Report Overview - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" - Report Date: July 16, 2025 [1] 1. Futures Contract Prices and Spreads 1.1 Futures Contract Prices - I05 closed at 718.5 yuan/ton, up 1.0 yuan from the previous day [3] - I09 closed at 767.0 yuan/ton, up 0.5 yuan from the previous day [3] - I01 closed at 738.5 yuan/ton, up 2.0 yuan from the previous day [3] 1.2 Futures Contract Spreads - I05 - I09 spread was -48.5 yuan/ton, up 0.5 yuan from the previous day [3] - I09 - I01 spread was 28.5 yuan/ton, down 1.5 yuan from the previous day [3] - I01 - I05 spread was 20.0 yuan/ton, up 1.0 yuan from the previous day [3] 2. Basis Data 2.1 Basis Numerical Data - For different iron ore varieties such as Carajás fines (卡粉), BRBF, Newman fines, etc., the report provides today's price, previous day's price, price change, delivery cost, today's basis, previous day's basis, and basis change [6] 2.2 Basis Charts - Charts show the basis trends of different iron ore varieties including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. from October 2024 to June 2025 [8][9][10] 3. Exchange Rule Adjustments 3.1 Adjustment of Deliverable Brands and Premiums - Added 4 deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) with brand premiums of 0 yuan/ton starting from the I2202 contract [11] - Adjusted the brand premiums of existing varieties, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest 0 yuan/ton [11] - Added 4 more deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) with brand premiums of 0 yuan/ton [11] 3.2 Adjustment of Substitute Quality Differences and Premiums - Adjusted the allowable range of iron grade to be greater than or equal to 56%, and set the allowable ranges for silicon dioxide, aluminum oxide, phosphorus, and sulfur [11] - Introduced a dynamic adjustment mechanism for the premium of iron element index (X), with different values of X corresponding to different price ranges of the settlement price of the nearest delivery month contract [11] 4. Variety Spreads 4.1 Variety Spread Numerical Data - The report provides the spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, Carajás fines - Newman fines, etc., along with their changes from the previous day [13] 4.2 Variety Spread Charts - Charts show the spread trends of different iron ore varieties including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [15][17][19] 5. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the industry [24]

Core Viewpoint - In June 2025, China's exports increased by 5.8% year-on-year, rebounding by 1 percentage point from the previous month, primarily due to resilient non-U.S. exports and a "rush to export" to the U.S. following the easing of China-U.S. trade relations. The export structure is improving, with labor-intensive product exports turning positive year-on-year. The effects of the "two heavy" and "two new" policies continue to drive import stabilization through expanded domestic demand [4][6]. Summary by Sections Export Data - Exports amounted to $325.18 billion, up 5.8% year-on-year, exceeding the expected 3.2% and the previous value of $316.1 billion, which was up 4.8% year-on-year [6]. - The export structure is shifting towards higher quality and new products, with labor-intensive product exports showing positive growth [4]. Import Data - Imports totaled $210.41 billion, increasing by 1.1% year-on-year, surpassing the expected 0.2% and the previous value of $212.88 billion, which had decreased by 3.4% year-on-year [6]. - Policies aimed at boosting domestic demand are beginning to show positive effects, contributing to a recovery in both production and demand [4]. Trade Balance - The trade surplus reached $114.77 billion, compared to the previous value of $103.22 billion [6]. Future Outlook - Due to the postponement of reciprocal tariff deadlines to August 1, along with unexpected increases in tariffs proposed by Trump on other countries, a "double rush" demand is expected to persist until August, indirectly boosting China's exports [4]. - The anticipated positive effects of domestic demand policies are expected to continue, leading to a recovery in import demand. However, uncertainties remain regarding the timing of tariff implementations and negotiations between countries and the U.S. [4]. - Overall, exports may face slight pressure in the second half of the year, primarily due to a decline in global trade volumes rather than direct exports to the U.S. [4].

