每经头条（nbdtoutiao）——普京特朗普阿拉斯加会晤：F-22战机旁握手，总统专车共乘，超两个半小 时会谈，为何"无协议"收场？ （记者 王晓波） 2024年1至12月份，中伟股份的营业收入构成为：锂电正极前驱体材料占比47.48%，新能源金属占比 33.52%，其他占比19.0%。 截至发稿，中伟股份市值为328亿元。 每经AI快讯，中伟股份（SZ 300919，收盘价：34.95元）8月17日晚间发布公告称，公司第二届第三十 五次董事会会议于2025年8月15日以现场与通讯相结合方式召开。会议审议了《关于公司2025年半年度 报告及其摘要的议案》等文件。 ...

中伟股份（SZ 300919，最新价：33.46元）8月1日晚间发布公告称，截至2025年7月31日，公司通过回 购专用证券账户以集中竞价交易方式累计回购股份数量约为2296万股，约占公司现有总股本的2.45%， 最高成交价为41.21元/股，最低成交价为30元/股，累计成交总金额约7.97亿元，本次回购符合公司回购 方案及相关法律法规的要求。 （文章来源：每日经济新闻） 2024年1至12月份，中伟股份的营业收入构成为：锂电正极前驱体材料占比47.48%，新能源金属占比 33.52%，其他占比19.0%。 ...

证券研究报告·宏观报告·宏观周报 宏观量化经济指数周报 20250727 "反内卷"尚未改变货币政策态度 2025 年 07 月 27 日 [Table_Tag] [Table_Summary] 观点 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券分析师 王洋 执业证书：S0600524120012 wangyang@dwzq.com.cn 相关研究 《改革有力度，创新有突破》 2025-07-25 《中国的服务业占比低吗？工资低 吗？》 2025-07-24 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 周度 ECI 指数：从周度数据来看，截至 2025 年 7 月 27 日，本周 ECI 供给指数为50.10%，较上周回落0.03个百分点；ECI需求指数为49.93%， 较上周回升 0.02 个百分点。从分项来看，ECI 投资指数为 49.96%，较 上周回升 0.03 个百分点；ECI 消费指数为 49.72%，较上周回升 0.01 个 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - **Macro**: In the second half of the year, the demand is pro - cyclically weak, and the policy is "easy to loosen and hard to tighten". Under the assumption of relatively mild monetary and supply - side policies, focus on policy expectations in July, with a relatively positive macro tone. From July to September, if policies do not turn significantly looser, the US will face liquidity risks and the threat of "reciprocal tariffs", bringing macro pressure. After September, pay attention to the expansion of fiscal policy and the transmission of inflation [8][29][30]. - **Mesoscopic**: From the perspective of policy documents and industry self - discipline, industries such as steel, refining, synthetic ammonia, cement, electrolytic aluminum, data centers, coal - fired power, photovoltaic, lithium batteries, new energy vehicles, and e - commerce can be focused on for the current comprehensive rectification of "involution - style" competition [9]. - **Microscopic**: Overseas, the core is the inflation expectation dominated by currency. It is necessary for the Fed to restart the easing cycle smoothly, and gold, crude oil, and non - ferrous metals are relatively beneficial. Domestically, the core is the supply - side policy. Referring to 2015, sectors with obvious supply - side production cuts had greater increases, and industrial profits improved, with the mid - and downstream benefiting more than the upstream. This round focuses on sectors such as the black sector and new energy metals [10]. 3. Summary by Directory 3.1 Macro - **Demand and Inventory Cycle**: The pro - cyclical demand in the second half of the year is weak. The Sino - US inventory cycle has re - entered the destocking phase, and this round of destocking may last until the end of 2025 [14]. - **Monetary and Fiscal Policies**: Global central banks are "easy to loosen and hard to tighten", and both China and the US are increasing fiscal policies. In China, a series of financial policies have been introduced, and the "market bottom" is clear [20][21]. - **Tariff Threats**: Global populist waves are continuous. Trump has issued tariff threats, and the US is in different stages of trade negotiations with various countries [25]. - **Macro Scenario Deduction**: In July, focus on policy expectations; from July to September, there is macro pressure; after September, pay attention to the expansion of fiscal policy and the transmission of inflation [28][29][30]. 3.2 Mesoscopic - **Policy Shift in the US**: The passage of the "Great Beauty" bill marks the US's shift from the first half of the year's "tight fiscal expectation + neutral currency" to a "easy to loosen and hard to tighten" policy stage [32]. - **Domestic Policy Focus**: The Central Financial and Economic Commission meeting focuses on governing "involution - style" competition, but details of industry production cuts are needed to determine the inflation trading theme [32]. - **Policy on "Involution - style" Competition**: Policy documents and industry self - discipline focus on industries such as steel, refining, etc. The causes of "involution - style" competition are analyzed, and comprehensive rectification ideas are proposed [9][35][36]. 3.3 Commodities - **Capital Expenditure**: The capital expenditure of non - ferrous metals has slowed down, while that of the black, chemical, and energy sectors has increased. The capital expenditure of crude oil has increased, and the capital expenditure of industrial metals has shown different trends [42][45]. - **Asset Performance in Stagflation - like Situations**: Overseas macro situations are more in line with "stagflation - like" characteristics. In historical stagflation - like stages, the performance of various assets is highly differentiated [54]. - **2015 Supply - side Reform Review**: In 2015, supply - side structural reform was proposed, with clear tasks such as "cutting overcapacity, reducing inventory, deleveraging, reducing costs, and strengthening weak links". Sectors with obvious production cuts had greater increases, and industrial profits improved [61][62].