Core Viewpoint - The industrial economy in Sichuan is showing stable growth despite external pressures, with a focus on maintaining and increasing production levels while addressing challenges in various sectors [1][2]. Economic Performance - From January to April, the industrial added value in Sichuan increased by 7.1% year-on-year, with 35 out of 41 major industrial categories experiencing growth [2]. - The six major advantageous industries saw a 7.4% increase in added value, and high-tech manufacturing grew by 13% [2]. Project Developments - New projects such as the 120,000-ton aluminum alloy products project and the silicon-carbon negative material project have commenced production, indicating ongoing industrial activity [3]. - The establishment of new industrial parks and projects in various cities, including a 20,000-ton special-grade hydrogen peroxide project, reflects a commitment to enhancing local industrial capabilities [3]. Strategic Approaches - Sichuan is focusing on tailored strategies to support industries, including the automotive and chemical sectors, which have shown over 20% growth [4]. - The government is implementing measures to support the photovoltaic industry, including reducing financing costs and promoting product applications [4]. Business Support Initiatives - The "Enterprise Home" service system has been established to address business challenges, ensuring that companies can report issues and receive timely assistance [4]. - Ongoing efforts to facilitate market expansion for businesses include organizing supply-demand matching events and supporting participation in exhibitions to enhance brand visibility and order acquisition [4].

经济周周看：本周经济景总体平稳 ——宏观经济周度高频前瞻报告 核心观点 基于前期报告《经济周周看：整体向上，生产偏强，需求涨跌互现——宏观经济周度 高频前瞻报告》中构建的生产端景气周度跟踪框架，我们进一步编制 GDP 周度高频 景气指数，更好地综合把握经济景气强度及变化方向。 从我们构建的 GDP 周度高频景气指数历史回溯来看，GDP 周度高频景气指数在趋势、 节奏上与月度 GDP 的趋势节奏有较好的拟合度，例如 2024 年二季度的回落、三季度 筑底与四季度的大幅改善得到较好拟合，在拐点上有较好提示。未来随着高频数据质 量的进一步完善，有望更好地拟合周度 GDP，使其在弹性强度上更为准确。 证券研究报告 | 宏观深度报告 | 中国宏观 GDP 周度高频景气指数本周（截至 6 月 14 日）为 5.6%，与上周修订值 5.6%基本持 平，或表征经济增长景气相对平稳。 从生产端来看，服务业、工业高频指标较上周总体平稳。 从需求端来看，消费回暖，固投偏弱，出口高频高位震荡。 从价格端来看，本周物价边际承压，系统性回升有待需求侧反弹。 ❑ 风险提示 经济结构转型，传统指标对经济的拟合度下降； 地缘政治博弈强度超预期 ...

以下文章来源于财经杂志 ，作者尹路 顾翎羽 2025年6月10日晚开始，多家车企先后公开承诺，对供应商的账期不超过60天，截至发稿，共有17家车企发布承诺：广汽、一汽、东风、 赛力斯、吉利、长安、上汽、比亚迪、奇瑞、长城、北汽、小鹏、小米、零跑、理想、蔚来、江汽。 除了承诺 60天账期，上汽、北汽追加承诺不采用商业承兑汇票等增加供应商资金压力的结算方式；一汽、江汽追加承诺精简审批环节，利 用数字化技术实现对合同执行、发票匹配、付款申请等全流程节点的实时监控，确保每一笔应付款项按期支付。 车企承诺账期上限，主要是为了响应 2025年6月1日施行的修订版《保障中小企业款项支付条例》。 该条例第九条规定： "机关、事业单位从中小企业采购货物、工程、服务，应当自货物、工程、服务交付之日起30日内支付款项；合同另 有约定的，从其约定，但付款期限最长不得超过60日。大型企业从中小企业采购货物、工程、服务，应当自货物、工程、服务交付之日起 60日内支付款项；合同另有约定的，从其约定，但应当按照行业规范、交易习惯合理约定付款期限并及时支付款项，不得约定以收到第三 方付款作为向中小企业支付款项的条件或者按照第三方付款进度比例支 ...

