1. Report Industry Investment Rating No relevant content provided 2. Core Viewpoints of the Report - The report presents the latest market data of various commodities, macro - economic indicators, and provides analysis and outlooks for different sectors including agriculture, energy chemicals, industrial metals, and option finance. It also mentions significant macro - events and their potential impacts on the market [2][6][11] - In the agricultural sector, different products have different trends. For example, peanuts may have a short - term strong - side shock but still face a downward trend, while sugar may break through the upper limit and open up an upward space [11] - In the energy and chemical sector, the prices of some products such as urea and soda ash are expected to be volatile, and attention should be paid to relevant policies and market supply - demand changes [12][14] - In the industrial metal sector, copper and aluminum prices are affected by trade policies and supply - demand relationships, and steel prices are expected to be weak and volatile [16][17] - In the option finance sector, the A - share market shows an upward trend, and investors should pay attention to market events and choose appropriate investment strategies [20][21] 3. Summaries According to Relevant Catalogs 3.1 Commodity Index Daily Market Tracking - **Macro Indicators**: The Dow Jones Industrial Index decreased by 0.143%, the Nasdaq Index increased by 0.333%, the S&P 500 increased by 0.018%, and the Hang Seng Index increased by 0.684%. The SHIBOR overnight rate decreased by 3.487%, and the US dollar index decreased by 0.026%. The US dollar - to - RMB exchange rate remained unchanged [2] - **International Futures Contracts**: COMEX gold decreased by 0.734%, LME copper decreased by 0.342%, and NYMEX crude oil increased by 2.935% [2] - **Domestic Futures Contracts**: Gold decreased by 0.509%, copper increased by 0.013%, and aluminum increased by 0.218%. In the chemical sector, coking coal decreased by 2.135%, and asphalt increased by 1.345%. In the agricultural products sector, yellow soybean No.1 decreased by 0.313%, and soybean oil increased by 0.369% [2][4] 3.2 Macro - economic News - Sino - US economic and trade teams held talks in Stockholm to promote the development of Sino - US economic and trade relations [6] - The national child - rearing subsidy system implementation plan was officially announced, with a subsidy of 3600 yuan per child per year [6] - The Ministry of Agriculture and Rural Affairs emphasized rural development, and the Ministry of Industry and Information Technology deployed key work for the second half of the year, including promoting consumption and new industries [7] - Nine departments jointly issued a plan to rectify heavy - metal environmental safety hazards, and the paper industry issued an anti - involution initiative [7][8] - Trump mentioned possible tariff policies, and the international oil price rose due to the US - EU agreement and OPEC's production increase plan [8] 3.3 Morning Meeting Views on Major Varieties 3.3.1 Agricultural Products - **Peanuts**: The market is in a state of weak supply and demand, with a narrow - range shock. It may have a short - term strong - side shock but still has a downward trend [11] - **Oils and Fats**: The market has light trading volume and stable basis, and is expected to be volatile in the short term [11] - **Sugar**: The price has broken through the upper limit of the original shock range. If it breaks through the 5900 mark, it may open up an upward space. However, it is necessary to beware of the callback risk caused by imported sugar [11] - **Corn**: The price is at the upper limit of the shock range. If it breaks through the pressure level, it can be slightly long. Pay attention to feed demand substitution and policy regulation risks [11] - **Cotton**: Internationally, US cotton is affected by weather. Domestically, new cotton has a good growth with expected high yields. The price is affected by Sino - US trade relations and consumption seasons [13] - **Pigs**: The supply exceeds demand, and the futures price maintains a shock after repairing the basis [13] - **Eggs**: The spot price has declined, and the futures price has a callback pressure. Short - term long positions should be avoided [13] 3.3.2 Energy and Chemicals - **Caustic Soda**: The supply - demand in Shandong is stable, and the price is expected to be stable. Attention should be paid to the support at 2500 and the 9 - 11 spread [12] - **Urea**: The supply is in a phased reduction state, and the demand is weakening. The price is expected to be volatile and weak, with support at 1680 - 1720 [12][14] 3.3.3 Industrial Metals - **Copper and Aluminum**: Copper prices may be restricted by trade optimism but face pressure if the US imposes a 50% tariff. Aluminum prices are expected to be high - level volatile due to supply - demand and policy factors [16] - **Alumina**: The futures - spot arbitrage window is open, and the price has dropped significantly. Attention should be paid to macro - sentiment changes [16] - **Steel Products**: The prices of rebar and hot - rolled coils are expected to be weak and volatile. Rebar should pay attention to the support at 3050 - 3150, and hot - rolled coils should pay attention to the support at 3200 - 3300 [17] - **Ferroalloys**: The prices of silicon - iron and silicon - manganese are affected by coal raw materials and macro - policies. Investment should be cautious [19] - **Coking Coal and Coke**: The double - coking products are under pressure and are expected to be weak. Pay attention to the support levels [19] - **Lithium Carbonate**: The price has fallen below the previous low and may test the 70,000 mark. Short positions can be held, but beware of over - fall rebounds [19] 3.3.4 Option Finance - **Stock Index**: The A - share market shows an upward trend. The Shanghai Composite Index has reached 3600 points. Investors should pay attention to Sino - US economic and trade talks, the Politburo meeting, and the Fed's interest - rate meeting [20][21] - **Options**: Trend investors should pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can buy wide - straddles to bet on increased volatility [23]

