Core Viewpoint - The RCEP has become a significant force in stabilizing the multilateral trade system and promoting regional economic integration, with new development opportunities for Yunnan as a key gateway to South Asia and Southeast Asia [1][2]. Group 1: RCEP Impact on Trade and Investment - RCEP has released continuous dividends since its implementation, with the overall external trade volume of the RCEP region projected to reach approximately $13.5 trillion in 2024, exceeding the world trade growth rate by 3.3 percentage points [1]. - The agreement has effectively promoted trade and investment growth within the region by lowering tariffs, simplifying customs procedures, and easing market access, thereby enhancing regional supply chain integration and economic resilience [1]. Group 2: Yunnan's Strategic Position - Yunnan's geographical advantage is highlighted as it is the only Chinese province bordering ASEAN and South Asian countries, serving as a natural geographical intersection [2]. - The operationalization of the China-Laos Railway has further strengthened Yunnan's role in regional connectivity, with significant growth in trade volume expected in 2024 [2]. - The issuance of RCEP certificates of origin by Kunming Customs has saved enterprises nearly 100 million yuan in tariffs, and the "Railway + RCEP Customs Clearance" model has reduced logistics costs by 35% [2]. Group 3: Innovation and Industry Development - RCEP provides a crucial driving force for technological innovation in the Asia-Pacific region, with a 90% zero-tariff policy on goods effectively lowering trade costs for technology products [2]. - The original accumulation rules under RCEP create new opportunities for regional industrial chain integration, particularly in sectors like renewable energy and new materials [3]. - Companies are encouraged to leverage RCEP's framework to deepen regional collaboration and expand into international markets, especially in advantageous industries [3].

金十数据整理：6月19日欧盘美盘重要新闻汇总 1. 习近平同俄罗斯总统普京通电话，重点就中东局势交换意见。 2. 商务部：将依法依规不断加快对稀土相关出口许可申请的审查。 3. 金融监管总局人身险司向业内发文，分红险分红水平不得"内卷式"竞争。 4. 知情人士：光伏三季度"减产令"升级，开工率环降10%、低价销售将审计核查。 5. 外交部：1600余名中国公民已从伊朗安全撤离，数百名中国公民从以色列撤离。 6. 商务部回应中欧经贸关系：中方高度重视中欧经贸关系，一直与欧方保持各层级的密切沟通。 11. 以色列国防军：发现伊朗再次发射弹道导弹。据报道，伊朗在最新一轮导弹袭击中发射了超过10枚 导弹。 国内新闻： 7. 三部门召开加强新能源汽车安全管理工作视频会，会议要求，不搞"内卷式"竞争，绝不能偷工减料、 以次充好。 国际新闻： 8. 英国央行将政策利率维持在4.25%不变，符合市场预期，投票比例显示内部分歧加大。交易员提高对 英国央行8月降息的押注，同时预计央行今年还会再降息50个基点。 9. 英国金融时报：欧盟正推动与美国达成英国式的贸易协议。另据消息人士表示，欧洲官员越来越愿意 接受10%的对等关税基准 ...

"散装"强调的是各展所长、各美其美。球场上的"你争我抢"，映射着发展中的"你追我赶"。从太湖之滨 到黄海滩涂，江苏各地各有拿手绝活。南京的数字经济、苏州的智能制造、连云港的远洋运输、无锡的 集成电路……"十三太保"差异发展，全部跻身全国城市GDP百强，一起成就了经济大省的体量与担当。 这种地区间的良性竞争，激活了各自潜能，让江苏大地活力奔涌。 但"散装"绝非一盘散沙，竞争也非"内卷式"的抢地盘。南京生物医药研发能力全国领先，苏州生物医药 已形成现代产业集群，两者在市场一拍即合；地处苏南的江阴与身在江北的靖江共建工业园区，南北结 对结出了硕果。在长三角一体化发展浪潮中，江苏省内也正在形成"苏南引领、苏中崛起、苏北赶超"的 梯度发展模式，产业链深度协作，形成了强大的共生网络，一起融入新发展格局，当弄潮儿挑大梁。 放眼全国看，大国经济往往面临地区资源禀赋差异大等挑战。过去我国一些地区建立自给自足的产业结 构，曾造成产业趋同、产能过剩等问题。今天，发展新质生产力，也有个合理布局的问题。一地如何融 入区域发展格局和国民经济循环，如何将特色鲜明的"珍珠"串成价值倍增的"项链"，江苏的发展实践具 有启发意义。 "散装"强调 ...

