相关报告：智研咨询发布的《2025-2031年中国硫酸铵行业市场深度分析及投资前景展望报告》 根据中国海关数据显示：2025年7月中国硫酸铵出口数量为220万吨，同比增长56.7%，出口金额为3.54 亿美元，同比增长68.5%。 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国硫酸铵出口情况统计图 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The overall economic situation shows mixed trends globally. In China, the real - estate market varies by region, and the new - energy vehicle market continues to grow. The US economy has limited change, with inflation and employment issues. The global long - term bond market is experiencing a sell - off, and the oil market may face supply - demand imbalances [9][10][11]. - Different commodity markets have diverse trends. For example, the stock index futures may be volatile in the short - term and long - term investors can consider buying on dips; the bond market is influenced by various factors and different strategies are proposed for different investment styles; the black, colored, agricultural, energy - chemical, and other commodity markets all have their own characteristics in terms of supply, demand, and price trends [13][14][15]. Summary by Related Catalogs Macro - finance - **Stock Index Futures**: Short - term trading may be volatile, and long - term investors can consider buying on dips. The A - share market shows a differentiated trend, with the GEM leading the rise. The market turnover has decreased, and the index may adjust its rhythm [13]. - **Treasury Bond Futures**: Conservative strategies can continue to consider the curve - steepening strategy, while aggressive strategies can consider buying on dips in the short - term. The bond market is boosted by the weakening of the equity market and the loosening of the capital supply. The PMI data shows signs of stabilization and differentiation [14][15]. Black - **Steel and Iron Ore**: The steel industry's supply policy has limited impact on the market. The downstream demand is weak, and the steel market will continue to adjust with limited space, maintaining a mid - term oscillating trend. Iron ore can be lightly short - sold [17][18]. - **Coking Coal and Coke**: The prices of coking coal and coke may continue to decline from high levels in the short - term. The supply may gradually recover after the parade, and the market sentiment has weakened as the eighth round of coke price increase has not been implemented [19]. - **Ferroalloys**: The black market sentiment is weak. Silicon iron can consider long - positions in the 10 - contract, while manganese silicon should be short - sold on rebounds in the medium - to - long - term [20]. - **Soda Ash and Glass**: Soda ash can be short - sold on rallies, and glass should be observed for now. The supply of soda ash is increasing, and the demand for photovoltaic glass is stable. The glass market has weak sales in various regions, and the inventory may increase [22]. Colored and New Materials - **Aluminum and Alumina**: Aluminum may oscillate at a high level in the short - term, and investors can consider buying on dips in the long - term. Alumina is expected to decline in the medium - term, and short - selling on rallies is recommended [24]. - **Zinc**: The social inventory of zinc is increasing, and the supply is expected to increase. The zinc price will oscillate downward [25]. - **Lithium Carbonate**: The market is in a state of high supply and demand, with insufficient upward - driving forces. It will mainly oscillate widely in the short - term [26]. - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate with limited downward space. Polysilicon is mainly affected by policy progress, and the market will have intense games [27][28]. Agricultural Products - **Cotton**: The cotton market is affected by the game between upstream and downstream. The supply is low, and the demand is weak. The long - term trend is to short on rallies [30][31][32]. - **Sugar**: The domestic sugar market has a short - term supply - demand surplus, and the sugar price is expected to decline. The global sugar market is also expected to have a supply surplus [33][34][35]. - **Eggs**: The short - term spot price of eggs is strong, but the 10 - contract is expected to be weak. It is recommended to trade on rebounds with caution [37]. - **Apples**: Investors can buy on dips or use a long - 10 - short - 01 spread strategy. The price of stored apples will be stable, and early - maturing apples will maintain a high - quality, high - price trend [38]. - **Corn**: Short the 01 - contract. The supply pressure of old - crop corn is increasing, and the new - crop corn has a certain expectation of a bumper harvest [39][40]. - **Jujubes**: It is recommended to wait and see. The market price in the production area is stable, and the price in the sales area has a slight decline [41]. - **Pigs**: Short the near - term contracts on rallies and consider long - positions in the 01 - contract. The supply pressure in September is still large, and the demand improvement is limited [41][42]. Energy - Chemical - **Crude Oil**: The market may shift to a supply - surplus pattern. It is advisable to short on rallies as the inventory may accumulate rapidly after the peak - demand season [43][44]. - **Fuel Oil**: The price will follow the movement of crude oil, and the short - term price range is estimated to be between $65 and $70 [44][45]. - **Plastics**: Polyolefins will oscillate weakly due to high supply pressure and weak demand [45][46]. - **Rubber**: Consider buying on dips and be cautious when chasing high prices. The short - term fundamentals have no obvious contradictions [46]. - **Methanol**: The price may continue to oscillate weakly due to port inventory accumulation. It is recommended to reduce short - positions due to rumors of plant shutdowns [46][47]. - **Caustic Soda**: Adopt a long - term long strategy after short - term trading. The transportation situation may improve after the parade, and the demand is expected to increase [48]. - **Asphalt**: It follows the movement of crude oil and is stronger than crude oil. The demand is in the peak season, but the supply is also increasing [49]. - **Polyester Industry Chain**: The prices of polyester products are expected to be bearish in the short - term due to the weakening of crude oil and the lack of supply - demand support [50]. - **Liquefied Petroleum Gas (LPG)**: It follows the cost of crude oil and has sufficient supply. The demand is difficult to strengthen significantly, and a long - term bearish view is maintained [50]. - **Paper Pulp**: Observe whether the port inventory continues to decline and whether the spot trading and demand improve after Chenming's resumption of production [52]. - **Logs**: The fundamentals are oscillating, and the spot price is affected by weak trading [53]. - **Urea**: Adopt a bearish strategy. The export news is negative, and the futures price is falling [54]. - **Synthetic Rubber**: Consider buying on dips. The short - term fundamentals have no obvious contradictions, and the price is supported by raw materials [55].

