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 ...

Core Insights - Warrenwell has recently completed a Series A financing round exclusively invested by Hongsheng Capital, indicating strong investor confidence in the company's potential [1] Company Overview - Founded in 2012, Warrenwell is located in Suzhou High-tech Zone and focuses on developing core technologies with independent intellectual property rights. The company provides intelligent and automated logistics solutions for hospitals, libraries, environmental protection, and industrial sectors [2] - Warrenwell's core technologies include photoelectric positioning device technology, graphite communication transmission materials technology, and highly robust intelligent algorithms, making it a leading smart logistics technology service provider in the medical logistics field [2] Financing Purpose - The funds from this financing round will primarily be used for upgrading and improving the technology platform, accelerating the integration of automation control, AI large models, and intelligent robotics with existing service systems. The company aims to enhance customer service efficiency and explore high-value application scenarios in response to national high-end manufacturing transformation strategies [3] Investment Rationale - Hongsheng Capital recognizes Warrenwell's high technical barriers and extensive service experience in the medical technology and industrial automation sectors. The founding team’s international vision and diligent work ethic align well with global trends in intelligence and automation [4] - The investment reflects confidence in Warrenwell's potential to empower traditional industries to upgrade and improve efficiency, with expectations for comprehensive collaboration in medical technology and industrial automation [4] Industry Perspective - The financing round is seen as a significant milestone in the smart logistics and industrial automation sectors, supported by national policies promoting high-end manufacturing transformation. The investment from Hongsheng Capital not only acknowledges Warrenwell's technical strength and market potential but also highlights the keen insight of venture capital institutions into emerging technologies [5] - Warrenwell's innovative spirit and industry-leading position inject new vitality into the smart logistics sector, setting an example for entrepreneurs and investors alike [5]

宏观日报 | 2025-06-18 关注推动传统制造业转型政策发行 中观事件总览 生产行业：关注推动传统制造业转型相关政策发行。 1）国务院国资委召开国有企业改革深化提升行动2025年第 二次专题推进会。国务院国资委党委委员、副主任李镇在会上表示，国资国企要加大力度推动传统产业高端化智 能化绿色化转型升级。进一步深入应用人工智能、工业互联网、5G等数字技术，推动传统产业转型升级，边远或 技术创新相对滞后的地区，要争取乘势而上，形成后发优势。积极用好国家"两重""两新"有关政策，推动更新升级， 实现"老树发新枝"。2）国家发改委发布消息称，自6月17日24时起，国内汽油价格和柴油价格分别上调260元/吨和 255元/吨。折合升价，92号汽油上调0.20元，95号汽油和0号柴油均上调0.22元。按照油箱容量为50 L的家用轿车为 例，加满一箱92号汽油将多花10元。 服务行业：5月外汇市场稳定。 1）国家外汇管理局副局长、新闻发言人李斌就2025年5月外汇市场形势回答了记 者提问。他表示，5月份企业、个人等非银行部门跨境资金净流入330亿美元。其中，货物贸易资金净流入保持在 较高水平，外资增持境内股票较上月进一步 ...

从行业销量增速来看，叉车行业外销依然保持较快增长，但国内已有良好复苏，特别是不含电动步行式 仓储车辆的叉车。根据中国工程机械工业协会微信公众号，1-5月，叉车行业销量60.2万台，同比 +9.3%，内销39.2万台，同比+6.7%，外销20.9万台，同比+14.7%;单5月份来看，行业销量12.3万台，同 比+11.8%，内销7.9万台，同比+9.3%，外销4.4万台，同比+16.6%。分车型来看，5月份不含电动步行式 仓储车辆的叉车销量为5.2万台，同比+10.4%，其中内销3.6万台，同比+9.9%，外销1.7万台，同比 +11.5%。 5月制造业景气环比改善，工业生产保持较快增长 智通财经APP获悉，国泰海通发布研报称，工程机械主要产品5月平均工作时长为84.5小时;工程机械主 要产品月开工率为59.5%，其中叉车56.5%。叉车与宏观经济关联度高，制造业景气回暖对国内叉车销 量有望带来积极影响。同时，国产叉车制造商凭借成本、电动化及交期优势持续开拓海外市场，凸显全 球竞争力。 国泰海通主要观点如下： 生产动能恢复，叉车开工时长及开工率转暖 5月份，叉车与工程机械行业整体生产状况有所分化。根据中国工程机 ...

6月17日，江西省统计局、国家统计局江西调查总队联合发布的1至5月全省经济运行数据显示：我省工 业生产较快增长、投资动能持续增强、市场销售平稳增长，全省经济运行保持平稳。其中，全省规模以 上工业增加值同比增长8.4%，高于全国平均水平2.1个百分点。 今年以来，我省深入推进"1269"行动计划，持续提升产业整体竞争力，工业对稳增长的支撑作用更加凸 显。1至5月，全省38个规模以上工业大类行业中，26个行业增加值同比实现增长。其中，汽车制造业， 计算机、通信和其他电子设备制造业，有色金属冶炼和压延加工业均实现两位数增长。新质生产力加快 培育，全省装备制造业增加值、高技术制造业增加值同比分别增长13.6%、14.3%。企业效益保持高速 增长，1至4月，全省规模以上工业企业实现营业收入13351.2亿元、同比增长6.8%，实现利润总额515.6 亿元、同比增长13.2%。 我省积极对接落实各项存量政策和增量政策，大力引进一批大项目好项目，加力推进重大项目建设，不 断扩大有效投资。1至5月，全省固定资产投资同比增长5.4%；全省亿元以上在建项目7274个，完成投 资同比增长6.8%，拉动投资增长4.7个百分点；在制造 ...

相比之下，6月非制造业景气判断指数稳定在正30，与前一个月持平，但预期未来三个月将回落至正 24。信息通信行业显示客户正在积极投资信息技术，入境旅游业的增长也为服务业带来了积极影响。然 而，劳动力成本上涨和人手短缺等问题依然对部分企业构成挑战。 根据最新的路透短观调查结果显示，6月的制造业景气判断指数降至正6，较5月的正8有所下降，预计在 未来三个月内将进一步降至正2。尽管如此，该指数仍保持在正值区域，表明乐观者数量仍然多于悲观 者。此次调查涵盖了6月4日至13日的时间段，共访问了504家大型非金融企业，其中220家企业提供了匿 名反馈。 （文章来源：新华财经） 面对当前局势，日本政府正与美国进行密集谈判，力求全面取消对其商品征收的关税，特别是针对汽车 及零部件的25%关税。一位机械制造企业的经理表示："由于美国关税政策的影响尚不明确，我们的客 户对于新增资本支出持谨慎态度。" 新华财经北京6月18日电（崔凯）日本制造业在6月份对商业状况的信心出现了下滑，并对未来三个月的 前景持谨慎态度。这一变化主要归因于美国关税政策的不确定性以及亚洲主要市场需求疲软。 日本央行连续第三次维持基准利率于0.5%不变，强调尽管 ...