2025年07月07日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：非农表现超预期 | 2 | | --- | --- | | 白银：继续冲高 | 2 | | 铜：全球库存增加，价格震荡 | 4 | | 锌：横盘运行 | 6 | | 铅：短期消费旺季预期支撑 | 7 | | 锡：宏观环境带动上行 | 8 | | 镍：上方弹性受限，镍价低位承压 | 10 | | 不锈钢：库存轻微消化，钢价修复但弹性有限 | 10 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 白银：继续冲高 | 王蓉 | 投资咨询从业资格号：Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪金250 ...

Core Viewpoint - The article emphasizes China's commitment to a comprehensive green transformation under the leadership of Xi Jinping, showcasing significant progress and contributions to global sustainable development [1] Group 1: Theoretical Innovations - The focus should be on the theoretical innovations in ecological civilization construction, particularly the rich connotations of Xi Jinping's ecological civilization thought [2] - Key principles include "harmony between humans and nature," "green mountains and clear waters are as valuable as mountains of gold and silver," and "a good ecological environment is the most inclusive benefit for people's livelihoods" [3] Group 2: Institutional Innovations - The article highlights various institutional innovations that have been implemented since the 18th National Congress, including the establishment of land space development and protection systems, environmental information disclosure systems, and green product standards [4] - These institutional frameworks aim to clarify goals, requirements, and action guidelines for promoting comprehensive green transformation [4] Group 3: Practical Innovations - China has launched a series of innovative and practical green transformation initiatives, with notable examples such as the transformation of Xiamen's Yundang Lake and the "Three North" project [5] - The article also discusses the importance of sharing these practical experiences globally to enhance understanding of China's ecological governance models [5] Group 4: Communication Strategies - To effectively communicate China's ecological and environmental stories, the article suggests enhancing narrative appeal through innovative storytelling methods and utilizing various media platforms [7][9] - It emphasizes the need for a diverse and effective communication strategy that resonates with different international audiences, including tailored messages for countries with varying levels of ecological awareness [7][9]

Core Insights - Singapore's manufacturing output grew by 3.9% year-on-year in May, marking 11 consecutive months of growth, but the growth rate has slowed compared to previous months, indicating a shift in growth dynamics within the manufacturing sector [1][5] Manufacturing Sector Performance - The transportation engineering sector showed the most significant growth, increasing by 25.6% year-on-year, with aerospace benefiting from a 43.6% increase due to rising maintenance and repair demands [1] - Conversely, the land transport sector declined by 12.0%, attributed to changes in the global automotive market and structural adjustments within Singapore's land transport industry [1] - The precision engineering sector experienced a robust growth of 10.3%, driven by increased demand for semiconductor and measurement equipment, with the machinery and systems segment growing by 12.3% [1] Electronics Industry - The electronics sector's output also grew by 3.9% year-on-year, with the information and communication technology and consumer electronics segments performing strongly, increasing by 42.6% [2] - However, the computer peripherals and data storage segments saw declines of 18.7% and 20.8%, respectively, indicating rapid market changes and technological updates within the electronics industry [2] Traditional Manufacturing Challenges - Traditional manufacturing faced significant challenges, being the only sector to decline, with an overall decrease of 8.9% year-on-year. While the printing industry grew by 2.2%, other areas saw declines, particularly miscellaneous industries, which dropped by 16.6% [2] Factors Affecting Manufacturing Growth - The fluctuations in the biopharmaceutical manufacturing sector have impacted overall manufacturing growth, with a more stable growth rate of 4.9% when excluding this sector [3] - Global economic uncertainties, including trade tensions and geopolitical issues, have affected external demand for Singapore's manufacturing, potentially limiting growth opportunities [3][4] - Ongoing industrial restructuring and upgrading efforts by the Singapore government aim to enhance competitiveness and value addition, but traditional sectors may face challenges during this transition [4] Future Outlook - Despite the slowdown in growth and sectoral disparities, there are opportunities for Singapore's high-tech manufacturing to thrive amid global technological advancements [5] - However, challenges remain due to increased global economic uncertainties, protectionist measures, and intensified market competition, which could impact external demand and industry positioning [5]

