Group 1 - The Central Economic Committee emphasized the need to deepen the construction of a unified national market and promote high-quality development of the marine economy, focusing on legal governance of low-price competition and enhancing market systems [1][2] - The People's Bank of China proposed to strengthen monetary policy adjustments, maintain liquidity, and support financial institutions in increasing credit supply to stabilize economic growth [4][5] - The State Council issued a plan to improve the credit repair system, aiming to create a better social credit environment and facilitate the normal operation of restructured enterprises [6][7] Group 2 - The State Council highlighted the importance of accelerating technological breakthroughs and integrating technological innovation with industrial innovation to enhance competitiveness [8][9] - The National People's Congress Finance and Economic Committee reviewed the 2024 central budget, identifying issues in budget management and suggesting reforms to enhance fiscal policy effectiveness [11][12]

Group 1 - The Central Economic Committee emphasized the need to deepen the construction of a unified national market and promote high-quality development of the marine economy, focusing on legal governance of low-price competition and enhancing market systems [1][2] - The People's Bank of China proposed to strengthen monetary policy adjustments, maintain liquidity, and guide financial institutions to increase credit support for key sectors [4][5] - The State Council issued a plan to improve the credit repair system, aiming to create a better social credit environment and facilitate the normal operation of restructured enterprises [6][7] Group 2 - The State Council meeting highlighted the importance of increasing technological innovation efforts and integrating technological achievements into production, while also improving public service efficiency through digital technology [8][9] - The National People's Congress Finance and Economic Committee reviewed the 2024 central budget draft, identifying issues in budget management and suggesting reforms to enhance fiscal policy effectiveness [11][12]

Core Viewpoint - The recent issuance of the "Implementation Plan for Further Improving the Credit Repair System" by the State Council signifies a shift in China's credit regulation from "strict entry and lenient management" to "lenient entry and strict management," which is essential for optimizing the business environment and enhancing the integrity awareness of dishonest entities [1] Group 1 - The credit repair system is a crucial institutional arrangement in the construction of China's social credit system [1] - The implementation of the plan provides a more standardized and transparent repair channel for dishonest entities [1] - The improvement of the credit repair system is significant for the development quality of business entities and impacts the employment and livelihood of millions of workers [1]

