2025.08. 24 本文字数：2293，阅读时长大约4分钟 作者 | 第一财经 齐琦 反内卷浪潮下，光伏、锂电池行业产能出清会议频开，引发市场高度关注。 "当前光伏、锂电池等板块的估值修复仅完成初期阶段，未来随着产能利用率提升，行情或将逐步见 顶。" 富国基金量化投资部ETF投资总监王乐乐于8月23日在2025雪球指数基金领袖峰会上分析 称，而农业、化工、建材等曾同样受困于"低价竞争"的传统行业，正通过差异化突围、产业链重构 与需求升级，成为"反内卷"背景下更具确定性的结构性机会所在。 近期A股市场"反内卷"题材轮动仍在继续，除了光伏、锂电，化工、农业等板块的资金关注度也快速 抬升。截至8月24日，化工50ETF、建材ETF、煤炭ETF、农业ETF，自七月以来累计涨幅分别为 16%、15%、10%、8%。 华创证券研究所副所长张瑜也在分析报告中提到，钢铁、水泥、光伏设备、能源金属等反内卷主题板 块近期表现强劲，多数跑赢大盘。政策面上，要求盘活存量、做优增量，通过优化竞争秩序推动传统 产业升级与新质生产力创新。而反内卷并非短期主题，背后是行业盈利改善与竞争生态优化的中长期 逻辑。 锂电、光伏"退烧"，产能出 ...

Group 1 - The 33rd Guangzhou Expo showcased the innovative capabilities of companies from Tianhe District, highlighting their advancements in artificial intelligence and robotics [1][3] - Tianhe District aims to establish itself as a global hub for artificial intelligence and robotics, with a target industry scale of 50 billion yuan by 2030 [3] - The district has the highest number of AI companies and the largest AI application industry scale in the city, with a projected revenue of 53.68 billion yuan in 2024, accounting for 42.4% of the city's total [3][4] Group 2 - Gaoqing Electromechanical's robot "Xiao Hai" is noted for its compact design and cost-effectiveness, making it suitable for research, education, and personal development [4] - Jizhi Cloud has developed a leading AIoT development cloud platform, significantly enhancing smart agriculture through AI technology [4][5] - The integration of AI in agriculture is expected to drive industry upgrades and improve production efficiency [6] Group 3 - The Tianhe District signed agreements to promote collaboration and resource sharing, aiming to enhance regional industrial cooperation and development [9][10] - Guangdong Huifeng Agricultural Technology Company showcased its achievements in potato breeding, filling a gap in large-scale breeding within the province [10][11] - The district's initiatives are designed to optimize the allocation of talent, technology, and capital, fostering a robust innovation ecosystem [12]

Group 1 - The core viewpoint is that the photovoltaic and lithium battery industries are experiencing a "de-involution" trend, with capacity clearing becoming crucial for future growth [1][2][3] - The valuation recovery in photovoltaic and lithium battery sectors is still in its early stages, with expectations of improved capacity utilization leading to potential market peaks by 2026 [1][3] - Traditional industries such as agriculture, chemicals, and building materials are emerging as more certain structural opportunities due to differentiation and demand upgrades [1][4] Group 2 - The lithium battery and photovoltaic sectors have seen significant price corrections, with polysilicon futures dropping from 55,000 CNY/ton to 51,400 CNY/ton, and lithium carbonate prices falling from 90,000 CNY/ton to 78,000 CNY/ton [2][3] - The overall profitability in the lithium battery sector is under pressure, with a projected 2.8% decline in revenue for 2024, despite a 32.6% increase in shipment volume [3] - The chemical industry is facing dual pressures of weak product prices and declining capacity utilization, with nearly 25% of chemical companies expected to report losses in 2024 [5][6] Group 3 - Policy measures are reshaping competition across multiple industries, with a focus on capacity clearing and price guidance to improve profitability [5] - The agricultural sector is also expected to benefit from capacity adjustments and environmental regulations, leading to a decrease in outdated production capacity [6] - The "de-involution" policies are anticipated to inject new momentum into corporate profitability, with a projected 53% increase in related industry earnings over the next two years [6]

