Core Viewpoint - The event highlighted the exceptional skills and contributions of five representatives from various state-owned enterprises, showcasing their expertise in critical industries such as aerospace, oil extraction, forging, high-speed rail, and electric power [1][3][6][9][12][15]. Group 1: Aerospace Industry - The aerospace worker, He Xiaohu, emphasized the achievement of achieving micron-level precision control in non-precision environments, which is crucial for the production of liquid rocket engines [3][5]. - He Xiaohu's team improved the qualification rate of a key component from 20% to 100% through innovative methods, demonstrating the high standards required in aerospace manufacturing [5][6]. Group 2: Oil Industry - Liu Li, a petroleum worker, shared her experience in oil extraction, highlighting the challenges of extracting oil from fine rock pores, which requires significant skill and dedication [6][8]. - The Daqing Oilfield, where Liu Li works, has produced over 2.5 billion tons of crude oil, accounting for one-third of the country's total output, showcasing its importance to the national economy [8]. Group 3: Forging Industry - Liu Boming, a worker in the forging industry, operates high-temperature equipment at 1250 degrees Celsius, where even a tiny defect can lead to significant financial losses [9][11]. - His team successfully tackled complex forging tasks, including the first domestic CAP1400 conical body, breaking global monopolies in the process [11][12]. Group 4: High-Speed Rail Industry - Yao Zhihui, a high-speed rail worker, has been involved in the assembly of high-speed trains, contributing to China's transition from catching up to leading in high-speed rail technology [12][14]. - The team has laid 35 million meters of cables and assembled over 6,122 high-speed trains, reflecting the scale and impact of their work [14]. Group 5: Electric Power Industry - Li Min, an electric power worker, specializes in high-voltage line maintenance, having completed over 120 live-line maintenance tasks, showcasing the risks and skills involved in this work [15][17]. - Li Min's innovative use of drones for inspection has modernized traditional maintenance methods, enhancing safety and efficiency in high-voltage operations [17][18].

Group 1 - The event held by the State Council Information Office focused on the theme "Craftsman Spirit to Support National Construction," highlighting the importance of skilled workers in various industries [1] - Workers from major state-owned enterprises shared their experiences and achievements, emphasizing the need for precision and innovation in manufacturing and engineering [1][2] - The representatives showcased their contributions, such as solving technical challenges and developing new methods, which are crucial for advancing China's industrial capabilities [2][3] Group 2 - The aerospace industry is pushing for micro-level precision in liquid rocket engine manufacturing, with workers like He Xiaohu solving 75 production challenges and applying for 25 patents [1] - In the power sector, advancements in high-voltage transmission technology are being driven by workers like Li Min, who has completed over 120 live-line maintenance tasks and led innovations in drone inspections [2] - The railway industry is represented by Yao Zhihui, who has been integral to the high-speed rail assembly process, ensuring zero defects through strict adherence to operational standards [3]

Group 1: Industry Contributions - The core workforce of industrial workers plays a vital role in implementing innovation-driven development strategies and building a strong manufacturing nation [1] - Central enterprises have seen the emergence of skilled craftsmen who contribute significantly to the modern industrial system [1] - The China Aerospace Science and Technology Corporation's Xi'an Aerospace Engine Company has solved 75 rocket engine production challenges and applied for 25 technical patents [1] Group 2: Achievements in High-Speed Rail - CRRC Changchun Railway Vehicles Co., Ltd. has laid 35 million meters of cables and secured nearly 80 million bolts over the past decade, producing 6,122 high-speed trains [2] - The company has transitioned from catching up to leading in high-speed rail technology [2] Group 3: Key Technological Innovations - Liu Boming, a master craftsman at China First Heavy Industries, has developed 53 forging methods and tackled numerous critical technologies in the field [2][3] - The Daqing Oilfield has produced over 2.5 billion tons of crude oil, accounting for one-third of the total production during the same period [4] Group 4: Energy Sector Developments - The Daqing Oilfield has evolved from focusing solely on oil to a dual focus on oil and gas, ensuring energy security [4] - Li Min, a technician at the State Grid Shandong Electric Power Company, has developed three drone inspection technologies, enhancing the efficiency of high-voltage transmission line maintenance [4]

市场消息：俄罗斯5月份原油产量仍低于欧佩克+目标。 ...

