HUNT TU 期 9 H H H H H H H H S H S H S H S H S H F 投资咨询业务资格:证监许可【2011】1292号 2025年7月17日 张晓珍 Z0003135 | 品种 上游-国内企业开工率 | 现值 72.5 | 前值 75.61 | 涨跌 -3.1 | 涨跌幅 -4.11% | 单位 | | --- | --- | --- | --- | --- | --- | | 上游-海外企业开工率 | 71.1 | 64.0 | 7.1 | 11.12% | | | 西北企业产销率 | 104 | 101 | 2.6 | 2.56% | | | 下游-外采MTO装置开工率 | 75.54 | 75.9 | -0.4 | -0.50% | % | | 例一抹甜母 埃仁 | 31.3 | 33.2 | -1.9 | -5.73% | | | 下游-冰醋酸开工率 | 97.0 | 95.4 | 1.6 | 1.69% | | | 下游-MTBE开工率 | 66.2 | 63.8 | 2.4 | 3.81% | | 甲醇观点 内地市场检修见顶,7月下产量有上升预期。港口市场面临双重 压 ...

新华社北京7月18日电（海洋） 美国国会众议院17日经表决通过三项有关稳定币等加密数字货币的 法案。其中，《指导与建立美国稳定币国家创新法案》（简称《天才法案》）上月已在参议院获批，有 望很快成法。 《天才法案》将为"锚定"美元的稳定币制定监管框架。稳定币是价格相对稳定的一种加密货币，通 常以1比1的比率与美元挂钩。《天才法案》若经美国总统特朗普签署后成法，将要求稳定币受美元或美 国短期国债等流动资产支持，同时要求发行商每月披露稳定币储备明细。 第二项法案名为《数字资产市场清晰法案》，旨在厘清行业规则，区分美国证券交易委员会和商品 期货交易委员会的管辖权，同时要求明确加密货币的属性是证券还是商品。据路透社报道，美国加密货 币企业希望把大部分加密货币定性为商品，以便加密货币平台规避系列证券法律，更容易向客户提供加 密货币。 上述两项法案均获得美国共和、民主两党众议员广泛支持，当天分别以308票赞成、122票反对和 294票赞成、134票反对的表决结果通过。 《数字资产市场清晰法案》仍需提交参议院审议。众议院金融机构委员会的民主党议员玛克辛·沃 特斯反对该法案，称其"将为下一场金融危机埋下种子"。 另一项法案名为 ...

美国总统人质事务特使亚当·伯勒尔表示，与哈马斯就释放以色列人员的协议"比以往任何时候都更接近 达成"。 美联储理事沃勒表示美联储应在七月会议上将利率下调25个基点，采取预防性的降息措施并没有什么 错，七月份降息或为美联储提供空间，能在未来几次会议中维持利率不变；美联储戴利表示利率最终将 稳定在3%或更高水平。 最新CME"美联储观察"数据显示，7月维持利率不变的概率为97.4%，降息25个基点的概率为2.6%，到9 月维持利率不变的概率为46.9%，累计降息25个基点的概率为51.7%，累计降息50个基点的概率为 1.3%。 【盘面分析】 摘要7月18日，国内贵金属期货全线飘红，截止目前，沪金主力报价为776.40元/克，涨幅0.16%，沪银 主力报价为9227.00元/千克，涨幅0.85%；国际贵金属期全线飘红，COMEX黄金报价3344.90美元/盎 司，跌幅0.01%，COMEX白银报价38.49美元/盎司，涨幅0.16%。 7月18日，国内贵金属期货全线飘红，截止目前，沪金主力报价为776.40元/克，涨幅0.16%，沪银主力 报价为9227.00元/千克，涨幅0.85%；国际贵金属期全线飘红，COM ...

2025 年 7 月 18 日 商 品 研 硅铁：钢招情绪不减，宽幅震荡 锰硅：钢招情绪不减，宽幅震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2508 | 5466 | 7 2 | 5,010 | 11,364 | | 期 货 | 硅铁2509 | 5482 | 7 4 | 122,756 | 193,107 | | | 锰硅2508 | 5792 | 5 0 | 1,553 | 12,184 | | | 锰硅2509 | 5794 | 4 4 | 146,872 | 353,847 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | 现 货 | 硅铁:FeSi75-B:汇总价格:内蒙 | | 5250 | - | 元/吨 | | | 硅锰:FeMn ...

Group 1: Power Generation Performance - In Q2 2025, the company achieved a power generation of 11.615 billion kWh, a year-on-year increase of 0.67% [1] - For the first half of 2025, the total power generation was 24.573 billion kWh, a year-on-year decrease of 3.66% [1] - The total on-grid electricity for the first half of 2025 was 22.837 billion kWh, a year-on-year decrease of 3.52% [1] Group 2: Market Conditions and Strategy - The coal market in the first half of 2025 was characterized by a balanced supply and demand, leading to a downward trend in prices [2] - The company adopted a strategy focused on market orientation and efficiency, enhancing thermal power marketing and optimizing fuel procurement management [1] - The company is also diversifying financing to optimize debt structure and reduce funding costs [1] Group 3: Coal Supply and Price Forecast - The main sources of coal procurement are local areas in Hebei, Shanxi, Shaanxi, and Inner Mongolia [2] - It is anticipated that coal prices will continue to decline in the second half of 2025 due to the ongoing release of domestic thermal coal production capacity [2] Group 4: Project Development and Expansion - Ongoing projects include the 2×66 MW expansion at Xibaipo Power Plant and the 2×35 MW project at Renqiu Thermal Power Plant, both expected to be operational by 2026 [2] - The company is also increasing investment in offshore wind projects, including the 250 MW Tangshan Jiantou Xiangyun Island project [2] Group 5: Dividend Policy - The company has established a stable profit distribution policy, increasing the cash dividend from 30% to 50% of the distributable profits starting from 2024 [2]

