Economic Overview - The overall economy of the province has stabilized and shown progress, with key indicators such as consumer market, industrial production, and new productivity performing well, indicating a trend towards high-quality development [1] Consumer Market - The consumer market in the province continues to show a steady upward trend, with the total retail sales of social consumer goods in May increasing by 6.3% year-on-year, accelerating by 1.3 percentage points compared to April [1] - From January to May, the total retail sales of social consumer goods grew by 5.6% year-on-year, with a slight acceleration of 0.1 percentage points compared to the previous four months [1] - The "old-for-new" policy has effectively stimulated consumption, with related goods in categories such as automobiles, home appliances, 3C digital products, and home goods achieving a total retail sales of 67.22 billion yuan in May, a year-on-year increase of 18.6% [2] - Green and smart products are experiencing rapid growth, with year-on-year increases in sales of new energy vehicles, smartphones, and energy-efficient appliances ranging from 28.8% to 147.0% [2] Industrial Production - The industrial economy of the province has maintained a relatively fast growth rate, with the added value of industrial enterprises above designated size increasing by 6.2% year-on-year in May [2] - Among the 40 industrial categories, 30 reported year-on-year growth, resulting in a growth coverage of 75% [2] - Key industries such as electronics, automobiles, and aerospace have shown significant growth rates of 13.5%, 11.6%, and 12.7% respectively [2] - High-tech manufacturing and digital product manufacturing have outpaced overall industrial growth, with increases of 9.8% and 9.7% year-on-year [3] Investment Trends - Infrastructure investment has maintained a rapid growth rate, with a year-on-year increase of 8.7% from January to May, contributing 1.3 percentage points to overall investment growth [3] - Significant growth in infrastructure projects with planned total investments of 500 million yuan and above, with increases of 7.2% and 8.8% respectively [3] - Key sectors such as electricity and heat production, water transportation, and internet services have seen investment growth rates of 58.9%, 32.3%, and 49.4% respectively [3]

Core Viewpoint - The article highlights the role of "ferry drivers" in transporting Chinese-made vehicles to Central Asia, particularly through the Horgos port, emphasizing the efficiency and cost-effectiveness of this method compared to traditional transportation methods [17][18]. Group 1: Role of Ferry Drivers - "Ferry drivers" are specialized individuals who drive Chinese-made vehicles, such as the Li Auto L9, from Horgos to designated locations in Kazakhstan, completing delivery and acceptance procedures before returning to China by bus [17]. - There are currently nearly 4,000 ferry drivers operating at Horgos, indicating a growing workforce in this sector [17]. Group 2: Customs and Transportation Efficiency - The Horgos port has implemented a "self-driving export vehicle fast customs clearance model," reducing overall customs clearance time from over 30 hours to under 5 hours [18]. - The Horgos Customs has established dedicated channels for rapid customs clearance, enhancing the efficiency of vehicle exports and making the process more attractive to foreign automobile importers [18]. Group 3: Growth in Vehicle Exports - In 2024, Horgos is projected to export 421,000 vehicles, representing a year-on-year increase of 38.6% [18]. - The article notes that the flexibility, efficiency, and lower costs associated with the ferry driver model contribute to the competitiveness of Chinese vehicles in international markets [17].

美联储巴尔金：企业预计今年晚些时候将提高价格，因为更多价格较高的进口商品已进入其库存。 ...

证券分析师：张冬冬 2025 年 06 月 20 日 投资策略 策略日报（2025.06.20）：缩量下跌 相关研究报告 <<策略日报（2025.06.19）：调整>>- -2025-06-19 <<策略日报（2025.06.18）：小幅收 涨>>--2025-06-18 <<策略日报（2025.06.17）：窄幅震 荡>>--2025-06-18 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债全线上涨，长端涨幅大于短端。我们认为股市波动 率仍在低位，基本面的疲弱将限制上涨的高度，因此未来波动率的抬升更 可能是向下调整，维持债市后续将受益于避险资金的流入的判断。后续展 望：在地缘冲突加剧背景下，随着股市波动率可能抬高，资金避险需求或 使得债券重拾涨势。 A 股：市场缩量下跌，创业板指跌 0.84%。市场全天成交额 1.09 万 亿，较前一日缩量 0.19 万亿，个股呈普跌态势， 1465 只个股上涨，3455 只个股下跌。 ...

厦门市发布《关于调整保障性商品房政策的通知》，将于2025年7月15日起正式施行。①缩短本市户籍 无住房家庭户籍取得年限的要求。申请家庭成员由"至少有1人取得本市户籍满3年"，缩短至"至少有1人 取得本市户籍满1年"。②放宽稳定就业群体关于学历、职称、职业资格及基本养老保险等要求。申请人 学历由"本科及以上学历"放宽至"大专及以上学历"、职称由"中级及以上职称"放宽至"初级及以上职 称"、职业资格由"技师职业资格"放宽至"中级工及以上职业资格或技能等级证书"。在厦缴交基本养老 保险时间，由"60个月"放宽至"36个月"。③降低单身居民申请年龄要求。本市户籍和在厦稳定就业单身 群体的年龄分别由年满35、30周岁，统一放宽至年满25周岁。 ...

