Core Viewpoint - The article discusses the recent tariff increases announced by President Trump on imports from Mexico and Canada, citing drug control issues as the primary reason, while also indicating that the actual impact on trade may be limited due to existing trade agreements [1][6]. Group 1: Tariff Increases - On August 1, a 30% tariff will be imposed on goods imported from Mexico, and a 35% tariff on goods from Canada [1]. - The tariffs are justified by Trump's claims of insufficient action by both countries in controlling drug trafficking, particularly fentanyl [1][6]. - The increase in tariffs is seen as a strategy to pressure Canada and Mexico into further concessions during ongoing trade negotiations [3][12]. Group 2: Trade Relations and Agreements - The USMCA (United States-Mexico-Canada Agreement) provides exemptions for many products, which may limit the actual impact of the new tariffs [4][13]. - Most goods imported from Canada and Mexico currently enjoy low average tariff rates, often below 1% [4]. - The article notes that the trade relationship is heavily interdependent, with Canada and Mexico relying significantly on the US market for exports [12]. Group 3: Economic Implications - If comprehensive tariffs are applied, it could raise US prices by approximately 1.2%, affecting consumer goods and potentially leading to public dissatisfaction [5]. - The tariffs may also influence the automotive industry by increasing local sourcing requirements, although evidence of effective re-industrialization through tariffs is lacking [7]. - The potential for retaliatory tariffs from Canada and Mexico exists, but both countries seem inclined to negotiate rather than escalate tensions [10][12].

截至2025年7月14日 10:29，中证A500指数上涨0.27%，成分股思源电气、科沃斯10cm涨停，石头科技 上涨8.49%，天华新能上涨7.89%，中金黄金上涨7.86%。A500ETF嘉实(159351) 冲击3连涨。 浙商证券进一步指出，当前市场走势良好、资金充沛，投资者情绪高涨，上证指数呈现"多头均线发 散"走势。这意味着指数即使步入回调格局，下跌空间也较为有限，中线仍有机会冲击去年10月8日前高 3674点。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | -0.16% | 4.40% | | 300750 | 宁德时代 | -1.55% | 2.95% | | 601318 | 中国平安 | 0.17% | 2.47% | | 600036 | 招商银行 | 0.72% | 2.38% | | 000333 | 美的集团 | 0.26% | 1.70% | | 006009 | 长江电力 | 0.63% | 1.51% | | 002594 | 比亚迪 | -1.42% | 1.49% | | 60 ...

新华社柏林7月14日电 专访｜中国产业链供应链增强跨国企业在华深耕信心——访施耐德电气全球执 行副总裁尹正 新华社记者李函林 施耐德电气全球执行副总裁、中国及东亚区总裁尹正日前表示，集成度高、韧性强的中国产业链供应 链，不仅为跨国企业提供了稳定预期，还增强其在华深耕的信心。 尹正在第三届中国国际供应链促进博览会即将举行之际接受新华社记者书面专访时说，中国作为全球唯 一拥有全工业门类的国家，是全球产业链供应链的重要"稳定器"和"创新源"。 "当前，建设韧性、高效、绿色的供应链正成为各方共识。"尹正说，在此背景下，链博会的举办恰逢其 时。作为全球首个以供应链为主题的国家级展会，链博会为推动全球供应链安全稳定、促进产业深度融 合提供了重要平台。 "这也是我们决定参展的关键原因。"他说，施耐德电气希望借助链博会，与更多合作伙伴共同探索转型 路径，携手推动产业链向高端迈进。 尹正形容链博会是"链接世界、共创未来"的一扇窗，是中国高水平对外开放的新名片。他表示，对于包 括施耐德电气在内的跨国企业而言，链博会不仅是展示创新成果的舞台，也为拓展全球合作带来了切实 机遇。 "中国是全球经济增长的重要引擎，拥有雄厚的产业基础和强 ...

（责任编辑：张晓波 ） 7月11日，财政部发布《关于引导保险资金长期稳健投资，进一步加强国有商业保险公司长周期考 核的通知》，自2025年度开始推行。政策要求国有商业保险公司提高资产负债管理水平，进一步优化资 产配置，合理确定权益投资比例，挖掘收益稳健、风险可控、具有升值潜力和稳定现金流回报的优质投 资标的。 国证自由现金流指数的编制清晰。参考海外成功产品化的自由现金流指数，并根据国内市场特色， 添加以质量（流动性、行业、ROE稳定性）为主的负面剔除因子，以自由现金流率为核心选股指标，强 调企业基本面的稳定性和现金流质量，强强联合更加凸显指数特色和优势。 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，经流动性、行业、ROE稳定性筛选后， 选取自由现金流为正且占比高的股票，指数质地高，抗风险能力强，适合底仓配置，满足长线投资配置 需求。基金管理费年费率为0.15%，托管费年费率为0.05%，均为市场最低费率水平，最大程度让利投 资者。 7月14日，三大股指高开，沪指涨0.09％，深成指涨0.09％，创业板涨0.02％。国证自由现金流指数 涨逾0.5%，成分股上海钢联、国电南自、潍柴重机等领涨。相关 ...