2025 年 7 月 18 日 股指期货将偏强震荡 白银、铜、铝、工业硅、多晶硅、螺 纹钢、铁矿石、玻璃、纯碱、原油、PTA、PVC、天然橡胶期 货将偏强震荡 碳酸锂、焦煤期货将震荡偏强 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2509 阻力位 4045 和 4060 点，支撑位 4012 和 4000 点；IH2509 阻力位 2763 和 2780 点，支撑位 2741 和 2734 点；IC2509 阻力位 6050 和 6100 点，支撑位 59 ...

午盘收盘，国内期货主力合约多数上涨。SC原油涨超3%，焦煤、碳酸锂、棕榈油涨超2%。跌幅方面， 液化石油气（LPG）跌超0.5%。 ...

Group 1 - The "Internet Plus" strategy is driving the growth of county-level e-commerce as a new engine for economic development, with banks like CCB providing comprehensive financial services to support this trend [1] - CCB Jiangsu Province has innovated inclusive financial products to integrate e-commerce with local industries, enhancing vitality in the sector [1] Group 2 - Traditional merchants are facing challenges in adapting to new sales channels, with cash flow issues hindering their ability to seize opportunities in the market [2] - CCB's Yancheng Dafeng branch identified a local merchant's funding gap and implemented a specialized service mechanism to address the issue, ensuring timely financial support [2][3] Group 3 - The merchant successfully utilized a loan of 1.5 million yuan to stock up on inventory, leading to a successful live-streaming sales event that generated 96,000 yuan in revenue [3][6] - CCB's experience in providing emergency funding solutions has been formalized into a mechanism to support e-commerce businesses, improving cash flow efficiency [6] Group 4 - The rise of digital economy has led to the emergence of new e-commerce players, with companies like Aiwenliang achieving significant sales growth through live streaming [7][9] - CCB's Changzhou branch developed a multi-dimensional evaluation model to assess the value of new business models lacking traditional collateral, facilitating access to credit for these companies [9][10] Group 5 - CCB provided a credit loan of 1.117 million yuan to Aiwenliang, alleviating financial pressure and enabling the company to pursue ambitious sales targets [10] - The company plans to leverage national policies supporting new business models to expand its market reach and enhance operational efficiency [10] Group 6 - In Lianyungang, the local crystal and apparel industries are thriving, but many small businesses face financing challenges that hinder their growth [11][12] - CCB's Lianyungang branch has introduced innovative platforms to streamline cross-border payments, significantly reducing costs and improving transaction efficiency for local businesses [12] Group 7 - The bank's targeted strategies for the apparel industry have resulted in substantial credit support for multiple enterprises, enhancing their operational capabilities [12][13] - Financial support is now covering the entire production and sales chain, helping local industries to scale and compete globally [13]

| 股指期货价差日报 | テ「炭期货 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Z0016628 | 叶倩宁 | 2025年7月18日 | 品种 | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | 价差 | | | | | | | | | F期现价差 | 19.60% | -22.69 | 13.51 | 28.60% | H期现价差 | -2.86 | 7.64 | 41.30% | 44.00% | 期现价差 | | | | | | | IC期现价差 | -104.46 | -93.87 | 6.90% | 2.20% | 90.00% | IM期现价差 | 145.27 | 1.37 | 7.80% | 次月-当月 | -7.80 | 5.60 | 34.40% | 40.40% | | | 李月-当月 | -19.00 ...

美国众议院通过《天才法案》等三项加密货币法案；美国三大股指全线收涨，标普500指数、 纳指均创历史新高；中概股多数上涨；美联储官员预计今年两次降息。 据央视新闻，美国国会众议院以308票赞成、122票反对的结果通过的《天才法案》，旨在对 加密货币监管进行重大立法改革。该法案将提交美国总统特朗普，预计将由特朗普签署成为 法律。 众议院当日还以294票赞成、134票反对的结果通过了第二项范围更广的加密货币市场 结构 法案 《清晰法案》（Clarity Act），该法案将提交参议院审议，旨在为数字资产建立一个更 广泛、更有利于行业的监管框架。 据Wind资讯，特朗普正准备把加密货币、黄金和私募股权开放给9万亿美元的美国退休市 场，此举将刺激美国人储蓄管理方式的根本转变。据三名知情人士透露，预计特朗普最快将 于本周签署一项行政命令，为401 （k ） 退休计划开放传统股票和债券以外的另类投资。这 些投资将涉及广泛的资产类别，从数字资产到金属，以及专注于企业收购、私人贷款和基础 设施交易的基金。上述知情人士表示，该行政命令将指示监管机构对将另类投资纳入401 （k ） 储户使用的专业管理基金所面临的障碍进行调查。 标普 ...