Group 1 - The core viewpoint of the news is that Xue Tian Salt Industry has achieved the highest credit rating of "AAA" from Dongfang Jincheng International Credit Rating Co., marking a significant recognition of its capital strength, operational capability, risk management, and development potential [1][2] - Xue Tian Salt Industry is now the second company in the national salt industry and the third listed company in Hunan's state-owned system to receive the "AAA" credit rating, indicating a strong ability to repay debts and low default risk [1][2] - The company has total assets of 10.97 billion yuan and expects to achieve an operating income of 5.392 billion yuan and a net profit of 308 million yuan by the end of 2024 [1] Group 2 - The "AAA" rating is expected to enhance the company's market reputation, increasing brand recognition and credibility in the global market, which will help attract international partners and accelerate its internationalization [2] - The credit rating will optimize financing channels, allowing the company to issue various types of bonds more flexibly, potentially lowering bond issuance interest rates [2] - The high credit rating will attract strategic resources, enabling the company to draw in strategic investors and industry capital, facilitating project construction and the introduction of advanced technology and management experience [2]

Core Viewpoint - The forum on "Credit Empowering High-Quality Development of Digital Economy" highlighted the importance of cross-border credit data integration in promoting economic cooperation and financial innovation within the Guangdong-Hong Kong-Macao Greater Bay Area [1][3]. Group 1: Background and Importance - The continuous development of the Greater Bay Area has accelerated the flow of resources, making credit data a crucial information resource for economic cooperation and social development [3]. - Zhuhai, as a key city in the Greater Bay Area, has a significant economic contribution, generating 3% of Guangdong's GDP with only 1% of its land and 2% of its population [3][4]. - In 2024, Zhuhai's border inspection station recorded 203 million inbound and outbound passengers, with over 11 million at the Gongbei port, indicating strong connectivity with Hong Kong and Macau [3]. Group 2: Credit Service Platform Development - Zhuhai has launched the Zhuhai-Hong Kong-Macao Cross-Border Credit Service Platform to enhance collaboration and promote high-quality regional development [4][5]. - The platform aims to facilitate the outbound flow of domestic credit data, attract overseas credit data, and achieve dual integration of credit data from both regions [5][6]. Group 3: Solutions to Challenges - The platform addresses challenges such as high data barriers and low verification efficiency in cross-border social assistance by integrating key data from Macau residents in Zhuhai [6]. - It aims to improve the credit evaluation process for Hong Kong and Macau residents, enabling them to access credit facilities in mainland China [6][7]. Group 4: Collaboration and Innovation - The platform collaborates with various credit service institutions to provide comprehensive credit report services for mainland enterprises, helping them mitigate foreign trade risks [7]. - It has introduced mechanisms for cross-border credit recognition and policy sharing, including incentives for trustworthy enterprises in the Greater Bay Area [8]. Group 5: Future Outlook - The exploration of cross-border credit system integration is just the beginning, with plans to enhance credit information sharing mechanisms and expand applications for cross-border credit ratings and joint rewards and penalties [9]. - There is a focus on establishing a unified cross-border credit standard in collaboration with ASEAN and other international credit service institutions to facilitate cross-border trade and investment [10].

大家好我是大鱼 今天的资讯 包括下面几个消息 1. 大而美法案对Tesla 会产生怎样的影响 2. 特斯拉生产经营 方面的消息 关注这些领域的朋友 不要错过 今天重要的内容 OK let's go 先说特斯拉的股票 周四收盘是315.35% 全天下跌了0.3%美元 跌幅是0.1% 美国三大股指 纳指上涨1.02% 道指上涨0.74% 标普上涨0.81% 第一部分 大而美法案对Tesla 会产生怎样的影响 美国众议院于7月3日 正式通过了川普推动的 大而美法案 该法案已于7月1日 在参议院通过 预计川普将于 7月4日签署成为法律 法案中明确规定 7500美元的新电动车 税收抵免将于 2025年9月30日 正式终止 同时二手电动车 4000美元抵免 和商用电动车7500美元 抵免也将于同日结束 由于电动车补贴 将提前终止 市场预期会在2025年 第三季度出现 购车需求的集中爆发 特斯拉在美国 可能会迎来 短期需求增长 当然这属于透支需求 四季度的销售数字 肯定就不会太好看 不过现在回头来看 Tesla今年出现的 高库存情况 正好满足这一波的需求爆发 你可能会认为 7500美元补助取消 对所有电动车企 都是打击 T ...

