据介绍，本届研修班为期两周，吸引了来自安哥拉、巴西、佛得角、几内亚比绍、赤道几内亚、圣多美 和普林西比、东帝汶及中国澳门的16名相关领域官员、技术员和机构高管参加。 研修期间，学员们深入考察了澳门电力股份有限公司、澳门轻轨股份有限公司、澳门土木工程实验室等 机构。围绕澳门作为中国与葡语国家合作平台的作用、中国大型基础设施建设经验及成功因素、可持续 基础设施投资等专题进行讲座学习及交流。 中葡论坛常设秘书处秘书长季先峥致辞时表示，去年中葡论坛第六届部长级会议通过《经贸合作行动纲 领(2024-2027)》，在基础设施建设领域合作方面，各方达成四项重要共识。中葡论坛将继续举办更多活 动促进对葡语国家全方位互利合作。 中新网澳门6月17日电 由中国—葡语国家经贸合作论坛(澳门)(下称"中葡论坛")常设秘书处主办的"中国 —葡语国家基础设施投资与建设研修班"17日在澳门旅游塔举行结业典礼暨证书颁发仪式。 澳门城市大学副校长韩蔚表示，本次研修班以深化中国与葡语国家互联互通为目标，通过系列前沿课程 为学员提供专业发展新动能。澳门作为中国与葡语国家的纽带，推动多边协同发展，研修班成为知识传 递与友谊建立的桥梁。 6月17日 ...

Group 1 - The legal opinion letter is based on the due diligence conducted by the law firm regarding the strategic investors involved in the closed-end infrastructure securities investment fund managed by Bank of China Fund Management Co., Ltd [1][2] - The law firm emphasizes that it does not provide opinions on accounting, auditing, or asset evaluation matters, and relies on the accuracy of documents provided by the fund manager and other involved parties [3] - The strategic investors for the fund include original rights holders of infrastructure projects and other professional institutional investors that meet the suitability requirements set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [4] Group 2 - The strategic investor, Sinotrans Logistics Investment Holding Co., Ltd, is confirmed to be a validly existing limited liability company and meets the qualifications for participation in the strategic placement [5][6] - The strategic placement agreement specifies that the proportion of fund shares subscribed by Sinotrans Logistics is part of the total offering [7]

Core Viewpoint - C-REITs have emerged as a new investment choice in the low-interest-rate environment, with increasing asset pools and ongoing expansions expected to enhance cash flow reserves and asset management quality, ultimately providing better and more stable returns for investors [1] Market Performance - From June 9 to June 13, 2025, the weighted REITs index rose to 143.48, with a return rate of 0.74%, outperforming other major asset classes [2] - The most notable performance was from the保障性租赁住房REITs, with 华夏基金华润有巢 REIT showing the highest market value increase of 4.32% during the same period [2] - Since their listing, 中金厦门安居 REIT has seen a total equity increase of 94.09% compared to its initial market value [2] - The price index for the保障性租赁住房 sector rose by 29.8% in Q1 2025, with the total return index increasing by 34.8% [2] Product Performance and Demand - As of June 10, 2025, the eight listed保障性租赁住房REITs have averaged a 52.7% increase from their issuance prices, with an average increase of 19.7% since the beginning of 2025 [3] - The average cash distribution rate for six products issued before 2025 was 2.81%, with an actual distribution rate of 2.82% [3] - The stable rental income and low capital expenditure requirements of保障性租赁住房REITs have made them attractive to investors [3] Expansion and Market Sentiment - 华夏北京保障房REIT recently completed its first expansion, raising approximately 946.2 million yuan by issuing 224,218,009 shares at a price of 4.22 yuan per share [4] - The successful expansion of the first保障性租赁住房REIT validates the effective development model of "initial issuance + continuous expansion" and boosts market sentiment, with other REITs also experiencing significant price increases [4] Future Outlook - The cumulative issuance scale of公募REITs is expected to exceed 25 billion yuan, driven by increasing investor interest and the need for new investment avenues in a low-interest-rate environment [5] - The expansion trend is anticipated to continue, allowing original equity holders to grow asset scales and improve asset management quality [5] - Analysts suggest that保障性租赁住房REITs, characterized by low operational costs and stable rental income, are likely to remain attractive investments [5] Investment Strategy - Investors are encouraged to focus on core cities for allocation in保障性租赁住房REITs, given their low operational risks and stable rental income [5] - The potential for significant returns from newly listed REITs is highlighted, with many projects experiencing high subscription rates and substantial first-day price increases [5] - Research indicates that buying newly listed REITs within the first 60 trading days can yield favorable returns, with a win rate of 60% [5][6]

