证券研究报告 | 2025年07月07日 美元债双周报（25 年第 27 周） 弱于大市 "大漂亮法案"通过将增加美国中长期财政压力 "大漂亮法案"通过并生效，美国财政压力或将进一步扩大。7 月 1 日，"大 漂亮法案"（OBBBA）以 51 比 50 的微弱优势通过参议院；7 月 3 日，美 国国会众议院对该法案进行最终表决投票，以 218 比 214 的结果通过； 7 月 4 日，美国总统特朗普签署该法案，"大漂亮法案"正式生效。该 法案实质为税改法案，核心条款是降低企业税，同时也包含削减社会福 利、取消清洁能源补贴、增加国债规模等内容。该法案"减税养债"， 一方面为特定行业大企业减税，鼓励研发、刺激经济；另一方面，为了 缓解财政压力，美国提高了国债规模，解决短期债务的同时也带来了更 加剧烈的长期问题。减税的大规模缩减导致赤字增长，但对经济增长的 贡献仍需商榷，美国财政压力或将进一步扩大。 6 月非农就业数据仍具韧性，但需关注结构问题。6 月非农就业人数增加 14.7 万人，远高于市场预期；6 月私营就业人数减少 3.3 万，是 2023 年 3 月以来的首次下降;失业率下降至 4.1%，低于预期；4 月 ...

除数转智改外，黄伟同样令哈电集团构建了发展新质生产力"绿色、低碳、高端、数字"四位一体的科技 创新体系。在2024年5月召开的哈电集团第五届科技创新大会上，他系统地阐释了技术攻关体系化、人 才机制革新、产学研深度融合的综合发展路径。 6月27日，哈尔滨电气集团有限公司董事长、党委书记调整：黄伟担任哈尔滨电气集团有限公司董事 长、党委书记，免去其哈尔滨电气集团有限公司总经理职务。 公开信息显示，黄伟曾担任中国东方电气集团公司进出口公司副总经理、总经理，中国东方电气集团公 司副总经理，国家核电技术公司副总经理，中国东方电气集团有限公司副总经理、党组副书记，东风汽 车集团有限公司董事、党委副书记等职。2023年4月，黄伟任哈尔滨电气集团有限公司总经理、党委副 书记。 2025年初，哈电集团年度数字化转型推进工作会上，时任总经理的黄伟部署新一年数字化战略："要深 耕智能制造，全力推动高端化、智能化、绿色化发展；要积极布局人工智能技术应用，打造新质生产 力。" 2023年至2025年，是哈电集团数字化转型从规划到落地的关键跃升期。作为主导者之一的黄伟在2024年 1月的数字化工作会议上，明确提出"数字化赋能新型工业化" ...

策略定期研究 2025 年 7 月 7 日 国内宏观和产业政策周观察（0630-0706） 支持创新药高质量发展 投资要点： 本周政策聚焦产业数字化升级与金融制度创新，监管层启动工业产品生 产许可体系改革，强化标准化与智能化管理。资本市场方面，深交所出台 "轻资产、高研发投入"认定标准，提升创业板对科技企业的包容性。医疗 领域推动医保数据向创新药研发开放，促进"医、药、保"协同发展。交通 运输方面，"空铁联运"三年任务清单发布，推进多式协同与信息共享机制 建设。整体来看，政策持续围绕科技赋能、高质量发展和制度优化发力，助 推传统行业转型升级与新兴动能培育。 本周A股各大板块涨跌不一。其中，涨幅排名前五的是钢铁Ⅱ (+5.98%)、 建材Ⅱ (+4.33%)、医药生物 (+4.33%)、银行 (+3.78%)、电气设备 (+2.44%)。 跌幅前五的是软件服务 (-1.05%)、半导体 (-0.89%)、家庭用品 (-0.74%)、企 业服务 (-0.71%)、交通运输 (-0.43%)。 本周热门概念中，涨幅排名前十的为CRO (+7.08%)、创新药 (+6.99%)、 水产 (+6.42%)、光伏屋顶 ( ...

