据中国工程机械工业协会对装载机主要制造企业统计，2025年5月销售各类装载机10535台，同比增长7.24%。其中国内销量6037台，同比增长16.7%；出口量4498 台，同比下降3.31%。 2025年1—5月，共销售各类装载机52755台，同比增长14.1%。其中国内销量29607台，同比增长25.4%；出口量23148台，同比增长2.39%。 | | | | | | | 2025年中国电动装载机市场情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | < 3吨 | 3 吨 | 4吨 | 5 吨 | 6吨 | 7吨 | 8吨 | ＞8吨 | 滑移装载机 | 总计 | | 2025-05 | 24 | 83 | 3 | 1756 | 798 | વેર | ব | 1 | 1 | 2 765 | | 2025-04 | 28 | 121 | - | 1849 | 847 | 66 | 4 | - | g | 2 924 | | 2025-03 | 23 | 56 | - | 1876 ...

食品饮料周报（25 年第 23 周） 优于大市 白酒淡季需求延续压力，啤酒、饮料进入需求旺季 本周（2025 年 6 月 2 日至 2025 年 6 月 6 日）本周食品饮料板块下跌 0.65%， 跑输上证指数 1.78pct。本周食品饮料板块涨幅前五分别为均瑶健康 (24.43%)、青海春天(15.38%)、万辰集团(14.58%)、华宝股份(10.98%)和妙 可蓝多(10.11%)。 证券研究报告 | 2025年06月09日 白酒：淡季需求延续压力，高端白酒价格略有下降。贵州茅台 6 月 4 日公告 截至 5 月，公司累计回购股份 331.1 万股，占总股本 0.26%，已支付总金额 51 亿元（不含交易费用）；6 月 4 日在日本大阪世博会期间发布"走进希腊、 意大利、英国、法国、日本"五个新品共十款，并在"i 茅台"平台销售； 公司系统性布局国际化，结合品牌、文化实现产品出海。泸州老窖 6 月 4 日 公告将于 6 月 27 日召开股东大会，披露了 2025 年主要规划为突出三大重点 （大力"扩面"、"开瓶"与"拓点"），确保销售收入；并围绕提升操盘 能力、数智化市场管理、提升渠道利润与品牌形象三大 ...

分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 食品饮料周报 大众品呈现结构性景气，老消费 焕发新活力 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年6月9日 请务必阅读正文后免责条款 食品饮料周报-观点 白酒行业 食品行业 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-0.84%。涨跌幅前三的个股为：金徽酒（+6.25%）、皇台酒业（+5.03%）、洋河股份 （+2.16%）；涨跌幅后三的个股为水井坊（-2.32%）、舍得酒业（-2.48%）、*ST岩石（-7.71%）。 观点：龙头持续回购，夯实市场信心。本周茅台发布回购进展公告，截至2025年5月末，公司累计回购51.0亿元，占到公司总股本 的0.2635%，其中2025年5月回 ...

Core Viewpoint - The South Korean President Lee Jae-myung has called for the rapid preparation of a supplementary budget to support economic recovery and stimulate consumption [1] Group 1: Economic Context - The newly appointed President Lee Jae-myung has prioritized economic recovery and established an emergency economic task force composed of government officials [1] - Concerns over the impact of U.S. tariffs have led to stagnation in exports and consumption, resulting in expectations for interest rate cuts and an economic contraction in South Korea [1] Group 2: Budget Details - If the additional budget is finalized under President Lee's leadership, it will increase the previously approved supplementary budget of 13.8 trillion Korean won (approximately 9.7 billion USD) from May 1 [1] - During his campaign, President Lee emphasized the necessity of an additional budget to provide short-term economic stimulus [1]

