Core Viewpoint - The construction decoration sector has shown a weekly increase of 1.75%, outperforming the Shanghai and Shenzhen 300 index and the Wind All A index, which increased by 1.23% and 1.94% respectively, indicating a positive trend in the sector [2][4]. Industry Developments - The establishment of the New Tibet Railway Company by the National Railway Group marks a significant step towards the commencement of the New Tibet Railway project, which is expected to be approximately 2000 kilometers long and may require an investment exceeding 300 billion yuan due to its complex terrain and construction challenges [3][4]. - The Ministry of Transport, Ministry of Finance, and Ministry of Natural Resources have issued a new rural road enhancement action plan, aiming to complete the reconstruction of 300,000 kilometers of rural roads by 2027, which is anticipated to support demand for engineering and materials [3]. Market Insights - The construction industry PMI for July stands at 50.6%, a decrease of 2.2 percentage points from the previous month, reflecting potential delays in construction progress due to adverse weather conditions [4]. - The new order index and business activity expectation index for July are at 42.7% and 51.6% respectively, both showing a decline, indicating a weak expectation for new project launches that may require further macroeconomic policy support [4][5]. Investment Recommendations - Companies with low valuations and stable performance in the infrastructure sector, such as China Communications Construction, China Electric Power Construction, and China Railway, are recommended for potential valuation recovery [5]. - The overseas engineering sector has seen a 9.3% year-on-year increase in completed contract value and a 13.7% increase in new contract value in the first half of 2025, with significant growth in contracts signed in Belt and Road Initiative countries [5]. - There are promising investment opportunities in specialized manufacturing and renewable energy-related infrastructure sectors, with companies like Honglu Steel Structure and Huayang International expected to benefit [5].

Group 1 - The central theme emphasizes the "stabilizing growth" approach by the Political Bureau of the Central Committee, indicating that the cement industry may experience more pronounced price recovery due to good synergy and demand support in the short term [1] - Currently, the cement market is experiencing a downward price trend, with average shipment rates for key national cement enterprises falling below 45% due to adverse weather conditions such as high temperatures and heavy rainfall [1] - The overall price decline has significantly narrowed compared to previous periods, and it is expected that prices will stabilize in the short term, with policy expectations and fundamental improvements potentially catalyzing a second wave of valuation for the industry [1] Group 2 - The Building Materials ETF (159745) tracks the construction materials index (931009), which includes listed companies involved in the production and sales of traditional and new environmentally friendly building materials, reflecting the overall performance of the building materials sector [1] - The index exhibits strong cyclical characteristics and is closely related to the development of the real estate and infrastructure sectors [1] - Investors without stock accounts may consider the Guotai CSI All-Share Building Materials ETF Initiated Link A (013019) and Guotai CSI All-Share Building Materials ETF Initiated Link C (013020) [1]

市领导周凯、张克、尹卫民出席会议。（记者 胡建伟） 8月5日，市委书记马明龙主持召开专题会议，研究推进"两重""两新"工作，进一步统一思想、总结 提升、做实做好，助力全市经济社会发展行稳致远。 会上，马明龙认真听取了市相关部门有关情况汇报，肯定"两重""两新"政策实施以来全市取得的积 极成效，指出"两重""两新"工作是党中央着眼高质量发展全局作出的重大决策部署，是当前经济工作的 关键发力点，也是扩内需、稳增长的重要抓手。要进一步认识抓"两重""两新"工作的重要性，不折不 扣、全力以赴推动"两重""两新"政策落地见效。 马明龙强调，要把握"窗口期"、打好"组合拳"，进一步提高抓"两重""两新"工作的实效性，更好把 政策红利转化成发展红利。提速提效在手项目，加强用地、用能、资金等要素保障，抓紧推进已入围项 目开工建设，及时协调解决项目建设中的难点堵点，加强后续监管服务，尽快形成有效投资。做深做实 谋划储备，"两重"项目方面，要与"十五五"规划、明年省市重大项目谋划结合起来，谋划储备更多补短 板、增动力、后劲足的优质项目，不断充实完善项目储备库；设备更新项目方面，重点聚焦高端化、智 能化、绿色化设备应用，系统摸排企 ...

