Group 1 - Renrenle Chain Commercial Group Co., Ltd. (Renrenle) has entered the delisting arrangement period, with a drop of over 84% on the first day [2][4] - The company's latest market value has fallen below 300 million yuan after the significant price drop [4] - Renrenle was once a well-known supermarket chain in China, recognized as one of the top 100 chain enterprises and a leading supermarket in Shenzhen [4] Group 2 - Several other companies have also entered the delisting arrangement period recently, experiencing significant stock price declines on their first day [6] - Longjin Pharmaceutical Co., Ltd. (Longjin) entered the delisting arrangement period on June 6, with a first-day drop of 36.28% [6] - On June 10, both Pengbo Telecom Media Group Co., Ltd. (Pengbo) and Shanghai Longyu Data Co., Ltd. (Longyu) entered the delisting arrangement period, with declines of 62.90% and 35.16% respectively [6] Group 3 - Upcoming companies expected to enter the delisting arrangement period include Haiyue Energy Group Co., Ltd. (Haiyue) on June 16 and Jiangsu Harbin Intelligent Robot Co., Ltd. (Harbin) on June 20 [7] - Haiyue primarily engages in oil trading and related businesses, while Harbin focuses on intelligent manufacturing and industrial robotics [7]

Core Viewpoint - The article highlights the significant decline in the stock price of Renrenle Chain Commercial Group Co., Ltd. (Renrenle), which fell over 84% on its first day in the delisting arrangement period, indicating a broader trend of companies entering similar situations in the A-share market [1][2][7]. Group 1: Company Overview - Renrenle was once a well-known supermarket chain in China, recognized as a leading regional player in Shenzhen, with annual revenues exceeding 10 billion yuan for several consecutive years [6]. - The company received a notice from the Shenzhen Stock Exchange on June 5, 2025, regarding the termination of its stock listing due to financial issues, including a net asset deficit of 404 million yuan and adverse audit opinions [6]. Group 2: Market Trends - Several companies in the A-share market have recently entered the delisting arrangement period, experiencing significant stock price drops on their first trading day, similar to Renrenle [7]. - For instance, Longjin (002750) entered the delisting arrangement on June 6, with a first-day drop of 36.28%, while other companies like Pengbo (600804) and Longyu (603003) also faced severe declines of 62.90% and 35.16%, respectively [8]. - Upcoming companies expected to enter the delisting arrangement include *ST Haiyue (600387) on June 16 and *ST Gongzhi (000584) on June 20, indicating a continuing trend of companies facing delisting risks in the market [9].

据了解，当地媒体称，伊朗首都德黑兰凌晨传出爆炸声响。以色列国防部长以色列.卡茨表示，由于以 色列对伊朗发动"先发制人的突然打击"，他已宣布以色列全国进入特别紧急状态，并称以色列预计将遭 伊朗无人机与导弹的报复性袭击。 "加密市场与其他主要风险资产同步下行，对以色列打击伊朗的消息作出负面反应，"加密衍生品流动性 提供商Orbit Markets联合创始人卡罗琳.莫隆表示。"我们预计比特币价格在101,000美元附近有技术支 撑，但短期价格走势将全面由地缘政治消息主导。" 6 月13日，以色列空袭伊朗被官方称作"先发制人行动"。以方表示情报显示伊朗已接近制造核武的临界 点，且近期在核设施和导弹部署上"加速"，因此决意出手;这一举动也与去年至今双方互袭、伊朗持续扶 持地区代理人以及美国对伊朗核谈判陷入僵局等背景交织在一起。分析人士普遍认为，以方借此破坏伊 朗核与导弹制造发射能力、威慑伊朗及其代理人，并向国内外展示强硬姿态，但行动能否"可控"仍取决 于德黑兰后续反应。 以国防部长以色列.卡茨称情报显示伊朗已囤积足够高丰度铀，可在"数日内"组装多枚核弹，"行动旨在 阻止伊朗跨越核门槛";以军将此次打击命名为"狮子的力量 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Different industries have varying import profit, internal - external price differences, and trading logics. Attention should be paid to factors such as tariff policies, supply - demand relationships, and production schedules [1][2]. 3. Summary by Industry Agriculture - **Cotton**: Affected by trade wars, sanctions, and tariff policies, the relationship between domestic and foreign cotton prices has reversed. Currently, Zhengzhou cotton is stronger than US cotton, and continuous attention should be paid to subsequent tariff policy changes [2]. - **Oilseeds and Oils**: These commodities have a high degree of import dependence. Trade flows and logistics are smooth. The risks from the international upstream of the industrial chain are transmitted to domestic terminals through basis contracts, and the focus is on the difference in internal - external supply - demand rhythms [2]. Iron Ore - In the short - term, the shipment and arrival of iron ore have increased, iron - making water production is oscillating at a high level. Overseas macro - environment has strong short - term disturbances, while the domestic macro - environment is relatively stable. The price center of iron ore has declined, and there are few short - term internal - external price difference opportunities. In the long - term, the global balance sheet is slightly in surplus compared to China's [1]. Oil Products - **SC**: The spot discount on arrival has weakened, and the internal - external price relationship has weakened [1]. - **FU**: In summer, the internal - external relationship maintains a weak pattern and has been oscillating recently [1]. - **LU**: The internal - external price difference has widened again, and domestic production in June is relatively high [1]. - **PG**: Recently, FEI and MB have fallen, CP has risen. The internal - external price difference has declined, especially for PG - CP [1]. PX - Domestic PX production has declined, and there are still some overseas maintenance. As TA restarts, the de - stocking of PX is expected to increase. The current internal - external price difference has converged significantly, and the valuation is gradually neutral. It is advisable to wait and see [1]. Non - ferrous Metals - **Aluminum**: Close the internal - external reverse arbitrage to take profit [1]. - **Tin**: With the smooth resumption of production of overseas and Myanmar mines, pay attention to internal - external positive arbitrage as the LME inventory has been low recently [1]. - **Zinc**: Close the internal - external reverse arbitrage [1]. Precious Metals - **Gold**: Affected by the RMB exchange rate and consumption seasons, the internal - external price ratio has rapidly declined [3]. - **Silver**: The spot discount has widened, and the import window has closed [3]. Exchange Rates - The US dollar index, on - shore RMB, off - shore RMB, and other exchange rates have shown different degrees of decline over different time periods [3].

