市场开始加速向积极方面变化。周二成交量增加较为显著，行业几乎 普涨格局。指数经过数日缩量震荡盘整后，当前已经来到去年 9 月行 情以来的箱体上沿，出现向上突破的酝酿形态。行业上的积极变化更 为明显，尤其是光伏风电等新能源板块的大幅上行，为市场增添了新 的动力。当前一方面有算力产业链的迭创新高，另一方面有低位板块 的放量启动，后续指数再创新高的可能性大为增加。 光伏板块的放量启动是一个重大信号。近期市场对反内卷行业的关注 度较高，从高级别会议的表述来看，这类重要行业后续具体措施出台 的可能性较大。这些行业经过长期调整，当前具备较强的安全边际。 另外，军工行业整体上行趋势仍保持良好，其前阶段的缩量窄幅调整， 或提供了较好的再次介入机会。而随着算力板块的不断新高， PCB 等 行业的上游关联产业，也出现了新的机会。 每日市场观察 2025 年 7 月 9 日 【今日关注】 周二市场涨幅较大，成交额 1.47 万元，比上一交易日增加约 2400 亿。 行业上除银行，公用事业小幅下跌，其余行业全部上涨，通信、电力 设备、建材等行业涨幅居前。 【市场回顾】 市场概况：7 月 8 日，市场全天震荡走高，创业板指领涨，沪指逼 ...

Group 1 - President Trump announced a 200% tariff on imported pharmaceuticals and a 50% tariff on copper, effective August 1, 2025 [3] - The U.S. government will provide companies approximately one to one and a half years to adjust before tariffs are implemented [3] - The State Council of China released an opinion on improving the mechanism for efficiently handling key matters, emphasizing inter-departmental collaboration [3] Group 2 - The Chinese Ministry of Foreign Affairs reiterated that there are no winners in a trade war and emphasized the negative impact of protectionism [4] - The People's Bank of China and the Hong Kong Monetary Authority announced measures to optimize and expand the Bond Connect program [4] - The National Development and Reform Commission and other departments issued a notice to support the construction of zero-carbon parks [5] Group 3 - GAC Fiat Chrysler announced bankruptcy [9] - Huayin Electric's stock turnover rate reached 80.95% over six trading days, significantly higher than the industry average [9] - Juhua Co. expects a net profit increase of 136% to 155% year-on-year for the first half of the year [9]

1.2亿单、8000万单，订单高峰导致APP宕机……即时零售在这个暑期掀起了第一波消费热潮。 7月8日，京东外卖宣布正式启动"双百计划"，承诺投入超百亿元扶持更多品类标杆品牌销量破百万。以外卖为起 点的即时零售"三国杀"进入白热化阶段。7月5日，美团、淘宝闪购和京东三大平台单日订单总量突破2亿单，创下 行业纪录。 这远不止是一场简单的补贴狂欢——从餐饮到非餐品类的扩张，从用户端到商户、骑手的全链补贴，平台竞争的 底层逻辑正从"流量争夺"转向"生态构建"。即时零售的战场，已从"送外卖"进化到"送万物"，单纯的价格战博弈 正迈向"履约系统+全域供给"的长期较量。 补贴战拉高点单频率，夏季消费高峰提前一个月 "我这个好久没点外卖的人都忍不住下了几单"，何女士告诉南都记者，最近每天两杯茶饮或咖啡是她的标配。另 一边，于女士向南都记者展示了2块钱的珍珠奶茶、1块3的汤粉订单截图，直言每天的快乐是外卖给的。"满25减 20"、"满18减18"……几大外卖平台的大额优惠补贴被网友们戏称为几乎是"0元购"。 巨大的补贴"诱惑"下，消费者们都在用"手"投票：据美团内网公布信息显示，截至7月5日22时54分，美团即时零 售当日订 ...