公司是亚太区领先的科技产品渠道开发与技术方案集成服务商，专注于ICT 行业解决方案，核心板块聚 焦企业系统、消费电子、云计算领域；公司 AI+云双驱动叠加东南亚放量，业绩近年保持高增长， 2020–2024 年公司营收由 637 亿元升至 811 亿元(2024 年 同比增长 20.6%)；2024 年归母净利润由 23 年 的 8.3 亿元增长至 9.58 亿元，同比增长 14.09%；公司现金流表现优异，资金营运高效，经营性现金流 净额在 2024 年大幅提升至 16.59亿元，同比增长 185%。 全球算力与 AI 需求高景气，国内政策与东南亚建设加速 ICT 投入 生成式 AI 驱动的算力需求高速增长成为中国 ICT 市场增长的核心引擎，推动 GPU 服务器、AI 芯片和 云基础设施投入持续大幅增加。根据 IDC 数据显示，2024 年全球 ICT 总支出规模约 5.3 万亿美元，预 计到 2028 年将增至 6.9 万亿美元，五年 CAGR 达 7%。同时，中国 ICT 市场规模预计从2024 年的约 6,260 亿美元增长至 2028 年的 7,517.6 亿美元，CAGR 为6.5%。2024 ...

Group 1 - The launch of the Wuling Zhi Guang EV 305km represents a strategic move to capture the market for electric commercial vehicles priced around 50,000 to 60,000 yuan, with a focus on affordability and utility [2][3] - The new model features a significant increase in range from 201 km to 305 km, achieved through the use of a higher-capacity lithium iron phosphate battery, addressing the needs of users in urban delivery and rural commuting scenarios [2] - Safety enhancements include the addition of a passenger-side airbag and a 7-inch LCD dashboard, responding to market concerns regarding the safety of micro commercial vehicles [2] Group 2 - The Chinese new energy vehicle market, particularly in lower-tier cities and the commercial vehicle sector, is experiencing a deepening trend towards electrification, with significant potential in the 50,000 yuan electric microvan market [3] - Wuling benefits from a strong distribution network and brand recognition in lower-tier cities, but faces challenges due to price sensitivity and concerns over vehicle durability and lifecycle costs among target consumers [3] - The success of the Wuling Zhi Guang EV 305km will depend not only on its specifications and pricing but also on long-term product reliability and after-sales service, amidst increasing competition from brands like Changan and Kaiyue [3]

- The report does not contain any quantitative models or factors related to the quantitative theme. The content primarily focuses on the analysis of the electric vehicle industry, the investment value of the CSI New Energy Vehicle Index, and the investment value of the Hua Xia CSI New Energy Vehicle ETF[1][3][4].

