Key Insights - The report highlights the ongoing "stagflation" risk in the US economy, with the first quarter of 2025 showing a contraction in GDP of -0.5%, indicating a technical recession, while core PCE inflation remains sticky at 3.5% [9] - The approval of the first stablecoin license for a Chinese brokerage firm signals a shift in regulatory stance towards stablecoins, emphasizing their strategic value for cross-border payments [9][8] - Xiaomi's YU7 model has seen overwhelming demand, with over 289,000 orders within an hour of launch, raising concerns about production capacity and potential legal risks in secondary markets [9][8] Industry Analysis Fluorochemicals - The quota system driven by policy has led to a rigid freeze on the production capacity of third-generation refrigerants, accelerating the exit of smaller players and allowing leading companies to gain pricing power, pushing refrigerant prices upward [17] - The supply of fluorite resources is constrained due to low extraction ratios and stricter environmental policies, further solidifying cost support [17] Innovative Pharmaceuticals - The innovative pharmaceutical sector is experiencing a phase of adjustment, primarily influenced by emotional factors and trading dynamics, with valuations returning to near five-year lows, presenting an entry opportunity for investors [18] - The export transaction volume of domestic innovative drugs reached $45.5 billion from January to May 2025, contributing positively to profits [18] Semiconductors - The semiconductor market is witnessing a recovery in risk appetite, with the AI industry chain potentially becoming a focal point again [18] - External technological restrictions and geopolitical risks are driving the localization of supply chains, with increasing domestic production rates for semiconductor equipment and materials [18]

《国家方案》还加强了对ODS生产、销售和使用的管理，规定销售单位只能向已取得生产配额的生产单 位和已备案的销售单位购买管控物质，只能向已取得使用配额或已备案的销售、使用和维修单位销售管 控物质，进一步完善信息管理系统，加强全链条监管。同时，各地生态环境主管部门也把ODS生产、销 售、使用单位的执法检查纳入"双随机、一公开"管理，执法能力显著提升，特别是移动式监测设备投入 使用以后，对非法生产和使用ODS的监测能力大幅提高。 广大泡沫企业应按照《国家方案》要求，积极用好信息管理系统，做到合法经营，坚决抵制、举报非法 发泡剂的生产、销售和使用行为，如期实现HCFC-141b全部淘汰的目标，为保护臭氧层和国家履约工作 做出行业贡献，推动行业高质量、可持续发展。 作者系中国塑料加工工业协会副秘书长 中国政府高度重视臭氧层保护工作，自1989年9月加入《保护臭氧层维也纳公约》、1991年6月加入《关 于消耗臭氧层物质的蒙特利尔议定书》之后，1993年1月就实施了第一版《中国逐步淘汰消耗臭氧层物 质国家方案》。三十多年来，中国不断完善法规体系、管理框架、履约战略和各行业淘汰计划，为臭氧 层保护作出了重要贡献。 近日，经国 ...