证券代码：002573 证券简称：清新环境 公告编号：2025-042 北京清新环境技术股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、合同签署情况 本次延期函件到期后，公司多次正式致函印度北方邦电力，催促其就项目延期事 项作出明确答复，但因 2024 年 12 月 30 日印度环境、森林和气候变化部出台新政策， 业主方整体项目投产时间由 2025 年底顺延至 2028 年底，此政策调整导致印度北方邦电 力对于环保建设意愿减弱，始终未对公司延期函件进行任何书面回应，致使项目无法 继续推进。近日，印度北方邦电力向公司发来合同终止通知，单方面要求终止该合同， 同时向银行发起合同保函的兑付申请，由于该项目开立的保函属于"见索即付"性质， 汇丰银行与中国银行于近日完成了保函兑付，累计兑付金额 55,879,978.17 元人民币 （按兑付时汇率折算）。 目前，公司正积极与印度北方邦电力就该项目的后续执行、合同终止的合法性以 及保函兑付的合理性等关键问题进行沟通，同时联合国际律师事务所，通过法律途径 维护该项目中公司合法权益。 三、对公司的影响 本次合 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 冠通每日交易策略 制作日期：2025 年 7 月 16 日 热点品种 碳酸锂： 碳酸锂今日高开低走，尾盘小幅拉涨。电池级碳酸锂均价 6.495 万元/吨，环比 上一工作日上涨 50 元/吨；工业级碳酸锂均价 6.335 万元/吨，环比上一工作日 上涨 50 元/吨，碳酸锂现货成交价格重心持续震荡上行。目前碳酸锂供需弱势运 行，碳酸锂周度产能利用率本期为 62%，较上周增加，后续锂盐厂有检修技改计 划，供应端目前依然充裕，6 月碳酸锂产量 7.4 万吨，环比上月继续有增加，且 库存端连续累库，压力短期难以缓解。受期货行情高涨的影响，贸易商拿货积极， 整个下游还是以刚需补库为主，七月电池材料厂开工负荷有增加，终端新能源汽 车受宏观政策提振，消费数据有向上拉动的趋势，综合来看，国内的反内卷举措， 促使行情反弹，供应缩量但实际基本面依然维持宽松，贸易商拿货助推上游价格 上涨，下游需求端谨慎跟进，目前市场情绪降温，盘面震荡偏强。 焦煤： 焦煤今日高开高走，午后下挫。现货方面，山西市场（介休）主流价格报价 ...

Group 1 - Emerging market stocks have performed well this year, with the MSCI Emerging Markets Index rising approximately 15% [1] - DWS remains optimistic about the Chinese stock market, despite significant gains since early 2025, while being cautious about the Indian market due to high valuations [1] - DWS anticipates further downward adjustments in corporate earnings for Q2, although technology and financial companies may be less affected [1] Group 2 - European equities are still a preferred choice for DWS, with long-term potential driven by fiscal support and international capital inflows, despite ongoing political and geopolitical uncertainties [2] - The 10-year U.S. Treasury yield has recently increased but remains below early 2025 levels, with expectations of a slight rise to around 4.50% by June 2026 [2] - The U.S. dollar has depreciated approximately 13% against the euro, and DWS expects the dollar to remain weak due to the U.S. government's inclination towards a weaker dollar policy [2]