Core Viewpoint - In the current deep adjustment of the real estate industry, private real estate companies like Bangtai Group are making significant breakthroughs, demonstrating their ability to compete with state-owned enterprises in both land acquisition and sales performance [1][2]. Group 1: Land Acquisition and Sales Performance - From January to May 2025, Bangtai Group acquired 1.34 million square meters of land, ranking third nationally, surpassing many state-owned enterprises, with a land value of 52 billion yuan and a new land value of 110.4 billion yuan, moving from 37th to 13th in rankings [2]. - The sales performance was equally impressive, with a sales area of 1.346 million square meters and sales revenue of 13.41 billion yuan, improving rankings by 7 and 9 places respectively compared to the same period in 2024 [2]. - Notable project performances included a rapid sell-out in Xi'an and top sales rankings in Hefei and Changsha, showcasing the strong market demand for Bangtai's offerings [3][4][5]. Group 2: Long-term Growth Strategy - Bangtai's sales revenue grew from 5.65 billion yuan to 27.21 billion yuan over ten years, moving from 137th to 33rd in industry rankings, indicating a strategic approach to growth aligned with industry cycles [8][9]. - The company experienced periods of consolidation during high-growth cycles, demonstrating a calculated approach to navigating market fluctuations [9]. Group 3: Financial Discipline and Operational Efficiency - Bangtai operates with a low leverage model, with a land acquisition-to-sales ratio of 0.39 in the first five months of 2025, below the industry warning line of 0.7, indicating disciplined land acquisition practices [11]. - The average monthly sales revenue of 2.682 billion yuan reflects a strong cash flow, enabling rapid turnover and investment in high-potential urban areas [11]. - The company's focus on self-funded operations and zero leverage supports its sustainable growth model, allowing it to maintain a competitive edge in the market [11][12]. Group 4: Social Responsibility and Long-term Vision - Bangtai has committed over 30 million yuan to social causes, demonstrating its dedication to community welfare and corporate social responsibility, which enhances its brand value and market position [12]. - The company's approach emphasizes quality over speed, positioning it as a model for private enterprise recovery in a market dominated by state-owned enterprises [12].

Core Viewpoint - Stellantis has appointed Antonio Filosa as the new CEO amid significant operational challenges, including a sharp decline in revenue and profit, particularly in the North American market [3][6][7]. Financial Performance - Stellantis reported a net revenue of €156.9 billion for 2024, a 17% decrease from €189.5 billion in 2023 [8]. - The net profit plummeted by 70% to €5.52 billion, down from €18.63 billion the previous year [8]. - Diluted earnings per share fell by 69% to €1.84, compared to €5.94 in 2023 [8]. - Cash flow from operating activities decreased by 82% to €4.01 billion, down from €22.49 billion [8]. - Adjusted operating profit dropped by 64% to €8.65 billion, with an adjusted operating margin of 5.5%, down 730 basis points from 12.8% [8]. Market Challenges - North American sales fell by 36%, exacerbated by new tariff policies under the current administration [7][9]. - The first quarter of 2024 saw a 20% year-over-year decline in sales, despite a temporary rebound in March [7]. - In Europe, sales decreased by 5%, with market share dropping to 16.4% [9]. - Stellantis has faced increased competition from other brands, particularly in the electric vehicle sector, where it has struggled to maintain a presence in China [11][12]. Leadership and Strategy - Antonio Filosa, previously an executive at FCA, is seen as a stabilizing figure who may adopt a more moderate approach compared to his predecessor [13][15]. - Filosa's appointment was unanimously approved by the board, indicating confidence in his ability to navigate the company through its current difficulties [15]. - His management style emphasizes cost control and market expansion, as evidenced by the successful entry of the Jeep brand into the Brazilian market [15][17]. Compensation and Expectations - Filosa's salary is set at $10.2 million, significantly lower than his predecessor's $23.9 million, reflecting the company's current financial struggles [19][21]. - His compensation package includes $9 million in stock incentives, linking his earnings to the company's stock performance [21]. - The expectation is that Filosa will need to address the challenges of electric vehicle transition, financial recovery, and competitive positioning to secure a more favorable compensation in the future [21].

