Group 1 - The company announced an investment of 1.006 billion yuan for the expansion of its Shanghai industrial park on August 27, 2021 [1] - On June 11, 2025, the company revised the total investment for the Shanghai industrial park expansion project to 1.5 billion yuan due to plan adjustments and increased investment scale [1] - The project will be implemented by Shanghai Semir Garment Co., Ltd., located at 2689 Lianhua South Road, Wujing Town, Minhang District, Shanghai, with a planned completion date of September 2026 [1] Group 2 - The total construction area of the project after adjustment is 220,900 square meters, including an above-ground area of 152,900 square meters and a two-level underground area of 68,000 square meters [1]

Core Insights - The SNEC PV+ 2025 International Photovoltaic and Energy Storage Conference in Shanghai showcased over 3,600 companies from 95 countries, highlighting its significance in the global photovoltaic industry [1] - The company presented its "Zero Carbon Smart Symbiosis" concept, emphasizing a comprehensive solution for zero-carbon parks that integrates manufacturing capabilities in photovoltaic, hydrogen, energy storage, and electricity utilization [1][2] - The development of zero-carbon parks is positioned as a key pathway for industrial carbon neutrality, with the potential for large-scale promotion and becoming a core competitive advantage for enterprises [1][4] Company Solutions - The company offers a customized "Light-Hydrogen-Storage" system for power generation, utilizing rooftop photovoltaic power for direct supply, green hydrogen production for industrial use, and large-scale liquid-cooled energy storage for grid peak regulation [1][5] - In energy efficiency, the company leverages over 40 years of experience in energy-saving technologies, employing green electricity devices and waste heat recovery to enhance energy utilization [1][5] - The company has developed a carbon management platform for real-time monitoring of energy flow and carbon emissions, enabling precise control and efficient management [1][6] Market Position and Recognition - The company has a leading position in the photovoltaic sector, with over 65% market share in polysilicon reduction furnaces and nearly 100 GW capacity in monocrystalline silicon wafers, ranking among the top three in the industry [4] - The company was recognized in the "PVBL2025 Global Photovoltaic Brand Value Top 20" and "PVBL2025 Global Photovoltaic Top 100" lists [4] - The company’s products have received multiple certifications and are sold in international markets, including South Korea, Italy, and Brazil, demonstrating strong global demand [4] Technological Innovations - The company’s centralized immersion liquid cooling system for energy storage achieves over 50% energy savings and maintains temperature control precision within ±0.2°C, enhancing battery safety and lifespan [5] - The company has established a 5 GW electrolyzer manufacturing base and developed the world's largest single hydrogen production alkaline electrolyzer, showcasing its technological advancements in green hydrogen production [5] - Continuous innovation in green electricity applications, including low-energy consumption products and waste heat recovery technologies, supports energy efficiency and carbon reduction [5] International Strategy - The company emphasizes internationalization as a strategic direction, establishing 11 global subsidiaries and offices, and serving over 100 countries in various fields including photovoltaic, hydrogen, and CO2 storage [8] - The company has formed strategic partnerships with international firms, enhancing its global presence and reputation [8] - Recognition in global ESG rankings underscores the company's commitment to sustainable development, which is increasingly becoming a standard for international business [8] Future Outlook - The company aims to optimize its zero-carbon park solutions and collaborate with global partners to build a sustainable zero-carbon ecosystem, contributing to global climate governance [9]

【环球时报综合报道】法新社10日报道称，法国东北部上马恩省诺让市发生一起校园持刀袭击事件，造成一名学校助教死亡，一名警察受伤。事 件发生后，法国总统马克龙在社交媒体发声，"在保护我们的孩子时，一名女助教失去了生命，成为无谓暴力浪潮的受害者"，并表示全国沉浸在 悲痛之中，政府也在全力减少犯罪。 此次袭击事件发生在诺让市的弗朗索瓦丝·多尔托学校。当时，学校工作人员与警察正在校门口对学生进行例行检查。一名14岁的该校男学生在接 受检查时，突然掏出刀具，向身边的女助教连刺数下。事发后，警察迅速反应，当场将行凶学生制服并逮捕。然而，遇袭助教因伤势过重，最终 不幸离世，一名警察在制服过程中受轻伤。 据法新社报道，此次袭击事件发生在法国青少年犯罪率普遍上升的背景下。法国教育部报告显示，2023年校园暴力事件较往年激增60％，国家教 育工作人员在履行职责期间提交了近5000份保护请求。法国政府今年2月公布的数据显示，2024年，全法学校发现刀具的报告数量增加了15%。 面对这一严峻形势，法国各界人士纷纷提出应对建议。总理贝鲁呼吁在学校试用金属探测器，并加强对刀具的管制，将更多目前尚未被禁止的刀 具纳入管制范围。法国公立教育家 ...

