局) ...

Industry Overview - The level gauge market in China is well-developed, reflecting strong domestic demand for high-end products, particularly in precision manufacturing and semiconductor testing [1][10] - In the first five months of 2025, China imported 20,000 level gauges, a year-on-year increase of 47.25%, with an import value of 27.72 million yuan, up 33.50% [1][10] - Exports reached 9.57 million units, growing 18.38%, with an export value of 834 million yuan, a modest increase of 1.33% [1][10] Industry Development History - The industry has evolved through four main stages: state-led development (1949-1978), market transformation (1979-2000), globalization (2001-2014), and intelligent transformation (2015-present) [4][5][6] - The introduction of electronic technology has shifted the market towards electronic level gauges, enhancing precision and efficiency [5] - The current phase emphasizes smart manufacturing and the integration of IoT and AI technologies into level gauge production [6] Industry Supply Chain - The upstream supply chain includes raw materials like metals and optical materials, while the midstream focuses on manufacturing [8] - Downstream applications span construction, mechanical processing, industrial installation, and aerospace [8] Current Industry Status - The import of high-end level gauges is driven by the urgent need for precision measurement in advanced manufacturing sectors [10] - The export market is characterized by a "volume compensates for price" strategy, with increasing competition leading to a "revenue without profit" scenario [10] Key Enterprises - Leading companies like Laisai Laser and Suzhou Fudian dominate the high-end market, leveraging technology and patents to maintain competitive advantages [16][19] - Laisai Laser's products are widely used in major national projects, while Suzhou Fudian has developed innovative products with high precision [16][19] Industry Development Trends - The industry is experiencing a surge in technological innovation and smart development, with smart level gauges becoming a new growth engine [21] - The demand for high-precision level gauges is increasing, particularly in the automotive and semiconductor sectors, driving product upgrades [22] - Government policies are fostering innovation and sustainability in the industry, with a focus on green technologies and compliance with safety standards [23]

构建 「 农作废弃物→高值材料→全球场景 」 的闭环产品矩阵。 文 ｜ 张卓倩 编辑 ｜ 袁斯来 来源｜ 硬氪（ID： south_36kr ） 封面来源 ｜ 企业官网 36氪获悉，甡物科技（深圳）有限公司（以下简称「甡物科技」）宣布完成逾千万级人民币的追加战略融资。本轮融资由隶属于 香港上市公司奥邦建筑集团有限公司的奥邦环球机遇有限合伙基金及戈壁创投领投。融资资金将用于进一步加速公司在生物基材 料研发、生产及全球市场拓展等方面的突破，推动其在建筑、酒店、消费电子等多个场景中的商业化应用探索。 「甡物科技」成立于2020年，是一家专注于将生物基废弃物转化为可持续的新材料的绿色创新企业，通过绿色再生科技平台，包 括生物基纯化、降解、合成和改性技术，将废弃物转化为多种可持续的绿色材料，并构建甡态圈系统，为多个行业提供了低碳解 决方案。 当前，全球废弃物处理和碳排放问题日益严峻，传统废弃物处理方式不仅造成资源浪费，还对环境造成严重负担，如何高效转化 和利用废弃物成为亟待解决的难题。我国作为世界上最大的茶叶生产国，茶叶平均年产量可达到近三百万吨。「甡物科技」以茶 为源，利用大量被弃用的茶渣，通过生物基材料改性及共混技 ...

郑州市金水区大志影视基地内，剧组不分昼夜加紧拍摄。 受访者供图 微短剧演员海选现场。 本报记者 孔昊 摄 各地剧组奔赴中原，将镜头对准"竖店"。 本报记者 孔昊 摄 郑州市中牟新区鲲鹏小镇已成为剧组扎堆拍摄地。 本报记者 聂冬晗 摄 "充值破亿！开机大吉！" 七月的骄阳炙烤着中原大地，但比天气更"灼热"的，是各大影视基地昼夜轮转的开机音浪。镜头前，演 员演绎着豪门恩怨；监视器后，导演屏息凝神。 一组数据印证河南微短剧的爆发式增长：我省微短剧制播量连续两年位居全国前三，占全国约四成的产 能；2024年，全省备案微短剧超5000部，其中557部作品共1465次跻身全国短剧热力榜。郑州打造"微短 剧之都"的愿景，正加速照进现实。 郑州如何跃升为全国微短剧拍摄重镇？这股热潮为河南注入了怎样的澎湃动能？这个新兴风口又拥有多 强的生命力？带着这些问题，记者近期深入河南多个影视基地，对话一线从业者，探寻中原微短剧 的"热力密码"。 聚美基地的现状，正是这番话的最好注解。工作人员告诉记者："预约已排到10天后，每天接待8—9个 剧组。"这座由闲置产业园区改造的基地建成近一年来，已产出近500部微短剧，成为河南产量最大、置 景 ...

