每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【宏观】 代币化：货币、金融的历 史性变革 ——全球货币变局研究九 需求环比下降，总库存由降转升。 上周（本报告中的上周均指2025年6月23日至6月27日当周）五大品种钢材表观消费量879.85万吨，环比下降4.33万吨； 其中，建材表观消费量305.18万吨，环比下降2.71万吨；板材表观消费量574.67万吨，环比下降1.62万吨。上周五大品种钢材产量为880.99万吨，环比上 升12.48万吨；总库存为1340.03万吨，环比上升1.14万吨，维持近年同期最低位水平。上周247家钢厂高炉开工率为83.82%，环比持平；高炉产能利用率 为90.83%，环比上升0.04个百分点；电炉开工率为61.54%，环比持平；电炉产能利用率为52.36%，环比下降0.09个百分点。短期来看，行业已进入传统 淡季阶段，我们预期钢铁需求将维持震荡趋弱态势，总库存或逐步转入累库通道。 盈利率环比持平。 上周45港进口铁矿库存13930万吨，环比升36万吨，维持偏高位水平。上周螺纹模拟平均吨毛利145.6元/吨，环比降20.6元/吨，热卷模 拟平均吨毛利91. ...

报告导读： 地产景气持续拖累内需，但资源品价格表现有所分化，钢铁、煤炭价格反弹， 建材价格持续下跌。汽车销量继续提升，空调排产同比下滑，内生消费动能仍待改善。 空调排产同比下滑，动力煤价格有所反弹。 上周（ 06.21-06.27 ）中观景气表现分化，值得关注： 1 ）地产景气偏弱持续拖累建工需求，但内需资源品价格表现有所分化。受需求偏弱影响，建材价格环比下 跌，但螺纹钢表需略有改善，钢铁价格有所改善，此外受益于电厂日耗回升的动力煤价也有所反弹。 2 ） 耐用品消费在补贴政策支持下延续较高景气，乘用车销量增速继续提升，但空调 7 月排产较 24 年实绩同 比出现下滑，外需压力依然较大，后续仍要观察消费内生动能的改善情况。 3 ）服务消费景气边际放缓， 但客运需求仍明显增长，暑期服务消费景气仍待观察。 下游消费：地产销售延续偏弱，空调排产同比转负。 30 大中城市商品房成交面积同比 -13.2% ，其中一 线 / 二线 / 三线城市商品房成交面积同比 -9.0%/-1.9%/-42.8% 。 10 大重点城市二手房成交面积同 比 -4.7% ，地产销售延续偏弱。 06.16-06.22 全国乘用车日均零售同比 ...

Key Takeaways WMT kicks off its summer savings event July 8-13 with deals in school supplies and electronics among others. WMT targets early shoppers with discounts, Walmart early access and AI-powered shopping tools. WMT's value strategy and flexible delivery options aim to drive traffic amid family budget pressures.Walmart Inc. (WMT) is kicking off the back-to-school season with a bang, launching its Walmart Deals summer savings event from July 8 to 13. The six-day sale promises deep discounts across el ...

Key Takeaways QUBT ships its first entangled photon source, entering the quantum communication market. The product supports secure quantum networking and is compatible with current fiber optics. QUBT plans to miniaturize future devices using TFLN tech at its Tempe foundry for better integration.In June 2025, Quantum Computing Inc. (QUBT) achieved a pivotal milestone with the shipment of its first commercial entangled photon source. This marked the company’s formal entry into the emerging market of quantum ...

Group 1 - Nexans has a liquidity contract with NATIXIS ODDO BHF, with assets reported as of June 30, 2025 [1] - The liquidity contract is in accordance with AMF decision no. 2018-01 and decision no. 2021-01 [1] - Nexans generated €7.1 billion in standard sales in 2024 and is a leader in cable systems and services [2] Group 2 - Nexans employs approximately 28,500 people across 41 countries [2] - The company is committed to achieving Net-Zero emissions by 2050, aligned with the Science Based Targets initiative [2] - The liquidity account showed various transactions, including 49,612 shares and €3,006,649.02 in cash for the first half of 2025 [4]

Leadership Changes - New Stellantis CEO Antonio Filosa has promoted Tim Kuniskis to oversee all American brands and lead marketing and retail strategy in North America [1] - Kuniskis remains CEO of Ram and has a broader role across the company's U.S. operations [2] Strategic Initiatives - Stellantis is reviving the Street and Racing Technology (SRT) performance division, which will focus on high-performance vehicles and motorsports [2] - Kuniskis is leading a major product launch at Ram, with plans to introduce 25 new products over the next 18 months [3] Product Development - The return of the popular V-8 Hemi engines for Ram 1500 full-size pickup trucks has been announced, with availability expected in early 2026 [3]

