地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/06/26 隔夜夜盘市场走势 1. 国际油价窄幅震荡，美油涨 0.9%，报 64.94 美元/桶。美国上周 EIA 原油库 存超预期减少 583.6 万桶。光大期货指出，油价短期或维持区间震荡，需关注 欧佩克+产量政策变化。 2. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.37%报 3346.4 美元/盎司， 白银涨 1.35%。美联储拟放宽银行杠杆率要求，同时重申通胀风险，对贵金属 形成双向影响。 3. 伦敦基本金属多数上涨，LME 期锡涨 2.5%，期锌、期镍涨 1%，期铜涨 0.6%。 高盛预计，由于关税导致美国以外市场铜库存减少，以及中国经济活动有韧性， 铜价将在 8 月升至 2025 年高点。 4. 世界钢铁协会发布数据显示，5 月份，全球 70 个纳入统计国家/地区的粗钢 产量为 1.588 亿吨，同比下降 3.8%。中国粗钢产量为 8655 万吨，同比下降 6.9%； 印度粗钢产量为 1350 万吨，同比提高 9.7%。 重要资讯 【宏观资讯】 1 ...

Group 1 - Shell is in early talks to acquire BP, potentially marking the largest oil deal since ExxonMobil's $83 billion merger in the early 2000s, with BP's current market value around $80 billion [1] - The negotiations are ongoing, but terms are not yet finalized, and Shell has denied the reports, calling them market speculation [1] - The potential acquisition highlights the trend of consolidation in the energy sector and the pressure BP faces after setbacks in its transition strategy [2] Group 2 - BP has lagged behind other major oil companies, facing challenges in its shift from fossil fuels to renewable energy and experiencing management turmoil [2] - Activist investor Elliott Investment Management, holding over 5% of BP, has been pushing for changes, indicating the risk of potential acquisition by competitors [2] - BP has announced plans to increase oil and gas production while significantly cutting back on clean energy investments, and is considering divesting its Castrol lubricants business and parts of its solar division [2] Group 3 - The potential deal represents the ongoing wave of mergers and acquisitions in the energy sector as companies seek economies of scale [3] - If Shell proceeds with the acquisition, it may take years to integrate BP, with cultural clashes and asset overlaps complicating the process [3] - Chevron is also pursuing a $53 billion deal for Hess, while ExxonMobil completed a $60 billion acquisition of Pioneer Natural Resources last year [3]

Core Viewpoint - The article highlights significant developments in various sectors, including energy, transportation, finance, and consumer services, indicating a dynamic market environment with new opportunities and challenges for investors. Group 1: Energy Sector - China's first deep-water high-pressure gas field, "Deep Sea No. 1" Phase II project, has been fully put into production, marking the completion of the largest offshore gas field in the country with a maximum daily production capacity of 15 million cubic meters [1][11]. Group 2: Transportation Sector - Cao Cao Travel officially listed on the Hong Kong Stock Exchange, becoming the largest ride-hailing platform in Hong Kong, with a global offering of approximately 44.18 million shares at a price of HKD 41.94 per share [2][18]. - The market for passenger vehicles in China saw retail sales of 1.269 million units from June 1 to June 22, a year-on-year increase of 24%, with new energy vehicles accounting for 690,000 units sold, reflecting a 38% increase [11]. Group 3: Financial Sector - The Ministry of Finance reported that in May, national lottery sales reached CNY 57.036 billion, a year-on-year increase of 19.8%, driven by a rise in sports events boosting sales of betting-type lotteries [4]. - The People's Bank of China conducted a MLF operation of CNY 300 billion, resulting in a net liquidity injection of CNY 1.18 trillion for June, marking the fourth consecutive month of increased liquidity [7]. Group 4: Consumer Services - Shenzhen's municipal government issued measures to promote high-quality service consumption, including support for new business models such as e-sports and live-streaming e-commerce [8]. - IKEA recalled 2,452 units of a garlic press due to the risk of metal fragments detaching, urging customers to stop using the product and seek refunds [18]. Group 5: Corporate Developments - *ST Huamei announced a share transfer agreement where its controlling shareholder will transfer 214 million shares (22.32% of total shares) to Yadong Investment, changing the controlling shareholder to Yadong Investment and the actual controller to the State-owned Assets Supervision and Administration Commission of Jilin Province [3][13]. - New Times Da announced the completion of a share transfer agreement with Haier Group, resulting in Haier becoming the controlling shareholder with 29.24% of the voting rights [21].