Core Viewpoint - The State Council has issued an implementation plan to enhance the credit repair system, aiming to create a more efficient and fair social credit framework for entities with credit issues [1]. Group 1: Implementation Details - The plan establishes a unified credit information disclosure platform, consolidating all public credit information on the "Credit China" website to avoid confusion from multiple disclosures [2]. - It categorizes dishonesty information into three levels: "minor, general, and serious," with differentiated disclosure periods ranging from a maximum of 3 months for minor issues to 1-3 years for serious ones [2]. - The plan simplifies the application process for credit repair, allowing various channels for submission, including online applications through "Credit China" and in-person assistance at local government service centers [2]. Group 2: Special Considerations - Special provisions are made for specific groups, such as companies undergoing bankruptcy restructuring, allowing temporary shielding of dishonesty information and updating credit evaluations to support their operations [3]. - The plan emphasizes the regulation of credit reporting agencies, mandating that any repaired information must align with the "Credit China" website and establishing a sharing mechanism to combat illegal information deletion [3]. Group 3: Future Outlook - The implementation of this plan is seen as a significant step towards improving the social credit system, with the goal of providing fairer and more accessible repair channels for entities, thereby stimulating market vitality and boosting development confidence [3]. - Over the next five years, the establishment of a high-quality, inclusive financial system is expected to create a more resilient credit environment benefiting a broader range of social entities [3].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - A - shares are oscillating narrowly at a high level, with hotspots rapidly rotating. The index is approaching the predicted neutral point, and market sentiment is exuberant [14]. - The US dollar index is expected to weaken in the short - term due to the downward - revised Q1 GDP and increased economic downward pressure [18]. - The prices of various commodities show different trends. For example, steel prices are expected to continue oscillating in the short - term, and copper prices may be supported by macro factors and show a slightly stronger oscillating trend [4][43]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Fed's Collins believes it may be too early to cut interest rates in July, and the baseline outlook is to resume rate cuts later this year. Gold lacks upward momentum, and there is a risk of correction [10][11]. - Investment advice: Gold prices are expected to be weak in the short - term, and investors should be aware of correction risks [12]. 3.1.2 Macro Strategy (Stock Index Futures) - The State Council issued a plan to improve the social credit repair system, and the third batch of consumer trade - in funds will be released in July [13][14]. - Investment advice: It is recommended to allocate assets evenly [15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump hopes Congress can pass the tax reform bill before July 4. The US Q1 GDP was downward - revised, and the dollar index is expected to weaken in the short - term [16][18]. - Investment advice: The US dollar is expected to weaken in the short - term [19]. 3.1.4 Macro Strategy (US Stock Index Futures) - US durable goods orders in May increased by 16.4% month - on - month, but the Q1 GDP was downward - revised. Market sentiment is high, but there are still concerns about economic data and tariff negotiations [20][21]. - Investment advice: It is not recommended to chase the high as the US stock market has factored in a lot of optimistic expectations [22][23]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Argentine soybean sales may stagnate in July due to the expiration of the tax - cut policy. US soybean export sales are better than expected. Domestic soybean meal prices have fallen, and trading volume is average [24][26]. - Investment advice: Futures prices are expected to remain range - bound. Focus on US soybean growing area weather and Sino - US relations [26]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysian palm oil production increased by 3.83% from June 1 - 25. The oil market is oscillating and waiting for new data [27]. - Investment advice: The oil market is expected to continue oscillating in the short - term. It is recommended to operate within the range and not to short when the bottom support is strong [27]. 3.2.3 Agricultural Products (Sugar) - Pakistan approved the import of 500,000 tons of sugar. Brazilian port sugar waiting to be shipped decreased. Brazil will increase the ethanol blending ratio in gasoline from August 1, which may support sugar prices [28][31]. - Investment advice: The external sugar market is weakly consolidating. Zhengzhou sugar may have limited rebound space and may fall after the July contract is delivered [32]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products increased slightly this week, but rebar inventory decreased slightly. Steel prices are expected to continue oscillating in the short - term [33][34]. - Investment advice: Steel prices are expected to oscillate in the short - term. It is recommended to use a hedging strategy when the price rebounds [35]. 3.2.5 Agricultural Products (Corn Starch) - Corn and corn starch consumption in starch sugar products increased slightly this week. The opening rate of starch enterprises decreased slightly, and inventory decreased steadily. The CS09 - C09 spread decreased [36]. - Investment advice: It is recommended to wait and see as the factors affecting the CS - C spread are complex [36]. 3.2.6 Agricultural Products (Corn) - Corn consumption by deep - processing enterprises increased, and inventory decreased slightly. Spot prices are stable with an upward trend, while futures are weak [37][39]. - Investment advice: It is recommended to wait and see for old - crop contracts. Consider shorting the November and January contracts when the new - crop situation is clearer [39]. 3.2.7 Non - Ferrous Metals (Copper) - The metal market shows a cautiously bullish sentiment. India plans to take measures to deal with copper supply risks. Macro factors support copper prices in the short - term, and inventory changes should be focused on [39][43]. - Investment advice: Copper prices may show a slightly stronger oscillating trend in the short - term. Adopt a bullish strategy. Wait patiently for arbitrage opportunities [43]. 3.2.8 Non - Ferrous Metals (Polysilicon) - Longi plans to build a 1.4GW BC component factory in Indonesia. The polysilicon market is still under pressure, with falling prices and limited production cuts [44][45]. - Investment advice: It is recommended to focus on the PS08 - 09 positive spread opportunity due to high unilateral investment risks [46]. 3.2.9 Non - Ferrous Metals (Industrial Silicon) - The social inventory of industrial silicon decreased this week. There are rumors of production cuts and restarts. The price increase may face resistance [47][48]. - Investment advice: Pay attention to short - selling opportunities when the price of industrial silicon rebounds [48]. 3.2.10 Non - Ferrous Metals (Zinc) - The LME zinc is in a contango. A zinc smelter in Peru went on strike, and domestic zinc inventory increased slightly. Zinc prices may oscillate strongly in the short - term but face an oversupply situation in the medium - term [49][51]. - Investment advice: Reduce or stop losses on previous short positions in the short - term. Look for short - selling opportunities after the macro - sentiment fades. Consider positive spread arbitrage [52]. 3.2.11 Non - Ferrous Metals (Lithium Carbonate) - Ganfeng's first shipment of lithium concentrate from Mali set sail. The low price attracts some pre - season stocking, and there may be a short - term price rebound [53][54]. - Investment advice: Avoid short positions. Consider the 9 - 11 positive spread opportunity [54]. 3.2.12 Non - Ferrous Metals (Nickel) - LME nickel inventory decreased slightly. The nickel market is facing an oversupply situation, and nickel prices may be affected by the price of nickel ore [55]. - Investment advice: The short - term up - and - down profit - loss ratios of nickel prices are not good. Consider short - selling when the premium of nickel ore drops significantly [56]. 3.2.13 Energy and Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of LPG in China decreased, and inventory increased. The market is expected to oscillate in the short - term [57][58]. - Investment advice: Wait and see the demand after the increase in the release of civil LPG in East China [59]. 3.2.14 Energy and Chemicals (Carbon Emissions) - The National Energy Administration issued 215 million green certificates in May. The demand for green certificates is increasing, and they are evolving into financial assets [60]. - Investment advice: It is recommended to wait and see [61]. 3.2.15 Energy and Chemicals (Caustic Soda) - The caustic soda market in Shandong was stable. Supply is stable, and demand is average. The downward space of the futures price is limited [62]. - Investment advice: The spot price of caustic soda is gradually weakening, but the downward space of the futures price is limited [62]. 3.2.16 Energy and Chemicals (Pulp) - The decline of imported wood pulp prices slowed down, and the demand from downstream paper mills was weak [63][64]. - Investment advice: The pulp market is expected to oscillate as the fundamentals remain weak [64]. 3.2.17 Energy and Chemicals (PVC) - The spot price of PVC powder was narrowly adjusted, and the futures price oscillated. The trading volume was low [65]. - Investment advice: The PVC market is expected to oscillate as the fundamentals change little in the short - term [66]. 3.2.18 Energy and Chemicals (Urea) - The inventory of urea enterprises decreased slightly. The domestic supply - demand situation is expected to weaken, but the export quota may affect the market [67][69]. - Investment advice: Pay attention to potential policy changes regarding export quotas [69]. 3.2.19 Energy and Chemicals (PTA) - The downstream start - up rate of PTA was slightly adjusted. Supply decreased slightly this week and is expected to increase in the medium - term. The price is expected to oscillate in the short - term [70][71]. - Investment advice: The PTA price is expected to oscillate and adjust in the short - term [72]. 3.2.20 Energy and Chemicals (Bottle Chips) - The export quotes of bottle chip factories were mostly stable with some slight decreases. The industry plans to cut production in July, which may relieve supply pressure [73][76]. - Investment advice: Pay attention to the opportunity to expand the processing margin of bottle chips when the price is low [76].

