央视网消息：今天的文化中国行，我们要走进位于福建泉州的安平桥，它始建于南宋绍兴八年，是我国现存最长的跨海梁式石桥，也是世 界文化遗产——"泉州：宋元中国的世界海洋商贸中心"的遗产点之一。 安平桥，位于晋江安海镇与南安水头镇交界的海湾上，是我国现存最长的跨海梁式石桥，有着"天下无桥长此桥"的美誉。 从空中看安平桥，我们首先会被它的长度所震撼。古桥呈东西向蜿蜒伸展，桥面宽度在2.9—4米之间，但长度却达到了2255米。整座古桥以坚 固的条石铺就，桥下，361座石砌桥墩巍然矗立，形态各异。桥墩之间，巨型石板横架作为桥面，承载着过往行人。 晋江市文物保护中心主任 吴金鹏：它就是跨安海湾的一座石桥。我们看到左手边就是晋江的安海镇，我们的右手边就是南安的水头镇。 在完全没有机械设备的古代，要如何才能在海湾的潮涌间，建造稳固的桥墩呢？ 这些石板长度不一，短则5米，长则11米，蔚为壮观。 在安平桥上及其周边，矗立着多座精致的附属建筑，东、西两侧的望高楼、听潮楼，是两座隘门，在桥身中段还有两座雨亭，供过往行人休憩 避雨。 安平桥联通了泉州的安海与水头，搭建了发达的水陆交通网，成为安海港重要的交通枢纽，同时，它也是泉州与广阔的南 ...

7月23日，世纪互联(VNET)盘中上涨5.21%，截至23:44，报8.511美元/股，成交2289.07万美元，总市值 22.90亿美元。 财务数据显示，截至2025年03月31日，世纪互联收入总额22.46亿人民币，同比增长18.34%；归母净利 润-2.38亿人民币，同比减少27.03%。 大事提醒： 8月26日，世纪互联将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间， 实际披露日期以公司公告为准）。 资料显示，世纪互联(VNET.US)成立于1996年,是科创型数字新基建龙头企业、中国第一家美股IDC上市 公司,也是国内唯一一家以"基地型+城市型"IDC业务同步发展的头部IDC企业。世纪互联致力于为客户 提供业界领先的数据中心、智算中心(AIDC)、网络以及基于数据中心的云计算交换连接、混合交付等 云计算综合服务及解决方案,打造具有核心技术、超大规模运营能力、高附加值的数字基础设施运营平 台。 世纪互联在全国30多个城市运营超过50座数据中心,基地型业务运营容量超过480MW,城市型业务运营机 柜数超过52000个。在京津冀、长三角、粤港澳等区域构建了规模化的数据中心产业 ...

事件 7 月 22 日，国务院总理李强签署国务院令公布《农村公路条例》，自 2025 年 9 月 15 日起施行。《农村公路条例》共 28 条， 旨在推动农村公路高质量发展，适应推进乡村全面振兴、加快农业农村现代化需要。 1、首部以"农村公路"为主体的行政法规 在法律法规层面，我国 1997 年公布《公路法》，拥有《公路管理条例》、《公路安全保护条例》和《城市道路管理条例》等行 政法规，但以上法律法规均面向"所有公路"，缺少对农村公路的重点关注。《农村公路条例》首次以专门立法形式系统构 建农村公路发展的制度体系，为推进乡村全面振兴、加快农业农村现代化提供法治保障。《农村公路条例》共 28 条，主要 规定以下核心内容：明确发展导向、压实责任主体、提升路网质量、加强管理养护、强化安全保障和促进融合发展。 2、农村公路建设投资连续 8 年保持 4000 亿以上 截至 2024 年底，我国农村公路总里程达 464.4 万公里，自 2006 年起保持 2.4%的复合增长率，占全国公路总里程近 85%。 按技术等级看，等级公路占比达 97.3%，仍有部分存在升级为等级公路的需求。此外，《2024 年交通运输行业发展统计公 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 07 月 23 日 [Table_Title] 资产配置日报：商品多头或在撤退 [Table_Title2] 复盘与思考: 7 月 23 日，连续多日的喧嚣急涨行情后，商品市场似乎开始出现降温迹象，股市同样受到影响，上证指数短 暂上破 3600 点后，尾盘收于 3582，债市情绪则逐步企稳，长端利率日内走出多折行情。 国内资产方面，商品市场依旧抢眼。国内商品市场未能延续前两日的普涨行情，多空资金博弈激烈，市场分 歧显著加大。前期一致性的做多情绪有所降温，板块和品种间的走势开始出现明显分化。今日涨幅超过 5%的品种 仅有焦煤和多晶硅，较前两日的 7 只和 5 只明显减少，其中仅焦煤一个品种触及涨停（昨日为 6 只）。即便是领涨 品种，其日内博弈也异常激烈。焦煤期货在经历了夜盘近月合约涨停后，今日早盘一度大幅回落，但尾盘再度强 势拉升至涨停。多晶硅主力合约早盘迅速触及 12%的涨停板，但未能封住，午后回吐大部分涨幅。其他"反内卷" 相关品种，焦炭和生猪分别上涨 3.8%和 1.7%，玻璃、工业硅、热轧卷板和螺纹钢的涨幅均回落至 1%以内，而碳酸 ...