Core Insights - The article highlights the development of a comprehensive service platform for pump products in the Bo District of Zibo City, which is referred to as the "Pump Capital of China" [1][2][3] Group 1: Platform Development and Services - The Zibo Pump Product Quality Infrastructure (One-Stop) Service Platform has become a strong engine for high-quality development in the pump industry, providing services to over 600 enterprises, addressing more than 100 technical challenges, and facilitating the establishment of over 40 national and industry standards [1] - The platform has developed a "123" integrated service model, focusing on efficiency and practicality, with features like a one-stop service mechanism and a cross-disciplinary expert pool of 21 members [1][3] Group 2: Brand and Innovation - The Bo District has achieved significant recognition with 10 "Good Products Shandong" brands, leading the city, including three pump enterprises, and has several notable trademarks and awards [2] - The platform emphasizes innovation, providing over 150 policy consultations and organizing training for more than 50 enterprises, enhancing their industry influence through standardization and intellectual property empowerment [2] Group 3: Resource Integration and Support - The platform integrates various resources, helping enterprises secure over 5 million yuan in innovation vouchers and more than 1 million yuan in subsidies, while facilitating 15 financing projects totaling 75.64 million yuan [3] - Collaborations with leading universities and organizations have led to numerous forums and training sessions, benefiting over 600 participants and addressing legal issues related to commercial secrets and patent infringements [3] Group 4: Quality Assurance and Future Plans - A "one-on-one" quality assistance mechanism has been established to address technical challenges, with a 100% pass rate in product inspections over the past three years [4] - The platform aims to continue enhancing its service ecosystem, focusing on the "five chains and one inspection" strategy to elevate the reputation of "China's Pump Capital" [4]

Group 1 - Nvidia has surpassed Microsoft to become the world's most valuable publicly traded company, with a market capitalization of $3.46 trillion [1] - The optimistic sales forecast for the Blackwell series AI chips alleviated investor concerns about Nvidia's declining market share in China, predicting record sales for the Blackwell series [1][3] - The Blackwell series AI chips, including the advanced Blackwell Ultra architecture, have become the primary driver of Nvidia's growth in the first half of the year [3] Group 2 - Nvidia is increasing the production of its next-generation AI chips, aiming for rapid expansion of the Blackwell Ultra architecture's capacity in the second quarter [3] - The company is providing its AI chip products as part of a complete AI computing system, which is deemed necessary for accelerating the deployment of more complex and powerful AI technologies [5] - Nvidia's dominance in the AI computing infrastructure sector is supported by its extensive range of hardware and software products, allowing for larger-scale sales to customers [6] Group 3 - The AI boom is benefiting more technology companies, with private equity firms expressing interest in the AI computing sector, anticipating significant breakthroughs in the industry [6] - The demand for inference computing is rising as the cost of using AI large models continues to decrease, leading to an explosion in AI applications [8] - The emergence of a new paradigm for low-cost AI training and inference is expected to drive the adoption of generative AI applications across various industries [10][11]

2025年 6 月 12 日，申万宏源证券主承销的 " 中国南山开发（集团）股份有限公司 2025 年度第四期中期票据 " （债券简称： 25 南山开发 MTN004 ）在银行间债券市 场成功发行。本期债券发行规模 10 亿元，期限 3+N 年，主体 / 债项评级 AAA （中 诚信国际）。 中国南山开发集团积极响应国家发改委《关于推进基础设施领域不动产投资信托 基金（ REITs ）试点工作的通知》政策导向，在发行过程中创新采用 "3+N" 期限设 计，为基础设施类企业债务融资提供了新的解决方案。作为我国改革开放后成立的第一 家股份制企业，集团在港口物流、产城开发等领域的市场份额持续领先。 本期债券发行过程中，申万宏源证券充分发挥专业优势，通过精准把握市场窗口 和优化投资者结构，最终实现极具市场竞争力的发行定价。本次发行获得市场投资者 广泛认可，超额认购倍数达2.5倍， 充分体现了投资者对发行人和主承销商的信任。在 销售和定价过程中，申万宏源证券凭借对市场走势的精准研判和高效的执行能力，为本 次债券的成功发行起到了决定性作用。未来，中国南山开发集团将持续探索 " 基础设施 + 科技创新 " 的融合发展模式， ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The total demand for industrial silicon from its three major downstream industries shows a flat trend. The supply side in Yunnan, Sichuan and other places is entering the wet season with cost - advantage in electricity prices, and large enterprises are ramping up production. For the demand side, organic silicon may see a slight increase in production this week, which is partially positive for industrial silicon; the polysilicon sector has reduced production and lower demand for industrial silicon; the aluminum alloy sector has demand support but is in passive de - stocking and difficult to drive demand. The large number of industrial silicon warehouse receipts has brought great delivery pressure to the market, and a long - term high - selling strategy is recommended [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 7370 yuan/ton, the main contract position is 323363 lots, and the net position of the top 20 is - 42302 lots. The Guangzhou Futures Exchange warehouse receipts are 56823 lots, and the price difference between the 7 - 8 month contracts is 35 [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8150 yuan/ton, and the average price of 421 silicon is 8700 yuan/ton. The Si main contract basis is 780 yuan/ton, and the DMC spot price is 11120 yuan/ton [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1570 yuan/ton, the average price of clean coal is 1850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12250 yuan/ton [2] 3.4 Industry Situation - Industrial silicon monthly output is 299700 tons, and the weekly social inventory is 58.7 tons, a decrease of 0.2 tons. The monthly import volume is 2211.36 tons, and the monthly export volume is 52919.65 tons, a decrease of 12197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 43600 tons, the average price of aluminum alloy ADC12 in the Yangtze River spot is 20200 yuan/ton, the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, the monthly export volume of unforged aluminum alloy is 16555.02 tons, the weekly operating rate of organic silicon DMC is 66.28%, an increase of 7.61%. The monthly output of aluminum alloy is 1.528 million tons, and the monthly export volume is 20187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - On the evening of June 11, Hesheng Silicon Industry's application for publicly issuing corporate bonds to professional investors in 2025 was accepted by the Shanghai Stock Exchange. Macroscopically, the state is increasing investment in long - term data infrastructure construction. In the industrial silicon sector, the supply side in Yunnan and Sichuan is entering the wet season, with increased production last week and rising capacity utilization [2]

