马来西亚总理：关税和出口限制现在已经成为地缘政治竞争的利器。 ...

【逻辑】昨日不锈钢盘面小幅走强，现货价格暂稳，现货成交偏淡。宏观方面，近期中央提出综合整 治"内卷式"竞争，后续政策推进情况存在不确定性仍需关注。菲律宾1.3%镍矿多在FOB36-37成交，受 降雨影响装船出货效率偏低；印尼镍矿7月（一期）内贸基准价预计下跌0.5-0.8美元左右，内贸升水预 计走跌2美元至+24-25，镍矿供应紧缺问题因印尼当地园区各冶炼厂出现减产有所缓解。镍铁价格持续 偏弱，近期成交偏淡，主流报价在910-920元/镍（舱底含税），铁厂利润挤压，钢厂加大对原料的压价 力度，供需双方心理价差持续拉大。钢厂整体减产力度不及预期，且随着青山张浦收购案股权交割完 成，后续市场供应是否会增加仍待检验。终端需求比较疲软，梅雨天气叠加连续高温天气，制造业订单 回暖较慢，采购以刚需补库为主，贸易商议价空间扩大但仍难放量。不锈钢社会库存去化仍然偏慢，仓 单近期有一定减少。总体上，目前宏观暂稳，基本面变化不大仍有压力，镍铁价格持续偏低位成本支撑 走弱，供应端减产不及预期，需求整体疲软去库偏慢。短期盘面震荡为主，主力运行区间参考12500- 13000，关注政策走向及钢厂减产节奏。 【操作建议】主力参考1250 ...

Industry Overview - The electronic universal testing machine is a key device for testing the mechanical properties of materials, widely used in various fields such as metals, non-metals, and composites [2][4] - The market for electronic universal testing machines is rapidly developing due to the transformation and upgrading of the manufacturing industry and the rise of emerging industries [11] Industry Development History - The development of China's electronic universal testing machine industry has gone through four stages, starting from reliance on imports before 1978 to the current phase of innovation and smart transformation [4][5][6] - The introduction of microcomputer control technology and the development of high-performance testing machines have significantly advanced the industry [5][6] Current Industry Status - In the first five months of 2025, China imported 12 electronic universal testing machines, a year-on-year decrease of 14.29%, while the import value reached 30.6647 million yuan, a year-on-year increase of 288.65% [11] - Exports of electronic universal testing machines amounted to 7,317 units, a year-on-year decrease of 63.58%, but the export value increased by 40.29% to 60.7024 million yuan, indicating a shift from quantity to quality in exports [11] Industry Supply Chain - The upstream of the electronic universal testing machine industry includes raw materials, components, and software, while the midstream involves the production of testing machines, and the downstream applications span various industries such as aerospace, rail transportation, and automotive [8][9] Key Enterprises - The competitive landscape of the electronic universal testing machine industry features both leading companies and numerous small to medium enterprises, with major players like WanCe, Zhongji Testing, and Sansi Technology leading the market [17][20] - These companies are focusing on high-end electronic universal testing machines and expanding into international markets, enhancing China's global influence in this sector [17] Industry Development Trends - The industry is experiencing technological upgrades and a shift towards smart development, with the integration of AI algorithms and remote monitoring capabilities [22] - Market demand is diversifying, with traditional sectors like aerospace and automotive growing alongside emerging fields such as new energy vehicles and biomedicine [23] - International competition is intensifying, prompting Chinese companies to enhance R&D investment and seek collaboration with global counterparts [24]