Core Viewpoint - The article discusses the financial statistics released by the central bank for June 2025, highlighting the growth in M2, M1, new RMB loans, and social financing, indicating a marginal improvement in the economic environment and credit conditions [2][3][6]. Group 1: Loan and Financing Data - In June, new RMB loans amounted to 2.24 trillion, an increase of 1.1 trillion year-on-year, with a growth rate of 7.1%, remaining stable compared to the end of May [3]. - The total social financing in June reached 4.2 trillion, with a year-on-year increase of 900.8 billion, and a growth rate of 8.9%, up 0.2 percentage points from the end of May [6]. - For the first half of the year, new RMB loans totaled 12.9 trillion, a decrease of 350 billion year-on-year, indicating a challenging environment for effective demand [3]. Group 2: Corporate and Retail Lending - Corporate loans in June increased by 1.77 trillion, accounting for 79% of new loans, demonstrating the role of corporate lending as a stabilizing force [4]. - Retail loans in June amounted to 597.6 billion, with a year-on-year increase of 26.7 billion, but the growth in consumer demand for housing remains limited [5]. - The first half of the year saw a total of 1.17 trillion in new residential loans, a decrease of 290 billion year-on-year, reflecting weak growth in short-term loans [5]. Group 3: Monetary Supply and Market Performance - M2 grew by 8.3% year-on-year in June, while M1 increased by 4.6%, with the gap between M2 and M1 narrowing by 1.9 percentage points compared to May [7]. - The banking sector index has risen by 21.3% since the beginning of the year, outperforming the CSI 300 index by 19.2 percentage points, indicating strong relative performance in the market [8].

Group 1: Financial Data Overview - In June 2025, new social financing (社融) reached 4.20 trillion yuan, exceeding market expectations by 0.9 trillion yuan and higher than the average of 3.75 trillion yuan from 2019 to 2024[3] - The year-on-year growth rate of social financing stock was 8.9%, an increase of 0.2 percentage points from the previous month[3] - New RMB loans amounted to 2.24 trillion yuan, a year-on-year increase of 1.1 trillion yuan[4] Group 2: Loan Structure and Trends - In June, the new RMB loans accounted for 56% of the total social financing, indicating strong loan growth from financial institutions[11] - Short-term loans for enterprises saw a significant year-on-year increase of 4.9 trillion yuan, while corporate bill financing decreased by 3.716 trillion yuan[4] - M1 and M2 growth rates were 4.6% and 8.3%, respectively, with M1 rebounding by 2.3 percentage points from the previous month[4] Group 3: Economic Signals and Policy Implications - The government bond net financing in June was 1.3508 trillion yuan, contributing approximately 32% to the new social financing[9] - The People's Bank of China emphasized a "stable" monetary policy, maintaining ample liquidity and signaling no further expansion of bond investment regulation for small and medium banks[14] - The economic environment has improved since May, positively influencing corporate production and investment willingness, as indicated by a mild rebound in the manufacturing PMI index[13]

Market Performance Overview - The oil index experienced a significant increase, while the domestic equity market continued its upward trend, with the ChiNext Index rising by 2.36%. In contrast, US stocks saw a slight pullback [2] - Most of the Shenwan first-level industries rose, with real estate, steel, and non-bank financial sectors leading the gains, while coal, banking, automotive, and household appliances sectors declined [2] Fund Product Issuance - The domestic new fund market showed overall improvement, with 35 new funds established, totaling 24.909 billion units issued. This included 14 bond funds, 13 equity funds, 1 REIT, 2 FOFs, and 5 mixed funds [3] Fund Product Performance Tracking - Except for consumer-themed funds, most thematic funds continued to rise, with new energy and financial real estate funds performing relatively well. As of July 11, 2025, the respective performance of various thematic funds was as follows: new energy (1.62%), financial real estate (1.39%), TMT (1.32%), and others [4] Passive Index Fund Performance - The median net value change for passive equity index funds was 1.2%, with strong performances from themes such as Hong Kong securities, rare earths, and financial technology [5] ETF Market Tracking - Domestic equity ETFs saw a reversal in fund flows, primarily moving towards small-cap, sci-tech board, and industry ETFs. The median return for equity ETFs was 1.19%, with a net inflow of 899 million yuan. Hong Kong ETFs also saw a net inflow of 4.848 billion yuan [6] Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.11 percentage points compared to the previous week. Increased allocations were observed in telecommunications, automotive, and public utilities, while reductions were noted in non-ferrous metals, food and beverage, and pharmaceutical sectors [7] ESG Financial Product Tracking - A total of 29 new green bonds were issued this week, with a cumulative issuance scale of 32.475 billion yuan. The domestic green bond market has steadily developed, with a total issuance scale of 4.66 trillion yuan and 3,983 bonds issued as of July 11, 2025 [8] ESG Fund Performance - The median net value change for actively managed equity, passive index equity, and bond ESG funds was 0.98%, 1.03%, and -0.05%, respectively. As of July 11, 2025, there were 213 existing ESG funds in the domestic market, with a total scale of 135.564 billion yuan [9]