南财早新闻，早听早知道。 2、中共中央政治局委员、国务院副总理何立峰23日至24日在河北调研时指出，加快构建全国统一大市 场，积极扩大内需提振消费，加快构建房地产发展新模式，因地制宜发展新质生产力，更好推动经济高 质量发展。 3、31省份2025年高考分数线均已公布。 1、截至6月12日，全国13个省份所有统筹区生育津贴均可直接发放至个人。 2、财政部发布数据显示，5月份，全国共销售彩票570.36亿元，同比增加94.18亿元，增长19.8%，主要 原因是5月份体育赛事较多带动竞猜型彩票销量增长，以及去年同期即开型彩票销量基数较低等。 3、据国家能源局消息，2025年5月，国家能源局核发绿证2.15亿个，环比下降0.59%。2025年1—5月， 国家能源局共计核发绿证10.93亿个，其中可交易绿证7.62亿个。 4、6月25日，中国人民银行以固定数量、利率招标、多重价位中标方式开展3000亿元MLF操作，期限 为1年期。鉴于6月有1820亿元1年期MLF到期，央行自3月起连续4个月超额续作MLF。 5、国家发改委紧急安排2亿元中央预算内投资支持贵州等地严重洪涝灾害灾后应急恢复。 6、深圳市商务局近日印发了《深 ...

Group 1 - The "Deep Sea No. 1" Phase II project has achieved full production, with a total of 23 underwater gas wells operational, reaching a maximum daily output of 15 million cubic meters, making it the largest offshore gas field in China [2][4] - The project consists of two phases, with Phase I launched in June 2021 and Phase II deploying 12 underwater gas wells across three areas, along with new infrastructure including a platform and underwater production systems [2][3] - The project faces complex natural conditions, with total well depths exceeding 60,000 meters, maximum formation temperatures of 138 degrees Celsius, and pressures reaching 69 MPa, presenting significant technical challenges [3] Group 2 - The "Deep Sea No. 1" gas field is expected to produce over 4.5 billion cubic meters of gas annually, with the gas being distributed to regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port [4] - The project has led to the development of five world-first key technologies for deep-water high-pressure well drilling and completion, enhancing operational efficiency by over 30% [3] - An innovative development model combining underwater production systems with shallow water platforms and deep-water semi-submersible platform remote control systems has been introduced, transforming existing shallow water gas field facilities into gas transmission hubs [3]

Market Performance - The market experienced a strong upward trend, with the Shanghai Composite Index closing at 3455.97 points, marking a new high for the year, and the ChiNext Index rising nearly 3% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 188.2 billion yuan compared to the previous trading day [1] Sector Performance - Financial stocks continued to surge, with major banks like ICBC, ABC, BOC, and CCB reaching historical highs [2] - The military industry stocks also performed well, with over 10 stocks, including Great Wall Industry, hitting the daily limit [2] - Chip stocks saw fluctuations, with Taiji Co. hitting the daily limit of 20% [2] - In contrast, oil and gas stocks continued to adjust, with Zhun Oil Co. facing consecutive daily limits [2] Investment Outlook - A positive outlook for A-share funding is anticipated, with long-term capital inflows increasing and ETF sizes steadily growing, providing significant support [3] - The market is expected to present a steady upward trend in the second half of the year, with a focus on large-cap stocks and growth opportunities [3] - Structural opportunities are highlighted in four main areas: safe assets, technological innovation, consumer goods, and mergers and acquisitions [3] Economic Context - The domestic economy is generally stable, but the end of the tariff suspension period in July and August may reveal the impact of exports on economic performance [4] - The importance of domestic demand is emphasized, with potential policy adjustments expected after August [4] - The market's ability to maintain stability above the 3400-point level is crucial, with ongoing monitoring of external factors and the performance of the financial sector [4]

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 188.2 billion yuan compared to the previous trading day [1] - The military, securities, internet finance, and insurance sectors saw the highest gains, while oil and gas, pesticides, film, and port sectors experienced the largest declines [1] - By the end of the trading session, the Shanghai Composite Index rose by 1.03%, the Shenzhen Component Index increased by 1.72%, and the ChiNext Index surged by 3.11% [1] Investment Strategy - The company has initiated a position in the reducer sector and is currently fully invested, planning to sell the liquor concept the following day based on post-market quantitative analysis [3] - Continuous evaluation of past operations is emphasized to identify areas for improvement, ensuring the investment strategy remains competitive [3] - The company plans to sell the liquor sector and buy into the deep-sea technology sector, indicating a clear and decisive strategy [6] Sector Analysis - The deep-sea economy has shown significant potential, with a notable increase in RPS (Relative Price Strength) metrics over time, indicating strong performance [7] - The deep-sea technology sector is gaining attention from policy levels, with expectations for future industrial policies and major project implementations [7] - The total value of China's marine economy surpassed 10 trillion yuan in 2024, highlighting deep-sea technology as a crucial emerging industry for economic growth [7] - The deep-sea industry has a long supply chain, contributing significantly to economic stimulation across various stages from upstream technology development to downstream application services [7]

