Core Viewpoint - The "Big Beautiful Bill" passed by the House of Representatives is expected to increase the net deficit by at least $3 trillion over the next decade, with significant implications for U.S. fiscal policy and economic growth [3][11][28]. Summary by Sections Bill Content and Progress - The "Big Beautiful Bill" includes the permanent extension of key provisions from the 2017 Tax Cuts and Jobs Act, additional tax relief measures, and increased spending in defense and border security while cutting expenditures in agriculture, education, and energy [3][11][13]. - The bill is projected to increase the national debt by approximately $3.8 trillion over the next ten years, according to the Congressional Budget Office (CBO) [11][28]. Tax Policy - The bill extends and makes permanent the major provisions of the 2017 Tax Cuts and Jobs Act, introduces new personal and family tax cuts, and raises the state and local tax deduction cap from $10,000 to $40,000 [13][14]. - It also imposes higher tax rates on passive income for individuals and corporations from countries deemed to have "discriminatory" tax policies, potentially reaching a maximum rate of 20% [4][14]. Deficit and Revenue Projections - The estimated annual tariff revenue is projected to reach around $200 billion, which could help mitigate the deficit increase caused by the bill, although it will not fully cover the shortfall from tax cuts [5][30]. - Under baseline assumptions, the deficit rates for 2025 to 2028 are estimated to be around 6.4% to 7.0%, with optimistic scenarios potentially lowering the rates slightly [6][30][28]. Economic Impact - The bill is expected to provide a marginal boost to economic growth, with projections indicating a real GDP growth rate of approximately 1.5% in 2025 and a potential recovery to 2.0%-2.5% in 2026 due to tax cuts and lower interest rates [7][32]. - However, the long-term fiscal sustainability remains a concern, as the combination of increased deficits and rising interest payments could lead to a significant increase in the national debt [34][38]. Long-term Debt and Interest Risks - The CBO estimates that if the ten-year Treasury yield remains at 4.5%, interest payments could exceed $13 trillion by 2034, significantly increasing the fiscal burden [34][38]. - The debt-to-GDP ratio is projected to rise from nearly 100% to 128% by 2034, raising concerns among credit rating agencies about the sustainability of U.S. fiscal policy [38]. Market Reactions and Bond Yields - Recent increases in long-term U.S. Treasury yields are attributed to the "Trump premium," reflecting market concerns over the fiscal implications of the "Big Beautiful Bill" and the potential for increased deficits [45][51]. - Despite short-term pressures, the 10-year Treasury bonds are still viewed as having significant investment value, especially in light of potential future interest rate cuts by the Federal Reserve [52].

兴业期货日度策略：2025.06.05 重点策略推荐及操作建议： 商品期货方面：焦煤、纯碱及 PTA 基本面驱动偏空。 联系电话：021-80220262 操作上： 品种基本面分析及行情研判： | 品种 | 观点及操作建议 | 方向研判 | 分析师 | 联系人 | | --- | --- | --- | --- | --- | | 股指 | 特朗普"美丽大法案"或加快全球资金再布局 | 震荡 | | | | | 周三 A 股市场整体反弹，创业板、小微盘风格延续强势，沪深 | | | | | | 两市成交额提升至 1.18（前值 1.16）万亿元。从行业来看，零售 | | | | | | 商贸、轻工制造板块领涨，交通运输、国防军工行业小幅收跌。股 | | 投资咨询部 | | | | 指期货方面，lC、IM 延续相对强势，但远月合约贴水回归显著低 | | 张舒绮 | 联系人：房紫薇 | | | 位。 | | 从业资格： | 021-80220135 | | | 高盛表示，特朗普的"美丽大法案"的第 899 条款，赋予美国 | | F3037345 | 从业资格： | | | 对拥有美国投资的外国人征收最高 20% ...

财料 炮轰"大美丽法案"，马斯克和特朗普的友谊小船要翻了？ 相关链接 ...

Core Viewpoint - The strategic partnership between Disiap and Shenzhen Happy Coast aims to create the world's first "Aesthetic Flagship Store," exemplifying the deep integration of technology and cultural tourism [1][3]. Group 1: Store Concept and Design - The flagship store will be located in a three-story independent building by the lakeside and will be transformed into a "roaming art piece," differing from traditional skincare stores [1]. - The store features innovative design elements that enhance the consumer experience, including interactive light installations that combine skincare knowledge with artistic displays [1][3]. Group 2: Services and Community Engagement - The flagship store will offer VIP customized services, with professional skincare consultants providing tailored skincare solutions based on individual needs [3]. - It will serve as a high-end lifestyle social platform, hosting various themed events to facilitate consumer interaction and sharing [3]. Group 3: Economic Impact and Strategic Importance - The collaboration is a key component of Shenzhen Happy Coast's "Beauty Economy" strategy, leveraging Disiap's strong online presence on platforms like Douyin to enhance offline foot traffic [3]. - The partnership aims to activate nighttime consumption potential, promoting the development of "Night Economy × Beauty Economy" [3]. - Integrating Disiap's scientific skincare philosophy into the artistic environment of Happy Coast will enrich the park's offerings and enhance its competitiveness in the high-end consumer market [3].