长江期货PTA月报 终端订单不佳，聚酯或将转弱 长江期货股份有限公司交易咨询业务资格：鄂证监期货字{2014}1号 2025-6-5 【长期研究|棉纺团队】 顾振翔 执业编号:F3033495 研究员： 洪润霞 执业编号:F0260331 投资咨询编号:Z0017099 黄尚海 执业编号:F0270997 投资咨询编号:Z0002826 联系人： 钟 舟 执业编号:F3059360 01 走势回顾：宏观影响，低位反弹 02 供应方面：减产降负，供需转好 03 需求方面：聚酯尚可，终端承压 04 逻辑与展望：终端不佳，供需转弱 目录 05 01 走势回顾：宏观影响，低位反弹 01 行情回顾-5月PTA先跌后反弹 n 5月PTA期货主力合约期价先反弹后震荡，主要受国外宏观与成本端原油涨跌影响。月初，中美日内 瓦谈判传来利好，90天关税暂缓极大的提振过国内大宗商品情绪，4月跌幅最深的聚酯系开始反弹， PTA跟涨；而后，供应方面PX-PTA装置了轮番检修，PXN与PTA加工费开始恢复，而现货基差也达 到年内高点；中旬，由于聚酯原料PTA价格持续走高，下游聚酯企业加工利润下滑，少部分品种开始 亏损，对高价原料接受度不高 ...

Domestic News - The FTSE China A50 Index will include Jiangsu Bank and exclude Great Wall Motor [4] - The Energy Administration is organizing the first batch of pilot projects for the construction of a new power system [4] - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors [4] - The Ministry of Industry and Information Technology is focusing on promoting the development of the artificial intelligence industry and empowering new industrialization [4] - Shanghai encourages local enterprises to actively apply for infrastructure REITs reserve projects [4] - The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in May reached 1.24 million units, a year-on-year increase of 38% [4] - Tiger International denies "violating regulations to develop new clients in mainland China," stating that all operations are conducted within the regulatory framework [4] International News - Saudi Arabia plans to push OPEC+ to continue increasing oil production by at least 411,000 barrels per day in August and September to consolidate its market share [3] - Reports indicate that the Bank of Japan will consider slowing down its bond reduction pace next year [3] - The ISM survey shows that the US services PMI unexpectedly contracted in May, indicating rising inflation [3] - Trump calls for the complete elimination of the debt ceiling and urges bipartisan cooperation to achieve this [3] - Iran's Supreme Leader Khamenei states that completely abandoning uranium enrichment is against Iran's interests [3] - The Bank of Canada maintains its key interest rate but may consider lowering it in the future, with the Canadian dollar reaching a new high [3] - The US ADP employment figures for May significantly fell short of expectations, prompting Trump to call for immediate interest rate cuts from Powell [3] - Musk continues to criticize Trump's tax law, publicly urging fans to call legislators to reject the law [3] - The US Congressional Budget Office states that Trump's tax law will increase the US deficit by $2.4 trillion over the next decade [3] - Saudi Arabia lowers the oil price for July shipments to Asia to the lowest level in nearly four years, priced at $1.20 above the Oman/Dubai average [3] - The Federal Reserve's Beige Book reports slight declines in economic activity across six regions, with businesses generally expecting future costs to rise [3]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [4] Core Views - The importance of energy security has been highlighted due to escalating geopolitical tensions and tariff conflicts, with China's reliance on oil and gas imports reaching 72% and 43% respectively in 2024 [1] - The "Three Oil Giants" are focusing on independent innovation to achieve high-quality development, with specific targets for domestic production and technology advancements set for 2024 and beyond [2] - The report suggests a positive outlook for undervalued, high-dividend, and well-performing companies in the "Three Oil Giants" and oil service sectors, as well as for domestic material companies benefiting from the trend of domestic substitution [3] Summary by Sections 1. Industry Overview - Geopolitical uncertainties and tariff conflicts are posing challenges to China's energy security, emphasizing the need for increased domestic oil and gas production [1] 2. Company Innovations - The "Three Oil Giants" are advancing in key technologies to enhance domestic production capabilities, with specific goals for equipment localization and technological breakthroughs by 2024 [2] 3. Investment Recommendations - The report recommends focusing on the "Three Oil Giants" (China National Petroleum, Sinopec, CNOOC) and oil service companies, as well as material companies that are expected to benefit from domestic substitution trends [3]