Core Viewpoint - The People's Bank of China emphasizes that maintaining economic stability will be crucial for stabilizing the exchange rate, with macroeconomic policies focusing on growth as the primary factor for exchange rate stability [1][2]. Group 1: Exchange Rate Policy - The PBOC aims to keep the RMB exchange rate flexible and stable, reinforcing expectations and preventing excessive fluctuations [1]. - The current economic fundamentals in China are improving, providing a solid foundation for the RMB's stability despite uncertainties in the USD's performance [1][2]. - The PBOC's stance is clear: it will not seek to devalue the RMB for competitive advantages, maintaining the market's decisive role in exchange rate formation [1]. Group 2: Macroeconomic Policy - The macroeconomic policy for the second half of the year will focus on stabilizing growth through increased fiscal support, monetary easing, and efforts to stabilize the real estate market [1]. - This approach is expected to mitigate external volatility's impact on the domestic economy and provide crucial support for the RMB exchange rate [1]. Group 3: Cross-Border Capital Flow Management - Experts suggest that China should enhance macro-prudential management of cross-border capital flows and guide expectations to manage the complexities of international capital movements [3]. - The anticipated easing of monetary policy in major economies may lead to increased capital inflows into China, supporting its capital markets [3]. - There is a need for close monitoring of cross-border capital flows to balance higher levels of foreign exchange openness with the support of the real economy and the prevention of external shocks [3].

Core Viewpoint - The central bank's liquidity injection in July amounted to a net injection of 236.5 billion yuan, which is a decrease of 419.5 billion yuan compared to the previous month, indicating a shift in monetary policy focus towards promoting reasonable price recovery and stable growth [1] Group 1: Liquidity Injection - In July, the central bank achieved a net liquidity injection of 236.5 billion yuan, which is a significant decrease of 419.5 billion yuan from the previous month [1] - The liquidity injection reflects the central bank's intention to maintain a reasonable and ample market liquidity [1] Group 2: Monetary Policy Shift - The current monetary policy has shifted its primary goal to promoting reasonable price recovery and stable growth, moving away from previous focuses on international balance and financial stability [1] - The policy stance is now characterized as "moderately loose," which conveys a positive signal to the market [1] Group 3: Credit Growth and Economic Structure - The gradual slowdown in credit growth corresponds to the economic structural transformation, leading to a "gear shift" in credit demand and a healthy substitution by direct financing [1] - Future evaluations of financial support intensity should focus more on the effectiveness of interest rate reductions, indicating a new characteristic of "government increasing leverage, enterprises stabilizing leverage, and residents appropriately reducing leverage" [1]

Group 1: Economic Policy and Growth - Multiple departments are focusing on stabilizing employment, enterprises, markets, and expectations while implementing proactive fiscal policies and moderately loose monetary policies [1][2] - The contribution rate of domestic demand to GDP growth in the first half of the year was 68.8%, with final consumption expenditure contributing 52% [2] - The National Development and Reform Commission (NDRC) has allocated 690 billion yuan for consumer upgrades and plans to release another 690 billion yuan in October, aiming to complete a total of 300 billion yuan for the year [2][3] Group 2: New Quality Productivity - High-tech industry sales revenue increased by 14.3% year-on-year in the first half of the year, indicating robust growth in innovative industries [4] - The NDRC emphasizes the need to cultivate new quality productivity and promote the "Artificial Intelligence +" initiative, while the Ministry of Industry and Information Technology (MIIT) is focusing on enhancing the adaptability of consumer goods supply and demand [4][5] - The government is utilizing various policy tools, including special funds and tax incentives, to support the transformation of traditional industries and the development of emerging industries [5] Group 3: Anti-Competition Measures - The NDRC is advancing the construction of a unified national market to eliminate "involutionary" competition and promote healthy development of the private economy [6][7] - The MIIT is working to consolidate the achievements in regulating "involutionary" competition in the new energy vehicle sector and other key industries [6][7] - The People's Bank of China is supporting the resolution of structural contradictions in key industries to promote quality upgrades [7]

Core Viewpoint - The emphasis is on stabilizing growth and addressing public concerns to promote high-quality economic and social development in the region [1][2]. Group 1: Economic Development Strategies - The focus is on stabilizing existing resources, optimizing quality, and closely monitoring initial targets to ensure employment, businesses, markets, and expectations are stable [2]. - There is a call to seize opportunities and leverage comparative advantages to mobilize resources effectively and create a new landscape for integrated development [2]. - The importance of strong work ethics and implementation is highlighted, with a commitment to safeguarding the bottom line of people's livelihoods [2]. Group 2: Project Development and Innovation - The National Center for Translational Medicine, one of five national-level centers, is being developed with a focus on high standards and quality to meet national strategic needs [1]. - The project aims to enhance original innovation and strengthen the integration of scientific research and industrial innovation [1]. Group 3: Community Engagement - During the visit, there was an emphasis on listening to community concerns and addressing them promptly to protect citizens' legal rights [1].

