在宏观环境边际改善、成长板块成为市场焦点、中美贸易谈判稳步推进、流动性充裕叠加估值优势的多 重背景下，港股或仍有望延续向上突破之势。 尽管短期中美贸易谈判仍有不确定性，将对港股风险偏好和盈利预期形成扰动，但支撑港股市场进一步 向上的积极因素正在积累。随着外部扰动对风险偏好的压制趋缓，基本面修复与资金面改善的双重力量 有望共振，推动港股再上层楼。 中期视角，政策发力驱动基本面修复，叠加资金面持续改善，具备稀缺性资产优势的港股估值中枢或将 抬升。结构上，科技板块尤值重视，可聚焦受益于AI应用加速落地的互联网巨头。 消费新范式——港股消费ETF（513230） 行业选择上，三季度市场波动性或仍较高，高股息板块与必需消费可作为防御性底仓。全年视角看，若 港股扩容与增配趋势确立，则三季度波动反提供布局良机。一方面可逢低增配科技板块，紧扣科技升级 主线，关注硬科技、互联网及AI；另一方面增配消费板块，挖掘地产周期下半场蕴含的消费潜力修复 机遇，如互联网消费、医药，以及大众消费领域（个护、乳品、农林牧渔等）。 【相关ETF】 互联网AI——恒生互联网ETF（513330） 创新药出海——恒生医药ETF（159892） 此外 ...

安庆市人大常委会深入贯彻落实习近平总书记关于城乡融合发展的重要指示精神，2024年12月，围绕城 市能级提升开展系列工作。听取和审议"一带一轴一环三城"城市设计首发项目推进情况报告，组织驻安 庆市的省人大代表、市人大代表集中视察，推进落实突出"一带"重点、分段实施、保障质量、打造亮点 等审议意见，寓支持于监督之中，助力城市有机更新，提升城市功能品质和综合承载力。同时，围 绕"三区三线"划定工作，听取和审议《安庆市国土空间总体规划（2021—2035年）》，为安庆绿色转型 提供"多规合一"空间保障。 安徽省安庆市地处长江之滨，有着得天独厚的自然景观和丰富的历史文化，肩负着长江大保护和为长三 角构筑生态屏障的政治责任。安庆市人大常委会深入贯彻习近平总书记考察安徽重要讲话精神，牢牢把 握高质量发展这个首要任务，围绕安庆市委"进百强、上台阶"和生态宜城部署要求，依法履职、担当作 为，以扎实有效的工作，助力安庆走好经济社会全面绿色转型之路。 "立法+决定"织密绿色转型"制度网" 生态文明建设离不开强有力的制度保障和法治支撑。安庆市人大常委会紧扣生态环境保护需求，创新立 法工作机制，在生态环境保护、城市管理等重点领域，积 ...

在生态文明建设上升为国家战略的时代背景下，"绿水青山就是金山银山"理念的实践转化是区域可持续 发展的重要命题。如何打破生态保护与经济增长的二元对立，构建人与自然和谐共生的现代化模式，是 中西部生态资源富集地区的共同课题。贵州作为首批国家生态文明试验区，保护好生态环境，努力把生 态优势转化为发展优势，以生态价值转化、数字技术赋能、清洁能源开发、乡村生态富民为四大抓手， 探索出一条具有山地特色的绿色发展新路。 创新生态价值转化机制，筑牢"两山"转化制度根基。贵州通过系统化构建核算、交易、产业和补偿四大 环节，有效拓宽了"两山"转化路径。通过出台全省GEP核算方案，推进生态产品价值"一把尺"核算，为 生态资源提供可量化的数据基础；设立省级生态产品交易中心，推出林业碳汇交易和"单株碳汇"等市场 化工具，推动生态资源进入流通领域；打造"山地特色农业+生态工业+文旅融合"的特色产业体系，将 生态优势直接嵌入价值创造过程；完善跨省流域横向补偿机制，探索"修复—开发"权益挂钩模式，通过 绿色金融和林权赎买等政策工具反哺生态保护。 深化生态惠民利益联结，拓展乡村全面振兴绿色路径。创新"生态+体育+文旅"融合业态，通过"村 BA ...