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 彭博调查显示，石油输出国组织欧佩克12个成员国六月产量日均增加36万桶，增幅创四个月新高，至 2800万桶，其中约三分之二的增量来自沙特，因其试图夺回市场份额。 尽管石油需求疲软且全球过剩在即，沙特仍推动欧佩克及其盟友迅速恢复供应，这一政策加剧原油价格 下行压力，可能有助于缓解消费者压力，也契合特朗普的利益。 由于担忧以色列-伊朗冲突可能扰乱波斯湾及其关键航道霍尔木兹海峡的运输，沙特与海湾邻国科威 特、阿联酋上月加急原油出口，尽管原油运输最终未受影响。 沙特引领了欧佩克的增产 据调查，阿联酋六月的产量增幅为第二大，日均增加9万桶，至340万桶；伊拉克日均增产3万桶，至421 万桶。 数据显示，上述两个成员国的产量大幅高于欧佩克+协议配额，但该联盟自身估算表明它们基本履行了 义务。这两国是承诺额外限制以弥补此前超额生产的成员国之一，而哈萨克斯坦仍是迄今为止最大违规 者。 彭博汇编的船舶追踪数据还显示，沙特、科威特和阿联酋上月出口增幅远超产量，可能是为将供应调离 地区动荡区域。这三国六月日均装船1190万桶，为两年多来最高，差额可能来自库存提取。 彭博产量 ...

【导读】美国"小非农"数据爆冷！ 7月2日晚间发布的"小非农"ADP爆冷，为2023年3月以来的首次负增长！ 数据显示，6月，美国企业就业人数出现两年多以来的首次下降，反映出服务业就业岗位的减少，这可能引发市场对劳动力市场出现更明显放缓的担忧。 根据ADP研究机构周三发布的数据，私营部门就业岗位在上个月减少了3.3万个，此前5月的增幅也被下调至仅增加2.9万个。经济学家无一预料到会出现就 业下降。 ADP首席经济学家内拉·理查森（Nela Richardson）在一份声明中表示："虽然裁员依然罕见，但企业在招聘方面的谨慎态度以及不愿意补充离职员工，导 致上个月出现了岗位流失。" 在这组数据公布后，美国股指期货下跌。 雇主们对特朗普政府贸易政策的影响愈发谨慎，并加倍努力降低成本。企业正专注于将员工数量与今年放缓的经济活动更加匹配。 数据显示，6月份服务行业就业岗位减少了6.6万个，主要集中在专业和商业服务，以及医疗和教育领域。相比之下，制造业、建筑业和采矿业的就业岗位 有所增加。中小型企业的就业人数也出现下滑。 ADP指出，上个月岗位流失主要集中在与专业及商业服务、医疗和教育相关的服务类岗位。其中，专业/商业服 ...

Core Insights - Globalstar, Inc. has successfully installed its first 6-meter tracking antenna, Clifton-8, for the C-3 mobile satellite system, marking the beginning of a significant global initiative to enhance its ground infrastructure as part of the Extended MSS Network [1][11] - The company plans to deploy over 90 new antennas across approximately 35 ground stations in 25 countries, which includes major upgrades to existing infrastructure and the establishment of new ground stations to improve global connectivity [3][11] - Globalstar's commitment to high-performance satellite communications is driven by increasing demand for mobile connectivity across various industries and remote areas [4] Financial Performance - In the last reported quarter, Globalstar achieved revenues of $60 million, reflecting a 6% year-over-year increase, primarily due to higher service revenues [8] - The company has reiterated its financial outlook for 2025, projecting revenues between $260 million and $285 million, with an expected adjusted EBITDA margin of approximately 50% [9] Strategic Developments - Globalstar is enhancing its spectrum and wholesale capacity services, particularly in government and consumer sectors, with its Band n53 being a critical resource for 5G innovation [6] - The company has inaugurated a new Satellite Operations Control Center in March 2025, which significantly enhances its operational capabilities and supports its strategic growth in next-generation satellite solutions [7] - A partnership with GCT Semiconductor Holding aims to develop two-way satellite messaging systems for mobile devices, integrating advanced IoT and 4G/5G semiconductor technology into Globalstar's product offerings [8]

Core Insights - NIO Inc. reported a total of 24,925 vehicle deliveries in June, marking a year-over-year growth of 17.5%. For Q2, the company delivered 72,056 vehicles, which is a 25.6% increase compared to the same quarter last year and within the company's guidance range [1][9]. Delivery Performance - In Q2, NIO's namesake brand sold 47,132 cars, reflecting an approximate decline of 18% from the same quarter in 2024. The ONVO brand delivered 17,081 units, while Firefly delivered 7,843 units [2]. - The ONVO and Firefly brands have diversified NIO's product portfolio, contributing to sales momentum, but this growth appears to be at the expense of the core NIO brand [3]. Year-to-Date Performance - In the first half of 2025, NIO sold 114,150 vehicles, representing an increase of over 30% from the previous year. However, this growth is insufficient to meet the company's ambitious target of doubling sales to 330,000 vehicles in 2025 [4][5]. Competitive Landscape - Li Auto delivered 36,279 units in June and 111,074 vehicles in Q2 2025, with a modest growth rate of 2.3%. XPeng Inc. delivered 34,611 smart EVs in June, achieving a remarkable 224% year-over-year increase and setting a new quarterly record with 103,181 cars sold in Q2 [6][7]. Stock Performance - NIO's shares have declined approximately 19% year-to-date, compared to an 8% decline in the broader industry [8]. Valuation Metrics - NIO currently trades at a forward price-to-sales ratio of 0.45 and holds a Value Score of D, indicating potential concerns regarding its valuation [10].