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Domestic Financial Market - The Shanghai Composite Index closed at 3510.18, with a slight increase of 0.01% - The Shenzhen Component Index closed at 10696.10, rising by 0.61% - The ChiNext Index closed at 2207.10, up by 0.80% [2] Macro News Summary - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investments [4] - The Shanghai Stock Exchange implemented further reforms for the Sci-Tech Innovation Board [4] Industry Developments - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting on stablecoins, which may accelerate industry development, with related stocks including Airong Software and Gu'ao Technology [5] - Domestic demand is expected to maintain double-digit growth, with the engineering machinery industry likely to recover, highlighting stocks like Shantui and Anhui Heli [5] - The low-altitude economy is developing rapidly, with potential growth in the drone application sector, focusing on stocks like Zhongwu Drone and Zongshen Power [5] Company Focus - Xinjie Electric showcased its smart applications at the Huawei Cloud City Summit [6] - China Shenhua reported a decline in coal division profits for the first half of the year, but high temperatures may improve coal price expectations [6] - Huazhong Securities achieved a net profit of 1.035 billion yuan in the first half, a year-on-year increase of 44.94% [6] - Lanke Technology submitted an H-share listing application, expecting a net profit growth of 86%-102% for the first half [6] Market Review and Outlook - On July 11, the market experienced a slight increase, with total trading volume reaching 1.71 trillion yuan, the highest since March 15 [7] - The report anticipates a continued optimistic trend in the A-share market, while emphasizing the need to monitor fundamental factors such as export performance and economic recovery [7] - Key investment directions include technology growth, Chinese manufacturing, and new consumption sectors, with a focus on companies that dominate the domestic market and are successfully expanding overseas [7]

2025 年 07 月 13 日 上周权益市场整体表现强劲，沪指多次逼近或突破 3500 点， 创年内新高。银行股为市场主线，国有大行连续创历史新 高，成为指数上涨的重要支撑。同时，算力硬件、新能源、 光伏、硅能源等板块表现活跃，受益于政策预期和行业景气 度提升。受中央城市工作会议预期影响，地产、城镇化有阶 段性行情。部分板块如 PCB、消电子、游戏等出现调整。 转债市场高位的破局方向 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S1050524070001 yangfr@cfsc.com.cn 相关研究 1、《关注股债性价比何时重回偏向 债券——资产配置周报》2025-07- 06 2、《股债跷跷板环境下转债维持偏 高估值》2025-07-06 3、《择券空间继续收窄》2025-06- 30 投资要点 ▌ 股债、转债市场回顾 债市方面，受股债跷跷板效应影响，收益率普遍上行。资金 面边际收紧、通胀数据以及权益市场波动对债市造成扰动。 不过低利率环境下更多机构仍是每调买机，伴随周五权益及 银行股方面冲高回落，国债期货明显修复。 转债跟随正股表现强势，成交额 ...

维持增持评级 。考虑到新品布局推进，而同期研发费用增加，调整25-26 年EPS 为1.38（-0.27）元， 1.66（-0.29）元，新增27 年EPS为1.95 元，参考可比公司估值，给予25 年27.4 倍PE，对应目标价37.81 元，维持增持评级。 海外业务持续突破，工程传动业务保持高增速。工程传动业务，24年实现5.6 亿收入，同增16.7%，毛 利率44.5%，新能源电控保持高增速；海外收入，2 024 年实现2.59 亿元，同增122.7%，毛利率54.2%，目前公司已在海外多地建立起30+个服务基地，为海 外拓展做支撑，如荷兰、巴西、印度等地。 本报告导读： 国家能源局将构网技术列为七大试点方向之首，公司在风光储构网型产品布局深厚。风、光在能源系统 中渗透率不断提升，面临灵活调节弱、安全要求高等现实挑战。凭借短路电流支撑、宽频振荡抑制、惯 量响应、调频调峰、黑启动等功能，构网型储能被寄予厚望，将极大支撑电力系统安全稳定，公司历时 六年推出风光储构网型产品。在风电领域推出1.5-20MW 双馈变流器，具备3 倍1.3s 短路电流输出能 力，为低压/高压/连续故障穿越提供强大支撑；在光伏领域推 ...

