Group 1 - The power equipment industry is undergoing significant transformation due to the implementation of Document No. 136, which continues to promote power reform [1] - The green certificate trading rules in Guangzhou have clarified that green certificates cannot be traded twice and established a pricing mechanism [1] - Sichuan aims to cover 5% of its maximum load with a power demand response mechanism [1] Group 2 - The supply-side clearing in the photovoltaic industry is steadily advancing, with silicon material companies reducing production loads and leading firms planning capacity replacements, indicating a potential recovery in industry prosperity [1] - In the battery sector, the industrialization of solid-state batteries is accelerating, with total planned capacity nearing 450 GWh, and the 2025 Solid-State Battery Summit focusing on engineering challenges, expecting to break the 1 GWh milestone by 2028 [1] Group 3 - The European electric vehicle market continues to grow, with sales in the top ten countries increasing month-on-month in May, showing a steady rise in penetration rates and positive overseas demand [1] - The overall price of the photovoltaic industry chain is declining, with prices for silicon materials, silicon wafers, and battery cells continuing to drop, while module prices remain stable amid intensified industry competition [1] - Leading companies in the photovoltaic sector maintain high operating rates despite the competitive landscape [1] Group 4 - The Mechanical ETF (516960) tracks a segmented mechanical index (000812) compiled by China Securities Index Co., Ltd., selecting quality listed companies in high-end manufacturing and automation from the Shanghai and Shenzhen markets [1] - The segmented mechanical index focuses on manufacturing sectors with high technological content and growth potential, reflecting the trend of China's manufacturing industry towards intelligence and automation [1]

【环球时报驻美国特约记者 李准 冯亚仁 环球时报记者 李迅典】编者的话："这对美国来说将是多么伟大的投资，而且非常需要！"随着美国总统 特朗普和哈佛大学之间的"斗法"持续，特朗普提出要把原本给哈佛数十亿美元的拨款重新分配给美国职业学校。特朗普的这一表态与关于"制造业 回流"的竞选承诺息息相关。历史上，职业教育在美国曾有过辉煌时刻。但上世纪60年代的一份宣扬"人人上大学"的法案，不仅让联邦学贷成为后 来美国高等教育系统中的重要支柱，还深刻改变了美国社会的教育公平与阶层流动格局。近些年，由于高学贷、高生活成本等诸多因素，美国年 轻人越发怀疑大学学位的价值，反而对职业教育更加感兴趣。但是，美国教育专家也提醒，美国职业学校缺乏前瞻性、基础教育常年的不足和缺 乏勤劳奋进的社会文化，都为"制造业回流"目标蒙上阴影。 近日，美国福克斯新闻网站就此事采访了华盛顿、底特律和休斯敦地区的美国居民，他们普遍对于特朗普施压常春藤盟校持担忧和反对态度，但 与此同时，他们承认投资职业学校的重要性。环球技术学院是美国最大的私立职业学校连锁机构之一。该机构首席执行官杰罗姆·格兰特也表 示："我们和四年制高校没有任何冲突，我们只是认为，对美国 ...

Group 1 - Key Point 1: The article highlights key economic data and events to be monitored on June 20, 2025, including various consumer confidence indices and retail sales figures [1] - Key Point 2: Important announcements include speeches from Russian President Putin and Bank of Japan Governor Ueda, which may influence market sentiment [1] - Key Point 3: The article lists specific times for the release of economic indicators such as the UK Gfk Consumer Confidence Index and the US Philadelphia Fed Manufacturing Index [1] Group 2 - Key Point 1: The article emphasizes the significance of the Chinese one-year loan market quotation rate to be released on June 20, which could impact lending rates and economic activity [1] - Key Point 2: The German Producer Price Index (PPI) and UK retail sales figures are also highlighted as critical indicators for assessing economic health in Europe [1] - Key Point 3: The article notes the scheduled release of the Eurozone consumer confidence index, which is crucial for understanding consumer sentiment in the region [1]

