"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 1、电解水制氢行业动态 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 3、氢储运&加氢站行业动态 4、燃料电池行业动态 示 例 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电池行业发展趋势分析 绿氢项目及下游消纳动态 TrendBank 碧 裙 HOME | Pa ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 7 月 4 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四油价小幅回落，其中WTI 8月合约收盘下跌0.45美元至67.00 | | | | 美元/桶，跌幅 0.67%。布伦特 9 月合约收盘下跌 0.31 美元至 68.80 | | | | 美元/桶，跌幅 0.45%。SC2508 以 507.0 元/桶收盘，上涨 3.3 元/ | | | | 桶，涨幅为 0.66%。美国 6 月非农就业数据超预期，失业率降至 | | | | 4.1%。经季节性因素调整后，6 月非农就业人数增加 14.7 万人， | | | | 高于预期的 11 万人。就业人数稳步增长、失业率下降，平均时薪 | | | 原油 | 环比增长 0.2%，同比增长 3.7%，表明通胀压力减弱。美联储主席 | 震荡 | | | 鲍威尔本周表态称，7 月降息"仍在考虑范围内"，这似乎扭转 | | | | 了他此前"维持利率不变至秋季"的立场。总统特朗普将就 7 月 | | | | 9 日截止日期之后是否延长与贸易伙伴的谈判做出决定。 ...

| 投资者关系活动类别 | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他 | | | 东吴能源化工、星泰投资、道生投资、华创投资、源乐晟、东莞证 | | 参与单位名称及人员姓名 | 券、益和源投资、财富证券、华夏久盈、健顺投资、太平基金、上 | | | 海天猊投资、红杉PIPE、循远投资、汉享投资、海南恒立私募 | | 时间 | 2025年7月3日 | | 地点 | 线上交流 | | 上市公司接待人员姓名 | 副总经理、董事会秘书 张雪莲 | | | 1. 2024年公司业绩承压，2025Q1利润实现减亏，同比、环比均有 明显改善，请领导介绍一下公司经营情况改善的原因？公司后续的 | | 投资者关系活动主要内容 | 应对措施有哪些？ | | 介绍 | 积极调整产品结构：坚持致力于特种油及化工新材料细分领域 | | | 的技术研发和创新，持续提升重点品类品质，提高产品附加值。比 | | | 如推出的变压器油(又名电力绝缘油)，是一种专门用于变压器绝缘 | | | 和冷却散热的液体介 ...

巴西国家地理统计局（IBGE）2日公布数据显示，巴西工业产出连续第二个月下降。受高利率环境和外 部不确定性影响，5月份全国工业生产环比下降0.5%，同比增长3.3%，与市场预期基本一致。 数据显示，5月工业产出延续4月0.2%的降幅，反映出在宏观货币政策持续收紧背景下，实体经济复苏 动能趋弱。2025年前5个月，工业整体增长主要集中于第一季度，随后出现明显放缓。据统计，目前全 国工业活动水平均低于2011年5月创下的历史峰值约15%。 巴西国家地理统计局工业调查负责人安德烈·马塞多指出，4月与5月的连续负增长部分抵消了年初的累 积回升，显示工业生产已陷入疲软通道。 5月工业产出延续4月0.2%的负增长，累计抵消了年初前三个月的1.5%涨幅。当前工业产出水平较2011 年5月的历史高点低15%。 在各产业类别中，汽车制造、石油和生物燃料加工等行业产出下滑幅度较大，分别下降3.9%和1.8%。 资本品、耐用消费品及非耐用消费品分别环比下跌2.1%、2.9%和1.0%。中间品则微升0.1%，主要因铁 矿石采掘增长所致。 分析人士指出，当前巴西15%的高基准利率达和经济增速放缓持续制约工业复苏，预计二季度工业产出 将 ...