- The report does not contain any quantitative models or factors related to the requested topic

Group 1 - The A-share market has shown strong upward momentum, with the Shanghai Composite Index breaking through the 3500-point mark and trading volume exceeding 1.7 trillion yuan [2] - The financial sector has led the market rally, supported by a surge in short-term capital chasing high-performing stocks as semi-annual earnings forecasts are released [2] - Institutions suggest that investors should shift from a trading strategy to a holding strategy in light of the market's transition from a stock-based to an incremental market [4][5] Group 2 - Positive factors for the A-share market continue to accumulate, with strong risk appetite reflected in trading behavior and capital flows [3] - The market is increasingly focusing on fundamental factors rather than external disturbances, indicating a shift in pricing dynamics [3] - The strong upward trend in the A-share market is expected to continue, with significant conditions for a major rally accumulating [3] Group 3 - The market has seen a shift from net outflows to net inflows in actively managed public funds since June, marking a reversal in the trend of capital withdrawal [4] - Different sectors, including non-ferrous metals, telecommunications, and gaming, have shown synchronized upward movement, indicating the presence of incremental capital across various funding entities [5] Group 4 - The performance of semi-annual earnings is crucial for trading strategies, with sectors like TMT (Technology, Media, and Telecommunications) expected to perform well [6] - High-growth industries such as automotive parts, automation equipment, and consumer goods are recommended for investment, alongside sectors with improving performance like precious metals and pharmaceuticals [6] - Predictions indicate that industries such as light industry, non-ferrous metals, and non-bank financials may experience high growth rates in their semi-annual earnings [6]

光大证券股份有限公司将于2025年7月29日14点30分召开2025年第二次临时股东大会、2025年第一次A 股类别股东大会及2025年第一次H股类别股东大会。会议地点位于上海市静安区新闸路1508号静安国际 广场。投票方式包括现场投票和网络投票，网络投票时间为2025年7月29日9:15-15:00。 会议将审议以下三项议案：1. 修订《光大证券股份有限公司章程》及其附件，根据新《公司法》及证监 会配套制度规则，调整涉及监事会、股东会等内容，并废止《监事会议事规则》。2. 不再设立监事会， 由审计与关联交易控制委员会行使监事会职权。3. 修订《光大证券股份有限公司募集资金管理及使用制 度》，确保募集资金专款专用，支持实体经济发展，强化募集资金安全性及使用效率。修订内容包括募 集资金的存放、使用审批、现金管理、临时补充流动资金等方面，并明确超募资金的使用计划及披露要 求。 截至2025年7月11日收盘，光大证券（601788）报收于18.42元，较上周的17.91元上涨2.85%。本周，光 大证券7月11日盘中最高价报18.81元。7月7日盘中最低价报17.77元。光大证券当前最新总市值849.31亿 元，在 ...

Group 1: Copper and Aluminum Inventory - Copper inventory stands at 108,725 tons, an increase of 625 tons [1] - Aluminum inventory totals 400,275 tons, with an increase of 4,550 tons [1] Group 2: Nickel Inventory - Nickel inventory is recorded at 206,178 tons, reflecting an increase of 1,440 tons [2]

Group 1 - The resignation of Meng Jie, the Secretary of the Board and Head of Information Disclosure of China Merchants Highway Network Technology Holdings Co., Ltd., has been submitted due to work changes [3][4] - The resignation is effective from the date it is delivered to the Board of Directors, and Meng Jie will not hold any position in the company post-resignation [4] - The company will promptly appoint a new Secretary of the Board, with the Deputy General Manager Nie Yibin designated to perform the duties in the interim [4] Group 2 - The bond named "17 Zhao Lu 02" has a term of 10 years and an interest rate of 4.98% [3] - The total issuance scale of the bond is RMB 1 billion, with the funds intended for operational capital, equity investment, or asset acquisition [3] - The bond was issued on August 7, 2017, and listed for trading on the Shenzhen Stock Exchange on August 28, 2017 [3]