Core Viewpoint - The implementation plan aims to improve the credit repair system for enterprises, facilitating efficient and convenient credit restoration for business entities [1] Group 1: Credit Repair Process - The plan addresses issues faced by enterprises in credit repair, such as complex processes and insufficient conditions for repair [1] - Enterprises can apply for credit repair after their negative credit information has been public for the minimum required period and must correct their misconduct [4] - The credit repair application can be submitted online through the "Credit China" website or at local government service centers [4] Group 2: Information Disclosure and Management - The plan categorizes negative credit information into three types: minor, general, and severe, with public disclosure periods ranging from 3 months to 3 years [3] - Enterprises can check their credit information on various industry department websites and the "Credit China" website [2] Group 3: Special Circumstances and Appeals - The plan includes provisions for enterprises in special situations, such as bankruptcy restructuring, allowing them to apply for credit repair with relevant court-approved documents [5] - An appeal mechanism is established for enterprises to contest credit repair results, with timely information sharing on the "Credit China" website [5] Group 4: Regulation of Credit Information Use - The plan emphasizes the need for regulation of credit information usage by credit agencies and third-party platforms, ensuring accurate and timely updates of repair information [6] - Illegal practices, such as paid removal of negative information, are to be strictly punished, reinforcing that credit repair is a public service provided by the government without any fees [6]

