■2024年，上海市工业互联网核心产业规模超过1800亿元，工业互联网平台的应用普及率从18.1%提高 到33.7%，居全国前列 本报记者 李晔 刻蚀机是半导体制造核心设备之一，与光刻机互为依存。国产刻蚀机中的关键材料陶瓷件，其国产化率 一度不足5%。但上海一家集成电路"链主"不懈努力，将这个百分比拉升至两位数。 记者从上海市经信委和上海市工业互联网协会获悉，2022年起，上海遴选"工赋链主"培育企业累计达45 家，其中已有10家通过评估考核，被正式认定为首批"工赋链主"。近期，记者采访部分链主企业发现， 它们虽处不同领域，但有一共同特质——价值赋能。 自主可控显担当 供应链自主可控，始终是链主的牵挂。 中微半导体设备（上海）股份有限公司是科创板首批上市企业，其核心产品刻蚀设备包含超1万个零部 件，供应商逾千家且遍布全球。此前，公司对部分零部件进口依赖度高，若某一细小环节发生变故，就 可能影响整机交付。 集聚上海抓机遇 这一平台持续赋能链上企业，已发展出本土供应商培育、产业链企业OTD（订单到交付管理）、供应 链协同、供应链创新确权等功能。通过订单到交付管理，产业链下游企业可将生产工艺核心要点和检验 标准向上 ...

Group 1: Core Insights - The Ministry of Industry and Information Technology emphasizes the importance of small and medium-sized enterprises (SMEs) in driving innovation, promoting employment, and improving livelihoods, with over 600,000 technology and innovation SMEs cultivated in China [1] - The digital transformation of SMEs is accelerating, with over 40,000 SMEs supported through digital upgrades across 101 cities, showcasing a systematic empowerment effect from pilot programs [2][3] - Cluster development is becoming increasingly effective, with 300 national and over 1,100 provincial-level specialized industrial clusters established, contributing significantly to local economies and employment [4][5] Group 2: Digital Transformation - The digital transformation initiative has led to the establishment of over 3,500 digital service providers and the creation of more than 10,000 lightweight technology products, forming a robust ecosystem for SMEs [3][4] - Guangzhou has developed a strong digital ecosystem with multiple national-level industrial internet platforms, enhancing operational efficiency for local SMEs [2][3] Group 3: Export and Internationalization - In the first five months of the year, the added value of industrial SMEs increased by 8%, with 28 out of 31 manufacturing sectors showing growth, indicating a stable operational environment for SMEs [6] - The Ministry of Industry and Information Technology is facilitating international market expansion for SMEs through various support initiatives, including a new platform for cross-border matchmaking services [6][7]

Group 1 - The textile industry is transitioning towards high-quality development characterized by innovation and sustainability [1][2] - New technologies such as advanced depolymerization, chemical recycling, and biological conversion are being widely adopted to reintroduce traditional waste into the production cycle [1] - The emergence of specialized and innovative "little giant" enterprises is driving the transformation and upgrading of the textile industry, contributing to the formation of new productive forces [1] Group 2 - The Ministry of Industry and Information Technology and other departments have issued a digital transformation implementation plan for the textile industry, emphasizing the importance of digitalization in enhancing production efficiency and resource allocation [2] - The textile industry is increasingly embracing green development, with green electricity becoming a key factor for entering high-end markets and new materials reducing reliance on traditional petrochemical resources [2] - From 2005 to 2022, the carbon emission intensity of China's textile industry decreased by over 60%, with a further decline of 14% in the past two years [2] Group 3 - The paths of innovation and sustainability in the textile industry are interrelated and mutually reinforcing, driving the industry towards a more intelligent, green, and sustainable high-quality development [3]