■ 投资逻辑 摘要 投资逻辑 公司经历底部反转后经营势头持续向上 ：根据公司官方的披露， 2025 年 4 月，公司销售乘用车 23.41 万辆，同 / 环比 +52.7%/+0.8% ， 25 年累计 93.8 万辆，同比 +49.1% ；其中电车 12.6 万辆，同 / 环比 +144.2%/+4.9% ， 25 年 1-4 月累计 46.5 万辆，同比 +137.7% ；公司销量表现持续强势，其中电车饱受价格战影响但持续平稳， 销量连续破新高，燃油车则仍在逆势上扬。 公司困境反转的核心原因来自 ： 1 ）低成本路线落地：推出 GEA 平台和 EM-i 超级混动技术，产品爆款能力大幅增强； 2 ）强爆款周期：公司在爆款打造能力增强的 同时，从 24 年下半年起进入轰轰烈烈的新车周期，吉利银河 E5/ 吉利星愿 / 吉利银河星舰 7 均成市场爆款， 25 年起更是有 10 款新车推出，其中吉利银河 5 款； 3 ）内 部整合后经营持续向上， 24 年下半年公司发布台州宣言，并大规模开启整合，关联交易、内部资源浪费大幅减少，因而大幅增强公司盈利能力。因而在 24Q3 开始，公 司虽然经历俄罗斯市场萎缩、市场价 ...

Group 1: Monetary Policy and Economic Indicators - The People's Bank of China has implemented a series of financial support measures, including interest rate cuts and structural monetary policy tools, to maintain liquidity and stimulate economic activity [1][2] - M1, representing "active money," has seen a significant increase, indicating a recovery in investment and consumption activities [2] - In May, the broad money supply (M2) grew by 7.9% year-on-year, while M1 increased by 2.3%, reflecting a positive trend in monetary conditions [1] Group 2: Consumer Price Index (CPI) and Inflation - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, primarily due to falling energy and food prices [3] - The core CPI, excluding food and energy, rose by 0.6% year-on-year, indicating a stable inflation environment despite overall price declines [3] - The decline in CPI provides room for continued monetary and fiscal policy support to boost consumption and investment [3] Group 3: Foreign Trade Performance - In the first five months, China's total goods trade value reached 17.94 trillion yuan, growing by 2.5% year-on-year, with exports increasing by 7.2% and imports decreasing by 3.8% [4][5] - The trade dynamics show a continued decline in exports to the U.S. while exports to ASEAN and EU countries have increased significantly [4][5] - The resilience of China's foreign trade amidst external pressures is attributed to ongoing efforts to diversify markets and stabilize trade relations [5] Group 4: Social Welfare and Public Services - The government has introduced a comprehensive policy aimed at enhancing social welfare, focusing on fairness in social security and improving public services [6][7] - Increased financial support for low-income groups and adjustments to minimum living standards are part of the new policy framework [6][7] - The policy aims to stimulate domestic demand and provide a safety net for vulnerable populations, contributing to long-term economic growth [7] Group 5: Shenzhen Reform and Market Integration - The recent policy document allows Hong Kong-listed companies in the Greater Bay Area to list on the Shenzhen Stock Exchange, enhancing market integration [8][9] - Shenzhen's role as a reform and innovation hub is emphasized, with measures aimed at fostering talent and investment in key industries [8][9] - This initiative is expected to attract high-quality companies back to the Shenzhen market, boosting overall market quality and investment [9] Group 6: Automotive Industry Developments - The Ministry of Industry and Information Technology is conducting inspections on automotive production to ensure compliance with safety and quality standards [10] - A collective commitment from 17 major automotive companies to limit payment terms to suppliers to 60 days aims to alleviate financial pressures on suppliers [11][12] - The automotive sector is facing increased competition, necessitating a focus on sustainable development and innovation within the supply chain [12] Group 7: Real Estate Policy Changes - Guangzhou has proposed to eliminate restrictions on housing purchases, sales, and prices, aiming to stimulate the housing market [13] - The plan includes significant investments in the renovation of old residential areas and support for low-income housing solutions [13] - This shift signals a broader trend towards easing housing policies to enhance consumer confidence and stimulate economic activity in the real estate sector [13]

