证券研究报告——煤炭行业周报 港口库存压力缓解，动力煤产地价强势反弹 【2025.5.26-2025.6.1】 行业评级：中性 发布日期：2025.6.3 煤炭行情走势图 数据来源：Wind 大同证券 0.7 0.8 0.9 1.0 1.1 1.2 1.3 2024-06-07 2024-07-07 2024-08-07 2024-09-07 2024-10-07 2024-11-07 2024-12-07 2025-01-07 2025-02-07 2025-03-07 2025-04-07 2025-05-07 沪深300 煤炭指数 大同证券研究中心 分析师：刘永芳 执业证书编号：S0770524100001 邮箱： liuyongfang@dtsbc.com.cn 地址：山西太原长治路 111 号山 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 终端需求大幅回落，板块轮动加快，板块突发利空。 请务必阅读最后一页免责声明 1 核心观点 ◆ 港口库存压力缓解，动力煤产地价强势反弹。本周，煤价稳中 有升，随着高温天增加，电煤日耗将进入提升阶段，但当前供 需宽松，预计 ...

"我们明明只给了她CRM的查看权限，怎么客户数据被删了？" "新员工入职三天了，HR系统权限还没开通，流程完全卡住！" "上个月刚给项目经理配了财务权限，怎么又出乱子了？" 这些对话是否在你的企业中反复上演？在当今数字化运营的快节奏环境中，权限管理早已不是"是否存在问题"的讨论，而是"何时爆发、影响多大"的严峻挑 战。无论是新员工入职、组织架构调整、系统扩展接入，还是跨部门协作与项目制管理，权限分配不合理都会直接导致业务受阻、数据泄露、安全事故频 发，甚至让企业在合规审计中失分，面临罚款或声誉危机。 权限管理的混乱已不再是单纯的"技术问题"，而是关乎运营效率、信息安全、业务连续性乃至企业声誉的"系统性风险"。本文将深入剖析权限分配不合理对 企业运营的深远影响，并探讨如何通过科学的管理方法和工具，如KPaaS业务集成扩展平台，助力企业构建统一、安全、可控的权限管理体系。 在多系统并行的企业环境中，权限分配不合理通常表现为以下几种问题： 权限分散与孤岛化 不同业务系统（如ERP、CRM、HR系统）各自管理用户权限，缺乏统一的中枢控制，导致用户需要在多个系统中重复注册账号，权限设置也互不关联。这 种"权限孤岛"增加 ...

Group 1 - The meeting between the Minister of Natural Resources and the French Minister focused on enhancing cooperation in natural resource protection and sustainable utilization [1]

以下文章来源于中欧基金 ，作者多资产研究小组 中欧基金 . 用长期业绩说话 【本期要点】 市场如天气般阴晴不定，但聪明的投资者早已发现：把鸡蛋放在不同的篮子里，或许是最朴素的生存智 慧。随着股市震荡、债市波动，甚至黄金等所谓"避险资产"也时而"失灵"，单一押注某个资产类别就像 在暴风雨中独乘一叶扁舟，而多元资产配置或正成为穿越经济周期的"导航仪"。 但分散投资≠万能药，不同资产间的微妙关联、突发黑天鹅事件，都可能让精心设计的组合面临考验。 本文将系统性探讨 股票、债券、商品等资产的多元配置，是如何力争帮助投资者既享受增长红利，又分 散风险？那些看似完美的多元资产配置策略，又藏着哪些容易踩中的"暗礁"？ 多元资产配置的理论基础可追溯至马科维茨的现代投资组合理论（MPT，Modern Portfolio Theory），即 通过分散投资，可以力争降低组合风险，同时优化长期收益。实践表明，多元配置的价值主要体现在以 下方面： 01 资产低相关，对冲市场风险 全球大类资产相关系数分析显示，部分资产之间存在显著负相关或弱相关关系。例如，股票市场（如万 得全A指数）与债券（如中债-总财富（总值）指数）的相关系数为-0.1 ...

Group 1 - The core viewpoint emphasizes the importance of maintaining a reasonable proportion of the manufacturing industry in the national economy, as it is a crucial pillar for economic stability and competitiveness [1][2][3] - Manufacturing is identified as the mainstay of the real economy, essential for national strength and development, with a focus on ensuring its value-added share in GDP remains within a reasonable range [1][2] - The manufacturing sector has shown resilience during global challenges, such as the COVID-19 pandemic, highlighting its foundational role in economic recovery [1][2] Group 2 - The share of manufacturing value-added in China's GDP has decreased from 28.1% in 2016 to 26.2% in 2023, indicating a concerning trend compared to developed countries [2] - To maintain a stable manufacturing proportion, it is crucial to enhance the resilience of the industrial and supply chains, addressing issues such as high comprehensive costs and key technology bottlenecks [2] - The global economic environment is increasingly emphasizing the role of manufacturing in growth and employment, prompting developed nations to implement policies to revitalize their manufacturing sectors [2] Group 3 - The focus on technology empowerment is essential for maintaining a reasonable manufacturing proportion, with an emphasis on quality improvement rather than mere scale expansion [3] - The transition towards high-end, intelligent, and green manufacturing is seen as a key strategy for enhancing competitiveness [3] - There is a call for integrating advanced manufacturing with modern services and fostering the application of digital technologies in manufacturing processes [3]

文章称，制造业是技术创新的主战场。保持制造业合理比重有利于维持产业创新生态，为人工智能、工 业互联网等新技术提供应用场景。当前，全球产业链加速重构，制造业更是国家经济安全的战略保障。 关键领域如芯片、工业母机的自主可控能力，直接关系产业链供应链安全。保持制造业合理比重已不是 简单地维持规模，而是通过转型升级提升产业竞争力，为建设现代化产业体系提供坚实支撑。 ...

