"嘿 咱们工人有力量 每天每日工作忙 嘿 每天每日工作忙 盖成了高楼大厦 修起了铁路煤矿 改造得世界变呀么变了样 哎嘿 ……" 1947年 音乐家马可在佳木斯热电厂的车间创作了 雄壮的旋律 回响在中原大地 在横断山脉 在黄河峡谷 …… 20世纪60年代初期，大庆油田工人在艰苦创业之初破冰取水。新华社发 1958年，河南洛阳第一拖拉机厂生产出第一批拖拉机。新华社记者 唐茂林 摄 1974年3月，四川西昌铁路分局乌斯河工务段工人排除大渡河两侧悬崖峭壁上的危岩和孤石，保证成昆铁路安全通车。 新华社记者 李基禄 摄 《咱们工人有力量》 这首被誉为 "中国工人阶级迈向新中国时唱出的第一首高昂战歌" 从东北唱向全国 20世纪50年代初，鞍山钢铁公司工人在修建高炉。新华社发（蔡尚雄 摄） 1975年2月，大型水利枢纽工程——刘家峡水电站建成。图为施工人员在紧张地施工。新华社发（李介范 摄） 一代代工人与祖国同成长 与时代齐奋进 在中国从站起来、富起来到强起来的 伟大飞跃中 奏响了"咱们工人有力量"的主旋律 1975年7月，在四川参加宝成铁路电气化建设工程的铁道部电化工程局电化工程处四队一分队女工班的工人。 新华社记者 吴祖 ...

Economic Policy Measures - The Henan provincial government has introduced 24 policy measures aimed at stabilizing foreign trade, promoting consumption, expanding investment, and strengthening key enterprises to ensure economic recovery in the second quarter [1][2][5] - The measures are part of a broader strategy to achieve "double over half" targets for economic performance in the first half of the year [5] Economic Performance - In the first quarter, Henan's GDP grew by 5.9% year-on-year, surpassing the national growth rate by 0.5 percentage points, with industrial, investment, and consumption indicators all showing faster growth compared to the previous year [1] Foreign Trade and Investment - The measures include establishing a contact mechanism for key foreign trade enterprises, supporting the expansion of domestic and non-U.S. markets, and providing financial subsidies for automotive exports [2] - Major economic and trade events are planned, including the Henan Investment Promotion Conference and the China-Latin America Entrepreneurs Summit [2] Consumption and Domestic Demand - A campaign named "Shop Henan · Quality Life" will be launched to stimulate consumption, including the distribution of consumption vouchers for retail, dining, and tourism [2] - Policies will be implemented to promote the recycling of resources and support for household appliance upgrades [2] Real Estate Market - The government aims to stabilize the real estate market by increasing loan availability for "white list" projects and expanding the acquisition of existing housing [3] - Subsidies will be provided for elderly families purchasing home modification products [3] Project Construction - The government plans to ensure that key projects meet at least 60% of their annual investment targets by the end of June [3] - Infrastructure projects such as the Zhengzhou Airport expansion and the construction of new highways are prioritized [3] Support for Enterprises - A financing "white list" mechanism will be established for 900 key industrial and 600 service enterprises [4] - Efforts will be made to improve the business environment and streamline administrative processes for enterprises [4] Agricultural Production - Measures will be taken to enhance pest monitoring and agricultural technology services to ensure a good summer grain harvest [4] - Support for livestock and fishery sectors will be increased [4] Employment Initiatives - Public employment services will be enhanced, with a focus on key sectors and small to medium enterprises [4] - A training initiative aims to complete vocational training for over 1 million individuals in the first half of the year [4]