《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》、 《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则》等中国现行法律、 法规和其它规范性文件（以下简称"中国法律法规"）及《众泰汽车股份有限公 司章程》 （以下简称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、 出席会议人员的资格和召集人资格、审议事项、表决程序和表决结果等相关事宜 出具本法律意见书。本所律师根据本法律意见书出具日以前发生的事实及对该事 实的了解和对法律的理解，仅就本次股东大会所涉及的相关法律问题发表法律意 见，不对本次股东大会所审议的议案内容以及议案所表述的事实或数据的真实性、 准确性、合法性发表意见。 关于众泰汽车股份有限公司 法律意见书 二〇二五年六月 致：众泰汽车股份有限公司 浙江泽大律师事务所（以下简称"本所"）接受众泰汽车股份有限公司（以 下简称"公司"）委托，指派朱传帅律师、叶钲茹律师出席公司 2025 年 6 月 13 日召开的 2024 年年度股东大会（以下简称"本次股东大会"）。本所律师列席了 本次股东大会，并依据《中华人民共和国公司法》、《中华人民共和国证券法》 ...

Core Viewpoint - Jingxi Heavy Industry (Shanghai) Co., Ltd. has obtained a patent for a "Rolling Ramp Structure and Electric Brake Device and Vehicle," indicating innovation in automotive manufacturing and potential advancements in vehicle braking systems [1][2]. Company Overview - Jingxi Heavy Industry (Shanghai) Co., Ltd. was established in 2009 and is primarily engaged in the automotive manufacturing industry [2]. - The company has a registered capital of 350.39 million RMB [2]. - It has made investments in 2 companies and participated in 8 bidding projects, showcasing its active role in the industry [2]. - The company holds a total of 75 patents and possesses 66 administrative licenses, reflecting its commitment to innovation and compliance [2]. Patent Details - The newly granted patent (CN222977295U) was applied for on September 2024 and focuses on a rolling ramp structure that includes multiple rollers and ramp components [1]. - The design features a unique guiding track with an uphill and downhill segment, allowing for self-locking of the vehicle when the electric brake is applied, eliminating the need for additional parking mechanisms [1].

Core Viewpoint - Yingli Automotive (601279.SH) has issued a risk warning announcement indicating that its current operating conditions are normal, with no significant fluctuations in production costs or sales, and the internal production and operational order remains stable [1] Group 1: Company Performance - The company reports that its market environment and industry policies have not undergone major adjustments [1] - There are no significant changes in the company's production costs and sales [1] - The company's current price-to-earnings (P/E) ratio is 141.62, which is significantly higher than the manufacturing industry average P/E ratio of 27.12 [1] Group 2: Market Risks - The high P/E ratio suggests a potential risk of irrational speculation in the stock [1]

智通财经6月13日电，日前，梅赛德斯-奔驰（中国）汽车销售有限公司根据《缺陷汽车产品召回管理条 例》、《缺陷汽车产品召回管理条例实施办法》和《机动车排放召回管理规定》的要求，向国家市场监 督管理总局备案了召回计划。召回编号E2025M0087V：自2025年6月30日起，召回生产日期在2020年12 月2日至2022年12月12日期间的部分进口A级、CLA级和GLA级汽车，共计2151辆。本次召回范围内的 部分车辆，由于生产制造问题，涡轮增压器涡轮外壳上的喷嘴形状可能不符合规范，在特定驾驶条件下 无法满足排放相关要求，可能存在排放危害风险。梅赛德斯-奔驰（中国）汽车销售有限公司将通过梅 赛德斯-奔驰授权经销商，为召回范围内的车辆免费更新发动机控制单元软件，以消除排放危害。 梅赛德斯-奔驰召回2151辆进口A级、CLA和GLA汽车 ...

Core Points - FAW-Volkswagen has announced a recall of 202,662 Jetta cars due to safety concerns related to the wheel speed sensor [1] - The recall affects vehicles produced between September 1, 2018, and August 19, 2019, and will begin on July 15, 2025 [1] - The issue arises from inadequate moisture resistance of the sensor's outer shell, which may lead to signal errors and disable critical safety features such as ABS and ESP [1] Company Actions - FAW-Volkswagen will replace the affected wheel speed sensors free of charge through authorized dealers to mitigate safety risks [1] - The recall was initiated following a defect investigation launched by the State Administration for Market Regulation [1]