【 导读 】 招商银行获准筹建招银金融资产投资有限公司 中国基金报记者 马嘉昕 7 月 3 日， 招商银行 发布公告称，收到《国家金融监督管理总局关于筹建招银金融资产投 资有限公司的批复》， 获准筹建招银金融资产投资有限公司（以下简称招银金投） 。 招银金投正式获批筹建 公告显示，招银金投的注册资本为 150 亿元人民币，为招商银行全资子公司。待筹建工作完 成后，该行将按照有关规定和程序向监管部门提出开业申请。 招商银行表示，设立招银金投是该行积极响应国家号召，主动融入国家发展大局的重要举 措。此举有助于该行专业化开展市场化债转股及股权投资试点业务，为企业提供全方位、多 层次的融资支持，进一步提升该行综合化经营能力，全面推动高质量发展。 5 月 8 日，招商银行与中信银行曾同时宣布拟投资设立金融资产投资公司（ AIC ），并表示 经董事会审议通过后，此次投资事宜尚需得到监管机构的审核与批准。 时隔 2 个月后，招银金投正式获批筹建，招商银行也成为继兴业银行、中信银行之后今年以 来第三家获批筹建 AIC 公司的商业银行。 近年来，监管部门持续推动 AIC 股权投资扩围，加大对科技金融支持力度。 2024 年 9 ...

Group 1: Company Announcements - China Merchants Bank has received approval to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan, aimed at market-oriented debt-to-equity swaps and equity investment pilot projects [3] - Aerospace Chengtong has had its qualification for military material engineering service procurement restored after completing internal investigations and appeals [4] - Funiu Co.'s controlling shareholder has obtained a loan commitment of up to 162 million yuan from Bank of China Fujian Branch to increase its stake in the company [5] - Jiete Bio plans to establish a partnership fund with a total investment of 50.01 million yuan, focusing on early and mid-stage biopharmaceutical projects [6] - ST Yazhen's stock will resume trading on July 4 after completing a review due to a significant price deviation [7] - Xingxin New Materials intends to invest approximately 800 million yuan in a project to produce 153,000 tons of polyolefin amine series products in the China-Malaysia Qinzhou Industrial Park [8] - Changling Hydraulic's controlling shareholder is planning a change in control, leading to a temporary suspension of trading [9] - Xinda Real Estate's affiliate will provide up to 240 million yuan for asset renovation projects, with a 7-year term and a 5% annual interest rate [10] Group 2: Major Contracts - China Electric Power Construction has signed a mining transportation project contract worth approximately 5.063 billion yuan in Guinea, with a total project duration of about 72 months [12] - China Oil Engineering's subsidiary has signed a contract worth 294 million USD (approximately 2.122 billion yuan) for the Atawi GMP pipeline project in Iraq, which will positively impact future revenues and profits [13] - Boshi Co. has entered into an outsourcing service contract with China National Petroleum Corporation, valued at 109 million yuan over a 3-year period [14] Group 3: Performance Updates - Poly Developments reported a 30.95% year-on-year decrease in June contract amount to 29.011 billion yuan, with a total of 145.171 billion yuan for the first half of the year, down 16.25% [16] - Huayin Power expects a net profit increase of 175 to 215 million yuan for the first half of 2025, driven by increased power generation and reduced fuel costs [17]

编者按：今天，每个人都知道芯片对于国家发展的重要意义，但可能并不清楚，一枚小小的芯片背后，隐藏了多少曲折的发展，凝结了多少跌宕的故事。 2000年之后，中国半导体产业真正走向市场化、国际化、体系化的全新发展轨迹。一个与时代脉搏休戚与共的现代化半导体纪元悄然拉开序幕。 我们希望通过全新系列内容《芯火三十年》，与大家共同回顾千禧年至今的中国半导体发展历程。希望通过这次回顾，能总结经验，梳理因果，共同锚定 未来半导体产业的发展共识。同时，这段故事也对中国科技走向自立自强也有着极强的参考意义。 本系列共分为三篇，以相对粗线条的时间线索作为划分。第一阶段是从2000年开始到2010年左右，这一阶段中国半导体产业步入初创期，关键企业得到建 立，产业链开始成型；第二阶段从2010年至2020年左右，这一阶段中国半导体产业开始推动大规模全球化并购，全球芯片版图迎来了中国力量；第三阶段 从2020年前后至今，伴随着地缘政治的影响，中国半导体被迫走上了加速独立自强的道路。 三个阶段紧密相连，环环相扣，共同演绎了中国芯片如何从一个报国理想，成长为中国式现代化的底座与屏障。 芯片烈火，燎原三十年，为中国科技点燃了一片属于自己的天地。 ...

