2025年6月22日 研究所 主力合约移仓换月，盘面大幅下跌 ——国信期货纸浆周报 3 后市展望 目 录 CONTENTS 研究所 1 本周行情回顾 2 基本面分析 研究所 第 P 一 a 部 r 分 t1 行情回顾 一、本周行情回顾 研究所 纸浆期货主力合约完成移仓换月。SP2509大幅下跌，周度跌幅1.5%。 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 数据来源：文华财经 国信期货 4 研究所 第 P 二 a 部 r 分 t2 基本面分析 二、基本面分析：纸浆市场价格 研究所 卓创资讯监测数据显示，截至6月19日，本周进口针叶浆周均价5946元/吨，较上周下跌0.72%，由稳转跌；进口阔叶浆周均价4141元/吨，较上周下跌0.48% ，由涨转跌；进口本色浆周均价5187元/吨，较上周下跌1.61%，跌幅较上期扩大0.86个百分点；进口化机浆周均价3783元/吨，较上周下跌0.92%，跌幅较 上期扩大0.40个百分点。 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 数据来源：Choice 国信期货 6 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 数据来源：Choice ...

Core Insights - The graduation exhibitions at Chinese art academies are attracting significant public attention, showcasing innovative works that blend traditional and modern elements [1][2][3] - Young creators are using their unique artistic languages to express contemporary thoughts and ideas, reflecting the current cultural landscape [3][5] Group 1: Exhibition Highlights - The graduation exhibition at China Academy of Art features a popular installation titled "Dripping Instrument" by graduate Nie Shichang, which creatively integrates traditional Chinese elements with modern technology [1][3] - At Sichuan Fine Arts Institute, a painting dubbed "Chongqing Version of Mona Lisa" has gained viral popularity for its unique concept and visual impact [2] Group 2: Artistic Expression and Reception - Young artists are breaking conventions with their vibrant expressions, capturing the essence of the current era and redefining cultural heritage [5] - The public's reception of these works varies, with some viewing them as "common" while others appreciate their ability to engage with traditional culture [4] - Professors and industry experts note that the current era is characterized by a diverse aesthetic appreciation, with audiences being open to new artistic forms and cultural explorations [4]

在素有"衣冠王国"和"礼仪之邦"美誉的中国，云肩与服饰之"礼"息息相关。明代朝廷命妇的礼服就包含 云肩，在传统乃至当代中式婚礼上，云肩也几乎成为标配。从形制到内涵，云肩的发展演化过程不仅反 映了人类探索服饰文明的历程，更启发我们深思如何更好地传承传统服饰文化。 山东大学"海阔天高"云肩设计稿，刘燕、徐婧蕾设计。 伴随毕业季的到来，国风毕业照再次"火"起来，云肩成为各式各样毕业装束中一道亮丽的风景。融传统 与现代、美丽与实用于一体的云肩，正引领服饰新风尚。 云肩又名披肩，是中国传统服饰中的经典配饰。其原型可追溯至"未有麻丝，衣其羽皮"的远古时代，今 人熟悉的云肩样式首现于隋代敦煌壁画中的吉祥天女形象，后盛行于贵族间，最终在民间流行开来，成 为女性婚嫁时不可或缺的衣饰。在不断演变的过程中，云肩从承载人类对上天崇拜的载体，发展成一种 既实用又美观的配饰，具有御寒、防尘的作用，还增添了服装造型的层次感与艺术美感——运用符合比 例、平衡、韵律、调和、统一五大造型原则的形式，集合镶、绲、嵌、贴、补、钉、绘、绣等工艺，对 不同材质进行分割、叠积、组合，最终呈现浪漫绚烂、雍容华贵之美。 云肩之美，美在丰富的造型和深厚的文化内 ...

来 源丨2 1财经客户端 热点观察员丨 江佩佩 张嘉钰 家乐福离退出中国市场的日子或许不远了。 为减轻债务压力，苏宁易购公告以4元出售4家家乐福，交易将增加5.72亿净利润。 4家子公司卖了4块钱！ 苏宁易购"白菜价"抛售家乐福 1元出售1家家乐福公司股权，消息一出引发了诸多人的关注与感慨。 6月19日晚，苏宁易购集团股份有限公司发布公告称，其全资子公司苏宁国际之控股子公司荷 兰家乐福，近日与上海有安法律咨询有限公司（代上海启纾家福企业服务合伙企业）签订 《股权转让协议》，拟 以每家1元的价格出售位于杭州、宁波、沈阳和株洲的4家家乐福公司 股权 ，这也意味着多地家乐福以一种令人唏嘘的方式 "易主"。 公告显示，本次交易的目标公司，即 4家家乐福子公司，均已停止经营 ，且债务负担较重。 其中， 沈阳家乐福亏损最为严重，去年营收为972.86万元，亏损2163.8万元。 ST易购偿债能力分析。图片来源：公司2 0 2 4年年度报告 杭州第一家家乐福门涌金广场店因"合同到期"，已于2021年11月闭店，家乐福就此全面退出 杭州市场。据评估，杭州家乐福项目总资产约529万元，总负债约4.38亿元。 图/潮新闻 苏宁易 ...