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The trading logic of iron ore is expected to shift towards fundamentals in August. Domestically, policy expectations have ebbed, while abroad, attention should be paid to tariff dynamics. In the short term, iron ore is expected to oscillate at a high level in a range, and in the long term, it may weaken along with finished steel. Currently, steel mills still have high profits, so the output of hot metal remains at a high level, supporting the demand for iron ore. The inventory contradiction of iron ore is not significant, but it is expected that the shipment volume of foreign mines will increase in the second half of the year. Attention should be paid to changes in iron ore demand [7][13]. Summary by Relevant Catalogs 01 Viewpoint Strategy - **Core Logic**: Domestically, policy expectations have ebbed, but the US non - farm payrolls data has been significantly revised down, increasing the probability of an interest rate cut in September. Fundamentally, steel mills still have high profits, so the output of hot metal remains at a high level, supporting the demand for iron ore. Coke is about to start the fifth round of price increase. Currently, the inventory contradiction of iron ore is not significant. It is expected that the shipment volume of foreign mines will increase in the second half of the year. Attention should be paid to changes in iron ore demand [13]. - **Spot and Futures Market**: In July, the price of iron ore increased by 38 - 77 yuan/wet ton. The closing price of the main iron ore futures contract was 779 yuan/ton, an increase of 8.87% compared with the end of June. The basis was - 15 yuan/ton, a decrease of 7.5 yuan/ton compared with the end of June. The unilateral open interest of iron ore first increased and then decreased in July. The price center of the iron ore Back curve shifted upwards, and the curve became slightly steeper [13]. - **Spread**: At the end of July, the spread between DCE and SGX iron ore was 66 yuan/ton, an increase of 24 yuan/ton compared with the end of June, and the spread continued to widen. At the end of July, the spread between rebar and iron ore (main contract) was 2426 yuan/ton, an increase of 144.5 yuan/ton compared with the end of June; at the end of July, the rebar - to - iron ore ratio was 4.11, a decrease of 0.08 compared with the end of June [13]. 02 Macro Level - **Macro News in July**: In July, the black - sector fluctuated greatly under market policy expectations and capital speculation, especially in coking coal futures. The Central Financial and Economic Commission's statement at the beginning of the month and the Ministry of Industry and Information Technology's emphasis on capacity reduction later, along with other events, led to sharp rises and falls in coking coal prices [15]. - **Construction**: In July, the weekly cement delivery volume was about 275 tons, a decrease of about 15 tons/week compared with June. The weekly direct supply of infrastructure cement was about 166 tons, a decrease of about 3 tons/week compared with June. The total cement delivery volume decreased by about 75 tons/week year - on - year, and real - estate demand was a drag [18]. - **Infrastructure**: In July, the weekly concrete delivery volume was about 1.44 million cubic meters, basically the same as in June and year - on - year. The weekly asphalt sales volume was about 26 tons, a decrease of about 2.5 tons/week compared with June [22]. - **Manufacturing**: In July, the manufacturing PMI was 49.3%, a decrease of 0.4% month - on - month, and it was below the boom - bust line for four consecutive months. The steel PMI was 50.5%, returning above the boom - bust line [24]. 03 Spot and Basis - **Spot Market**: In July, the spot price of steel followed the futures market and strengthened. Affected by coking coal, the black - sector rebounded. The price of coking coal increased significantly, trade merchants held back sales, and the inventory of raw coal in mines decreased significantly. Coke had four rounds of price increases in July, and there was an expectation of a fifth round at the end of the month [28]. - **Iron Ore Spot Price**: In July, the price of iron ore increased by 38 - 77 yuan/wet ton. The price of low - grade iron powder increased less, while that of medium - and high - grade iron powder increased more. The spot benchmark price of the Beijing Iron and Steel Exchange first increased and then slightly decreased [33]. - **Iron Ore Futures**: As of July 31, the closing price of the main iron ore futures contract was 779 yuan/ton, an increase of 8.87% compared with the end of June. The basis on the 31st was - 15 yuan/ton, a decrease of 7.5 yuan/ton compared with the end of June. The open interest of iron ore futures first increased and then decreased in July [35][38]. - **Inter - period Spread**: Compared with a month ago, the price center of the iron ore Back curve shifted upwards, and the curve became slightly steeper. As of July 31, the 5 - 9 spread was - 47 yuan/ton, a decrease of 3.5 yuan/ton compared with the end of June; the 9 - 1 spread was 25.5 yuan/ton, the same as at the end of June [42][45]. 