国务院新闻办7月18日举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"期间商务高质 量发展有关情况。 消费市场规模稳步扩大 2020年至2024年，社会消费品零售总额年均增长5.5% 社会消费品零售总额从2020年的39.1万亿元提升到2024年的48.3万亿元，年均增长5.5%，今年全年有望 超过50万亿元；网上零售额连续12年全球第一；汽车销量全球第一，空调、洗衣机等家电细分领域销量 全球第一……"超大规模市场体量更大，全球第二大消费市场的地位更加稳固。"商务部部长王文涛介 绍，多措并举促消费，推动消费市场规模稳步扩大，结构持续优化，潜能不断释放。 商品消费方面，2024年新能源车保有量较2020年增长5.4倍，今年上半年新能源车渗透率超过50%。截 至上半年，消费品"以旧换新"带动销售额2.9万亿元，约4亿人次享受补贴优惠。服务消费方面，2020年 至2024年，居民服务性消费支出年均增长9.6%，快于商品消费。 货物贸易规模连续8年稳居全球第一 上半年与共建"一带一路"国家货物贸易占比达51.8% 贸易大国地位巩固，货物贸易规模连续跨过5万亿美元、6万亿美元两个台阶，2024年较20 ...

Group 1: Economic Growth and Consumer Trends - The total retail sales of consumer goods in China are expected to exceed 50 trillion yuan this year, with an average annual growth of 5.5% over the past four years [1] - The contribution rate of consumption to economic growth is around 60%, highlighting its role as a main engine for economic development [2] - Service consumption has seen rapid growth, with an average annual increase of 9.6% from 2020 to 2024, outpacing goods consumption [2] Group 2: Trade and Foreign Investment - China's goods trade scale is projected to reach 6.16 trillion USD in 2024, a 32.4% increase from the end of the 13th Five-Year Plan in 2020 [5] - Cumulative foreign investment absorbed since the beginning of the 14th Five-Year Plan has exceeded 700 billion USD, achieving the target six months ahead of schedule [6] - The number of newly established foreign-funded enterprises during the 14th Five-Year Plan period reached 229,000, an increase of 25,000 compared to the previous period [6] Group 3: Policy and Structural Changes - The Ministry of Commerce plans to implement targeted measures to enhance the supply of quality services, including expanding pilot programs in healthcare and reducing restrictive measures [3] - The Ministry emphasizes the need for continuous innovation in business systems and mechanisms to support high-quality economic development [1][3] - Recommendations include extending consumption subsidy policies to service sectors like culture and tourism to address the shortage of quality service supply [4]

今年二季度，广发双擎升级持股集中度继续下降，前十大重仓股占基金净值比为54.31%。环比一季度的71.21%，下降16.9%。 出品｜搜狐财经 作者｜汪梦婷 7月18日，广发基金旗下基金公布二季报。 季报显示，刘格菘在二季度调仓幅度较大，对新消费、保险、军工相关个股进行了增配，泡泡玛特一跃成为广发行业三年第二大重仓股，新华保险、中国平 安则双双出现在广发双擎升级、广发行业三年前十大重仓中。 押中泡泡玛特和老铺黄金的基金经理吴远怡，二季度对这两只股票进行了小幅调仓，其中泡泡玛特被广发价值核心、广发成长领航两只基金分别减持27%、 8%。 刘格菘重仓泡泡玛特，减持新能源 截止二季度末，刘格菘旗下共有6只基金，在管基金总规模312.95亿元，环比减少约9亿元。 业绩方面，其代表基金广发双擎升级A/C类基金二季度收益率分别为0.63%、0.54%，跑输业绩基准。二季报显示，该基金最新规模49.60亿元，股票仓位 93.82%，环比下降0.5%。 报告期内，广发双擎升级对行业配置结构进行了优化，增配了有爆款新品出现的汽车行业和有色上游标的，同时增配了地缘冲突升级中展现了较强产品力的 军工行业。 | 股票名称 | 持仓市 ...

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

| 晨会纪要 | | --- | 证券研究报告 | 2025年07月18日 电力设备新能源行业点评：英国政策支持新能源车及充电设施，新兴市 场储能大有可为 | 数据日期:2025-07-17 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3516.82 | 10873.61 | 4034.49 | 12308.04 | 3138.27 | 1005.64 | | 涨跌幅度（%） | 0.37 | 1.42 | 0.68 | 1.27 | 1.41 | 0.80 | | 成交金额（亿元） | 6097.91 | 9295.78 | 3255.16 | 3360.44 | 4431.17 | 283.43 | $\frac{\pi^{*}}{\pi^{*}}$$\frac{\pi^{*}}{\pi^{*}}$$\frac{\pi^{*}}{\pi^{*}}$$\frac{\pi^{*}}{\pi^{*}}$$\frac{\pi^{*}}{\pi^{ ...