Group 1: New Energy Vehicle Industry - As of June 12, 2025, the China Securities New Energy Vehicle Industry Index (930997) decreased by 0.27%, with stocks showing mixed performance [1] - Rongbai Technology (688005) led the gains with an increase of 9.91%, while BYD (002594) was the biggest loser, down 1.88% [1] - The New Energy Vehicle ETF (515700) fell by 0.37%, with a latest price of 1.62 yuan, but saw a weekly increase of 0.87% as of June 11, 2025 [1] - The ETF's trading volume was 1,878.94 million yuan, with a turnover rate of 0.85% [1] - Leveraged funds are actively investing, with the latest financing buy amount reaching 330.26 million yuan and a financing balance of 5,064.44 million yuan [1] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) fell by 0.60% as of June 12, 2025, with stocks showing mixed results [2] - Shuangliang Energy (600481) rose by 3.08%, while Dongfang Risen (300118) dropped by 3.66% [2] - The Photovoltaic ETF (516180) decreased by 0.56%, with a latest price of 0.54 yuan, but had a weekly increase of 1.69% as of June 11, 2025 [2] - Major automotive companies, including FAW Group and BYD, announced a commitment to reduce supplier payment terms to within 60 days to enhance cash flow efficiency in the supply chain [2] Group 3: Battery Technology and Events - The "5th China International Solid-State Battery Technology Conference" will be held on June 19-20, 2025, in Hefei, focusing on solid-state batteries and related technologies [3] - CATL's lithium metal battery research was published in the journal "Nature Nanotechnology," highlighting advancements in battery design and performance [3] - Industry analysts expect the solid-state battery sector to see new product releases and capacity expansions, accelerating the industrialization process [3] Group 4: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) decreased by 0.06% as of June 12, 2025, with stocks showing mixed performance [6] - Yingli Automotive (601279) led the gains with an increase of 10.10%, while Licheng Group (300428) fell by 3.87% [6] - The Automotive Parts ETF (159306) decreased by 0.18%, with a latest price of 1.11 yuan, but had a six-month cumulative increase of 1.37% [6] - The ETF's trading volume was 191.05 million yuan, with a turnover rate of 8.08%, and its latest scale reached 2,576.90 million yuan, marking a one-month high [7] Group 5: New Materials Industry - The China Securities New Materials Theme Index (H30597) fell by 0.54% as of June 12, 2025, with stocks showing mixed results [10] - Blue Sky Technology (300487) rose by 5.03%, while Beifang Huachuang (002371) dropped by 2.58% [10] - The New Materials ETF Index Fund (516890) decreased by 0.41%, with a latest price of 0.49 yuan, but had a two-week cumulative increase of 0.82% [10] - The New Materials Index tracks companies involved in advanced materials, with the top ten weighted stocks accounting for 52.54% of the index [12]

Core Viewpoint - The new energy vehicle (NEV) sector is experiencing significant growth, driven by government initiatives and market dynamics, with various ETFs reflecting this upward trend in their performance [1][2][3]. Group 1: New Energy Vehicle Sector - The China Securities New Energy Vehicle Industry Index (930997) rose by 1.51% as of June 4, 2025, with notable increases in constituent stocks such as Rongjie Co., Ltd. (002192) up 3.85% and Zhongmin Resources (002738) up 3.82% [1]. - The New Energy Vehicle ETF (515700) saw a near 2% intraday increase, currently up 1.45%, with a latest price of 1.61 yuan, and a one-year cumulative increase of 9.98%, ranking in the top half among comparable funds [1]. - The New Energy Vehicle ETF's latest scale reached 2.185 billion yuan, placing it in the top half of comparable funds [1]. - Over the past two weeks, the New Energy Vehicle ETF's shares increased by 5 million, marking significant growth and ranking in the top half among comparable funds [2]. - The latest financing buy-in amount for the New Energy Vehicle ETF reached 1.7466 million yuan, with a financing balance of 50.9178 million yuan [2]. - The Ministry of Industry and Information Technology and other government bodies are promoting NEVs in underrepresented county-level cities, aiming to enhance market penetration and resource allocation [2]. Group 2: Automotive Parts Sector - The China Securities Automotive Parts Theme Index (931230) increased by 0.32% as of June 4, 2025, with significant gains in stocks like Hexing Co., Ltd. (605005) up 10.00% and Xusheng Group (603305) up 9.99% [5]. - The Automotive Parts ETF (159306) rose by 0.36%, with a latest price of 1.11 yuan, and a six-month cumulative increase of 3.36%, ranking in the second quarter among comparable funds [5]. - The Automotive Parts ETF's average daily trading volume over the past year was 2.573 million yuan, leading among comparable funds [5]. - The Automotive Parts ETF's shares increased by 4 million over the past three months, achieving significant growth and ranking in the second quarter among comparable funds [5]. Group 3: Photovoltaic and New Materials Sector - The China Securities Photovoltaic Industry Index (931151) rose by 0.91% as of June 4, 2025, with key stocks like Aisheng Co., Ltd. (600732) up 3.99% and Luxiao Technology (002617) up 2.96% [8]. - The Photovoltaic ETF (516180) increased by 0.76%, with a latest price of 0.53 yuan [8]. - The China Securities New Materials Theme Index (H30597) rose by 0.77%, with significant gains in stocks like Sankeshu (603737) up 6.24% and Blue Sky Technology (300487) up 5.05% [8]. - The New Materials ETF Index Fund (516890) increased by 0.82%, with a latest price of 0.49 yuan [8]. - The New Materials Theme Index includes 50 companies involved in advanced materials, reflecting the overall performance of the sector [10].

