板块复苏：2025年至今医药板块迎来复苏 从资本市场来看：医药板块经历了4年的调整期，2025年至今板块迎来复苏，截至2025年5月30日，医药 生物行业涨跌幅位居申万31个一级行业中第6位，累计上涨4.57%。医药持仓环比上升，但仍处于历史 中低位。 趋势展望：创新药和AI带来增量机会，左侧资产带来存量机会 智通财经APP获悉，国联民生证券发布研报称，创新药建议布局存量风险出清、增量产品进入放量期、 估值合理的传统药企以及研发基础扎实、产品具备出海竞争力、2025年有出海关键进展的创新药企。医 药AI建议布局在数据、硬件和服务领域具备AI要素禀赋、存量业务相对扎实的公司。左侧资产估值修 复建议关注存量风险可控、估值合理、需求稳健增长的左侧资产，主要集中在传统药企、CRO、骨 科、IVD、医疗服务等赛道。 国联民生证券主要观点如下： 从基本面来看：医药多个细分板块的景气度企稳向上。创新药出海案例增多，中国在全球创新药研发中 占据越来越重要的地位;传统药企逐渐走出存量业务困境，实现创新转型;CXO、消费医疗等赛道也慢慢 走上了温和复苏之路。 增量看空间，存量看结构：增量机会可能会来自于创新药和AI带来的潜在成长 ...

市场方面，基金持仓回落及估值走低。2025年一季度伴随以旧换新政策加码以及海外市场"抢出口"等综 合影响下驱动板块上行，但随着关税战扰动，板块整体回落，家电上半年表现整体偏弱。内地公募基金 重仓股持仓情况，2025年Q1末公募基金重仓SW家用电器行业的总市值为1203.66亿元，环比2024Q4基 本持平，占基金重仓A股市值规模3.98%，高于标配比例1.72pct，环比2024Q4末下降0.1pct，连续两个季 度出现回落。估值方面，根据wind历史PE数据来看，家用电器(申万)指数当前的估值水平仅 13.58(TTM)XPE，处于近十年估值低位，板块的配置性价比较高。 业绩方面，内外销双重带动下24Q4和25Q1业绩走高。2024Q4及2025Q1营收增速明显提升，分别达到 8.6%和13.7%；利润端，2024Q4及2025Q1家用电器行业归母净利润同比增长13.4%/24.6%。 内销：新增配置需求影响减弱，更新需求推动内销增长 智通财经APP获悉，万联证券发布研报称，2025年补贴品类扩围，继续助力消费需求释放，2025年Q1 家电和音响器材类商品零售额同比增长24%。今年1月和4月已分别下达两批共 ...

研报指出，作为标普500指数中唯一的加密概念股，Coinbase构建了独特的竞争优势：其不仅占据美国 加密交易市场主导地位，运营着全行业规模最大的稳定币业务，更独家承担着美国首批现货比特币ETF 基础资产托管职能。Chhugani特别提到，该公司通过机构托管、Base区块链服务及Prime借贷平台等新 兴业务，已从单一交易平台转型为"加密金融服务的亚马逊"，业务版图远超传统交易范畴。 针对市场担忧的竞争风险，分析师团队认为看空逻辑尚未兑现："尽管面临新入局者挑战，Coinbase核 心市场份额依然稳固，传统券商布局加密领域仍需数月筹备周期，这在瞬息万变的加密行业堪称'永 恒'。"Coinbase联合创始人Brian Armstrong当日也在社交平台佐证这一观点，披露公司正为近200家金融 机构提供加密服务集成支持。 智通财经APP获悉，Coinbase(COIN.US)股价周三盘中创52周新高，伯恩斯坦分析师团队将其定位为加 密金融领域的"一站式亚马逊"。截至当日收盘，该股涨幅超3%，距2021年11月9日创下的357.39美元历 史收盘价仅剩一步之遥。此次股价异动源于伯恩斯坦大幅上调目标价，分析师Gaut ...

