服务行业：海南自贸封关时间已定。 1）国家发展改革委副主任王昌林7月23日在国新办发布会上表示，关于海南 自贸港封关的具体时间，经党中央批准，定于2025年12月18日正式启动。王昌林表示，在12月18日这一天启动封 关运作，具有重要象征意义，也是向世界展示我国坚定不移扩大高水平开放的决心和信心。接下来还有几个月时 间，我们将抓紧做好后续准备工作，帮助经营主体充分了解封关政策、开展相关业务测试。 宏观日报 | 2025-07-24 关注AI下游人形机器人消费进展 中观事件总览 生产行业：关注人形机器人领域发展。 1）7月23日，农业农村部召开推动生猪产业高质量发展座谈会，部党组书 记、部长韩俊主持会议并讲话。会议强调，进一步强化市场引导和政策支持，健全生猪产能综合调控机制，促进 生猪市场稳定运行，加快推进生猪产业转型升级，推动生猪产业稳定健康发展.。2）华尔街投行摩根士丹利发布报 告预测，人形机器人今年下半年将在中国"被广泛采用"。大摩还预测称，未来中国在人形机器人领域将愈发占据 优势，与美国等其他国家的差距将逐步拉开。 数据来源：iFind，华泰期货研究院 行业总览 上游：1）黑色：黑色商品集体价格上行。2 ...

独角兽企业具有强大的创新基因，发展速度快、成长性高，是发展新质生产力的重要力量。近日， 长城战略咨询发布《GEI中国独角兽企业研究报告2025》，南京共有8家企业入选2024年中国独角兽企 业；上月底，胡润研究院发布《2025全球独角兽榜》，有9家南京企业上榜，数量居全国第七。 创新是独角兽企业鲜明的特征，这也使得这些独角兽企业主要集中在人工智能、新能源汽车、生物 医药等领域。产业强市是南京的"头号工程"，不少独角兽企业所处的领域正是"4266"现代化产业体系的 主攻方向。 "独角兽"分布领域广泛 独角兽企业一般指成立时间不超过10年、估值超过10亿美元，且具备独有核心技术、独特竞争优 势和市场潜力的未上市公司。 中国独角兽企业研究报告显示，2024年中国独角兽企业达372家，总估值突破1.2万亿美元。南京 上榜的8家独角兽企业总估值达147亿美元，按照估值排序，依次为：T3出行、中汽创智、蓬勃生物、 华控创为、展芯半导体、芯华章、连尚文学、众能联合。从赛道分布看，我市独角兽企业分布领域广 泛，涉及智慧出行、智能网联、创新药、人工智能、集成电路、数字文娱、产业互联网等领域。 胡润2025全球独角兽榜显示，全球 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The anti - involution trend affects the entire non - ferrous metal sector. The rise in non - ferrous metals is likely due to demand - side factors rather than issues with the US dollar index, gold, or supply. The development of high - quality projects and the Yarlung Zangbo River Hydropower Station may have a significant impact on copper and zinc. Copper may be slightly stronger in the short term, but there are potential mid - term risks as the price increase has not significantly driven up positions, and there is no need for large - scale capacity optimization on the supply side [3]. - There are both利多 and利空 factors for copper. The利多 factors include the easing of Sino - US tariff policies, the reduction of LME inventory levels, the low - level hovering of the US dollar index, and the positive impact of anti - involution on the non - ferrous metal sector. The利空 factors are the uncertainty of tariff policies, the potential reduction of global demand due to tariff policies, and the Fed's maintenance of high interest rates [4][5][7]. 3. Summary by Relevant Catalogs Copper Price and Volatility - The latest copper price is 79,590 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2]. Copper Risk Management Suggestions - **Inventory Management**: For high finished - product inventory and fear of price decline, it is recommended to sell 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton and sell 25% of the CU2509C82000 call option when volatility is relatively stable [2]. - **Raw Material Management**: For low raw - material inventory and fear of price increase, it is recommended to buy 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2]. Copper Futures and Spot Data - **Futures Data**: The latest price of the Shanghai Copper main contract is 79,590 yuan/ton with no daily change. The Shanghai Copper continuous - one contract is 79,590 yuan/ton, down 150 yuan (- 0.19%); the Shanghai Copper continuous - three contract is 79,560 yuan/ton with no change; the LME 3M copper is 9,933.5 US dollars/ton, up 35.5 US dollars (0.36%); the Shanghai - London ratio is 8.14, up 0.01 (0.12%) [6][8]. - **Spot Data**: The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaotrade, Guangdong Southern Reserve, and Yangtze Non - ferrous are 79,790 yuan/ton, 79,875 yuan/ton, 79,630 yuan/ton, and 79,940 yuan/ton respectively, with daily changes of 35 yuan (0.04%), 170 yuan (0.21%), 120 yuan (0.15%), and 110 yuan (0.14%) [10]. Copper Inventory Data - **Shanghai Futures Exchange (SHFE)**: The total Shanghai Copper warehouse receipts are 15,535 tons, down 9,972 tons (- 39.1%); the total international copper warehouse receipts are 4,667 tons with no change [15]. - **LME**: The total LME copper inventory is 124,825 tons, down 25 tons (- 0.02%); European inventory is 28,775 tons, down 475 tons (- 1.62%); Asian inventory is 13,150 tons, down 82,925 tons (- 86.31%); North American inventory is 0 tons [17]. - **COMEX**: The total COMEX copper inventory is 245,508 tons, up 6,073 tons (2.54%) [20]. Copper Import and Processing Data - The copper import profit and loss is - 247.47 yuan/ton, down 285.72 yuan (- 746.98%); the copper concentrate TC is - 42.9 US dollars/ton, up 0.27 US dollars (- 0.63%) [21].

