进入7月下旬，包装纸行业再现涨价函。日前，玖龙纸业(控股)有限公司(以下简称"玖龙纸业")多个生产 基地、江西理文造纸有限公司等纸业巨头纷纷发布产品涨价函，一致宣布将于8月1日起上调瓦楞纸、再 生牛卡纸出厂价格，上调幅度为30元/吨。 据记者不完全统计，这已是7月份以来纸业市场发起的第四轮涨价，在过去的20余天时间里，以玖龙纸 业为代表的纸企多次喊涨，各类品种的原纸价格交替上涨，单次涨幅为30元/吨。不过整体来看，各地 区的涨价落实情况不一。 山东卓创资讯（301299）股份有限公司(以下简称"卓创资讯")瓦楞纸行业分析师李莉对《证券日报》记 者表示，进入7月份，龙头纸企持续推动纸品市场价格走高，主要是因为原料废纸供应呈现收紧态势， 价格持续上扬，导致行业成本端压力显著提升。在成本驱动下，企业通过上调产品价格来缓解自身营运 压力。 卓创资讯统计数据显示，截至7月21日(以周为单位的最新统计日期)，废黄板纸市场价格为1475元/吨， 较6月30日上涨15元/吨。 7月份废黄板纸市场价格上涨的原因在于行业供应整体一般，加上7月份以来降雨较多，影响了局部地区 的废纸交投，导致整体废黄板纸的市场供应偏少。卓创资讯废纸 ...

Core Viewpoint - The retail price of refined oil in China is expected to decrease due to fluctuations in international oil prices and domestic supply-demand dynamics [2][3] Group 1: Price Adjustments - The retail price of gasoline and diesel is predicted to be lowered by 130 yuan and 125 yuan per ton respectively, translating to a decrease of 0.10 yuan for 92-octane gasoline, 0.11 yuan for 95-octane gasoline, and 0.11 yuan for 0-octane diesel [2] - After this adjustment, the national standard price for 92-octane gasoline in Zibo will drop to approximately 7.23 yuan per liter, while 95-octane gasoline will decrease to around 7.75 yuan per liter [3] Group 2: Year-to-Date Adjustments - Following this price change, the year-to-date adjustments for refined oil will reflect a pattern of "6 increases, 6 decreases, and 2 stasis," with cumulative reductions of 225 yuan per ton for gasoline and 215 yuan per ton for diesel [3] Group 3: Cost Savings for Consumers - For a household car with a 50L fuel tank, filling up with 92-octane gasoline will save approximately 5 yuan, while a small private car running 2,000 kilometers monthly will see a reduction of about 7 yuan in fuel costs before the next price adjustment [3] - A heavy-duty truck running 10,000 kilometers monthly will experience a decrease of around 195 yuan in fuel costs before the next price adjustment [3] Group 4: Market Outlook - Analysts indicate that while OPEC+ is likely to maintain significant production increases in August and September, potential supply risks may arise from new U.S. sanctions on Russia [4] - The traditional peak season for fuel demand in the U.S. continues, supporting the market, although there are uncertainties regarding the next price adjustment due to fluctuating oil prices [4]

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Core Viewpoint - The national average price of rice in China is experiencing fluctuations, with a notable increase in the second quarter of 2025, while the overall supply and demand dynamics suggest a potential decline in prices in the third quarter [1][8]. Price Trends - As of the end of June 2025, the national average price of rice reached 4,075 yuan per ton, marking a 2% increase from early April, but a 2.38% decrease compared to the same period in 2024 [1]. - The average price for the second quarter of 2025 was 4,031.51 yuan per ton, reflecting a 1.35% increase from the first quarter, yet a 3.44% decrease year-on-year [1]. Supply Dynamics - By the end of June, the grain sales progress in major production areas reached approximately 98%, an increase of 7 percentage points since March [3]. - In southern production areas, the remaining rice stocks have dropped to 7% or less, while northeastern areas still have 10%-15% remaining [3]. - The limited supply of rice at the grassroots level is causing difficulties for rice mills in sourcing raw materials, leading to price increases [3]. Mill Operations and Demand - The average operating rate of rice mills in the second quarter increased from 14% to 17%, a 3 percentage point rise, with an average of 16% for the quarter, which is a 1 percentage point increase from the first quarter but a 3 percentage point decrease from the previous year [5]. - Demand for rice is expected to influence prices positively, with increased orders during the Dragon Boat Festival and mid-year promotions leading to a rise in mill operations [5]. Future Price Expectations - In the third quarter, rice prices are anticipated to rise initially before experiencing a decline, with overall supply expected to be more relaxed [7]. - The demand for rice is projected to decrease in July due to seasonal factors, but may increase in August as schools reopen and festivals approach [7]. - The average price of rice is expected to stabilize in July, with a potential slight decrease, while August may see a temporary boost in demand before a more significant decline in September as new rice enters the market [8].

