从应用领域看，今年上半年，批准建立环境监测领域标准物质202项，占比38.6%，同比增长69.7%；制 造业及石化产业领域标准物质150项，占比28.6%，同比增长108.3%；食品与农产品安全检测领域标准 物质134项，占比25.6%，同比增长78.6%；医疗卫生领域标准物质38项，占比7.2%，同比增长40.7%。 各领域标准物质新建数量均有明显增长，其中制造业领域标准物质增幅最大，新建的石墨物理特性系列 标准物质，包括比表面积、粒度分布、振实密度、磁性物质4类，为锂电池制造企业提供了精准可靠的 检测"标尺"，有力支撑原材料质量控制和生产工艺优化。 记者从市场监管总局获悉：今年上半年，我国新批准建立国家标准物质524项，同比增长78.8%，涉及 研制单位51家。其中，国家一级标准物质31项，占比5.9%，同比增长47.6%；国家二级标准物质493 项，占比94.1%，同比增长81.3%。 标准物质是开展化学、生物等检测活动必不可少的"标尺"和"砝码"，是国家计量能力建设的关键要素。 比如，上半年新批准发布的EGFR（表皮生长因子受体）基因突变基因组DNA标准物质，能够显著改善 非小细胞肺癌靶向治疗的伴随诊 ...

资本的流动，不仅预示着产业方向与发展潜力，更是企业领导地位与资本影响力最直观，且最强 力的注释。 在过去的20多年，中国锂电产业世景变迁幅度之大往往让人恍若隔世。 20多年前，日本人断定缺少专业设备的中国厂商造不了锂电池，彼时全球90%的锂电市场份额近 乎被日韩等外资企业垄断；但二十多年后的今天，我国已在全球锂电多个核心供应链占据优势地 位，比如中国锂电池出货量已占据全球73.7%的市场份额，其中储能电池出货量占全球比例达 87%；正/负极材料出货量约占全球市场份额的90%，电解液出货量全球占比超85%，锂电隔膜占 据全球超80%市场份额等等。 伴随着中国锂电产业的全面崛起，资本市场也掀起了一场又一场造富神话，原本一个个 "小而美" 的锂电细分领域诞生了众多千亿市值巨头，最巅峰期，中国锂电上市公司总市值突破至5.8万亿元 人民币，千亿以上市值企业多达12家。 但在持续 "周期熊" 冲击下，目前中国锂电上市企业总市值已较巅峰期 （2021年12月） 减少约 2.91万亿元，降幅达53.31%，远超同期上证指数5.99%跌幅。 但是，中国锂电激荡的二十年间，已历经多次产业与经济周期的洗礼，有些人始终屹立潮头。 据 ...

近日，深圳市高工产业研究有限公司(以下简称"GGII")发布相关数据显示，2025年全球电力储能、乘用 车、eVTOL(电动垂直起降飞行器)、机器人等细分场景锂电池出货量预计超1.8TWh(万亿瓦时)，到2035 年，全球电池需求将突破8TWh。 日前，宁波容百新能源科技股份有限公司(以下简称"容百科技")中央研究院冯道言博士表示："全固态电 池作为下一代电池技术，凭借高安全性、高能量密度、长循环寿命与宽温域应用等显著优势，在电动飞 机、eVTOL及动力电池等领域拥有广泛应用空间，市场前景广阔，有望成为推动相关产业发展的关键 力量。" 据悉，目前容百科技已经开发出适配于硫化物全固态电池的8系正极和9系正极，成本与现有材料体系相 当，性能表现优异，均达到行业领先水平。同时，8系单晶固态正极材料S83L在2024年实现吨级出货。 主机厂在固态电池领域也动作频频。不少业内人士认为，无论动力还是储能，未来绝大多数头部主机厂 都将设立固态电池专项团队，在验证期内抢占先机。这也意味着传统隔膜企业、液态电池体系材料商若 不能顺利切换技术路径，极可能在下轮技术周期中被边缘化。 在此背景下，不少产业链龙头公司正加速提升自身电池 ...

风险提示：房地产走势不确定性仍存；政策力度不及预期。 "破局"通胀：反内卷与扩内需 [Table_Authors] 2025 年 6 月物价数据点评 本报告导读： 今年以来，"以旧换新"补贴政策持续支撑耐用消费品价格，带动核心 CPI 同比小幅 修复，而其中服务价格方面仍有待提振，指向了居民部门资产负债表的修复进展有 限，需要后续稳增长政策接续。 投资要点： 宏 观 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 专 题 宏观研究 /[Table_Date] 2025.07.09 2025-07-13 [Table_Summary] 6 月 CPI 同比转正。食品价格拖累减弱；国际油价上涨输入带动能 源价格；核心 CPI 环比持平，核心消费品 CPI 环比表现显著好于 2023、 2024 年，"618"提前促销影响过去后，"以旧换新"政策支持的相关品 类价格仍相对偏强，而服务相关价格继续稳中偏弱。 6 月 PPI 同比跌幅继续扩张，一是受高温降雨天气影响，房地产、基 建项目施工进度有所放缓。二是"反内卷"具体政策和效果仍待观察， 尤其是对光伏、水泥、钢铁等行业实际供需格局的影响。三 ...