2024年5月，广州首家"公建民营"街道普惠托育园在越秀区建设街道启动。至今，越秀区18个街道普惠 托育园已全部开园。 近日，国家卫生健康委等7部门联合印发《关于加快推进普惠托育服务体系建设的意见》。其中提到， 积极推行公建民办模式，支持社会力量参与提供普惠、多元、优质的托育服务。 一年来，越秀区"公建民营"街道普惠托育园运营情况如何？南都记者走访调研发现，越秀区通过推 进"公建民营"模式，整合既有物业突破场地紧张难题，使得普惠托位定价降至市场价的50%至80%，多 个普惠托育园托位"爆满"，但也有托育园受环境影响暂时"搬迁"。 与此同时，未来广州针对普惠托育机构补贴逐年递减，亦为行业发展带来不确定性，普惠托育园仍需思 考如何在市场上主动求发展，做到可持续运营。 现象 多个普惠托育园托位"爆满" 有托育园受环境影响暂时"搬迁" 南都记者调研发现，运营一年来，多个普惠托育园出现托位"爆满"现象。 2024年9月，光塔街道普惠托育园正式开园，可提供64个普惠托位，不到半年时间园区已经满员。光塔 街普惠托育园园长臧颖介绍，自2024年10月起，园区已经新增了一个乳儿班，最小的孩子送托时仅六个 多月，其余混龄班学位则 ...

万年青 20250723 摘要 万年青公司通过成本管控实现业绩增长，上半年利润超 3,000 万元，得 益于煤炭采购成本下降和自身降本增效，煤炭采购成本下降是主要影响 因素。 2025 年二季度江西水泥市场量价环比一季度有所改善，但价格环比下 降；预计三季度需求回升，但需待 8 月后，7 月高温影响需求。 反内卷政策有助于水泥行业稳定，但效果取决于市场需求，企业端感受 到政策压力，需严格执行相关要求。 万年青公司暂未进行产能置换，现有生产线为四到五条 2,500 吨生产线， 是否置换将综合考虑产能发挥和投资回报率。 浙赣粤运河项目若实施，预计为江西水泥带来巨大需求，投资约 3,000 亿元，或产生 8,000 万吨至 1 亿吨水泥需求，江西省内占比预计每年增 加 4,800 万吨需求。 农村基建政策利好基础建材行业，公司农村市场业务占比大，预计政策 将推动水泥等产品需求。 公司未来规划向上下游和产业链拓展，借鉴国外经验向环保转型，拓展 无机非金属矿产业，并寻找海外水泥项目。 Q&A 请介绍万年青公司 2025 年上半年的整体经营情况。 2025 年上半年，全国水泥行业的产量有所下降，江西地区的下降幅度高于全 ...

策略对话建材：建材反内卷行情展望 20250723 摘要 建材行业面临通过限制资本开支、去产能和约束产量来实现反内卷的目 标，类似于 2015-2017 年的供给侧改革，但当前力度远未达到上一轮 水平。 若要行情持续或出现第二波主升浪，需政策明确支持反内卷，需求增长 型行业保持良好前景，环保与监管措施严格，以及行业集中度提升。 2016 年开始的水泥行业供给侧改革通过环保限产导致水泥价格暴涨， 但 2018 年后环保约束减弱，行业韧性源于企业协同效应增强，稳定了 价格。 行情持续需市场对行业景气修复预期强化，依赖于稳增长政策预期或供 给侧政策约束落地，如水泥领域的碳配额政策和重大项目扩展。 当前建材行业机构持仓比例和市场预期均处于低位，任何积极变化都可 能引起股价剧烈反应，如海螺水泥的连续涨停。 推荐关注光伏玻璃和水泥板块，光伏玻璃受益于反内卷和价格回升预期， 水泥板块因自律基础扎实和协同效应良好而值得关注。 投资策略优先推荐光伏玻璃，其次是水泥板块，关注具备成本优势和潜 在盈利提升空间的企业，如旗滨集团和塔牌集团。 Q&A 当前建材行业的反内卷行情有哪些相关政策或产业方向上的边缘变化？ 目前建材行业在反内卷 ...

