Core Viewpoint - The company has approved a profit distribution plan for the year 2024, which includes a cash dividend distribution of 157,794,288.00 yuan to shareholders, with no stock dividends or capital increases from reserves [1][2]. Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on May 16, 2025, and will be based on the total share capital as of December 31, 2024 [1]. - The cash dividend will be distributed at a rate of 1.125000 yuan for every 10 shares held, with specific tax treatments for different types of shareholders [2]. - The dividend distribution date is set for June 26, 2025, with the record date for shareholders being June 25, 2025 [2][3]. Dividend Payment Method - Dividends will be directly credited to the shareholders' accounts through their securities companies or other custodial institutions on the payment date [3]. Consultation Information - For inquiries regarding the profit distribution, shareholders can contact the company's board office located in Chengdu, Sichuan Province [4].

【博时市场点评6月18日】沪深两市反弹，电子涨幅领先 每日观点 6月18日，A股三大指数上涨。截至收盘，上证指数报3388.81点，上涨0.04%；深证成指报10175.59点， 上涨0.24%；创业板指报2054.73点，上涨0.23%；科创100报1026.85点，上涨0.87%。申万一级行业中， 电子、通信、国防军工涨幅靠前，分别上涨1.50%、1.39%、0.95%；美容护理、房地产、建筑材料跌幅 靠前，分别下跌1.73%、1.35%、1.22%。1758只个股上涨，3327只个股下跌。 资金追踪 市场成交额为12219.26亿元，较前一交易日下跌。两融余额昨日收报18273.39亿元，较前一交易日上 涨。 6月18日2025陆家嘴论坛上，中国人民银行行长潘功胜宣布8项重磅金融政策，包括：设立银行间市场交 易报告库、设立数字人民币国际运营中心、设立个人征信机构、在上海临港新片区开展离岸贸易金融服 务综合改革试点、发展自贸离岸债、优化升级自由贸易账户功能、在上海"先行先试"结构性货币政策工 具创新、会同证监会研究推进人民币外汇期货交易等。 简评：陆家嘴论坛已经成为国家金融管理部门释放重要信号、对外发声的 ...

Core Viewpoint - The U.S. economy is experiencing a consumption shock triggered by tariff policies, with significant declines in retail sales, particularly in the automotive sector, indicating a broader economic warning sign [1][4]. Retail Sales Data - In May, U.S. retail sales fell by 0.9%, significantly below the market expectation of a 0.7% decline, marking the largest drop of the year [3]. - Excluding automotive sales, other retail categories still saw a decrease of 0.3%, with seven out of thirteen categories reporting declines [3]. - The restaurant and bar sector experienced its largest spending drop since early 2023, reflecting a tightening in consumer spending decisions [3]. Economic Impact and Consumer Behavior - Consumers have begun to significantly reduce spending, despite previous anticipatory purchasing due to impending tariffs [4]. - Consumer confidence remains fragile amid rising living costs and high-interest rates, leading to more cautious spending behavior [4]. - The depletion of previously accumulated "excess savings" and a lack of strong stock market performance have further diminished consumer spending power [4]. Federal Reserve's Monetary Policy - The Federal Reserve is likely to maintain a wait-and-see approach in its upcoming meeting, influenced by the uncertainty surrounding tariffs and their impact on inflation expectations [5]. - Recent inflation data has shown improvement, but concerns about tariffs disrupting inflation expectations remain a significant factor in the Fed's decision-making process [5]. Trade Policy and Consumer Sentiment - Following the announcement of tariffs by the Trump administration, consumer spending has been adversely affected, with a significant portion of the population reducing expenditures due to recession fears [6]. - A recent survey indicated that 60% of respondents have cut back on spending, particularly in non-essential services like dining out and entertainment [6].

Core Viewpoint - The U.S. retail sales in May experienced the largest decline of the year, indicating a significant suppressive effect of the new tariff policy on consumer spending, particularly in the automotive sector [1][2]. Economic Data Summary - U.S. retail sales fell by 0.9% month-on-month in May, worse than the market expectation of a 0.6% decline, with the previous value revised down to -0.1% [2]. - Excluding automobiles, sales decreased by 0.3%, also below the expected increase of 0.2% [2]. - Among 13 categories, 7 saw a decline in sales, with building materials and motor vehicles experiencing the largest drops [2]. Consumer Behavior Insights - Consumers are systematically reducing spending after a prior surge driven by tariff-related purchasing [3]. - The restaurant and accommodation sectors, key indicators of service consumption, recorded the second-largest monthly decline of the year, reflecting a tightening in non-essential spending [2][3]. - A media survey indicated that 60% of American households have significantly cut back on discretionary spending due to concerns over economic downturn risks [3]. Sector Performance - In May, sales in home and garden centers dropped by 2.7%, electronics and appliance stores fell by 0.6%, and grocery stores decreased by 0.7% [4]. - Conversely, online retailers saw a sales increase of 0.9%, clothing stores grew by 0.8%, and furniture stores rose by 1.2% [4]. Future Economic Outlook - Historical trends suggest that price increases may be most pronounced in July, with the full impact of tariffs expected to gradually manifest later in the year, potentially suppressing real income growth [4][6]. - Despite the current decline in consumer confidence, stable inflation and low unemployment rates may support sustained consumer growth in the coming months [3].

