Group 1 - The Bank of China Sichuan Branch is committed to supporting various enterprises, enhancing financial services, and ensuring that financial resources reach those in need [2][3] - The Sichuan Branch plans to grant over 10 billion yuan in credit to Tongwei Group, a leading enterprise in the photovoltaic industry, to support its global industrial chain layout [3][4] - The establishment of a cross-border integrated fund pool for Tongwei has significantly improved fund flow efficiency, allowing the company to access over 400 million yuan in low-cost foreign funds [4] Group 2 - The Sichuan Branch has been actively involved in financing medium-sized enterprises, providing tailored financial solutions to support their growth and development [6][7] - The bank has launched various innovative financial products, such as "Tianfu Foreign Trade Loan," to assist local businesses in overcoming financing challenges [6][7] - The Sichuan Branch has integrated diverse financial resources to support emerging industries and facilitate the development of new production capabilities [7][8] Group 3 - The Sichuan Branch is focused on supporting small and micro enterprises, providing loans and financial services to stimulate market vitality [9][10] - The bank has introduced the "Wine Chain e-loan" to assist small distributors in the liquor industry, providing nearly 40 million yuan in credit support [10] - The bank has also responded to the needs of local food companies by reducing loan rates and fees, ensuring their production capabilities are maintained [10][11] Group 4 - The Sichuan Branch aims to deepen financial supply-side reforms and optimize service systems to contribute to the construction of a modern industrial system and promote high-quality economic development [11]

Group 1 - The core point of the article is that *ST Changyao has announced that as of the disclosure date, shareholder Shengshi Fenghua has had approximately 8.1 million shares frozen [2] - For the fiscal year 2024, *ST Changyao's revenue composition is as follows: 57.19% from the photovoltaic industry and 42.81% from the pharmaceutical industry [2]

Core Viewpoint - Green Kang Biochemical is undergoing a significant asset restructuring by transferring its photovoltaic film assets to a related party for a total consideration of 0 yuan, indicating a strategic retreat from the photovoltaic sector due to financial burdens [1][2][3]. Group 1: Asset Transfer Details - Green Kang Biochemical announced the sale of 100% equity in three subsidiaries related to photovoltaic film production to Jiangxi Raoxin New Energy Materials Co., Ltd. for 0 yuan, as this transaction is classified as a related party transaction [1][2]. - The acquiring party, Kangyi Investment, is a controlling shareholder of Green Kang Biochemical, with other involved parties being significant shareholders [2]. Group 2: Financial Performance and Challenges - In 2024, Green Kang Biochemical's photovoltaic film revenue reached 231 million yuan, marking a year-on-year increase of 60.89%, accounting for 35.62% of total revenue [3]. - Despite the revenue growth, the gross margin for photovoltaic films was -38.63%, leading to increased losses for the company [3]. - The company anticipates a net loss of 50 million to 65 million yuan for the first half of 2025, representing a reduction in losses compared to the previous year [3].

【导读】中国光伏行业协会澄清市场传闻 中国基金报记者 安曼 7 月 29 日晚间，中国光伏行业协会在官方微信公众号上发布一则澄清信息，称近日有部分自 媒体发布了关于光伏行业 " 反内卷 " ，特别是多晶硅方面工作的新闻。该协会称 " 相关内容 与实际情况严重不符，请大家不信谣，不传谣 " 。 日中国光伏行业协会会议上提出的 " 修订多晶硅能耗标准，推动落后产能出清 " 的倡议形成 呼应。 弘业期货分析团队认为： " 作为本轮反内卷的核心品种，多晶硅的政策消息和市场传闻较 多，形成了较强的市场预期。 工信部的最新表态印证了行业整顿的决心，这为价格提供了支 撑 。 " 银河期货分析，倘若日内产能整合会议传出较为积极性的成果，则多晶硅长期预期将直接逆 转，期货价格或再度走强。 编辑：江右 校对：王玥 协会表示，将秉着 法制化 、市场化原则推进 " 反内卷 " 工作，力求尽快走出内卷式恶性竞 争，请大家一切以官方发布信息为准，并感谢大家对光伏行业的支持。 虽然光伏行业协会并未明确提及澄清事项的具体细节，不过今日盘间，有市场传闻称多晶硅 行业将进行产能整合。受此消息影响，多晶硅期货率先反弹，盘中涨超 4% 。 | ( ...