Group 1 - The survey indicates that over 50% of respondents recognize traditional cultural activities, intangible cultural heritage protection, and historical site restoration initiatives [1][7] - The cultural and tourism industry is transitioning from a "traffic economy" to a "value economy," gaining more attention through youthful expressions and experiential scenarios [1][4] - The successful launch of "Black Myth: Wukong" has elevated Chinese culture in the gaming market, significantly increasing tourism searches in Shanxi [4] Group 2 - The survey collected nearly 100,000 responses, revealing high satisfaction with organizing traditional cultural events, promoting traditional cultural books, and advocating for the protection of intangible cultural heritage and historical sites [7][13] - The Northeast region shows the highest satisfaction with traditional cultural activities, showcasing a blend of modern and traditional experiences [9] - The global largest exhibition of ancient Egyptian artifacts has generated over 10 billion yuan in surrounding consumption, highlighting the potential of cultural events to drive local economies [11] Group 3 - The promotion of traditional cultural books has consistently ranked high in local cultural development satisfaction, particularly among residents in North China and third-tier cities [13] - Satisfaction with the restoration and protection of historical sites is notably higher in first-tier cities, with Beijing residents showing the highest satisfaction [13][15] - The restoration area of Beijing's central axis is 51.3 square kilometers, and its successful UNESCO heritage application has revitalized local cultural pride [15]

Core Insights - The article highlights a significant shift in investment strategies on Wall Street, favoring diversified asset risk management over concentrated bets on large tech stocks, resulting in strong performance for multi-asset strategies [1][3]. Group 1: Multi-Asset Strategy Performance - Societe Generale's multi-asset portfolio is experiencing its strongest first half since 2008, showcasing resilience even in the face of market uncertainties [2]. - The classic 60/40 stock-bond allocation strategy has shown relative elasticity during the pandemic era, while risk parity strategies have increased by approximately 6% [2]. - Investments in gold have been particularly successful, with portfolios focused on gold seeing gains exceeding 10% this year [2]. Group 2: Challenges for Traditional Concentrated Strategies - Traditional concentrated investment strategies have struggled amid tariffs, fiscal policies, inflation concerns, and geopolitical conflicts, with the S&P 500 index only rising 1.5% since January [3]. - Broader government bond indices have yielded only a 3% return this year, contrasting with the strong performance of diversified portfolios driven by previously overlooked assets [3]. - Developed market stocks outside the U.S. and Canada have risen 14% this year, while the Bloomberg Commodity Index has surged 8%, and gold has increased nearly 30% [3]. Group 3: Investor Sentiment and Behavior - Investors are increasingly embracing asset diversification, with a notable shift in attitudes towards holding assets outside the U.S. [4]. - Recent data indicates that U.S. investors are beginning to accept diversification, as evidenced by significant inflows into ETFs covering a broader range of asset classes, including gold, Bitcoin, and foreign stocks [5]. - In June, stock ETFs attracted approximately $56 billion, surpassing the total inflows of the previous two months, indicating a strong interest in traditional asset classes despite the diversification trend [5].

21世纪经济报道记者 黄子潇 香港报道 香港是全球首批为虚拟资产交易平台（VATP）建立明确发牌制度的地区。截至目前，香港证监会已经 为10家机构颁发VATP牌照，包括HashKey Exchange、OSL、HKVAX、HKbitEX等机构。 6月18日，香港， HashKey集团董事长兼首席执行官肖风接受了21世纪经济报道记者的采访。肖风认 为，稳定币能提升欠发达地区金融服务的可获得性。这也是非洲拥有最大美元稳定币使用群体的原因。 在跨境支付领域，"银行+Swift"的传统方式可能会遭受稳定币的冲击。肖风认为，它们应该探索新的角 色以及服务方式。 此外，在国际贸易层面，稳定币的作用十分显著。肖风表示，跨境电商企业接受大量USDT（美元稳定 币）支付后，通常需要将其兑换成法币以完成结算。然而，直接将USDT兑换成法币并结汇，目前仍存 在一定障碍。 在这种情况下，持牌交易所成为稳定币兑换法币的桥梁。 "跨境电商可以通过香港的合法架构，将USDT兑换成美元或港币，再通过合规途径完成结算，既解决 了稳定币兑换的问题，又符合监管要求。"他表示。 此外，对于近日央行提及稳定币，肖风认为这是一个积极的信号，建议采取分步 ...