所长 早读 国泰君安期货 2025-05-22 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-05-22 所长 早读 外资机构纷纷看多中国股市 观点分享： 据证券日报报道，5 月 21 日，第 28 届瑞银亚洲投资论坛媒体分享会召开，瑞银全球金 融市场部中国主管房东明表示，当前，国际市场对中国资产关注度持续升温。一方面，流动 性向好趋势明显，这对提升投资者信心至关重要，量化基金及其他中长线海外投资者均积极 寻求深度参与中国资本市场。同时，中国监管部门也积极回应全球投资者关切点，提供切实 指导与帮助。另一方面，新质生产力领域吸引力愈发凸显，在人工智能、高端制造等产业链 推动下，中国股市叙事逻辑转变，叠加政策推动，全球投资者对中国资产中长短期关注度都 在不断提升；高盛最新报告显示，将 MSCI 中国指数和沪深 300 指数的 12 个月目标分别上 调至 84 点和 4600 点（分别有 11%和 17%的潜在上涨空间），维持对中国股票的超配评级； 摩根士丹利中国首席经济学家邢自强表示，中国拥有充足的应对冲击的回旋空间。原因有四 方面：一是国内政策刺激拥有加码空间；二是整体社会民生仍具有承 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为6.8万吨，环比有所减少1.44%。 需求端来看，上周工业硅需求为6.7万吨，环比增长19.64%.需求有所抬升.多晶硅库存为25.7万 吨，处于低位，硅片亏损，电池片亏损，组件盈利；有机硅库存为105000吨，处于低位，有机 硅生产利润为-301元/吨，处于亏损状态，其综合开工率为60.11%，环比持平，低于历史同期平 均水平；铝合金锭库存为1.47万吨，处于低位，进口亏损为702元/吨，A356铝送至无锡运费和 利润为516.79元/吨，再生铝开工率为55%，环比增加4.76%,处于低位。 成本端来看，新疆地区样本通氧553生产亏损为3555元/吨，枯水期成本支撑有所上升。 2、基差: 05月12日，华东不通氧现货价9000元/吨，06合约基差为680元/吨，现货升水期货。 偏多。 3、库存: 社会库存为59.6万吨，环比减少1.16%,样本企业库存为264900吨，环比增加1.44%,主要港口库 存为13.3万吨，环比减少2.20%。 偏空。 4 ...

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) rose by 1.22% as of May 12, 2025, with notable increases in constituent stocks such as Yinlun Co., Ltd. (002126) up 4.19% and Xiamen Tungsten Co., Ltd. (688778) up 4.08% [1] - In April, the retail sales of new energy passenger vehicles reached 905,000 units, a year-on-year increase of 33.9%, while the cumulative retail sales from January to April totaled 3.324 million units, growing by 35.7% [1] - The retail penetration rate of new energy vehicles in the domestic passenger car market reached 51.5% in April, an increase of 7 percentage points compared to the same period last year [1] - Guojin Securities noted that market competition is intensifying, leading to a decrease in the average selling price (ASP) per vehicle, but companies with strong cost reduction capabilities can still improve gross margins [1] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) increased by 1.83% as of May 12, 2025, with significant gains in stocks like Sungrow Power Supply Co., Ltd. (300274) up 6.46% [3] - The Photovoltaic ETF Fund (516180) rose by 1.47%, with a recent price of 0.55 yuan [3] - The profitability of the photovoltaic industry has shown a significant decline, but it is expected that the bottom has been reached, with further deterioration in profitability being unlikely [3] Group 3: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 1.11% as of May 12, 2025, with stocks like BETTERRY (835185) increasing by 7.46% [6] - SK On, a South Korean battery manufacturer, is advancing the development of solid-state batteries, claiming to have tripled the cycle life of lithium metal batteries [6] - Solid-state batteries are considered a revolutionary technology, offering significant advantages in safety and energy density compared to traditional lithium-ion batteries [6] Group 4: ETF Funds - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which includes 50 representative companies in the new energy vehicle sector [7] - The Photovoltaic ETF Fund tracks the China Securities Photovoltaic Industry Index, selecting up to 50 representative companies in the photovoltaic industry [10] - The New Materials ETF Index Fund tracks the China Securities New Materials Theme Index, which includes 50 companies involved in advanced materials [13]

