Core Insights - The main focus of the article is on the trading performance and positioning of coking coal futures as of July 31, 2025, highlighting a decrease in trading volume and changes in long and short positions among major market participants [1][3][4]. Trading Performance - As of July 31, 2025, the main contract for coking coal (2509) experienced a decline of 4.93%, with a trading volume of 42,100 contracts, which is a decrease of 16,000 contracts from the previous day [1]. - The total trading volume for all coking coal contracts was 58,500 contracts, down by 16,000 contracts compared to the previous day [1]. Positioning Data - Among the top 20 positions, long positions totaled 30,100 contracts, an increase of 363 contracts from the previous day, while short positions totaled 36,500 contracts, a decrease of 957 contracts [1]. - The top three long positions were held by CITIC Futures (5,299 contracts), Guotai Junan (3,789 contracts), and Galaxy Futures (2,191 contracts) [1]. - The top three short positions were held by CITIC Futures (4,923 contracts), Wuchan Zhongda (4,374 contracts), and Huatai Futures (2,723 contracts) [1]. Changes in Long and Short Positions - The top three increases in long positions were from Huatai Futures (1,295 contracts, up by 270), Galaxy Futures (1,780 contracts, up by 226), and Yong'an Futures (1,469 contracts, up by 163) [1]. - The top three decreases in long positions were from Guotai Junan (2,187 contracts, down by 352), CITIC Futures (2,110 contracts, down by 290), and Haitong Futures (573 contracts, down by 89) [1]. - The top three increases in short positions were from Wuchan Zhongda (2,253 contracts, up by 83), Green Dahu (609 contracts, up by 79), and GF Futures (386 contracts, up by 72) [1]. - The top three decreases in short positions were from Fangzheng Zhongqi (1,677 contracts, down by 488), Guotai Junan (1,933 contracts, down by 139), and Huatai Futures (699 contracts, down by 129) [1].

Core Insights - The report highlights the emergence of a commodity bull market driven by anti-involution policies and increased infrastructure investment, which are expected to positively impact upstream supply chains and commodity prices [5][15][61] - The transportation sector has shown mixed performance, with the public transport sub-sector leading with an 11.1% increase, while the aviation sub-sector lagged with a -6.7% decline [5][13] - The report emphasizes the growing concentration in the bulk supply chain market, with the CR4 market share rising from 1.21% in 2016 to 4.18% in 2022, indicating a trend towards larger, more stable companies benefiting from the anti-involution policies [5][33] Market Overview - As of July 28, 2025, the Shanghai Composite Index closed at 4135.82, up 5.1% year-to-date, while the CITIC Transportation Index underperformed at 2061.14, up only 1.1% [7][9] - The report notes that the overall market for bulk supply chain services in China was approximately 55 trillion yuan in 2022, with a significant increase in market concentration observed [5][25][33] Investment Recommendations - The report suggests focusing on midstream logistics and warehousing companies like Wuchan Zhongda (600704.SH) to capitalize on the anticipated recovery in commodity prices and demand [5][61] - It also recommends monitoring leading dry bulk shipping companies such as China Merchants Energy Shipping (601872.SH) and Haitong Development (603162.SH) as shipping demand is expected to rebound [5][61] Commodity Price Trends - Since July 1, 2025, major commodity prices have rebounded significantly, with DCE coking coal prices rising by 54.6%, iron ore by 13.3%, and soda ash by 23.6% [22][23] - The report indicates that the anti-involution policies are likely to stabilize commodity prices and improve profitability for leading supply chain companies [22][38] Supply Chain Dynamics - The report highlights the increasing importance of long-distance transportation for iron ore imports, particularly from Brazil and Guinea, which is expected to drive up shipping demand due to longer transport distances [44][52] - The growth trend in aluminum ore imports is also noted, with a significant increase in dependency on foreign sources, particularly from Guinea [56][59] Company Performance and Projections - Wuchan Zhongda is projected to achieve a revenue of approximately 620.4 billion yuan in 2025, with a net profit of around 3.67 billion yuan, reflecting a strong growth trajectory [66][68] - China Merchants Energy Shipping is expected to benefit from a recovering market, with projected net profits of 5.9 billion yuan in 2025, indicating a robust operational capacity [70][72] - Haitong Development is anticipated to see a rebound in profits as market conditions improve, with projections of 263.66 million yuan in net profit for 2025 [73][76]

人民财讯7月30日电，企查查APP显示，近日，杭州润菏企业管理咨询合伙企业(有限合伙)成立，出资额 约1.41亿元，经营范围包含：企业管理；企业管理咨询；品牌管理；市场营销策划；社会经济咨询服 务。企查查股权穿透显示，该合伙企业由物产中大（600704）旗下物产中大集团投资有限公司等共同持 股。 ...