Core Viewpoint - Shangde Life Health Industry Group aims to become a leading enterprise in health management services for high-income families globally, driven by the "Healthy China" and "Beautiful China" strategies [1][9]. Group 1: Achievements and Leadership - Shangde Life has made significant achievements in both domestic and international markets, with its chairman representing Chinese health brands at the Belt and Road Entrepreneurs Forum in 2023 [3]. - The group’s general manager participated in the 9th Doctor Cloud Conference, discussing the future of smart health with industry experts, highlighting its leadership position in the health sector [3]. Group 2: Research and Innovation - In 2024, the group plans to invest over 100 million USD to establish an international medical research laboratory focused on cutting-edge medical technology [6]. - The company is actively collaborating internationally, building 18 facilities, including a comprehensive stem cell building and research information center in countries like Tajikistan and Russia [6]. - Shangde Life enhances its core competitiveness in medical technology through the exclusive development of products like dihydroquercetin [6]. Group 3: Product Development - The group’s main brands reflect the traditional Chinese medicine concept of "food and medicine from the same source," utilizing modern extraction technologies to create effective health products [7]. - By integrating Western medical testing methods with traditional Chinese health principles, the company offers personalized health management services [7]. Group 4: Corporate Mission and Values - Shangde Life's mission is to "inherit traditional Chinese medicine and benefit human health," emphasizing values of integrity, responsibility, innovation, and win-win cooperation [8]. - The company aims to transform societal health concepts, providing professional and scientific health management services to a broader audience [8]. Group 5: Future Outlook - Looking ahead, Shangde Life intends to establish a global health management service center, leveraging its research capabilities, brand influence, and market advantages [9]. - The company will continue to deepen its commitment to traditional Chinese medicine and innovate products and services to enhance the health and happiness of its consumers [9].

Group 1 - The core theme of the news is the promotion of "Beautiful China" initiatives across various provinces, focusing on ecological protection and sustainable development [1][2][3][4] - Qinghai has established a natural protection system with 39.16% of its land area designated for ecological conservation, achieving 100% excellent water quality in national assessment sections [2][3] - Sichuan is implementing the "Beautiful Sichuan" initiative, targeting improvements in air and water quality, with a goal of reducing PM2.5 concentration below 30 micrograms per cubic meter by 2024, a 10.2% year-on-year decrease [3][4] Group 2 - Qingdao has achieved significant air quality improvements, maintaining national secondary standards for five consecutive years, and has implemented a "Bay Long System" to ensure 99% of nearshore water quality is excellent [4] - Guangzhou is innovating in financing models for "Beautiful City" projects, with a project library containing 28 initiatives and over 17.42 billion yuan in financing secured for various projects [4]

Core Viewpoint - The Supreme People's Procuratorate has released typical cases of public interest litigation related to ecological environment and resource protection, emphasizing the importance of ecological civilization and the role of public interest litigation in promoting green development and environmental governance [1][2][3]. Group 1: Background and Objectives - The release of typical cases aligns with the theme of "Beautiful China, I Take the Lead" for World Environment Day, aiming to promote Xi Jinping's ecological civilization thought and mobilize society to practice ecological concepts [1][2]. - The public interest litigation system is highlighted as a significant practice of Xi Jinping's legal thought, focusing on ecological and resource protection [1][2]. Group 2: Achievements in Public Interest Litigation - From January 2024 to May 2025, a total of 74,000 cases related to ecological environment and resource protection were handled, with over 6,700 public interest litigations initiated, accounting for 57% of all public interest litigation cases [3]. - The ecological environment and resource protection sector is identified as a traditional and mature area for public interest litigation, serving as a foundation for high-quality development in this field [3]. Group 3: Key Initiatives and Actions - The Supreme People's Procuratorate has organized seminars to enhance collaboration between prosecutorial and administrative enforcement agencies for the protection of major river basins, such as the Yangtze and Yellow Rivers, resulting in numerous public interest litigation cases [4][5]. - A year-long initiative focusing on the protection of the Yellow River has led to 2,719 public interest litigation cases addressing key environmental issues [4]. - The establishment of a collaborative platform for public interest litigation in the Yellow River basin aims to enhance legal support for national water security [6]. Group 4: Characteristics of Typical Cases - The released cases include six administrative and four civil public interest litigations, addressing issues such as water pollution, hazardous waste, and ecological protection in various regions [7]. - The cases emphasize cross-regional cooperation in ecological protection, particularly in areas like the Yangtze River Delta, where illegal waste disposal poses significant environmental threats [7][8]. Group 5: Future Directions - The procuratorial system aims to enhance its role in ecological protection by focusing on high-quality public interest litigation and addressing key environmental issues through targeted actions [10][11]. - Plans include strengthening collaboration with administrative agencies, improving the quality of public interest litigation, and enhancing the professional capabilities of prosecutorial staff [12][13].

