Group 1 - The recent focus on financial "anti-involution" is aimed at addressing the disorderly competition within the financial industry to improve service quality [1] - Experts emphasize the need for a balance between supporting economic growth and preventing risks, advocating for rational competition and stability in the financial system [1] - From a macro perspective, policies should enhance support for the real economy while maintaining the stability of banking operations [1] Group 2 - Future monetary policy should adopt a more refined balance strategy between "stabilizing growth" and "preventing risks," avoiding excessive easing that could lead to long-term risks [2] - The central bank plans to strengthen the execution and supervision of interest rate policies to maintain healthy competition in the deposit and loan markets [2] - Measures may include enhancing self-discipline mechanisms for interest rate pricing and improving the assessment systems for financial institutions [2] Group 3 - The central bank aims to continue supporting local government financing platforms and manage risks in key areas [3] - A macro-prudential management framework will be improved to monitor risks in local government debt, small financial institutions, and real estate credit [3] - Different policies and tools will be employed to address risks in three key areas, including extending financial support for debt restructuring [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For manganese silicon, "anti - involution" was the main driver but has gradually cooled, with limited marginal changes in fundamentals. The market sentiment has returned to rationality, and it is expected to fluctuate widely in the short term. The impact of "anti - involution" on supply and demand needs time to verify [6][7]. - For ferrosilicon, the "anti - involution" drive has come to an end, and the fundamental drive is limited. It is expected that the production in August will continue to rise, and the price will mainly fluctuate widely. Attention should be paid to policy implementation and cost changes [9][10]. Summary by Related Catalogs 1. Price and Basis Analysis - **Futures Price**: In July 2025, the prices of both manganese silicon and ferrosilicon had large fluctuations and strengthened month - on - month. The closing price of the manganese silicon main contract increased by 338 yuan/ton, a rise of 6.01%, and the ferrosilicon increased by 412 yuan/ton, a rise of 7.82% [11]. - **Spot Price**: The increase in the ferrosilicon spot price was greater than that of manganese silicon. The spot prices in different regions of both showed an upward trend [12][14]. - **Basis**: The basis of both manganese silicon and ferrosilicon fluctuated and strengthened. The weekly basis of manganese silicon increased by 462 - 472 yuan/ton, and that of ferrosilicon increased by 466 - 484 yuan/ton [17][19]. - **Near - far Spread**: The 9 - 1 spreads of both manganese silicon and ferrosilicon decreased slightly month - on - month, with a decrease of 10 yuan/ton [22][25]. - **Double - silicon Spread**: The double - silicon spread (ferrosilicon - manganese silicon) increased by 74 yuan/ton month - on - month [29]. 2. Manganese Silicon Analysis - **Supply**: In July, the weekly output of manganese silicon increased continuously, approaching the level of the same period last year. The production enterprise's operating rate in each region increased to varying degrees. The total output in July was about 892,700 tons, an increase of 56,900 tons compared with June [6][35]. - **Demand**: The weekly value of manganese silicon demand decreased continuously, at a low level in recent years. The crude steel output decreased significantly, and the steel mill's stocking willingness was limited. The manganese silicon demand of sample steel mills decreased by 2.42% month - on - month [41][45]. - **Cost**: The manganese ore shipping volume increased, the inventory gradually accumulated, and the price increased month - on - month. The production cost of manganese silicon in Inner Mongolia and Ningxia increased by about 200 yuan/ton to around 5,900 yuan/ton [7]. - **Inventory**: The inventory of 63 sample enterprises decreased month - on - month, but increased year - on - year. The inventory decreased by 52,300 tons from July 18 to August 1 [59][61]. - **Option**: The historical volatility of manganese silicon options increased significantly [66]. 3. Ferrosilicon Analysis - **Supply**: The weekly output of ferrosilicon increased continuously. In July, the national output was 447,000 tons, a month - on - month increase of 7.88%. Some factories in Qinghai and Ningxia plan to increase production in August [9][71][78]. - **Demand**: The demand for steel products did not increase significantly, and the steel mill's stocking willingness was limited. The weekly value of ferrosilicon demand was at a low level, and the apparent consumption increased by 2.07% month - on - month [9][83]. - **Cost**: The price of small - sized semi - coke first decreased and then increased. The production cost of ferrosilicon in Inner Mongolia and Ningxia decreased to varying degrees in July [9][88]. - **Inventory**: The inventory of ferrosilicon sample enterprises increased slightly month - on - month and remained at a high level in recent years. The inventory available days decreased month - on - month and remained at a low level in recent years [9][92][96]. - **Option**: The historical volatility of ferrosilicon options reached a new high recently, and the put - call ratio of option positions decreased month - on - month [101][102].