Group 1 - The report indicates that the domestic market's risk appetite remains volatile, with early trading showing weakness in both equity and commodity markets, followed by a reversal in the afternoon [2] - Commodity prices have shown signs of stabilization, with significant reductions in the declines of coking coal, glass, and soda ash, which narrowed by 4.37%, 1.82%, and 4.45 percentage points respectively compared to the previous day [2] - The futures prices of many "anti-involution" commodities have shifted to be lower than or roughly equal to spot prices, indicating a transition to a positive basis or flat state [3] Group 2 - The report highlights that the stock market is led by innovative pharmaceuticals and semiconductors, with the ChiNext Index and the Sci-Tech 50 Index rising by 1.86% and 1.45% respectively, while the Hang Seng Technology Index fell by 0.35% [4] - The bond market experienced a significant decline, with 10-year and 30-year government bond yields rising by 3.25 basis points and 3.80 basis points to 1.75% and 1.96% respectively [4][5] - The report notes that the recent adjustments in the bond market are primarily driven by market sentiment rather than fundamental changes, with a significant portion of the market reacting negatively to regulatory announcements [6][7] Group 3 - The report emphasizes that the technology sector continues to perform strongly, with AI computing and semiconductor stocks seeing notable gains, while the Wind Innovation Drug Index rose by 3.23% [13] - The report also mentions that the market sentiment remains positive, with the financing balance reaching a new high since 924, indicating increased participation from leveraged funds [9][10] - The report suggests that the current market environment is characterized by a rotation among sectors, with technology and innovative pharmaceuticals outperforming, while lower-tier sectors may present opportunities for investment [15]

2025 年 07 月 29 日 市场的双轮驱动系列一——交易 PPI 策略研究团队 ——投资策略专题 韦冀星（分析师） 耿驰政（联系人） weijixing@kysec.cn 证书编号：S0790524030002 gengchizheng@kysec.cn 证书编号：S0790125050007 弱基钦周期下交易 PPI 仍有可为 2025 年以来，我国 PPI 当月同比跌幅持续扩大，与此同时，近期密集出台反对"内 卷式竞争"的政策举措。目前市场普遍认为，当前供需失衡的核心矛盾在于需求疲 弱，单一供给收缩难以扭转物价中枢下行趋势，仍需更多需求端政策协同发力以推 动价格修复。然而，我们认为市场的预期差或在于——尽管 PPI 当前仍处于低位， 但其边际改善的可能性，叠加流动性宽松的环境，可能加速估值修复节奏。我们的 判断主要基于以下两个信号：一、信用端的传导正在为 PPI 的边际修复提供领先信 号；二、CRB 的领先指引与 PPI 走势出现结构性背离，但补涨逻辑正在形成。 "反内卷"成为了交易 PPI 的先行者，但行情或仍在扩散中 在政策的反复提及以及雅鲁藏布江下游水电工程的催化下，反内卷已向 PPI 交易扩 ...

