Core Points - The revised Public Security Administration Punishment Law clarifies citizens' rights to take defensive measures against unlawful acts, providing a solid legal backing for self-defense actions and encouraging citizens to protect their rights within reasonable limits [1][2] - The new law, effective from January 1 next year, introduces Article 19, which states that actions taken to prevent ongoing unlawful harm that result in damage will not be considered violations of public security management and will not incur penalties [1][3] - The law emphasizes the principle that "the law cannot yield to unlawful acts," reflecting a commitment to uphold justice and protect citizens' rights [2][3] Summary by Sections Legal Framework - The addition of Article 19 in the revised law is a continuation and unification of existing legal provisions regarding self-defense, aligning with the Criminal Law's Article 20, which also recognizes legitimate self-defense actions [1][2] - The law aims to protect the legitimate rights and interests of citizens, legal persons, and other organizations, providing a legal basis for citizens to assert their rights [3] Social Implications - The revised law addresses past issues where victims of unlawful acts hesitated to defend themselves due to fears of being penalized for mutual fighting, thus reinforcing the right to self-defense [2] - The law encourages citizens to bravely uphold their rights while also reminding them to exercise moderation in their defensive actions, as excessive responses may still lead to penalties [3]

贸易谈判能否迎利好，美联储降息节点受关注。 随着中东局势降温及中美双方进一步确认伦敦框架细节，美股上周走势强劲，纳指和标普500指数时隔 四个月再创历史新高。下半年即将开启，投资者寄希望于美联储进一步降息，并关注美国与贸易伙伴间 的谈判协议能否达成。 经历了短暂波动后，如今"从头开始"的美股能否更进一步，近期表现不俗的科技股是否将卷土重来？ 美联储降息前景现变数 上周美股公布的主要数据喜忧参半，7月降息的预期再掀波澜。 美国经济分析局（BEA）27日表示，美联储首选的通胀指标个人消费支出指数PCE环比上涨0.1%，同比 增长2.3%，加快0.2个百分点，核心PCE环比上涨0.2%，同比增速从2.6%上升到2.7%。与此同时，消费 者5月削减了开支，显示出持续的贸易战正在扰乱经济。上个月个人支出下降了0.1%。这是自1月以来 的首次下降。 就业市场不温不火。上周初请失业救济的美国人人数有所下降，从一周前修订的24.6万人降至23.6万 人。过去一个月初请人数的增加一度加剧外界对劳动力市场疲软的担忧。但到目前为止，这一趋势还没 有出现在失业率的上升中，自3月以来，失业率一直稳定在4.2%。6月失业数据将于下周四公 ...

从"六稳"到"四稳" ： 政策治理目标从 "六稳" 调整为 "四稳"，即稳就业、稳企业、稳市场、稳预期，反映经济内外部环境变化及治理思路演进。其背后原因是就业优先的民生导 向未变，总量压力突出，今年城镇就业新成长劳动力1770多万人，高校毕业生1222 万人，均创新高；政策抓手更精准，将原先分散的 "稳金融""稳外贸""稳 外资""稳投资" 整合为系统性的 "稳企业" 和 "稳市场"，抓住经济运行微观基础实现更精准干预；战略自主性提高，区分可控与不可控因素，中国经济稳定 根基不能寄托于外部不可控因素。 经济形势回顾与展望 ： 一季度中国经济实现5.4% 增速 "开门红"，主要得益于出口 "抢出口" 效应、地方债提前发行带动的基建投资以及 "新三样" 投资热潮和前期累积的消费补贴 政策释放的消费潜力。但这些驱动因素能否持续发力，或是否有新的增长动能接棒，将影响下半年经济走势和市场主体信心。同时，二三季度是前期政策落 地效果的观察期和后续政策衔接期，也是中美两国政府对新关税政策的评估研判期和企业的调整适应期，美国通过差异化关税政策评估行业本土化潜力、物 价上涨实际影响幅度和民众可接受度等，中国企业也在不断调整适应 ...

