新订单指数暴跌5.9点至46.4，创近一年最大降幅；反映业务活跃度的指标骤降3.7点至50，为五年最低 美国服务业活动近一年来首次陷入萎缩区间，需求突然回落的同时，价格压力加速攀升——新一轮对等关税的冲击波正在全美经济中扩散。 美国供应管理协会（ISM）周三表示，美国非制造业PMI降至49.9，跌破50大关，也是自2024年6月以来的最低水平。这一数值弱于彭博调查中除两位经济学 家外的所有预测，新订单指标创下2024年6月以来最大跌幅，而支付价格指数则飙升至2022年末以来的最高水平。 数据显示，需求"急冻"与通胀"高烧"并存： 数据公布后，美国2年期至10年期国债收益率跌至5月9日以来的最低水平。标普500指数涨幅收窄。 ISM调查委员会主席史蒂夫·米勒（Steve Miller）表示："当前指数并非严重萎缩的信号，而是反映了企业对长期关税不确定性的普遍焦虑。受访者持续抱怨 难以制定计划，许多公司正推迟或减少订单，直至政策影响明朗化。" 随着企业重构供应链，供应商交货时间延长，但库存情绪指数却飙升至62.9（近11个月高点），预示未来数月制造业可能承压。就业指数微升1.7点至50.7， 显示招聘近乎停滞。" ...

这一表态再次搅动美国目前的双边贸易谈判，欧盟对此表示，特朗普最新的关税举措破坏了为达成协议所做的 持续努力，欧盟并就反制措施发出警告。外贸环境的不确定性增加或将对出口链相关企业的经营带来扰动。 财联社5月30日讯，上证50、沪深300等多条指数样本股名单将迎来调整 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 5月30日，美国总统特朗普表示，将上调进口钢铝关税至50% 免责声明 日前，中证指数有限公司宣布将调整沪深300、中证500、中证1000、中证A50、中证A100、中证A500等指数 样本，此次调整为指数样本的定期例行调整，定期调整方案将于6月13日收市后正式生效。其中以下建筑建材 上市公司涉及到样本调整：1）东方雨虹被调出沪深300指数；2）冀东水泥、金隅集团被 ...

Group 1 - The National Taxation Bureau of Yizheng City and the Yizheng Automotive Industry Association signed a tax compliance cooperation agreement aimed at leveraging tax collaboration to enhance corporate tax risk prevention and compliance [1] - The agreement outlines responsibilities for both parties, with the industry association tasked with guiding member companies in tax management and compliance, while the tax department will provide risk prevention notices and handle major tax disputes [1] - The collaboration aims to establish a strategic partnership characterized by mutual trust and assistance, promoting self-regulation and healthy development within the industry [1] Group 2 - The Yizheng Taxation Bureau will annually assess the execution of the tax compliance cooperation agreement and utilize digital technology to provide enhanced tax credit services to compliant member companies [2] - The tax credit services include creating a detailed tax credit profile, offering credit repair assistance, and implementing various incentive measures to improve tax service precision [2] - Future efforts will focus on expanding the cooperation agreement to include 12 local pillar industries, reinforcing the foundation of integrity for high-quality economic and social development in Yizheng [2]

一、特朗普关税政策正式落地，全球贸易体系迎"黑色星期三" 北京时间6月4日凌晨，特朗普政府正式将进口钢铁和铝关税从25%提升至50%，并通过白宫发言人证实，已向主要贸易伙伴发出最后通牒，要求在24小时内 提交"贸易谈判最佳方案"。这一政策追溯至5月30日宣布，原计划6月1日生效，因联邦上诉法院短暂叫停而推迟。美国商务部数据显示，2024年美国钢铁进 口额约1200亿美元，关税翻倍后预计每年增加财政收入约600亿美元，但将导致制造业成本飙升，汽车、建筑等行业面临供应链断裂风险。 注：市场受关税政策与美联储政策预期双重驱动，此文并不构成投资建议。 二、黄金市场剧烈震荡，避险买盘与美元反弹多空博弈 关税政策落地引发全球金融市场巨震，现货黄金在亚市早盘上演"过山车"行情：开盘高至3361美元/盎司，随后因美元指数反弹承压下探3346.47美元，后又 突拉升到今日高点3372.55美元。伦敦金银市场协会（LBMA）数据显示，关税生效后1小时内，黄金避险买盘量同比激增200%，但美元指数反弹0.75%至 99.15，部分抵消了上涨动能。 | C 现货黄金 XAUUSD | | | | | --- | --- | --- ...