2025 年 07 月 13 日 市场轮动北证蓄力，持续关注北交 所核心资产 ——北交所策略周报（20250707-2025713） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 6 家，摘牌 2 家，周新增计划融资 0.00 亿元，完成融资 0.65 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济波动的风险。 相关研究 证 券 研 究 报 告 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230123090006 wangbh@swsresearch.com 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 郑菁华 (8621)23297818× zhengjh@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 新 三 板 研 究 专 题 研 究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are under pressure due to the implementation of a 50% tariff on copper by the U.S., which is expected to take effect in late July or early August. This has led to a significant increase in U.S. copper prices while London and Shanghai copper prices have declined [5][9]. - The report anticipates that global copper inventory transfers will conclude, providing some support for copper prices despite the short-term pressure from tariffs. It is expected that Shanghai copper will fluctuate between 77,000 and 79,000 CNY per ton in the near term [5]. - The aluminum market is characterized by low inventory levels, with aluminum prices experiencing high volatility. The report notes a slight increase in alumina prices and a decrease in aluminum production margins [5][26]. - Lithium prices are rebounding from the bottom, driven by a "reverse involution" trend, with expectations for supply-side reductions and seasonal demand support [5][78]. - Cobalt prices may rebound due to an extended export ban from the Democratic Republic of Congo, which is expected to tighten supply in the fourth quarter [5][88]. Summary by Sections 1. Industry Overview - The report discusses macroeconomic indicators, including U.S. unemployment claims, and the announcement of copper tariffs by the U.S. government [9]. - The overall performance of the non-ferrous metals sector is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - London copper prices fell by 2.43%, while Shanghai copper prices decreased by 1.63%. U.S. copper prices increased by 10.30%. Inventory levels showed a mixed trend, with London copper inventory rising by 14.12% and Shanghai copper inventory declining by 3.70% [26]. 2.2 Aluminum - London aluminum prices increased by 0.08%, and Shanghai aluminum prices rose by 0.36%. Inventory levels for both London and Shanghai aluminum increased, while production margins decreased [26][36]. 2.3 Lead and Zinc - Lead prices decreased, while zinc prices saw a slight increase. Inventory levels for lead and zinc showed mixed trends, with lead inventory declining and zinc inventory increasing [49]. 2.4 Tin and Nickel - Tin prices fell, and nickel prices also experienced a decline. Inventory levels for both metals showed a downward trend [62]. 3. Energy Metals 3.1 Lithium - Lithium prices, including lithium carbonate and lithium spodumene, saw increases, while hydroxide prices slightly decreased. The report notes ongoing challenges in production margins for lithium [78]. 3.2 Cobalt - Cobalt prices are under pressure, but the extended export ban from the DRC may create opportunities for price rebounds in the future [88].

Core Viewpoint - The recent "anti-involution" policies in China aim to construct a unified national market, improve product quality, and promote high-quality economic development, with a focus on addressing low-price and disorderly competition [1] Market Performance - Since the announcement of "anti-involution" policies on July 1, the Shenyin Wanguo Glass Fiber sector has seen a cumulative increase of 14.2%, while the Shenyin Wanguo Steel and Photovoltaic Equipment sectors have risen by 11.36% and 9.73% respectively [1] Economic Implications - Comprehensive governance of "involution" is expected to enhance overall productivity by correcting low-price competition and overcapacity, thereby preventing "bad money from driving out good" [7] - The policies are anticipated to accelerate industry consolidation and improve corporate profit expectations, particularly in sectors like steel and cement [7][8] - The construction of a unified market is expected to reduce cross-regional transaction costs and stimulate domestic demand [7] Capital Market Impact - The governance of "involution" is likely to lead to the accelerated exit of outdated capacities, enhancing the market share and pricing power of leading companies, thus stabilizing profitability [8] - The "anti-involution" trend is seen as a long-term process that will create systematic investment opportunities as industry concentration increases [10] Sectoral Opportunities - Industries such as photovoltaic, new energy vehicles, steel, and cement are expected to benefit from the "anti-involution" policies [12] - In the photovoltaic supply chain, leading companies in silicon materials and glass are likely to benefit from price stabilization and capacity exit [12] - Traditional industries like steel and cement may see improved profitability through production limits and price stabilization [12][13] Investment Focus - Investors are advised to focus on sectors with real capacity exits and technological upgrades, avoiding speculative investments in companies without actual production cuts [13] - Key areas for investment include supply-demand optimization in steel and cement, technology barriers in photovoltaic and lithium battery sectors, and cost advantages in industries like pig farming [12][13]