Core Viewpoint - The establishment of Changshu Shihehua New Materials Co., Ltd. represents a strategic partnership between Shiming Technology and TCL Technology's subsidiary, focusing on the development and sales of display photoresist color paste, enhancing competitive advantages in the display panel industry [1][2]. Company Establishments - Changshu Shihehua New Materials Co., Ltd. has a registered capital of 20 million RMB, with Shiming Technology holding 66% and TCL's subsidiary holding 34% [2]. - TCL Technology also established Wuxi Hongchuan Intelligent Technology Co., Ltd. in January 2025, focusing on artificial intelligence application software development, with a registered capital of 2 million RMB [2]. Industry Trends - The formation of new companies in the display industry during the first half of 2025 indicates a trend of focusing on niche markets, risk diversification, and market expansion among major display manufacturers [3][5]. - Companies like JDI and TCL are restructuring their operations to enhance management autonomy and decision-making agility, which is crucial for their growth in specific sectors [4][5]. Strategic Intentions - The establishment of subsidiaries allows companies to better capture market demands and optimize product upgrades, as seen with Shiming Technology's collaboration with TCL [2][5]. - The trend of forming joint ventures and subsidiaries is a strategic move to mitigate operational risks and financial pressures, as demonstrated by JDI's transfer of patent assets to newly established companies [5][6]. Market Expansion - Companies like Deep Tianma are expanding internationally by establishing subsidiaries in Thailand to enhance their global competitiveness through localized production and services [5]. - The collaboration between AU Optronics and E Ink Holdings to create a large electronic paper module production line exemplifies efforts to tap into new market opportunities [5].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The report presents a comprehensive analysis of various options in multiple exchanges, including their basic information, trading volumes, open interests, volume ratios of call and put options, weighted average implied volatilities, and provides volatility trading suggestions and no - risk arbitrage opportunities [3][21][23] 3. Summary by Directory 3.1 Shanghai Stock Exchange Options 3.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options is 696,475 lots, the open interest is 940,239 lots, the volume ratio of call and put options is 1.2, and the weighted average implied volatility is 14.65% [19][21] - **Volatility Trading**: Suggestions are to sell the month with the curve above and buy the month with the curve below for different months; sell the option with the point above the curve and buy the option with the point below the curve for the same month [23] - **No - Risk Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 20.6% at the settlement price and 1.63% at the counter - price [23][27][29] 3.1.2 Huatai - Berry CSI 300ETF - **Basic Information**: The trading volume of the main options is 749,160 lots, the open interest is 351,922 lots, the volume ratio of call and put options is 0.58, and the weighted average implied volatility is 19.26% [30][32] - **Volatility Trading**: Similar to Shanghai 50ETF, sell the curve - above month and buy the curve - below month for different months; sell the point - above option and buy the point - below option for the same month [36] - **No - Risk Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 2.87% at the settlement price and 0.52% at the counter - price [39][42] 3.1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options is 1,076,342 lots, the open interest is 679,205 lots, the volume ratio of call and put options is 1.09, and the weighted average implied volatility is 16.98% [43][45] - **Volatility Trading**: The same trading suggestions as above for different and same months [50] - **No - Risk Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 67.1% at the settlement price and 12.7% at the counter - price [52][54] 3.1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 577,910 lots, the open interest is 580,782 lots, the volume ratio of call and put options is 1.99, and the weighted average implied volatility is 32.7% [55][57] - **Volatility Trading**: Follow the same rules for different and same months [59] - **No - Risk Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 5.83% at the settlement price and 0.85% at the counter - price [63][65] 3.1.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 92,944 lots, the open interest is 281,020 lots, the volume ratio of call and put options is 1.83, and the weighted average implied volatility is 24.49% [66][68] - **Volatility Trading**: Adopt the same trading suggestions [70] - **No - Risk Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 40.2% at the settlement price and 0.45% at the counter - price [74][76] 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest CSI 300ETF - **Basic Information**: The trading volume of the main options is 93,508 lots, the open interest is 125,985 lots, the volume ratio of call and put options is 1.31, and the weighted average implied volatility is 16.25% [77][80] - **Volatility Trading**: Use the same trading rules [82] - **No - Risk Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 31.0% at the settlement price and 1.77% at the counter - price [86][88]

Group 1 - The Federal Reserve maintained interest rates in June, reflecting a cautious approach amid uncertainties related to Trump's policies, opting to wait for clearer signals for potential rate cuts [1][3] - The Fed's description of economic uncertainty changed from "further increasing" to "somewhat decreasing but still high," indicating a slightly more optimistic outlook while remaining vigilant [1] - Economic forecasts show a downward revision in GDP, an upward revision in unemployment rate, and an upward revision in inflation, suggesting a more complex financial landscape in the second half of the year [1][5] Group 2 - The dot plot indicates a downward adjustment in the Fed's rate cut expectations for 2026, reflecting a more cautious stance on future economic trends [3] - Fed Chair Powell's post-meeting remarks were hawkish, noting that while job growth has slowed, the unemployment rate remains low, and he anticipates significant inflationary pressures in the coming months [3] - Following the FOMC decision, U.S. Treasury yields rose while the stock market declined, with market expectations for rate cuts in September and December contrasting with the Fed's cautious outlook [3][5] Group 3 - The likelihood of a rate cut in September is considered low, with the Fed likely to maintain a wait-and-see approach due to persistent inflation risks and a slow rise in unemployment [5] - Factors such as tariffs affecting consumer prices and ongoing geopolitical tensions in the Middle East may contribute to upward pressure on inflation [6] - Despite an upward trend in initial jobless claims, seasonal factors are likely influencing this increase, necessitating close monitoring of future jobless claims data [6]

棉花(纱)产业日报 2025-07-16 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13990 | 140 棉纱主力合约收盘价(日,元/吨) | 20180 | 130 | | | 棉花期货前20名净持仓(手) | -16786 | -2027 棉纱期货前20名净持仓(手) | 137 | 28 | | | 主力合约持仓量:棉花(日,手) | 568367 | 21679 主力合约持仓量:棉纱(日,手) | 20395 | -773 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 9643 | -73 仓单数量:棉纱(日,张) | 98 | 0 | | 现货市场 | | 15272 | -30 中国纱线价格指数:纯棉普梳纱32支(日, | 20520 | 0 | | | /吨) 中国进口棉价格指数:FCIndexM:1%关税( | | 元/吨) 106 到港价:进口棉纱价格指数:纯棉普梳纱32 ...