大宗商品周度报告 2025年4月28日 黑色方面，钢材、铁矿石在前期强势上涨后出现调整，成材库存去化节奏减 慢，铁矿石盘面情绪同步转弱，双焦受原料补库力度减弱影响也震荡偏弱。政策 面稳增长预期依然存在支撑，但短期现实需求与宏观情绪脱节，导致黑色板块波 动加大。 能源方面，市场对全球经济放缓及需求疲软的担忧升温，同时美国成品油库 存回升、美联储偏鹰预期抑制了油价上行空间。尽管中东局势仍有不稳定因素， 但避险支撑逐步减弱，油价上行动能不足。天然气价格继续承压，受库存高企及 气温回暖影响，供需宽松格局未改。短期来看，能源板块情绪趋于谨慎，关注 OPEC+后续减产动态以及全球经济数据对需求端预期的进一步调整。 化工方面，聚酯产业链品种如PTA、乙二醇在成本支撑减弱下震荡回落，甲 醇、PVC等基础化工品亦受制于内需疲软和出口承压，盘面持续承压。尽管国 内稳增长政策仍在推进，但短期现实需求接力不足，化工板块陷入成本支撑减弱 与终端需求乏力共振的调整阶段。节后市场关注点将转向下游复工节奏、库存变 化及国际油价的指引作用。 农产品方面，油脂油料板块走高，受外盘反弹、供需预期改善及资金情绪回 暖带动。畜禽板块表现偏弱，消费提振 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report updates the high - frequency data of various aspects of the economy from April 19th to April 25th, 2025. The overall fundamental high - frequency index is stable, with different trends in production, demand, prices, inventory, transportation, and financing [10][11]. Summary According to the Directory 1. Total Index: Fundamental High - Frequency Index Stable - The current Guosheng fundamental high - frequency index is 125.2 points (previous value: 125.1 points), with a year - on - year growth of 3.8% (previous value: 3.7%), and the year - on - year increase has rebounded. The long - short signal for interest - rate bonds is long, and the signal factor has dropped to 5.5% (previous value: 5.8%) [1][10]. 2. Production: Electric Furnace Operating Rate Drops Slightly - The industrial production high - frequency index is 125.0, with a year - on - year growth of 3.8% (previous value: 3.7%). The electric furnace operating rate is 64.1% (previous value: 64.7%); the polyester operating rate is 91.8% (previous value: 91.0%); the semi - tire operating rate is 78.1% (previous value: 78.4%); the full - tire operating rate is 62.5% (previous value: 65.4%); the PTA operating rate is 80.0% (previous value: 76.7%); the PX operating rate is 77.4% (previous value: 78.2%) [10][12][17]. 3. Real Estate Sales: New Home Sales Remain Negative Year - on - Year - The high - frequency index of commercial housing sales is 45.4, with a year - on - year decline of 13.2% (previous value: 13.5%). The commercial housing transaction area of 30 large and medium - sized cities has increased to 22.0 million square meters, and the premium rate of land transactions in 100 large and medium - sized cities has dropped to 4.3% [10][12][31]. 4. Infrastructure Investment: Asphalt Operating Rate Rises Slightly - The high - frequency index of infrastructure investment is 116.6, with a year - on - year decline of 0.8% (previous value: 1.5%). The operating rate of petroleum installations is 30.7% (previous value: 28.7%) [10][12][39]. 5. Exports: Export Commodity Prices Rise Slightly - The high - frequency index of exports is 144.9, with a year - on - year growth of 6.1% (previous value: 6.7%). The CCFI index has increased to 1122 points, and the RJ/CRB commodity price index has increased to 296.5 points [1][10][49]. 6. Consumption: Movie Box Office Remains Below the Same Period in Previous Years - The high - frequency index of consumption is 119.4, with a year - on - year growth of 0.9% (previous value: 0.7%). The average daily movie box office has increased to 35.62 million yuan, and the average daily retail sales of passenger car manufacturers on April 25th are 54,522 vehicles [2][10][60]. 7. CPI: Pork Prices Rise Slightly - The predicted month - on - month CPI is 0.1% (previous value: - 0.1%). The average wholesale price of pork is 20.9 yuan/kg (previous value: 20.8 yuan/kg); the average wholesale price of 28 key monitored vegetables is 4.6 yuan/kg (previous value: 4.7 yuan/kg); the average wholesale price of 7 key monitored fruits is 7.6 yuan/kg (previous value: 7.5 yuan/kg); the average wholesale price of white - striped chickens is 17.3 yuan/kg (previous value: 17.3 yuan/kg) [2][10][68]. 8. PPI: Non - Ferrous Metal Prices Rise - The predicted month - on - month PPI is - 0.3% (previous value: - 0.3%). The ex - works price of thermal coal at Qinhuangdao Port (Shanxi origin) is 658 yuan/ton (previous value: 664 yuan/ton); the futures settlement price of Brent crude oil is 67 US dollars/barrel (previous value: 66 US dollars/barrel); the spot settlement price of LME copper is 9,371 US dollars/ton (previous value: 9,123 US dollars/ton) [2][10][76]. 9. Transportation: Passenger Transport Rises, Freight Remains Flat - The high - frequency index of transportation is 126.5, with a year - on - year growth of 5.9% (previous value: 5.5%). The passenger volume of the subway in first - tier cities has increased to 39.54 million person - times, the highway logistics freight rate index remains flat at 1050 points, and the number of domestic flights has increased to 12,780 [2][11][87]. 10. Inventory: Steel Stocks Continue to Decline - The high - frequency index of inventory is 159.3, with a year - on - year growth of 6.6% (previous value: 6.4%). The total inventory of soda ash has dropped to 1.691 million tons [2][11][95]. 11. Financing: Net Financing of Government Bonds Rises - The high - frequency index of financing is 224.7, with a year - on - year growth of 14.7% (previous value: 14.1%). The cumulative net financing of local bonds has increased to 162.5 billion yuan, the cumulative net financing of credit bonds has increased to 115.9 billion yuan, and the 6M national - share bank acceptance bill transfer discount rate has dropped to 1.07% [3][11][108].