近年来，北京商务中心区管理委员会成立CBD招商服务中心，强化集成式创新改革，推进"一门一窗一 次"迭代升级，推动"一件事一次办"集成服务。今年5月，北京CBD外资综合服务站揭牌，进一步强化对 外资企业集成性、专业化服务，打造"外资企业进入中国的第一站"。 目前，北京CBD正着力打造千亿元级规模的国际级商圈，为国际友人、企业和市民营造友好型消费环 境。艺术活动、文化展览与美食聚集，也为人才提供了"朋友圈"和"生活圈"。 日前，2025北京CBD论坛年会在京开幕。本届论坛年会实现全面升级，50余场活动贯穿全年。 北京商务中心区（CBD）是全国排名第一、世界排名第七的商务中心区，国际元素集聚度高，汇聚了 北京市五成的跨国公司地区总部、七成的国际金融机构、八成的国际组织和商业协会、近100%的外国 使馆。目前，北京CBD区域内的外资机构数量近1.6万家，是全市外资企业和跨国公司地区总部最集中 的区域。 "北京CBD经济发展质效显著提升，现代服务业集聚度不断增强，正加快建设'国际一流营商环境典范 区'和'高能级全球商务区'。"北京商务中心区管理委员会副主任吴迪说，2024年，北京CBD功能区实现 税收1251.9亿元， ...

Core Insights - Chengdu's "免申即享" (No Application, Immediate Enjoyment) policy is effectively streamlining the process for companies to receive financial support without the need for extensive applications, enhancing the business environment [1][4][5] Group 1: Impact on Companies - The "免申即享" funding has provided immediate financial relief to companies like Shuyun Tianfu Panda Creative Cultural Tourism Co., which has alleviated cash flow pressures and boosted long-term confidence in project development [3][4] - Sichuan Jiuyuan Yinhai Software Co. has also benefited from the policy, receiving funds without the previous burdens of application processes, which has improved operational efficiency and innovation confidence [3][4] - The policy has transformed the traditional approach of "companies seeking policies" to "policies seeking companies," significantly reducing the time and effort required for funding applications [4][5] Group 2: Government Initiatives - Chengdu's government has established a mechanism to prioritize the "免申即享" approach in new policy formulations, with a current implementation rate of 30% for new business support policies [5][6] - The city has committed to enhancing the feasibility assessment of the "免申即享" approach in new policies, ensuring that a higher percentage of support measures are accessible without cumbersome application processes [5][6] - Ongoing reforms aim to further increase the proportion of "免申即享" policies, improving the overall experience and satisfaction of businesses with government support [6]

Core Viewpoint - Longgang District has established a pioneering "People's Congress + Prosecution + Enterprises" communication platform to enhance the business environment, marking an innovative model in optimizing the legal business environment [1][3]. Group 1: Establishment of the Liaison Station - The Liaison Station is the first of its kind in the city, aimed at providing judicial services closer to enterprises, allowing for local handling of business complaints [1][3]. - The station employs an "embedded supervision" mechanism to streamline the complaint processing cycle, directly connecting with the work studio of representatives [3]. Group 2: Focus on Legal Services and Business Needs - The initiative aims to bridge the "last mile" in service delivery to enterprises, particularly in light of the implementation of the "Private Economy Promotion Law" [3]. - A team of prosecutors provided specialized legal education on high-frequency legal risks faced by businesses, emphasizing intellectual property protection [3]. Group 3: Innovation and Best Practices - The establishment of the Liaison Station draws on advanced experiences from Ningbo's "three-supervision integration" mechanism and Henan's "transfer and supervision" closed-loop system [3]. - This initiative represents a new paradigm for business environment construction in the Guangdong-Hong Kong-Macao Greater Bay Area, integrating legislative supervision, prosecutorial oversight, and market entity demands [3].

【导读】公募投研人士把脉下半年债市： 债市有望稳中向好，或呈"低利率、中波动"震荡格 局 中国基金报记者 李树超 方丽 曹雯璟 2025年上半年债市波动显著加大，十年期国债收益率在1.6%~1.9%区间宽幅震荡。中长期债 基上半年平均单位净值增长率为0.73%，创近十年半年度业绩新低。 上半年债市波动加大，下半年能否企稳？低利率时代，下半年的投资策略该如何调整？为 此，中国基金报记者采访了 招商基金固定收益投资部总监刘万锋，永赢基金绝对收益投资部 总经理助理、永赢添添悦基金经理陶毅，鹏扬基金总经理助理、固收投资总监陈钟闻，浦银 安盛基金固定收益投资部总监李羿，德邦基金固收投资总监邹舟，兴银基金固收基金经理王 深，创金合信信用红利债券基金经理张贺章 。 当前债市收益率处历史较低水平 中国基金报：上半年债市一波三折，你对上半年债市整体如何评价？为何纯债类基金业绩难 做？ 陈钟闻： 年初以来，债券利率整体呈现先上后下的态势。市场波动先后围绕两条主线展开： 一季度主要是在资金面偏紧、风险偏好压制的宏观背景下，机构行为主导中观维度资金流动 的变化，进而影响曲线定价；二季度主要是受到贸易战等外围宏观叙事的影响，结合内部货 ...