大禹节水 20250723 摘要 大禹节水受益于高标准农田建设政策，农田建设订单增速保持在 50 亿 元左右，信息化业务板块的汇图科技连续四年保持高增长，西藏地区水 利工程经验丰富，为参与雅砻江项目奠定基础。 大禹节水计划成立林芝分公司拓展雅砻江业务，凭借一级总承包资质、 二级设计资质（即将升至甲级）以及领先的信息化能力，有信心在该大 型项目中占据一席之地，并与多家央企长期合作。 大禹节水在雅砻江项目中的优势体现在管理灵活性、高水平设计能力和 信息化业务，将重点关注配套工程的参与机会，目标是争取 5%的投标 比例，并计划尽快在当地成立子公司。 大禹节水与中电建合作的西藏水电站项目规模约 13 亿元，与央企联合 体中标海南牛路岭项目（30-50 亿）和江西梅江项目（43 亿），表明公 司在与央企合作方面具有优势。 水利行业在"十五五"期间将继续保持高水平投资，灌区现代化改造和 引调水工程将成为新的重点方向，国家鼓励民营企业和社会资本参与， 为大禹节水提供了广阔的发展机遇。 Q&A 能否简要介绍一下大禹节水公司的基本情况及其业务板块？ 大禹节水公司是创业板首批 28 家之一，最初以滴灌带的生产和销售起家，逐 渐进 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the allocation of active equity - oriented funds showed an obvious "dumbbell - shaped" structure. Funds increased their positions in the financial sector, with the allocation coefficients of city commercial banks and rural commercial banks rising to the highest levels since 2016, and that of joint - stock banks at the central level since 2016. The allocation coefficient of securities remained low. In the technology assets, the allocation coefficient of the computing power chain (communication equipment) reached the highest level since 2016, while the current quantile of the allocation coefficient of the AI software end (IT services, software development) was still low. The quantile of the current allocation coefficient of the pharmaceutical sector rebounded to the central level, with a relatively high quantile for innovative drugs and a low quantile for CXO. In addition, from a global perspective, sectors such as decoration building materials, decoration and decoration, chemical raw materials, chemical products, silicon materials and wafers, and aquaculture still had historically low allocation coefficients, and there were positive changes in both supply and demand recently [1]. - In Q2 2025, active equity - oriented funds increased their positions in the ChiNext and the Science and Technology Innovation Board and reduced their positions in the Main Board. The position in the Science and Technology Innovation Board reached a new high since 2019. From an industry perspective, funds increased their positions in communication, agriculture, forestry, animal husbandry, national defense and military industry, and media. The position in Hong Kong stocks reached a new high since 2019 (14%), and the increase in the over - (under -) allocation ratio of sectors such as pharmaceutical biology, non - bank finance, and light manufacturing ranked among the top [3]. 3. Summary According to Relevant Catalogs 25Q2 Overall Configuration Overview - In Q2 2025, active equity - oriented funds held stocks worth 2.9 trillion yuan, and the position rebounded to 84.5%. Funds increased their positions in the ChiNext and the Science and Technology Innovation Board and reduced their positions in the Main Board. The position in the Science and Technology Innovation Board reached a new high since 2019. From an industry perspective, funds increased their positions in communication, agriculture, forestry, animal husbandry, national defense and military industry, and media. The position in Hong Kong stocks reached a new high since 2019 (14%), and the increase in the over - (under -) allocation ratio of sectors such as pharmaceutical biology, non - bank finance, and light manufacturing ranked among the top [3]. Concern 1: "Supply - demand improvement + low position" Concentrated in Anti - involution and Infrastructure Chains - From the perspective of chip distribution, assets with low quantiles of the Q2 2025 allocation coefficient (since 2016) were mainly concentrated in anti - involution, infrastructure, AI, and domestic demand industrial chains. Specifically, in the anti - involution area, assets such as chemical raw materials (chlor - alkali), chemical products, silicon materials and wafers, aquaculture, and energy metals had low quantiles of the allocation coefficient. In the infrastructure chain, funds reduced their positions in the real estate infrastructure chain in Q2 2025. Considering policy expectations, assets with relatively low quantiles of the allocation coefficient and positive catalysts included decoration building materials and decoration and decoration. In the AI field, funds increased their positions in the computing power chain in Q2 2025, with the chip congestion of communication equipment at a historical high, while the congestion of computer equipment, IT services, and software development was relatively low, and the quantile of the allocation coefficient of communication services since 2016 was still at the historical central position. In the domestic demand assets, under the continuous disturbance of tariffs, policy efforts on domestic demand might still be the baseline scenario. In Q2 2025, the quantiles of the allocation coefficients of food processing, liquor, animal health, and flavor fermentation products were below 10%. Further considering high - frequency prosperity data, the supply - side perspective of financial reports, and policy expectations, sectors such as decoration