Core Viewpoint - The newly revised Mineral Resources Law, effective from July 1, 2025, marks a significant shift in China's coal industry from "scale and speed" to "quality and efficiency," promoting a modern coal industry system that is "safe, green, and efficient" [2][3]. Summary by Sections Legislative Changes - The revised law introduces a market-oriented mechanism for mineral rights allocation, moving from an administrative approval system to competitive bidding, auctioning, and listing as primary methods for mineral rights transfer [3][5]. - It establishes a clear property rights system, ensuring that mining rights are protected under law and that compensation is provided at market value if rights are revoked [5][6]. Environmental and Management Improvements - The new law includes a dedicated chapter on ecological restoration, establishing a clear responsibility framework for ecological management and requiring companies to incorporate restoration costs into their operational expenses [6][7]. - It emphasizes a principle of "natural recovery first, artificial restoration second," mandating a comprehensive management system for ecological restoration [6]. Impact on the Coal Industry - Short-term effects include increased barriers to resource acquisition, potentially accelerating the exit of smaller coal mines, as the costs associated with obtaining mining rights are expected to rise [7]. - The overall cost structure for coal production is likely to increase due to higher requirements for ecological restoration and safety upgrades, which may support coal prices [7][8]. - Long-term, the law is expected to drive market-oriented, green, and intensive development in the coal sector, fostering new business models that integrate resources, capital, and technology [8].

行业研究 [Table_ReportType] 点评报告 证券研究报告 [Table_StockAndRank] 煤炭开采 | 投资评级 | 看好 | | --- | --- | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 新《矿产资源法》核心要点及对煤炭行业影 响分析 [Table_ReportDate] 2025 年 7 月 3 日 [Table_S ➢ 事件ummar ：2024y] 年 11 月 8 日，《中华人民共和国矿产资源法（修订草 案）》经十四届全国人大常委会第十二 ...

7月2日上午，国家数据局局长刘烈宏在北京国家会议中心出席2025全球数字经济大会开幕式并致辞。刘 烈宏表示，北京等地区大力推进城市全域数字化转型，以数据流通、开发利用贯穿城市规划、建设、运 行全过程，不断激发城市经济活力，提升城市治理水平，推动城市实现高质量发展、高效能治理、高品 质生活的整体协同。要进一步夯实发展基础，将城市作为推进数字中国建设的综合载体，发挥数据要素 在赋能全局中的乘数效应，加强技术与机制的协同创新，打造集约统一的数字底座、数据平台。要进一 步突出应用导向，充分发挥数据要素和数字技术在城市应急安全管理中的重要作用，打造更具韧性的城 市生命线。要进一步推进产城深度融合，深入推进兼顾城市治理现代化与产业体系现代化的城市数字化 转型，通过城市全域数字化转型，促进城市数据资源不断丰富汇聚，深化数据资源流通利用和数据要素 市场化配置改革，助力数字经济创新发展，形成良性循环，更好促进城市高质量发展。 国家数据局局长刘烈宏：深化数据资源流通利用和数据要素市场化配置改革 ...

Group 1 - The "Private Economy Promotion Law" will take effect on May 20, 2025, serving as a foundational law for the development of the private economy in China, providing strong momentum for technology-driven private enterprises [1] - The law is expected to accelerate the marketization of data elements and promote a virtuous cycle in the autonomous driving industry, aiding the large-scale implementation of Level 4 (L4) technology [1][2] - Recent policies have significantly boosted the confidence of private enterprises by optimizing the business environment, reducing taxes and fees, providing financing support, and enhancing market access [1] Group 2 - China is one of the largest automotive markets globally, and the autonomous driving sector has substantial market potential, showcasing significant competitiveness and influence on a global scale [2] - The autonomous driving industry is characterized by its cross-sector integration, involving automotive, transportation, energy, communication, big data, cloud computing, and artificial intelligence, which is crucial for reshaping the traditional automotive industry [2] - Current challenges in the autonomous driving sector include technology, policy, market acceptance, and the maturity of the industrial chain, necessitating further legal and regulatory improvements for commercial applications [2][3] Group 3 - The company has been focusing on autonomous driving technology research and development since its establishment in late 2016, with 85% of its workforce dedicated to R&D and maintaining high investment levels [3][4] - The latest seventh-generation autonomous driving system is the world's first to achieve L4-level fully autonomous driving capabilities based on automotive-grade chips, reducing the total cost of the autonomous driving kit by 70% compared to previous generations [3] - The company currently operates nearly 300 Robotaxis and over 190 Robotrucks, accumulating over 45 million kilometers of autonomous driving test mileage, with over 8 million kilometers of fully unmanned driving [4]

