6月18日，外交部发言人郭嘉昆主持例行记者会。 有记者提问，据报道，欧盟委员会主席16日在G7峰会期间指责中国无视全球贸易规则，提供大量补贴扶持本 国企业，表示中国将稀土主导地位武器化，并向全球市场转移过剩产能。G7必须实现关键供应链特别是原材 料的多元化，共同应对非市场政策和行为。中方对此有何评论？ 郭嘉昆表示，我们注意到有关报道，对有关言论罔顾事实，充满偏见和双重标准表示强烈不满和坚决反对。 中国的产业补贴政策坚持开放、公平、合规的原则，严格遵守世贸组织规则。 中国产业发展靠持续的技术创 新、完善的产供链体系、充分的市场竞争、丰富的人力优势，靠的是真本事，不是靠补贴。中国新能源产能为 全球应对气候变化和能源转型作出重大贡献。所谓"产能过剩"本质上是有关国家担心自己的竞争力和市场占有 率，意图以此为借口搞保护主义措施，过剩的是焦虑，不是产能。 近年来，欧盟不断出台产业政策，提供大量补贴，扶持欧洲企业，甚至公开提出优先购买欧洲产品。据不完全 统计，2021年至2030年间，欧盟将提供超过1.44万亿欧元的各类补贴，截至2024年已实际发放超过3000亿欧 元。欧盟还出台了一系列经贸"工具箱"。当前欧盟正着力促 ...

Core Viewpoint - The Chinese government strongly opposes the accusations made by the EU Commission President regarding China's trade practices, emphasizing that its industrial subsidy policies are compliant with WTO rules and based on genuine capabilities rather than subsidies [1] Group 1: China's Trade Practices - The Chinese government expressed strong dissatisfaction and firm opposition to the claims of bias and double standards in the EU's statements [1] - China maintains that its industrial development relies on continuous technological innovation, a complete supply chain system, sufficient market competition, and abundant human resources [1] Group 2: Global Contributions - China's renewable energy capacity significantly contributes to global efforts in addressing climate change and energy transition [1]

Core Viewpoint - The livestock industry is facing significant challenges, with prices for various meats, including pork, chicken, and lamb, declining due to oversupply and weak consumer demand [2][4][10]. Group 1: Price Trends - Pork prices have dropped below 7 yuan per kilogram, marking a new low for the year, and while the decline has eased somewhat after government intervention, the outlook remains bleak [2]. - Egg prices have fallen below 3 yuan, leading to losses for some producers, while wholesale chicken prices have decreased by 2.3% year-on-year [4]. - Lamb prices have also declined, with a 0.5% year-on-year drop, although beef prices have seen a slight increase of 3.5% [4]. Group 2: Supply Dynamics - The livestock sector is experiencing oversupply, particularly in the pig and poultry markets, with pig production remaining above 40 million heads for 11 consecutive months [4][7]. - The increase in production capacity is attributed to previous high prices that incentivized farmers to expand their operations, leading to significant supply pressure [4][7]. Group 3: Technological Advancements - Improvements in breeding and farming techniques have led to increased meat production, with optimized breeding capabilities resulting in stable pork supply despite a reduction in production capacity [7]. - Similar advancements in sheep farming have also contributed to a surplus in lamb supply [7]. Group 4: Import Factors - While imports of pork and poultry have a limited impact, beef imports have significantly increased due to lower prices abroad compared to domestic production costs [8]. - The rising availability of cheaper imported beef, coupled with declining prices of pork and poultry, has constrained domestic beef demand [8]. Group 5: Consumer Demand - Consumer demand for meat is recovering slowly, with overall growth in personal consumption being limited due to economic constraints [10]. - The lack of timely demand growth exacerbates supply pressures, making it difficult for the livestock industry to reduce excess supply [11].

Core Viewpoint - The current state of the new energy vehicle (NEV) industry mirrors that of the photovoltaic (PV) industry, with both sectors facing challenges from price wars and cost-cutting measures that threaten innovation and overall industry health [1][2]. Group 1: Industry Challenges - The price war in the PV sector has led to a significant decline in prices across the supply chain, with prices for polysilicon and components dropping nearly 30%, despite a 28.3% year-on-year increase in new installations [2][3]. - Major PV companies, including Longi Green Energy and Tongwei Co., have reported substantial revenue declines and losses, indicating that the aggressive pricing strategies are unsustainable [2][3]. - The NEV industry is currently experiencing a similar price war, with many companies unable to differentiate their products, leading to increased losses and cash flow issues [2][3]. Group 2: Capacity Expansion and Market Dynamics - The PV industry has faced severe overcapacity, driven by both market competition and local government incentives, which has historically led to inefficiencies and a poor market experience [3][4]. - The NEV sector is beginning to see similar patterns, with calls from industry leaders to halt new factory constructions and instead utilize existing overcapacity [3][4]. - The PV industry is now encouraging mergers and acquisitions to consolidate and eliminate low-quality capacity, a trend that is expected to emerge in the NEV sector as well [4][5]. Group 3: Innovation and Intellectual Property - The lack of intellectual property protection has hindered innovation in the PV sector, with new technologies quickly becoming common knowledge and not providing competitive advantages to early innovators [5][6]. - The NEV industry is undergoing a transformation that emphasizes the importance of innovation, particularly in software and artificial intelligence, necessitating both investment in R&D and protection of innovative outcomes [5][6]. - A supportive market environment that encourages and protects innovation is essential for the long-term success of both the PV and NEV industries in the global market [6][7].

