资金面持续宽松；多头情绪升温，债市明显回暖 【内容摘要】6 月 4 日，资金面持续宽松；多头情绪升温，债市明显回暖；转债市场主要指数 集体跟涨，转债个券多数上涨；各期限美债收益率普遍下行，主要欧洲经济体 10 年期国债收 益率走势分化。 一、债市要闻 （一）国内要闻 【中央财政拟支持 20 个城市实施城市更新行动】6 月 4 日，财政部发布《2025 年度中央财政 支持实施城市更新行动评选结果公示》，对 2025 年度中央财政支持实施城市更新行动评选结 果进行了公布。《公示》显示，中央财政拟支持的 20 个城市为：北京、天津、唐山、包头、 大连、哈尔滨、苏州、温州、芜湖、厦门、济南、郑州、宜昌、长沙、广州、海口、宜宾、兰 州、西宁、乌鲁木齐。 【城投债年内已净偿还 2200 多亿，估值 2.2%以上规模仅剩 10%】6 月 4 日，据财联社，城投 债融资继续萎缩，高息城投债变得愈发稀少。5 月城投债净偿还 570 多亿，前 5 个月累计已净 偿还 2200 多亿元。据业内统计，目前估值在 2.2%以上的公募城投债占比仅剩 10%左右，未来 挖掘收益的重点在于 2-5 年期 AA 评级以下的城投债。 【上海：鼓 ...

美国国防部长赫格塞思：在军事方面投入3.5%，在基础设施方面投入1.5%，这才是真正的承诺。 ...

Core Insights - The latest corporate software spending survey by Bank of America indicates a slight downward adjustment in expected growth for enterprise software spending to approximately 9.9% for 2025, influenced by global tariff policies, yet AI-related software spending remains a top priority in corporate budgets [1][8][14] - The demand for AI applications is expected to drive significant growth in enterprise AI software budgets, with projections showing that AI-related spending will account for 27.7% of software budgets in 2025 and increase to 31.6% in 2026 [14][18] - Companies like Palantir, Nvidia, and AMD are positioned to benefit from the robust demand for AI infrastructure, with Palantir's stock surging over 65% since April, reflecting strong performance in the AI and data analytics sector [3][5][26] Group 1: AI Software Spending Trends - The survey reveals that AI software spending is becoming the fastest-growing investment direction for enterprises, with a focus on enhancing operational efficiency and reducing costs [7][18] - Companies are increasingly prioritizing AI investments in cloud infrastructure and back-office operations, with 60% of respondents indicating plans to invest in cloud AI software [23][25] - The shift in AI spending focus from front-end applications to back-office operations highlights a growing trend towards improving internal efficiencies [23][26] Group 2: Market Performance and Projections - The stock performance of AI-focused companies has been robust, with Nvidia and Broadcom seeing significant price increases, indicating strong market confidence in AI infrastructure [3][5] - The strong earnings reports and optimistic outlooks from AI application software providers like C3.ai and Palantir are driving investor interest and stock price increases [5][6] - Anthropic, a notable player in the AI space, has reported a substantial increase in annual revenue, showcasing the growing demand for generative AI applications in the business world [5][6]

反弹后逢高空。玻璃方面，供应端：部分地区产线复产，周度产量增加，但行业整体利润不佳，企业挺价 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 意愿有限，后续复产力度恐继续下行。需求端当前地产形势不容乐观，传统淡季下需求将进一步走弱。下 免责声明 游深加工订单不稳定，采购以刚需为主，汽车玻璃厂备货量增加难以抵消地产相关需求疲软，光伏玻璃需 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 求也面临库存压力。当下期货已经跌破利润支撑，下方历史底部在854。今日玻璃小幅底部盘整，预计后续 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 纯碱玻璃产业日报 2025-06-05 | 项目类别 | 数据指标 纯碱主力合约收盘价(日,元/吨) | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱与玻璃价差(日,元/吨) | 1203 240 | -22 玻璃主力合约收盘价 ...

