宏观日报 | 2025-08-27 7月用电创新高，关注能源上游电价变化 中观事件总览 生产行业：关注能源上游电价变化。 1）国新办新闻发布会上，国家能源局局长指出，我国7月单月用电量首次突 破1万亿千瓦时大关，相当于日本全年的用电量总和。数据显示，2024年，我国全年发电量达100869亿千瓦时，位 居世界第一，接近全球第二至第七位的总和，占全球发电量的32.27% 风险 经济政策超预期，全球地缘政治冲突 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 服务行业：关注新兴进出口业务发展。 1）8月26日，国务院以"加快服务贸易创新发展，积极培育外贸发展新动能" 为主题，进行第十五次专题学习。李强总理指出，要主动扩大优质服务进口，推动服务贸易制度型开放，优化跨 境资金管理，促进数据跨境流动。要依托比较优势提升服务出口竞争力，扩大优势制造领域生产性服务业出口， 推进新兴领域服务出口，深入挖掘特色领域服务出口潜力。。 数据来源：iFind，华泰期货研究院 行业总览 上游：1）黑色：玻璃价格维持回落。2）农业：鸡蛋价格回落。3）化工：PTA价格增长，尿素价格回落 中游：1）化工：PX开工率上 ...

中国青年报客户端讯（中青报·中青网记者 王海涵）8月22日，第三届"520"安徽文旅惠民消费季入境旅 游主场活动在安徽省黄山市徽州区正式启幕，活动 以中泰文化为媒，以山水美景为席，邀请海内外游 客共赴一场跨越国界的文旅盛宴。 本次活动，黄山市徽州区推出"双版块"消费版块，以"国际化、精准化、联动化"为核心亮点。8月22日 至12月31日期间，发放"徽味食足丰光无限"入境游客专项券，以"景区游览+ 住宿体验+ 特色餐饮"为主 线，体现惠民消费季活动的持续延伸。 活动现 场。主办方供图 多家金融机构和航司推出入境游便利服务措施，国航发布入境航线拓展计划及航空服务品牌，中国银行 安徽省分行发布入境旅游金融服务便利措施，针对外籍人士 "入境第一站"需求，打造"一站式"支付服 务，境外旅客购物离境退税享受"即买即退"服务。中国银行"境外来宾支付服务中心"提供 8 种语言服 务，支持 11种货币兑换。 活动现 场。主办方供图 为提升国际游客入境体验，黄山市创新推出多条特色线路。黄山风景区设计的"轻量游览路线"，通过云 谷缆车直达北海景区，下山后结合夜游、徽秀表演等全新体验，塑造黄山旅游新形象。黄山市还针对不 同国际市场推 ...

Core Viewpoint - Baiyun Airport's performance shows a stable recovery, with significant growth in both revenue and net profit in the first half of 2025, reflecting the overall recovery of the aviation market in China [1][2]. Financial Performance - In the first half of 2025, Baiyun Airport achieved operating revenue of 3.726 billion yuan, a year-on-year increase of 7.68%, and a net profit of 750 million yuan, up 71.32% [1][2]. - The non-recurring net profit reached 562 million yuan, growing by 32.17% year-on-year [1]. - The airport's aviation revenue, including aircraft takeoffs and passenger transit, was 1.575 billion yuan, up 9.38%, while non-aviation revenue was 2.151 billion yuan, increasing by 6.47% [2]. Passenger and Cargo Volume - Baiyun Airport's passenger throughput reached 40.036 million in the first half of 2025, and cargo throughput was 1.1689 million tons, both showing year-on-year growth [1][4]. - International passenger throughput surged to 7.8592 million, marking a 23.86% increase [1][4]. Future Outlook - Baiyun Airport anticipates passenger throughput to exceed 80 million in 2025, with the third-phase project expected to accommodate annual passenger capacity of 120 million and terminal capacity of 140 million [1][5]. - The airport has successfully opened or enhanced 19 international and regional passenger routes, expanding its network to cover 93 international and regional destinations [1][4]. Profitability Metrics - The net profit margin improved from 13.50% in the first half of 2024 to 20.66% in 2025, while the gross profit margin increased from 27.56% to 28.85% [3]. - The return on equity reached 4.02%, reflecting a year-on-year growth of 1.56 percentage points [3].