此次交易，阳谷华泰拟购买海南聚芯、王传华、武凤云、阳谷霖阳、阳谷泽阳、惠鲁睿高、聊城昌润、睿高致远、刘保乐、孟宪威合计持有的波米科技 100%股权，交易价格（不含募集配套资金金额）为14.43亿元。目前波米科技尚处于亏损状态，而这一交易价格较其净资产，溢价超过13倍。 6月27日晚，主营橡胶助剂的阳谷华泰，披露了修订后的发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案），一同披露的还有深交 所的审核问询函及公司的回复。 深交所对这一交易抛出九大方面问题，其中细分问题更是高达数十个，核心问题包括要求说明跨行业收购的必要性及合规性、关联交易定价是否公允、交 易对方员工持股平台是否存在股份代持或其他利益输送、资产基础法下波米科技无形资产评估增值35倍的合理性等。 跨行业收购必要性如何？ 公告显示，波米科技主要从事高性能聚酰亚胺材料的研发、生产和销售，主要产品包括非光敏性聚酰亚胺与光敏性聚酰亚胺涂层胶以及聚酰亚胺液晶取向 剂，主要应用于功率半导体器件制造、半导体先进封装与液晶显示面板制造领域。报告期内，标的资产研发费用分别为0.19亿元和0.2亿元，截至2024年末 其拥有技术人员33人。 深交所要求阳 ...

贸易战硝烟下，美国葡萄酒产业正遭遇前所未有的"寒流"。最新数据显示，加拿大市场对美国葡萄酒的抵制浪潮已导致出口量断崖式下跌93%，创下数十 年最大跌幅。 这场由关税争端引发的行业地震，不仅让美国酒商失去了主要的海外市场，更在全球葡萄酒消费萎缩的背景下，暴露出产业链的深层危机，美国葡萄酒的 困局或将重塑全球酒类贸易格局。 今年早些时候，美国总统唐纳德-特朗普宣布对加拿大商品征收一系列关税后，加拿大迅速采取了报复性措施，主要针对依赖边境以北出口的美国产业， 葡萄酒因此受到连带损失。 结果显示，今年4月份美国对加拿大的葡萄酒出口量同比下降93%，是几十年来最大的一次跌幅。相关专家表示，由于加拿大是美国葡萄酒出口的最大买 家，持续的贸易争端使该行业陷入危机。 美国葡萄酒经济学家协会（American Association of Wine Economists）执行董事Karl Storchmann在接受外媒采访时表示："美国的葡萄酒企业本以为对进口 商品（包括来自加拿大的葡萄酒）征收关税会带来利好，但结果却恰恰相反。" Storchmann补充说道："加拿大直接切断了渠道，美国葡萄酒对加拿大的出口几乎降到了零，或者 ...

今年以来，龙华区经济社会发展保持平稳，用电负荷快速增长，6月中旬已达到279.6万kW，接近 2024年最高水平。为强化电网"末梢"供应能力，确保迎峰度夏期间群众用电安全可靠，龙华区积极应用 虚拟电厂、车网互动等新技术"调峰降荷"。放电当日最高温度超过35度，沙元埔村#2公变、#3公变电网 负荷快速增长，该村充电站响应虚拟电厂管理平台需求，在2小时内利用6台"V2G"充电桩累计放电 144kWh，全部通过10kV及以下线路反送电网并为沙元埔村居民用电"应急调峰"，该村#2公变、#3公变 台区最高用电负荷分别降低13.4%、6.8%。参与本次放电的车主作为"能源供应商"，按照广东省关于车 网互动结算机制平均每人获得84元放电收益。"晚上在家利用谷电充电，白天不用车时放电还有额外收 益"参与本次放电的市民李先生说到。 2025年3月，深圳市获批国家发展改革委车网互动规模化应用全国首批试点城市，龙华区"深港车网 互动试点项目"获批试点项目。截至2025年5月底，龙华区累计建成新能源汽车充电设施5.2万个，超充 示范站125座，V2G示范站22座、综合能源补给站10座，通过全市"充储放一张网"接入虚拟电网管理平 台总 ...