·三部门发文鼓励各地开展"零碳园区"建设提供资金政策支持助力实现"净零"目标 ·美国6月NFIB小型企业信心指数为98.6 ，预期98.7。美国至7月4日当周红皮书商业零售销售年率5.9%， 前值4.9%。（新华财经） ·摩根大通美国国债客户调查显示，截至7月7日当周多头占比上升3个百分点，空头上升1个百分点，中 性减少4个百分点。调查显示，净多头占比创6月16日以来新高，空头占比创6月9日以来的最高水平。 （新华财经） ·英国预算责任办公室（OBR）预计，全球气温较工业化前水平上升近3摄氏度，将对英国经济造成比此 前预期更严重的损害。OBR在其年度《财政风险与可持续性报告》中指出，在3摄氏度升温的情景下， 气候损害和减排措施的综合财政影响可能导致政府债务到2070年代初增加相当于GDP的74%。（新华财 经） ·巴西央行行长认为，2026年的通胀率将会处于目标范围内，这反映了对控制通胀措施有效性的信任以 及对未来经济稳定性的乐观估计。（新华财经） ·俄罗斯外贸银行的数据报道称，2025年上半年，俄罗斯居民在俄银行中的卢布储蓄总额超过57.3万亿卢 布（1美元约合78.7卢布），同比增长6.9%；同期的外币储 ...

近日，雄安新区第12个绿色建造示范工程——复兴220千伏变电站投运。 这座圆形钢结构变电站，变电容量360兆伏安，是雄安新区220千伏分区环网重要枢纽变电站。将担负起 启动区总部聚集核心区域供电任务，为北京疏解企业和高校用电提供强有力保障。 该变电站以"复兴中国梦，圆梦未来城"为立意，以"新城原动力、启航能量场"为设计理念，是雄安新区 首个全生命周期"近零碳"变电站。 在复兴220千伏变电站工程建设中，施工方国网河北建设公司，深度融合海绵城市、碳足迹管理、能耗 重组等8项绿色建设技术解决方案，精确核算建材碳排放，并应用智能化系统、水资源循环、零碳监测 等15项低碳技术，精细管理站内设备用能数据，实现全生命周期"近零碳"。 国网雄安新区供电公司全流程介入工程建设，依据基建站竣工验收标准，对主变压器、组合电器、开关 柜、交直流一体化系统等主要设备及高压电缆敷设、附件制作、在线监测、防火设施等附属工程与交接 试验进行全方位高水平验收。 据介绍，国网雄安新区供电公司将加快推进复兴变电站配套10千伏出线工程实施进度，确保年底前形成 启动区首批双花瓣网架结构，有力保障北京疏解企业和高校的可靠电力供应，为服务雄安高质量发展 ...

阿里巴巴 20250708 摘要 阿里巴巴宣布投入 500 亿人民币补贴即时零售，旨在提升订单密度和用 户成交频次，尤其通过高频餐饮外卖带动低频即时零售，并激活淘宝 APP 用户，尽管短期内可能影响利润，但长期有望推动增长。 阿里云面临供给端压力和业绩波动，但 AI 需求和交叉销售 AI 代理将成 为核心驱动力。国内多模态模型算力调用已上升，长期来看，AI 产业初 期投入大于短期收入，但未来增长潜力巨大。 淘天集团在即时零售领域转被动为主动，通过闪购场景激活新用户或召 回老客户，提高淘宝 APP 日活跃用户数，此举表明淘系重视即时零售业 务，并将其作为电商主站流量增长的驱动力。 即时零售大战中，美团在订单量和市场份额方面领先，阿里通过外卖业 务保持密度经济，高频餐饮外卖提升低频即时零售用户成交频次，推动 主站电商 GMV 增长，长期战略调整有望带来更高增长。 下半年，AI 相关催化剂（云计算增量）和传统电商业务稳定是业绩增长 点。尽管暑期补贴战可能带来压力，但即时零售投入有望增加淘宝 APP 交易额和活跃用户数，长期来看，对阿里巴巴定位为超级电商 APP 有利。 淘天集团在即时零售领域从被动转为主动。7 月 ...

Core Insights - The company "身边云" has launched a solution called "佣金保" to address the needs of internet platform workers in obtaining labor remuneration, responding to regulatory requirements and market demands [1][2][3] - The flexible employment sector in China has reached a scale of 200 million people, but the penetration rate of the gig economy remains significantly lower than that of developed countries [1][2] - The new solution aims to cover over 90% of internet platform workers and is designed to help small and medium-sized enterprises (SMEs) integrate into the gig economy more effectively [2][3] Group 1 - "佣金保" is a product that formalizes and streamlines policy requirements, making it applicable to a wider range of scenarios in the gig economy [1][2] - The solution is expected to stabilize and enhance the motivation for enterprises to utilize flexible employment [2][3] - Tax benefits for low-income workers and SMEs are highlighted, with specific thresholds for tax exemptions [2] Group 2 - The company is committed to continuously optimizing its product offerings in response to recent regulations and policies [3] - The "擎天计划" initiative, which includes a 1 billion yuan subsidy for SMEs, is ongoing to facilitate their integration into the gig economy [3] - The launch of "佣金保" is seen as a new starting point for the company to fulfill its mission of serving a broader range of enterprises [3]