04 Spread - **Cross - market Spread**: At the end of July, the spread between DCE and SGX iron ore was 66 yuan/ton, an increase of 24 yuan/ton compared with the end of June, and the spread continued to widen [50]. - **Cross - variety Spread**: At the end of July, the spread between rebar and iron ore (main contract) was 2426 yuan/ton, an increase of 144.5 yuan/ton compared with the end of June; the rebar - to - iron ore ratio was 4.11, a decrease of 0.08 compared with the end of June. The fundamentals of iron ore are better than those of steel. Considering the high profits of steel mills, one can consider narrowing the steel - mill profit, but also pay attention to the expectation of crude - steel production reduction [53]. 05 Supply - **Global Shipment Volume**: In July, the weekly shipment volume of iron ore was around 30 million tons, a decrease of about 4 million tons/week compared with June. As of the end of July, the cumulative global shipment volume was 937 million tons, a year - on - year increase of 0.4% [55]. - **47 - Port Arrival Volume**: In July, the weekly arrival volume of iron ore at 47 ports was between 23 million and 29 million tons, higher than the same period last year. As of the end of July, the cumulative arrival volume for the year was 762 million tons, a year - on - year decrease of 23 million tons, a decrease of 2.99% [61]. - **Domestic Mine Supply**: In July, the capacity utilization rate of domestic mines increased slightly, and the daily output of iron powder increased slightly [65][68]. 06 Demand - **Hot Metal Output**: In July, the daily average output of hot metal from 247 steel enterprises was around 2.4 million tons, 30,000 tons higher than the same period last year. The daily average consumption of imported iron ore was about 3 million tons [71]. - **Blast - furnace Operating Rate and Capacity Utilization**: In July, the operating rate of 247 steel enterprises was maintained at 83.46%, a slight decrease from the previous month. The blast - furnace capacity utilization was around 90%, a slight decrease from the previous month and an increase of about 1% compared with the same period last year [73]. - **Profitability of Steel Enterprises**: In July, the profitability of 247 steel enterprises continued to rise. At the end of July, the profitability rate of steel mills was 65.37%, an increase of 6.06% compared with the beginning of the month and an increase of about 60% compared with the same period last year [76]. - **Production Profit**: In July, the profit of producing rebar in blast furnaces continued to increase. The profit of electric furnaces in the East China region turned from negative to positive, and the profit of electric furnaces in the Southwest region exceeded 200 yuan/ton. The profit of hot - rolled and cold - rolled coils also increased [80][83][87]. 07 Inventory - **Domestic Mine Inventory**: In July, the inventory of iron concentrate in domestic mines continued to decline and remained at a low level [96]. - **Steel - Mill Inventory**: As of the end of July, the iron ore inventory of 247 steel enterprises was 90.1209 million tons, an increase of 1.6462 million tons compared with the end of June. Steel mills maintained a low inventory and mainly purchased on demand [98]. - **Port Inventory**: In July, the port inventory decreased slightly, and the overall inventory pressure was not large. As of the end of July, the iron ore inventory at 47 ports was 142.2201 million tons, a decrease of 2.5822 million tons compared with the end of June and a decrease of 14.683 million tons year - on - year [101]. - **Surcharge Volume**: In July, the surcharge volume remained at a high level. At the end of July, the number of ships at 45 ports was 90, an increase of 8 compared with the end of June and a decrease of 35 compared with the same period last year. The daily average surcharge volume at 45 ports was maintained above 3 million tons, higher than the same period in previous years [103].