证券研究报告|投资策略周报 [Table_Date] 2025 年 07 月 06 日 [Table_Title] 下半年央行降准降息仍有空间，A 股稳中向上趋势不变 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾：本周美股、A 股领涨全球股指，其中纳指、标普 500 指数再创新高，沪指一度逼近 3500 点。行业板 块方面，煤炭、有色、建材（光伏）等周期板块在"反内卷"政策预期下表现突出，银行指数在上周五大跌后再 度回升，创历史新高。此外，美越贸易协议和中美贸易关系缓和交易下，部分消费电子、纺织服饰等板块也有表 现。外汇方面，美元指数持续走低，弱美元下全球商品价格普遍走强，国内螺纹钢、双焦价格也从底部反弹。 ·市场展望：下半年央行降准降息仍有空间，A 股稳中向上趋势不变。短期来看，全球市场定价核心在于 7 月 9 日 美国与各国贸易协定进展，此前美国总统特朗普表示不考虑延长关税豁免最后期限，但此种表态也可能是一种谈 判策略，美国对部分国家关税也有延期可能。上半年我国经济增长动能强劲，全年经济增速目标达成的压力减 轻。然而对于下半年而言，无论关税最终结果如何，出口对增长 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - In 2025, the core contradiction throughout the upstream, midstream, and downstream industries is the "structural gap during the new - old kinetic energy conversion period." In the first half of the year, the industry was affected by external uncertainties, with intensified internal differentiation, and overall prosperity relied on policy support. In the second half of the year, with the "two new" policies further boosting domestic demand and upgrading the industrial structure, the industry is expected to achieve a systematic leap from "quantity" to "quality" expansion [2][7]. 3. Summary by Directory Market Overview - **Upstream Materials**: In H1 2025, raw material prices were under pressure due to weak demand and Sino - US trade conflicts, showing significant differentiation. In H2, the structural differentiation will continue. Enterprises should focus on capacity elimination, tariff negotiations, and climate risks [8]. - **Midstream Manufacturing**: In H1 2025, it presented a differentiated pattern of "traditional under pressure, high - tech doing well." In H2, policies will support both demand and supply - side reforms, and traditional manufacturing is expected to break through cost dilemmas through intelligent and digital transformation [8]. - **Downstream Consumption**: In H1 2025, it showed a "weak recovery" pattern. In H2, the consumption market will continue to be structurally differentiated, and the recovery highly depends on policy implementation efficiency and business model innovation [9][10]. Upstream: Raw Material Price Fluctuations - **H1 2025 Situation**: Raw material prices were under pressure. Metal mining showed a divergence between black and non - ferrous metals; chemical raw materials had multi - directional fluctuations; energy sources like crude oil and coal were more differentiated; most agricultural products were at near - five - year lows [8][15]. - **H2 2025 Outlook**: The price differentiation will continue. Traditional raw materials' rebound depends on supply - side reforms and policy support, while emerging demand - driven products are more resilient. Enterprises should focus on capacity elimination, tariff reviews, and extreme weather [15][16]. Midstream: Short - term Stabilization, Continued New - Old Kinetic Energy Conversion - **Overall Situation**: In H1 2025, the manufacturing industry was affected by external factors, with traditional manufacturing under pressure and high - tech manufacturing supported by policies. After the tariff war, there was short - term stabilization, and both external and internal demands recovered to some extent [43][53]. - **Traditional Manufacturing**: In H1 2025, profits declined due to over - capacity and weak demand. In H2, policies will expand to more traditional manufacturing sectors, promoting transformation and efficiency improvement [59][75]. - **High - tech Manufacturing**: In H1 2025, it recovered significantly compared to the beginning of the year, benefiting from strong policy support. In H2, it is expected to continue to improve [69][75]. Downstream: Intensified Retail Differentiation, Weak Real Estate Recovery - **Retail Industry**: In H1 2025, online e - commerce grew due to the "trade - in" policy, while traditional physical retail was under pressure. In H2, the differentiation will continue, with emerging formats having growth potential and traditional retail relying on policy and innovation [82][93]. - **Leasing Industry**: In H1 2025, it was in a downturn. In H2, the "price - for - volume" trend will continue, and the de - stocking of commercial land will continue [92][93]. - **Real Estate Industry**: In H1 2025, it achieved "weak stabilization" under policy support. In H2, it is expected to continue to recover slowly with further policy optimization and improved supply - demand balance [99][115].

宏观量化经济指数周报 20250706 政府债融资多增或推升 6 月社融增速 2025 年 07 月 06 日 [Table_Tag] [Table_Summary] 观点 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券研究报告·宏观报告·宏观周报 证券分析师 王洋 执业证书：S0600524120012 wangyang@dwzq.com.cn 相关研究 《基于 43 个国家的比较：我国服务消 费比重是否偏低？》 2025-07-04 《内需延续结构分化，外需保持总量 平稳》 2025-06-30 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 周度 ECI 指数：从周度数据来看，截至 2025 年 7 月 6 日，本周 ECI 供 给指数为 50.10%，较上周回落 0.02 个百分点；ECI 需求指数为 49.93%， 较上周回落 0.01 个百分点。从分项来看，ECI 投资指数为 49.98%，较 上周回升 0.01 个百分点；ECI ...