Core Insights - The Shanghai State-owned Assets Supervision and Administration Commission (SASAC) is actively engaging in learning about cryptocurrencies and stablecoins, indicating a significant shift in attitude towards digital currencies [1][2] - The global stablecoin market has surpassed 2 trillion, with USD stablecoins accounting for 12% of cross-border payments, highlighting the growing importance of stablecoins in the financial ecosystem [2] - The focus on stablecoins rather than volatile cryptocurrencies like Bitcoin suggests a strategic approach to integrating digital currencies into state-owned enterprises and the broader economy [3][5] Group 1: Learning and Adaptation - SASAC's recent study session on cryptocurrencies and stablecoins reflects a proactive approach to understanding emerging technologies and their implications for state-owned enterprises [1][2] - The involvement of industry experts, such as the chief economist from Guotai Junan Securities, underscores the seriousness of this initiative and the need for informed decision-making in the digital currency space [2] - The shift from skepticism to active learning about digital currencies indicates a recognition of their potential impact on global finance and domestic operations [4] Group 2: Strategic Implications - The emphasis on stablecoins is seen as a way to facilitate cross-border trade and reduce transaction costs, with examples like Baosteel's iron ore trade illustrating the practical benefits of blockchain and stablecoin integration [2][3] - SASAC's focus on "production and data integration" suggests a broader strategy to leverage blockchain technology in various sectors, including logistics and supply chain finance [5] - The potential for a state-backed stablecoin could position China favorably in the global digital currency landscape, allowing for more efficient international transactions and reduced reliance on traditional banking systems [3][5] Group 3: Future Opportunities - The exploration of blockchain applications in cross-border trade, supply chain finance, and asset digitization presents significant opportunities for state-owned enterprises to innovate and improve operational efficiency [5] - The potential for digitizing physical assets into digital tokens could democratize investment opportunities, allowing ordinary citizens to participate in real estate and other asset classes [5] - The strategic learning undertaken by SASAC is part of a larger national agenda to establish China as a leader in the digital economy, emphasizing the importance of being prepared for future developments in digital currencies [8]

Group 1 - L'Oréal has introduced a fully recyclable shampoo bottle with a plastic pump head, significantly reducing recycling burdens and showcasing innovation at the Shanghai International Carbon Neutral Expo [1] - Schneider Electric has established 21 "zero carbon factories" and 15 national-level "green factories" in China, with its Wuxi factory achieving a 90% reduction in Scope 1 and 2 emissions and a 65% reduction in Scope 3 emissions [2] - Danfoss sees green solutions as a growth engine for Sino-European trade, with strong growth in sectors like data centers and semiconductors, driven by high energy efficiency demands [3] Group 2 - Siemens and Hebei Steel Group have deepened their strategic cooperation by signing a project agreement to build a green digital steel plant in Serbia, marking their first overseas collaboration [4] - The collaboration between European and Chinese companies spans various industries, from manufacturing to data centers, emphasizing green initiatives as a key driver for development and providing global examples of sustainable cooperation [4]

Group 1 - The 41st batch of multinational company regional headquarters and R&D center certification ceremony was held in Shanghai, highlighting the city's technological and market advantages, as well as its significant position in the global supply chain [1] - Haige Electric anticipates a double-digit annual growth rate in its China operations over the next five years, driven by rapid developments in new energy, smart manufacturing, and new power systems [1] - Haige Electric plans to invest further in the industrial chain and R&D, including the establishment of a new factory in China within the next two years and deploying more R&D resources to Shanghai [1] Group 2 - Scopely is developing a mobile game based on Marvel IP with an investment of nearly $100 million, with the first funding of $22 million received in January 2023, and the game expected to launch globally in 2027 [2] - The choice of Shanghai as a preferred location for foreign gaming companies is attributed to its diverse and inclusive culture, strong government support, and rich talent resources [2] - Beiersdorf is making two significant investments in China this year: $2.3 million for the smart factory transformation of NIVEA and 100 million RMB for expanding offline stores and online business for Chantecaille [2] Group 3 - From January to May this year, nearly 2,500 new foreign-funded enterprises were established in Shanghai, with actual foreign investment exceeding $7.6 billion [3] - The number of multinational company regional headquarters and foreign-funded R&D centers in Shanghai has reached 1,042 and 605, respectively, indicating a rapid gathering of headquarters economy [3]