截至2025年7月4日 11:18，30年国债ETF(511090)上涨0.07%，最新价报125.14元。流动性方面，30年国 债ETF盘中换手16.9%，成交27.06亿元，市场交投活跃。拉长时间看，截至7月3日，30年国债ETF近1周 日均成交63.06亿元。 30年国债ETF紧密跟踪中债-30年期国债指数(总值)财富指数，中债-30年期国债指数隶属于中债总指数 族系，该指数成分券由在境内公开发行上市流通的发行期限为30年且待偿期25-30年（包含25年和30 年）的记账式国债组成（不包含特别国债），可作为投资该类债券的业绩比较基准和标的指数。 规模方面，30年国债ETF最新规模达160.00亿元。 风险提示：本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投资、兑付和风险管理 责任。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。基金的过往业绩并不预示其未来表现，本公司管理的其他基金的业绩并不构成对本基 金业绩表现的预示和保证。投资者在投资基金前应认真阅读基金合同、招募说明书和基金产品资料概要 等基金法律文件，全面认识基金产品的风险收益 ...

Core Viewpoint - Xue Tian Salt Industry has achieved the highest credit rating of "AAA" from Dongfang Jincheng International Credit Assessment Co., marking a significant recognition of its capital strength, operational capability, risk management, and development potential [1][2] Company Overview - Xue Tian Salt Industry is the first modern joint-stock company in the national salt industry that integrates production and sales across provinces, focusing on core businesses related to salt and salt chemicals since its establishment [1] - The company was successfully listed on the Shanghai Stock Exchange on March 26, 2018, under the stock code 600929, and is recognized as "China's first salt reform stock" [1] - As of the end of 2024, the company reported total assets of 10.97 billion yuan, revenue of 5.392 billion yuan, and a net profit of 308 million yuan [1] Credit Rating Impact - The AAA rating enhances the brand recognition and premium capability of Xue Tian Salt Industry in the global market, making it more attractive to international partners for deep cooperation [2] - The company can lower its financing costs by approximately 0.5% due to the AAA rating, allowing for flexible issuance of various bond types to meet funding needs and optimize debt structure [2] - The credit advantage will facilitate the introduction of strategic investors and equity financing, attracting renowned investment institutions and industrial capital for deeper collaboration [2] Future Outlook - Xue Tian Salt Industry aims to leverage the AAA rating to implement Hunan's modern industrial strategy of "North Petrochemical, South Salt Chemical," enhancing the salt industry chain in Hunan and progressing towards the goal of becoming a first-class salt chemical enterprise [2]

规模上，Wind金融终端数据显示，信用债ETF天弘（159398）最新流通规模118亿元，续创历史新高。 信用债ETF天弘（159398）跟踪深证基准做市信用债指数，该指数反映深市基准做市信用债市场运行特 征。信用债ETF天弘（159398）为天弘旗下唯一信用债ETF。 7月4日，信用债ETF天弘（159398）震荡走高，截至发稿涨0.07%，有望冲击三连涨。 消息面上，据智通财经，信用债ETF的加速扩容，催生了长久期信用债的牛市。最新统计，年初上市的 8只基准做市信用债ETF最新规模已接近1300亿，较初始募集规模增长近6倍。近期资金快速涌入，抢筹 基准做市信用债指数的成分券，使得长久期信用债的表现强势。 资金流向上看，截至7月3日，Wind数据显示，信用债ETF天弘（159398）近20个交易日有19日获资金净 流入，累计"吸金"近59亿元。 国金证券指出，近期投资者对交易所做市信用债ETF产品较为关注，尤其是保险和理财对该类产品的讨 论度有明显提升。而信用债ETF的迅速扩容，正在推动超长信用债的独立牛市行情。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策 ...

