Core Viewpoint - The introduction of the "Loan Clarity Paper" enhances the transparency of comprehensive financing costs for enterprises, improving their experience in obtaining financing [1][3][4]. Summary by Relevant Sections Financing Cost Transparency - Many enterprises, especially small and private ones, lack understanding of the specific components and calculation methods of financing costs, leading to a perception of high financing costs despite lower interest rates [2][4]. - The comprehensive financing cost for enterprises includes both interest and non-interest costs, with the latter comprising fees for collateral, guarantees, and intermediary services [2]. Implementation of the "Loan Clarity Paper" - The "Loan Clarity Paper" is a practical innovation aimed at clearly outlining all financing costs, thereby enhancing information transparency and improving the financing experience for enterprises [3][4]. - Starting from September 2024, the People's Bank of China will pilot the initiative in five provinces, with several others joining throughout the year [3]. Benefits for Enterprises and Banks - The "Loan Clarity Paper" serves as a transparent account of financing costs, allowing enterprises to understand all fees involved and ensuring they can take full advantage of loan preferential policies [4]. - For banks, this initiative enables a more comprehensive understanding of enterprises' financing details, facilitating more precise and convenient services [4]. Systemic Efforts Required - Reducing comprehensive financing costs for enterprises is a systemic project that requires collaborative efforts from all parties involved, including financial institutions and regulatory bodies [4].

东吴期货研究所 0512-62936002 从成本下行到筑底反弹 2025 年上半年黑色系普跌，一方面需求亮点不多，另一方面成本下行比较明显。下半年来看， 短期焦煤受安监影响，供给有所下降，加上钢厂低库存和有利润情况下，无减产压力，支撑原材 料需求，也在一定程度支撑黑色系各品种价格。但是钢材淡季需求很难超预期，下半年铁水经历 一轮下降的概率还是比较高，加上原材料供给预期还是比较高，预计上下游还会再度下跌寻找成 本支撑。4 季度随着上下游减产，加上政策预期，价格会逐步企稳反弹。 成本下行是钢价下跌的重要因素 2025 年上半年黑色系普跌，市场核心运行逻辑在于需求偏弱和成本下行。上半年国内焦煤产 量释放，主力合约一度跌至 709 元/吨，焦炭产能利用率不高的情况下，主要跟随焦煤波动。铁矿 1 季度在飓风影响下，发运有所下降，支撑矿价，2 季度也跟随走弱。成材端，需求继续表现分 化，制造业保持高增，建材端需求低于市场预期，出口延续高增长，总量来看同比小幅增加，但 由于投机需求差加上市场对需求预期不佳，加上成本下行，钢价也不断下跌。 图 1、上半年钢、矿走势差距不大 图 2、焦煤上半年领跌 600 650 700 7 ...

香港交易所宣布自2025年6月30日起实施全新股票交收费结构。此次调整彻底废除原有最低2港元、最高 100港元的收费限制。多家内地券商已向客户发布相关通知，提醒投资者关注新收费标准的变化。 收费结构全面重构 交易成本分化明显 小额交易成本将显著下降。成交金额小于4.76万港元的交易，在新规下享受优惠费率。1万港元交易额 的费用从原来2港元降至0.42港元。1000港元交易的收费从2港元大幅降至0.042港元。 大额交易费用则会相应增加。由于取消100港元每笔的最高限制，单笔交易额越大收费越多。100万港元 交易的费用将从原来20港元增至42港元。这种差异化收费机制旨在平衡不同规模交易的成本负担。 根据港交所统计数据，2019年至2024年间约77%的市场交易单笔金额不足10万港元。这些交易此前因最 低交收费限制缴纳了相对较高费用。新收费结构下，这部分交易将享受更低成本，有助于提升市场流动 性和活跃度。 本文源自金融界 香港市场股份交收费将从原来按成交金额0.002%收取的标准，调整为按成交金额0.0042%收取。新规则 同时取消最低及最高费用限额，实现费用与交易金额的紧密挂钩。买卖双边仍需缴纳相应费用。 交易 ...