——2025 年 07月 01日 《中东地缘冲突再升级，资本市场短期受 影响》 ——2025 年 06月 25日 《地缘冲突升级短期压制风险偏好提升》 [Table_I 日期 ndustry] : shzqdatemark 2025年07月07日 | [Table_Author] 分析师: | 张河生 | | --- | --- | | Tel: | 021-53686158 | | E-mail: | zhanghesheng@shzq.com | | SAC 编号: | S0870523100004 | [Table_ReportInfo] 相关报告： 《关注经贸协议最终落地情况》 过去一周（20250630-20250706）wind 全 A 指数上涨 1.22%，其中 中证 A100、沪深 300、中证 500、中证 1000、中证 2000 与 wind 微盘股 分别变化 1.48%、1.54%、0.81% 、0.56%、0.59%与 1.89%。 ——2025 年 06月 18日 关注供给侧改革预期升温带来的投资机会 ——固收&宏观周报（20250630-20250706） [◼Table_Sum ...

基于前期的良好合作基础，双方将在数字规划咨询、电气化、自动化、数字化和低碳化解决方案等领域建立长期合作关系。双方将进一步整合优势资源，以数字化和低碳化的"双轮驱动"，产业链 截至目前，五粮液与西门子已共同推进了数智化赋能生态酿酒、制曲与包装升级、环保设施完善等项目，取得显著成效。此次借助"和美全球行"德国站活动契机，五粮液深化与西门子公司合作 从产品输出到文化输出，从贸易往来到达成价值交融，五粮液正用"一瓶酒"的温度，让不同文化在碰撞中酿出新的芬芳。2025年，五粮液"和美全球行"进一步升级，通过强化文化赋能、激活营 接下来，五粮液还将通过"和美全球行"德国站和塞舌尔站活动，深化产业合作、打造沉浸式消费体验、拓展创新服务场景等多维举措，精心推出系列品牌活动，用"和合共生 美美与共"的理念增 【免责声明】【广告】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作 慕尼黑时间7月4日下午，在五粮液"和美全球行"德国站活动期间，五粮液集团（股份）公司董事长曾从钦率队走进西门子研发中心和西门子股份公司总部开展调研交流， ...

Summary of Key Points Core Viewpoint - 长城电工 (600192) experienced a significant increase in stock price, reaching the daily limit, with a trading volume of 1.335 billion yuan and a turnover rate of 27.48% on the day of the report [2][3]. Trading Activity - The stock was listed on the龙虎榜 due to a daily fluctuation of 16.52%, a daily price deviation of 10.02%, and a turnover rate of 27.48% [2]. - The total net buying from brokerage seats amounted to 13.54 million yuan, with the top buying brokerage being 国泰海通证券, which purchased 25.08 million yuan worth of shares [2][3]. Recent Performance - Over the past six months, the stock has appeared on the龙虎榜 seven times, with an average price increase of 5.45% the day after being listed and an average increase of 11.56% over the following five days [3]. - The stock saw a net inflow of 104 million yuan in main funds on the reporting day, with a significant inflow of 112 million yuan from large orders, while smaller orders saw a net outflow of 7.91 million yuan [3]. Financial Results - The company reported a revenue of 285 million yuan for the first quarter, reflecting a year-on-year decline of 26.23%, and a net loss of approximately 39.93 million yuan [3].

Core Insights - The collaboration between Wuliangye Group and Siemens marks a significant step towards enhancing the "Digital Wuliangye" initiative, focusing on digital transformation and sustainable practices [1][6]. Group 1: Partnership Development - Wuliangye Group's chairman led a delegation to Siemens' R&D center and headquarters, resulting in a consensus to deepen cooperation [1][6]. - A strategic cooperation agreement was signed between Wuliangye and Siemens (China) to establish a long-term partnership in areas such as digital planning, electrification, automation, and low-carbon solutions [6]. Group 2: Technological Advancements - The delegation explored Siemens' advancements in artificial intelligence, sustainable energy, and cybersecurity, gaining insights into digital twin technology, flexible manufacturing, and AI applications [5][6]. - Both companies discussed the integration of digitalization and low-carbon initiatives to enhance their collaboration and drive industry leadership in automation and digital transformation [6]. Group 3: Cultural and Market Expansion - Wuliangye aims to elevate its global presence through the "He Mei Global Tour," enhancing cultural engagement and marketing strategies to integrate traditional Chinese liquor culture into global consumer experiences [8]. - Future initiatives will focus on deepening industry cooperation, creating immersive consumer experiences, and expanding innovative service scenarios to strengthen the global liquor supply chain [8].