新华网沈阳6月5日电（刘舒）初夏的辽西大地，万物勃发。走在辽宁省朝阳凌源市的田间地头，一栋栋现代化温室大棚星 罗棋布。大棚内，百合、郁金香、唐菖蒲等各类花卉的花苞挺拔舒展，再过一周，这些鲜花将成为千家万户的"幸福点缀"。 朝阳凌源市是我国北方最大的百合等球根类鲜切花生产基地，有"北方花都"之称。近年来，当地围绕花卉产业，以建设国 家现代农业产业园为契机，加快数字场景建设，延伸花卉产业链条，全市花卉产业步入快车道，"美丽经济"持续绽放。 图为绽放的百合花。新华网发 凌源花开 花香飘进千万家 走进凌源市宋杖子镇，一片片百合花田映入眼帘。农户左瑞军种植百合花已有20多年，从最初的探索尝试到如今的技术娴 熟，他种的百合花产量和质量不断提升，腰包渐渐鼓了起来。 杨大营子村建设的现代化高标准暖棚，是凌源市依托科技赋能，不断延伸花卉产业链条的一个缩影。 在凌源市，像左瑞军这样的农户还有很多。近年来，在政府部门的大力扶持和推动下，凌源的花卉产业取得了可喜的成 果。 截至目前，凌源市花卉种植面积已达2.5万亩，涵盖20多个品类200余个品种，年产值达10亿元。其中，百合品种繁多，深受 市场欢迎，远销国内外多地，花香飘进千家万户 ...

6月5日，既是世界环境日，也是中国的法定环境日。今年，中国环境日以"美丽中国我先行"为主题，集中展示 全国各地推进美丽中国先行区建设的实践成果，呼吁大家积极投身美丽中国建设。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 美丽中国先行区建设，是探索绿色发展路径的前沿阵地，已交出亮眼答卷。浙江安吉坚定践行"两山"理念， 187个行政村实现美丽乡村创建全覆盖，走出生态美、产业兴、百姓富的良性循环之路。北京延庆区森林覆盖 率达61.8%，区PM2.5年均浓度仅27微克/立方米，成功将生态优势转化为文旅、冰雪等产业动能，为美丽中国 建设树立首都样板。 美丽中国建设需久久为功，离不开每个人与组织的主动作为。在这一进程中，践行ESG（环境、社会和公司治 理）理念至关重要。从环境维度看，企业是绿色转型的关键主体。宝钢股份通过技术革新，大幅降低废气排 放，2024年氮氧化物和硫氧化物排放较2020年下降超四成，为传统工业绿色发展指明方向。社会维度上，企业 应积极履行 ...

"蓝天白云、碧水清波、青山翠谷"，这既是人民群众对优美生态环境的热切期盼，更是苏州高质量 发展的内在要求与不懈追求。迈向更高目标，苏州将继续深入贯彻习近平生态文明思想，久久为功、持 续发力，推动生态环境质量不断改善，城乡人居环境不断优化，环境安全水平不断巩固。在这一过程 中，关键在于坚持抓项目、强治理、守底线，切实用好深化改革、大抓项目、数字赋能三大牵引，以更 大力度深入打好污染防治攻坚战，更大力度推进"美丽苏州"建设，以高品质的生态环境，为苏州高质量 发展走在全国前列提供坚实支撑。 回望征程，苏州深入贯彻习近平生态文明思想、牢记习近平总书记殷殷嘱托，笃实践行"绿水青山 就是金山银山"重要理念，推动生态文明建设迈出坚实步伐。过去一年，全市上下凝心聚力、攻坚克 难，聚焦"美丽苏州"建设，交出了一份亮眼成绩单：全市PM2.5浓度降至29微克/立方米，空气质量优良 率达84.2%；省考以上断面水质优Ⅲ比例达97.5%，阳澄湖水质连续两年达Ⅲ类，太湖连续17年实现安 全度夏。一项项厚重数据，印证着"蓝天白云、碧水清波、青山翠谷"正成为市民生活的标配，彰显了苏 州"走在前、做示范"的使命担当。 这份答卷，源于持续攻坚的 ...