Cement Industry - The short-term peak-shifting coordination strength in the cement industry is expected to remain high, supporting continuous price improvement [1] - The average price of cement per ton in April-May 2025 was 390 yuan, showing a year-on-year increase of 24 yuan (+6%) compared to the previous quarter [1] - Medium to long-term policies regarding carbon trading and capacity replacement are expected to drive the elimination of outdated capacity, optimizing the competitive landscape [1] - High dividend returns from some cement companies highlight their long-term investment value [1] Traditional Building Materials - The traditional building materials sector is experiencing continued pressure on downstream demand, leading to intensified market competition [2] - The glass fiber sector is seeing structural price increases due to strong demand from wind power and thermoplastics, although overall demand remains weak [2] - The demand for conventional electronic yarn is at historical low price levels, presenting potential opportunities for improvement [2] High-end Electronic Fabrics - The demand for Low Dk electronic fabrics is expected to remain high due to the surge in AI computing power, driving continuous growth in high-layer CPB demand [3] - Domestic companies are gradually breaking the overseas monopoly in Low Dk electronic fabrics, with some achieving small-scale production of second-generation products [3] - The demand for Low CTE electronic fabrics is also high, benefiting from innovations in advanced packaging technology [3] Mergers and Acquisitions - The new restructuring regulations released by the CSRC on May 16, 2025, are expected to stimulate market-driven mergers and acquisitions in the traditional building materials sector [4] - Companies are actively pursuing asset integration to drive transformation in a challenging demand environment [4] - The optimization mechanisms in the new regulations may accelerate industry consolidation [4] Overall Investment Opportunities - The cement sector is highlighted for its value recovery and long-term investment potential, particularly in regional cement leaders [5] - The high-end electronic fabric sector is recommended for investment, focusing on companies with strong expansion momentum [5] - The transformation prospects driven by asset integration in traditional building materials are also emphasized [5]

证券时报记者 贺觉渊 5月20日，贷款市场报价利率（LPR）和大型商业银行存款挂牌利率同步下降，进一步推动社会综合融 资成本下降，改善银行负债成本。当天，1年期和5年期以上LPR均同步下降0.1个百分点，分别降至 3.0%和3.5%；国有大型商业银行和部分股份制银行优化存款挂牌利率，活期存款利率下降0.05个百分 点，定期存款利率下降0.15个至0.25个百分点。 存贷款利率同步下降，体现出我国利率市场化程度提高，将加大金融支持实体经济力度。民生银行首席 经济学家温彬向证券时报记者指出，LPR下降将引导贷款利率继续下行，以进一步激发有效融资需求， 稳定信用水平，呵护经济修复。存款挂牌利率下调有助于降低银行负债成本，为LPR报价的下调创造空 间。 鉴于LPR定价基础的央行政策利率已在月初调降0.1个百分点，本月LPR同步下行0.1个百分点顺理成 章，符合市场预期。 对于存量房贷借款人，5年期以上LPR下降带来的利好有望在下一次贷款重定价日兑现。叠加近日住房 公积金贷款利率下降0.25个百分点，存量房贷借款人利息负担进一步减轻，有利于增强其消费能力，支 持扩大内需。 在LPR下降当天，国有大型商业银行和部分股份制 ...

Core Viewpoint - The recent issuance of the "Opinions on Improving the Market-oriented Allocation System for Resource and Environmental Factors" aims to establish a comprehensive market-oriented allocation system for resource and environmental factors, promoting green transformation and economic development by 2027 [1][2]. Group 1: Key Tasks - The first key task is to improve the allocation system for resource and environmental factors, enhancing the connection between carbon emission rights, water rights, and pollution rights trading with relevant management systems [1]. - The second task focuses on optimizing the trading scope of resource and environmental factors, expanding the carbon market's industry coverage, and enriching the types of water rights and pollution rights trading [2]. - The third task involves establishing a sound trading system for resource and environmental factors, integrating various rights into public resource trading platforms and enhancing regulatory measures [2]. - The fourth task emphasizes strengthening the foundational capabilities for trading resource and environmental factors, including legal frameworks and financial support systems [2][3]. Group 2: Financial Support and Market Development - The "Opinions" propose promoting financial institutions' participation in the resource and environmental factor trading market, encouraging the development of green financial products such as green credit, insurance, and bonds [3]. - It also highlights the need for unified registration and public disclosure of guarantee businesses related to carbon emission rights, water rights, and pollution rights [3].