证券研究报告 | 宏观深度 2025 年 04 月 27 日 投资要点 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：马家进 执业编号：S0300522110002 电话：13645711472 邮箱：majiajin@ykzq.com 研究助理：孙文婷 邮箱：sunwenting1@ykzq.com 近期报告 《【粤开宏观】政治局会议释放的七大信 号》2025-04-25 《【粤开宏观】中国 31 省份对美进出口的 基本格局与特征》2025-04-24 《【粤开宏观】财政如何应对关税战？》 2025-04-24 《【粤开宏观】中国 31 省份进出口全景图 （2024）：区域格局、商品结构与贸易方式》 2025-04-22 《【粤开宏观】"双标"的美国产业政策： 类型、动因、效果及思考》2025-04-15 宏观研究 【粤开宏观】博弈视角看"关税战"： 特朗普的意图与各经济体的不同反应 摘要 特朗普于第二届任期之初，向全球发起"关税战"，将导致国际经贸体系发生 剧烈调整。全球经济处于高度不确定的状态，严重影响全球和 ...

根据公开信息，今年股东大会的核心议程包括： 今年股东大会将围绕三大核心议题展开讨论： // 伯克希尔全球资产配置 // 2025年5月3日，伯克希尔・哈撒韦股东大会将在美国奥马哈市举行。今年恰逢巴菲特收购伯克希尔公司 60周年这一重要里程碑。94岁高龄的巴菲特已确认出席，尽管接班人阿贝尔将更多参与其中，但巴菲特 仍会全程站台，这或许是他最后一次完整参与股东大会。 这场盛会不仅是价值投资者的"精神图腾"，更是全球经济趋势的风向标。 // 60周年里程碑 // 与往年相比，今年的日程安排有所调整，但核心目的始终如一——为全球股东答疑解惑、促进深度交 流，并展示奥马哈这座"价值投资圣地"的独特风貌。这场持续十多天的知识盛宴，不仅是对巴菲特投资 思想的系统性解构，更是价值投资理念在全球资本市场中的创新性转化。 今年股东大会的特殊意义在于它可能标志着"巴菲特时代"的谢幕与新时代的开启。94岁的巴菲特虽确认 出席，但接班人格雷格·阿贝尔(Greg Abel)的角色将更加突出。市场普遍预期，这可能是巴菲特最后一 次完整参与的股东大会，因此长达6小时的马拉松式问答环节将格外珍贵。投资者将有机会零距离聆听 巴菲特分享他跨越半个 ...

