7月11日，由尼泊尔驻成都总领事馆主办的2025年尼泊尔投资贸易促进交流会在成都举行。尼泊尔 驻成都领事官员、省市相关部门负责人以及企业代表等共聚一堂，共话合作机遇，展望发展前景。 "旅游业是四川与尼泊尔非常有潜力的合作领域，近年来双方在旅游合作方面取得了很好的成 绩。"尼泊尔驻成都总领事苏雷什·劳特在采访中表示，最近四川航空开通了成都至博克拉的商业包机航 线，对双方合作发展带来积极影响。本次交流会旨在为投资者、贸易商、企业以及未来有意从事跨境业 务的各方提供一个共同平台，共同探讨互利共赢、营造有利贸易投资环境的前进道路。（记者 田珊） 四川省商务厅相关负责人表示，四川将着力扩大与尼泊尔的贸易规模，支持企业通过广交会、进博 会等国际性展会，加强与尼泊尔的业务合作，充分发挥稳外贸各项政策作用，扩大尼泊尔青贮饲料等农 牧产品、优质文创产品和消费品进口，支持跨境电商海外仓业态互融互促，积极倡导企业利用尼泊尔现 有的海外仓资源，优化供应链管理效率，支持新开加密成都至加德满都航线。 今年是中国与尼泊尔建交70周年。交流会现场，尼泊尔驻成都总领事馆领事克玛尔·巴拉尔在题为 《尼泊尔投资与贸易现状及展望》的演讲中，结合尼泊 ...

周五，能源业ETF收涨0.45%，可选消费ETF收涨0.03%。全球航空业ETF收跌2.26%。生物科技指数ETF 收跌1.54%，区域银行ETF收跌1.07%，金融业ETF、银行业ETF收跌1.04%。 | 能源业ETF - ... | 89.13 | +0.40 (+0.45%) | 1508.41万股 | 223.20亿 | +5.72% | 그 … | | --- | --- | --- | --- | --- | --- | --- | | us XLE | 89.29 | +0.16 (+0.18%) 盘后 | | | | | | 可选消费ET ... | 221.43 | +0.06 (+0.03%) | 334.52万股 | 278.12亿 | -0.82% | = == | | us XLY | 221.02 | -0.41 (-0.19%) 盘后 | | | | | | 半导体ETF - ... | 287.49 | -0.03 (-0.01%) | 567.59万股 | 33.98亿 +18.71% | | = == | | us SMH | 287.26 | -0.23 (-0.08% ...

丨证券研究报告丨 公司研究丨点评报告丨华测检测（300012.SZ） [Table_Title] 华测检测 2025H1 预告点评：Q2 归母业绩同比 增 7.5%-10.0%，国际化并购推进 报告要点 [Table_Summary] 华测检测发布 2025 年中报业绩预告，上半年实现归母净利润 4.63-4.71 亿元，同比增 6.06%- 7.80%；Q2 实现归母净利润 3.27-3.34 亿元，同比增 7.5%-10.0%。在当前宏观经济承压的背 景下，华测检测仍然兑现稳健业绩增长，彰显全国性综合性检测机构的韧性。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 [Table_Title 华测检测 2025H1 2] 预告点评：Q2 归母业绩同比 增 7.5%-10.0%，国际化并购推进 [Table_Summary2] 事件描述 华测检测发布 2 ...

Economic Overview - In June, the Consumer Price Index (CPI) increased by 0.1% year-on-year, marking a shift from negative to positive growth, with food prices showing a reduced decline and non-food prices slightly rising [1] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with a widening decline, indicating that living material prices performed better than production material prices [1] - The average CPI for the first half of the year was -0.1%, while the average PPI was -2.9%, reflecting a low overall price level in the domestic market [1] External Factors - International commodity prices have decreased, creating downward pressure on domestic prices, particularly affecting industries related to oil and gas, with oil and gas extraction prices down by 12.6% year-on-year and fuel prices down by 10.4% [1] - The rise of anti-globalization sentiments and "reciprocal tariffs" from the U.S. has led to increased trade barriers, impacting China's export industries and potentially leading to further price declines in related sectors [2] Internal Factors - The acceleration of energy structure transformation and the increase in green energy have contributed to lower energy prices, with coal mining and washing prices dropping by 21.8% year-on-year due to reduced demand for thermal power [2] - Intense market competition in certain industries, particularly in manufacturing, has led to price suppression, with many companies engaging in price wars due to product homogeneity [3] Structural Price Changes - Policies aimed at reducing "involution competition" have helped alleviate overcapacity in certain sectors, leading to a narrowing of price declines in industries such as automotive manufacturing and lithium battery production [3] - Consumption-boosting policies have positively impacted certain consumer goods sectors, resulting in price increases for items like arts and crafts, sports goods, and smart consumer products [4] - High-tech industries related to smart manufacturing and digital economy are experiencing rapid growth, with product prices showing a year-on-year increase, indicating a promising future for economic transformation [5]