Market Overview - As of 14:00, the Shanghai Composite Index is at 3607.62 points, with a slight decline of -0.06% [1] - The total trading volume of A-shares today is 14,725.33 billion yuan [1] Technical Analysis - A total of 51 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - HaHuan (301137) with a distance of -1.61% - BaiLi Electric (600468) with a distance of -1.18% - JingYun (601908) with a distance of -0.92% [1] Individual Stock Performance - HaHuan (301137) is down by -1.34% with a trading turnover of 3.48% and a latest price of 33.85 yuan, which is -4.08% from the 10-day moving average [1] - BaiLi Electric (600468) has decreased by -1.50% with a turnover of 1.91% and a latest price of 6.56 yuan, -4.39% from the 10-day moving average [1] - JingYun (601908) has dropped by -2.33% with a turnover of 2.38% and a latest price of 3.77 yuan, -4.02% from the 10-day moving average [1] Additional Stock Data - Other stocks showing a downward trend include: - SiFang (605122) down -3.17% with a latest price of 14.37 yuan - HaoLaiKe (603898) down -3.78% with a latest price of 10.19 yuan - HeDuan Intelligent (603011) down -1.14% with a latest price of 15.65 yuan [1] - Stocks with minor declines include: - SuNeng (600925) down -0.39% with a latest price of 5.07 yuan - ChangSha Bank (601577) up 0.70% with a latest price of 10.10 yuan [1][2]

Market Overview - The Shanghai Composite Index is at 3625.08 points, with a change of 0.43% [1] - The total trading volume of A-shares is 820.36 billion yuan [1] Stocks with Death Cross - 41 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - HaHuan (301137) at -1.55% - BaiLi Electric (600468) at -1.12% - JingYunTong (601908) at -0.84% [1] Detailed Stock Performance - HaHuan (301137): Today's change is -0.70%, with a 5-day moving average of 34.76 yuan and a 10-day moving average of 35.31 yuan, showing a distance of -1.55% [1] - BaiLi Electric (600468): Today's change is -0.90%, with a 5-day moving average of 6.79 yuan and a 10-day moving average of 6.87 yuan, showing a distance of -1.12% [1] - JingYunTong (601908): Today's change is -1.55%, with a 5-day moving average of 3.90 yuan and a 10-day moving average of 3.93 yuan, showing a distance of -0.84% [1] Additional Stock Movements - Other stocks with notable movements include: - Ke (603898): -2.93% change, 5-day MA of 10.91 yuan, 10-day MA of 10.98 yuan, distance of -0.65% [1] - SiFang New Material (605122): -1.35% change, 5-day MA of 15.05 yuan, 10-day MA of 15.15 yuan, distance of -0.62% [1] - GuaiBao Pet (301498): 0.01% change, 5-day MA of 92.39 yuan, 10-day MA of 92.88 yuan, distance of -0.53% [1]

Group 1 - The core viewpoint of the article highlights the resilience and vitality of Zhejiang's economy, as evidenced by the 10 Zhejiang enterprises making it to the 2025 Fortune Global 500 list, maintaining the same number as last year [1] - Alibaba ranks the highest among Zhejiang companies at 63rd, improving by 7 positions from last year, and is increasing investments in AI infrastructure and technology to enhance global competitiveness [1] - Hangzhou Shiji Group, a state-owned enterprise, ranks 394th with a revenue of $39.496 billion, focusing on integrating technological and industrial innovation for traditional industry transformation and new industry cultivation [1] Group 2 - Hangzhou Shiji Group reported a revenue growth of 22.7% and a profit increase of 9.73% year-on-year, showcasing its deep advantages in high-quality development [2] - Geely Holding experienced the most significant rise, jumping 30 places with revenue increasing from $70.4 billion to $79.9 billion, indicating the growing influence of Chinese companies in the global automotive industry [2] - The performance of Zhejiang enterprises is further validated by the province's economic report, showing double-digit growth in high-tech manufacturing, digital economy core industries, and equipment manufacturing [2]