Group 1 - The current consensus in the market is to combat "involutionary" competition through legal and market measures, stabilizing market prices and promoting the orderly exit of backward production capacity [1] - The complex causes of "involutionary" competition include local governments using industrial policies for inter-regional capacity investment competition, leading to overcapacity and price competition in related industries [1] - The shift to high-quality development emphasizes the importance of the real economy, with a focus on developing emerging industries and promoting the transformation and upgrading of manufacturing [1] Group 2 - Industrial policies and competition policies have coexisted in China, with industrial policies being necessary for promoting technological innovation and industrial upgrading, but they should be based on competitive policies [2] - The experience of Japan suggests that an overemphasis on industrial policies can lead to low growth, highlighting the need for a balance between industrial and competition policies during different growth phases [2] - During the high-quality development phase, the main drivers of economic growth are innovation and the market's ability to shift resources from low productivity to high productivity sectors [3] Group 3 - The need for a coordinated approach between industrial policies and macroeconomic policies is crucial to avoid asset bubbles and ensure effective resource allocation [3] - When industrial policies are misused by local governments for quantity-based expansion, it can lead to "involutionary" competition, reducing corporate profits and hindering innovation investment [3] - Establishing a unified national market is essential for ensuring fair competition and effective resource allocation [4] Group 4 - There is an urgent need to establish a system and institutional guarantees for achieving high-quality development, with central government-led industrial policies to promote innovation and industrial upgrading [4] - A well-coordinated relationship between industrial and competition policies is necessary to prevent local governments from undermining fair competition rules [4] - Improving the assessment systems for high-quality development and local government performance can help avoid the distortion of industrial policies into tools for regional competition [4]

Core Viewpoint - Trafigura Group has agreed to pay $200 million to acquire a copper anode smelter from Afrimex in the Democratic Republic of Congo, which is expected to commence production in September. This transaction highlights the increasing competition for supply among global trading companies, such as Mercuria and Vitol, who are investing to secure future copper supplies [1]. Group 1 - Trafigura Group's acquisition involves a $200 million payment for a copper anode smelter [1] - The smelter is anticipated to start production in September [1] - The deal indicates heightened supply competition among global trading firms [1]

三星业绩爆雷的主要原因是，库存价值调整和贸易紧张局势的不确定性削弱了公司盈利表现。另外，三星在 AI芯片领域的竞争劣势也愈发显现。 三星业绩突然爆雷。 7月8日，三星电子发布公告称，预计二季度营业利润为4.6万亿韩元，同比暴跌56%，环比下跌31.24%，创6个 季度以来最低水平，大幅低于市场预期。受此影响，三星电子股价连续3个交易日录得下跌。 三星"爆雷" 当地时间7月8日，三星电子发布了第二季度业绩指引，其中显示，公司预计二季度销售额基本持平为74万亿韩 元，营业利润同比暴跌56%至4.6万亿韩元（约合人民币241亿元），环比下跌31.24%，创6个季度以来最低水 平。 有分析称，美国对韩国的关税政策或将三星电子的业务前景进一步蒙上阴影。美东时间7月7日，美国总统特朗 普发布了致韩国总统李在明的信件，表示美国将自2025年8月1日起对所有韩国产品征收25%的关税。 这一业绩预告大幅低于LSEG SmartEstimate预测的下降39%至6.3万亿韩元。 受此消息影响，三星电子股价已连续3个交易日录得下跌。而其竞争对手——SK海力士股价7月8日大涨超 4%。 今年以来，三星电子股价仅上涨15%，远逊于SK ...

投资咨询业务资格：证监许可【2011】1778 号 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 黑色金属 | 日报 2025 年 7 月 8 日 煤焦日报 专业研究·创造价值 多空因素交织，煤焦区间震荡 核心观点 焦炭：7 月 8 日，焦炭主力合约报收于 1424.5 元/吨，日内录得 0.14%的 涨幅。截至收盘，主力合约持仓量为 4.81 万手，较前一交易日仓差为-18 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1220 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1210 元/吨，周环比 上涨 3.42%。近期市场逻辑再次由基本面博弈转向预期博弈。7 月 1 日， 中央财经委员会第六次会议提到要整治 ...