Group 1 - The Minister of Industry and Information Technology, Li Lecheng, met with a delegation from the US-China Business Council, encouraging more US companies to invest in China and participate in the new industrialization process [1] - The meeting included representatives from major US companies such as Thermo Fisher Scientific, Otis, and Apple, focusing on cooperation in areas like machinery and smart manufacturing [1] Group 2 - The Hong Kong Monetary Authority (HKMA) released guidelines for stablecoin license applications, with the first licenses expected to be issued by August 1, 2025 [3] - The HKMA indicated that only a few stablecoin licenses would be granted initially, despite interest from dozens of institutions [3] Group 3 - The China Photovoltaic Industry Association clarified rumors regarding the multi-crystalline silicon sector, urging the public not to believe or spread misinformation [4] - The association's clarification relates to market rumors about large companies acquiring smaller ones in the multi-crystalline silicon industry [4] Group 4 - From January to June 2025, state-owned enterprises in China reported total operating revenue of 4,074.96 billion yuan, a year-on-year decrease of 0.2% [7] - The total profit for state-owned enterprises during the same period was 218.25 billion yuan, down 3.1% year-on-year [8] - The tax payable by state-owned enterprises was 300.26 billion yuan, reflecting a 0.8% decline compared to the previous year [9] - As of the end of June, the asset-liability ratio for state-owned enterprises was 65.2%, an increase of 0.3 percentage points year-on-year [10] Group 5 - The CXO sector saw a significant rally, with companies like WuXi AppTec raising their full-year sales forecast, projecting a revenue increase from 415-430 billion yuan to 425-435 billion yuan [12] - The demand for innovative biopharmaceuticals is expected to drive recovery across the entire industry chain [12] Group 6 - The stock of Hengsheng Electronics surged, attributed to rumors of a strategic partnership with Ant Group regarding virtual assets and stablecoin operations [11] - The company acknowledged the market speculation but could not confirm the partnership at this time [11] Group 7 - The PCB industry is experiencing a significant demand increase for high-end products, driven by the upgrade of AI hardware [19] - The market for high-layer boards and high-density interconnect (HDI) products is particularly strong, with price increases noted [19]

责编：汪云鹏 校对： 陶谦 百万用户都在看 少林寺通报！释永信，正接受多部门联合调查！ "超级周"来袭！中美大事！国常会，重要部署！证监会发声！人工智能、消费大利好，影响一周市场 的十大消息 关税突发！美国、欧盟，重大变数！ A股重磅！"国家队"，再度出手！中概股，全线上涨！ 集体拉升！重磅"大单"，突然来袭！ 美联储，降息大消息！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 据中国光伏行业协会官方微信公众号消息，中国光伏行业协会发布澄清公告，近日，有部分自媒体发布了关于 光伏行业反内卷，特别是多晶硅方面工作的新闻，相关内容与实际情况严重不符！请大家不信谣！不传谣！ 感谢各企业的支持，我们将秉着法制化、市场化原则推进反内卷工作，力求尽快走出内卷式恶性竞争！请大家 一切以官方发布信息为准！感谢大家对光伏行业的支持，我们任重道远！ 来源：中国光伏行业协会 ...

Core Viewpoint - The China Photovoltaic Industry Association issued a clarification stating that recent media reports about the photovoltaic industry's anti-involution efforts, particularly regarding polysilicon, are significantly inaccurate and should not be believed or spread [1] Group 1 - The association emphasizes the importance of relying on official information and expresses gratitude for the support from various enterprises in the industry [1] - The association aims to promote anti-involution efforts based on legal and market principles to overcome vicious competition in the industry [1] - The association acknowledges the challenges ahead and calls for continued support for the photovoltaic industry [1]

澄清。 7月29日晚间，中国光伏行业协会发布澄清公告称，近日，有部分自媒体发布了关于光伏行业反内卷，特别是多晶硅方面工作的 新闻，相关内容与实际情况严重不符！请大家不信谣！不传谣！ 值得注意的是，光伏行业协会并未明确提及澄清事项的具体细节。记者从业内多方获悉，光伏行业协会本次澄清内容或与市场 传闻的多晶硅行业"以大收小"的收储事项有关，据了解，被收购的多晶硅产能涉及信义、南玻、宝丰、润阳、合盛硅业等多家 企业。谈及该事项时，业内人士认为，多晶硅收储的进展还是取决于谈判情况，"此外，关键还是要去库存，有库存的公司应该 停产去库存，不然，即使完成多晶硅环节的以大收小，也没法分配接下来的开工负荷。" 另有业内人士坦言，当前市场传闻信息太多，真真假假难以辨别，市场对相关信息也十分敏感。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 香港稳定币，大 消息！ 丨 北方稀土：包钢股份中标雅鲁藏布江稀土合金钢材项目属实 丨 A股百元股，超百只！ 丨 A股，午后爆发！ 丨 暴涨超130%！这一概念，大爆发！ 丨 降息！特朗普再喊话！美联储，重磅即将来 ...