Group 1 - The company bond ETF (511030) has seen a 0.03% increase, marking three consecutive days of gains, with the latest price at 106.19 yuan. Over the past year, the ETF has accumulated a rise of 2.18% [1] - The trading volume for the company bond ETF was 0.48% with a transaction value of 1.05 billion yuan. The average daily trading volume over the past month was 22.76 billion yuan [1] - The latest scale of the company bond ETF reached 21.876 billion yuan, setting a new record since its inception [1] Group 2 - Institutions indicate that social financing (社融) may see a year-on-year increase in June, with expected new loans around 2 trillion yuan and a social financing increment of 3.8 trillion yuan, reflecting a growth rate of 8.8% [4] - The secondary market for government bonds showed varied trading activities, with large banks buying 10.1 billion yuan, while city commercial banks sold 33.1 billion yuan. Overall, bond funds have accumulated a net purchase of approximately 170 billion yuan in bonds with a maturity of 20 years or more since the beginning of the year [4] - The company bond ETF (511030) is the only credit bond ETF in the market with a scale exceeding 20 billion yuan, qualifying for both the China Securities Depository and Clearing Corporation's pledge library and the Shanghai Stock Exchange's margin trading [4][7]

Core Viewpoint - The Credit Risk Mitigation Warrant (CRMW) serves as a "credit bridge" to alleviate financing difficulties for private enterprises, with recent revisions to the operational guidelines aimed at enhancing its effectiveness in supporting the real economy [1][2]. Summary by Relevant Sections CRMW Overview - CRMW is a key tool for supporting bond financing for private enterprises and risk-sharing for technology innovation bonds, functioning similarly to a "credit insurance policy" for specific debts [2]. - Since the introduction of the CRMW model linked to bond issuance in 2018, approximately 150 billion has been created, supporting over 340 billion in bond issuances for more than a hundred enterprises [2]. Recent Developments - The inclusion of "debt restructuring" as a credit event in CRMW products for technology companies marks a significant expansion of risk coverage, enhancing investor confidence and improving financial services for the real economy [3]. Revisions to Operational Guidelines - The recent revisions to the operational guidelines include four main optimizations to better support the financing of the real economy: 1. Establishing a comprehensive CRMW regulatory framework that includes self-regulatory rules, business guidelines, operational details, and standard texts [4]. 2. Removing restrictions on CRMW business by decoupling the creation institutions from core dealers, allowing more financial and credit enhancement institutions to participate [5]. 3. Strengthening the responsibilities and rights of participants by adding self-regulatory norms and clarifying requirements for information disclosure, pricing, trading, and management [5]. 4. Setting differentiated requirements based on the characteristics of CRMW, such as simplifying disclosure requirements for financial institutions and allowing for price inquiry methods for bond-linked creations [5].

2025 年 07 月 04 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券研究报告·金融工程·金工专题报告 金工专题报告 20250704 基于宏观风险因子的大类资产轮动模型绩 效月报 20250630 ◼ 风险提示：模型所有统计结果均基于历史数据，未来市场可能发生重大 变化；单一模型可能存在风险，实际应用需结合资金管理、风险控制等 方法；模型测算可能存在相对误差，不构成实际投资建议。 研究助理 刘静恒 执业证书：S0600123070085 liujingheng@dwzq.com.cn 相关研究 《 新 价 量 相 关 性 因 子 绩 效 月 报 20250630》 2025-07-01 《估值异常因子绩效月报 20250630》 2025-07-01 东吴证券研究所 1 / 11 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 基于宏观风险因子的大类资产轮动模型绩效：2011 年 1 月至 2023 年 12 月，模型年化收益率 9.93%，年化波动率 6.83%。夏普比率 ...

Core Viewpoint - The European Commission has proposed a revision of the European Climate Law, setting a target to reduce greenhouse gas emissions by 90% from 1990 levels by 2040, amidst rising concerns over climate change impacts in Europe [1][2][4] Group 1: Proposal Details - The proposal introduces new mechanisms to achieve the 2040 target, including the limited use of high-quality international carbon credits starting in 2036, integrating permanent carbon removal technologies into the EU emissions trading system, and increasing cross-sector flexibility [2][4] - Member states can offset emissions by purchasing carbon credits from other cooperating countries, with a cap of up to 3% of emissions based on 1990 levels [4] Group 2: Economic Implications - The cost implications of achieving the 90% reduction target are significant, with potential increases in costs for consumers, such as higher airfares due to sustainable aviation fuel mandates and substantial upfront costs for home energy efficiency upgrades [5] - However, transitioning to renewable energy is expected to lower bills over time and reduce dependency on imports, potentially freeing up billions of euros for strategic investments [5] Group 3: Political and Competitive Dynamics - The proposal has sparked debate over balancing climate protection with economic competitiveness, particularly as the EU faces global trade tensions and shifts in policy focus towards defense and economic competitiveness [6][7] - While countries like Germany support the new climate targets, others, including France, Italy, and Poland, express concerns about the economic burden, advocating for a delay in the proposal [6][7]