行 业 及 产 业 纺织服饰 2025 年 07 月 06 日 美越达成新贸易协议，ISPO 上海户外运动展启幕 看好 ——纺织服装行业周报 20250706 本期投资提示： 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 重要信息回顾： 相关研究 《 NIKE 发布最新业绩，带动产业链修复 ——纺织服装行业周报 20250629》 2025/06/29 《618 大促收官，消费复苏即将步入低基 数窗口——纺织服装行业周报 证券分析师 业 研 究 / 行 业 点 评 证 券 研 究 报 告 20250622》 2025/06/22 ⚫ 本周纺织服饰板块表现强于市场。6 月 30-7 月 4 日， SW 纺织服饰指数上涨 1.4% ...

两大原料巨头冲刺 IPO，有望充分带动板块情绪。6月30日，北交所官网披露了维琪科技、珈凯生物的招股说明书， 两家企业的上市申报材料被正式受理。维琪科技成立于 2011 年，主要从事皮肤活性多肽、中国特色植物原料等化妆 品原料的研发、生产和销售，主要产品包含肌肽、铜肽 X、寡肽-1 肽粉等。根据弗若斯特沙利文的研究报告，在中 国化妆品多肽原料行业，维琪科技以 6.6%份额位列行业第一。珈凯生物成立于 2010 年，主要从事化妆品功效原料的 研发、生产和销售，其主要布局方向在植物原料和微生物发酵方面，代表性产品有悦肤宁、植物舒敏剂、积雪草苷、 维生素 C 乙基醚、β-葡聚糖、七叶树提取物等。两家原料公司在其主攻的原料开发领域均位居领先地位，且业绩增 长势头良好，其资本化进程加速，有望为我国原料市场和整个美妆市场注入新动力，增强我国原料市场竞争力。与 此同时，我们认为在美护创新研发景气度较高的背景下，叠加原料龙头上市事件催化，有望充分带动板块情绪。 美对越关税落地，利好出口板块情绪修复。7 月 3 日，美国总统特朗普称与越南达成关税协议，美国对越南输美商品 征收 20%关税（4 月特朗普最初宣称对越南施加的对等关 ...

新华社乌鲁木齐7月6日电 题：山海同心谱新篇——新时代高质量开展对口援疆工作巡礼 新华社记者李自良、刘兵、蔡国栋 天山泰山手牵手，塔河东海心连心。 对口援疆是国家战略，是实现新疆社会稳定与长治久安总目标的重要举措。习近平总书记深刻指 出："做好新疆工作事关大局，是全党全国的大事。全党都要站在战略和全局高度认识新疆工作的重要 性，加大对口援疆工作力度，完善对口援疆工作机制，共同把新疆的工作做好。" 新时代高质量开展对口援疆工作硕果累累。如今，以就业为导向的产业援疆、持续深入推进干部人 才交流合作等一系列"打基础、利长远"的援疆新举措、新成果，已精准实施并取得成效；19个援疆省市 坚持每年将援疆资金总量的80%用于县及县以下、80%用于民生，惠及天山南北各族群众，有形有感有 效铸牢中华民族共同体意识，助力新疆经济社会高质量发展。 变"输血"为"造血" 助力打造现代产业体系 在和田市产业园区一家纺织企业崭新的细纱车间里，女工祖丽阿亚·图孙托合提指尖翻飞，雪白的 棉线在她手中化作如丝细的纱线。 "今年2月，看到招聘广告后，我就来应聘了，现在平均每个月工资有3500元左右。"祖丽阿亚·图孙 托合提脸上洋溢着满足的笑容。 ...

行业研究丨深度报告丨纺织品、服装与奢侈品 [Table_Title] 弱于周期，兴于结构——纺织服装行业 2025 年 度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 品牌端，目前国内零售增速稳健，且关税落地、提振内需政策及板块情绪方面均有利好， 2025Q2-Q3 有望进入去库周期。此外，国内公司近年来通过主业改革或布局新业务，迎合服 装消费质价比趋势和户外景气赛道，个护内资品牌则依托于线上，凭借精准消费者教育、产品 升级及内容营销，推动细分品类渗透与升级，看好新消费公司 α。制造端，当前下游行业逐步 进入累库周期，叠加关税压制下需求与库存维度制造短期难现 β。当前优质制造企业或存低位 布局机会，长期行业格局优化仍利好优质龙头，产能扩张速度 V.S 营收速度、产能利用率可从 一定程度上衡量反应纺织制造公司的竞争力，锚定龙头弹性。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524020003 SAC：S0490524110001 SFC：BUU942 请阅读 ...