Group 1 - The article discusses the ongoing geopolitical disturbances affecting the gold market, leading to fluctuations in prices [1] - It highlights the insights from a senior futures researcher, Leo, who is analyzing the current market landscape and future trends for gold and crude oil [1] - The focus is on the fundamental aspects of commodities and their future trajectories, indicating a comprehensive market analysis [1]

商品期货收盘，集运欧线主力合约跌近7%，多晶硅跌超3%，尿素、沪银、纸浆跌超2%。原木涨超 2%，短纤、苹果、原油、玻璃、PTA、焦炭、焦煤、白糖涨超1%。 ...

黑色商品日报 黑色商品日报（2025 年 6 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面窄幅震荡，截止日盘螺纹 2510 合约收盘价格为 2986 元/吨，较上一交易收盘价格 | 低位整理 | | | 持平，持仓减少 0.12 万手。现货价格基本平稳，成交维持低位，唐山地区迁安普方坯价格持平于 2910 元 | | | | /吨，杭州市场中天螺纹价格持平于 3080 元/吨，全国建材成交量 9.01 万吨。据我的钢铁网数据，本周全 | | | | 国螺纹产量环比增加 4.61 万吨至 212.18 万吨，同比减少 18.65 万吨；社库环比下降 6.44 万吨至 368.75 万 | | | | 吨，同比下降 204.34 万吨；厂库环比下降 0.57 万吨至 182.32 万吨，同比下降 20.25 万吨；螺纹表需环比 | | | | 回落 0.78 万吨至 219.19 万吨，同比下降 16.58 万吨。螺纹产量止降转增，库存继续下降，表需略有下降， | | | | 数据表现偏强。当前淡季螺纹现实需求转弱，但钢 ...

软商品日报 光大期货软商品日报（2025 年 6 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周四，ICE 美棉因六月节放假休市，CF509 下跌 0.15%，报收 13525 元/吨，主力合 | 震荡 | | | 约持仓环比下降 7510 手至 52.59 万手，新疆地区棉花到厂价为 14775 元/吨，较前 | | | | 一日上涨 19 元/吨，中国棉花价格指数 3128B 级为 14891 元/吨，较前一日上涨 34 | | | | 元/吨。国内市场方面，近期郑棉期价整体维持震荡走势。基本面来看，当前国内 | | | | 陈棉库存处于近年来同期偏低水平，但短期也无库存短缺担忧，新棉丰产预期较 | | | | 强。下游需求表现相对偏弱，纺织企业开机负荷环比小幅下降，库存水平在持续累 | | | | 积，基本面驱动有限。综合来看，预计短期郑棉仍区间震荡运行为主，关注宏观与 | | | | 下游需求变化。 | | | 白糖 | 消息方面，印度乙醇汽油混合（EBP）计划中取得重大进展，2025 年 5 月的醇汽油 | 弱势震 | | | ...

2025贵阳马拉松赛场上，"非遗凤冠"再次惊艳亮相，成为选手和游客争相打卡的"精神加冕"。这座 象征明代宫廷巅峰工艺的珍品，以穿越600年的华光为现代体育盛会注入磅礴的文化力量。 国宝原型，非遗双绝："非遗凤冠"冰箱贴是"非遗凤冠"的迷你版。"非遗凤冠"以贵州出土的国家一 级文物"金镶宝五凤冠"为原型，将两项国家级非遗"花溪苗绣"和"花丝镶嵌"技艺完美融合，冠以348颗 宝石和115颗珍珠，经过上百道工序精工打造而成。更有"花溪苗绣"国家级代表性传承人王启萍大师联 名指导设计，确保原汁原味的非遗精髓。 立体跃然，巧夺天工：告别一体成型凤冠冰箱贴造型！这款凤冠冰箱贴打破传统，创新采用"立体 结构设计"，结合华美的珐琅彩工艺。由28套精密模具联合打造，内含368个独立配件与46颗莹润珍珠。 6月18日，集文化价值、艺术审美、精工技艺于一身的"非遗凤冠"立体冰箱贴在多个平台同步开启 全网预售。 这款冰箱贴的原型，正是被誉为"贵州给世界的礼物"——《非遗金镶宝五凤冠》。它的魅力究竟何 在？ 在2025年深圳文博会上，"贵阳礼物"携"非遗凤冠"惊艳亮相，引发超万次观众打卡热潮，迅速晋升 为"文博顶流"，更是获得超30家 ...