6月23日，中国人民银行货币政策委员会召开了2025年第二季度(总第109次)例会。会议分析了国内外经 济金融形势，对下一步金融领域重点工作作出部署。 与一季度例会相比，本次例会对经济形势的判断更为积极，在提出"我国经济呈现向好态势，社会信心 持续提振，高质量发展扎实推进"的同时，也强调"仍面临国内需求不足、物价持续低位运行、风险隐患 较多等困难和挑战"。东方金诚首席宏观分析师王青表示，这一表述背后的原因是上半年扩内需政策全 面发力，居民消费需求显著加快，基建投资增速稳中有升，共同推动上半年宏观经济保持较强增长动 能，但市场内生需求仍然不足。 具体来看，会议明确，要有效落实好各类结构性货币政策工具，扎实做好金融"五篇大文章"，加力支持 科技创新、提振消费，做好"两重""两新"等重点领域的融资支持。 提振消费是扩内需、稳增长的关键点。5月9日，中国人民银行正式设立了5000亿元服务消费与养老再贷 款，这将有望进一步激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领域和养老产 业的金融支持力度。业内专家认为，此项政策从消费供给端发力，能够更好满足群众消费升级的需求， 未来与财政及其他行业政策配合，还可 ...

Core Viewpoint - The article highlights the increasing benefits of the circular economy across various regions in China, showcasing innovative technologies that transform waste into valuable resources. Group 1: Industrial Innovations - In Fujian, used plastic packaging films are processed into high-quality eco-friendly films that have passed national food-grade certification, overcoming previous barriers in recycling [3] - In Daqing, carbon dioxide, once seen as an industrial burden, is now utilized to enhance oil extraction efficiency, with over 74,600 tons injected by 2025, leading to an oil production increase of 19,400 tons [6] - A new T-shirt design incorporates approximately 70 grams of recycled materials from ocean waste, reflecting a growing trend towards eco-friendly products in international markets [8] Group 2: Wastewater Treatment Advancements - A new wastewater treatment facility in Jiangsu, designed like a "clover," transforms urban sewage into drinkable water, utilizing a "three-cycle" system for water, energy, and nutrients [9][12] - The facility processes 20,000 tons of sewage daily, achieving water quality that exceeds the strictest discharge limits in the Taihu Lake region, with over 99% removal rate of emerging pollutants [12] - The facility generates 5,000 cubic meters of biogas daily from mixed fermentation of sludge and other waste, producing 12,000 kWh of electricity, achieving 100% energy self-sufficiency [12][14] Group 3: Circular Economy Contributions - The circular economy is a core initiative in China's "carbon peak" actions, significantly supporting the transition to a green and low-carbon economy [18] - In 2023, the reuse rate of industrial water in large-scale industries reached 94%, surpassing national targets, with total recycled resources exceeding 400 million tons [18] - The value of China's resource recycling industry has grown from approximately 2 trillion yuan in 2015 to 4 trillion yuan in 2023, with expectations to exceed 5 trillion yuan by 2025 [21]

Core Viewpoint - The recent Lujiazui Forum emphasized the importance of "technological innovation," "industrial innovation," "financial services," and "funding support" as key elements for enhancing national strength and fostering innovation-driven development [1][2]. Group 1: Innovation and Funding - Innovation is crucial for improving comprehensive national strength and has become a focal point for global competition, with advancements in AI, biotechnology, and quantum technology [1]. - A multi-layered technology financial service system has been established in China, including bank credit, bond markets, and stock markets, to support innovation [2]. - The introduction of a "technology board" in the bond market and the establishment of a growth layer in the Sci-Tech Innovation Board are part of efforts to create a funding mechanism that aligns with innovation's inherent rules [2]. Group 2: Roles of Financial Support - Financial support must act as a "patience runner" for innovation, requiring long-term stable capital rather than short-term funding [2][3]. - A conducive environment for innovation should be created, including a tolerance for failure and mechanisms to encourage investment despite risks [3]. - A comprehensive funding support system is necessary throughout the innovation lifecycle, from early-stage venture capital to later-stage bank credit and capital market support [3]. Group 3: Building a Positive Cycle - A well-adapted funding system that resonates with the rhythm of innovation can create a virtuous cycle among technology, industry, and finance, aiding economic stability and growth [3].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 文若愚（微信 LRsuperdope） 事项 6 月 27 日，央行发布 2025 年二季度货币政策委员会例会通稿，我们学习心得如下。 核心观点 1 、与一季度相比，例会的哪些变化值得关注？ ①在政策基调上，例会删去了"把实施扩大内需战略同深化供给侧结构性改革有机结合起来"，并增加了"把 做强国内大循环摆到更加突出的位置，统筹好总供给和总需求的关系"这一表述。 ②在货币政策思路上，删去了"择机降准降息"，增加了"灵活把握政策实施力度和节奏的表述"。 ③汇率表述上，央行删去了"加强市场管理，坚决对市场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进 行处置"的表述。 2 、与一季度相比，例会的哪些不变值得关注？ 在货币政策态度上，央行维持了"货币政策适度宽松"的表述，但同时，央行也维持了"畅通货币政策传导机 制，提高资金使用效率，防范资金空转。" 3 、我们如何理解的当下的货币政策 ①从货币政策投放的目的上，当下央行投放流动性不止是支持商业银行信用扩张能力，同时还有稳定股债 市场流动性的诉求。 ②从货币政策投放 ...