Core Viewpoint - Guizhou Province is focusing on ecological priority and green development, achieving significant improvements in ecological civilization and economic growth with a higher "green content" in its economy [1][8]. Group 1: Ecological Development - From 2020 to 2024, Guizhou's forest area increased from 10.8363 million hectares to 11.1478 million hectares, with forest coverage rising from 61.5% to 63.3% [1]. - The proportion of the green economy in GDP increased from 42% to 48% during the same period [1]. - Guizhou has planted 605 million trees over the past 11 years, establishing a continuous green barrier [2]. - The province has shifted its focus from expanding forest area to improving quality through restoration and nurturing of degraded forests [2]. Group 2: Resource Utilization - Guizhou is rich in mineral resources, with 49 types of minerals ranking in the top ten nationally, and has discovered 137 types of minerals [6]. - The "rich mine and precise mining" strategy aims to maximize economic, ecological, and social benefits while minimizing resource consumption [6]. - The phosphorous chemical industry in Guizhou has seen significant growth, with the value of the phosphorous chemical and new energy battery materials industry exceeding 50 billion yuan in just over three years [7]. Group 3: Tourism and Cultural Development - Guizhou has integrated traditional culture into tourism, with the "Guizhou Qingjiu Cup" dragon boat festival attracting 253,900 visitors and generating 234 million yuan in revenue during the Dragon Boat Festival [9]. - The province's tourism sector has shown strong recovery, with a 10.4% increase in visitor numbers and a 13.3% increase in total tourism expenditure in 2024 [9][10]. Group 4: Digital Economy - Guizhou is advancing its digital economy strategy, with a focus on artificial intelligence and data market opportunities, achieving a 60.1% level of integration between information technology and industrialization [12]. - The province has 48 national key data centers, with over 90% being intelligent computing resources, positioning itself as a leader in data infrastructure [13].

"新合作、新机遇、新发展"肯尼亚投资交流会在中国企业"走出去"综合服务基地举行。 "肯尼亚是投资兴业、辐射东中非市场的理想之地。"肯尼亚投资局局长约翰·默德瓦·蒙亚奥（John Mwendwa Munyao）在活动现场指出，肯尼亚作为"非洲的门户"，连通本地与全球市场，具有吸引力强 的营商环境与优惠政策，被评为"2024年非洲最具投资活力国家"。他介绍，在肯尼亚的重点投资行业 中，制造业、农业与畜牧业、信息通信技术、建筑与地产、旅游与酒店均属高就业潜力行业，而创意经 济、环境与林业、采矿、蓝色经济（即海洋经济）等新兴行业的发展前景亦十分广阔。 南都讯 记者莫郅骅 第十一届广州国际投资年会即将举办，新一轮投资热正在掀起。6月17日，位于广州 南沙的中国企业"走出去"综合服务基地，迎来了60余名有意开拓非洲市场的企业代表——广州南沙中国 企业"走出去"综合服务中心联合肯尼亚投资局，在此举办肯尼亚主题投资交流会，共同探索肯尼亚及东 非市场的广阔机遇。 交流会上，广东新南方海外投资控股有限公司代表重点推介了中肯产能合作项目——肯尼亚珠江经济特 区。这家注册于南沙的公司，以境外产业园区投资运营为核心业务，涉及经济特区、 ...

Core Viewpoint - Tianjin Ruihe Tiansheng Trading Development Co., Ltd. has been established with a registered capital of 395 million RMB, fully owned by Tianjin Jizhou New Town Construction Investment Co., Ltd. [1] Company Summary - Company Name: Tianjin Ruihe Tiansheng Trading Development Co., Ltd. [1] - Legal Representative: Wei Shiyu [1] - Registered Capital: 395 million RMB [1] - Shareholder: Tianjin Jizhou New Town Construction Investment Co., Ltd. holds 100% [1] - Company Type: Limited Liability Company (Sole Proprietorship) [1] - Business Address: Room 303, No. 1-20, Xianglin Road, Zhouhewan Town, Jizhou District, Tianjin [1] - Business Duration: Until June 17, 2025, with no fixed term [1] - Registration Authority: Tianjin Jizhou District Market Supervision Administration [1] Industry Summary - Business Scope includes wholesale of edible agricultural products, technical services, urban greening management, and various types of agricultural planting such as fruits, vegetables, and medicinal herbs [1] - The company is involved in both retail and wholesale of agricultural products, as well as forestry management and pest control services [1] - The company is classified under the national standard industry of agriculture, forestry, animal husbandry, and fishery, specifically focusing on professional and auxiliary activities in agriculture [1]

