Group 1: Market Overview - The ceasefire between Israel and Iran has led to a rise in US stock markets, with major indices increasing by over 1%, marking the highest levels in nearly four months. The S&P 500 rose by 1.11%, the Dow Jones Industrial Average by 1.19%, and the Nasdaq by 1.43% [1] - Oil prices have dropped significantly, benefiting airlines, with American Airlines seeing a rise of over 4%. Chip stocks outperformed the market, with Broadcom increasing by nearly 4% and Nvidia by over 2%. Tesla, however, saw a decline of over 2% [1] - The Chinese concept stock index surged by 3%, with notable gains from companies such as Yaas (up 95.45%) and Smart Future (up 45.86%) [1] Group 2: Economic Policies and Initiatives - The People's Bank of China and five other departments issued guidelines to support and expand consumption, focusing on sectors like culture, tourism, sports, and education. The guidelines encourage innovative financing models and the promotion of digital currency in pilot regions [6] - The Ministry of Commerce announced the organization of a consumption season for new energy vehicles in 2025, aiming to boost sales in this sector [8] Group 3: Industry-Specific Developments - The Korean steel export to the US has seen a significant decline in both export volume and price, attributed to the negative effects of increased steel tariffs imposed by the US [3] - The price of copper has reached a premium of $280 per ton over three-month futures, the highest level since 2021, indicating a tight supply situation as global copper inventories have decreased by about 80% this year [4][13] - The European defense sector is projected to receive up to €14 trillion (approximately $16 trillion) in investments over the next decade, presenting significant opportunities for private capital [5] Group 4: Company Announcements - Sanhua Intelligent Controls expects a net profit of between 1.893 billion and 2.272 billion yuan for the first half of 2025, representing a year-on-year growth of 25% to 50%, driven by the growth in air conditioning and automotive parts businesses [16] - Tailin Microelectronics anticipates a net profit of approximately 99 million yuan for the first half of the year, a year-on-year increase of about 267%, due to rising customer demand and new product launches [16] - GuoDa Special Materials expects a net profit of around 200 million yuan for the first half of the year, reflecting a year-on-year increase of approximately 367.51% due to strong demand in downstream industries [16]

Group 1: Retirement and Tax Policies - The Ministry of Human Resources and Social Security announced that personal pensions will be taxed at a rate of 3% upon withdrawal, while basic pensions remain exempt from personal income tax [2][3]. Group 2: Corporate Governance and Legal Issues - Former chairman of Heilongjiang Financial Holding Group, Yu Hong, is under investigation for serious violations of discipline and law after retirement [4][5]. - Yu Hong received disciplinary warnings in the past for accepting gifts and hosting banquets, including receiving 120 bottles of Maotai liquor [6][7]. Group 3: AI and Copyright Issues - Anthropic, an AI startup, won a significant legal victory, ruling that digitizing legally purchased books for AI training is considered fair use, although the company still faces legal consequences for downloading millions of pirated books [9]. Group 4: Corporate Developments - JD Logistics announced its participation in JD's food delivery service by recruiting full-time delivery personnel, aiming to enhance operational efficiency [19]. - Starbucks China is evaluating options for future growth amid interest from investment firms for a potential acquisition [11]. - Ant Group reduced its stake in ZhongAn Insurance to 7.63%, emphasizing that this decision will not affect their business collaboration [13][14]. Group 5: Market and Economic Insights - Federal Reserve Chairman Jerome Powell indicated that the Fed will observe the impact of tariffs before deciding on interest rate adjustments, maintaining the current rate between 4.25% and 4.50% [20][22]. - The EU is preparing to implement additional tariff measures against the US, potentially affecting $95 billion worth of American goods [23].

2025深圳国际消费电子展览会将于6月25日至27日举办。 第26届青海绿色发展投资贸易洽谈会于6月25日至6月29日举办。 机构认为，目前沪指虽突破3400点，但其余主流指数仍未触及平台上沿，目前仍未看到明显增量资金入场信号。 【财经日历】 首届硫化锂与硫化物固态电池论坛于6月25日在苏州召开。 | × 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指 43089.02 | | 507.24 | 1.19% | | 纳斯达克指数 19912.53 c | | 281.56 | 1.43% | | 标普500 6092.18 | | 67.01 | 1.11% | 当地时间周二，美股延续涨势，主要股指连续第二日显著走高。截至收盘，道指涨1.19%，标普500指数涨1.11%，纳指涨1.43%。纳斯达克100指数创下收盘 历史新高，标普500指数也逼近年内高点。 标普500指数的11个行业板块中，科技板块涨幅领先，能源板块受油价大幅回落拖累，表现最差。 博通上涨3.9%，创收盘历史新高，此前汇丰银 ...