Group 1: CPI Trends - In May, the Consumer Price Index (CPI) showed a month-on-month decrease of 0.2% and a year-on-year decrease of 0.1% [1][2] - The core CPI, excluding food and energy, increased by 0.6% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][2][3] - Energy prices fell by 1.7% month-on-month, contributing to a 0.13 percentage point decline in the overall CPI [1] Group 2: PPI Trends - The Producer Price Index (PPI) decreased by 3.3% year-on-year and 0.4% month-on-month in May [4][5] - The average PPI for January to May showed a decline of 2.6% compared to the same period last year [4] - The decline in PPI is attributed to falling international oil prices and weak domestic demand, although some sectors are showing marginal price improvements [5] Group 3: Economic Policies and Outlook - Macroeconomic policies are showing effects, with improvements in supply-demand structures leading to positive price changes in certain sectors [2][3] - Short-term pressures on CPI are expected due to international energy price fluctuations and abundant food supply, while long-term recovery is anticipated as consumption demand is released [3] - Recommendations include enhancing government investment and focusing on high-tech manufacturing to support industry upgrades [6]

Group 1 - The event "National Matching Conference" in Hangzhou aims to strengthen trade cooperation between China and Peru by leveraging their respective advantages in technology, equipment, and labor resources [1][4] - The event featured representatives from 10 countries, including Brazil, Egypt, and Argentina, facilitating direct communication between local enterprises and foreign diplomats [1][4] - The industrial park visited during the event showcased significant technological advancements, such as a 30% efficiency improvement in automotive cooling system production [3] Group 2 - The cooperation between China and Argentina is highlighted, focusing on China's manufacturing capabilities and Argentina's strengths in food and energy sectors, particularly in lithium resources [3][4] - Chinese enterprises, such as China Chengtong International Trade Co., are seeking to expand their resource import and supply chain cooperation, particularly in mining and rare mineral resources [4] - The Hangzhou International Chamber of Commerce aims to create a dual-channel platform for foreign consulates and local enterprises to enhance international market engagement and opportunities [4]