Core Viewpoint - The article discusses the significance of the "anti-involution" policy in promoting high-quality economic development and the construction of a unified national market in China, emphasizing the need to address low-price disorderly competition and improve product quality [2][10]. Market Performance - Since the announcement of the "anti-involution" policies on July 1, the Shenyin Wanguo Glass Fiber sector has seen a cumulative increase of 14.2%, while the Shenyin Wanguo Steel and Photovoltaic Equipment sectors have risen by 11.36% and 9.73%, respectively [2]. Economic and Market Implications - Comprehensive governance of "involution" is expected to enhance overall productivity by correcting low-price competition and overcapacity, thereby preventing "bad money from driving out good" [10]. - The policy is anticipated to accelerate industry consolidation and improve corporate profit expectations, particularly in sectors like steel and cement [10]. - The construction of a unified market is expected to reduce cross-regional transaction costs and stimulate domestic demand [10]. Industry Beneficiaries - Industries likely to benefit from the "anti-involution" policies include photovoltaic, new energy vehicles, steel, and cement [16][18]. - In the photovoltaic supply chain, leading companies in silicon materials and glass are expected to benefit from price stabilization and capacity clearance [16]. - In the new energy vehicle sector, leading manufacturers are likely to restore profitability through production control and price stabilization [16]. Market Dynamics and Sustainability - The sustainability of the "anti-involution" market rally is contingent on demand-side support, with short-term market reactions driven by policy-induced supply reductions [13][14]. - Traditional industries like steel and coal are expected to see basic support for their market performance due to clear capacity constraints [14]. - The performance of related sectors will exhibit differentiation, with traditional industries benefiting from actual capacity reductions, while technology-intensive sectors will need to focus on innovation and efficiency [14][17]. Long-term Opportunities - Key opportunities include supply-demand optimization in sectors like steel and cement, technology barriers in photovoltaic and lithium battery sectors, and cost advantages in industries like pig farming [17]. - Companies with the ability to set technical standards within their supply chains are expected to achieve excess returns, highlighting the importance of long-term structural changes in the industry [17].

子行业周度核心观点： 光伏&储能：新能源为代表的新兴制造业是本轮"反内卷"的核心聚焦领域，光伏则是核心领域中的标杆示范行业， 当前"依法依规"进行干预的价格端已初显成效，继续关注终端价格传导能力、产业链对涨价趋势一致预期的形成、 以及供给侧自上而下的潜在动作；此外，继续重申推荐受益于美国政策不确定性消除、国内新能源全面市场化+反内 卷驱动格局改善、Q2 业绩同环比展望乐观的大储龙头：阳光电源。 风电：大金重工披露半年报业绩预告，Q2 业绩超预期，看好公司中长期盈利提升，继续坚定重点推荐；海南省发布 "136 号文"细则征求意见稿，增量海风项目获明显政策倾斜；浙江海风、日月、东缆等成立母港装备公司，关注浙 江深远海示范项目推进带来的订单机会。 电网：1）思源电气发布 25 中报业绩快报，25Q2 实现营收 53 亿元，同比+50%；归母净利润 8.5 亿元，同比+62%，大 超预期，上调公司 25 年盈利预测至 27.5 亿元，yoy+34%，当前股价对应 PE 仅 20 倍，维持重点推荐；2）国网输变电 设备 3 批中标金额 211.9 亿元，同比+38%，再创单批次中标金额新高，前 3 批累计中标同比+25 ...

证券代码：001203 证券简称：大中矿业 债券代码：127070 债券简称：大中转债 大中矿业股份有限公司投资者关系活动记录表 编号：2025-003 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会  | | 类别 | □新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名称 | 投资者网上提问 | | 时间 | 2024 年 7 月 11 日 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事会秘书林圃正先生、证券事务代表李云娥女士、IR 苏明先生 | | 员姓名 | | | | 1、林董好，近期有消息提到贵公司大宗铁矿石贸易是非洲利比里亚。 请问贵公司当前在推动一带一路高质量发展方面，有哪些业务布局 | | | 呢？谢谢。 | | | 回复： | | | 尊敬的投资者，您好。公司始终把实现中国梦作为企业使命，积 | | 投资者关系活动 | 极响应国家"一带一路"倡议。为契合公司 ...