证 券 研 究 报 告 【宏观快评】 关注例会提法的变与不变 ——2025年二季度货币政策委员会例会学习 事 项 6月 27日，央行发布 2025年二季度货币政策委员会例会通稿，我们学习心得 如下。 核心观点 宏观研究 1、与一季度相比，例会的哪些变化值得关注？ ①在政策基调上，例会删去了"把实施扩大内需战略同深化供给侧结构性改革 有机结合起来"，并增加了"把做强国内大循环摆到更加突出的位置，统筹好 总供给和总需求的关系"这一表述。 ②在货币政策思路上，删去了"择机降准降息"，增加了"灵活把握政策实施 力度和节奏的表述"。 ③汇率表述上，央行删去了"加强市场管理，坚决对市场顺周期行为进行纠偏， 坚决对扰乱市场秩序行为进行处置"的表述。 2、与一季度相比，例会的哪些不变值得关注？ 在货币政策态度上，央行维持了"货币政策适度宽松"的表述，但同时，央行 也维持了"畅通货币政策传导机制，提高资金使用效率，防范资金空转。" 3、我们如何理解的当下的货币政策 ①从货币政策投放的目的上，当下央行投放流动性不止是支持商业银行信用扩 张能力，同时还有稳定股债市场流动性的诉求。 ②从货币政策投放的数量上，重点关注居民存款搬家的力 ...

证券研究报告 "科技自立自强"，重视自主可控 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年6月28日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 数据来源：Wind，东吴证券研究所 一：大盘表现 1. 本周市场回顾 注：本周交易日为6月23日-27日 （如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指 ...

Core Viewpoint - The sustainable development has become a crucial requirement for automotive companies, not just an additional topic, as they navigate the global green transition [1] Group 1: Sustainable Development Initiatives - BMW's 2024 sustainability report highlights significant achievements in green transformation, including commitments from approximately 200 local suppliers to use renewable energy, resulting in a reduction of about 1 million tons of carbon emissions compared to 2019 [1][4] - The company has made breakthroughs in material innovation, successfully applying new bio-based composite nylon materials in the BMW X3 model and exploring the use of tea leaves for new bio-based materials [1][3] - BMW aims to enhance the use of recycled materials, planning to increase the proportion of recycled aluminum in new model wheels to 70%-75% to further reduce carbon footprint [3][5] Group 2: High-Quality Development Strategies - BMW's core experiences in high-quality development include focusing on core technologies for R&D, adhering to strict product testing, and continuously improving a "smart, efficient, low-carbon" production system [2] - The company emphasizes the importance of collaboration across the entire value chain to achieve sustainable development, with a focus on long-term value creation and innovation [1][4] Group 3: Circular Economy and Resource Efficiency - BMW has implemented effective water resource management, reducing water consumption per vehicle to 1.57 cubic meters and achieving a total recycled water usage of 400,000 cubic meters [5] - The company has achieved zero landfill waste at its Shenyang plant and is actively collaborating with local partners to integrate renewable energy and circular economy practices throughout its value chain [5][4] Group 4: Future Outlook - BMW is committed to leading the transition to sustainable mobility, with the upcoming "New Generation" models set to enhance vehicle efficiency by 20%, charging speed by 30%, and range by 30% [3][6] - The company envisions future mobility as a harmonious coexistence of people, society, and nature, continuing to prioritize responsibility in its operations [6]