对于此次全面退出中国内地线下市场，莎莎国际在回应《华夏时报》记者时表示，莎莎线下店铺只有18 间，无法有效全面覆盖整个内地市场，品牌传播亦无法做到最大效益。加上，集团在内地的线上销售占 了集团在中国内地营业额的80%，集团认为内地线上销售会继续成为主流，所以关闭了线下门店，而集 中资源做线上业务。预计此举对内地盈利有正面影响。未来，莎莎会继续通过目前运营的线上平台，特 别是跨境电商平台，继续服务内地消费者。 为何退出？ 事实上，莎莎国际是名副其实的美妆老牌企业，其1978年从香港起家，早在1997年就在港交所上市。莎 莎国际售卖国际大牌美妆，品牌齐全，因为有关税政策的价格优势，一度是内地游客在港澳旅游时必须 光顾的美妆商店。2005年，莎莎国际开始进军内地市场，在多个一线城市开出大型门店，巅峰时期，莎 莎国际在全球开出超200家门店，而中国内地市场门店数量有77家。 此次莎莎国际全面退出中国内地线下市场，在过往业绩报告中已有先兆。截至今年3月31日的年度业绩 报告显示，公司全年营业额同比下跌9.7%至39.42亿港元，净利润大幅下滑65%至7697万港元。其中中 国内地业务营业额同比减少10.5%至5.21亿 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [6] Core Views - The coal market is expected to see a rebound in prices driven by seasonal demand, with recent positive changes in port coal prices and structural shortages supporting this trend [2] - The report highlights the potential for increased coal demand due to rising temperatures and declining hydropower output, which may lead to higher thermal power consumption [3] - A reduction in coal imports is contributing to a marginal contraction in supply, further supporting the coal market [4] Summary by Sections Price Trends - As of June 25, the prices for CCI5500/5000/4500 thermal coal have increased by 2/10/9 RMB per ton, reaching 617/546/481 RMB per ton respectively [2] - The average daily consumption of thermal coal in 25 provinces has risen by 2.1% and 5.2% year-on-year and month-on-month respectively [3] Demand Drivers - The report notes a 14.3% year-on-year decline in hydropower generation in May, while thermal power generation has turned positive with a growth rate of 1.2% [3] - The average temperature in major cities has increased by 15.7% from May to June, leading to a rise in electricity demand [3] Supply Dynamics - Coal imports for the first five months of 2024 reached 190 million tons, a decrease of 8.0% year-on-year, with Indonesian coal imports dropping significantly [4] - The report indicates that domestic coal production has contracted due to increased safety and environmental inspections, as well as maintenance shutdowns at some mines [2] Recommended Stocks - The report recommends investing in leading coal companies such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, which are expected to benefit from the seasonal rebound in thermal coal prices [2][9]

陈文定表示，此次峰会聚焦"破茧成蝶"的"新生力"，关注行业痛点难点的解决之道，联合跨境电商平 台、优秀出海品牌、知名操盘手、商协会、智库专家以及各类服务伙伴，发起成立"湾企出海研究院"， 正是希望持续赋能跨境电商行业的高质量发展。 南方都市报社党委副书记、总经理、湾财社董事长陈文定代表主办方致辞。他表示，跨境电商圈常 说："全球跨境看中国，中国跨境看深圳"。作为主流媒体，我们仍清醒看到：跨境电商行业站在转型的 十字路口——流量红利消退、同质化内卷加剧、合规成本高企、海外仓空置率攀升……面对增量来源、 利润保障、品牌塑造等核心问题，这也正是我们今天相聚于此的原因。 粤港澳大湾区作为中国开放程度最高、经济活力最强、创新要素最集聚的区域之一，正肩负着国家构建 新发展格局、推动高水平对外开放的重大使命。跨境电商，作为数字经济时代国际贸易最具活力的新业 态、新模式，已成为连接中国制造与全球消费的关键桥梁。"买全球卖全球"的深圳作为跨境电商重镇， 其身后的大湾区更是全球跨境电商的风向标。 作为国内最早系统关注跨境电商的机构媒体，南都湾财社自2021年成立"湾企出海课题组"起，始终致力 于调研真问题、传递真声音、推动真变革 ...

军工板块近期持续活跃，6月26日，板块迎来涨停潮，北方长龙、北方导航、建设工业、长城军工等多 股涨停。相关ETF中，航空航天ETF天弘（159241）午后仍维持涨势，截至发稿涨2.27%冲击四连阳， 成交额超3900万元。 申万宏源证券认为，外部地缘政治变化不断促发军工关注度，提升军工行业整体估值，且军工二季度业 绩初步预期逐渐落地，部分白马股有望触底反转；叠加"十五五"规划逐步推动等。无论从中长期基本面 上行还是短期事件催化，军工行业正迎来基本面改善和市场关注度提升，建议加大军工关注度。 银河证券也指出，内需+军贸共振，军工板块迎投资机遇。短期看，首先，Q2财报季预期改善。随着 Q1订单放量，高库存背景下，Q2部分中上游企业业绩端或将改善，并逐步向中下游传导；其次，预计 军工元器件6月份订单将扭转下行趋势，下半年订单增速有望随年内二次需求释放而逐步转正。中期 看，Q3行业催化剂有望增多，叠加Q2部分公司财报预期向好，结构性机会将涌现。长期看，军贸迎 来"Deepseek"时刻，内需+军贸共振，军事装备需求空间打开。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 ...