Core Viewpoint - The article emphasizes the need for a transformation in the real estate industry towards a "high-quality, low-risk, and sustainable" development model, supported by coordinated efforts on both supply and demand sides to stabilize the market in the short term and guide long-term growth [1][14]. Summary by Sections Urbanization and Housing Demand - The urbanization rate in China has increased from 53.1% in 2012 to 67% in 2024, with 940 million people living in urban areas. This urbanization has led to over 150 million new jobs and a stable influx of agricultural migrants into cities, which continues to support housing demand [2][3]. - The gap between the permanent urban population and registered urban population remains significant, indicating ongoing rigid housing demand driven by the urbanization of agricultural migrants [3]. Urban Development Strategy - The recent Central Urban Work Conference outlines a shift from rapid urban growth to stable development, focusing on improving existing urban areas rather than expanding them. This includes a more human-centered approach and efficient urban development [3][5]. - The development of urban clusters and metropolitan areas is crucial, with a focus on coordinated growth among cities of different sizes, which will shape the real estate market landscape [5]. County-Level Urbanization - A significant portion of county-level cities (over 50%) has an urbanization rate below 60%, indicating substantial room for growth. These areas house 610 million residents, suggesting a strong potential for housing demand as urbanization progresses [6]. Supply-Side Adjustments - The strategy includes optimizing the supply structure by controlling new real estate development land and enhancing the quality of existing urban areas. This involves revitalizing underutilized land and increasing the supply of high-quality residential properties [8][10]. - The government aims to improve housing quality through new regulations, emphasizing safety, comfort, and sustainability in residential construction [12][13]. Market Dynamics and Future Outlook - The focus on "good housing" is expected to stabilize the new housing market and create a new pricing benchmark, leading to a dynamic balance in supply and demand relationships in the real estate market [13][14]. - The article concludes that the ongoing urbanization will continue to support housing demand, with market share likely concentrating in core urban clusters, while high-quality urban renewal efforts will stimulate demand for improved housing [14].

智通财经APP获悉，国际大行瑞银(UBS)近日发布研报称，该机构对于美国消费者和经济展望整体趋于谨慎，并且预计金融市场的"风险偏 好"可能遭遇重大打压，主要因特朗普政府近期新宣布的将于8月实施的大范围25%高关税将进一步抑制消费者支出，关税引发的通胀反弹以 及美联储因潜在关税压力而长期维系高利率共同叠加对消费形成压制。同时，瑞银强调全球消费金融微观数据显示贷款拖欠率上升、消费者 支出意愿转弱，反映信贷环境趋紧下家庭资产负债表压力增大，潜在信用风险上升。 瑞银策略团队认为股票等风险资产短期以及整个下半年可能面临回撤压力——尤其是屡创历史新高的MSCI全球股票股指与标普500指数可能 面临更大下行压力。瑞银警告称，风险资产近期或面临新一轮回撤，通胀高关税双重抑制支出，市场需重估家庭资产负债表。 在宏观逆风和微观风险信号并存的背景下，瑞银给出的股票市场策略并非青睐AI算力领军者以及未盈利的热门科技股在内的进攻型投资策 略，而是积极转向防御，该机构愈发倾向规避信用风险高、对景气敏感的消费子行业(如高端可选消费品、依赖融资驱动的行业)，而偏好可 选消费巨头，以及现金流稳健、需求刚性的高质量基本面企业。 此外，瑞银全球股 ...

中新网北京7月16日电 (陶思阅 庞无忌)黑石和励正集团近日宣布达成一项长期战略合作伙伴关系。 这也将为黑石当前管理的2370亿美元第三方保险资产平台(涵盖投资级私募债权、流动性债权及其他策 略)注入新的资金来源。 黑石债权和保险(以下简称"黑石")是国际知名债权投资平台之一。投资领域包括私募投资级债权、资产 抵押贷款、公开市场投资级与高收益债券、可持续资源投资等。励正集团是英国的金融服务集团及全球 主要投资机构之一。截至2024年，该集团资产管理规模达1.1万亿英镑，其中约44%为国际业务。 黑石与励正集团的合作将整合双方在债权平台的优势，提升在关键市场和核心渠道的资产管理能力。励 正集团的年金业务将借力黑石的私募债权发起平台，接入以美国市场为主的多元化投资级资产池。励正 集团拟将其未来新增年金业务资金流的10%投入此项合作。 励正集团首席执行官 Antonio Simões表示，励正集团与黑石的合作伙伴关系，将对励正集团在保险、投 资和资产发掘方面的能力形成有益补充，进一步巩固在养老金风险转移市场的领先地位。 黑石总裁兼首席运营官Jon Gray说，此次与励正集团的合作，将为私募债权市场带来创新解决方案。 ...