在过去的半年多里，加拿大在国际舞台上展现了强硬的姿态，尤其是在与美国的贸易冲突中毫不退让。美国与加拿大的关税战持续升温，尤其是加拿大自8 月初起被美国加征了35%的关税。虽然"硬刚"这种态度令人敬佩，但它所付出的代价也十分沉重。对比之下，欧盟在8月21日选择放松对美国工业品的关 税，而将大部分关税降低至15%，显示出他们的妥协态度。这种"服软"策略似乎带来了好处，使得加拿大也开始重新考虑自己的立场。 至此，全球十大经济体中，仅剩下中国、印度和巴西三个国家依然坚持不与美国妥协。中国作为全球第二大经济体，无论在经济、军事实力，还是科技创新 方面，都具备与美国一较高下的能力。自特朗普在2024年4月2日对中国发动关税战以来，中国毫不退让，选择了以牙还牙的反击策略。面对中国的坚决反 制，美国很快意识到两国经济深度交织，短期内无法脱钩，因此在4月11日深夜，特朗普就宣布对部分中国商品的关税豁免，涉及金额超过千亿美元。然 而，中国没有因此改变立场，继续坚定地坚持自己的底线。随着谈判的深入，双方最终达成了10%的对等关税协议，尽管对中国商品额外征收了芬太尼关 税。这个妥协的结果也彰显了中国在对抗美国的关税战中取得了显著的成 ...

Group 1 - The event "Purchasing in China · Love Ningxia" aims to promote the deep integration of commerce, culture, tourism, agriculture, sports, and wine to create multi-dimensional consumption scenarios [1][2] - The event features an exhibition area for new energy vehicles, providing immediate experience and purchase services, along with a car parade to further expand consumption scenarios [1] - The integration of local agricultural products and wine showcases the entire consumption chain from production to table, highlighting the innovative combination of rural characteristics and modern consumption [1] Group 2 - Policy empowerment is a significant highlight, with the Ningxia Cultural Tourism Department launching autumn tourism routes and the Ningxia Sports Bureau promoting upcoming international and national events to drive growth across multiple sectors [1] - The city of Yinchuan has released an action plan for the high-quality development of multi-industry integration, outlining six development paths and introducing a consumption linkage mechanism to stimulate cross-domain consumption potential [1] - The event also incorporates cultural and artistic elements, including a wine-themed musical and promotional videos that reflect the vitality of Ningxia's consumer market, aiming to transform consumption scenarios into cultural experiences and lifestyle intersections [2]

Group 1 - The meeting emphasized the importance of promoting the healthy and high-quality development of the private economy, adhering to the principle of "two unwavering" policies to support private enterprises [1] - It was highlighted that effective reduction of social logistics costs is crucial for leveraging Wuhan's transportation advantages and improving economic efficiency [2] - The meeting called for a strong commitment to land protection responsibilities and strict implementation of national natural resource inspections and land law enforcement feedback rectifications [2] Group 2 - The meeting stressed the need to enhance the regular supervision of medical insurance fund usage and to address issues related to "medical insurance cashing" and "drug return flow" [2] - A focus on building a high-quality development advantage through the optimization of logistics structures and the development of multi-modal transport was discussed [2] - The meeting underscored the importance of fostering an entrepreneurial spirit and guiding private enterprises towards innovation and transformation [1]