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.58%, with notable gains from component stocks such as Huichuan Technology (300124) up 4.41% and Hangke Technology (688006) up 3.23% [1] - The New Energy Vehicle ETF (515700) also rose by 0.58%, with a recent price of 1.57 yuan, and saw a significant scale increase of 383.62 million yuan over the past week, ranking first among similar funds [1] - As of April 28, 2025, the New Energy Vehicle ETF had the smallest relative drawdown of 0.07% among comparable funds this year, with the lowest management fee of 0.15% and custody fee of 0.05% [2] - The Henan Province has introduced policies to boost the development of the new energy vehicle industry, including plans for an AI conference in 2025 and the establishment of industry empowerment centers [2] - Guoyuan Securities suggests focusing on battery and structural components that benefit from low upstream raw material prices, as well as leading companies that will benefit from industry recovery [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.41%, with significant increases from stocks like Weidao Nano (688147) up 10.10% and Jinlang Technology (300763) up 4.31% [4] - The Photovoltaic ETF (516180) increased by 0.56%, with a latest price of 0.53 yuan [4] - Guoyuan Securities indicates that photovoltaic companies have adequately accounted for asset impairments, leading to a solid performance base, and suggests focusing on glass and battery cell manufacturers that have undergone sufficient corrections [4] Group 3: New Materials Industry - The China Securities New Materials Theme Index (H30597) decreased by 0.14%, with mixed performance among component stocks, including Anji Technology (688019) up 4.98% and Hunan Youneng (301358) down 12.06% [4][5] - The New Materials ETF Index Fund (516890) fell by 0.41%, with a latest price of 0.48 yuan [5] - The New Materials ETF Index Fund saw a turnover of 1.08% and a total transaction volume of 25.82 million yuan, with a significant increase of 200,000 shares over the past two weeks, ranking first among similar funds [6] Group 4: Investment Opportunities - Investors can leverage the New Energy Vehicle ETF (515700), Photovoltaic ETF (516180), and New Materials ETF Index Fund (516890) to capture investment opportunities in these sectors [9] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which includes 50 representative companies in the new energy vehicle sector [9] - The Photovoltaic ETF tracks the China Securities Photovoltaic Industry Index, selecting up to 50 representative companies in the photovoltaic industry [12] - The New Materials ETF Index Fund tracks the China Securities New Materials Theme Index, which includes 50 companies involved in advanced materials [15]

Group 1 - Vietnam's investment promotion conference in Beijing attracted over 200 representatives from both China and Vietnam, focusing on new investment opportunities in sectors such as renewable energy, high technology, smart manufacturing, and infrastructure development [1] - The bilateral trade scale between China and Vietnam continues to expand, with ongoing investment cooperation and significant projects being steadily advanced, providing strong momentum for the socio-economic development of both countries [1] - The China Chamber of Commerce for Import and Export of Mechanical and Electrical Products is committed to promoting economic cooperation between China and Vietnam by facilitating trade negotiations, investment matching events, and industry seminars [1] Group 2 - Nghe An Province aims to become a modern, smart, livable, and environmentally friendly economic hub, attracting more Chinese enterprises to invest [2] - Chinese investment in Vietnam has been increasing, covering a wide range of sectors from photovoltaic industry to renewable energy, with companies like Tianjin Tianjiao Environmental Protection Co., Ltd. leading in implementing green projects [2] - During the investment promotion conference, Tianjin Tianjiao signed a memorandum with Nghe An Province for renewable energy and environmental projects, further deepening China-Vietnam green cooperation [2]