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年7月29日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘20均线上下震荡运行。现货下游观望情绪升温，成交清淡，主要影响来自反内卷。产 业链上，矿价小幅回落，海运费由于运力不足继续坚挺，镍铁价格有一定启稳，成本线慢慢回升。不锈 钢7、8月是传统消费淡季，本周库存继续回落。新能源汽车产销数据较好，有利于镍的需求提升。中长 线过剩格局不变。偏空 2、基差：现货123200，基差1580，偏多 3、库存：LME库存204036，+114，上交所仓单21953，+6，偏空 4、盘面：收盘价收于20均线以上，20均线向上，偏多 5、主力持仓：主力持仓净空，空增，偏空 6、结论：沪镍2509：20均线上下宽幅震荡运行。 不锈钢 每日观点 1、基本面：现货不 ...

Group 1 - Changan Automobile Group Co., Ltd. was established on July 27, 2025, with a registered capital of 20 billion yuan, and is located in Chongqing [1] - In June, Changan Automobile announced the separation of the weaponry equipment group's automotive business into an independent central enterprise, with the State-owned Assets Supervision and Administration Commission (SASAC) acting as the investor [2] Group 2 - In the first half of the year, heavy trucks and exports led the industry, with new energy vehicles surging by 151% [5] - Weichai Power maintained its leading position, while Dongfeng experienced a 207% increase, and Yuchai's market share grew rapidly in the gas heavy truck power market [5] - The landscape for new energy light trucks is changing, with SAIC and Jiefang aiming for full-scene city distribution [5] - 150 tractors were exported to Africa, indicating strong international demand [5] - Changan is undergoing a "new identity" transition with equity transfers involving QuanChai and Qingling, reflecting new trends in the commercial vehicle industry in the first seven months [5]

Market Overview - The Shanghai Composite Index closed at 3,597.94, with a year-to-date increase of 10.28% [2] - The ChiNext Index rose by 0.96% to 2,362.60, with a year-to-date increase of 14.66% [2] - The CSI 300 Index increased by 0.21% to 4,135.82, with a year-to-date increase of 8.26% [2] - The CSI 1000 Index closed at 6,729.98, up 0.35% with a year-to-date increase of 16.09% [2] - The STAR 50 Index closed at 1,055.11, with a year-to-date increase of 10.44% [2] - The North Exchange 50 Index decreased by 0.25% to 1,455.37, but has a significant year-to-date increase of 42.70% [2] Overseas/Education Research - The U.S. White House released an AI Action Plan aimed at accelerating AI development by easing regulations and expanding energy supply for data centers [8] - The plan emphasizes the need for a reliable and adjustable energy infrastructure to support AI growth, highlighting the potential role of nuclear energy [8] Media Industry - The summer film market is showing signs of recovery, with daily box office reaching 294 million yuan on July 26, 2025 [20] - Notable films include "Nanjing Photo Studio" which grossed over 100 million yuan in its first two days [21] - The animation film "The Legend of Luo Xiaohei 2" has grossed 213 million yuan in nine days [21] - The gaming sector is also expected to see growth with new game releases and updates during the summer [22] Metals and New Materials - Copper prices are expected to fluctuate, with a recent increase in prices due to a general rise in commodities [30] - Lithium carbonate prices rose by 9.38% to 73,000 yuan per ton, driven by supply disruptions [32] - Cobalt prices also increased as inventory levels are gradually consumed [33] Pharmaceutical Industry - The pharmaceutical index rose by 1.90%, outperforming the CSI 300 index by 0.21% [35] - Key players in the innovative drug sector are recommended for investment, including companies like Yuyuan Pharmaceutical and Frontline Bio [35] New Consumption - Pop Mart (09992.HK) reported a projected revenue growth of no less than 200% for H1 2025, driven by increased global brand recognition and diverse product offerings [35] - The company’s overseas business is also expanding, positively impacting profit margins [35] Electronics Industry - Yangjie Technology (300373.SZ) expects a net profit of 552 to 637 million yuan for H1 2025, marking a growth of 30%-50% [35] - The company is optimizing its product matrix and expanding its market presence through acquisitions [35]