体重管理 国家官方发布饮食指南 鼓励"健康饮食,合理膳食" 备注「姓名+行业+公司职务+需求」 ▌蔬菜水果+全谷物+水产品 餐餐有蔬菜，天天有水果 每日建议摄入新鲜蔬菜不少于300克，其中深色蔬菜应占50%以上；新鲜水果每天则应保持在200至350克之间。推荐每天选择3至5种不同蔬菜 和1至2种水果，每周累计蔬菜和水果的种类应超过10种。 需要特别 提醒，蔬菜和水 果不应互相替代。 全谷物：维生素和矿物质的重要来源 THREE - YEAR ACTION ON WEIGHT MANAGEMENT 商务合作/业务需求/加入专家库 扫码添加主理人助理 水产品 建议：成年人每天摄入全谷物50～100克，建议一日三餐中至少一餐有全谷物。 富含脂肪的鱼类，如三文鱼、鳗鱼和鲭鱼，含有大量多不饱和脂肪酸，也就是我们常说的"鱼油"，是DHA、EPA、维生素D及维生素A的重要来 源。海带、裙带菜、紫菜等海藻类食物，富含碘、维生素K和叶酸，能有效补充多种微量营养素。贝类，如蛤蜊、牡蛎等，则是铁、锌、碘及 其他矿物质的极佳来源。 建议每周食用鱼类、虾类和贝类等水产品1到2次，成年人每周摄入量为300至500克。儿童、孕妇、哺乳期女 ...

Group 1 - The core viewpoint emphasizes that manufacturing is a crucial pillar of the national economy and maintaining a reasonable proportion of manufacturing is essential for advancing Chinese-style modernization [1][3] - The 20th National Congress of the Communist Party of China highlighted the need to establish a mechanism for maintaining a reasonable proportion of investment in manufacturing [1][4] - The manufacturing sector is key to sustaining development resilience and potential in a large economy, closely linked to high-quality economic and social development [1][2] Group 2 - Historical patterns indicate that the longer a large economy maintains a reasonable proportion of manufacturing post-industrialization, the stronger its technological and material accumulation becomes, leading to more effective industrial restructuring and upgrading [2][3] - The integration of manufacturing with technological empowerment and innovation has created a virtuous cycle among industrial chains, supply chains, capital chains, and talent chains, enhancing the material and technical foundation for economic and social development [2][3] - China's vast population and diverse manufacturing sectors provide a solid foundation for meeting large-scale market demands, which is critical for the stable operation of the economy and its strong risk resistance [3][4] Group 3 - Maintaining a reasonable proportion of manufacturing is a systematic project that requires a goal-oriented and problem-oriented approach, emphasizing the need for coordinated policies [4] - Key strategies include attracting quality resources to the manufacturing sector, integrating productive services with advanced manufacturing, and enhancing industry standards to foster a high-quality development environment [4][4] - The focus should be on cultivating new productive forces and leveraging manufacturing industry clusters to better integrate industrial and innovation chains [4]

第二十一届文博会开幕首日，广东省推动文化产业高质量发展"政策包"在文博会现场重磅发布，这是广 东推动文化产业高质量发展的重大举措，也充分体现文博会的文化产业投融资超级服务平台功能。 整合全国文化产业资源，充分发挥文博会作为国家平台的使命担当。作为中国文化产业的"最强风向 标"，文博会全面发挥其高端引领作用，为相关行业提供权威导向和前沿理念。通过举办权威信息发 布、投融资信息发布、论坛研讨、项目路演、交易撮合等活动，向全国乃至全球发出"声音"。每年文博 会期间，相关部门都会发布全国文化企业30强名单，而这30强文化产业头部企业在历届文博会上都能看 到其身影。这些头部企业的集聚，正是文博会作为文化产业投融资超级服务平台的最好例证。 本届展会在文化产业投融资服务方面更是下足功夫，特别策划了22项促交易措施，通过场景、通路、服 务三方面再升级，以"文化深水港"对接"经济新蓝海"，实现交易环节的全面扩容、全链赋能、全程无 忧。 （文章来源：南方都市报） 21年来，文博会同样助力构建以国内大循环为主体、国内国际双循环相互促进的文化产业发展新格局。 文博会从成立之初，就确立了"市场运作"的发展方向，坚持以产业为导向、以市场 ...

Group 1 - The core message of the National Nutrition Health Guidance Committee emphasizes "healthy eating and reasonable diet" during the 11th National Nutrition Week from May 17 to 23, advocating for increased intake of three types of foods [1] Group 2 - Vegetables and fruits are highlighted, recommending daily intake of at least 300 grams of fresh vegetables, with more than half being dark vegetables, and 200-350 grams of fresh fruits [4] - It is suggested to consume at least 3-5 types of vegetables and 1-2 types of fruits daily, aiming for over 10 varieties of vegetables and fruits weekly, with a note that vegetables and fruits should not replace each other [4] Group 3 - Whole grains are identified as important sources of dietary fiber, B vitamins, and minerals, defined as grains that retain their complete grain structure during processing, such as brown rice, oats, quinoa, and whole wheat [6] - The recommendation for adults is to consume 50-100 grams of whole grains daily, with at least one meal per day including whole grains [6] Group 4 - Seafood, particularly fatty fish like salmon, eel, and mackerel, is rich in polyunsaturated fatty acids, DHA, EPA, vitamin D, and vitamin A [8] - Seaweed and shellfish are also recommended for their micronutrient content, with a suggestion to consume seafood 1-2 times a week, totaling approximately 300-500 grams for adults, and encouraging increased intake for children, pregnant women, nursing mothers, and the elderly [8]