Core Viewpoint - The company has won bids for significant projects with Southern Power Grid and Guangxi Power Grid, totaling approximately 42.81 million yuan, which is expected to positively impact future operating performance [1] Group 1: Project Details - The company secured the first batch of framework bidding projects for the 2025 main network line materials from Southern Power Grid [1] - The company also won the second round of public bidding for the 2025 provincial material centralized procurement projects from Guangxi Power Grid, covering production, dispatch, and infrastructure categories [1] Group 2: Financial Impact - The total bid amount of approximately 42.81 million yuan accounts for about 5.76% of the company's projected revenue for 2024 [1] - The execution of these contracts is anticipated to have a positive effect on the company's future financial performance [1]

Group 1 - The stock of Great Wall Electric has experienced a significant increase, with 4 limit-up days within 6 trading days, resulting in a cumulative increase of 48.01% and a turnover rate of 116.90% [2] - As of 11:19, the stock's trading volume reached 119 million shares, with a transaction amount of 1.306 billion yuan and a turnover rate of 26.92% [2] - The latest total market capitalization of the stock in the A-share market is 5.08 billion yuan [2] Group 2 - The margin trading data shows that as of July 4, the stock's margin balance is 142 million yuan, with a financing balance of 142 million yuan, which increased by 13.21 million yuan compared to the previous trading day, reflecting a growth of 10.29% [2] - Over the past 6 days, the margin balance has decreased by 24.46 million yuan, representing a decline of 14.73% [2] - The stock has appeared on the Dragon and Tiger list twice due to a cumulative deviation in the price increase of 20% over three consecutive trading days, a daily turnover rate of 20%, and a daily price deviation of 7% [2] Group 3 - The company's Q1 report released on April 30 indicates that the total operating revenue for the first quarter was 285 million yuan, a year-on-year decrease of 26.23%, and a net profit of -40 million yuan, a year-on-year decrease of 43.27% [2] - Recent trading data shows fluctuations in daily price changes and net inflows of main funds, with notable changes on specific dates, such as a 4.60% increase on July 4 and a 10.06% increase on July 1 [2]

Core Viewpoint - The economic situation in Zhuzhou is showing positive growth, particularly in the manufacturing sector, with a focus on advanced manufacturing and emerging industries driving this progress [1][3]. Group 1: Advanced Manufacturing Development - Zhuzhou's advanced manufacturing sector has seen a significant increase, with the added value of advanced manufacturing growing by 10.7% from January to May, contributing 55.2% to the city's industrial output [3][4]. - The investment structure in Zhuzhou has fundamentally shifted, with industrial investment growth rising from 5.5% to 17.5% since 2020, now accounting for 60.4% of fixed asset investment [3][11]. - The city is committed to a "manufacturing first" approach, integrating manufacturing and research to enhance innovation and productivity [3][4]. Group 2: Emerging Industries Growth - Emerging industries in Zhuzhou are flourishing, with significant growth observed in sectors such as wind power, electronic equipment manufacturing, automotive manufacturing, advanced materials, and biomedicine, all achieving double-digit growth [7][8]. - The city is optimizing its industrial landscape to promote emerging industries, leveraging its industrial foundation and research capabilities to foster new sectors like new energy equipment and industrial software [9][10]. - The successful application of Beidou technology across various fields is a testament to Zhuzhou's ability to convert technological advantages into industrial strengths [9]. Group 3: Industrial Investment and Future Potential - Industrial investment in Zhuzhou has consistently increased, with a notable 17.5% growth this year, indicating strong confidence in the local business environment and future market prospects [11][12]. - The city has attracted significant strategic emerging industry projects, such as the carbon silicon semiconductor equipment production base and the CRRC "dual carbon" industrial park, which are expected to bolster the new industrial landscape [12]. - Zhuzhou's focus on green and low-carbon technologies is evident, with numerous projects recognized for their environmental sustainability, positioning the city for future economic advancements [12].