沥青搅拌站也可叫做沥青混凝土搅拌站，该设备可生产沥青混合料、改性沥青混合料、彩色沥青混合料，完全满足修筑高速公路、等级公路、市 政道路、机场、港口等的需要。 全球 沥青搅拌站 市场前 24 强生产商排名及市场占有率（基于 2 024 年调研数据；目前最新数据以本公司最新调研数据为准） 根据 QYResearch 头部企业研究中心调研，全球范围内沥青搅拌站生产商主要包括 MARINI 、 Ammann 、 WIRTGEN 、 Astec 、三一重工、中交 西筑、 GP Günter Papenburg 、 Lintec&Linnhoff 、 Nikko 、路达重工等。 2024 年，全球前十强厂商占有大约 89.0% 的市场份额。 沥青搅拌站 ，全球市场规模，按产品类型细分， 3000 到 4000 类型产品处于主导地位 就产品类型而言，目前 3000 到 4000 类型是最主要的细分产品，占据大约 71 % 的份额。 沥青搅拌站 ，全球市场规模，按应用细分，公路建设是最大的应用市场 据 QYResearch 调研团队最新报告"全球沥青搅拌站市场报告 2025-2031 "显示，预计 2031 年全球沥青搅拌站 ...

[Table_Main] 证券研究报告 | 行业周报 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -17% -9% 0% 9% 17% 26% 34% 43% 2024-06 2024-10 2025-02 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《中国电信（601728.SH）：高股息 带来稳健收益，数据入表+前沿布局 打开成长空间》，2025.6.12 2.《美国推出稳定币，中国数字货币 已应用推广》，2025.6.9 3.《算力卫星与金穹系统，低轨卫星 基础设施加速落地》，2025.6.3 4.《美国对昇腾禁用遭反制，生态竞 赛掀开帷幕》，2025.5.26 5.《美国 BIS 加强 AI 芯片出口管制， 算力供需将向国内回归》，2025.5.19 通信 2025 年 06 月 16 日 通信 优于大市（维持） 证券分析师 李宏涛 星链卫星坠落，低轨卫星新型基础设 施价值凸显 [Table_Summary] 投资要点： 1. 投资策略 请务必阅读正文之后的信息披露和法律声明 1.1 卫星领域"东升西落"，我国有望实现后发先 ...

Core Insights - In May, industrial investment in China increased by 11.6% year-on-year, indicating a robust growth trend in the industrial sector [1] - Investment in the manufacturing sector grew by 8.5%, reflecting ongoing expansion in manufacturing activities [1] - The investment in the electricity, heat, gas, and water production and supply industry surged by 25.4%, highlighting significant growth in energy-related investments [1] Investment Breakdown - First industry investment reached 384.7 billion yuan, with a year-on-year growth of 8.4% [1] - Second industry investment totaled 6,799.6 billion yuan, showing an increase of 11.4% [1] - Third industry investment was 12,010.4 billion yuan, experiencing a slight decline of 0.4% [1] Sector-Specific Insights - Mining industry investment rose by 5.8%, indicating steady growth in resource extraction [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 5.6%, demonstrating continued commitment to infrastructure development [1] - Notable growth in specific infrastructure sectors included water transportation investment increasing by 27.2%, and water conservancy management investment rising by 26.6% [1]