今日早参 2025 年 6 月 12 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：关税对美国 5 月 CPI 传导尚不显著 今日早参 | 2025 年 6 月 12 日 美国 5 月 CPI 全面弱于预期，关税影响不及预期。核心 CPI 环比从 4 月 0.24%降至 0.13%，低于彭博一致预期的 0.3%，核心 CPI 同比持平于 2.8%，低于预期的 2.9%；CPI 环比从 4 月的 0.22%降至 0.08%，亦低于预 期的 0.2%，同比小幅上行 0.1pp 至 2.4%，符合预期。5 月 CPI 显示，关税 影响尚不明显，背后可能是企业选择消耗库存/压缩利润以承担关税成本，也 可能是消费前置导致部分品类短期需求下滑从而拖累价格。市场对 CPI 数据 反应积极，截至北京时间 21:50，联储降息预期上行 6bp 至 48bp，2y、10y 美债收益率分别下行 8bp、6bp 至 3.96%、4.44%，美元指数下跌 0.2%至 98.8，美股开盘后上涨，但受到特朗普关税言论干扰涨幅收窄。 风险提示：关税 ...

Group 1: Key Insights on Electronic Industry - The report highlights that 澜起科技 has achieved continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by the demand for interconnected chips [4][6] - For Q1 2025, the company reported a revenue of 1.22 billion yuan, representing a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43%, with a net profit of 525 million yuan, up 135.14% year-on-year [4][5] - The demand for DDR5 memory interface chips and high-performance interconnect chips is expected to continue growing, with significant orders in hand exceeding 1.29 billion yuan as of April 22, 2025 [6] Group 2: Key Insights on Petrochemical Industry - 恒力石化 reported a total revenue of 236.40 billion yuan for 2024, a year-on-year increase of 0.65%, with a net profit of 7.04 billion yuan, up 2.01% [8][9] - In Q1 2025, the company achieved a revenue of 57.05 billion yuan, a decrease of 2.34% year-on-year, and a net profit of 2.05 billion yuan, down 4.13% [8][9] - The company has seen a significant increase in new materials sales, with production of high-performance resins and new materials reaching 1.60 million tons per year, contributing to the overall growth [10][11] Group 3: Key Insights on Pharmaceutical Industry - 华东医药 reported a total revenue of 41.91 billion yuan for 2024, reflecting a year-on-year growth of 3.16%, with a net profit of 3.51 billion yuan, up 23.72% [14][15] - The company’s industrial business has become a core growth driver, with the pharmaceutical industrial segment achieving a revenue of 13.81 billion yuan, a year-on-year increase of 13.05% [15][16] - R&D investment in the pharmaceutical sector reached 2.68 billion yuan in 2024, marking a 16.77% increase, with a focus on endocrine, autoimmune, and oncology fields [16]