Economic Overview - In the first half of 2025, the GDP of 31 provinces in China has been released, with Guangdong, Jiangsu, and Shandong remaining the top three economic provinces [1] - The national GDP growth rate for the first half of 2025 is reported at 5.3%, with 20 provinces exceeding this growth rate [1][2] Provincial Performance - Tibet leads the growth with a GDP increase of 7.2%, followed by Gansu at 6.3% and Hubei at 6.2% [2][20][23] - Guangdong's GDP growth is reported at 4.2%, placing it among the lowest in the country, with significant declines in fixed asset investment and exports [26][27] - Sichuan's GDP reached 31,918.2 million yuan, growing by 5.6%, driven primarily by the service sector [8] - Shanghai's GDP grew by 5.1%, with the information service sector contributing significantly to this growth [5][6] Sector Contributions - The service industry remains the main driver of Shanghai's economy, accounting for 79.1% of its GDP, with information services growing by 14.6% [5][6] - In Gansu, the industrial sector saw a notable increase, with a 10.2% growth in industrial output, making it one of the few provinces with double-digit growth [20][21] - Hubei's high-tech manufacturing sector also performed well, with a 14.4% increase in output [23] Investment and Trade - Gansu's foreign trade showed strong growth, with a 33.8% increase in total trade value, significantly higher than the national average [21] - Guangdong's export growth was only 1.1%, indicating challenges in the external trade environment [26] - Fixed asset investment in Guangdong decreased by 9.7%, the largest decline in the country, primarily due to a drop in real estate investment [27][30] Challenges and Future Outlook - The economic performance of provinces like Liaoning and Yunnan remains below the national average, with growth rates of 4.7% and 4.4% respectively [12][14] - The ongoing challenges in traditional industries and the need for structural adjustments are highlighted in provinces like Liaoning [13] - The economic outlook for provinces like Hubei appears positive, with expectations to meet the annual growth target of 6% [24]