Core Viewpoint - Shenzhen Airport reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 2.528 billion yuan, a year-on-year increase of 12.32% [1] - Net profit attributable to shareholders was 312 million yuan, up 79.13% year-on-year [1] - In Q2 2025, total revenue was 1.273 billion yuan, reflecting a 13.45% increase year-on-year [1] - Q2 net profit attributable to shareholders was 149 million yuan, an increase of 87.35% year-on-year [1] - Gross margin improved to 24.16%, a year-on-year increase of 21.73% [1] - Net margin rose to 12.35%, up 59.56% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 237 million yuan, accounting for 9.39% of revenue, a decrease of 18.74% year-on-year [1] - The company reported a significant improvement in operational efficiency, as indicated by the reduction in expense ratios [1] Asset and Liability Management - Cash and cash equivalents increased to 2.782 billion yuan, a 50.18% rise year-on-year [1] - Interest-bearing liabilities decreased to 3.877 billion yuan, down 7.45% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) increased to 0.15 yuan, a rise of 79.06% year-on-year [1] - Operating cash flow per share was 0.54 yuan, reflecting a 5.71% increase year-on-year [1] - Net asset value per share was reported at 5.57 yuan, up 3.01% year-on-year [1] Operational Insights - The company’s return on invested capital (ROIC) was 3.61%, indicating a relatively weak capital return [3] - The company has faced challenges in the past, with a median ROIC of 4.13% over the last decade and two years of losses since its listing [3] Market and Competitive Environment - The opening of the Shenzhen-Zhongshan Channel has significantly improved transportation convenience, leading to increased passenger traffic at the airport [5] - The company is actively managing flight operations to enhance on-time performance, contributing to the growth in passenger numbers [5] - The company is monitoring the performance of its investment in Chengdu Shuangliu Airport, which has faced challenges but is expected to improve operational efficiency [6]

Core Viewpoint - Baiyun Airport, a major aviation hub in China, is undergoing significant expansion to enhance its capacity and services, with a focus on the completion of the T3 terminal by the end of 2025 and an overall investment of 53.77 billion yuan in the expansion project [1] Company Overview - Baiyun Airport operates Guangzhou Baiyun International Airport and is involved in various sectors including aviation services, commercial leasing, and ground services [1] - The airport is a key hub in the Guangdong-Hong Kong-Macau Greater Bay Area [1] Expansion Plans - The third phase of the expansion project will add two runways and a comprehensive transportation center, increasing the airport's operational capacity to five runways and two terminal areas [1] - The annual passenger throughput capacity is expected to rise to 140 million passengers [1] - The T3 terminal is projected to be operational by the end of 2025 [1] Passenger Traffic - By 2025, the number of inbound and outbound passengers at Baiyun Airport is anticipated to exceed 10 million, achieving this milestone 41 days earlier than the previous year [1]

Core Viewpoint - The introduction of Shandong Airlines' new uniform "Qing Weila" reflects a shift towards comfort and practicality in airline service attire, incorporating traditional Chinese elements while allowing female crew members to choose between pants or knee-length skirts and replacing high heels with flat shoes [2][6]. Group 1: Industry Trends - There has been a growing public discourse around the need for more comfortable and practical uniforms for female service workers, particularly in the aviation and railway sectors, with many suggesting the replacement of high heels with flat shoes and skirts with pants [6][7]. - The Chinese Civil Aviation Administration has issued guidelines stating that cabin crew should not wear high heels during flight operations, indicating a regulatory shift towards prioritizing safety and comfort [6][10]. - Several airlines, including Spring Airlines and Hunan Airlines, have announced policies allowing or mandating female crew members to wear flat shoes during their duties, reflecting a broader trend in the industry [6][10]. Group 2: Public Response and Changes - A significant public response has emerged, with individuals like Ms. Xie advocating for changes in uniform policies for female train attendants, leading to discussions about uniform standards across various service industries [7][10]. - The introduction of new uniforms by the Harbin Railway Bureau, featuring pants for female attendants, demonstrates a response to public feedback and a shift towards more practical attire in the railway sector [10][11]. - The ongoing dialogue about uniform standards highlights a growing consensus on the importance of occupational health and comfort for service workers, with many advocating for changes across multiple sectors, including aviation, railways, nursing, and banking [6][7].

Core Viewpoint - 华夏航空 launched a cultural event themed "Cloud Dreaming, Joy in the Prairie" during the 35th Naadam Festival, aiming to promote ethnic culture and enhance passenger travel experience [1][4]. Group 1: Cultural Integration - The Naadam Festival is recognized as a national intangible cultural heritage, featuring traditional events such as horse racing, wrestling, and archery, which embody the spirit and culture of the grassland people [4]. - 华夏航空 integrates traditional culture with modern aviation services through various activities, including themed flights, cultural workshops, and interactive sessions, creating an immersive cultural journey for travelers [4][5]. Group 2: Flight Services and New Routes - Since the summer-autumn flight season, 华夏航空 has added two new direct routes: Xi'an-Uhuhai-Xilin Gol and Hohhot-Xilin Gol-Jinan, operated by Airbus A320, to meet the high demand for summer travel [5]. - The airline aims to continue enhancing regional flight services and providing culturally rich travel experiences, contributing positively to regional economic and cultural tourism development [5].