Market Overview - The oil prices continued to rise significantly due to geopolitical conflicts, while the domestic equity market showed mixed performance, with the ChiNext Index increasing by 0.22% [3] - The sectors that performed well included non-ferrous metals, oil and petrochemicals, and agriculture, while food and beverage, home appliances, and building materials sectors saw declines [3] Fund Issuance - A total of 16 new funds were established in the domestic market this week, with a total issuance of 8.934 billion units. This included 5 bond funds, 6 mixed funds, 4 equity funds, and 1 FOF fund [4] - Overall, 34 new funds were issued across the market, comprising 19 equity funds, 5 mixed funds, 4 FOF funds, 3 bond funds, 2 REITs, and 1 international (QDII) fund [4] Fund Performance Tracking - The medical theme funds continued to show an advantage, increasing by 3.75%, while TMT theme funds experienced a net value decline. As of June 13, 2025, the performance of various thematic funds was as follows: medical (3.75%), cyclical (2.44%), financial real estate (1.01%), industry rotation (0.37%), national defense and military industry (0.20%), industry balance (0.08%), new energy (-0.02%), consumption (-1.01%), and TMT (-1.26%) [5] ETF Market Tracking - Stock ETFs experienced continued outflows, with significant net outflows from large-cap broad-based ETFs. Conversely, Hong Kong stock and commodity ETFs saw inflows. The median return for stock ETFs was -0.10%, with a net outflow of 15.42 billion yuan [6][7] - The median return for Hong Kong ETFs was 0.65%, with a net inflow of 1.866 billion yuan, while cross-border ETFs had a median return of 0.63% and a net outflow of 2.278 billion yuan. Commodity ETFs had a median return of 1.54% and a net inflow of 2.039 billion yuan [7] Fund Positioning - The estimated position of actively managed equity funds decreased by 0.50 percentage points compared to the previous week. In terms of sector allocation, funds increased their positions in oil and petrochemicals, non-ferrous metals, and telecommunications, while reducing holdings in home appliances, food and beverage, and electronics [9] ESG Financial Products Tracking - The green bond issuance market was active this week, with 24 new green bonds issued, totaling 39.782 billion yuan. The cumulative issuance of green bonds in the domestic market reached 4.52 trillion yuan, with a total of 3,895 bonds issued [10] - In terms of fund performance, the median net value change for actively managed equity, passive index equity, and bond ESG funds was -0.16%, 0.21%, and 0.08%, respectively. Funds focused on carbon neutrality, sustainability, and the Belt and Road Initiative performed notably well. As of June 13, 2025, there were 213 ESG funds in the domestic market, with a total scale of 132.331 billion yuan [10]

申万宏源证券上海分公司 . 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您 的财富保驾护航。 数据速看： 1.主力资金： 近两周主力资金合计净流出1176.07亿元，主力资金净流入的行业为煤炭，主力资金净流 出额前三的行业为计算机、电子和机械设备。 2.融资融券数据： 当前市场融资融券余额为18213.25亿元，较上期上升0.66%，其中融资余额18089.88 亿元，融券余额123.37亿元。本期两融日均交易额为1080.18亿元，较上期上升15.74%，其中融资日均 净买入1075.41亿元，较两周前上升15.77%，融券日均净卖出4.78亿元，较上期上升8.80%。近两周融资 净买入前三的行业分别为医药生物、汽车和食品饮料；融券净卖出前三的行业分别为银行、有色金属和 商贸零售。 3.涨跌情况： 近两周全市场下跌家数高于上涨家数，近两周涨幅前三的行业为有色金属、石油石化和通 信，跌幅前三的行业为食品饮料、家用电器和商贸建筑材料。 4.强弱分析： 近两周全部A股强弱分析得分为5.39，沪深300强弱分析得分5.4 ...