建筑行业样本企业信用指标中位数 数据来源：同花顺，东方金诚整理 建筑样本企业收入、利润及资产负债率数据 （亿元、%） 数据来源：同花顺，东方金诚整理(营业总收入、利润总额、资 产负债率为样本企业的中位值) 分析师：葛新景、吴马兰、朱文雅 请务必阅读本报告正文后之免责 2025 年 4 月 行业研究专题报告 2025 年建筑行业信用风险展望 受地产持续拖累影响，2024 年我国建筑业需求 下滑，新签合同额同比下降 5.21%，预计 2025 年稳楼市政策持续发力有利于房建需求改善， 同时基建作为稳增长的抓手有望继续保持较快 增长，为建筑行业需求提供较强支撑； 2024 年建筑业总产值增速继续放缓，新开工面 积和房屋建筑施工面积进一步下降，预计 2025 年建筑行业基本面有所向好，建筑业总产值仍 将保持中低速增长； 2024 年海外工程景气度较高，"一带一路"国 家基础设施发展指数整体呈上升趋势，预计 2025 年海外工程需求景气度有望延续； 2024 年建筑央企及地方国企凭借在资质、品牌、 资金等方面的竞争优势市场份额继续增加，行 业集中度进一步提升，行业竞争进一步加剧； 2024 年建筑企业整体信用质量小幅下 ...

Investment Rating - The report suggests a focus on specific companies within the construction and building materials sector, indicating potential investment opportunities based on market conditions and company performance [6][5]. Core Insights - The report highlights the impact of index weight adjustments on stock prices, particularly for companies in the construction and building materials sector, with notable changes in the sample stocks of various indices [6][5]. - The external trade environment is becoming increasingly uncertain, particularly following the announcement of increased tariffs on imported steel and aluminum by the U.S. President, which may disrupt the operations of export-related companies [5]. - The report identifies several companies to watch, including Honglu Steel Structure, Puyang Refractories, Hainan Huate, Beixin Building Materials, China Chemical, China State Construction, Shanghai Port, and others, based on their growth potential and market conditions [6]. Summary by Sections 1. Weekly Perspective - The report emphasizes the need to monitor the effects of index weight adjustments on stock prices, particularly for companies being removed from major indices [6][5]. 2. Company Earnings Forecast and Valuation - The report includes a table of earnings forecasts and valuations for key companies in the sector, indicating their expected performance and market positioning [8]. 3. Weekly Market Review - The construction and building materials indices showed varied performance, with the construction index up by 1.12% and the building materials index up by 0.60% for the week [11]. - Specific companies within the sector experienced significant weekly price changes, with Sichuan Jinding up by 15.34% and Tianan New Materials down by 15.68% [19][20]. 4. Aggregate Data Tracking - The report tracks overall market trends and performance metrics for the construction and building materials sector, providing insights into broader market movements [10]. 5. High-Frequency Data Tracking - The report includes high-frequency data that reflects real-time market conditions and trends affecting the construction and building materials sector [10].

Group 1 - The Mexican government is seeking an exemption from the U.S. steel tariff increase to 50%, which is set to take effect on June 4, aimed at boosting domestic manufacturers in the U.S. [1] - The steel tariff increase will directly impact key industries in Mexico, such as automotive, agriculture, and electronics, raising costs for companies and consumer prices, particularly affecting U.S. automakers reliant on Mexican supply chains [1][2] - The automotive manufacturing cost per vehicle may increase by $200 to $500 due to the steel tariffs, which could weaken market competitiveness [2] Group 2 - Mexico is the third-largest steel supplier to the U.S., accounting for 13% of imports, and the steel tariff will severely impact its steel exports [2] - The steel tariffs are expected to raise domestic steel prices in the U.S. by 5-8%, exacerbating manufacturing inflation pressures [2] - The tariffs may lead to retaliatory measures from Mexico, such as imposing tariffs on U.S. agricultural products, increasing price volatility risks [2]