Core Viewpoint - Major institutions have revised down their global economic growth forecasts for 2025, indicating a cyclical decline post-2021, which impacts demand for commodities, particularly industrial products like oil and copper [5][6][10]. Economic Forecasts - The International Monetary Fund (IMF) has lowered its 2025 global economic growth forecast to 2.8%, a decrease of 0.5 percentage points from January [6]. - The Organisation for Economic Co-operation and Development (OECD) has also reduced its growth forecasts for 2025 and 2026 to 2.9%, down by 0.2 and 0.1 percentage points respectively [7]. - The World Bank has adjusted its 2025 growth forecast from 2.7% to 2.3%, with nearly 70% of economies experiencing downward revisions [9]. - Fitch Ratings has downgraded its outlook for global sovereign debt ratings from "neutral" to "deteriorating," citing escalating global trade tensions as a key driver [10]. Commodity Demand Insights - For copper, the global consumption growth rate is projected to vary significantly based on different economic forecasts, with a potential range of 0.6% to 2.5% for 2025, indicating a divergence of 1.3% which corresponds to 350,000 tons of metal [14][15]. - The regression analysis shows that global copper consumption growth is closely tied to global economic growth, with a coefficient indicating that a 1% increase in economic growth leads to a 1.38% increase in copper consumption [13]. Oil Demand Insights - The global oil consumption growth rate is expected to range from -0.6% to 1.2% based on various forecasts, with a divergence of 0.8% translating to approximately 830,000 barrels per day [17][21]. - The regression analysis indicates that global oil consumption growth is also linked to economic growth, with a coefficient suggesting a 1% increase in economic growth results in a 1.44% increase in oil consumption [17]. Price and Trading Perspectives - Currently, copper prices remain relatively high while oil prices are at a low point, indicating a significant disparity in market conditions [19]. - The trading landscape shows considerable divergence between oil and copper, with volatility and positioning metrics reflecting differing market sentiments [21]. - The analysis suggests that oil is experiencing a "Davis double whammy," where both price and trading data have been fully priced in, while copper is facing a "Davis single whammy," with supply pressures rising and demand declining [21]. Copper-Oil Ratio Analysis - The copper-to-oil ratio is currently around 146, which is historically high, with the average ratio since 1993 being approximately 98 [22]. - The extreme copper-oil ratio is expected to undergo some correction, potentially moving towards the 2020 average of 120 [33].

Group 1 - The core message emphasizes the readiness of the foreign ministers of France, Germany, and four other countries to swiftly implement new measures aimed at weakening Russia's military capabilities, particularly in the energy and banking sectors [1] Group 2 - The focus on energy indicates a strategic approach to disrupt Russia's revenue streams, which are heavily reliant on energy exports [1] - The mention of the banking sector suggests potential financial sanctions or restrictions that could limit Russia's access to international financial markets [1] - The collective stance of the six foreign ministers highlights a unified effort among European nations to address security concerns related to Russia's actions [1]

最近美国公布了5月份的CPI数据，通胀嘛，又双叒叕低于预期，低得让我以为美联储的数据是不是用的是 学生版Excel…… 你看这数据，整体CPI环比才涨了0.1%，本来市场预期是0.2%，结果它自己先砍了一半，谦虚得很！同比也 就涨了2.4%，完全是那种"我就涨一点点，别打我"的姿态。 最值得关注的是核心CPI，扣除食品和能源，环比上涨0.1%，这也是比预期的0.2%更低。要知道这个指标可 是通胀的"内功心法"，它低了，说明美国的通胀开始有点乏力了。 这数据一出，金融市场的反应就像过山车：美元短线跌，黄金蹭蹭蹭往上涨，美股期货集体翻红，连纳指 都像打了鸡血涨了0.4%。投资者更是激动得不行，美联储是不是可以"放水"了？ 现在交易员基本都在打赌：美联储今年妥妥降两次息，最迟9月份搞定！你就说市场有多急，简直是坐在降 息的小板凳上翘首以盼。 这次CPI低的原因也很"接地气"：车便宜了，衣服也便宜了。新车、二手车、连衣服都在打折，连通胀都忍 不住想换个穿搭风格。 而且，能源价格也帮了个大忙，尤其是汽油，跌了2.6%。这意味着，连通胀都懒得出门了，太贵，根本不 想加油。 这时候，美国人民的压力就大了。过去几年高通胀把钱 ...

宏观日报 | 2025-06-12 关注能源、化工上游价格变动 中观事件总览 生产行业：新能源车产销增加。1）中国汽车工业协会数据显示，1至5月份，汽车产销量分别完成1282.6万辆和1274.8 万辆，同比分别增长12.7%和10.9%。其中，新能源汽车产销量分别完成569.9万辆和560.8万辆，同比分别增长45.2% 和44%，新能源汽车新车销量达到汽车新车总销量的44%。在出口方面，1至5月，汽车出口249万辆，同比增长7.9%。 其中，新能源汽车出口85.5万辆，同比增长64.6%。 服务行业：关注养老服务相关方案推进。 1）国际标准化组织近期正式发布由我国牵头制定的《老龄化社会老龄 化包容性数字经济通用要求与指南》国际标准，这也是首个人口老龄化视角下的数字经济国际标准。标准针对在 线购物、数字银行、数字医院、社交媒体等老年人参与数字经济的高频场景提出了具体建议。 数据来源：央视，iFind，华泰期货研究院 行业总览 上游：1）能源：国际油价小幅上行。2）化工：尿素、纯碱价格回落。 中游：1）化工：PX开工率回升。2）农业：生猪制品开工回升。 下游：1）地产：一、二线城市商品房销售与去年同期持平，处 ...