Core Viewpoint - *ST WanFang is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to a formal case being opened against the company [2]. Group 1: Regulatory Actions - On July 1, the Shenzhen Stock Exchange publicly reprimanded *ST WanFang and related parties for inaccurate performance forecasts [5][6]. - The CSRC issued a notice of investigation to *ST WanFang on July 25, indicating ongoing scrutiny of the company's compliance with disclosure regulations [2][4]. Group 2: Performance Forecast Issues - On January 24, 2025, *ST WanFang initially forecasted a net profit of 20 million to 25 million yuan for 2024, with a non-recurring profit of 3 million to 4.5 million yuan, without estimating revenue [9]. - A correction on April 18 revealed a revenue estimate of 380 million to 400 million yuan, with a revised net profit forecast of 10 million to 15 million yuan, and a projected loss of 4 million to 6 million yuan for non-recurring profit [9]. - The annual report released on April 28 showed actual revenue of 391 million yuan, a net profit of 10.65 million yuan, and a non-recurring loss of 4.6 million yuan, leading to a risk warning for potential delisting [9][10]. Group 3: Company Overview - *ST WanFang primarily operates in agriculture and military industries, with agricultural products including raw grains and feed corn, and military services focusing on precision processing and special welding for aerospace and defense sectors [11]. - As of July 25, the stock price of *ST WanFang was 4.3 yuan per share, with a total market capitalization of 1.3 billion yuan [12].

特朗普的关税政策：全球经济的新冲击 特朗普政府每一次通过提高关税来施压其他国家，都会有一定的后果。这一次，他再次对多个国家发起了无差别的关税攻势，毫不例外地，既包括美国 的传统盟友，也包括那些潜在的经济对手。这种无情的关税政策，像一场席卷全球的风暴，打破了许多国家的经济平衡。 全球经济正在变得愈加复杂，国际贸易紧张局势也加剧。日本，在经历了数月的抵抗后，最终不得不做出妥协。这样的让步，在很大程度上类似1985年 广场协议时的情形，成为了历史上具有深远影响的经济事件。 然而，为什么日本从最初的强硬立场转向了妥协呢？在美国施加的巨大压力下，中国却表现出极强的韧性。那么，中国又是如何应对特朗普提出的这些 关税挑战的呢？ 美国关税政策：对盟友的忠诚度考验 最初，日本在涉及汽车、大米等多个关键产业时坚持自己的立场。然而，在美国施压日益增加的情况下，最终日本选择了妥协。表面上看，日本似乎让 步了，比如将汽车关税从25%降至15%，但这背后所付出的代价却远超想象。 特朗普的关税政策，某种程度上并不只是单纯的贸易手段，更像是一种试探盟友忠诚度的工具，甚至是变相的资金索取。日本作为美国的传统盟友，首 当其冲地成为了这一政策的受 ...

Core Viewpoint - The People's Bank of China and the Ministry of Agriculture and Rural Affairs jointly issued an opinion to enhance financial services for rural revitalization, proposing 19 measures across seven areas to improve the quality and efficiency of financial services in rural areas [1][3]. Group 1: Financial Support for Agriculture - The opinion emphasizes enhancing financial security for food safety, consolidating financial assistance achievements, and deepening financial services for rural industries [3]. - Financial institutions are encouraged to focus on local agricultural products, developing differentiated credit policies and innovative financing models for rural specialties [4]. - Support for agricultural product quality improvement, brand development, and standardized production is highlighted, along with financing for agricultural processing and modern circulation networks [4]. Group 2: Digital Financial Empowerment - The opinion stresses the importance of developing digital finance to enhance rural revitalization financial services [5]. - It aims to implement financial technology initiatives to support smart agriculture and improve the digital financial service level in rural areas [5][6]. - Collaboration with local governments and agricultural entities is encouraged to create comprehensive service platforms integrating governance and financial services [5]. Group 3: Institutional Mechanisms for Financial Services - The opinion calls for improving the institutional mechanisms for financial services in rural reforms, promoting standardized trials for rural property rights transactions [8]. - It suggests exploring financing models for rural land management rights and enhancing long-term loans for forestry operations [8]. - Development banks and commercial banks are urged to increase credit support for key areas of rural revitalization, while local banks should focus on supporting small agricultural enterprises [8][9].