Group 1 - The third World SME Conference and the second Scientific Entrepreneur Forum were launched in Beijing, focusing on the theme "Green Resilience and Digital Symbiosis: The Power of SMEs in Restructuring Global Supply Chains" [1] - SMEs account for over two-thirds of global enterprises but face challenges such as financing difficulties and limited access to technology [1] - The former Vice Minister of Finance, Zhu Guangyao, highlighted the complex international situation by 2025, including potential high tariffs, intensified geopolitical conflicts, and disruptions in the international financial order [1] Group 2 - The National People's Congress Standing Committee member, Weng Jieming, emphasized five measures to support SMEs in integrating into the global supply chain restructuring, including detailed fiscal and tax policies, expanding structural loan scales, and enhancing government guarantee systems [2] - The conference discussed the importance of digitalization and green technology, with the UN's Director of the Department of Economic and Social Affairs stating that China's SMEs demonstrate that green and digital development are complementary [2] - The conference aims to promote deep cooperation among global SMEs in supply chain restructuring, digital transformation, and green innovation, helping SMEs break regional boundaries and integrate into the global value chain [3]

Core Viewpoint - The article discusses how Silver Star Energy is adapting to the shift from "policy-driven" to "market-driven and technology-driven" in the renewable energy sector, focusing on sustainable and high-quality development through various strategies [1]. Group 1: Company Overview - Silver Star Energy, a pioneer in renewable energy in Ningxia, operates 13 wind farms and 11 solar power stations, with a total installed capacity of 1.92 million kilowatts and an annual electricity generation of 3.2 billion kilowatt-hours [2]. - The company has significantly increased its wind power capacity to 1.6068 million kilowatts, generating over 2.6 billion kilowatt-hours annually, while also expanding its solar projects with a capacity of 310,000 kilowatts [2][3]. Group 2: Strategic Initiatives - The company leverages its unique advantage of being backed by the Aluminum Corporation of China, which has a substantial electricity demand, to enhance the integration of renewable energy with the aluminum industry [3]. - Silver Star Energy has initiated the development of distributed solar projects, receiving approvals for 18 projects with a total capacity of 210,000 kilowatts, which provide stable income through local consumption [3]. Group 3: Operational Improvements - The company is upgrading the Helan Mountain Wind Farm by replacing old turbines with larger, more efficient ones, which has resulted in a significant increase in power generation efficiency and a reduction in the number of turbines from 108 to 18 [4][5]. - The upgraded wind farm has achieved a 38.62% increase in annual grid-connected electricity generation, with the capacity of individual turbines increasing from 0.85 megawatts to 5 megawatts [4]. Group 4: Sustainability Efforts - Silver Star Energy has implemented a comprehensive lifecycle value management approach for decommissioned turbines, achieving a recycling rate of over 98% for turbine components [6]. - The company is actively exploring solutions for the recycling of wind turbine blades, aiming to minimize environmental impact while maximizing resource recovery [6]. Group 5: Future Outlook - The renewable energy sector in China faces both opportunities and challenges, with Silver Star Energy aiming to capitalize on the existing electricity demand to potentially double its installed capacity [7]. - The company is focusing on expanding its projects beyond Ningxia and exploring partnerships to maximize the value of renewable energy in agriculture and other sectors [7][8].

Core Viewpoint - The company has decided to postpone the expected production dates for its fundraising projects due to actual project conditions, ensuring that this decision does not adversely affect its operations or violate regulations [2][3]. Group 1: Meeting Details - The company's ninth supervisory meeting was held on June 27, 2025, with all five supervisors present, complying with relevant laws and regulations [2]. - The meeting reviewed and approved the postponement of the expected production dates for two key fundraising projects [2]. Group 2: Fundraising Projects - The "Tianye Huixiang 250,000 tons of ultra-pure alcohol-based fine chemical project" and "22.5 million tons of high-performance resin raw material project" are significant for the company's green and efficient resin circular economy industry chain [2]. - Due to public health events and regional control measures, the construction progress of the fundraising projects has been delayed, leading to a revised expected production date of no later than June 2025 for the first project and June 2026 for the second project [2][3]. Group 3: Financial Management - The company plans to use up to 200 million yuan of temporarily idle funds from the convertible bonds for cash management, investing in low-risk financial products with a term not exceeding 12 months [3][4]. - This decision aims to enhance the efficiency of fund utilization and generate additional investment returns for shareholders [4][5].