Core Viewpoint - The current state of the new energy vehicle (NEV) industry mirrors that of the photovoltaic (PV) industry, with both sectors facing challenges from price wars and cost-cutting measures that threaten innovation and overall profitability [1][2]. Group 1: Industry Challenges - The price war in the PV sector has led to a significant decline in prices across the supply chain, with prices for polysilicon and components dropping nearly 30%, despite a 28.3% year-on-year increase in new installations [2]. - Major PV companies, including Longi Green Energy and Tongwei Co., have reported substantial revenue declines and losses, indicating that the aggressive pricing strategies are unsustainable [2][3]. - The NEV industry is experiencing similar pressures, with some companies facing increasing losses and cash flow issues, highlighting the risks of relying solely on price competition [2][3]. Group 2: Capacity Expansion and Market Dynamics - The PV industry has seen severe overcapacity, driven by both market competition and local government incentives, which has historically led to inefficiencies and market saturation [4]. - The NEV sector is beginning to echo these patterns, with calls from industry leaders for a halt to new factory constructions in favor of utilizing existing overcapacity [4][5]. - Mergers and acquisitions are being encouraged in both industries as a means to consolidate and eliminate low-quality capacity, supported by recent regulatory changes [4][5]. Group 3: Innovation and Intellectual Property - The lack of intellectual property protection has hindered innovation in the PV sector, where new technologies quickly become widely adopted without adequate rewards for the original innovators [6][7]. - The NEV industry must prioritize protecting innovation and fostering a supportive environment for technological advancements to avoid repeating the mistakes of the PV sector [6][7]. - A collaborative approach involving policy support is essential for creating a market environment that encourages and protects innovation across both industries [7][8].

Core Viewpoint - The latest financial data for May indicates a mixed economic outlook, with M1 growth reaching a one-year high but a significant decrease in liquidity, suggesting ongoing issues with consumer and investment sentiment [1][2][4]. Monetary Supply - M1 growth increased by 2.3%, reaching a new high for the year, but a month-on-month decrease of 230.7 billion indicates reduced liquidity for businesses and households [1]. - M2 growth stands at 7.9%, reflecting a stable monetary supply [1]. Social Financing - Social financing increased by 2.3 trillion, with a year-on-year increase of 227.1 billion, maintaining an 8.7% growth rate [5]. - Government bonds contributed significantly to social financing, with an increase of 1.4633 trillion, accounting for 64% of the total new social financing [9][10]. Loan Dynamics - New loans in May totaled 620 billion, a decrease of 330 billion year-on-year, marking a historical low for the period [12]. - The reluctance of both businesses and households to borrow is attributed to overcapacity and weak demand, with consumer loans also declining [13][14]. Consumer Subsidies - Local governments are pausing national subsidies due to budget constraints, with over 210 billion of the planned 300 billion already consumed by mid-year [16][17]. - The rapid consumption of subsidy funds raises concerns about the sustainability of consumer incentives [17]. Real Estate Market - The real estate sector shows signs of recovery, with medium to long-term loans for housing increasing by 746 billion, indicating a resurgence in homebuyer demand [19]. - However, the market remains cautious, with a significant portion of potential buyers adopting a wait-and-see approach due to unstable price expectations [21]. Future Outlook - The recovery of the real estate market is expected to occur in phases, starting with stabilizing transaction volumes, followed by improvements in second-hand property sales, and ultimately leading to increased new property sales [24][26][27].