PPI环比下降0.4%，降幅与上月相同。董莉娟表示，影响PPI环比下降的主要原因，一是国内部分原材料 制造业价格季节性下行，二是绿电增加带动能源价格下降，三是一些出口占比较高的行业价格承压。 受环比下降及对比基数变动影响，PPI同比降幅比上月扩大0.3个百分点，但随着各项宏观政策加力实 施，部分行业供需关系有所改善，价格呈企稳回升态势。全国统一大市场建设纵深推进，带动部分行业 价格同比降幅收窄。6月份，汽柴油车整车制造、新能源车整车制造价格环比分别上涨0.5%和0.3%，同 比降幅比上月分别收窄1.9个和0.4个百分点。提振消费相关政策加力扩围，带动部分生活资料价格同比 回升。此外，新动能积聚，带动部分高技术行业价格同比上涨。 （文章来源：人民日报） 记者从国家统计局获悉：今年6月份，扩内需、促消费政策持续显效，居民消费价格指数（CPI）同比 由上月下降转为上涨0.1%；扣除食品和能源价格的核心CPI同比继续回升，上涨0.7%。工业生产者出厂 价格指数（PPI）环比下降0.4%，同比下降3.6%。 CPI同比上涨0.1%，为连续下降4个月后转涨。国家统计局城市司首席统计师董莉娟分析，这主要受工 业消费品价格有 ...

Group 1 - Biotechnology ETF increased by 2.29% on July 9 [1] - Utility ETF, Internet stock index ETF, and global technology stock index ETF all rose over 0.8% [1] - Semiconductor ETF, technology sector ETF, and consumer discretionary ETF all gained over 0.5% [1] Group 2 - Financial sector ETF increased by over 0.3% [1] - Consumer staples ETF and energy sector ETF both declined by over 0.5% [1]

中国民生银行首席经济学家温彬认为，预计核心CPI后续将温和回升。一系列增量政策与存量政策协同 显效，将推动供需结构持续改善，对相关行业价格起到支撑作用。 6月份，工业生产者出厂价格指数（PPI）环比下降0.4%，降幅与上月相同。董莉娟表示，影响PPI环比 下降主要原因，一是国内部分原材料制造业价格季节性下行。二是绿电增加带动能源价格下降。三是一 些出口占比较高的行业价格承压，全球贸易增长放缓，国际贸易环境的不确定性影响企业出口预期。 PPI同比下降3.6%，降幅比上月扩大0.3个百分点。国家发展改革委价格监测中心分析预测处副处长何晓 英表示，关税战影响国际经贸往来，导致全球需求增速放缓，国际大宗商品价格同比明显下跌，产生较 大输入性影响。 董莉娟表示，随着各项宏观政策加力实施，部分行业供需关系有所改善，价格呈企稳回升态势。 国家统计局最新数据显示，随着扩内需、促消费政策持续显效，居民消费价格指数（CPI）同比涨幅在 连续下降4个月后实现由负转正，6月份同比上涨0.1%。扣除食品和能源价格的核心CPI同比上涨0.7%， 涨幅比上月扩大0.1个百分点，创近14个月以来新高。 国家统计局城市司首席统计师董莉娟表示， ...