Core Viewpoint - The competition among major players Meituan, JD.com, and Alibaba in the instant retail sector is intensifying, particularly through their involvement in the "Su Super" football league, which has seen a significant increase in sponsorship and marketing activities [1][2][3] Group 1: Sponsorship and Marketing Activities - The number of sponsors for the "Su Super" league has surged from 6 to 29, with each of the three giants participating as sponsors [1] - JD.com became the official strategic partner of "Su Super" on June 13, and subsequently named a local team, promoting local specialties through substantial discount campaigns [1][2] - Alibaba's brands, including Taobao Flash Sale and Alipay, have also engaged in sponsorship, creatively linking their marketing strategies to the performance of the teams they sponsor [2][3] - Meituan announced its sponsorship of the Yangzhou team on July 4, leveraging local cultural elements in its marketing campaigns [3] Group 2: Impact on Consumer Behavior - JD.com reported a more than 10-fold increase in order volume for its food delivery service in Jiangsu since the league's inception, with agricultural product sales up 82% year-on-year [2] - The search volume for football-related merchandise on JD.com has doubled compared to last year, indicating a strong consumer interest [2] - Meituan's marketing efforts, including free foot massage promotions, have attracted significant user engagement, showcasing the potential for converting event traffic into long-term consumer habits [3] Group 3: Competitive Landscape - The competition among JD.com, Meituan, and Alibaba is fundamentally about capturing high-frequency local consumption scenarios through digital channels, with the "Su Super" league serving as a strategic battleground [3] - The challenge for these companies will be to convert the short-term traffic generated by the league into lasting user habits post-event [3]

以下文章来源于红餐网 ，作者红餐编辑部 红餐网 . 关停所有门店。 文 ｜ 郑颖 编辑 ｜ 李唐 来源｜ 红餐网(ID：hongcan18) 封面来源 ｜ unsplash 做餐饮，上红餐 ！一个有温度的餐饮产业服务平台。 近日，亚洲藏寿司股份有限公司对外发布公告，宣布 拟逐步结束KURA寿司上海所有门店的营运。 另据KURA寿司官方公众号6月22日发文确认，其大陆首 店上海龙之梦店也将于6月30日终止营业。 图片来源：KURA寿司官微 而在上海龙之梦店终止营业后，KURA寿司在国内的门店仅剩上海美罗城店和金桥店两家。 产品品质受到消费者吐槽，KURA寿司人均消费超100元的产品定价，也因此受到消费者质疑。 仅仅两年，KURA寿司 在中国大陆亏损超8000万 作为日本仅次于寿司郎的第二大回转寿司连锁品牌，相关数据统计显示，截至今年5月底， KURA寿司在全球共有689家门店。 2023年6月，KURA正式在上海龙之梦城市生活中心开出大陆首店，首店不仅门店陈设、服务模式完全复刻日本店，还设置了颇受消费者喜爱的扭蛋机，每 收集五个寿司盘就能获得一次扭蛋机会。 彼时，KURA寿司可谓是风光无限， 龙之梦店开业首日便 ...

Core Viewpoint - The first domestically produced nine-valent HPV vaccine, "Xinkening 9" by Wantai Biological Pharmacy, is priced at 499 yuan per dose, significantly lower than the imported version priced at approximately 1318 yuan per dose, indicating the start of a price competition in the HPV vaccine market [1][2][3]. Pricing and Cost Structure - Wantai Biological's "Xinkening 9" is priced at 499 yuan per dose, which is about 40% of the price of the imported nine-valent HPV vaccine [1]. - The two-dose regimen for females aged 9-17 costs approximately 998 yuan, while the three-dose regimen for females aged 18-45 costs about 1497 yuan [2]. - In comparison, the imported Merck nine-valent HPV vaccine costs around 2636 yuan for the two-dose regimen for ages 9-14 and 3954 yuan for the three-dose regimen for ages 15-45 [2]. Market Competition and Strategy - The launch of Wantai Biological's vaccine marks the beginning of competition, with other domestic companies like Watson Bio, Kanglaweishi, and Ruike Bio also preparing to enter the market [3][4]. - The HPV vaccination rate in China is low, with 70% to 80% of the 300 million women aged 9-45 yet to receive the vaccine, indicating significant market potential for domestic companies [3]. Product Efficacy and Approval - Wantai Biological claims that their nine-valent HPV vaccine has a protection rate exceeding 98% against related persistent infections, and recent studies indicate that its immune response and safety are comparable to imported products [2]. - The vaccine is the only one approved for a two-dose regimen for females aged 9-17, which may enhance vaccination compliance and increase overall vaccination rates [2]. Future Prospects - Wantai Biological is actively pursuing WHO prequalification for its nine-valent HPV vaccine, leveraging its existing international market access from its bivalent HPV vaccine [3]. - The company aims to expand its market presence both domestically and internationally, indicating a strategic focus on global outreach and competitive positioning against established imported products [3].