Market Performance - The Shanghai Composite Index rose 0.7% to 3497.48 points, while the Shenzhen Component Index increased by 1.47% to 10588.39 points, and the ChiNext Index surged 2.39% to 2181.08 points, marking new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets reached 14,747 billion yuan, an increase of nearly 2,500 billion yuan compared to the previous day [1] - Key sectors that saw gains included semiconductors, non-ferrous metals, steel, building materials, chemicals, brokerages, and automobiles, while insurance, banking, and electricity sectors experienced slight declines [1] Solar Industry Insights - The solar industry is undergoing a "reverse involution" strategy at the national level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry chain [2] - Current market conditions indicate the industry is at a cyclical bottom, with future policy strength being a critical variable affecting industry trends [2] - Long-term prospects suggest the solar industry will enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [2] Energy Storage Sector Growth - The Australian government plans to invest 2.3 billion AUD in a subsidy program aimed at reducing the installation costs of home storage systems by 30%, targeting the addition of 1 million new home storage installations by 2030 [3] - Emerging markets in Southeast Asia and the Middle East are showing increased demand, while Eastern Europe is experiencing significant growth [3] - Major companies in the storage inverter sector are expected to see substantial improvements in Q2 performance, with overall annual growth returning to high levels [3] High-Temperature Beneficiary Sectors - Anticipated extreme heat in 2025 is expected to drive demand in several sectors, including electricity, food and beverage, sun protection, and air conditioning [4] - The electricity sector is likely to benefit from increased demand during high temperatures, while the food and beverage sector may see a boost in consumption of products like beer and tea [4] - Companies involved in air conditioning and cooling components are also expected to gain from supply constraints leading to price increases [4] Zero-Carbon Park Initiatives - The National Development and Reform Commission, along with other departments, has issued a notice to support the construction of zero-carbon parks, focusing on energy structure transformation and carbon reduction [7] - The initiative includes financial support through existing funding channels and encourages local governments to provide funding for eligible projects [7] - Policy banks are also encouraged to offer long-term credit support for zero-carbon park projects [7] International Low Altitude Economy Expo - The 2025 International Low Altitude Economy Expo will take place from July 23 to July 26, covering an area of 60,000 square meters and featuring over 30 forums [8] - The event is expected to attract more than 50,000 visitors and will showcase nearly 300 exhibitors, including well-known companies in the low-altitude industry [8] Trade Policy Developments - The U.S. government plans to impose a 50% tariff on all copper imports, with additional tariffs on pharmaceuticals and semiconductors being considered [9] - The new tariffs aim to provide time for pharmaceutical companies to relocate to the U.S., although specific implementation dates have not been disclosed [9]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 7 月 9 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：7月8日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 3061 ...

此外，通知明确，支持园区引入外部人才、技术和专业机构，服务企业节能降碳改造、碳排放核算 管理、产品碳足迹认证等。探索对零碳园区多能互补、多能联供项目实行"一个窗口"审批制度。强 化用能要素保障，在零碳园区范围内创新节能审查和碳排放评价模式，探索实施区域审批或项目备 案。加强新建园区、新能源电源、供电设施等用地用海要素保障。（ 张晓洁） （来源：新华社） 记者8日获悉，国家发展改革委、工业和信息化部、国家能源局近日印发关于开展零碳园区建设的 通知，支持有条件的地区率先建成一批零碳园区，逐步完善相关规划设计、技术装备、商业模式和 管理规范，有计划、分步骤推进各类园区低碳化零碳化改造，助力园区和企业减碳增效。 零碳园区是指通过规划、设计、技术、管理等方式，使园区内生产生活活动产生的二氧化碳排放降 至"近零"水平，并具备进一步达到"净零"条件的园区。通知围绕加快园区用能结构转型、大力推进 园区节能降碳、调整优化园区产业结构、强化园区资源节约集约、完善升级园区基础设施、加强先 进适用技术应用、提升园区能碳管理能力、支持园区加强改革创新等8方面，部署重点任务。 记者了解到，国家发展改革委将统筹利用现有资金渠道支持零碳园区 ...