来源|凤凰网财经 特朗普或 创下 "尴尬"新纪录 。 据财联社报道， 自 1月20日特朗普重返白宫至4月25日，美元指数累计下跌近9% ， 料将 创下 1973年尼克松时代以来美国总统任期前100天的 最大跌幅。这一表现与1973年 " 尼克松冲击 " 时期形成历史性呼应 ——彼时布雷顿森林体系崩溃引发全球抛售美元，而如今特朗普反复无常的关 税威胁、对美联储独立性的干预，以及对传统国际秩序根基的动摇，正重演"去美元化"浪潮。 瑞银、德银接连下调美元预期，押注贸易谈判转机；对冲基金美元净空头头寸达 100亿美元，创2024年来新高；部分投资者预期汽车关税豁免等政 策回旋可能。市场博弈下是衰退信号，还是政策倒逼策略？ 数据显示，自尼克松第二任期开启至拜登执政前，美国总统任内前 100天美元平均回报率为0.9%，而特朗普的政策已使美元成为全球资本的"弃 儿"。欧元、瑞郎和日元兑美元汇率涨幅均超8%，黄金价格同步攀升，蒙特利尔银行指出："美元作为储备货币的三大支柱——制度信任、自由贸 易和稳定外交政策正在瓦解。" 01 历史重现——布雷顿森林体系崩塌与美元"假死" 1971年8月15日，尼克松宣布美元与黄金脱钩，这场 ...

提问 请用一句话形容你是一个怎样的基金经理？ 姜诚 我是一个致力于在股票二级市场实践价值投资的基金经理。 提问 你如何理解价值投资？ 姜诚 顾名思义，价值投资的定义其实很简单，就是我们用自己付出的价格去交换资产背后创造的价值。 价值的定义是它能够给我们带来的长期的现金的回报， 我们衡量一笔投资好坏的标准也就很明确了—— 跟我们付出的成本相比较，我们能够获得的长期回报的内部收益率是什么样的水平？ 在实践来看，就是 我们致力于以尽可能低的价格去买到尽可能好的资产，来提升我们的内部收益率。 提问 你如何定义好资产？ 姜诚 我对好资产的定义是，它可以让我们比较放心地相信它在比较长的时间内能够带来有一定持续性的 现金回报。理论上满足这样标准的资产就是好资产，现实中能够满足这样标准的资产为数不多，所以我们 需要用一些办法、需要用一些定性的标准来去框它，尽可能提高我们找到好资产的概率。 大体上来讲，在一些长坡、厚雪、慢变的行业当中，持续的领先者更容易成为股市当中的长期的好资产， 当然最终还是需要一事一议。我们有一个模具、我们有一个筛子，但是通过模具和筛子筛选出来的标的， 它会有很大的偏差，最终我们落地到组合当中，还是要从商 ...

广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： 有色金属： 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多 ...

| 半导体ETF - ... | 203.47 | +4.56 (+2.29%) | 67.82万股 | 24.05亿 | | --- | --- | --- | --- | --- | | us SMH | | | | | | 网络股指数E ... | 222.01 | +3.47 (+1.59%) | 8124服 | 147.41亿 | | us FDN | | | | | | 科技行业ET ... | 200.92 | +2.88 (+1.45%) | 31.25万股 | 639.04亿 | | us XLK | | | | | | 黄金ETF-SP ... | 305.87 | +2.21 (+0.73%) | 163.93万股 | 827.36亿 | | us GLD | | | | | | 能源业ETF - ... | 81.77 | +0.53 (+0.65%) | 77.68万股 | 204.77亿 | | us XLE | | | | | | 全球科技股 ... | 73.50 | +0.43 (+0.59%) | 7011股 | 10.29亿 | | us IXN | | | | | | ...