Group 1 - JD Logistics has announced its participation in JD's food delivery service, recruiting full-time riders to enhance operational efficiency and service capabilities [1] - The move is likely driven by the rapid growth of JD's food delivery business, leveraging JD Logistics' experience in courier management [1] - This collaboration is expected to strengthen the overall competitiveness of JD Group by improving synergies between JD Logistics, JD Instant Delivery, and JD Food Delivery [1] Group 2 - The "2025 New Fortune 500 Rich List" was released, with ByteDance founder Zhang Yiming topping the list with a valuation of 481.57 billion yuan, primarily from his stake in ByteDance [2] - Nongfu Spring founder Zhong Shanshan ranked second with 360 billion yuan, while Tencent's Ma Huateng and Pinduoduo's Huang Zheng ranked third and fourth respectively [2] - The list reflects the distribution of wealth among entrepreneurs and indicates trends in China's market dynamics, particularly in the technology and consumer sectors [2] Group 3 - ByteDance has terminated a former employee from its Seed department for serious violations of company policy, including failing to disclose a conflict of interest [3] - The company emphasized the importance of strict internal management to maintain its image and operational efficiency [3] - ByteDance's enforcement of conflict of interest regulations is aimed at mitigating potential business risks and ensuring healthy development [3]

智通财经6月25日电，联邦快递第四财季调整后运营利润20.2亿美元，分析师预期19.1亿美元；由于全球 需求不确定的缘故，公司暂时不提供全年利润指引；公司预计第一财季调整后EPS为3.4-4美元，分析师 预期4.03美元。 联邦快递第四财季调整后运营利润20.2亿美元 高于市场预期 ...

Core Viewpoint - The report outlines the issuance of convertible bonds by Sanyangma (Chongqing) Logistics Co., Ltd., detailing the bond's registration, issuance, and management, as well as changes in the company's board of directors and governance structure [1][2][14]. Group 1: Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission to issue 2,100,000 convertible bonds, each with a face value of RMB 100, raising a total of RMB 21 million [2][4]. - The bonds will be listed on the Shenzhen Stock Exchange starting November 17, 2023, under the name "Sanyang Convertible Bonds" with the code "127097" [3][4]. - The bond's term is from October 26, 2023, to October 25, 2029, with a conversion period starting from May 1, 2024, to the bond's maturity date [4][5]. Group 2: Bond Management and Guarantees - The bonds are guaranteed by the controlling shareholder and actual controller, Qiu Hongyang, covering 100% of the principal and interest, ensuring timely payment to bondholders [5][6]. - The initial conversion price for the bonds is set at RMB 37.65 per share, subject to adjustments based on future equity distributions [6][7]. Group 3: Corporate Governance Changes - The company has undergone a board restructuring, with significant changes in the board of directors, including the appointment of Ren Min as the new chairman [8][14]. - The company has eliminated its supervisory board, transferring its responsibilities to the audit committee of the board, which complies with relevant laws and regulations [13][14]. - The changes in the board and governance structure are deemed normal and do not adversely affect the company's operations or debt repayment capabilities [14].

Core Viewpoint - The article highlights the deepening cooperation between China and Thailand in cross-border e-commerce and logistics, showcasing a growing trend of mutual engagement and trade opportunities between the two countries. Group 1: Cross-Border E-Commerce Trends - Thai tourists are increasingly shopping in Chinese stores, particularly for limited edition products like the "Labubu" toys, indicating a strong demand for Chinese goods in Thailand [1] - The 9th China-South Asia Expo showcased a vibrant Thai product presence, with over 70 companies participating and attracting significant consumer interest [1] - The popularity of Thai products, such as inflatable jelly bags, reflects the effectiveness of online platforms and improved logistics in facilitating cross-border purchases [1] Group 2: Logistics Cooperation - A new international logistics service agreement was signed between Yunnan Tengjin Logistics and Thai regional development entities, aimed at enhancing logistics trade cooperation [2] - The agreement will support the introduction of Thai products into the Chinese market through innovative bonded models, ensuring rapid delivery to consumers [2] - The average daily shipment volume from Yunnan's bonded warehouse has reached 3,500 orders, with peak times hitting 5,100 orders, demonstrating the efficiency of the logistics network [4] Group 3: Customs and Trade Facilitation - Customs innovations, such as the "China-Laos Railway + Cross-Border E-Commerce" model, are streamlining the customs process for Southeast Asian goods entering China [4] - In the first four months of the year, the cross-border e-commerce exports from Kunming Comprehensive Bonded Zone reached 1.6282 million items, indicating robust trade activity with Thailand and other ASEAN countries [4] - The ongoing development of digital economy and cross-border logistics is strengthening trade ties and enhancing the friendship between China and Thailand as they celebrate 50 years of diplomatic relations [4]

