（记者 张明双） 南山铝业（600219.SH）10月16日在投资者互动平台表示，公司上半年经营性现金净额是48.16亿元，资 本支出是21.89亿元，净借债是7.64亿元，不存在企业和股东自由现金流转负情况。 每经AI快讯，有投资者在投资者互动平台提问：公司上半年的企业和股东自由现金流两年来首次转 负，但偿债并无大的变化，所以原因更可能是在资本开支上。请问公司上半年有哪些大的资本开支？下 半年还计划有哪些资本开支？ ...

Core Viewpoint - Jefferies has raised the S&P 500 index target price for the end of 2025 to 5600 points, corresponding to a price-to-earnings ratio of approximately 20 times, while cautioning about historical seasonal patterns and macroeconomic indicators [1] Economic Outlook - The U.S. economy is facing stagflation risks, with GDP growth expected to slow to 1.9% by July 2025 according to UN forecasts [1] - Core CPI and unemployment rates are projected to rise to 3% and 4.4%, respectively [1] - The Trump administration's tariffs, effective from April 2025, are disrupting global supply chains and causing a sharp decline in export growth in the Asia-Pacific region [1] Earnings and Valuation - The S&P 500 index's current valuation is considered high, with expected earnings growth of only 5% year-over-year for 2025, which is seen as insufficient compared to the current valuation levels [1] Sector Allocation - Jefferies recommends an overweight position in communication services (XLC.US) and utilities (XLU.US), while maintaining a neutral stance on real estate, information technology, financials (XLF.US), industrials (XLI.US), and healthcare (XLV.US) [2] - A reduction in holdings is suggested for energy (XLE.US), consumer discretionary (XLY.US), and materials (XLB.US) sectors, reflecting a preference for stable cash flow areas amid macroeconomic uncertainty [2] Geopolitical Considerations - Trump's tariff policies are reshaping global trade dynamics, forcing traditional allies like the EU and Japan to adjust their strategies, with Japan even postponing planned talks to resist defense spending pressures [2] - Geopolitical instability and policy reversals are increasing market concerns regarding cyclical sectors such as non-essential consumer goods [2]