Key Insights - The overall sentiment in the construction industry is showing signs of decline, with the business activity index dropping to 51.9% in April, a decrease of 1.5 percentage points from the previous month [6][7] - Fixed asset investment growth has slowed, with a total of 14,702.4 billion yuan in investment from January to April, reflecting a year-on-year growth of 4.0%, which is a decrease of 0.2 percentage points compared to the first quarter [7][8] - Infrastructure investment growth remains high, with broad infrastructure investment growth at 10.86% and narrow infrastructure investment growth steady at 5.8% for the same period [8][9] - Real estate development investment has decreased by 10.3% year-on-year, with a total of 2,773 billion yuan from January to April, indicating a worsening trend compared to the previous quarter [9][10] - The market concentration in the construction industry is increasing, with the market share of the eight major state-owned construction enterprises rising from 24.38% in 2013 to 47.43% in 2024 [10] ESG Insights - As of May 30, the majority of companies have seen an increase in their ESG scores, with 2,549 companies improving their ratings, while 731 companies saw a decline [2][4] - The average change in ESG scores for companies with improved ratings was 0.27%, while those with decreased ratings experienced an average change of -0.37% [2][3] - The top ten industries with rising ESG scores include banking, utilities, coal, steel, oil and petrochemicals, real estate, beauty and personal care, transportation, non-ferrous metals, and retail, all exceeding a 55% increase in ESG scores [2]

秘鲁政府不久前正式出台《国家公共投资政策指南》，旨在引导相关部门和地方政府扩大基建投资，努 力缩小地区间基础设施差距，同时拉动内需增长。 最新发布的秘鲁地区竞争力指数显示，在基础设施方面，除了首都利马及其周边地区外，秘鲁其他地区 基础设施建设水平都偏低，包括能源生产、道路交通、旅游配套和通信网络等具体方面。秘鲁政府曾于 2019年颁布《2022—2025国家可持续基础设施竞争力计划》，提出投资10个行业的72个项目，如道路改 扩建和维护、农业设施改造、污水处理厂新建等。截至2024年7月，该计划涉及项目已累计投资超过 1800亿秘鲁索尔（1美元约合3.6秘鲁索尔），52个项目正处于执行阶段，包括清理亚马孙河水道、修理 利马大都会环城公路、扩建利马豪尔赫·查韦斯国际机场等。秘鲁2025财政年度预计拨款约51亿秘鲁索 尔，投放到该计划涉及的39个项目中。 为鼓励更多私人资本进入基建领域，秘鲁2008年起推出"以工代税"机制，允许企业通过直接执行公共投 资项目来抵扣相应税款，不仅便利了私营企业参与基建项目投资，也减轻了政府的财政负担。自实施以 来，"以工代税"机制的企业参与度显著提升，已经从2009年仅两家企业参与 ...

Core Viewpoint - The article highlights the mixed performance of various sectors in May, indicating a gradual recovery in certain areas while others continue to face challenges, particularly in real estate and industrial production. Group 1: Power Generation and Industrial Activity - The cumulative power generation from coal-fired power plants increased by 1.9% year-on-year as of May 22, marking the first positive reading of the year [1][7] - Industrial sector operating rates showed mixed results, with steel and coking industries underperforming compared to April, while the textile and apparel sectors improved significantly [8][9] - As of the fourth week of May, the operating rate of high furnaces increased by 2.2 percentage points year-on-year, while coking enterprises saw a 1.6 percentage point increase [8][9] Group 2: Construction and Infrastructure - The construction funding availability rate remained stable compared to the end of April, with a slight increase of 0.07 percentage points to 58.9% as of May 27 [10][11] - The cement shipment rate recorded 40.5%, reflecting a 0.2 percentage point decline year-on-year [10][11] - The oil asphalt operating rate decreased to 27.7% by May 28, down from 34.4% and 30.8% in the previous weeks [10][11] Group 3: Consumer Behavior and Sales - The average daily subway ridership in ten major cities increased by 0.8% year-on-year to 61.51 million, although it showed a decline from the previous month [12] - Real estate sales in May showed a reduced decline compared to April, with a 4.1% year-on-year drop in the average daily transaction area across 30 major cities [14][15] - Retail sales of passenger cars maintained a relatively strong state, with a year-on-year increase of 16% from May 1 to 25 [15] Group 4: Appliance Sales and Export Activity - Retail sales of major home appliances remained high, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth rates of 66.1%, 75.2%, and 85.2% respectively during the week of May 19-25 [16][17] - Container throughput showed a slight slowdown, with a year-on-year increase of 5.0% from May 5 to 25, down from 7.3% in April [18] - The number of container ships sent to the U.S. saw a year-on-year decline of 17.2% as of May 31, indicating a potential shift in export dynamics [18][19]