Core Viewpoint - The rising lemon prices are causing concern in the tea beverage industry, which heavily relies on lemons as a key ingredient for summer drinks, leading to questions about profitability and supply chain stability [1][5]. Price Trends - Lemon prices have increased from an average of 9.94 yuan per kilogram in April to 12.92 yuan in June, marking a 30% rise [2]. - Extreme price claims, such as lemons selling for 30 yuan each, are largely exaggerated and do not reflect the overall market situation [2]. Supply Chain Factors - The price increase is attributed to multiple factors, including reduced production due to drought conditions in key growing regions and export disruptions from traditional suppliers like Turkey [2]. - Major tea brands, such as Mixue and others, are heavily investing in lemon-based products, indicating a strong demand despite rising costs [4]. Impact on Profitability - The cost increase of lemons is manageable within the overall cost structure of tea beverages, as the impact on the total cost of a cup of lemon water remains relatively low [8][10]. - Even with lemons priced at 15 yuan per kilogram, the overall profitability of lemon drinks is not severely threatened due to the inclusion of other ingredients and the strategic pricing of beverages [8][10]. Supply Chain Resilience - Companies with established supply chains, like Mixue, are less affected by price fluctuations due to their direct procurement strategies and long-term contracts with suppliers [12][15]. - Mixue's procurement practices allow it to maintain lower costs compared to market prices, which helps in keeping consumer prices stable [11][15]. Agricultural Innovations - The modernization of agricultural practices, such as the introduction of advanced irrigation and monitoring systems, has improved the efficiency and yield of lemon production, further supporting supply chain stability [17]. - These innovations contribute to a significant reduction in production costs, enhancing the competitive edge of companies that adopt them [17][18]. Industry Outlook - The lemon price surge highlights the importance of supply chain capabilities in the tea beverage industry, suggesting that companies with robust supply chains will be better positioned to handle market volatility [12][18]. - The ongoing trend of introducing lemon-based products reflects a broader strategy to capitalize on the growing health beverage market, benefiting both consumers and the lemon industry in the long run [18].

证券研究报告·行业跟踪周报·金融产品 金融产品跟踪周报 权益 ETF 系列：震荡上行，注意投资节奏 2025 年 06 月 29 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ A 股市场行情展望：（2025.6.30-2025.7.04） ◼ 基金配置建议： 风险提示：1）模型基于历史数据测算，未来存在失效风险；2）宏观经济 不及预期；3）发生重大预期外的宏观事件。 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 行业走势 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 61% 2024/7/1 2024/10/29 2025/2/26 2025/6/26 非银金融 沪深300 相关研究 《保险行业 5 月月报：寿险保费增速 持续向好，财险业务表现稳健》 2025-06-28 《国君香港获批加密货币交易资格， 头部券商引领变革，非银金融生态重 构》 2025-06-25 东吴证券研究所 1 / 22 ...

《中国民航报》、中国民航网 记者胡夕姮 报道：6月28日，满载旅客的HO1353航班顺利降落在马来西 亚吉隆坡国际机场，这标志着吉祥航空上海—吉隆坡航线正式开通。首航航班100%的客座率，成为暑 运市场火爆开启的生动注脚。同日，吉祥航空宣布全面启动2025年暑运保障工作。计划在7月1日至8月 31日期间，执行国内外及地区航班约2.4万班次，构建起一条连接草原丝路、西域戈壁、滨海花园的"空 中避暑走廊"，以满足旅客多元化的夏日出行需求。 （本文图片均由吉祥航空提供） 针对暑期亲子家庭的避暑需求，吉祥航空在国内市场打出"组合拳"：新增杭州—青岛—海拉尔、南京— 大连—海拉尔通道，加密南京、上海虹桥、上海浦东至海拉尔的多条直达航线，构筑"长三角草原空中 快线"；全新开通上海浦东至喀什、伊宁航线，恢复上海浦东至敦煌、西宁等西北航线，让旅客4至6小 时直达雪山丝路，探索神秘风光。 上海乐高乐园度假区开园在即，吉祥航空的"上海乐高乐园号"主题航班也将于7月15日从上海虹桥飞往 北京。届时，旅客可沉浸式体验充满创意和童趣的客舱氛围，并有机会获赠限量版联名周边礼品。这架 全球首个乐高主题彩绘飞机将与乐园内吉祥航空定制的"初级 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) is set to implement a new trading fee structure on June 30, which will eliminate the previous minimum fee of 2 HKD and maximum fee of 100 HKD [1][3] - The new fee rate will be adjusted to 0.0042%, significantly reducing costs for small transactions (less than 47,600 HKD). For example, a transaction of 10,000 HKD will incur a fee of only 0.42 HKD, down from 2 HKD [3] - Approximately 77% of market transactions from 2019 to 2024 are expected to pay lower fees under the new structure, benefiting small investors and increasing market activity [3] Group 2 - Several institutions have raised their target prices for HKEX, with Morgan Stanley increasing its target from 440 HKD to 500 HKD, citing stronger average daily trading volume and profit forecasts [4] - Goldman Sachs has also revised its target price from 398 HKD to 455 HKD, indicating that HKEX's stock is undervalued relative to market activity levels, especially with potential increases in daily trading volume if more A-share companies list in Hong Kong [4] - As of June 27, 2025, HKEX's stock has risen 44.91% year-to-date, reaching a new high of 421.2 HKD, with a total market capitalization exceeding 530 billion HKD [3]