新华财经北京7月8日电 7月4日开始华北市场玉米均价由涨转跌，产区部分市场玉米价格较3日下跌10- 30元／吨，截至7月4日，华北地区玉米均价为2427.85元／吨，环比跌幅0.26%，同比涨幅1.86%。价格 下跌的主要原因在于贸易商出货性提升，玉米有效供应阶段性增加，需求相对稳定，供应面对玉米价格 支撑减弱，玉米价格承压窄幅下跌。 贸易商为锁定出库利润多积极出货 6月下旬开始，随着玉米深加工企业收购价格上调，贸易商的出库利润提升，据卓创资讯电话调研了 解，6月底、7月初华北部分贸易商的出库利润在300元／吨左右，上下100元／吨的差值。因出货利润为 近几年以来的最高水平，且截至7月3日，华北地区玉米均价较1月2日已涨405元／吨，涨幅远超预期； 进入7月份以后，进口玉米拍卖启动，部分贸易商担忧后期玉米拍卖量增加，玉米供应增多，价格再涨 空间有限；另外，随着气温升高，玉米存储难度增加。多重因素影响下，华北地区贸易商玉米出货积极 性提升，当地玉米有效供应增加。 华北玉米价格短期偏弱后市或仍偏强 近期受华北及东北贸易商出货积极性提升影响，玉米供应阶段性提升；下游深加工企业刚需采购为主， 且开工存下降预期，饲料企 ...

Core Viewpoint - The retail price of refined oil in China is expected to increase due to fluctuating international crude oil prices influenced by geopolitical tensions in the Middle East, with specific price adjustments set for July 1 [2][3]. Group 1: Price Adjustments - As of June 30, the reference crude oil price change rate was 5.41%, leading to an expected increase of 235 yuan per ton for gasoline and 225 yuan per ton for diesel, translating to an increase of 0.18 yuan, 0.19 yuan, and 0.19 yuan per liter for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel respectively [2]. - After the upcoming price adjustment, the national standard price for 92-octane gasoline in Zibo will rise from 7.14 yuan per liter to approximately 7.32 yuan per liter, while 95-octane gasoline will increase from 7.66 yuan per liter to around 7.85 yuan per liter [3]. Group 2: Cost Implications - For a typical family car with a 50L fuel tank, filling up with 92-octane gasoline will cost an additional 9 yuan. For a small private car running 2,000 kilometers per month with an 8L/100km fuel consumption, the total fuel cost will increase by about 13 yuan before the next price adjustment window [3]. - In the logistics sector, a heavy truck running 10,000 kilometers per month with a fuel consumption of 38L/100km will see an increase in fuel costs of approximately 337 yuan before the next price adjustment window [3]. Group 3: Market Outlook - Short-term oil prices are expected to remain volatile, primarily influenced by the geopolitical situation in the Middle East, with a focus on US-Iran negotiations. However, unless a significant conflict arises, oil prices are unlikely to return to previous highs [3]. - Following a decrease in geopolitical risks, oil prices have returned to levels prior to the conflicts, but summer demand in the US is expected to provide support for prices, indicating that international oil prices may continue to fluctuate in the upcoming period [3]. Group 4: Future Price Adjustment Schedule - The next price adjustment window for refined oil will open on July 15, 2025, at 24:00 [4].

Core Viewpoint - The global cotton market has experienced significant fluctuations in the first half of the year due to trade tensions and supply-demand dynamics, with domestic cotton prices gradually recovering after hitting a near six-year low [1][2] Group 1: Cotton Price Trends - Cotton prices fell to 13,527 yuan/ton on April 9, down 992 yuan/ton from the high point earlier in the year, but began to recover following easing trade tensions from the China-U.S. Geneva economic talks in May [1][2] - The average price of China's 3128B grade cotton is expected to reach 14,417 yuan/ton in the second half of the year, an increase of 317 yuan/ton compared to the first half [3] Group 2: Supply Chain and Import Dynamics - The implementation of "reciprocal tariffs" by the U.S. has raised concerns about the stability of the global cotton textile industry, leading to a significant increase in import cotton costs and a shift towards Brazilian cotton, which accounted for 45% of imports in the first half of 2024 [2] - By 2025, the proportion of U.S. cotton imports is expected to drop to 20%, while Brazilian cotton's share may rise to 57% [2] Group 3: Industry Restructuring and Innovation - The cotton textile industry is focusing on "new quality productivity" to reshape competitive advantages through supply chain resilience [4] - Xinjiang is actively promoting the development of the cotton and textile industry chain, aiming to enhance the local conversion rate of cotton and build industry clusters [4] - Companies are leveraging technological innovation and digital transformation to enhance production resilience, with initiatives like smart factories and AI-driven optimization [4] Group 4: Future Outlook and Industry Strategy - Despite low revenue and profit levels in the cotton textile industry expected in the first half of 2025, structural adjustments such as capacity expansion and digital transformation are showing initial results [5] - The industry is encouraged to focus on high-quality development to address external uncertainties, emphasizing technological innovation and supply chain enhancement [5]