building materials, decoration and decoration, chemical raw materials, chemical products, silicon materials and wafers, and aquaculture still had historically low allocation coefficients, and there were positive changes in both supply and demand recently [4]. Concern 2: The Fund Allocation in the Second Quarter Showed an Obvious Dumbbell - shaped Structure - In Q2 2025, the increase in positions of active equity - oriented funds showed a "dumbbell - shaped" structure. From the perspective of fund holding styles, compared with Q1 2025, the overall style of public funds in Q2 2025 shifted towards the theme - growth and large - market - value value at the two ends of the dumbbell. From the perspective of different industries, from the two perspectives of over - (under -) allocation ratio and allocation coefficient, active equity - oriented funds in Q2 2025 increased their positions in theme - growth directions such as AI, national defense and military industry, media, and communication catalyzed by geopolitical factors, as well as large - market - value value industries such as finance. The increase in positions in non - bank finance might be catalyzed by the "stable coin", and the increase in positions in banks might be related to bank valuation repair and the public fund reform plan [5]. Concern 3: Growth - Oriented Funds Chose Directions such as Communication and Military Industry, while Value - Oriented Funds Increased Their Positions in Banks - Considering funds with relatively obvious position changes: Funds that increased their positions in communication, national defense and military industry and other theme - growth industries in Q2 2025 reduced their positions in power equipment and automobiles, which might be internal position - switching within growth - oriented funds to choose new growth directions. In Q2 2025, value - oriented funds adjusted internally, increasing their positions in banks and reducing their positions in food and beverages. Growth - oriented funds switched from power equipment and electronics to pharmaceuticals (fund sizes were generally > 5 billion), and value - oriented funds reduced their positions in food and beverages and increased their positions in pharmaceuticals (fund sizes were generally < 5 billion). Funds that increased their positions significantly but still had a position < 80% in Q2 2025 increased their positions in household appliances, food and beverages, and pharmaceutical biology [5]. 25Q2 Public Fund Position Analysis: Style Shifted towards the Two Ends of the "Dumbbell" - **Position Style and Factor Split**: In terms of style drift, the position style of public funds in the second quarter shifted towards the "dumbbell" directions of small - market - value growth and large - market - value value. Compared with Q1 2025, the overall style of public funds in Q2 2025 shifted towards the small - market - value growth and large - market - value value at the two ends of the dumbbell (manifested as an increase in the proportion of the scatter plot in the first and third quadrants). The attention to stocks with low valuations and stable cash flows increased. Compared with Q1 2025, the attention of funds to stocks with low valuations and stable cash flows increased [15][20]. - **Heavy - Position Stock Concentration**: The concentration of fund heavy - position stocks decreased slightly quarter - on - quarter, which might be affected by the decline in the stock prices of heavy - position stocks. In Q2 2025, the proportion of the market value of the top 50 heavy - position stocks in the total market value of active equity - oriented fund heavy - position stocks decreased slightly to 51.5% (VS 52.4% in Q1 2025), and the concentration of the top 100 heavy - position stocks decreased to 62.7% (VS 63.3% in Q1 2025). After excluding the impact of stock price increases and decreases, the concentration of the top 100 fund positions in Q2 2025 was basically the same as that in Q1 2025 [23]. - **Increasing - Position Perspective Measurement**: From the two perspectives of allocation coefficient (position/standard allocation) and over - (under -) allocation ratio (position - standard allocation), the increase in positions of communication, national defense and military industry, and media ranked among the top, while the decline in positions of food and beverages, household appliances, and automobiles ranked among the top. The difference was that the ranking of the increase in the allocation coefficient of agriculture, forestry, animal husbandry, and beauty care was higher than that of the over - (under -) allocation ratio, indicating that the subsequent space for funds to increase their positions might be limited. The ranking of the allocation coefficient of banks and non - bank finance was lower than that of the over - (under -) allocation ratio, indicating that funds showed signs of bottom - fishing [25]. - **Industrial Chain Perspective**: From the industrial chain perspective, in Q2 2025, pharmaceuticals