Summary of Key Points Core Viewpoint The company has decided to postpone the expected completion dates for certain fundraising investment projects due to changes in market conditions and strategic adjustments, while ensuring that the investment amounts and purposes remain unchanged. Group 1: Fundraising Overview - The company raised approximately RMB 2.5 billion through a private placement of 69,098,949 shares at a price of RMB 36.18 per share, with a net amount of RMB 2,487,483,821.84 after deducting issuance costs [1][2] - The remaining balance of the original fundraising project, which was terminated, is RMB 758.205 million, including interest and investment income [2][4] Group 2: Project Changes - The company has terminated the original project for the industrialization of new energy intelligent fracturing equipment and redirected the remaining funds to an oil and gas technology service project [2][8] - The total investment for the new project is estimated at RMB 830 million, with RMB 758.205 million expected to be funded from the redirected remaining balance [8] Group 3: Delay Reasons - The postponement is attributed to changes in market and macroeconomic conditions, as well as the company's strategic adjustments, which have led to a reassessment of project urgency [6][7] - The company aims to avoid resource waste by extending the timeline for project completion, particularly for the digital transformation project, which has seen a decrease in urgency due to overseas capacity construction [7][8] Group 4: Project Feasibility and Expected Benefits - The digital transformation project is essential for enhancing operational efficiency and reducing reliance on manual processes, although it does not directly generate revenue [11][12] - The oil and gas technology service project is expected to meet increasing market demand, with a positive outlook on economic benefits based on current market assessments [12] Group 5: Approval and Oversight - The postponement of the projects has been approved by the company's board and supervisory committee, ensuring compliance with relevant regulations [13] - The company will continue to monitor market conditions and manage resources effectively to ensure the projects are completed on schedule [10][13]

Group 1 - China National Offshore Oil Corporation (CNOOC) announced the full production of the "Deep Sea No. 1" gas field phase II project in the South China Sea, marking the completion of the largest offshore gas field in China [4] - The Shaoyang-Yongzhou high-speed railway has commenced the construction of its first box girder, with a total length of approximately 96 kilometers and a design speed of 350 kilometers per hour, forming an important part of China's high-speed rail network [6] - The sports goods industry in Cixi, Zhejiang Province, has rapidly developed, with over 800 enterprises included in the national sports industry directory, and exports of sports goods and equipment reached 860 million yuan, a year-on-year increase of 49.7% from January to May [8] Group 2 - The Inner Mongolia Autonomous Region showcased its campus football curriculum achievements, with participation from 36 primary and secondary schools across 12 leagues [10] - Eastern Airlines launched a direct round-trip flight route between Xi'an and Istanbul, enhancing connectivity between the two cities [13] - Sanya, Hainan, is preparing for the summer tourism peak with a themed tourism season, attracting numerous domestic and international tourists to experience yacht outings [15]

据证券时报，2025年以来，信用债ETF迎来爆发式增长，成为债券市场最具吸金效应的新品类。截至6 月23日，全市场信用债ETF总规模达2046.82亿元，首次突破2000亿元大关，约占全部债券ETF市场的 57%，成为今年ETF市场增长最迅猛的细分赛道之一。 一、ETF行业快讯 1、三大指数集体上涨，多只金融科技ETF上涨 今日，三大指数集体上涨，上证综指上涨1.04%，深证成指上涨1.72%，创业板指上涨3.11%。多只计算 机板块ETF上涨，其中，金融科技ETF华夏（516100.SH）上涨7.60%，金融科技ETF（516860.SH）上涨 7.59%，金融科技ETF（159851.SZ）上涨7.45%。石油石化板块多只ETF下跌，油气ETF博时 （561760.SH）下跌0.32%，油气资源ETF（563150.SH）下跌0.11%，油气资源ETF（159309.SZ）下跌 0.10%。 2、股票ETF连续8个交易日出现资金净流入 据中国基金报，6月24日，权重股"大象起舞"，上证指数重返3400点，股票型ETF同步资金净流入，助 推多个主流指数翻红。银河证券基金研究中心数据显示，6月24日，全市场股 ...