Core Insights - The 2025 County Economic Innovation Development Forum was held in Beijing, where the report on high-quality development of county economies in China and the list of the top 100 counties were released, with three cities from Liaoning province making the list: Dalian Wafangdian, Anshan Haicheng, and Dalian Zhuanghe [1] Group 1: Dalian Wafangdian - Wafangdian is recognized as the "Bearing Capital of China," with a robust development of local specialty industries [2] - The city is accelerating industrial transformation and upgrading, reporting a total investment of 1.55 billion yuan across 40 technology transformation projects [3] - Modern agriculture is thriving, with a grain planting area of 1.066 million acres and a total grain output of 600 million jin [3] - The city has established a modern agricultural industry union model, becoming a typical case in the province [4] - The local government is improving the business environment with 54 measures for quality enhancement and expanding services [4][5] Group 2: Anshan Haicheng - Haicheng is known as the "World Magnesium Capital" and "China's Talc Town," focusing on a strong city plan for industrial, technological, ecological, and welfare development [6][7] - The city achieved a GDP of 72.66 billion yuan in 2024, marking a significant growth milestone [7] - Haicheng is building a modern industrial system and enhancing its economic strength through various initiatives, including the establishment of an industrial revitalization research institute [7][8] Group 3: Dalian Zhuanghe - Zhuanghe is focusing on developing a "green economy" centered on clean energy, with significant projects in offshore wind power and nuclear energy [9][10] - The city has established a clean energy installed capacity of 1.8 million kilowatts, with investments exceeding 25.1 billion yuan [10] - Zhuanghe is also developing a "blue economy" leveraging its rich marine resources, with a focus on modern marine ranching and seafood processing [11] - The agricultural sector is being enhanced with high-standard farmland construction and modern ecological agriculture practices, achieving an agricultural output value of 30.36 billion yuan in 2024 [12]

Core Insights - Jilin Province's economy shows steady progress and improvement in the first half of the year, with significant growth in electricity consumption across all three industries [1][4] Group 1: Primary Industry - The primary industry in Jilin Province plays a crucial role in ensuring national food security, with electricity consumption reaching 1.321 billion kWh, a year-on-year increase of 12.71% [1] - Agricultural electricity consumption accounted for 46.1% of the primary industry, growing by 9.14% year-on-year [1] - The livestock sector has accelerated development, with electricity consumption in this area making up 51.17% of the primary industry and achieving a 16.96% year-on-year growth [1] Group 2: Secondary Industry - The secondary industry demonstrates resilience, with electricity consumption totaling 26.108 billion kWh, representing 53.47% of the province's total, and an average growth of 4.25% over the past five years [2] - Key industries such as automotive and rail equipment manufacturing are being prioritized, with the automotive sector showing a robust average growth of 1.59% over the past five years [2] - The new energy vehicle manufacturing sector has experienced explosive growth, with an average increase of 508.21% in electricity consumption over the past five years [2] Group 3: Tertiary Industry - The tertiary industry is emerging as a new growth driver, with electricity consumption reaching 1.23 billion kWh, accounting for 25.19% of the total, and a year-on-year increase of 8.65% [3] - The wholesale and retail sector has shown significant growth, with electricity consumption increasing by 12.34% year-on-year [3] - The internet data service sector has seen remarkable growth, with a year-on-year increase of 161.81% in electricity consumption [3] Group 4: Economic Overview - Jilin Province's GDP reached 682.328 billion yuan, with a year-on-year growth of 5.7%, indicating a stable and improving economic environment [4] - The company plans to enhance power supply responsibilities and leverage artificial intelligence to improve data services and support the province's digital transformation [4]

Economic Overview - Chengdu's GDP for the first half of the year reached 12,108.2 billion yuan, with a year-on-year growth of 5.8% at constant prices [1] - The primary industry added value was 186.7 billion yuan, growing by 2.7% [1] - The secondary industry added value was 3,267.4 billion yuan, growing by 5.3% [1] - The tertiary industry added value was 8,654.2 billion yuan, growing by 6.0% [1] Industrial Growth - The industrial added value for large-scale enterprises in Chengdu increased by 7.8% year-on-year [2] - Among 37 major industries, 25 experienced positive growth, with non-ferrous metal smelting and rolling processing, automotive manufacturing, and electronic equipment manufacturing showing significant increases of 41.7%, 23.6%, and 17.3% respectively [2] - High-tech manufacturing added value grew by 12.1% [2] - Key industrial products saw substantial production increases, including new energy vehicles (352.2%), smartwatches (119.2%), and lithium-ion batteries (45.8%) [2] Service Sector Performance - The service sector's added value grew by 6.0% year-on-year [2] - Notable growth was seen in leasing and business services (10.7%), information transmission and software services (10.7%), and transportation and storage (7.4%) [2] - By the end of June, financial institutions reported a 9.8% increase in deposits and a 10.4% increase in loans [2] Investment Trends - Fixed asset investment in Chengdu grew by 6.0% year-on-year [3] - Investment in the primary industry increased by 15.3%, while the secondary industry saw a 40.7% increase, with industrial investment specifically rising by 41.3% [3] - The tertiary industry investment declined by 0.8%, with real estate development investment down by 2.8% [3] - High-tech industry investment surged by 37.4%, with high-tech manufacturing investment growing by 59.1% [3] Consumer Market Insights - The total retail sales of consumer goods reached 5,622.3 billion yuan, reflecting a year-on-year growth of 6.1% [3] - Urban retail sales amounted to 4,928.6 billion yuan (6.0% growth), while rural retail sales were 693.7 billion yuan (6.6% growth) [3] - Key consumer categories showed varied growth, with telecommunications equipment retail sales increasing by 64.5% and home appliances by 34.5% [3] - New energy vehicles saw a growth of 21.0% within the automotive category [3]