Group 1: New Stock Offerings - Yitang Co., Ltd. has a new stock offering with the subscription code 787729, an issue price of 8.45 yuan per share, and a subscription limit of 41,000 shares [1] Group 2: Government Policies and Initiatives - The State Council issued a plan to improve the credit repair system, focusing on ten aspects including standardizing credit information disclosure and simplifying application materials [2] - The Central Committee and State Council released opinions on river protection and governance, aiming for a modern flood prevention system by 2035 and improved ecological quality [2] - The National Development and Reform Commission announced the third batch of funds for the old-for-new consumption policy to be released in July [3] - The Ministry of Commerce emphasized the importance of maintaining global supply chain stability regarding rare earth export approvals [3] - The Financial Regulatory Authority and the People's Bank of China released a plan for the high-quality development of inclusive finance over the next five years [3] Group 3: Company News - Alibaba Group reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a net profit increase of 77% to 125.976 billion yuan [5] - North Navigation reported normal operating conditions with no significant changes in its main business [6] - Silver Seat Co., Ltd. noted that sales from Bubble Mart products account for less than 0.02% of its revenue [6] - The controlling shareholder of Songyang Resources is planning a change in control, leading to a stock suspension starting June 27 [6] - Asia-Pacific Co., Ltd. received a project for brake calipers and EPB with a total sales amount of approximately 640 million yuan [7] - BlueFocus Communication Group has submitted an application for H-share issuance and listing in Hong Kong [7]

Core Viewpoint - The State Council's General Office has issued a plan to further improve the credit repair system, aiming to create a unified, standardized, collaborative, and efficient credit repair framework to assist credit entities in efficiently and conveniently rebuilding their credit [1] Group 1 - The implementation plan focuses on enhancing the credit repair system to better support credit subjects [1] - The initiative emphasizes the importance of a scientific and efficient approach to credit repair [1] - The goal is to facilitate a more streamlined process for credit restoration [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) is intensifying efforts to combat illegal activities in the credit repair sector, including paid deletions and the publication of false information, as part of a newly approved implementation plan for improving the credit repair system [1] Group 1 - The NDRC will establish a unified entry on the "Credit China" website to receive various credit repair applications, addressing issues of multiple public disclosures and applications from different departments, thereby enhancing efficiency in credit repair processing [1] - The newly implemented plan categorizes dishonest behavior into three levels: "minor, general, and serious," aligning repair conditions with the severity of the wrongdoing, ensuring proportionality in penalties [1]

Group 1 - The National Development and Reform Commission (NDRC) is set to issue the third batch of funds for the "old-for-new" consumption policy in July, ensuring the policy is implemented smoothly throughout the year [1][2][13] - The "Two New" policy has shown significant effects, with sales of related products exceeding 1.4 trillion yuan this year, particularly in appliances, furniture, and communication equipment [2][13] - The NDRC has allocated 200 billion yuan in special bonds for equipment upgrades, with the first batch of approximately 173 billion yuan already distributed to around 7,500 projects across 16 sectors [1][13] Group 2 - The NDRC is enhancing the management of equipment upgrade projects and will introduce loan interest subsidies to reduce financing costs for businesses [2][13] - The NDRC is focusing on the timely evaluation of the progress of various sectors under the "Two New" policy to improve its effectiveness [1][2][13] Group 3 - The NDRC has reported a 5.8% year-on-year increase in industrial output and a 6.4% increase in retail sales in May, indicating stable economic performance [9] - Fixed asset investment has shown steady growth, with manufacturing investment rising by 8.5% [9] - The NDRC is actively addressing the challenges posed by external economic pressures while maintaining a focus on domestic economic stability [9]