陈桂春是谁？ 陈宅的存在与变化见证了陆家嘴的历史变迁，是开埠以来上海城市与社会变化的一个缩影。 6月10日，"时空之变：颍川小筑历史和空间的现代性"展览在上海市吴昌硕纪念馆开幕。纪念馆位于浦东新区陆家 嘴东路15号，"颍川小筑"是其所在地陈桂春住宅的别名（下称"陈宅"）。 如今，陈宅面朝陆家嘴金融城，背靠咖啡节、音乐节等人气活动的举办地陆家嘴中心绿地，成为市中心CBD少见 的一座老房子。高楼大厦与公园之间，怎么会有一座四四方方的大宅院？它的存在与变化见证了陆家嘴的历史变 迁，是开埠以来上海城市与社会变化的一个缩影。 陈宅建于1914年，历时3年建成，占地面积1103平方米，以传统合院式民居为主体架构，采用西洋装饰和新式建 材，是一栋四进院落式民居。1996年，它在陆家嘴建设拆迁中被保留下来，2010年开办吴昌硕纪念馆。策展人、 建筑师冯路表示，这次展览希望呈现陈宅的"中西合璧"，这是它百年前兴建时的时代特征。 1996年，陈宅周边整片动迁，陈宅内的居民出于保护老宅的想法，主动联系了同济大学建筑与城市规划学院。在 伍江、卢永毅等学者和上海新闻媒体的呼吁下，陈宅被保留下来，展厅中播放的伍江教授访谈回溯了当时的过 ...

Core Viewpoint - The State Administration for Market Regulation has issued measures to support the construction of metrology industrial parks, focusing on optimizing administrative approval processes and enhancing local capabilities [1] Group 1: Measures for Metrology Industrial Parks - The administration encourages metrology technical institutions in provinces where industrial parks are located to apply for national type evaluation laboratories [1] - Approval authority for the classification and identification of secondary standard substances within the parks may be delegated to provincial market regulation departments based on actual needs [1] - A pilot program for "dual inspection integration" will be conducted for water meter and gas meter manufacturing enterprises registered in the industrial parks [1]

但我们也看到，随着"苏超"的火爆出圈，网络上出现"足协指导搅黄了贵州'村超'""'村超'被足协叫停 了""'村超'没了"等大量涉及贵州"村超"的不实信息和虚假谣言，严重误导公众认知，伤害了热爱和支 持"村超"的国内外球迷网友的心，对"村超"的健康可持续发展造成了一定负面影响。 针对近期大量涉及贵州"村超"的不实信息和虚假谣言， @贵州村超联赛 官方微博 6月9日发布声明： 此次"苏超"火爆出圈，我们真诚地希望"苏超"越办越好，同时期待看到更多"粤超""浙超""鲁超""疆 超""云超""冀超""川超"等活动赛事，未来都有机会火爆出圈，点燃自己城市对足球的热爱，与大家共同 助力中国足球土壤的改良。我们对"苏超"取得的成就表示由衷地祝贺！ 在此，我们郑重的向大家辟谣，这些负面言论有一部分是对"村超"的误解，还有一些是无中生有，是为了 博人眼球、恶意炒作、吸引流量。 声明全文如下： 爱。截至目前,全国已有 34个省级行政区超 1300支球队和 全球近 50个国家超 1200 名国际球员来榕江交流。。今年 1 至5月,"村超"系列赛事共举办 450场,县外 32支球队 490 名球员实地感受"村超"氛围。"村超"以来, ...

点击小程序查看报告原文 Abstract 摘要 在我们跟踪的三个主要的外汇交易策略中，价值策略取代套息策略，成为了今年迄今为止最好的外汇交易策略。而套息策略继去年第三季度之后，在今年 4月份再度遭遇关税的外生冲击，该策略虽然仍为正收益，但高波动令其性价比在2025年显著回落。套息头寸较大的亚洲货币则在5月份继续面临平仓压 力。趋势策略则成为了三大策略中唯一亏损的策略。美元指数虽然从高位下跌了10%，但做空美元的负carry以及汇率短期波动的不确定性让"追涨杀跌"成 为了收益性相对较差的策略。 2025年迄今为止，全球外汇市场围绕着美国政府政策的各种不确定性展开交易。在1月特朗普正式上任后，美元指数在多重利空的影响下下跌了超过 10%。一季度美元的弱势源自于某些政策支票并未兑现所带来的特朗普交易退坡，而从二季度开始，多重利空继续推动美元破位下行。4月2日之后，我们 认为美元的下跌主要源自3方面的交易：一是关税对美国经济的不确定性的影响。与2018年的中美关税摩擦不同，美元指数与关税不确定性在今年4月之后 呈现反向的相关关系。而欧元、日元、瑞郎是规避关税风险的三个主要的避险货币，相对美元走势强劲。二是对"海湖庄园 ...