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年7月24日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为7.7万吨，环比有所增加2.67%。 需求端来看，上周工业硅需求为7.4万吨，环比减少3.89%.需求持续低迷.多晶硅库 存为24.9万吨，处于高位，硅片亏损，电池片亏损，组件盈利；有机硅库存为 78100吨，处于高位，有机硅生产利润为373元/吨，处于盈利状态，其综合开工率 为71.38%，环比持平，高于历史同期平均水平；铝合金锭库存为3.72万吨，处于高 位，进口亏损为632元/吨，A356铝送至无锡运费和利润为584.55元/吨，再生铝开 工率为53.4%，还比减少0.37%,处于低位。 成本端来看，新疆地区 ...

Core Perspective - Wudao Group outlines a strategic vision of "industry-finance symbiosis and enduring value" as a comprehensive industrial investment institution, emphasizing its capital operation capabilities and deep industry engagement [1] Group 1: Cemetery Industry - Wudao Group focuses on the cemetery industry, which is characterized by its anti-cyclical nature, ensuring stable cash flow growth despite economic fluctuations. The value of its cemetery assets has reached nearly 9.5 billion yuan, with a net profit reserve of nearly 3.6 billion yuan [1] Group 2: Building Asset Management - In the core city office management sector, Wudao Group demonstrates keen industry insight, managing a total signed office area of 31,481 square meters. The occupancy rates for various projects, such as the Zhejiang University Alumni Enterprise Headquarters and Alibaba's Cainiao Industrial Park, are reported at 100% and 82% respectively [1] Group 3: Vehicle Rental Industry - In the business vehicle rental sector, Wudao Group has established an efficient and flexible operational system, achieving a monthly rental rate of over 95% and an annual profit margin exceeding 43%, reflecting its robust growth potential [2] Group 4: Consumer Experience - The "Little Elephant Experience Park" fills a gap in shopping mall consumption scenarios, creating high-frequency traffic through immersive interactions. Additionally, the group has innovated in the restaurant sector with the launch of a unique beef bone hot pot brand, establishing eight locations in Beijing and Shandong [3] Group 5: Self-Storage Market - The self-storage market in China has seen rapid growth, with an annual growth rate exceeding 30%. Wudao Group addresses modern storage needs through self-storage solutions, catering to urban residents facing space constraints [4][5] Group 6: Investment and Operation Philosophy - Wudao Group's core competitiveness lies in its dual-driven model of "industrial investment" and "industrial operation," distinguishing itself from traditional asset management institutions. The group emphasizes the importance of operational empowerment for asset appreciation, creating a warm and human-centered investment experience [6]

