据央视新闻报道，美国特朗普政府宣布豁免100多家企业污染物排放限制，包括化工厂、炼油厂、 煤炭 厂和医疗设备灭菌厂，涉及美国《清洁空气法》规定的致癌物环氧乙烷、汞、砷等污染物排放要求。据 悉，豁免期限为两年。白宫称此举旨在支持能源与制造业，环保组织则批评这将导致更多癌症与儿童健 康问题。 ...

广州港南沙港区四期全自动化码头 广州港南沙港区。 记者 周亮 摄 ◎记者 周亮 7月18日，经济第一大省广东经济半年报出炉。广东省统计局发布数据显示，上半年，广东实现地区生 产总值68725.4亿元，同比增长4.2%。此增速比今年一季度提升了0.1个百分点。 规上工业增加值增长4%、社会消费品零售总额增长3.5%、外贸进出口增长4%……今年上半年，广东稳 外贸、促消费、扩投资、挖潜力，切实扛起"经济大省挑大梁"责任。与自身比，广东上半年经济增长好 于一季度（4.1%）、去年同期（3.9%）、去年全年（3.5%），向好态势明显，成功稳住经济大盘。 广东全力稳住传统市场阵地，同时加力拓展新兴市场空间，"朋友圈"越扩越大。上半年，广东对第一大 贸易伙伴东盟进出口7571.3亿元，增长5.9%，占全省外贸进出口的16.6%，比重较去年同期提升0.3个百 分点。对共建"一带一路"国家进出口1.79万亿元，增长3.8%；其中，对中亚五国进出口增长23.1%。 坚持"制造业当家" 工业成增长强驱动 上半年，广东全省规模以上工业增加值同比增长4%，增速比一季度加快0.1个百分点，其中6月份增长 5.3%。新动能产业增势良好， ...

Group 1: Market Overview - The A-share market showed a positive trend with major indices rising, particularly the Shanghai Composite Index reaching a new closing high for the year [2] - Resource cyclical stocks were prominent, with the rare earth permanent magnet sector experiencing significant gains, alongside lithium and coal sectors [2][3] - The overall market is transitioning from a "weight-driven" to a "theme-driven" approach, indicating a structural market trend [8] Group 2: Rare Earth Sector - The rare earth permanent magnet sector saw active trading, with several stocks hitting the daily limit up, including Jiuwu High-Tech and Huahong Technology [3] - The discovery of a new mineral, "Nedun River Mineral," by a research team from China University of Geosciences, highlights the complexity and resource diversity of the Baiyun Obo mine, the world's largest rare earth deposit [3] - As of July 18, 17 companies in the rare earth permanent magnet sector have released half-year performance forecasts, with 9 expecting profit increases and 5 turning losses into profits [4] Group 3: Lithium Sector - The lithium mining sector experienced significant movements, with stocks like Shengxin Lithium Energy and Jinyuan Co. hitting the daily limit up [6] - A recent announcement from Cangge Mining regarding the suspension of lithium resource development due to compliance issues has raised concerns about supply constraints in the lithium market [6] - Major lithium companies Tianqi Lithium and Ganfeng Lithium reported improved performance forecasts, indicating a potential recovery in the sector [7] Group 4: Investment Outlook - Financial institutions suggest that the market is likely to continue focusing on structural opportunities, particularly in technology growth sectors supported by policy and industrial upgrades [8] - The trend indicates a shift from capital-driven to profit-driven industry operations, with expectations of dual recovery in performance and valuation across various sectors [8]