伯镭科技致力于通过自动驾驶、车辆线控、换电等技术赋能矿山等传统行业。创始团队毕业于上海交通 大学，并与交大成立"自动驾驶联合研发中心"。打造了一个包含行业领先的L4级自动驾驶系统、车辆线 控系统、5G远程控制系统及云端智能调度系统在内的露天矿山智能作业平台，可以实现矿车、挖机、 装载机等矿用工程机械的互联互通和集群化智能作业，便于大规模部署。能够解放人力，帮助客户更轻 松高效地采集、分析信息，执行生产任务，最终达到帮助客户降低成本，实现本质安全，提高管理和运 营效率的目的。先后在洛阳钼业、甘肃酒钢、四川攀钢、国家电投扎矿、华能铧尖、五矿鹤岗等多座矿 山实现矿车运输无人化运营，截至2022年12月底累计赋能百余台自动驾驶矿车，安全行驶174万公里， 运输土石方2471万吨。2021年与国家五大发电集团之一国家电投达成战略合作，2023年3月正式推出全 国首台无驾驶室充换电一体矿用宽体车"Boonray eBUll"，助力矿山全面实现安全、无人、低碳生产。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 公布 ...

注：本文由格隆汇和网易号联合共创 在国际环境的频繁变动下， "促内需"已经成为很长一段时间以来，国内经济的主旋律。 图源： 图虫创意 在零售商超中，传统商超大卖场渠道下滑 11.4%，已经是连续第四年下滑，2024年全国样本超市中关店数量达994家。 量贩零食店却在此时杀成一片红海。仅 2024年一年，万辰集团旗下好想来开店就接近一万家。 对比最为明显的，是作为传统消费的代表之一，高端白酒价格接连下跌，白酒行业集体遭遇库存压力 ——飞天茅台批发价格下探至2000元/ 瓶，茅台1935出现严重价格倒挂。 从以旧换新国家补贴，到各类大额消费券，无一不展露出， "消费"，在当今社会中的重要地位。 目前，我国居民消费在 GDP中的比重不足40%，对比美国的70%和日本的60%占比，仍有巨大提升空间。 但在近两年，我国的消费市场中却出现了显著的冷热不均。 一边，传统消费普遍持续下行，陷入低迷。另一边， "新消费"却连连创下纪录，刷新人们的认知。 在餐饮行业中，经典的餐饮品类节节败退，湊湊火锅 2024年一年关店73家，亏损超3.5亿元，呷哺集团去年亏损近4亿。 新茶饮却 "登堂入室"——今年蜜雪冰城门店已经超过4.6万 ...

Core Viewpoint - The article discusses the shift in consumer behavior in China, highlighting the rise of "new consumption" and its contrast with traditional consumption, emphasizing the importance of emotional value in purchasing decisions [1][2][4][30]. Group 1: Current Consumption Landscape - Domestic consumption in China accounts for less than 40% of GDP, compared to 70% in the US and 60% in Japan, indicating significant growth potential [3]. - There is a notable disparity in the consumption market, with traditional sectors declining while new consumption categories are thriving [4][5]. - Traditional dining categories are struggling, with brands like 湊湊火锅 closing 73 stores and incurring losses exceeding 3.5 billion yuan, while new tea beverage brands like 蜜雪冰城 are rapidly expanding [6]. Group 2: Traditional vs. New Consumption - Traditional consumption focuses on essential daily needs, while new consumption shifts towards "self-pleasing" demands [21][22]. - The rise of "emotional consumption" is evident, with over 40% of young consumers prioritizing emotional value in their purchases [31]. - The concept of new consumption encompasses various sectors, including snack retail and new tea beverages, reflecting a broader trend towards personalized and emotional purchasing [34]. Group 3: Market Trends and Future Outlook - The article notes that new consumption trends are not merely a passing fad but are rooted in changing consumer environments and behaviors [54]. - Despite the current enthusiasm for new consumption, many companies are experiencing stock price corrections, indicating potential overvaluation [52][53]. - Long-term prospects for sectors like pet economy and new consumer electronics appear promising, with emerging trends suggesting continued growth [55][56].