Group 1: Carbon Management Initiatives - Yunnan Province's Pu'er City has established itself as a national forestry carbon sink pilot county, emphasizing ecological and green development [1] - The city has implemented a comprehensive carbon peak action plan, focusing on nine major actions including energy transition, urban construction, and green technology innovation [2][3] - A carbon account platform has been initiated, facilitating over 5,300 tons of carbon trading through a collaborative mechanism involving companies, counties, and farmers [2] Group 2: Green Economic Development - Pu'er City achieved a 100% green electricity supply rate during the 14th Five-Year Plan period, with significant growth in organic product certifications and green food brands [4] - The city is developing a circular economy, integrating agriculture, forestry, and tourism into a diversified industrial structure, with a focus on clean production and resource efficiency [4] - Traditional industries are undergoing green upgrades, exemplified by a salt company's energy-saving project that reduced energy consumption by 65% and carbon emissions by over 35,000 tons [5] Group 3: Sustainable Agricultural Practices - The city is promoting the green transformation of traditional agriculture, leveraging highland specialty products like tea and coffee to create a sustainable agricultural cycle [6] - Initiatives include the establishment of ecological demonstration gardens and the development of a circular industry chain that enhances agricultural productivity [6] - The city has successfully integrated carbon management into its agricultural practices, contributing to high-quality green development [6]

| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年7月24日 | | | | 蒋诗语 | Z00170002 | | 玻璃相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 华北报价 | 1210 | 1200 | 10 | 0.83% | | | 华东报价 | 1260 | 1250 | 10 | 0.80% | | | 华中报价 | 1170 | 1140 | 30 | 2.63% | | | 华南报价 | 1290 | 1290 | 0 | 0.00% | 元/吨 | | | | 1403 | | | | | 玻璃2505 | 1372 | | -31 | -2.21% | | | 玻璃2509 | 1211 | 1249 | -38 | -3.04% | | | 05基着 | -162 | -203 | 41 | 20.20% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 现值 | 前 ...

A股冰雪产业持续拉升，雪人集团涨超6%，王府井涨超5%，冰轮环境、三特索道、武商集团、华侨城 A跟涨。 ...

永赢基金权益研究部总经理、惠添益基金经理 王乾 注：基金有风险，投资需谨慎。以上观点仅供参考，不构成任何推介或投资建议。 今年以来，A股主要指数表现较好，年初至7.23，上证指数上涨6.88%、创业板指上涨7.89%、沪深300 上涨4.7%，市场整体赚钱效应较好。年初至3月中旬，AI产业加速发展与政策暖风共振，市场震荡上 行；3月下旬至4月上旬，受"对等关税"影响，市场剧烈震荡调整；4月中旬至今，国内政策积极发力， 叠加中美贸易摩擦阶段性缓和，市场逐级向上。从结构上看，板块间表现明显分化，其中有色金属、非 银金融和银行等板块涨幅居前，而煤炭、食品饮料、房地产等板块仍为负收益，阶段性落后。另外，上 半年市场结构性行情特征明显，人形机器人、创新药、AI算力等局部热度较高。 (责任编辑：叶景) 展望下半年，我们对整体市场保持谨慎乐观，重点关注"反内卷"政策效应、内需复苏、新质生产力等投 资线索与方向。 2024年7月中央政治局会议首次提出"防止内卷式恶性竞争"，部分行业由于前期产能过度建设等因素， 出现供需失衡，导致低水平价格战，恶性价格竞争一方面损害行业当期盈利能力，也会削弱行业中长期 推动技术进步的能力，陷入 ...

source： 南华研究,wind 沪镍管理策略 镍&不锈钢：基本面逻辑凸显，预计延续震荡 7月23日风险管理日报 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.7-12.6 | 15.17% | 3.2% | | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | | 套保比例 策略等级（满 分5） | | --- | --- | --- | --- | --- | --- | --- | | 库存 | 产品销售价格下跌，库存有减 | 根据库存水平做空沪镍期货来锁定利 润，对冲现货下跌风险 | 沪镍主力合约 | 卖出 | 60% | 2 | | 管理 | 值风险 | | | | | | | | | 卖出看涨期权 | 场外/场内期权 | 卖出 | 50% | 2 | | | | 根据生产计划买入沪镍远期合约，盘面 提前采购锁定生产成本 | ...