Core Viewpoint - The arrival of a low interest rate era highlights the importance of dividend assets, particularly in the Hong Kong stock market, where state-owned enterprises play a significant role in dividend distribution [1] Group 1: Dividend Assets in the Market - A-shares are expected to see total dividends exceed 2.4 trillion yuan in 2024, with state-owned enterprises accounting for over 80% of this amount [1] - Hong Kong's central enterprises are positioned as key dividend payers, offering both high yields and valuation advantages [1] - The current trading congestion of Hong Kong dividend assets has decreased, supported by the ongoing pilot programs for long-term capital inflows [1] Group 2: Investment Strategies and Recommendations - The banking sector continues to show mid-to-long-term investment value, with ongoing dividend plans and valuation enhancement initiatives from major banks [1] - High dividend yield and strong asset quality banks are recommended for their absolute return potential and cost-effectiveness in allocation [1] Group 3: Performance of Dividend Indices and ETFs - The leading dividend index in the Hong Kong market is the Hang Seng Hong Kong Stock Connect High Dividend Yield Index, with the corresponding ETF, Bosera (513690), ranking first in both scale and daily trading volume [2] - As of June 4, 2025, the Bosera ETF reached a new high in price and size, totaling 4.043 billion yuan [2] Group 4: Advantages of the Bosera ETF - The Bosera ETF has a leading dividend yield of 8.02%, significantly higher than its peers, making it an attractive option for investors seeking stable income [4] - The top holdings of the ETF focus on energy and financial sectors, with notable performance in recent months, showcasing both cyclical resilience and defensive attributes [5] - The ETF employs strict risk control measures, excluding stocks with significant price declines and ensuring liquidity, thus enhancing the investment experience [7]

Group 1: Industry Overview - The petroleum and chemical indices mostly rose last week, with the chemical raw materials index down by 0.98%, the chemical machinery index up by 0.83%, the chemical pharmaceuticals index up by 2.47%, and the pesticide and fertilizer index up by 0.71% [1] - In the petroleum sector, the petroleum processing index rose by 0.81%, the petroleum extraction index rose by 1.41%, while the petroleum trade index fell by 7.98% [1] - International crude oil prices experienced narrow fluctuations, with WTI settling at $60.79 per barrel, down 1.20% from May 23, and Brent settling at $63.90 per barrel, down 1.36% [1] Group 2: Market Performance - The top five performing listed chemical companies in the Shanghai and Shenzhen markets last week were Lianhua Technology up by 38.97%, Baismei up by 25.00%, Suqian Liansheng up by 16.80%, Qingdao Jinwang up by 18.23%, and Honghe Technology up by 17.09% [2] - The bottom five performing listed chemical companies were Guangju Energy down by 15.95%, Tianan New Materials down by 14.66%, Hongbaoli down by 13.10%, Annada down by 12.38%, and Heimao Co. down by 12.14% [2] Group 3: Product Price Changes - The top five rising petrochemical products included hydrochloric acid up by 35.42%, liquid chlorine up by 21.85%, glyphosate up by 6.15%, dichloromethane up by 4.36%, and paraquat up by 4.35% [1] - The top five declining petrochemical products included acrylic acid down by 9.74%, butadiene down by 9.60%, natural rubber down by 6.55%, styrene-butadiene rubber down by 6.13%, and aniline down by 5.95% [1]

大庆油田萨北油田第一作业区员工正在进行目视化管理赵丽婷摄 如今，实施目视化管理后，萨北油田基层战队生产环境整洁有序，从整体氛围到细微角落，尽显精心与 创新。分明的管道、可视化看板、有序的物品摆放以及新颖的文化墙，展现出大庆油田规范化、标准 化、精细化的管理水平，让安全与效率真正"看得见"。(完) 近年来，大庆油田持续探索场站风险防控与本质安全提升路径，构建以"目视化管理"为核心的安全基础 管理工程。目视化管理是通过直观视觉信息实现高效现场管理的科学方法，它将复杂内容转化为视觉信 号，让信息透明、操作标准、问题显现，降低沟通成本，优化生产流程。 在北II-6转油放水站，目视化管理成果显著。两个4000立方米沉降罐统一标号，装置区各类生产管理展 板、安全警示牌整齐摆放，进站人员和员工对工作内容与风险一目了然。管线贴有醒目的流向箭头标 识，阀门螺丝上挂着自制开关指示牌，员工操作更精准，响应时间缩短超30%。 目视化管理不仅有警示作用，还能有效提示操作。萨北油田安全部门与现场岗位紧密协作，经讨论优 化，用安全标准色和直观图形标注，形成科学实用的目视化操作图和巡检流程图。 中新网大庆6月3日电 (赵丽婷记者史轶夫)设备 ...