| | | | 大类资产表现 | | | | --- | --- | --- | --- | --- | --- | | 类别 | 名称 | 日涨跌幅% | 月内涨跌幅% | 年内涨跌幅（%） | 近一年走势 | | | 上证指数 上证50 | -1.16 -1.07 | -1.15 -0.52 | 13.78 10.29 | | | | 沪深300 | -0.68 | -0.82 | 13.34 | | | | 中证500 | -1.34 | -2.49 | 19.96 | | | 权益 | 标普500 | 0.51 | -0.19 | 9.63 | | | | 恒生指数 | -0.60 | 1.06 | 26.34 | | | | 德国DAX | 0.46 | -1.29 | 18.51 | | | | 日经225 | -0.88 | -1.82 | 5.12 | | | | 英国富时100 | 0.67 | -0.10 | 12.30 | | | | 10年期国债期货 | 0.21 | 0.32 | -0.70 | | | 固收类 | 5年期国债期货 | 0.17 | 0.20 | -0.76 | | ...

证券之星消息，根据市场公开信息及9月3日披露的机构调研信息，国泰基金近期对3家上市公司进行了调研，相关名单如下： 1）联化科技 （国泰基金参与公司特定对象调研） 调研纪要：2025年上半年公司利润大幅增长，主要得益于降本增效、植保业务产能提升、产品结构优化及医药业务集中发货，叠加汇兑收益增 加。医药板块坚持大客户战略，拓展国内外优质客户，业务覆盖持续扩大。英国子公司产能利用率提升，叠加汇兑收益，经营改善明显。新能源 业务已实现电解液、电解质主盐、正极材料的稳定商业化交付，2025年营收有望突破。公司关注固态电池等前沿技术，积极匹配客户需求。面对 印度竞争企业，公司认为中国在供应链、环保和知识产权保护方面具备优势，有信心保持竞争力。 2）澜起科技 （国泰基金管理有限公司参与公司业绩说明会&电话会议） 个股亮点：公司的主要产品为内存接口芯片、津逮服务器平台、消费电子芯片；公司的内存接口及模组配套芯片、PCIe Retimer芯片、MXC芯 片、津逮CPU等产品主要应用于数据中心和服务器 (产品代码: 515170) ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: -0.16% 市盈率： 21.00倍 3）金 ...