Group 1 - The Hong Kong stock market experienced a strong upward trend, particularly in sectors such as short videos, e-commerce, automotive, and domestic fashion, with significant gains in stocks like Kuaishou-W, Meituan-W, and Li Auto-W [1] - The Hong Kong Consumption ETF (159735) showed a high turnover rate exceeding 7%, indicating strong market interest and activity [1] - New consumption and value growth are expected to progress in parallel, with structural benefits driven by new channels and product innovations, particularly in snacks, health products, and food additives [1] Group 2 - Traditional food and beverage leaders are achieving robust growth through strong product innovation and channel expansion, particularly in the beer and beverage sectors [1] - The Hong Kong Consumption ETF tracks the Hong Kong Consumption Index, which reflects a higher proportion of new consumption categories compared to the A-share market, focusing on e-commerce, consumer electronics, new energy vehicles, and more [1] - Recent policy directions emphasize increasing income for low- to middle-income groups and developing service consumption, indicating that consumption, especially service consumption, will be a key focus for future economic policies [2]

A500ETF基金紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券作为指数样本，以反映各行业最具代表性上市公司证 券的整体表现。 A500ETF基金(512050)，场外联接(华夏中证A500ETF联接A：022430；华夏中证A500ETF联接C：022431；华夏中证A500ETF联接Y：022979)，相关指数基 金(华夏中证A500指数增强A：023619；华夏中证A500指数增强C：023620)。 数据显示，截至2025年5月30日，中证A500指数(000510)前十大权重股分别为贵州茅台(600519)、宁德时代(300750)、中国平安(601318)、招商银行 (600036)、美的集团(000333)、长江电力(600900)、兴业银行(601166)、比亚迪(002594)、紫金矿业(601899)、东方财富(300059)，前十大权重股合计占比 21.21%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2025年6月9日 11:10，中证A500指数(000510)上涨0.47%，成分股天孚通信(300394) ...

上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先 得！ 周末大事 何立峰将访问英国并举行中美经贸磋商机制首次会议 外交部发言人宣布：应英国政府邀请，中共中央政治局委员、国务院副总理何立峰将于6月8 日至13日访问英国。其间，将与美方举行中美经贸磋商机制首次会议。 商务部：对稀土实施出口管制符合国际通行做法 已依法批准一定数量的合规申请 商务部新闻发言人就中重稀土出口管制措施答记者问表示，稀土相关物项具有军民两用属 性，对其实施出口管制符合国际通行做法。随着机器人、新能源汽车等行业发展，各国对中 重稀土在民用领域的需求量正持续增长。中国作为负责任的大国，充分考虑各国在民用领域 的合理需求与关切，依法依规对稀土相关物项出口许可申请进行审查，已依法批准一定数量 的合规申请，并将持续加强合规申请的审批工作。中方愿就此进一步加强与相关国家的出口 管制沟通对话，促进便利合规贸易。 商务部：目前中欧双方电动汽车案价格承诺磋商进入最后阶段 但仍需双方努力 商务部新闻发言人就王文涛部长赴法国期间与欧盟委员会贸易和经济安全委员谢夫乔维奇会 谈答记者问。 问：电动汽车反补贴案的价格承诺 ...

证券研究报告 "核心区+好产品"率先止跌回稳，重申 关注中线布局 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月9日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：核心区及好房子率先止跌回稳逐步被验证及市场接受。本周受端午假期影响，重点50城新房备案口径成交环比降33.4%，尽 管短期成交存在波折，但随着核心城市核心区供需格局改善，叠加过去限价带来的优质住房相对稀缺，"核心区+好产品"正率先止跌 回稳。随着半年末房企加大营销力度及优质房源供应，预计短期成交环比有望恢复上行，但同比由于上年高基数或小幅下滑。 短期结构性复苏有望延续，中期为产品力与拿地能力的竞争。当前市场主要担忧在于：1）核心区供给有限、年内诞生多个"地王"， 房企能否获取充足货量及保障利润率；2）随着好房子供应增加，是否会步入新的价格战，进而影响去化或利润率。我们认为短期无需 过度担忧：1）主要房企销售规模及利润较高点已明显回落，边际增量优质项目带来业绩弹性较大；2）当前高价地主要集中核心城市 核心区，供应仍相对有限，且得益于限价放开与得房率提升，预计去化率有望维持高位。中期将是产品力、拿地能力的 ...