报告来源 周期制造：建工需求持续偏弱，制造业开工环比提升。 1 ）基建地产：地产需求持续偏弱拖累建工需 求，钢铁、建材价格表现分化。螺纹钢表观消费环比下滑，钢价环比明显下滑；建工需求偏弱叠加供给压 力较大，浮法价格延续下跌，而在部分地区自律限产支撑下，水泥价格小幅反弹。 2 ）企业开工：制造 业开工环比提升，企业招聘意愿同环比明显增长。 3 ）资源品：电厂日耗提升偏缓，动力煤价延续低 位；工业金属震荡分化，尽管美联储降息预期小幅提升，但由于下游需求偏弱，铜价小幅回落；铝金属库 存处于低位，供需格局偏紧，价格环比提升。 人流物流：长途客运需求下滑，物流景气同环比提升。 10 大主要城市地铁客运量周环比 +3.2% ，同比 +1.8% ；百度迁徙规模指数环 / 同比 -23.2%/-16.4% ，长途出行需求同比下滑主因节日错位效应。 国内航班执飞架次环 / 同比 -0.8%/-0.9% ，较 19 年同期 +6.3% ，国际航班恢复执飞架次周环比 -1.1% ，恢复至 19 年同期 81.7% 。高速公路货车通行量 / 铁路货运量同比 +7.0%/+1.1% ，邮政快 递揽收 / 投递量同比 +17.5%/+2 ...

Core Viewpoint - The People's Bank of China and six other departments issued guidelines to enhance and expand consumption through financial support, focusing on the construction of the commercial circulation system [1] Group 1: Financial Support for Commercial Circulation - Financial institutions are encouraged to increase credit support for projects related to transportation, logistics, warehousing, and supply chains [1] - Support is aimed at upgrading key market facilities, cold chain logistics bases, rural commercial centers, shopping malls, and traditional markets [1] - The guidelines emphasize accelerating the digital transformation of commodity circulation to reduce overall logistics and end-consumer costs [1] Group 2: Rural E-commerce and Shipping Services - Development of exclusive loan products for rural e-commerce is encouraged to enhance the funding chain for rural e-commerce [1] - Financial services for shipping companies will be improved, with a focus on increasing credit supply for maritime and inland waterway transport [1] - The construction of international maritime and inland waterway logistics networks is supported [1] Group 3: Technology and Information Collaboration - The guidelines promote deepening information collaboration and technological empowerment to provide comprehensive services such as fund settlement and financial management for commercial, logistics, and supply chain enterprises [1]

金十图示：2025年06月24日（周二）富时中国A50指数成分股今日收盘行情一览：成分股大面积飘红，保险、证券、汽车整车涨 势较大 -0.10(-1.15%) +0.02(+0.47%) -0.04(-0.71%) 保险 100 中国太保 中国平安 中国人保 08 3980.16亿市值 3532.59亿市值 10341.59亿市值 14.29亿成交额 58.74亿成交额 11.14亿成交额 56.79 36.72 9.00 +0.83(+2.31%) +1.69(+3.07%) +0.36(+4.17%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18054.07亿市值 2188.49亿市值 4648.23亿市值 52.29亿成交额 11.77亿成交额 21.39亿成交额 1437.20 179.39 119.75 +17.20(+1.21%) +1.68(+0.95%) +1.47(+1.24%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2328.04亿市值 2535.01亿市值 3187.60亿市值 17.03亿成交额 53.14亿成交额 26.75亿成交额 137.14 435.82 607.2 ...