Market Overview - Major industry ETFs in the US stock market experienced an overall increase, with the biotechnology index ETF rising over 2%, and the semiconductor ETF increasing by more than 1% [1] Biotechnology Sector - The biotechnology index ETF is priced at 132.10, reflecting an increase of 2.77 (+2.14%) with a trading volume of 63,515 shares and a total market value of 10.489 billion [2] Semiconductor Sector - The semiconductor ETF is currently priced at 286.79, showing an increase of 3.31 (+1.17%) with a trading volume of 314,300 shares and a total market value of 33.90 billion, which is up 18.42% year-to-date [2] Global Technology Sector - The global technology stock index ETF is priced at 93.68, with an increase of 0.76 (+0.82%) and a trading volume of 5,242 shares, reflecting a year-to-date increase of 10.75% with a total market value of 1.312 billion [2] Airline Industry - The global airline industry ETF is priced at 24.13, with an increase of 0.19 (+0.79%) and a trading volume of 19,832 shares, but it has a total market value of 76.095 million, down 4.81% year-to-date [2] Healthcare Sector - The healthcare ETF is priced at 135.87, showing an increase of 0.90 (+0.67%) with a trading volume of 447,400 shares and a total market value of 26.001 billion, down 0.38% year-to-date [2] Technology Industry - The technology sector ETF is priced at 257.92, with an increase of 1.63 (+0.64%) and a trading volume of 158,900 shares, reflecting a total market value of 82.034 billion, up 11.30% year-to-date [2] Regional Banks - The regional bank ETF is priced at 63.48, showing an increase of 0.33 (+0.53%) with a trading volume of 353,000 shares and a total market value of 5.298 billion, up 6.62% year-to-date [2] Banking Sector - The banking ETF is priced at 58.74, with an increase of 0.28 (+0.48%) and a trading volume of 31,939 shares, reflecting a total market value of 4.547 billion, up 7.38% year-to-date [2] Consumer Discretionary - The consumer discretionary ETF is priced at 218.65, showing an increase of 0.99 (+0.45%) with a trading volume of 61,987 shares and a total market value of 27.463 billion, down 2.06% year-to-date [2] Financial Sector - The financial sector ETF is priced at 52.38, with an increase of 0.17 (+0.33%) and a trading volume of 1.314 million shares, reflecting a total market value of 58.301 billion, up 9.15% year-to-date [2] Utility Sector - The utility ETF is priced at 81.24, showing an increase of 0.10 (+0.12%) with a trading volume of 557,800 shares and a total market value of 11.794 billion, up 8.85% year-to-date [2] Energy Sector - The energy ETF is priced at 88.25, with a decrease of 0.26 (-0.29%) and a trading volume of 815,100 shares, reflecting a total market value of 22.100 billion, up 4.67% year-to-date [2]

新华社北京7月9日电 题：CPI同比由降转升 部分行业价格呈企稳回升态势——透视6月份物价数据 新华社记者潘洁、王雨萧 国家统计局9日发布数据显示，6月份，居民消费价格指数（CPI）同比由降转升，扣除食品和能源价格 的核心CPI同比继续回升；工业生产者出厂价格指数（PPI）虽环比降幅与上月相同，但部分行业价格呈 企稳回升态势，供需结构总体有所改善。 "6月份，以伊冲突导致原油潜在供应风险上升，削弱了主要产油国增产带来的影响，加之进入夏季后， 油品上下游消费随着季节性因素恢复，战略储备采购带来非常规需求增长，国际油价触底回升，推动国 内汽油价格环比上涨。"中国民生银行首席经济学家温彬说。 食品价格方面，受高温、降雨较常年同期偏多等因素影响，6月份，食品价格环比下降0.4%，降幅低于 季节性水平0.5个百分点，其中淡水鱼和鲜菜价格分别环比上涨4.3%和0.7%；同比下降0.3%，降幅比上 月收窄0.1个百分点。 随着促消费政策效应持续显现，6月份，文娱耐用消费品、家用纺织品和家用器具价格同比分别上涨 2.0%、2.0%和1.0%；汽车价格降幅逐步收窄，燃油小汽车和新能源小汽车价格同比分别下降3.4%和 2.5%， ...

Group 1: Service Trade Growth - In the first five months of 2025, China's service trade grew steadily, with a total import and export value of 32,543.6 billion yuan, an increase of 7.7% year-on-year [4] - Service exports reached 14,033.7 billion yuan, growing by 15.1%, while imports were 18,509.9 billion yuan, increasing by 2.7% [4] - The service trade deficit was 4,476.2 billion yuan, a decrease of 1,352.2 billion yuan compared to the same period last year [4] Group 2: Knowledge-Intensive Services - Knowledge-intensive service trade maintained growth, with imports and exports totaling 12,492.7 billion yuan, up by 5.0% [4] - Major contributors included other business services and telecommunications, computer, and information services, with respective trade values of 5,384.1 billion yuan and 4,400.6 billion yuan, growing at 3.2% and 10.7% [4] - Knowledge-intensive service exports were 7,196.5 billion yuan, increasing by 6.6%, while imports were 5,296.2 billion yuan, up by 2.9%, resulting in a surplus of 1,900.3 billion yuan, an increase of 293 billion yuan year-on-year [4] Group 3: Travel Services - Travel services experienced the fastest growth, with total imports and exports reaching 9,200.5 billion yuan, a growth of 12.2%, making it the largest sector in service trade [5] - Travel service exports surged by 74.2%, while imports grew by 5.3% [5]