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Macroeconomic factors: The China-US trade negotiation has been postponed. China's anti-involution and stable growth policies have significantly boosted the sentiment in the industrial product market. In July, China's manufacturing PMI decreased seasonally, and the decline in industrial enterprise profits narrowed. The Ministry of Finance emphasized increasing fiscal counter-cyclical adjustment, supporting traditional industry transformation and the growth of emerging industries, promoting consumption, and expanding domestic demand [3]. - Supply side: The operating rate in Xinjiang dropped below 50%, and the output growth in Sichuan and Yunnan during the wet season was limited. The supply side showed a passive contraction, with social inventory declining from a high level and warehouse receipt inventory decreasing due to the monthly decline in domestic production [3][56]. - Demand side: The spot price of polysilicon rebounded significantly, but a large increase in production volume was expected. Silicon wafers could not cover the high costs, but battery orders were good due to export tax rebates, driving consumption. However, battery prices had limited upward space due to the drag of centralized demand. Component markets had high quotes but low transactions because of the weak demand for domestic distributed projects. In traditional industries, silicone monomer enterprises were reluctant to lower prices, but the cost support in the future would weaken. The aluminum alloy production remained stable due to continuous orders from the automotive sector. Overall, industrial silicon was expected to maintain a pattern of weak supply and demand in August [3][57]. - Market outlook: The futures price of industrial silicon was expected to enter a pattern of volatile rebound [3][57]. 3. Summary by Relevant Catalogs 3.1 2025 July Industrial Silicon Market Review - **Futures price**: In July 2025, the industrial silicon futures showed a trend of rising first and then falling. The main 2509 contract fluctuated between 7705 - 10060 yuan/ton. The price center rebounded compared to the previous month, and the volatility increased. The anti-involution and stable growth policies boosted market sentiment, but the contraction of polysilicon production capacity might drag down the demand for industrial silicon. The manufacturing PMI in July was 49.3. The operating rate in Xinjiang in July was around 50%, and the increase in the operating rate in Sichuan and Yunnan during the wet season was limited. As of the end of July, the number of open furnaces nationwide increased to 260. From the demand side, the polysilicon market mainly had historical order replenishment transactions, the silicon wafer market continued to raise prices but could not cover costs, the battery market had limited price increase space, and the component market had a situation of high quotes but low transactions. As of July 31, the main 2509 contract closed at 8760 yuan/ton, with a monthly decline of 8.7% [8]. - **Spot market**: In July, the total number of open furnaces of industrial silicon in China was 260, an increase of 45 compared to the previous month. The average production cost decreased by 1.64% month-on-month. The operating rate in Xinjiang decreased to around 50%, and the output growth in Sichuan and Yunnan during the wet season was limited. The social inventory decreased slightly to 53.5 tons. The spot market rebounded to above 10,000 yuan and then quickly declined. By the end of July, the prices of mainstream 553 grades rebounded, the price of 441 decreased, the price of 421 rebounded significantly, and the price of 3303 might be adjusted downward in the next month [9][10]. 3.2 Macroeconomic Analysis - The anti-involution and stable growth policies were clearly defined. The 6th meeting of the Central Financial and Economic Commission in July proposed an anti-involution policy framework, aiming to address the imbalance between supply and demand in the macro - economy, especially in the new energy vehicle, photovoltaic component, and e - commerce platform sectors. The Ministry of Industry and Information Technology planned to introduce stable growth plans for key industries such as automobiles, steel, non - ferrous metals, and petrochemicals, and promote the integration of technological and industrial innovation. In June, the added value of large - scale industries increased by 4.3% year - on - year, and the profit of the equipment manufacturing industry increased significantly, providing support for the profit of large - scale industries [16][19][20]. 