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoint - Although the production of industrial silicon has increased slightly, it remains at a relatively low level. The downstream of industrial silicon is mainly concentrated in the fields of organic silicon, polysilicon, and aluminum alloy. In the organic silicon sector, the spot price of the organic silicon market has risen, and enterprises have adopted a production - reduction strategy to support prices, which has achieved initial results but has a negative impact on industrial silicon. In the polysilicon segment, mainstream enterprises are currently reducing production, and the overall industry is operating at a reduced load, leading to a decline in the demand for industrial silicon, which is expected to further decrease after the 530 - node. In the aluminum alloy field, there is some demand support from the terminal consumer electronics and automotive industries, but enterprises mainly replenish inventory as needed, with inventory increasing, prices remaining flat, and the industry in a passive de - stocking phase, providing little impetus. Overall, the total demand for industrial silicon from the three major downstream industries shows a downward trend. The large number of warehouse receipts exerts significant delivery pressure on the market. It is recommended to pay attention to short - term rebound opportunities in the market, and maintain a high - selling strategy for medium - and long - term operations [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract is 7,135 yuan/ton, a decrease of 145 yuan; the main contract position is 183,965 lots, an increase of 3,637 lots; the net position of the top 20 is - 25,752 lots, a decrease of 5,692 lots; the Guangzhou Futures Exchange warehouse receipts are 61,803 lots, a decrease of 887 lots; the price difference between the July - August contracts is - 10 yuan, an increase of 5 yuan [2]. 3.2 Spot Market - The average price of oxygen - permeable 553 silicon is 8,150 yuan/ton, unchanged; the average price of 421 silicon is 8,800 yuan/ton, a decrease of 50 yuan; the basis of the Si main contract is 1,015 yuan/ton, an increase of 145 yuan; the DMC spot price is 11,740 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,760 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly production of industrial silicon is 299,700 tons, a decrease of 36,050 tons; the weekly social inventory of industrial silicon is 582,000 tons, a decrease of 17,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly production of organic silicon DMC is 38,900 tons, a decrease of 100 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 20,400 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon is 4.28 US dollars/kg, a decrease of 0.01 US dollars/kg; the monthly export volume of unforged aluminum alloy is 16,555.02 tons, a decrease of 1,621.87 tons; the weekly operating rate of organic silicon DMC is 59.2%, a decrease of 0.11 percentage points; the monthly production of aluminum alloy is 1.528 million tons, a decrease of 127,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2]. 3.6 Industry News - As of the end of May, the price of dense materials, which had been relatively stable, declined rapidly, with the average transaction price dropping by 10% in a single month to 36 yuan/kg, down 7.7% from the end of last year and the beginning of this year, 11.1% lower than the same period last year, and 44.6% lower than the beginning of last year. The state is increasing investment in long - term data infrastructure construction. From the supply side, as the wet season approaches, Yunnan, Sichuan and other places are gradually entering the wet season, showing an advantage in electricity price costs. However, based on the operating rate and production data, there is currently no intention to resume production in the southwest region [2].

Group 1 - The core viewpoint of the article highlights the successful listing of Shenzhen Youyou Green Energy Co., Ltd. on the Shenzhen Stock Exchange's ChiNext board, indicating a promising future in multiple fields [1] - Youyou Green Energy is a major supplier of charging modules for electric vehicles, holding a 10.58% market share in domestic sales of charging modules as of 2023 [1] - The company is recognized as a national high-tech enterprise, with its main products being 15-40kW charging modules, and it was one of the first to launch a 30kW charging module in the industry [1] Group 2 - Revenue projections for Youyou Green Energy show an increase from 988 million yuan in 2022 to 1.497 billion yuan in 2024, with a forecasted year-on-year growth of 3.87%-26.58% for the first half of 2025 [1] - The electric vehicle industry has experienced a compound annual growth rate (CAGR) of 62.35% in annual sales from 2016 to 2023, while the number of charging piles has grown at a CAGR of 61.97% during the same period [1] - The company is actively expanding into small power DC charging, V2G, and energy storage charging products, with its 30kW and 40kW charging modules receiving high recognition from customers [1] Group 3 - Research and development (R&D) investment is on the rise, with expenditures projected to be 40.18 million yuan in 2022, 79.09 million yuan in 2023, and 109 million yuan in 2024, reflecting a CAGR of 65.01% [1] - By the end of 2024, R&D personnel are expected to constitute 50.17% of the workforce [1] - The funds raised from the listing will be used for capacity expansion and upgrades, aiming to enhance market share and accelerate the construction of a full-process production line [1]

Core Insights - The West-to-East Gas Pipeline has supplied a total of 550 billion cubic meters of natural gas to the Yangtze River Delta region, significantly contributing to its green development [1][3] - The pipeline system has seen a 16% increase in direct users compared to the same period in 2024, reaching a total of 204 users [3] - The highest daily gas distribution volume has approached 200 million cubic meters, accounting for approximately 75% of the natural gas consumption in the Yangtze River Delta, benefiting over 200 million people [3] Infrastructure Development - The national natural gas pipeline transmission capacity has increased to 394 billion cubic meters, with new storage capacity reaching 3.5 billion cubic meters [5] - The completion of the welding tasks for the middle section of the West-to-East Gas Pipeline marks a significant step towards its operational readiness [5] - The Sichuan-to-East Gas Pipeline, designed to transport 15 billion cubic meters annually, has completed 215 kilometers of pipeline welding since its full-scale implementation in February 2025 [6] Strategic Enhancements - Over the past five years, the natural gas transmission capacity has increased by 76%, while interconnection and transfer capabilities have grown by 74% [6] - Since the integration of major oil and gas pipelines in 2020, the total gas delivery has surpassed 1 trillion cubic meters, with daily transmission capacity rising from 750 million cubic meters to 1.11 billion cubic meters [6] - The ongoing development of a comprehensive national pipeline network aims to establish 2,000 kilometers of new oil and gas pipelines by 2025, enhancing the overall connectivity of the system [6]