潍柴动力 20250618 摘要 潍柴动力预计 2024 年收入增长约 15%，2026 年有望维持甚至更高增 速，主要驱动力来自天然气重卡发动机、大缸径发动机（尤其是 IDEC 柴油发电应用）以及凯奥物流设备业务的增长。 国内重卡市场 2025 年表现强劲，5 月批发量同比增长 12%，终端销量 增长 18%。以旧换新政策推动需求，预计 4-9 月同比增速将超过 30%，潍柴动力作为天然气重卡发动机龙头将显著受益。 大缸径柴油发电领域需求高速增长，供给紧张，存在涨价趋势。全球 IDEC 柴油发电单体数量预计从 2024 年的 1.5 万台增长到 2030 年的 3-4 万台，市场空间翻倍。潍柴动力出货量有望冲击千台，贡献营收约 20 亿元。 凯奥子公司一季度释放裁员费用后，有望迎来费用减少和营业利润率提 升。受益于欧洲制造业再投资，凯奥内生营业利润率将进一步改善，对 潍柴动力整体业绩产生积极影响。 天然气重卡发动机受益于以旧换新政策，预计全年销量可达 20 万台以 上，但去年国三以旧换新不包含天然气重卡，今年前五个月天然气重卡 渗透率较低，后续几个月景气度可期。 Q&A 大缸径柴油发电领域需求高速增长且供给 ...

作为全球首个聚焦制造业数字化全场景的专业展会，本届展会以"数智破局·生态共生：重构全球制造新 引擎"为主题，来自10个国家和地区的200余家领军企业，约2万名专业观众，依托这一制造业数字化转 型、智能化改造的供需精准链接枢纽，共促制造业高质量发展。 据悉，制造业数字化全球发展中心由上海市工业经济联合会下设上海市制造业创意促进中心会同12家单 位一起发起成立。上海市工业经济联合会会长管维镛介绍，该中心具有多业和多元的特点，成员既有制 造企业，也有研发单位，还有产业园区；既有国有企业，也有中外合资企业，还有民营企业。首批发起 单位共同见证了该中心揭牌。 在管维镛看来，制造业数字化全球发展中心能在赋能新技术新成果运用、促进产业链合作和数字化系统 集成、赋能人才培养和产业组织架构重整、促进行业标准制定和知识产权保护、发挥典型示范作用等六 方面赋能企业制造化数字转型。"我相信这个平台，能赋能企业的数字化智能化和绿色发展，并带来积 极效应。"管维镛说。 现场，德国国家科学技术研究院院士皮特 萨赫逊教授、数智范式会展CEO兼数字经济研究院执行院长 周建良分别受聘为该中心名誉主任、执行主任。 同时身为中国国际智能制造联盟联合 ...

Core Viewpoint - The domestic antimony price has experienced a significant increase, with the average price of antimony concentrate reaching 172,800 yuan per ton by the end of May 2025, marking a year-on-year increase of 113.3% [2][6]. Price Trends - Antimony prices have been on a rapid upward trend since mid-February 2025, with continuous increases in March and sustained high levels in May [2]. - As of the end of May, the average price of antimony ingots was 194,500 yuan per ton, up 100.7% year-on-year, with a peak price of 240,000 yuan per ton [7]. - The average price of antimony oxide reached 174,800 yuan per ton, reflecting a year-on-year increase of 103.6% [8]. Supply and Demand Dynamics - The antimony market has been characterized by tight supply since early 2025, with a notable rebound in prices from mid-February to mid-April [6][12]. - Exports of antimony products have significantly declined, with no exports of antimony ore and a 59.3% decrease in antimony oxide exports from January to April [13]. - Imports of antimony concentrate also fell by 28.26% during the same period, indicating a tightening supply situation domestically [15]. Future Outlook - The domestic antimony market is expected to continue experiencing high prices due to ongoing supply constraints and reduced imports [16][18]. - The demand for antimony is supported by growth in key downstream applications, particularly in synthetic rubber, solar cells, and electric vehicles, which have all seen double-digit growth [16]. - The overall economic environment, including the impact of protectionist trade policies, is anticipated to influence the antimony market, but China's manufacturing sector has shown resilience with a recovery in the PMI [19].

当下，很多国家热衷发展本土制造业的背后，隐藏着多重目标。西方政客们希望重振高薪的工厂就业， 重现其工业腹地的昔日辉煌；较贫穷的国家则希望促进发展和创造更多就业岗位。无论以何种方式，政 客们都希望工业实力能够更广泛地转化为国家实力。 促进就业、经济增长和提升韧性都是值得追求的目标。然而，不幸的是，"发展制造业就能抵达理想彼 岸"的想法是错误的，因为这一观念建立在一系列对现代经济本质的迷思之上。 其中一个问题与工厂就业有关。在政客们的愿景中，发展制造业能够为发达国家没有大学文凭的人们或 者发展中国家来自农村地区的人们提供体面的工作。但现实是，工厂工作已经高度自动化了——在全球 范围内，尽管产出价值增长了5%，但与2013年相比，当下制造业提供的就业岗位减少了2000万个，即 6%。所有国家都很难从不断萎缩的市场中创造更多就业。 美国流水线岗位不足制造业的 1/3 英国《经济学人》杂志 6 月 14 日文章，原题：世界必须摆脱制造业的妄想 不少国家的政府对于制造业抱 有不切实际的幻想，最终只会遭到反噬。世界各地的政客对工厂情有独钟：美国总统特朗普希望从钢铁 冶炼到医药生产在内的所有产业都迁回美国，并为此设置关税壁垒 ...