Core Viewpoint - The construction of national reserve forests in Zhejiang embodies the "Two Mountains" theory, promoting ecological civilization and sustainable development through innovative practices and resource optimization [1][8]. Group 1: Ecological Capital Marketization - The establishment of a market-oriented mechanism for ecological capital aims to unlock the value potential of forestry resources through clear property rights, market transaction systems, and financial innovation [2]. - Zhejiang's "Three Rights Separation" reform addresses the inefficiencies of fragmented collective forests, enabling large-scale integration and efficient utilization of forest resources [2]. - Innovative financial products like "Lin Yi Dai" leverage ecological compensation rights to secure loans, transforming collective forest rights into capital [3]. Group 2: Ecological Industry Collaboration - The core drivers of ecological industry collaboration include resource optimization, technological innovation, and industry integration, leading to high-quality development in forestry [4]. - The promotion of "one acre of mountain, ten thousand yuan" model in the under-forest economy opens new avenues for income generation through diverse agricultural activities [4]. - Collaboration with academic institutions has led to the development of value-added products, significantly increasing the overall industry output [4]. Group 3: Inclusive Ecological Benefits - A multi-entity revenue distribution framework is essential for internalizing the positive externalities of ecological protection, enhancing the economic incentives for conservation [6]. - The concentration of land leasing and the establishment of standard forestry land models ensure stable income for farmers, reinforcing both ecological protection and livelihood security [7]. - The introduction of shareholding cooperative models in forestry has resulted in significant income increases for farmers, with some regions reporting over 50% of farmers' income derived from forestry [7]. Group 4: Three-Dimensional Collaborative Development - The project emphasizes the dialectical unity of ecological value and economic efficiency, ensuring the transformation of forest resources into development capital [8]. - Institutional innovation through the "Three Rights Separation" framework provides systematic solutions for national forestry reform [8]. - The dual empowerment of strategic reserves and livelihood improvement addresses both national timber security needs and rural income enhancement [8].

转债周周谈｜估值蓄力，坚守主线 20250617 摘要 四月反弹后 A 股市场出现小幅回调，主要受主题轮动加速、中美经贸谈 判预期兑现以及对关税不确定性的担忧影响。尽管中美关系缓和，但结 构性矛盾依然存在，关税冲突的边际影响将逐渐减小。 中东冲突对中国股市的实质影响较小，主要为情绪冲击。中国能源供应 多元化降低了对中东石油的依赖，但外部不确定性增加可能导致风险偏 好变化，引发权益市场调整。 当前权益市场缺乏明确主线，创新药、新消费板块表现突出，科技类板 块轮动频繁。前期上涨较多的股票交易拥挤，估值水平处于近十年中位 数以上，市场存在调整需求。 转债市场自四月初反弹后，价格和估值略有下降，性价比提升。投资者 对权益市场预期不如年初乐观，转债估值略低。平价在 90 以上偏股平 衡转债性价比更高，弹性更强。 中长期看好 2025 年权益市场，资本市场托底政策和货币宽松金融政策 有助于增量资金入市。短期内边际利好有限，存在调整需求，业绩预告 时间窗口使投资者更加谨慎。 Q&A 最近一个多月的时间里，中美经贸关系缓和对市场产生了哪些影响？ 5 月 12 日中美日内瓦会议达成协议后暂停 24%的关税 90 天，标志着中美 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.6.9-2025.6.13）地缘冲突影响下原油价格延续 大涨，国内权益市场指数表现分化，创业板指上涨0.22%。行业方面，本周有色金属、石油石化、农林牧 渔行业涨幅居前，食品饮料、家用电器、建筑材料行业跌幅居前。基金市场方面，本周偏股混合型基金表 现领先，股票指数基金小幅下跌。 基金产品发行情况： 本周国内市场新成立基金16只，合计发行份额为89.34亿份。其中债券型基金5只、混合型基金6只、股票型 基金4只、FOF基金1只。全市场新发行基金34只，从类型来看，股票型基金19只、混合型基金5只、FOF基 金4只、债券型基金3只、REITs2只、国际(QD ...

经营范围含农业科学研究和试验发展；以自有资金从事投资活动；农业机械服务；农业专业及辅助性活 动；农业生产托管服务；谷物种植；谷物销售；豆类种植；蔬菜种植；薯类种植；豆及薯类销售；食用 农产品批发；食用农产品初加工；初级农产品收购；非食用农产品初加工；牲畜销售；农副产品销售； 畜牧专业及辅助性活动；水产品零售；水产品批发；园艺产品销售；供应链管理服务；会议及展览服 务；休闲观光活动；经营民宿；销售代理；旅游开发项目策划咨询；露营地服务；体验式拓展活动及策 划；土石方工程施工；园林绿化工程施工；水污染治理；市政设施管理；城市绿化管理；环境卫生公共 设施安装服务；建筑物清洁服务；土地整治服务；工程管理服务；环境卫生管理（不含环境质量监测， 污染源检查，城市生活垃圾、建筑垃圾、餐厨垃圾的处置服务）；农村生活垃圾经营性服务；专业保 洁、清洗、消毒服务；住宅水电安装维护服务；防洪除涝设施管理；租赁服务（不含许可类租赁服 务）；非居住房地产租赁；土地使用权租赁；住房租赁；集贸市场管理服务；广告制作；广告设计、代 理；停车场服务；电动汽车充电基础设施运营；家具销售；日用百货销售；化肥销售；互联网销售（除 销售需要许可的商品） ...