1.卡地亚用户数据被泄露，品牌客服：消息属实 近日，突然传出知名奢侈品牌卡地亚用户数据被泄露的消息。卡地亚邮件显示，泄露的信息包括客户姓 名、出生日期等，但不涉及银行信息等。"有一些未授权的外部人士获取了我们持有的一些顾客信息，所以 我们提前发送了一些相关邮件进行提示。"卡地亚官方客服向记者表示，泄露消息属实，但泄露的客户并非 只有中国市场，而是涉及全球市场的部分卡地亚顾客。其还表示，目前事件正在持续调查中，已向相关监 督部门报备。"我们有一个部门正在和外部的网络安全专家合作，对该事件进行妥善控制，同时我们会进一 步加强对系统和数据的保护。" 点评：高端品牌低端防护，数据裸奔何谈奢侈？ 2.北京电动自行车以旧换新突破14万辆 从北京市商务局了解到，从去年9月全国电动自行车以旧换新工作启动以来，北京市累计申请以旧换新的电 动自行车已突破14万辆，带动新车销售超3.8亿元。 3.上海：鼓励本市各有关企业积极申报基础设施REITs储备项目 上海市发改委发布关于进一步加强项目储备谋划推动我市基础设施REITs提质扩容的通知。鼓励上海市各有 关企业积极申报基础设施REITs储备项目，拟申报储备项目需基本符合以下相关条件 ...

每日市场观察 2025 年 6 月 5 日 【今日关注】 周三 A 股开盘小幅高开后，全天市场基本在前一交易日收盘上方区域运 行，三大股指收盘均上涨，沪指涨 0.42%，深证成指涨 0.87%，创业板 指上涨幅度超过 1%。沪深两市成交额超过 1.15 万亿元，较前一交易日 小幅放量 110 多亿元左右；行业板块基本呈现普涨状态，纺织、轻工、 建材、有色、电子、钢铁、通信等行业涨幅居前；市场热点方面，铜缆 高速连接、锂矿、黄金、稀土永磁、新零售等板块市场资金流入较多， 两市上涨股票数量接近 4000 只。 三大股指承接前一交易日的上涨，周三继续上行，三大股指近五个交易 日呈现三阳两阴的 K 线组合，其中阳线的实体幅度较大，沪指重新站到 20 日均线之上，两市上涨股票数量也逐渐增多，券商股近期也有走强的 迹象，显示市场投资信心转强；创业板指数周三领涨三大指数，突出了 市场资金偏好成长股的趋向，操作上可积极关注科技成长类个股。 近期创业板反弹，从全球科技和创新的整体环境上看，AI 基础设施和 AI 的应用扩展较快，中国和美国为代表在人工智能创新突破进展不断， 人工智能产业链和技术应用的扩张将会不断孕育新的投资机会 ...

Group 1 - Global stock markets experienced volatility in April and May but showed signs of recovery due to trade negotiations and other factors [1][2] - The European political stability and large-scale stimulus plans, along with signs of moderate recovery in the Chinese economy and resilience in the US economy, indicate that global equities may still be an attractive asset class [1][4] - High inflation above historical averages may favor stocks over bonds in the medium term [1] Group 2 - The energy sector was negatively impacted by falling oil prices, making it the worst-performing sector in the MSCI All Country World Index [2] - Defensive stocks, such as consumer staples and utilities, recorded positive returns as investors shifted their focus [2] - Optimism around corporate earnings and sustained growth led to a rebound in information technology and communication services stocks towards the end of May [2] Group 3 - Geopolitical risks, such as the conflicts between Russia and Ukraine, and India and Pakistan, may drive market development in Europe, which has suffered losses due to these conflicts [3] - Post-German elections, European political stability and large-scale spending on infrastructure and defense are expected to boost the European economy, presenting interesting investment opportunities [3] - The Chinese economy is projected to show moderate growth by 2025, despite facing structural challenges, with a shift towards innovation and green energy policies [3] Group 4 - The US economy demonstrates resilience with stable growth, strong job creation, and slowing inflation, supported by high levels of technology and infrastructure investment [4] - Consumer spending remains robust, and the market is expected to react less severely to current uncertainties, creating favorable conditions for equities [4] - Global economic slowdown provides diverse growth sources, potentially leading to broader market development [4] Group 5 - Companies in the "infrastructure" theme are expected to benefit from increasing demand for digital and physical solutions, driven by cloud computing, 5G implementation, and smart city projects [5] - The adjustment of global supply chains and investments in renewable energy are stimulating demand for reliable power and logistics infrastructure [5] - The "smart manufacturing" theme holds significant potential as industries adopt automation to reduce costs and enhance productivity [5]