gtaxinstitute@essence.com.cn 综合晨报 国投期货研究院 (原油) 隔夜国际油价上行，布伦特09合约涨2.78%。伊朗总统批准该国暂停与国际原子能机构的合作，围 绕伊核问题的中东地缘风险再度升温，7月9日到期日前美国与越南达成贸易协议亦令贸易战风险弱 化。原油供需面宽松主题延续，上周美国EIA原油库存超预期增加384.5万桶，汽油表需低于预期水 平,旺季因素亦难扭转OPEC+快速增产预期之下的全球石油累库趋势。关注宏观及她缘利多因素的 发酵空间，原油供需指引仍偏负面。 【贵金属】 隔夜贵金属偏强震荡。本周鲍威尔讲话重申在经济依然稳健的情况下美联储选择保持耐心，下一步 行动将完全取决于数据表现。昨晚美国ADP就业人数减少3.3万人录得2023年3月以来最大降幅，市 场降息预期升温，聚焦非农数据对就业的验证，因美国独立纪念日该数据将于今晚公布。 （铜） 隔夜美盘铜价高位领涨，伦铜收在1万美元以上。美国ADP私人就业人数意外下降，市场继续交易7 月降息概率。特朗普表示与越南完成20%出口关税、对转口征收40%出口关税的协议,威胁对日高关 税。沪铜关注现价跟调力度与现货升贴水。技术上，短线沪 ...

Core Points - The "Big and Beautiful" bill, pushed by President Trump, passed the Senate with a narrow vote of 51 to 50, requiring Vice President Pence to cast the tie-breaking vote [1] - The bill aims to reduce taxes by $4 trillion and cut spending by at least $1.5 trillion over the next decade, continuing the tax measures from the 2017 Tax Cuts and Jobs Act [2] - The bill is expected to return to the House of Representatives for approval before being sent to Trump for signing [1][2] Group 1: Winners - Corporations will benefit from the permanent implementation of tax cuts from Trump's first term, reducing the corporate tax rate from 35% to 21% [4] - The traditional energy sector will gain as the bill repeals several measures aimed at reducing energy consumption, benefiting fossil fuel industries and traditional automakers [5] - High-income households will see an increase in the state and local tax deduction limit from $10,000 to $40,000, particularly benefiting families earning between $200,000 and $500,000 [6] - Workers relying on tips and overtime will be exempt from federal income tax on these earnings, although this group represents only 2.5% of the workforce [7] Group 2: Losers - Low-income families will be adversely affected due to significant cuts to federal Medicaid, potentially resulting in nearly 12 million losing health insurance over the next decade [9] - Healthcare workers may face job losses, with an estimated reduction of 500,000 positions in the healthcare sector over the next ten years due to decreased patient volume and services [11] - The national debt is projected to increase by approximately $3 trillion over the next decade due to tax cuts, leading to an additional $600 billion to $700 billion in interest payments [12][13]

博汇股份 20250702 摘要 博汇股份 2025 年一季度利润改善主要得益于经营模式调整（转向国际 贸易，利用舟山保税区出口优势）、产品结构优化（研发变压器油，布 局算力服务器热冷领域）、技术改造（提高原料稳定性及产品附加值） 以及内部管理成本优化。 博汇股份燃料油产品中，高硫燃料油和 5-7 号燃料油表现较好，出口比 例增加；白油及基础油维持稳定；沥青因初期示范业绩不佳，可能暂停 生产，但会根据市场需求灵活调整生产结构。 面对原材料价格波动，博汇股份通过库存调整平衡全年周期，若进口原 料价格过高则降量处理。同时，通过超期保值，利用期货对冲原料采购 到产品销售期间的价格风险，成立专门团队进行期货买卖。 博汇股份的竞争优势包括：先进的荷兰跳板工艺、安全环保方面的大量 投入、国际布局（新加坡分支机构及北京贸易公司）、产品研发与质量 控制（多套实验装置）以及款到发货的销售模式。 控股股东变更为国资平台后，博汇股份将受益于企业稳健性提升、资金 充裕、业务渠道深化（无锡子公司受益）、员工福利改善以及战略布局 调整，通过竞争重组提升上市公司质量和规模。 Q&A 请介绍一下博汇股份近期的经营情况及主要产品。 博汇股份位 ...