Core Viewpoint - The Hong Kong Stock Exchange will implement a new stock transaction fee structure starting June 30, 2025, eliminating the previous minimum and maximum fee limits, which is expected to significantly reduce transaction costs for smaller trades while increasing costs for larger trades [2][4][12]. Fee Structure Changes - The transaction fee will change from 0.002% of the transaction amount to 0.0042%, with the removal of the minimum fee of 2 HKD and the maximum fee of 100 HKD [5][7]. - For Exchange Traded Products (ETPs), the fee will be adjusted to 0.20 basis points (0.0020%), also removing minimum and maximum fees [5]. Impact on Market Participants - The new fee structure is anticipated to lower transaction costs for approximately 77% of market trades, which typically involve amounts less than 100,000 HKD, thus enhancing market liquidity and encouraging participation from retail and institutional investors [12][13]. - The reduction in costs is expected to particularly benefit high-frequency trading and quantitative strategies, leading to increased market activity [13]. Broker Notifications - Multiple brokers, including CITIC Securities and China Galaxy Securities, have issued notifications regarding the upcoming changes, advising investors to take note of the new fee structure [6][8].

港股收费大调整 【导读】打破上下限，港股交易大调整！多家券商已通知 中国基金报记者 莫琳 香港交易所自2025年6月30日（周一）起实施新的股票交收费结构，彻底打破原有 的 最低2 港元、最高100港元的限制。 截至目前，包括中信证券等多家内地券商均发布了香港市场股份 交 收费调整的客户通知。中 国银河证券的一名投顾告诉记者，此次调整让小额交易成本骤降，成交金额小于4.76万港元 在新规下的费率是优惠的。例如，1万港元的交易额，原费用为2港元，新规后的费用为0.42 港元。但是，如果成交金额大于4.76万港元的话，费用会增加，因为新规取消了100港元/笔 的最高限制 。 也就是说，单笔交易额越大，收费越多。 值得注意的是，新规之后，仍然是买卖双边收取。 临近调整日，中信证券、中国银河证券、广发证券等多家内地券商纷纷发布了香港市场调整 股份 交 收费结构相关安排的公告，提醒港股通、B转H、H股"全流通"的投资者注意。 多家券商已发通知 今年2月，香港交易所就宣布将优化证券市场的股份交收费结构，以提高市场效率及确保有关 收费与交易金额更紧密挂钩。 具体来看，香港市场的股份交收费由此前的按成交金额的0.002%收取 ...

Group 1 - OpenAI has begun renting Google's TPU chips for the first time on a large scale, reducing its reliance on NVIDIA's GPUs and alleviating pressure on Microsoft's data centers [1][2] - OpenAI's demand for computing power has surged, with paid subscribers for ChatGPT increasing from 15 million at the beginning of the year to over 25 million, alongside hundreds of millions of free users [1] - Companies like Amazon, Microsoft, OpenAI, and Meta are developing their own inference chips to decrease dependence on NVIDIA and lower long-term costs [1][2] Group 2 - OpenAI spent over $4 billion on NVIDIA server chips last year, with training and inference costs each accounting for half, and is projected to spend nearly $14 billion on AI chip servers by 2025 [2] - The shift to Google's TPU was driven by the explosive popularity of ChatGPT's image generation tool, which increased pressure on OpenAI's inference servers [2] - Google has been developing TPU chips for about a decade and has provided this service to cloud customers since 2017, with other companies like Apple and Cohere also renting Google's TPU [2][4] Group 3 - Meta is also considering using TPU chips, indicating a broader trend among major AI chip customers [3] - Google Cloud continues to rent out NVIDIA-supported servers, as they remain the industry standard, generating more revenue than renting TPUs [4] - Google has ordered over $10 billion worth of the latest Blackwell server chips from NVIDIA, starting to provide them to select customers since February [4]

Core Points - The article discusses the key components of a significant legislative bill being voted on in the U.S. Senate, which includes raising the debt ceiling, extending tax cuts, increasing defense spending, and various tax deductions and reforms. Group 1: Fiscal Measures - The debt ceiling is proposed to be raised by $5 trillion to ensure the U.S. government's ability to meet its debt obligations [1] - The extension of the Trump-era tax cuts until December 31, 2027, maintaining the top tax rate at 37% and increasing the estate tax exemption to $15 million per individual [1] - A significant increase in defense spending, with approximately $157 billion allocated, including $29 billion for shipbuilding and maritime capabilities [1] Group 2: Immigration and Social Programs - Over $150 billion is allocated for immigration enforcement, with an additional $45 billion for detention and $13.5 billion as subsidies for local governments involved in immigration enforcement [1] - The bill requires states to share costs for the Supplemental Nutrition Assistance Program (SNAP) starting in FY 2028, with states having a 5%-15% cost share if error rates exceed 6% [3] Group 3: Tax Deductions and Reforms - New tax deductions include a $25,000 "tip tax exemption" and a $12,500 (or $25,000 for couples) "overtime income tax exemption" [2] - The SALT deduction cap is raised to $40,000, with annual increases of 1% until 2029, reverting to $10,000 in 2030 [2] - The child tax credit is increased from $2,000 to $2,200 per child starting in 2026, indexed to inflation [3]