7月4日"大美丽"法案通过后，决定下半年海外市场的三大因素之一的财政和税改已基本尘埃落地 （《 全球市场2025下半年展望：共识化的"去美元" 》），特朗普的焦点又再度转向贸易和关 税，近期接连宣布了一系列令人"眼花缭乱"的新政策，让市场担心好不容易"消停"了三个月的关 税战是否又面临升级风险。的确，如果不紧密追踪关税变化的话，很容易给人又再度大幅升级的 感觉，但市场的反应却出奇的"冷静"，美股反而屡创新高。那么，到底关税有哪些新变化，是否 大幅升级，对宏观环境和资产的路径是否有影响？我们将在本文中梳理更新。 中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 策略 Strategy 哪些行业有望受益"反内卷"？ >>点击图片查看全文<< 近期资本市场对于"反内卷"关注度持续升温，我们认为新一轮相关政策或将逐步落地。相较于历 史上供给侧改革，光伏组件、新能源汽车、储能系统以及电商平台等新兴领域或为本轮"反内 卷"政策重点关注领域；政策主线层面，推动产能出清、抑制无序竞争双主线并行，技术服务升 级及行业格局优化为中长期要素。政策推动下，此前存在供需失衡以及低价竞争的行业有望夯实 盈利底部，中长 ...

煤焦数据解读-2025年上半年前十大煤炭国企原煤产量 | 排名 | 企业名称 | 2025年H1 (万吨) | 2024年H1 (万吨) | 同比变化 | | --- | --- | --- | --- | --- | | 1 | 国家能源集团 | 30589 | 30890 | -1.0 | | 2 | 晋能控股集团 | 20257 | 18259 | 10. 9 | | 3 | 山东能源集团 | 13837 | 13327 | 3.8 | | 4 | 中煤集团 | 13547 | 13325 | 1.7 | | 5 | 陕煤集团 | 12911 | 12725 | 1.5 | | 6 | 山西焦煤集团 | 9305 | 7991 | 16. 4 | | 7 | 华能集団 | 5113 | 5613 | -8.9 | | 8 | 潞安化工集团 | 4968 | 4395 | 13.1 | | 9 | 河南能源集团 | 3727 | 3529 | 5.6 | | 10 | 国家电投集团 | 3660 | 3833 | -4.5 | 格林大华斯货0351团队点评:从前十大煤炭企业原煤累计产量数据来看，息量保持增 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 煤炭有色行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：成长行业走强 A 股震荡上行》 2025-07-17 《市场分析：汽车电力行业领涨 A 股震荡整 固》 2025-07-16 11730 《市场分析：互联网汽车领涨 A 股震荡整理》 2025-07-15 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 07 月 18 日 投资要点： ◼ A 股市场综述 周五（07 月 18 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 3534 点附近遭遇阻力，午后股指维持震 荡，尾盘再度上扬，盘中有色金属、煤炭、教育以及化肥等行业表 现较好；游戏、汽车服务、消费电子以及光伏设备等行业表现较 弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周五 冲高回落，创业板成分指数全天表现弱于主板市场。 ◼ ...

Economic Overview - Guangdong's GDP for the first half of the year reached 68,725.40 billion yuan, with a year-on-year growth of 4.2% [1] - The primary industry added value was 2,258.86 billion yuan, growing by 4.2%, while the secondary industry grew by 3.4% to 25,978.86 billion yuan, and the tertiary industry increased by 4.6% to 40,487.69 billion yuan [1] New Momentum Industries - New momentum industries showed strong growth, with advanced manufacturing and high-tech manufacturing value-added increasing by 5.9% and 6.0%, respectively [2] - High-tech product output saw rapid growth, with production of new energy vehicles, lithium-ion batteries for energy storage, industrial robots, service robots, and civilian drones increasing by 14.7%, 42.2%, 34.0%, 23.0%, and 58.2% respectively [2] Industrial Investment - Industrial investment accounted for 38.1% of total investment, with significant growth in automotive manufacturing and petroleum, coal, and other fuel processing industries, increasing by 14.6% and 57.9% respectively [2] - Investment in industrial technology transformation grew by 1.8%, with investment in computer communication and other electronic equipment manufacturing technology transformation increasing by 12.8% [2] Fixed Asset Investment - Overall fixed asset investment in Guangdong decreased by 9.7%, with real estate development investment dropping by 16.3% and new commercial housing sales area declining by 10.6% [3] - Despite the decline, there are signs of stabilization in the Guangzhou and Shenzhen real estate markets, with Guangzhou's monthly transaction volume exceeding 600,000 square meters [3] Price Indices - The Consumer Price Index (CPI) in Guangdong decreased by 0.4% year-on-year, while the Producer Price Index (PPI) fell by 1.3% [4] - The PPI and Industrial Producer Purchase Price Index (IPI) saw declines of 1.8% and 3.9% respectively in June [4]