Group 1 - The U.S. has imposed additional tariffs of up to 25% on Indian exports, raising the total tax burden on Indian goods to nearly 50% [1] - The tariffs are seen as a tool in the geopolitical struggle between the U.S. and India, particularly in the context of India's growing ties with Russia [1][5] - India's oil imports from Russia have surged nearly fourfold since 2023, making Russia its largest oil supplier, which provides India with leverage against U.S. pressure [5][9] Group 2 - India's exports to the U.S. increased by 19% in 2024, indicating a growing market share that the U.S. is attempting to counteract through tariffs [3] - The Indian economy has shown explosive growth in domestic consumption, reducing reliance on U.S. orders [6] - India's export structure is diverse, with textiles, chemicals, pharmaceuticals, and jewelry, allowing for flexibility in shifting orders to other markets [8] Group 3 - The U.S. is facing economic challenges, including a slowdown in growth and manufacturing, prompting a need to direct pressure towards India [3][9] - Trump's hardline approach is partly driven by the upcoming election year, aiming to project a strong image to voters [9] - India's strategic autonomy allows it to resist U.S. pressure, as it has been reducing its dependence on the dollar for transactions, opting for local currencies in trade with Russia [14][20] Group 4 - The geopolitical landscape is shifting, with India capitalizing on low-priced Russian oil amidst Western sanctions on Russia, which has stabilized domestic oil prices and reduced inflation [9][16] - India's recent agreements with Middle Eastern buyers to expand oil procurement channels indicate a strategy to enhance energy security and reduce reliance on any single supplier [20] - The ongoing trade tensions reflect a broader trend of global supply chain reconfiguration, with India learning from China's past experiences in navigating U.S. tariffs [16][20]

【跟踪牛人动态】超3000名"专业选手"如何调仓？榜首总收益超120% 单只标的浮盈超200% 【头条要闻】 尼泊尔总理奥利3日下午在社交平台X上发文，称赞此次纪念活动为一场"非凡的盛会"。"多么非凡的盛 会！今天上午，我参加了在北京天安门广场举行的中国人民抗日战争暨世界反法西斯战争胜利80周年纪 念活动。"奥利还表示，非常荣幸能出席由中方在人民大会堂举办的招待会和文艺演出，"这是一次真正 具有历史意义的全球友谊与纪念盛会"。 财政部、央行第二次组长会议：共同保障财政政策、货币政策更好落地见效 会议充分肯定了去年联合工作组成立以来部、行协同配合取得的成效，并就金融市场运行、政府债券发 行管理、央行国债买卖操作和完善离岸人民币国债发行机制等议题进行了深入研讨。双方一致认为财政 政策与货币政策的协同发力，为应对当前复杂多变的市场环境、推动经济持续回升向好提供了有力保 障。下一步，要继续积极发挥部、行联合工作组机制作用，深化合作，加强协同，持续推动我国债券市 场平稳健康发展，共同保障财政政策、货币政策更好落地见效。财政部、中国人民银行相关司局负责同 志参加会议。 海外中国股票ETF规模大增，国际资金看好中国资产 8 ...

Group 1 - The core viewpoint is that structural recovery continues, with AI and overseas expansion being the key indicators for the second quarter report [1] - The performance growth rate of the non-financial oil and petrochemical sectors in the A-share market has slowed down in Q2 2025, but the structural recovery characteristics persist [1][2] - The internal economic indicators of technology growth are accelerating, driven by global AI industry resonance and overseas expansion [1][3] Group 2 - Total performance recovery is slowing, with mid-cap growth showing outstanding performance; net profit for non-financial sectors in Q2 2025 increased by 1.59% year-on-year, while revenue grew by 0.66% [2] - The growth rate of various sectors is diverging, with the main board, ChiNext, and North Exchange experiencing a slowdown, while the growth rate of the Sci-Tech Innovation Board has rebounded significantly [2] - The return on equity (ROE) for non-financial sectors in Q2 2025 has marginally declined, primarily due to a decrease in gross profit margin [2] Group 3 - Hard technology and non-bank sectors are showing superior performance, while cyclical consumption is experiencing significant divergence [3] - The technology sector, including optical electronics, semiconductors, and communication equipment, continues to thrive due to overseas AI investment and domestic demand for replacement [3] - In the cyclical sector, upstream growth is under pressure, but precious and minor metals are still growing rapidly due to rising expectations of overseas interest rate cuts [3] Group 4 - Capacity operation shows that traditional cyclical resources and equipment manufacturing are still undergoing capacity clearance, while emerging industries and new materials are expanding [4] - In Q2 2025, traditional cyclical industries are showing strong willingness to reduce capacity, while emerging technology hardware and certain consumer sectors are experiencing high capacity utilization rates [4] - The capacity cycle is entering an expansion phase in emerging technology industries and new consumption sectors, indicating a positive outlook for these areas [4]