焦炭期货全合约总计成交8.00万手，比上一日新增383手。全合约前20席位多头持仓1.93万手，比上一日减少1152手。全合约前20 席位空头持仓2.46万手，比上一日减少2591手。 新浪期货 根据交易所数据，截至7月28日收盘主力合约焦炭2509,涨跌-7.98%,成交量6.29万手，持仓数据显示前20席位呈现净空， 差额头寸为5324手。 2025年7月28日焦炭主力合约2509持仓数据一览 | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ਹ | 中信期货 | 11,527 | 25 | 中信期货 | 2,884 | 67 | 中信期货 | 3,345 | -522 | | 2 | 国泰君安 | 9,420 | -361 | 国泰君安 | 2,673 | 41 | 物产中大 | 2,681 | -JJ3 | | 3 | 东证期货 | 5,371 | 103 | 银河期货 | 1,691 | -104 | ...

Core Points - The company has announced the issuance of its 2025 seventh phase ultra-short-term financing bond with a total planned issuance amount of 2 billion yuan [2] - The actual issuance amount is confirmed to be 2 billion yuan, with an interest rate of 1.52% and a price of 100.00 yuan per 100 yuan face value [2] - The bond has a term of 177 days, with the interest start date on July 23, 2025, and the repayment date on January 16, 2026 [2] Company Actions - The company's board of directors approved the application for the registration and issuance of debt financing instruments for the years 2024-2026 during the board meeting held on April 26, 2024 [1] - The company has received acceptance from the China Interbank Market Dealers Association for the registration of its debt financing instruments, which will be valid for two years from the date of the notification [1]

Core Viewpoint - As of July 25, 2025, the PVC futures market shows a significant increase in trading volume and a net long position among the top 20 participants, indicating bullish sentiment in the market [1][3]. Group 1: Market Performance - The main contract PVC2509 closed with a price change of +3.19% and a trading volume of 1.8639 million lots [1]. - Total trading volume for all PVC contracts reached 2.2536 million lots, with an increase of 287,000 lots compared to the previous day [1][4]. Group 2: Positioning Data - The top 20 positions in the PVC futures market show a net long position with long positions totaling 751,100 lots and short positions totaling 747,700 lots [1]. - The top three long positions are held by Zhongcai Futures (total position 111,435), Guotai Junan (total position 57,737), and Citic Futures (total position 55,450) [1][4]. - The top three short positions are held by Guotai Junan (total position 162,524), Citic Futures (total position 68,040), and Dongzheng Futures (total position 62,415) [1][4]. Group 3: Changes in Positions - Among the top 20 long positions, the largest increases were seen in Citic Futures (+3,848), Huishang Futures (+1,829), and Guotai Junan (+1,620) [1]. - The largest decreases in long positions were recorded by Everbright Futures (-1,967), Wucai Zhongda (-1,734), and Huatai Futures (-1,724) [1]. - For short positions, Guotai Junan saw the largest increase (+8,858), followed by Dongzheng Futures (+3,325) and Citic Jiantou (+3,003) [1].

物产中大关于2025年度第七期超短期融资券 发行情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司于 2024 年 4 月 26 日召开十届十六次董事会，2024 年 5 月 21 日召开 2023 年年度股东大会，审议通过了《关于申请注册发行 2024-2026 年度债务融资工具 的议案》，同意公司向中国银行间市场交易商协会（以下简称"交易商协会"） 申请注册发行债务融资工具。内容详见 2024 年 4 月 27 日和 2024 年 5 月 22 日在 《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交易所网 站（http://www.sse.com.cn）上刊登的公告。 2024 年 12 月 5 日，公司收到交易商协会《接受注册通知书》（中市协注 ﹝2024﹞TDFI53 号），交易商协会接受公司债务融资工具注册，债务融资工具 注册自通知书落款之日起 2 年内有效，在注册有效期内可分期发行超短期融资 券、短期融资券、中期票据、永续票据、资产支持票据、绿色债务融资工具等产 品。 证券代码： ...