接下来，我们来概括一下整体盘面和应对策略。首先从板块效应来看，本周在指数没有大涨的背景下， 板块轮动速度较快，缺乏持续性上涨的板块，但板块机会呈现"雨露均沾"的状态。其中，半导体领域中 的光模块表现相对强势，主要原因是周初部分龙头公司发布了业绩增长明显的报告。此外，PCB柔性电 路板、银印制电路板也表现强势，代表了创新领域的科技半导体。在医药板块，创新药的局部品种有一 定表现，这些品种主要发布了临床批件或新品上市，表现较为活跃。不过，医药股整体表现并不突出， 近300家医药股中，一半业绩实现一季度增长，另一半业绩下滑，中报数据也未出现太多异动，因此整 体板块行情尚不明显。这些创新驱动的品种与前期下跌的传统行业形成对比，传统行业如光伏设备、电 池、钢铁、煤炭、有色等出现明显转折。这两方面合力使得市场转型效应明显增强。市场强弱与否，从 个人收益情况便可知晓。本周整体呈现回升状态，大部分中盘个股表现明显，大盘股因银行板块影响暂 时停滞，小盘股尾盘股表现相对较弱，中盘市值表现突出。 那么，接下来市场走势预期如何呢？我认为下周市场在反复震荡之后，大方向仍将向上。我一直强调， 看市场一定要关注政策和资金，这两点是市场的主 ...