Core Viewpoint - The article highlights the significant progress and achievements in China's transportation infrastructure and services during the "14th Five-Year Plan" period, emphasizing the construction of a comprehensive transportation network and advancements in technology and service quality [1]. Infrastructure Development - The national comprehensive transportation network has been significantly improved, with railway operating mileage reaching 162,000 kilometers, total highway mileage at 5.49 million kilometers, and 263 certified civil aviation airports [2]. - Major transportation networks in regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area have been established, enhancing connectivity and service efficiency [2]. - The "six axes, seven corridors, and eight channels" framework of the national comprehensive transportation network has been largely completed, connecting over 80% of county-level administrative regions and serving about 90% of the country's economic and population totals [2]. Technological Advancements - The article discusses breakthroughs in technology and the introduction of advanced equipment, including the deployment of autonomous vehicles and smart logistics systems [4][6]. - Innovations in the transportation sector include the digital transformation of infrastructure, which has improved traffic efficiency and emergency response times by approximately 20% and 30%, respectively [5]. - Major engineering projects, such as the Shenzhen-Zhongshan Bridge and the CR450 train set, have set multiple world records, showcasing China's technological prowess in transportation [6]. Service Quality Improvement - The quality of public transportation services has improved, with high-speed rail and civil aviation becoming the preferred modes of travel for many citizens [7][8]. - Daily, approximately 1.3 billion people choose to travel by car, and around 1 billion people use public transport, indicating a shift towards more efficient commuting options [8]. - The aviation sector has seen a significant increase in passenger numbers, with about 350 million people flying during the "14th Five-Year Plan" period, making China the country with the largest aviation population globally [7].

Investment Dynamics - LVMH Luxury Ventures has made a minority stake investment in the French knitwear brand Molli, marking the brand's first external investment since its relaunch [3] - The investment is expected to help Molli regain market share with LVMH's strong resources and support [3] - 百大集团 has announced a 20-year lease agreement with 恒隆地产 for its Hangzhou department store, with total rent exceeding 30 billion yuan, enhancing future cash flow for 百大集团 [5] Acquisition Dynamics - Ferrero is acquiring General Mills for $3.1 billion to expand its presence in the U.S. market, indicating a merger of two companies with strong consumer loyalty [8] - Amancio Ortega, founder of Zara, has purchased a boutique hotel in Paris for $113 million, aiming to capitalize on the recovery of the high-end tourism sector [9] Listing Dynamics - Tasting is undergoing a series of equity changes and capital increases, likely preparing for a potential listing in Hong Kong, which is seen as more favorable for restaurant valuations [13] Retail Dynamics - Tiffany & Co. has opened its largest flagship store in Asia in Tokyo, featuring Japan's first Blue Box Café, marking a significant renovation since being acquired by LVMH [16][17] Partnership Dynamics - Starbucks China has partnered with China Eastern Airlines to launch a joint membership program for 160 million Starbucks members, enhancing customer experience in a competitive market [19] Personnel Dynamics - Hemant Rupani has been appointed as the CEO of HCCB, bringing extensive experience from Mondelēz International, which is expected to ensure smooth business transitions [22] - Kenvue announced the departure of CEO Thibaut Mongon, with Kirk Perry stepping in as interim CEO amid pressures from investors for structural changes [25] - Priya Nair has been appointed as the new CEO of Hindustan Unilever, signaling a strong intent to revitalize growth in the second-largest market for the parent company [29]

Core Viewpoint - The 15th National Games of the People's Republic of China will be held from November 9 to 21, 2025, in Guangdong, Hong Kong, and Macau, with the opening ceremony in Guangzhou and the closing ceremony in Shenzhen. The event is highly anticipated, with citizens eager to purchase tickets [1][6]. Ticketing and Accessibility - The ticket sales for the 15th National Games are designed to be accessible, with at least 65% of venue seats available for public sale. Special seating for individuals with disabilities and other special needs will be provided [10][11]. - A multi-channel sales network will be established to facilitate ticket purchases across the Guangdong-Hong Kong-Macau Greater Bay Area, including online and offline options [11]. - The ticket pricing strategy aims to be affordable, with details expected to be announced by September. The pricing for the Paralympic events will also reflect a public welfare approach [12]. Event Scale and Participation - This edition of the National Games is set to be the largest in history, with ticket sales expected to surpass those of the Hangzhou Asian Games [10]. - Top athletes from across the country will participate, including renowned figures in diving, table tennis, swimming, and tennis, showcasing high-level competitions [14][15]. Opening Ceremony and Themes - The opening ceremony will take place on November 9, 2025, at the Guangdong Olympic Sports Center, themed "Dreaming of the Future," highlighting the Greater Bay Area's grandeur [17][18]. - The ceremony will feature advanced technology and artistic presentations, aiming to create a visually stunning experience [20]. Economic Impact and Sponsorship - The event is projected to generate significant economic activity, with sponsorship intentions exceeding 20 billion yuan. Major telecommunications companies are among the sponsors, marking a collaborative effort [21][24]. - Local governments are leveraging the National Games to enhance urban quality and public welfare, with various city improvement projects underway [22]. Health and Safety Measures - A comprehensive health and safety guideline will be issued for the event, focusing on health literacy, management, injury prevention, and hygiene [23]. Technological Innovations - The event will incorporate advanced technologies, such as humanoid robots for torch relay and AI-driven broadcasting, enhancing the overall experience for participants and spectators [19][20].