近年来，中国与乌兹别克斯坦地方合作亮点纷呈，涵盖经贸、基础设施建设、农业、文化、教育、社会 民生等多个领域。目前在乌兹别克斯坦的中资企业数量达3880家，仅2024年新注册中资企业就超过1000 家，显示出地方合作的强劲动力。今年以来，中乌双边投资贸易额持续增长，政府间协议相继落地，机 制与平台建设日趋完善，中乌地方合作潜力有望得到进一步释放。 机制建设完善丰富 在两国地方政府及商界的积极推动下，中乌地方互动、交流、合作机制日趋完善，政府间合作委员会和 上海合作组织公共外交中心等平台发挥着重要作用，政府间代表团互访频繁，各层级地方合作论坛现场 人头攒动。 利好政策相继出台 2023年首届中国—中亚峰会成功举办后，中乌两国政府积极落实峰会关于地区发展达成的共识，利好中 乌地方合作的重大政策先后落地。今年6月1日起，《中华人民共和国政府和乌兹别克斯坦共和国政府关 于互免签证的协定》正式生效。根据协定规定，持有效的中国公务、公务普通及普通护照的人员和乌兹 别克斯坦普通护照的人员，在对方国家入境、出境或过境，单次停留不超过30日、每180日累计停留不 超过90日，可免办签证。互免签证为两国人员往来、旅游、商务和人文交 ...

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 流动性：本周伦敦金现价格再创历史新高水平 （1）BCI中小企业融资环境指数2025年5月值为49.09，环比上月+2.20%；（2）M1和M2增速差与上证指 数存在较强的正向相关性：M1和M2增速差在2025年5月为-5.6个百分点，环比+0.9个百分点；（3）本周 伦敦金现价格环比上周+3.74%。 基建和地产链条：6月上旬重点企业粗钢旬度日均产量环比+3.25% （1）本周价格变动：螺纹-2.23%、水泥价格指数+1.86%、橡胶+2.21%、焦炭-5.65%、焦煤-1.05%、铁 矿-1.36%；（2）本周全国高炉产能利用率、水泥、沥青、全钢胎开工率环比分别-0.07pct、 +0.90pct、-1.0pct、-2.2 ...

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The London gold spot price has reached a historical high, indicating strong liquidity in the market [11] - The steel sector is expected to recover to historical average profit levels due to new regulatory conditions and government policies aimed at better aligning supply with demand [4] Summary by Sections Liquidity - The London gold spot price increased by 3.74% week-on-week, reaching 3433 USD/oz [11] - The BCI small and medium enterprise financing environment index for May 2025 is at 49.09, up 2.20% month-on-month [20] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [20] Infrastructure and Real Estate Chain - The average daily crude steel production of key enterprises in early June increased by 3.25% [23] - The national average capacity utilization rate for blast furnaces is 91%, with a slight decrease of 0.1 percentage points [10] - The rebar price decreased by 2.23% to 3070 RMB/ton [10] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high, with a week-on-week increase of 4.12 percentage points [2] - The price of electrolytic aluminum is 20760 RMB/ton, up 2.87% week-on-week [10] Sub-sectors - The price of tungsten concentrate remains at a high level since 2011, with the price at 173500 RMB/ton [10] - The profit margin for flat glass is -58 RMB/ton, indicating low profitability in the real estate completion chain [77] Price Relationships - The price difference between hot-rolled and rebar is at a low level, with a current difference of 130 RMB/ton [3] - The price ratio of rebar to iron ore is 4.13, indicating a stable pricing environment [3] Export Chain - The new export orders PMI for China in May 2025 is at 47.50%, an increase of 2.8 percentage points month-on-month [3] - The CCFI composite index for container shipping rates is 1243.05 points, up 7.63% week-on-week [3] Valuation Metrics - The Shanghai Composite Index decreased by 0.25%, while the commercial vehicle sector showed the best performance with a 7.24% increase [4] - The PB ratio for the steel sector relative to the broader market is currently at 0.51, with historical highs reaching 0.82 [4]

昨日涨跌幅后五行业 2025 年 06 月 16 日 开源晨会 0616 | | | | ——晨会纪要 | | --- | --- | --- | --- | | 沪深300 | 及创业板指数近1年走势 | | 吴梦迪（分析师） | | 沪深300 | 创业板指 | | wumengdi@kysec.cn | | 48% | | | 证书编号：S0790521070001 | | 32% | | | 观点精粹 | | 16% | | | | | 0% | | | 总量视角 | | -16% | | | 【宏观经济】中美就落实日内瓦会谈共识达成框架——宏观周报-20250615 | | -32% | | | 【宏观经济】政府债券发行支撑社融——宏观经济点评-20250615 | | 2024-06 | 2024-10 2025-02 | | 【策略】关于港股和消费的两大核心问题——投资策略周报-20250615 | | 数据来源：聚源 | | | | | | | | 行业公司 | | 昨日涨跌幅前五行业 | | | 【地产建筑】新房二手房成交面积环比增长，广州全面取消限购限售——行业周 | | 行业名称 | | ...