and TMT were the main directions for funds to increase their positions, and the main reduction was in the real estate infrastructure chain, export chain, domestic demand consumption, and advanced manufacturing. From the perspective of the quantile of the allocation coefficient, the quantiles of the allocation coefficients of the export chain and advanced manufacturing were at relatively high positions above 70%, while those of the other industrial chains were at low positions below 40% [36]. - **Index**: Among broad - based indexes, active equity - oriented funds had the highest increase in the over - (under -) allocation ratio for the CSI 500, Hang Seng Index, Hang Seng Technology Index, CSI 1000, and MSCI A50 constituent stocks, while the over - (under -) allocation ratio of the STAR 50, CSI 300, and SSE 50 constituent stocks decreased quarter - on - quarter. From the perspective of quantiles, in Q1 2025, the quantiles of the allocation coefficients of the Hang Seng Index, Hang Seng Technology Index, CSI 1000, and CSI 500 since 2016 were at relatively high positions of 100%, 100%, 86%, and 89% respectively [67]. Fund Allocation Logic - **Main Position Change Directions**: Funds that increased their positions in communication and national defense and military industry in Q2 2025 mainly reduced their positions in power equipment and automobiles (robots), which might be internal position - switching of growth - oriented funds to choose new growth directions. Funds that increased their positions in banks reduced their positions in food and beverages, which might be internal position adjustment of value - oriented funds. Funds that increased their positions in pharmaceuticals were more diversified. Some growth - oriented funds switched from power equipment, electronics, and automobiles to pharmaceuticals (fund sizes were generally > 5 billion), and some value - oriented funds reduced their positions in food and beverages and household appliances and increased their positions in pharmaceuticals (fund sizes were generally < 5 billion) [70]. - **Allocation Directions of Funds with Increased Positions**: Funds that increased their positions significantly in Q2 2025 mainly increased their positions in household appliances, food and beverages, and pharmaceutical biology. Considering that the equity positions of public funds were still at a high level, funds that still had room to increase their positions (meeting the conditions of equity position > 30% in Q1 2025, position increase > 10 pct in Q2 2025, and equity position < 85% in Q2 2025) mainly increased their positions in household appliances, food and beverages, and pharmaceutical biology [84]. 25Q2 Fund Allocation Overview: The Allocation Intensity of Hong Kong Stocks Continued to Increase - **Overview**: In Q2 2025, the positions of active equity - oriented funds in A - shares and Hong Kong stocks continued to increase quarter - on - quarter. The overall position was above the median since 2020. The performance of the common stock - type fund index and the partial - stock hybrid fund index in Q2 2025 was slightly weaker than that of the main indexes such as the Shanghai Composite Index but stronger than other main market indexes, reflecting that the overall performance of fund heavy - position stocks was stronger than the market in Q2 2025. Active equity - oriented funds increased their positions in the ChiNext and the Science and Technology Innovation Board and reduced their positions in the Main Board. The current allocation ratio of the ChiNext had dropped to around one standard deviation below the median since 2010, while the allocation ratio of the Science and Technology Innovation Board continued to reach a new high, and the overall science and technology attributes of public fund heavy - position stocks continued to strengthen. In addition, in terms of Hong Kong stocks, the allocation intensity of public funds to Hong Kong stocks increased in Q2 2025, rising by 1.0 pct quarter - on - quarter, and had reached the highest level since 2019 [89]. - **By Industry**: In terms of A - shares, communication, agriculture, forestry, animal husbandry, national defense and military industry, and media had the highest increase in the allocation coefficient, mainly increasing their positions in leading stocks in sub - directions such as communication equipment, feed, and ground military equipment. Sectors such as household appliances, automobiles, and food and beverages had the highest decline in the allocation coefficient, mainly reducing their positions in leading stocks in sub - directions such as white goods, passenger cars, and liquor. In Hong Kong stocks, sectors such as pharmaceuticals, light manufacturing, and non - bank finance had the highest increase in the allocation coefficient, while sectors such as commercial retail, non - ferrous metals, and banks had the highest decline in the allocation coefficient [104].

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