走访企业一线，扎实调查研究 人工智能作为引领未来的前瞻性、战略性技术，已经成为新一轮科技革命和产业变革的核心驱动力 量。"如何加快塑造产业新优势、培育发展新动能，更好地推动人工智能赋能千行百业？"带着问题，调 研组走访多家企业，深入了解人工智能在科技创新和产业发展中的经验做法。 今年的《政府工作报告》提出，持续推进"人工智能+"行动，将数字技术与制造优势、市场优势更好结 合起来，支持大模型广泛应用。 受中共中央委托，农工党中央近期围绕"推进'人工智能+'行动 加快制造业数字化转型"开展2025年度重 点考察调研。农工党中央主席何维率调研组前往上海、江苏进行实地考察。 在中国远洋海运集团有限公司，调研组详细了解人工智能在国际航运、港口运营、物流服务等方面的具 体情况。"'智能航线'产品为客户带去全方位、一体化的航线智能管理服务，优化船队运营，提高航线 效率。"听到企业负责人的介绍，调研组表示肯定，并进一步询问人工智能在路线规划和货物跟踪等方 面的细节。 调研组建议，构建多层次人才培养体系，开展人工智能与制造业相关交叉人才培养，培养既懂行业知识 又掌握数字技术的复合型人才。支持企业与高校、科研院所和职业院校密切合 ...

Group 1: Economic and Industrial Strength - Weifang is a manufacturing powerhouse, accounting for approximately 10% of the province's total manufacturing output and 1% of the national total [2] - The city has 37 out of 41 industrial categories in the national economy, including key sectors such as power equipment, high-end chemicals, and automotive manufacturing [2] - The industrial output value of large-scale enterprises has exceeded 1 trillion yuan for four consecutive years, with a projected growth of 8.5% in 2024, surpassing the provincial average by 0.2 percentage points [2] Group 2: Innovation and Technology - As of 2024, Weifang has 2,196 high-tech enterprises and 1,228 specialized and innovative companies, showcasing its strong innovation capabilities [3] - The city is actively developing emerging industries such as the metaverse and magnetic technology, promoting the transformation of manufacturing towards high-end, intelligent, and green development [3] Group 3: Agricultural Development - Weifang is recognized as a national agricultural hub, contributing significantly to the country's vegetable and agricultural product exports, with 16.8% of vegetables and 21.4% of agricultural product exports coming from the region [6][7] - The city has modernized its agricultural practices, with over 15,700 modern vegetable greenhouses and a significant portion of its vegetable base utilizing smart greenhouse technology [6] Group 4: International Cooperation and Trade - In 2024, Weifang organized the "Choose Shandong" multinational corporation event, facilitating discussions between 38 Fortune 500 companies and local enterprises, enhancing international cooperation [9] - The city achieved a total import and export value of 153.94 billion yuan in the first five months of 2025, reflecting a year-on-year growth of 5.1% [10] - Weifang has established investment relationships with 92 countries and regions, and its enterprises are involved in overseas projects in 72 countries [12]

证券研究报告 2025 年 06 月 18 日 湘财证券研究所 行业研究 机械行业事件点评 5 月叉车销量同比增长 12%，起重机械&高空平台销量 表现较弱 相关研究： 1《. 20250606湘财证券-机械行业： 5月工程机械市场指数发布，开工 率与开工小时均有所走弱》 2.《20250615湘财证券-机械行业： 关注可控核聚变、油气设备、工程 机械》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.4 -6.2 15.0 绝对收益 -2.9 -9.4 24.4 -20% -10% 0% 10% 20% 30% 40% 24/06 24/08 24/10 24/12 25/02 25/04 25/06 机械设备(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 5 月叉车内外销量均保持增长，下游景气度逐渐回升 据工程机械协会统计，2025 年 5 ...