Group 1: Report Summary - As of July 15, the capital availability rate of sample construction sites was 58.89%, a week-on-week decrease of 0.09 percentage points. Non - housing project capital availability rate was 60.37%, down 0.09 percentage points week - on - week, and housing project capital availability rate was 51.68%, down 0.08 percentage points week - on - week [5] - This week, the double - coking futures continued the upward trend of last week, but the momentum slowed down. Coking coal inventory continued to decline, reducing inventory pressure and releasing price elasticity. The "anti - involution" theme led by "polysilicon" strengthened, driving the recovery of the commodity bullish atmosphere. The supply - side reform focus shifted to new energy industries, and the impact on the black series was expected to be limited. Coke enterprises replenished coking coal inventory, while steel mills were more cautious [6] Group 2: Market Focus - From July 14 - 15, the Central Urban Work Conference was held in Beijing, emphasizing the shift from "large - scale incremental expansion" to "stock quality improvement and efficiency enhancement" in urban development [7] - The China National Coal Association held a symposium on the coal economic operation in the first half of the year, emphasizing safety, scientific production, supply quality improvement, and market balance [7] - Coking coal production in China continued to resume, and the closure of Mongolian coal ports ended. Coking coal inventory decreased significantly, coke enterprises replenished raw materials and coke inventory continued to decline, steel mills' raw material replenishment was limited, coke production changed little, iron - water production rebounded, and a new round of coke price increase was implemented [7] Group 3: Bull - Bear Focus - Bullish factors include coke enterprises' concentrated replenishment, obvious decline in coking coal inventory, supply - side reform leading to supply contraction expectations, and the rebound of iron - water production [10] - Bearish factors include the seasonal off - season of steel, limited downstream demand, and the expected increase in Mongolian coal imports after the port closure ended [10] Group 4: Data Analysis - The operating rate of 523 sample mines was 86.07%, up 0.55% from last week, and the daily average clean coal output was 77.04 tons, an increase of 0.54 tons. The operating rate of 110 sample coal washing plants was 62.85%, up 0.53% from last week, and the daily output was 53.375 tons, an increase of 0.79 tons. The three major ports resumed customs clearance on July 16, but the customs clearance was expected to remain low until July 21 due to the Naadam Festival in Mongolia [13] - As of the week of July 18, the clean coal inventory of 523 sample mines was 339.07 tons, a decrease of 38.11 tons from last week; the clean coal inventory of 110 sample coal washing plants was 191.54 tons, a decrease of 5.53 tons; and the port inventory was 321.5 tons, a decrease of 0.14 tons [16] - As of July 18, the coking coal inventory of all - sample independent coking enterprises was 929.11 tons, an increase of 36.76 tons, and the inventory - available days were 10.88 days, an increase of 0.41 days. The coke inventory of independent coking enterprises was 87.55 tons, a decrease of 5.53 tons [19] - As of July 18, the coking coal inventory of 247 steel enterprises was 791.1 tons, an increase of 8.17 tons, and the inventory - available days were 12.63 days, an increase of 0.15 days. The coke inventory was 638.99 tons, an increase of 1.19 tons, and the available days were 11.46 days, a decrease of 0.18 days [23] - As of July 18, the capacity utilization rate of all - sample independent coking enterprises was 73.01%, an increase of 0.14% from the previous period, and the daily average output of metallurgical coke was 64.21 tons, an increase of 0.13 tons. The capacity utilization rate of 247 steel enterprises was 86.84%, a decrease of 0.18% from the previous period, and the daily coke output was 47.09 tons, a decrease of 0.1 tons [25] - As of the week of July 18, China's coke consumption was 109.1 tons, an increase of 1.19 tons. The daily average iron - water output of 247 steel enterprises was 242.44 tons, an increase of 2.63 tons, and the blast furnace operating rate was 83.46%, an increase of 0.31% from last week [27] - As of the week of July 18, the average loss per ton of coke for independent coking enterprises was 43 yuan/ton, which was improved compared with last week. On July 17, the mainstream steel mills in Hebei and Shandong raised the coke purchase price, with dry - quenched coke up 55 yuan/ton and wet - quenched coke up 50 yuan/ton [29] - The spot and futures prices of double - coking rose in resonance [31] Group 5: Market Outlook - Coking coal inventory continued to decline, reducing inventory pressure and releasing price elasticity. The "anti - involution" theme led by "polysilicon" strengthened, driving the recovery of the commodity bullish atmosphere. The impact of supply - side reform on the black series was expected to be limited. The driving force for price increase was expected to slow down as supply and demand re - balanced. In the short term, attention should be paid to the impact of Mongolian coal imports on prices after the port re - opened [34] - A new round of coke price increase was implemented. With the support of coking coal costs, the game between steel and coke enterprises intensified, and there was still an expectation of further price increases. The coke futures followed the coking coal futures [37]

Group 1 - The core viewpoint of the article highlights the performance and investment strategy of the AI Fund Ping An Hong Kong Stock Connect Dividend Select Mixed Initiation A (021046), which reported a profit of 14.97 million yuan in Q2 2025, with a net value growth rate of 7.92% [3][4] - As of July 17, 2025, the fund's unit net value was 1.304 yuan, and it had a total scale of 305 million yuan [3][17] - The fund manager, Ding Lin, oversees six funds, with the Ping An Consumption Select Mixed A achieving the highest one-year return of 33.01% [3] Group 2 - The fund's investment strategy focuses on stable high-dividend stocks, particularly in sectors such as finance, telecommunications, energy, and public utilities, which are expected to provide visibility and stable profits during economic recovery [3] - Foreign investment in Chinese stocks remains low, and the valuation of Hong Kong stocks is considered attractive, indicating potential for further increases [3] - The fund's average stock position since inception is 84.4%, with a peak of 89.53% in mid-2024 and a low of 71.51% in late 2024 [16] Group 3 - The fund's maximum drawdown since inception is 10.87%, with the largest quarterly drawdown occurring in Q2 2025 at 9.1% [12] - The fund's top ten holdings include major banks and energy companies, indicating a concentrated and stable investment portfolio [20]