良好的收益水平以及风险控制能力，使得广发均衡成长A的风险收益性价比处于较高水平。Wind数 据显示，广发均衡成长A成立以来至8月29日的夏普比率为2.05，在4180只偏股混合型基金中排名前1% 分位。 广发均衡成长的基金经理杨冬，是一位从业19年、投资超过14年的投研老将，其参与管理的广发多 因子、广发价值领航一年、广发瑞誉、广发均衡成长等主动权益基金，均取得良好的业绩。在组合管理 上，杨冬偏好先自上而下优选行业和风格，再自下而上精选估值相对合理、具有独特竞争壁垒的个股进 行配置。 产品定期报告显示，广发均衡成长在配置上呈现行业多元分散、风格均衡的特征。行业方面，以电 子、通信、电力设备、创新药等成长行业为主，在持仓中占有较大比重；同时，也配置了以非银金融、 银行为代表的低估值稳增长行业，和以化工为代表的顺周期行业。整体来看，组合的行业覆盖面较广， 前三大行业持仓占股票投资市值的权重大多控制在65%以下。 证券时报记者 安仲文 近期A股高位震荡，波动性可能加大。在市场投资情绪高涨的环境中，择机布局仍然是许多投资者 关注的问题。多位公募人士判断，业绩优异的均衡风格基金有望在控制风险的前提下跑赢市场，在获取 超 ...

Core Viewpoint - The A-share market is experiencing high volatility, and investors are focusing on strategic positioning to achieve excess returns while controlling risks [1] Group 1: Fund Performance - The Guangfa Balanced Growth Fund has shown strong performance with a one-year return of 55.03%, outperforming its benchmark by 23.89% [1] - The fund's maximum drawdown since inception is 12.59%, which is lower than the over 15% drawdown of the CSI 300 Index and the Wind Mixed Equity Fund Index [1] - The fund's Sharpe ratio is 2.05, placing it in the top 1% among 4180 mixed equity funds [1] Group 2: Fund Manager and Strategy - Yang Dong, the fund manager, has 19 years of experience and focuses on top-down industry selection followed by bottom-up stock selection [2] - The fund's portfolio is diversified across various industries, with significant allocations in electronics, communications, and innovative pharmaceuticals [2] - The top ten holdings account for 41.18% of the fund's net asset value, with individual stock weights ranging from 1% to 2% [2] Group 3: Future Outlook - Yang Dong is optimistic about the A-share market, highlighting three trends: the growth of industries like AI and electronics, a shift in asset allocation towards equities and funds, and supportive policies that may stabilize the market [3]

本报记者 吴奕萱 中关村物联网产业联盟副秘书长袁帅表示，从战略层面看，此次交易是浙江沪杭甬多元化布局、拓展业 务版图的重要一步。通过吸收合并镇洋发展，浙江沪杭甬能将主营业务拓展至化工行业，增强抗风险能 力。 9月3日，浙江镇洋发展股份有限公司（以下简称"镇洋发展"）披露重大资产重组预案。浙江沪杭甬高速 公路股份有限公司（以下简称"浙江沪杭甬"，已在港交所上市）拟以发行A股股票方式换股吸收合并镇 洋发展，换股比例为1：1.08，即镇洋发展换股股东所持有的每1股镇洋发展A股股票可以换得1.08股浙 江沪杭甬本次发行的A股股票。 本次换股吸收合并完成后，镇洋发展将终止上市并最终注销法人资格，浙江沪杭甬作为存续公司，承接 镇洋发展的全部资产、负债、业务、合同、资质、人员及其他一切权利与义务，浙江沪杭甬为本次吸收 合并发行的A股股票及原内资股将申请在上交所主板上市流通，届时浙江沪杭甬将形成"港股+A股"的两 地上市格局。浙江省交通投资集团有限公司（以下简称"浙江交通集团"）作为交易前双方的控股股东将 直接及间接合计持有存续公司66.74%股份，为存续公司的控股股东和实际控制人。 公开资料显示，本次交易前，浙江沪杭甬业务 ...