3.3 Fundamental Analysis - **Production**: In July, the operating rate of silicon enterprises in Xinjiang was around 50%, and the output growth in Sichuan and Yunnan during the wet season was limited. The output in Inner Mongolia and Gansu was stable. The total industrial silicon output in July was 33.8 tons, a month - on - month increase of 3.2%. As of July 28, the number of open furnaces nationwide increased to 260, and the overall operating rate increased to 32.7%. It was expected that the operating rate in August would remain at a low level of around 35%, and the output of mainstream grades of industrial silicon would be restricted by policies in the long - term [22][23]. - **Export**: From January to June this year, the cumulative export volume of industrial silicon was 21.67 tons, a year - on - year decrease of 7%. In June, the export volume was 6.83 tons, a year - on - year increase of 12%. The export destinations were mainly Southeast Asian countries. It was expected that the export volume from July to August would remain stable at 6 - 7 tons [32]. - **Inventory**: By July 31, the social inventory of industrial silicon decreased to 54 tons, a month - on - month decrease of 4.9 tons. The warehouse receipt inventory at the Guangzhou Futures Exchange decreased by 1.4% month - on - month. The decrease in warehouse receipt inventory was mainly due to the monthly decline in domestic production. It was expected that the social inventory would continue to decline in August [35]. - **Demand**: - **Photovoltaic industry**: In July, the polysilicon output was 10.73 tons, a month - on - month increase of 11.4%. The price of polysilicon increased significantly. The price of silicon wafers continued to rise but could not cover costs. The battery orders were good due to export tax rebates, but the price increase space was limited. The component market had high quotes but low transactions. It was expected that the overall demand for photovoltaic in August would decline significantly, and the new installed capacity in 2025 was expected to drop to around 250GW [37][38][39]. - **Silicone industry**: In July, the output of silicone DMC was 20.65 tons, a month - on - month increase of 3.1%. The average operating rate of silicone monomer enterprises increased to 72.1%. The spot price of DMC rebounded. The monomer enterprises were reluctant to lower prices, but the cost support in the future would weaken, and the price was expected to fluctuate at a high level in August [40]. - **Aluminum alloy industry**: From January to June, the aluminum alloy output was 909.7 tons, a year - on - year increase of 14.6%. In June, the output was 166.9 tons, a year - on - year increase of 18.8%. The production of aluminum rods in different regions varied, and the total production would continue to run stably. It was expected that the aluminum alloy output would decline slightly in August [42]. 3.4 Market Outlook - Macroeconomic factors would continue to support the market. The supply side would remain in a passive contraction pattern, and the demand side would enter a slow - down cycle in August. Industrial silicon was expected to maintain a pattern of weak supply and demand, and the futures price was expected to enter a pattern of volatile rebound [56][57].

Group 1 - The city aims to achieve the goal of "entering the top 100 and striving for 100 billion" through the "Project Investment Offensive Year" initiative, resulting in a steady growth of 40.7% in fixed asset investment in the first half of the year [1] - The city has implemented a full lifecycle management approach for projects, promoting mechanisms like "one case, two lists" and "red-yellow-green" to accelerate key project construction, with 76 basic construction projects starting on time [3] - The city has successfully planned and reserved over 100 projects in key areas such as disaster prevention, infrastructure, and social welfare, securing 3.1 billion yuan in funding from various national policies [5] Group 2 - The city has adopted a dual strategy of "attracting large and strong enterprises" and "inviting high-quality and innovative companies," successfully signing 22 major projects with a total contract value of 22.59 billion yuan [5] - The city is optimizing the business environment through a three-year action plan, addressing 129 operational challenges and enhancing the supply of essential resources like land, water, and energy [7] - Systematic implementation of the "four grabs and four improvements" measures has effectively expanded investment scale, optimized investment structure, and enhanced investment efficiency, contributing to high-quality economic and social development [8]