以下文章来源于凤凰网财经 ，作者风暴眼 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 本文来自微信公众号： 凤凰网财经 （ID：finance_ifeng） ，作者：洄野，题图来自：AI生成 不到200平米的上下两层小楼里，坑坑洼洼的墙壁，像是毛坯房一般裸露着斑驳的石灰色墙体，没有 一点修饰。店里摆满了简单的四角方桌、塑料小凳，店外8个炉子火力全开，铁签翻飞间，孜然与焦 香蒸腾弥漫。 "这店像被炮轰过似的"，老顾客一边调侃，一边追着来吃。 最近，这家藏在常州市一个五金市场里的烧烤店火了，只因"苏超"常州赛场上，它的广告牌赫然出现 在京东、江苏银行、海澜之家这样的知名企业中间，仅有光秃秃的几个大字——"东哈·东北街边烧 烤"，连个logo都没有。 这一幕瞬间点燃了人们关于"营商环境""草根经济"的热议。据媒体报道，苏超整个赛季的官方赞助席 位价格已经飙升至300万元人民币，江苏银行拿下总冠名，花了800万。除了这些大品牌，常州赛区 内场18个赞助商里，13家都是民营企业，包括一些本地常见的餐 ...

7月5日，自治区代主席韦韬赴柳州市检查指导畜禽养殖污染治理工作，强调要深入贯彻落实习近平 生态文明思想和习近平总书记关于广西工作论述的重要要求，统筹好经济发展和生态环境保护建设的关 系，以高度的政治自觉行动自觉坚决做好畜禽养殖污染防治工作，全力打好碧水保卫战，持续擦亮广西 山清水秀生态美的金字招牌。 原标题： 韦韬在柳州检查指导畜禽养殖污染治理工作时强调 坚决做好畜禽养殖污染防治工作 全力打好碧水保卫战 自治区副主席眭国华，自治区政府秘书长钟得志参加有关活动。（龚文颖） 柳城县六塘镇韦中平养殖场于今年4月出现畜禽粪污渗漏问题，导致附近村民使用的洗衣池和生活 用水取水点地表水受到污染。经过两个月整改，目前水质各项指标已恢复正常。"淤积粪污有没有规范 处置？能不能还田利用？"韦韬走进该养殖场，实地查看原渗漏区域清理和回填情况，要求养殖场落实 好升级改造和维护措施，坚决消除养殖污染风险隐患。 随后，韦韬来到六塘镇三界村新建分散式饮用水源工程所在地，仔细查看取水点水质和泵房建设情 况，并听取柳州六塘工业园区污染饮用水源问题情况汇报。 韦韬指出，习近平总书记对我区生态环境保护高度重视、寄予厚望，强调广西生态优势金不换， ...

Group 1 - The wig industry is a distinctive sector in Juancheng County, Shandong Province, with an annual processing capacity of 5,000 tons and production of 30 million wig products in 2024, with over 90% of products exported to more than 80 countries and regions across six continents [1] - The wig products account for 90% of the domestic market share and over 70% of the global market share [1] - The local government has implemented measures to optimize the business environment, including a "clean wind protection" initiative to address prominent issues and establish a reporting platform for businesses [1] Group 2 - The Juancheng County Discipline Inspection Commission has streamlined administrative approval processes, reducing the number of required windows from four to one, allowing for faster processing within one working day [2] - Five special inspection teams have been formed to conduct on-site visits to wig enterprises, addressing difficulties faced by businesses [2] - The county has organized participation in major domestic and international exhibitions, with the transaction volume exceeding $100 million for the first time in 2024, while also encouraging brands to expand their export market share [2]