Core Viewpoint - Since June, international oil prices have been on the rise, with WTI crude oil futures settling at $71.77 per barrel and Brent crude at $73.23 per barrel, significantly up from around $60 per barrel at the beginning of the month [1] Group 1: Domestic Fuel Price Adjustments - The domestic fuel price adjustment window opened on June 17, with expectations of consecutive price increases due to rising international oil prices [2] - Analysts predict that gasoline and diesel retail prices will increase by 260 yuan and 255 yuan per ton, respectively, translating to price increases of 0.20 yuan for 92 gasoline and 0.22 yuan for 0 diesel [2][3] - The increase in fuel prices will raise costs for consumers, with an estimated additional cost of 10 yuan for filling a 50L tank of 92 gasoline and an increase of approximately 15 yuan for a small car running 2000 km per month [4] Group 2: Future Price Trends - The next price adjustment window is expected to open on July 1, 2025, with predictions of significant price increases based on current international oil prices [5] - Analysts suggest that geopolitical tensions in the Middle East and improving demand may continue to support high international oil prices, leading to a high likelihood of domestic fuel price increases in the next cycle [5] - The overall outlook indicates that the domestic fuel market will experience upward pressure on prices due to reduced supply from lower refinery operating rates and stable gasoline demand [5]

Core Insights - In 2024, China's UCO (Used Cooking Oil) export volume reached a record high of 2,950.79 thousand tons, marking a year-on-year increase of 43.44% compared to 2023 [3] - The United States emerged as the largest destination for UCO exports from China, accounting for 42.94% of total exports, with a significant year-on-year growth of 51.9% [3] - The cancellation of UCO export tax rebates starting December 1, 2024, led to a sharp decline in export volumes, indicating the impact of policy changes on export decisions [3][7] Export Trends - The total UCO export volume for the first three quarters of 2024 was 2,124.54 thousand tons, reflecting a 54.63% increase year-on-year [3] - November 2024 saw a peak in UCO exports at 434.05 thousand tons, breaking previous records before the tax rebate cancellation [3] - The top six destinations for UCO exports in 2024 were the United States, Singapore, the Netherlands, Spain, Malaysia, and Indonesia [3] Market Dynamics - Following the U.S. tariff policy changes, Chinese UCO exporters shifted focus to other markets, particularly Europe and Southeast Asia, with exports to the Netherlands and Spain increasing significantly [6] - From January to April 2025, UCO exports to the Netherlands and Spain totaled 237.11 thousand tons, a year-on-year increase of 63.11% [6] - The U.S. market saw a decline in UCO exports from China, with a drop of 34.04% year-on-year in early 2025 [7] Domestic Market Conditions - The domestic waste oil market is experiencing low trading sentiment, with a 20% decrease in waste oil collection compared to the previous year [7] - The introduction of "reciprocal tariffs" by the U.S. has led to increased pressure on domestic UCO enterprises, resulting in profit margins being compressed to a range of 50-100 yuan per ton [7] - The overall trading atmosphere in the domestic waste oil market has cooled significantly compared to 2024, with businesses adopting a cautious approach to avoid potential losses [7]

Group 1 - International oil prices surged due to improved risk appetite from US-China trade talks and escalating geopolitical tensions in the Middle East [1][2] - The US inflation rate remained relatively stable, with May CPI rising 2.4% year-on-year, which helped stabilize market sentiment and supported oil prices [3] - A decrease in US crude oil inventories, reported at 432.415 million barrels, down by 3.64 million barrels, contributed positively to the oil market as summer demand approaches [4] Group 2 - The geopolitical situation in the Middle East, particularly the stalled US-Iran negotiations and potential military conflicts, continues to support the oil market [2] - The overall market sentiment is influenced by the ongoing US-China trade negotiations, which are expected to provide a favorable outlook for oil prices [1][4] - Despite short-term potential for price increases due to geopolitical tensions, long-term concerns about economic and energy demand may pressure oil prices [6]