Report Industry Investment Rating - No relevant content provided Core Views of the Report - The lithium ore supply remains abundant, and the high - frequency supply stays at a high level driven by prices. The lithium salt market has a cold trading atmosphere, and downstream players doubt the sustainability of high - priced lithium. However, policies from the Ministry of Industry and Information Technology and the National Development and Reform Commission have led to concerns about supply disruptions, causing prices to rise without obvious fundamental improvement [4]. - On the disk, driven by relevant policies and rumors, the positions expanded significantly to nearly 500,000 lots during the reporting period, while the exchange warehouse receipts were more than 10,000. The risk of the virtual - to - real ratio is high, and the position risk expectation rises [4]. - With policy guidance, lithium prices may still have room to rise. Policy - wise, the decision - making layer’s determination to address the "involution" phenomenon boosts market sentiment. On the disk, despite the false news of the suspension of the review of Jiangxi lithium mines, the positions increased significantly, and the market sentiment remained strong. Fundamentally, the upstream has a strong production - increasing expectation driven by high prices, while the downstream has a weak willingness to replenish inventory actively. The lithium market is expected to be guided by policy expectations, and prices may fluctuate strongly [4][15]. Summary by Relevant Catalogs Market Data - From July 18 to July 25, 2025, the prices of imported lithium raw ore (1.3% - 2.2%), imported lithium concentrate (5.5% - 6%), and domestic lithium concentrate (5.5% - 6%) increased by 6.91%, 4.83%, and 4.83% respectively. The battery - grade lithium carbonate spot price rose by 15.09%, and the industrial - grade lithium carbonate spot price decreased by 100%. The lithium carbonate inventory decreased by 1.14% [6]. Market Analysis and Outlook Last Week's Market Analysis - As of July 25, 2025, the Guangzhou Futures Exchange's warehouse receipt scale was 11,996 tons, and the latest matching transaction price was 63,580 yuan/ton. The position scale of the main contract 2509 was 491,000 lots [8]. - The weekly output of lithium carbonate was 18,548 tons as of July 25, an increase of 235 tons from the previous period. Rumors of the suspension of the review of Jiangxi lithium mines led to concerns about resource disruptions, causing lithium prices to rise and positions to expand by more than 100,000 lots. Driven by high prices, upstream supply will remain high [8]. - In May, the import volume of lithium carbonate was about 21,100 tons, a decrease of 25% month - on - month and 14% year - on - year. The import volume from Chile and Argentina decreased. In June, the shipment volume from Chile to China increased slightly, but it was still at a low level [9]. - In May, the import volume of lithium ore was about 605,000 tons, a decrease of 2.9% month - on - month. The import volume from Australia and South Africa increased, while that from Zimbabwe decreased significantly [10][11]. - In terms of downstream demand, the prices of cathode materials increased, but the trading was general. Material factories were still waiting and watching high - priced lithium, and the willingness to stock up was not high. In the new energy vehicle market, the consumption growth rate slowed down, and the potential consumption needs to be explored [12][13]. - As of July 25, the total lithium carbonate inventory was 119,616 tons, a decrease of about 1,374 tons from the previous period. The factory inventory and market inventory decreased, while the exchange inventory increased [14]. This Week's Outlook - With policy guidance, lithium prices may still have room to rise. Policy - wise, the draft amendment to the Price Law boosts market sentiment. On the disk, the market sentiment remains strong. Fundamentally, the upstream has a strong production - increasing expectation, while the downstream has a weak willingness to replenish inventory actively. The lithium market is expected to be guided by policy expectations, and prices may fluctuate strongly [15]. Industry News - Argentina rejected Ganfeng Lithium's application for the second - phase expansion of the Mariana project. Meanwhile, Galan's lithium project was approved [16]. - Yongxing Materials responded that its production and operation were normal, without production reduction or suspension [16]. - Yichun Yinli plans to stop production for equipment maintenance to reduce costs and ensure safety [16].

Group 1: Pengding Holdings - The company is currently producing in multiple locations including Shenzhen, Huai'an, Qinhuangdao, Kaohsiung, and Thailand, and is entering the automotive electronics sector through Tier 1 module manufacturers [2] - Pengding Holdings is actively pursuing collaborations with domestic and international car manufacturers, with plans for small-scale production of optical module customers in the second half of 2024, expecting revenue contributions to rise with the development of AI technology [2] - The company has established a comprehensive product matrix covering AI mobile phones, AI PCs, AI glasses, and is accelerating its layout in AI servers, optical modules, switches, humanoid robots, and new energy vehicles [2] Group 2: Huadian Co., Ltd. - The company is focusing on risk diversification strategies in response to overseas clients' concerns about geopolitical supply chain risks, with a small-scale production currently underway at its Thailand facility [3] - Huadian has initiated customer certification and product introduction efforts to gradually release production capacity while validating its production capabilities for mid-to-high-end products [3] - The company plans to invest approximately 4.3 billion in a new high-end printed circuit board expansion project for AI chips, which commenced construction in late June 2024, aimed at enhancing its core competitiveness and economic benefits [3] Group 3: Jinlu Electronics - Jinlu Electronics' products are primarily used in the automotive electronics sector, particularly in the "three electric systems" of new energy vehicles, achieving significant market applications [4] - The company's PCBs are supplied to eight of the top ten domestic power battery manufacturers for BMS in 2024, establishing a strong market position in BMS PCB products [4] Group 4: Wanyuantong - The company plans to start construction of its Thailand factory in Q3 2025, with production expected to commence in Q3 2026, covering an area of approximately 68 acres and an annual production capacity of about 4 million square meters [5] - Wanyuantong's products are used in various sectors including automotive electronics, consumer electronics, industrial control, communication, medical, and home appliances, with automotive electronics accounting for over 40% of revenue in the first half of 2025 [5] - The company is currently mass-producing HDI products for intelligent driving applications and is also involved in prototype products related to optical communication modules [5]