Core Viewpoint - The photovoltaic industry is experiencing significant differentiation, with JinkoSolar's performance in Q1 2025 being particularly surprising as it reported a substantial increase in losses compared to its peers [3][4][14]. Financial Performance - JinkoSolar reported Q1 2025 revenue of 13.84 billion RMB, a year-on-year decline of 40.03% and a quarter-on-quarter decline of 33.13%. The net profit was -1.39 billion RMB, a year-on-year decrease of 218.2% [5][6][14]. - In comparison, Longi Green Energy reported revenue of 13.65 billion RMB and a net profit of -1.44 billion RMB, with revenue and net profit growth rates of -22.75% and 38.89%, respectively [5][14]. - JinkoSolar's cash flow from operating activities was -2.62 billion RMB, a decline of 323.43% year-on-year [6]. Market Position and Stock Performance - JinkoSolar's stock price has dropped over 70% since its peak in 2022, with a market value loss exceeding 138 billion RMB. In 2025 alone, the stock fell over 27%, marking a historical low [7][14]. - The actual controller of JinkoSolar, Li Xiande, has seen his wealth decrease significantly, dropping to 11.5 billion RMB, a decline of over 23.5 billion RMB [8]. Industry Trends and Challenges - The competitive advantage of JinkoSolar in TOPCon technology is diminishing as other companies rapidly adopt similar technologies, leading to oversupply in the market [15][16]. - The industry has seen an increase in effective TOPCon capacity of approximately 700 GW over the past two years, far exceeding global demand [16]. - JinkoSolar's gross profit margin for photovoltaic modules fell to 7.79% in 2024, down from 14.43% the previous year, indicating a significant decline in profitability [16]. Future Outlook - JinkoSolar is facing a challenging future due to the oversupply of TOPCon technology and the need for technological upgrades to remain competitive [18][25]. - The company is under pressure to transition to more advanced technologies like TBC or perovskite tandem cells, but the latter's stability issues may take over three years to resolve [22][24]. - JinkoSolar's financial situation is precarious, with a debt ratio of 72.72% and total liabilities of 86.56 billion RMB, indicating significant financial strain [24][25].

以下文章来源于侃见财经 ，作者侃见财经 今年一季度如果说哪家光伏巨头的表现最让外界大跌眼镜，那么晶科能源一定"榜上有名"。 因为，当隆基、通威、中环等行业巨头在今年一季度亏损环比收窄之际，晶科能源的亏损却同 比扩大。作为过去几年眼光最为"毒辣"的光伏巨头，如今却"顶不住"了。 侃见财经 . 看见不一样的财经！ 光伏行业分化，已成大趋势。 来源：侃见财经 据财报显示，一季度晶科能源实现营收138.4亿，同比下滑40.03%，环比下降33.13%；实现 净利润-13.9亿，同比下滑218.2%，环比下降24.52%。相较于同样以组件作为主营业务的隆 基绿能，今年一季度分别实现营收和净利润136.5亿和-14.36亿，营收和净利润增速分别 为-22.75%和38.89%，虽然今年一季度隆基绿能没有走出亏损泥潭，但从净利润增速来看， 跟去年同期相比隆基绿能的亏损程度正在收窄。 | 项目 | 本报告期 | 上年同期 | 本报告期比上 年同期增减变 | | --- | --- | --- | --- | | | | | 动幅度(%) | | 营业收入 | 13,842,855,175.60 | 23,083,671,87 ...

Group 1 - The international price of natural rubber has been hovering near a low point not seen in 1 year and 4 months, particularly influenced by price competition in the electric vehicle (EV) and plug-in hybrid vehicle (PHV) markets in China [1][2] - BYD has announced price cuts of up to 34% on its main brand's 22 models, leading to concerns about potential price competition in the automotive market, which is contributing to the downward pressure on natural rubber prices [2][3] - In the U.S., new car sales growth has significantly slowed, with a 1.4% increase in May compared to higher growth rates in previous months, indicating a potential end to the rush for purchases [3] Group 2 - The demand for natural rubber, primarily used in tires, is showing signs of decline, with approximately 70% of its usage in the automotive sector, reflecting a slowdown in the automotive market [1][2] - The Shanghai Futures Exchange's natural rubber futures dropped below 13,300 yuan per ton, marking the lowest level since February 2024, driven by expectations of price declines in EVs and PHVs [2] - The supply of natural rubber is expected to increase as the production period begins after the reduction phase, which may further exert downward pressure on prices [3]

专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 日前，亿纬锂能（维权）发布公告，拟发行H股股票并在香港联交所主板挂牌上市。国内锂电产业中寻求"A+H"布局的公司再添一员。 亿纬锂能表示，此次赴港上市，旨在进一步提高公司的资本实力和综合竞争力，提升国际化品牌形象，满足国际业务发展需要，深入推进全球化战略。 2009年上市以来，亿纬锂能累计直接融资205亿，近几年随着国内新能源锂电产业的高速发展，公司融资步伐也明显加速，2019年以来直接融资达190亿。 然而，除2023年以外，公司在其它年份资金均入不敷出，收现比长期处于较低水平，仍然十分缺钱。 更令人担忧的是，近两年亿纬锂能经营业绩明显掉队，净利润增速显著低于可比公司，2024年国内动力电池市占率也从2023年的4.45%降至3.4%，排名继续 下降。 值得注意的是，2022年，公司大股东及其关联方包揽了当年规模达90亿的定增融资，此后又进行了大比例质押，按定增价计算目前已浮亏约30%。无论是亿 纬锂能，还是其大股东，资金链似乎都颇为紧张。 近6年直接融资190亿 收现比持续走低资金入不敷出 亿纬锂能成立于2001年，主业从消费电池起家， ...