Core Insights - The article highlights the proactive measures taken by the Laohukou Rural Commercial Bank Menglou Branch to support local grain purchasing and sales, addressing challenges faced by farmers in terms of cash flow, settlement efficiency, and price risks [1][4]. Group 1: Financial Support Initiatives - The Menglou Branch has implemented a village-based credit system, completing credit documentation for 685 farmers with a pre-approved credit amount of 26 million yuan [1]. - The branch has successfully signed new credit agreements totaling 12 million yuan, with 8 million yuan utilized, demonstrating its commitment to supporting local farmers [1][3]. - A comprehensive credit solution of 1 million yuan was provided to a long-time customer, addressing cash shortages during peak grain purchasing periods while mitigating risks associated with over-expansion [2]. Group 2: Customer-Centric Services - The branch has established a specialized service model to meet the high cash usage demands of grain purchasing clients, ensuring timely cash supply during the busy season [3]. - A customer service WeChat group was created to efficiently manage cash demand information, allowing for quick fund allocation and ensuring that clients can access cash without delays [3]. - The branch successfully signed credit agreements with 10 grain purchasing clients in May, with a total credit amount of 12 million yuan and 6 million yuan utilized, contributing to the growth of the local grain purchasing industry [3]. Group 3: Long-term Financial Integration - The Menglou Branch aims to deepen its collaboration with grain purchasers, emphasizing that financial services are ongoing and adaptable to the evolving needs of the agricultural sector [4]. - The branch is focused on optimizing credit processes and addressing the short-term financing challenges faced by grain purchasers, while also supporting the introduction of modern storage and drying equipment [4]. - By providing precise and efficient financial services, the branch is enhancing the overall efficiency and risk resilience of the grain industry, ensuring that financial resources are effectively channeled throughout the supply chain [4].

Core Viewpoint - The Agricultural Development Bank of China has provided a total loan of 1.6 billion yuan to support the construction of a cold chain logistics distribution center in Salt Ting County, which is crucial for enhancing the preservation, storage, and transportation of agricultural products in the region [1][2]. Group 1: Project Overview - The Agricultural Development Bank of China has recently disbursed an additional loan of 100 million yuan for the cold chain logistics project, bringing the total funding to 1.6 billion yuan [1]. - The project aims to address the high transportation loss rate of fresh agricultural products, which can reach up to 25%, by improving cold chain logistics infrastructure [1]. - The local government initiated the cold chain logistics center project to solve the "first kilometer" issue in agricultural product distribution [1]. Group 2: Expected Outcomes - Upon completion, the project is expected to extend the preservation period of agricultural products by over 30%, reduce loss rates to below 15%, and increase the added value of products by over 20% [2]. - The improved cold chain facilities will facilitate seasonal balanced sales of agricultural products, thereby increasing local farmers' income and promoting the standardization, branding, and marketization of agricultural products [2]. - The Agricultural Development Bank of China plans to continue enhancing credit support for the agricultural product circulation sector to further promote cold chain logistics development [2].

新华财经上海6月26日电（记者杨溢仁）中金亦庄产业园封闭式基础设施证券投资基金（以下简称"中金 亦庄产业园REIT"，基金代码：508080）6月26日在上交所上市。 据悉，中金亦庄产业园REIT首发基金份额共计4亿份，每份发售价格为2.720元，募集资金合计10.88亿 元。该基金发起人为北京亦庄投资控股有限公司（简称"亦庄控股"），原始权益人为亦庄控股全资子公 司北京亦庄盛元投资开发集团有限公司（简称"亦庄盛元"），基金管理人为中金基金管理有限公司（简 称"中金基金"），计划管理人及财务顾问为中国国际金融股份有限公司（简称"中金公司"）。 （文章来源：新华财经） 据记者了解，该基金发起人亦庄控股作为北京经开区基础设施建设及园区开发运营的重要主体，投资兴 建了众多高端产业园区类项目和高新技术产业园区类项目，覆盖了新一代信息技术、高端汽车和新能源 汽车、生物技术和大健康及机器人和智能制造四大主导产业，相继建成产业园区、定制厂房、特色楼 宇、创新科学园等57个产业平台，总建筑面积近400万平方米，承载企业5000余家，其中高新技术企业 391家。 亦庄盛元作为亦庄控股体系内服务于"科技园区开发运营"板块的专业主 ...