枕戈待旦——钢铁行业 2025 年度中期投资策略 20250707 颈问题。 摘要 房地产市场下滑导致钢铁需求占比从 2020 年的近 40%降至 2024 年的 22%，总需求萎缩，影响地产链相关钢价及制造业板材需求。 矿石和焦炭价格居高不下，占据黑色产业链利润大头，四大矿企主导格 局及国内安检趋严加剧焦炭供给紧张，导致吨钢利润收窄。 2025 年焦煤价格显著下跌，铁矿石基本面恶化，港口库存回升至 1.4- 1.5 亿吨，非主流矿增产，供给压力有所减轻。 几内亚西芒渡项目预计 2025 年 10 月至 11 月首次发运，2026 年一期 规划产能 1.2 亿吨，将占全球铁矿边际供给的约 4%，显著影响全球铁 矿供需格局。 新投产项目预计铁矿石生产成本在 50-70 美元/吨，显著改变成本曲线， 未来铁矿石价格可能降至 80 美元/吨以下，改善钢铁行业盈利。 2025 年上半年，实现全季度盈利的钢企比例从去年的 20%-30%上升 至 50%-60%，钢厂盈利能力触底反弹，吸引市场资金关注。 前五个月内需下降 2.9%，但受益于出口强劲，总需求降幅收窄至 1.2%，钢坯出口增速达 300%，缓解了内需滞销压力 ...

Core Viewpoint - The establishment of the Strategic and Sustainable Development Committee aims to enhance the company's strategic planning, investment decision-making processes, and ESG management, thereby promoting sustainable development [2][5]. Group 1: General Provisions - The committee is set up to improve the company's development planning, decision-making quality, and governance structure, in line with various regulations and guidelines [2]. - The committee will focus on long-term strategic planning, major investment decisions, and ESG-related work [2]. Group 2: Composition of the Committee - The committee consists of five directors, including at least one independent director [3]. - The chairman of the committee will be the company's chairman, and the term of the committee aligns with that of the board [5]. Group 3: Responsibilities and Authority - The committee is responsible for researching and proposing suggestions on long-term strategic planning, major financing matters, and significant equity investment projects [6]. - It will also oversee the construction of the ESG system, assess ESG risks, and guide the execution of ESG-related work [6]. Group 4: Decision-Making Procedures - The board secretary will coordinate the preparation of project analysis and evaluation for the committee's decision-making [10]. - The committee will hold meetings based on the feasibility reports provided and submit proposals to the board for approval [11]. Group 5: Meeting Rules - Meetings must be notified to all members three days in advance, and can be held in person or via communication methods [12]. - The committee can invite external professionals for advice if necessary, with costs covered by the company [12][13]. Group 6: Supplementary Provisions - The working rules will take effect upon the company's H-share listing and are subject to relevant laws and regulations [14][15].

当怒江的晨雾漫过溜索 当傈僳族孩子的歌声掠过峡谷 这片土地的故事便有了温度 第一财经自2008年起，就与汇添富基金一起在怒江开启了"河流·孩子"乡村教师培训计划。2011年，更是启动 了志愿者主导的"1份早餐"公益项目，从学校到山间，从孩子到咖农，一程程陪伴，一点点成长。 作为「河流·孩子」与「1 份早餐」公益项目的参与者，Dida 老师用十余年时光，在怒江的山水间写下了 关于爱与坚守的篇章。 2011.6 "1份早餐"最初的模样 今天，阿驴想把这份藏着 自然与人文的感动 打包 化作礼物送给同样心怀热忱的你—— ષેટ Valle n the 傈僳族人用自酿的玉米酒和祝酒歌迎接客人，一句 「一拉休」（干杯） 便成了朋友，音乐响起时，所有 人都会起身跳舞，不问会不会， 跟着走一圈也是乐趣 。 这里是世界第二的大峡谷，也是著名的福音谷。村里高处所在留着建造教堂。孩童们从小唱歌舞蹈，多源 自于 村庄里 的传颂和 从小 耳濡目染。 宽阔的江面 上 偶然会有古老的溜索连起大江，盘山路从低处而上，经过玉米地、咖啡园，木棉婷婷而 立，云雾水汽蒸腾，玉带环绕山涧，再定睛一看，可以见到白云深处那户傈僳族人家。 阿驴和 UTC ...

Core Viewpoint - Tesla's stock opened down 7.56% on July 7, with a closing price of $291.51 per share and a market capitalization of $938.94 billion, reflecting a significant decline in revenue and net profit for the fiscal year ending March 31, 2025 [1][2]. Financial Performance - As of March 31, 2025, Tesla reported total revenue of $19.335 billion, a year-over-year decrease of 9.23% [1]. - The net profit attributable to shareholders was $409 million, representing a substantial year-over-year decline of 70.58% [1]. Analyst Ratings and Future Reports - On July 3, HSBC reaffirmed a "Reduce" rating for Tesla, raising the target price to $120 [2]. - Tesla is scheduled to disclose its fiscal year 2025 mid-term report on July 23, 2023, after market hours [2]. Company Overview - Tesla, founded on July 1, 2003, by Martin Eberhard and Marc Tarpenning, is an American electric vehicle and energy company [2]. - The company designs, develops, manufactures, sells, and leases high-performance all-electric vehicles and energy generation and storage systems, providing related services [2]. - Tesla is recognized as the world's first vertically integrated sustainable energy company, offering end-to-end clean energy products, including generation, storage, and consumption [2]. Product Line and Technological Advancements - Tesla is planning to launch electric vehicles to cater to a broad consumer and commercial vehicle market, including models such as Model 3, Model Y, Model S, Model X, Cybertruck, Tesla Semi, and a new Tesla Roadster [2]. - The electric vehicles feature advanced power systems, autonomous driving capabilities, and Full Self-Driving (FSD) hardware, providing advantages in range, charging flexibility, acceleration, handling, safety, and user-friendly infotainment features [2].