Group 1 - Yancheng is a pioneer in green development, actively constructing zero-carbon parks to enhance its green development profile [1][2] - The city has a robust plan for zero-carbon industrial parks, focusing on clean energy substitution, resource recycling, and carbon capture [2][4] - Yancheng's renewable energy generation capacity reached 16.75 million kilowatts, with offshore wind power accounting for approximately 10% of global capacity and 20% of national capacity [2][4] Group 2 - Yancheng has attracted 47 wind power equipment enterprises, forming the largest offshore wind power industrial cluster in China, with production capacities of 40% and 20% of the national total for complete machines and blades, respectively [4][5] - The city is expanding into new energy sectors, including cold energy, green hydrogen, and green methanol, with projects aimed at integrating these technologies [4][5] - The development of the Guoxin Dafeng 850,000-kilowatt offshore wind power project marks a significant step in sustainable marine resource utilization [5] Group 3 - Yancheng is focused on innovation-driven development, establishing a carbon management platform and aligning with international green trade standards [6] - The city has released local standards for zero-carbon industrial parks and is advancing carbon footprint certification for photovoltaic products [6] - Yancheng is constructing a high-standard green low-carbon innovation park, aiming to create a matrix of high-energy innovation platforms [6][7]

Core Insights - Chengdu is focusing on "urban new area scenarios" to promote technological innovation, particularly in artificial intelligence and robotics, aiming for a new wave of industrial impact [1][2] - The Tianfu New Area is positioned as a key growth area, with a commitment to open various application scenarios for new technologies and products, including drones and autonomous vehicles [2][3] - The development goal for Tianfu New Area by 2050 includes a complete park city form and a high-quality development system, showcasing sustainable urban development [3] Group 1: Innovation and Technology - The Tianfu New Area has released its first batch of technology application scenarios, which include a wide range of products from various types of robots to unmanned vehicles [2][3] - Chengdu's innovation scene is being enhanced through the establishment of a comprehensive scenario network that integrates land, sea, and air applications [3][5] - The Chengdu Science and Technology Ecological Island has already launched over 20 application scenarios in low-altitude economy, AI, and autonomous driving, with plans for more in the future [6][7] Group 2: Industry Collaboration - Companies are seen as crucial sources of innovation within the Tianfu New Area, with collaborative efforts between government and enterprises to create practical applications for new technologies [7][11] - The partnership between Chengdu Science and Technology Ecological Island and various enterprises has led to the development of AI-driven customer service solutions and other innovative applications [7][11] - The integration of innovation scenarios is expected to foster a culture of innovation and drive economic growth in the region [13][16] Group 3: Policy and Environment - The Tianfu New Area is actively enhancing its business environment through supportive policies aimed at promoting AI and robotics industries [14][15] - Recent policies have been introduced to support the development of low-altitude economy and related sectors, focusing on practical applications and regulatory frameworks [14][15] - The area is exploring innovative management mechanisms for low-altitude navigation and urban transportation to facilitate the implementation of new technologies [14][15]

证 券 研 究 报 告 定价锚回归，及锋而试的顺风期 ——2025年下半年债市展望 证券分析师： 黄伟平 A0230524110002 栾强 A0230524110003 张杰 A0230524050002 徐亚 A0230524060002 杨雪芳 A0230524120003 张晋源 A0230525040001 研究支持： 王哲一 A0230123100001 2025.06.09 主要内容 ◼ 引言：与2024年的单边牛市不同，2025年债券已经进入"低利率+利利差+高波动"的状态。告别单边牛市思维，展望下半年，债 券市场可能出现2个特征：1）定价锚回归：从政策利率看资金，资金定价债券；2）6-8月份可能是个不错的及锋而试的顺风期。 ◼ 2025年债券市场运行新特征：1）央行政策利率成为资金市场底部，宏观审慎管理下资金利率曾一度呈现加息效果。2）短债表现较 弱、受资金影响较大，长债波动放大把握难度较高。3）基本面整体平稳，但关税脉冲影响较大，股债市场受短期风险偏好影响较大。 ◼ 外需预期有反复，但债市主要定价内需而非外需。 ✓ 特里芬难题的核心在于，美元信用全球性和贸易逆差长期并存。关税只是表象，更为 ...