Core Insights - The article discusses the competitive landscape between China and the United States in the clean energy sector, highlighting China's significant advancements and investments in renewable energy technologies [1][3][4]. Group 1: China's Clean Energy Dominance - China installed more wind turbines and solar panels last year than the rest of the world combined, indicating its leading position in the clean energy market [3]. - Chinese companies are expanding their clean energy footprint globally, constructing electric vehicle and battery factories in countries like Brazil, Morocco, and Hungary [3][4]. - Despite high coal consumption, China is rapidly transitioning to cleaner energy alternatives, dominating global manufacturing in solar panels, wind turbines, lithium batteries, and electric vehicles [4][5]. Group 2: U.S. Energy Strategy - The U.S. government, under President Trump, is focusing on maintaining reliance on fossil fuels, promoting the export of oil and natural gas, and investing in traditional energy sources [3][6]. - The U.S. strategy is based on the belief that the modern world is built around fossil fuels, and it aims to leverage its position as the largest oil producer and natural gas exporter [4][6]. - There is a growing concern that the U.S. has lost its competitive edge in the clean energy race, with policymakers realizing too late the extent of China's advancements [5]. Group 3: Future Energy Landscape - The global demand for energy is expected to increase, creating opportunities for both solar energy and fossil fuels in the short term [6]. - The International Energy Agency predicts that by the middle of this century, the share of oil, gas, and coal in global energy demand will fall below 60%, positioning China to capture new market opportunities [6].

Group 1: Coal Industry - In June 2025, coal prices are lower than the same period last year, leading to a forecast of a year-on-year decline in industry profits for July 2025, maintaining a neutral outlook for the coal industry [3]. Group 2: Livestock Farming - As of the end of May 2025, the number of breeding sows is 40.42 million, showing a slight month-on-month increase. It is predicted that the supply and demand for pigs will balance in Q4 2025, with pork prices expected to stabilize at the bottom while waiting for a significant reduction in production capacity [4]. Group 3: Steel Industry - A forecast for June 2025 indicates a year-on-year negative growth in profits for the general steel industry. The rolling average of PMI has not exceeded the threshold, maintaining a neutral signal for the steel industry [5]. Group 4: Construction Materials and Engineering - In June 2025, the gross profit of float glass is expected to decline year-on-year, maintaining a neutral signal for the glass industry. The cement industry is predicted to see year-on-year profit growth in June 2025, awaiting positive signals from new housing starts, also maintaining a neutral outlook for the cement industry [5]. - The manufacturing PMI rolling average is stabilizing, while year-on-year data for commercial housing sales shows a slight decline. Economic data remains stable, and expectations for infrastructure support are unlikely to materialize, maintaining a neutral signal for the construction and decoration industry [5]. Group 5: Fuel Refining and Oil Services - A forecast for June 2025 suggests that profits in the fuel refining industry will remain roughly flat year-on-year, maintaining a neutral outlook. Oil prices have not yet formed an upward trend year-on-year, and new drilling activities are also stable year-on-year, leading to a neutral outlook for oil services [6].

伊拉克高硫燃料油出口量维持高位 市场分析 上期所燃料油期货主力合约日盘收跌0.37%，报2979元/吨；INE低硫燃料油期货主力合约日盘收跌0.03%，报3590 元/吨。 随着中东局势缓和，前期由于地缘冲突攀升的原油溢价也迅速回落，并带动能源板块大幅下跌，目前市场重回基 本面主导的逻辑。 高硫燃料油方面，近日价差结构明显转弱，现货贴水、月差、裂解价差连续走低，反映现货端供应相对充裕，市 场利好驱动不足。目前来看，欧佩克增产将带动中高硫原油与燃料油供应提升。此外，与以色列停火后伊朗出口 有回升迹象，供应压力或开始显现。值得一提的是，伊拉克高硫燃料油出口维持高位，6月份进一步增加。参考船 期数据，伊拉克6月高硫燃料油发货量预计为167万吨，环比5月增加32万吨，同比去年提升70万吨。伊拉克部分货 源可能来自于伊朗，也印证了高硫燃料油供应的增长态势。需求方面，目前夏季发电端需求较为旺盛，航运端消 费也相对持稳。炼厂端需求则需要裂解价差进一步回调来吸引增量，近期国内部分炼厂消费税抵扣比例上调也有 利于高硫燃料油进口需求回升。因此，高硫燃料油市场结构调整充分后将迎来新的支撑。 低硫燃料油方面，短期供应压力有限，市场结 ...