今日必读🚄习近平质疑一窝蜂发展AI和新能源车🚗美国对中国石墨征收高额反倾销税🏎美国上月零售额超预期增长获取免费中文电子报《彭博财经早茶》，洞悉全球市场动态。Catch up on what's moving China's markets in our free Chinese language newsletter. https://t.co/4mwBDHtKcg ...

商报讯（记者 苗露）最近一个月，A股"反内卷"主题行情爆火，钢铁、光伏、建材等板块全面爆发。数 据显示，6月20日至7月15日的18个交易日内，申万一级行业指数中的钢铁、建筑材料、电力设备等行业 涨幅均超过8%。 机构认为，"反内卷"成为当前热议的主题，十年前供给收缩带来超额利润的场景有望再一次重演。随 着"反内卷"扩散至各行各业，"反内卷"主题有望持续演绎，成为接下来一段时间的主线。其中，光伏、 汽车、钢铁等行业备受关注，二级市场表现也趋于活跃。 "反内卷"行情启动 光伏产业链重新站回C位 今年7月初，中央财经委第六次会议强调，纵深推进全国统一大市场建设，要聚焦重点难点，依法依规 治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出。 此后，A股市场掀起一股"反内卷"行情。最具代表性的是，时隔4年，光伏产业链重新站到市场C位。据 统计，近一个月（6月20日至7月15日），光伏设备指数已上涨15.55%。据同花顺（300033）数据，昨 日光伏概念板块依旧收涨0.82%，近一月涨幅达4.23%，成分股中琏升科技（300051）、皇氏集团 （002329）、亿晶光电（600537）等股涨停。 "这一 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 股票名称["联F股份","上纬新材"] 板块名称["证券","医药","印制电路板","CPO","电信","石油","银行","贵金属","人工智能","机器 人","新能源车","DeepSeek"] 牛市、涨停数、连板股 看多看空文章中提到今日A股四大指数先弱后强，沪指、北证50指数、深成指、创业板指均上 涨，创业板领涨，全市场超3500只个股上涨；涨停数连续2日正增长；连板冠军晋级，部分连板梯 队为行情向上奠定基础；AI家族和新能源推动行情发展等，这些都是行情向好的表现，所以看多 A股。 0717收评：突破高量实底线，站稳才有艳阳天（0718盘前预报） 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 A股四大指数先弱后强，沪指涨0.37%，创业板指涨1.76%领涨，超3500只个股上涨。上 ...

Investment Rating - The industry rating is "Outperform the Market," indicating an expectation that the overall performance of the industry will surpass the market in the next six months [13]. Core Insights - The UK government has restarted a £63 million subsidy for new energy vehicles (NEVs) to enhance infrastructure and support economic growth, contrasting with the US's recent cancellation of NEV tax credits [1]. - The subsidy plan aims to lower energy costs for households and businesses, improve charging infrastructure, and create thousands of green jobs as part of a broader transformation initiative [1][2]. - The UK has reached a tariff agreement with the US, allowing the export of 100,000 vehicles annually at a reduced tariff rate, which is expected to boost local automotive production [2]. - The UK is projected to see a significant increase in the registration of new energy vehicles, with pure electric vehicle sales expected to rise by 21.4% in 2024 [3]. - A £1 billion investment from the UK government to a Chinese battery company aims to enhance local battery production capacity significantly, supporting the domestic NEV industry [3][6]. Summary by Sections Government Initiatives - The UK government has allocated £63 million for NEV subsidies to improve infrastructure and reduce energy costs for various sectors [1]. - The initiative includes investments in charging infrastructure and support for households without private driveways [1]. Market Trends - In 2024, the UK is expected to register approximately 1.95 million new passenger cars, with a notable shift towards NEVs [3]. - Traditional fuel vehicle sales are declining, while sales of pure electric and hybrid vehicles are on the rise, indicating a market transition [3]. International Cooperation - The UK has secured a tariff agreement with the US, allowing for a significant export quota of vehicles, which is expected to encourage local manufacturing [2]. - The investment in battery production by a Chinese company highlights the growing collaboration between the UK and China in the NEV sector [3][6].

Core Insights - Tesla is launching a new model, the Model Y L, which is a three-row, six-seat SUV aimed at the Chinese market [1][3] - The Model Y L features a length close to 5 meters and a wheelbase of 3040mm, slightly longer than the new Model Y [3] - Tesla's sales in China have declined, with wholesale sales down 14.6% year-on-year and retail sales down 5.4% in the first half of the year [3] Company Developments - The Model Y L is positioned as a flagship model produced at Tesla's Shanghai Gigafactory, featuring all-wheel drive, extended range, and premium interior [3] - The introduction of the Model Y L is seen as a necessary move for Tesla to regain market traction amid increasing competition from local automakers [3] Industry Trends - The electric vehicle market is seeing a shift towards three-row SUVs, with competitors like NIO and Li Auto also launching similar models [4] - The trend indicates that "pure electric six-seat SUVs" are becoming a strategic focus for various automakers [4]