关注、加星，第一时间接收推送！ 文 | 赵伟、屠强 联系人| 屠强、耿佩璇 摘要 事件： 6月27日统计局公布5月工企效益数据，工企营收累计同比2.7%、前值3.2%；利润累计同 比-1.1%、前值1.4%。5月末，产成品存货同比3.5%、前值3.9%。 核心观点： 利润大幅回落，主因成本、费用压力"双升"，短期利润修复不确定性仍较大。 5月利润增速出现大幅回落，主要源于成本、费用压力增大，同时营收对利润增速的贡献也有回落。 5 月，工业利润当月同比大幅回落11.9pct至9%。拆分结构看，利润率大幅回落主要是成本、费用压力增 大，后两者对整体利润同比的拖累分别上行6.5pct至-9.7%、5.9pct至-1.7%。营收方面，PPI跌破-3%的背 景下，实际营业收入对利润增速的支撑也有回落，当月同比下行1.2pct至4.2%，对整体利润增速的贡献回 落至3.4%。 常规跟踪： 工企利润率回落，拖累利润增速大幅下行。 利润：工企利润大幅回落，主要是利润率的拖累增加。 5月，工业企业利润当月同比下行12.1pct。分解 来看，利润率对工企的拖累加重，当月同比较上月回落10.1pct。量价贡献有所回落，工业增加值当 ...

Core Viewpoint - The market for n-butanol showed a trend of decline followed by a strong rebound in June, driven by improved supply-demand dynamics and diverse market drivers, although future market corrections are anticipated as positive influences wane [1][9]. Supply and Demand Factors - In June, n-butanol prices initially fell but rebounded strongly in the latter half of the month, with prices reaching 6450-6450 RMB/ton by June 25, an increase of 200 RMB/ton from the monthly average and 275 RMB/ton from the lowest point during the month [1]. - The supply-demand situation improved, with market confidence, supply, and costs contributing positively to n-butanol prices [1]. Impact of Raw Materials - The average gross margin for the n-butanol industry fell below 8% in Q2, with a slight improvement in June, but absolute gross margins remained low [4]. - As of June 23, propylene prices rose to 6890-7000 RMB/ton, increasing n-butanol production costs by approximately 256 RMB/ton, which significantly compressed profit margins [4]. Market Sentiment and External Influences - The strong performance of crude oil prices in June, influenced by geopolitical factors in the Middle East, bolstered market confidence and reduced bearish sentiment towards n-butanol, despite the restart of several production facilities [3]. - The anticipated reduction in n-butanol supply from neighboring regions, particularly due to planned shutdowns in Taiwan, may alleviate pressure on the domestic market and create export opportunities [7]. Production and Operational Challenges - Unexpected fluctuations in production facilities in June led to a failure of the industry to meet previous inventory accumulation expectations, with reduced operational levels observed in several plants [6]. - The industry is expected to shift from inventory depletion to accumulation, with increased domestic production anticipated to counterbalance any reductions in imports [9][10].

证券研究报告|宏观跟踪周报 [Table_Date] 2025 年 06 月 28 日 [Table_Title] 跨季后，逆回购到期 2 万亿+ [Table_Title2] 流动性跟踪 [Table_Summary] ►概况：央行加码呵护，跨季成本逐级攀升 6 月 23-27 日，跨季将至，虽然央行呵护力度接连提升，但是跨季资金成本还 是逐级上台阶。复盘本周资金市场，临近跨季，央行持续加码净投放力度，全周累 计净投放 12672 亿元，为今年以来单周净投放次高。与此同时，6 月中长期资金同 样超额投放，合计投放规模为 3180 亿元，高于 3 月跨季的 1630 亿元。 在央行持续净投放资金的背景下，隔夜利率平稳，DR001 全周基本围绕 1.37% 水平窄幅震荡；R001 除周五小幅升至 1.46%外，前四日同样基本稳定在 1.44%左 右。而跨季资金成本则持续攀升，DR007由周一的 1.51%逐日升至周五的 1.70%， R007 也由 1.56%大幅升至 1.92%。 ►展望：跨季后，流动性或将自发式宽松 往后看，下周一（6 月 30日）资金面将迎来最后考验，隔夜利率预计出现短期 冲高，2022- ...