最近美日达成的贸易协议在日本国内掀起轩然大波，而首相石破茂的政治命运也随之陷入动荡。这份被称为"比广场协议更过分"的协议，不仅让日本经济面 临新的考验，更可能引发日本政坛的连锁地震。 农业领域的冲击同样剧烈。日本大米自给率长期维持在90%以上，但协议要求增加美国大米进口，这让本就脆弱的日本农业雪上加霜。石破茂的去留已成为 日本政治的风向标。尽管他在与自民党元老会谈后否认辞职传闻，但党内"倒石"声浪并未平息。 协议签署后，石破茂的处境愈发艰难。自民党内要求其辞职的声音此起彼伏：茨城县、高知县等地方支部联名上书要求其下台，农林水产相小泉进次郎公开 要求首相"反省"，甚至出现了党内"罢免签名运动"。这种压力并非偶然，协议中的农业让步直接触动了自民党传统票仓，而汽车关税的提高则得罪了日本制 造业的核心力量。 更讽刺的是，石破茂原本想通过协议展现"外交成果"，却反被协议拖入泥潭：尽管他声称"争取到了最大降幅"，但企业界和民众并不买账，内阁支持率暴跌 至22.9%，超过半数民众认为他"应该辞职"。 协议对日本经济的影响已开始显现。日经225指数虽在协议签署当日上涨3.5%，但这只是市场对不确定性暂时缓解的反应。从长期看， ...

Group 1 - The event "Cangwu Lychee Roast Chicken Food Festival" attracted approximately 100,000 visitors over three days, significantly boosting local specialty sales to over 5 million yuan [1][2] - The "Tea Fragrance Tasting Lychee" rural tour package became a popular choice, combining culinary experiences with various activities, enhancing consumer engagement [1][2] - Lychee sales reached 5,000 kilograms during the event, marking a 30% increase compared to the same period last year [1][2] Group 2 - The food festival featured over 40 vendors, selling more than 500 roast chickens daily, with revenue equivalent to a month's earnings in just three days [2] - A local basketball tournament, "Village BA," attracted large crowds, leading to a nearly 40% increase in surrounding dining and retail consumption [2] - The Cangwu County Cultural Center hosted over 8,000 visitors during the event, showcasing various cultural performances and activities [2] Group 3 - Cangwu County's "Cultural Tourism + Agriculture" model effectively encourages prolonged visitor engagement, enhancing local consumption [2] - The county aims to promote lychee cultivation and cultural experiences to support rural revitalization efforts [2]

据光明网报道，美国总统特朗普宣布美日达成贸易协议，日本将向美国投资5500亿美元并开放汽车、大米等市场，美方 关税税率从25%降至15%。这一消息震动国际社会，也让日本国内陷入舆论漩涡。 这场被特朗普称为"史无前例"的协议，核心条款堪称严苛。日本不仅要拿出相当于其GDP约10%的资金投向美国，且投资 产生的利润美方将拿走90%。 美元（资料图） 有分析指出，日本汽车产业虽暂时避开25%的高额关税，但15%的税率仍高于多数国家，且美国要求日本车企加大在美投 资建厂，可能导致国内制造业空心化。2024年日本对美汽车出口额达7.2万亿日元，占出口总额34%，若产业链外迁，将 直接冲击558万就业岗位。 日本首相石破茂的处境尤为艰难。7月20日参议院选举中，自民党遭遇历史性惨败，执政联盟失去参众两院多数席位，党 内要求其辞职的声音此起彼伏。 此次协议谈判本被视为石破茂挽回政治声誉的关键，却以全面让步告终。他23日表示将听取协议细节汇报，并根据结果 决定去留，但舆论普遍认为其政治生命已进入倒计时。路透社援引消息称，石破茂已向亲信透露，计划在下月底宣布辞 职。 从历史角度看，日本在美日贸易谈判中始终处于被动地位。上世纪8 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 7 月 25 日星期五 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（ ...