Core Insights - In July, China's total electricity consumption exceeded 1 trillion kilowatt-hours for the first time, reaching 10,226 billion kilowatt-hours, a year-on-year increase of 8.6%, reflecting the economic vitality and high-quality development of China [2][4] - The record electricity consumption is a result of both economic activity and the resilience of China's energy supply system, with foreign investment confidence in China's economy continuing to rise [2][3] Industry Analysis - The first industry saw a significant electricity consumption increase of 20.2%, indicating a trend towards agricultural modernization through the adoption of electrified equipment [3] - The second industry, particularly high-tech and equipment manufacturing, showed notable growth in electricity consumption, while traditional high-energy-consuming industries experienced a decline, highlighting the industrial economy's shift towards high-end and intelligent transformation [3] - The third industry, especially the internet services and charging services sectors, experienced a surge in electricity consumption, reflecting the expansion of the digital economy and green transportation [3] Energy Transition - The increase in electricity consumption is underpinned by a green energy transition, with renewable energy sources like wind, solar, and biomass accounting for nearly 25% of total electricity generation in July [3][4] - China's electricity consumption growth is projected to increase by 5%-6% by 2025, with total consumption expected to exceed 13 trillion kilowatt-hours by 2030, indicating a robust energy security and structural optimization [4] Global Implications - China's rapid electrification signifies that a large-scale economy can achieve growth while advancing green transformation, providing a practical example for other countries pursuing low-carbon development [5] - The optimization and cleaning of China's electricity structure enhance global climate governance and energy security, presenting a shared opportunity for sustainable growth worldwide [5]

Group 1 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 3.80 yuan per 10 shares, totaling approximately 197.4 million yuan [1][2] - The company's net profit attributable to shareholders for the first half of 2025 was approximately 226.1 million yuan, with undistributed profits of about 3.59 billion yuan on a consolidated basis [1][2] - The profit distribution plan is subject to approval at the company's first extraordinary general meeting of 2025 [1][2] Group 2 - The cash dividend proposal is deemed reasonable, considering the company's industry characteristics, operational conditions, cash flow status, and long-term development plans [2] - The company emphasizes compliance with relevant laws and regulations regarding profit distribution, ensuring the plan aligns with shareholder interests [2]

Group 1 - Vietnam's economy has grown nearly 106 times from $4.5 billion in 1986 to $476.3 billion in 2024, with GDP per capita increasing from $74 to $4,700, a growth of over 63 times [1] - The average annual economic growth rate from 1987 to 2024 is approximately 6.67%, making Vietnam one of the fastest-growing countries in ASEAN [1] - The contribution of agriculture to GDP has significantly decreased from 36.76% in 1986 to 11.86% in 2024, while the industrial and service sectors have risen to 37.64% and 42.36% respectively [1] Group 2 - Despite impressive achievements, Vietnam's growth model reveals limitations and faces challenges from global instability [2] - Vietnam's economic structure is still relatively backward compared to some regional countries, with the agricultural sector's GDP share indicating a lag behind Thailand in 2011, Malaysia in 1996, and South Korea in 1984 [2] - The current growth model heavily relies on capital and cheap labor, with weak productivity, innovation, and value chain connections [2]

世卫组织助理总干事杰里米·法勒在新闻公报中指出，热应激已对数十亿劳动者的健康和生计造成 损害，新指南提供了实用且基于实证的解决方案。 世界气象组织副秘书长科·巴雷特表示，职业性热应激已成为全球性社会挑战，正如近期欧洲热浪 所凸显的那样，该现象已不再局限于赤道附近国家。保护劳动者免受极端高温侵害不仅是健康领域的当 务之急，更是经济发展的必然要求。 新指南建议有关部门结合当地气候特征、特定工种及劳动者自身情况，量身定制防暑计划与行动指 南；重点关注中老年劳动者、慢性病患者及体能较弱人群等群体；开展应急救援人员、医务工作者、雇 主和劳动者的教育培训，提高他们对热应激症状的辨识与处置能力。 新华社日内瓦8月22日电（记者王露）世界卫生组织和世界气象组织22日联合发布新的报告和指 南，强调极端高温给全球劳工带来日益严重的健康挑战，为各国政府、雇主和卫生部门提供了明确可行 的方案，以减轻极端高温带来的伤害风险。 这份题为《气候变化与工作场所热应激》的报告和指南借鉴50年的研究成果和证据，强调劳工的健 康以及生产率会受到气温上升的严重影响。此前，世界气象组织报告说，2024年是有记录以来最热的一 年，白天气温超过40摄氏度 ...