Market Performance Review - The A-share market experienced a rise followed by a decline, with all major indices closing down after the Politburo meeting, where the CSI 1000 had the smallest drop of 0.54%, while the CSI A50 and CSI 300 fell by 2.48% and 1.75% respectively [3][12] - There was a noticeable divergence in market styles, with growth and consumption sectors experiencing smaller declines, while financial, stability, and cyclical styles saw significant pullbacks [3][12] - Mid-cap and small-cap indices outperformed large-cap indices during the week, with the NING and MAO indices, representing core assets and growth leaders, also declining, with the NING combination down 1.74% and the MAO index down 0.84% [3][12] Investor Sentiment and Market Outlook - The personal investor sentiment index has continued to decline, entering a negative zone, with the 7-day moving average reported at -0.42% as of August 2, down from 4.35% on July 26 [4][19] - The recent Politburo meeting did not indicate any large-scale stimulus plans, suggesting that the focus will shift back to demand recovery rather than potential supply-side reductions [4][32] - The current market dynamics indicate a potential vacuum in buying momentum, necessitating a cautious approach to investment strategies [4][32] Sector Analysis - The healthcare and communication sectors saw gains of over 2%, driven by significant partnerships and strong performance in the CPO sector, respectively, indicating a return to prosperity trading [15] - Conversely, sectors such as coal, non-ferrous metals, construction materials, and steel experienced substantial declines due to the withdrawal of "anti-involution" trading sentiment following policy announcements [15] Investment Strategy and Recommendations - The report emphasizes a return to prosperity trading, highlighting opportunities for valuation recovery in technology growth sectors, particularly in AI applications, computing power chains, and optical modules [5][33] - The fundamentals of innovative pharmaceuticals and CROs are showing signs of transformation, with continued trading logic for Chinese pharmaceuticals going overseas [5][33]

Economic Growth - Several cities in Guangdong's eastern and northern regions, including Meizhou, Shanwei, Chaozhou, and Zhanjiang, reported GDP growth rates exceeding the provincial average of 4.2%, with Meizhou leading at 5.7% [2] - The overall economic growth trend is strengthening, with eight cities showing better performance in the second quarter compared to the first [2] Industrial Performance - Meizhou's industrial output increased by 8.4% in the first half of the year, driven by significant growth in the power, electronics, and machinery sectors [2] - Zhanjiang's industrial output rose by 10.2%, with notable increases in communication equipment and chemical manufacturing [3] Foreign Trade - Several cities, including Heyuan, Shaoguan, Chaozhou, and Meizhou, achieved positive export growth, with Heyuan leading at 11.0% [4][6] - The electronic information industry in Heyuan significantly contributed to its export performance, with a 304% increase in laptop and components exports [6] Investment Trends - Infrastructure and industrial investment in various cities showed double-digit growth, with Maoming's industrial investment soaring by 34.5% [8][9] - Chaozhou's infrastructure investment grew by 36.4%, while its industrial technological transformation investment increased by 70.3% [10] Agricultural and Tourism Development - The agricultural sector in cities like Shaoguan and Chaozhou saw growth rates exceeding the provincial average, with Chaozhou's tea production increasing by 7.8% [11] - The tourism sector experienced significant growth, with Qingyuan receiving 11.77 million visitors and generating 9.923 billion yuan in revenue, marking increases of 23.6% and 26.13% respectively [12] Real Estate Market - Despite a generally sluggish real estate market, certain cities like Yangjiang and Chaozhou reported increases in property sales, with Yangjiang's sales area growing by 20.9% [13]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Group 1: Report Summary - Report date: August 4, 2025 [1] - Report author: Mao Lei [8] - Report institution: Guotai Junan Futures [9] Group 2: Market Review and Outlook - Market performance last week: The overall market declined, reaching a phased high during the week and then oscillating downward. The top three sectors in terms of gains were medicine and biology, communication, and media, while the bottom three were coal, non - ferrous metals, and real estate [3] - Policy impact: The Politburo meeting announced the main economic work direction for the second half of the year. The policy on stabilizing growth weakened marginally due to the improved external environment and good economic data in the first half. In the anti - involution area, the policy on prices was diluted, causing a significant decline in related commodity futures prices and dragging down relevant stock market sectors [3] - Overseas factors: Tariff fluctuations increased. The deadline for the equal - tariff negotiation for non - Chinese countries was approaching on August 1st, and the market's interpretation of the China - related trade negotiation in Sweden was not optimistic, suppressing investors' risk appetite [3] - Market turning points: In a bull market driven by risk preference, market turning points are mainly driven by policy shifts and the fermentation of external risks. Last week's market performance basically conformed to this adjustment logic [4] - Future market outlook: After the policy meeting, the actual future direction is uncertain. There is also uncertainty regarding the Sino - US equal - tariff deadline in the middle of this month. The upward market space may be limited, and the downward space is also restricted as market sentiment remains positive [4] - Factors to watch: The release of China's economic data in July, the Fed's policy direction, and the progress of tariff negotiations [5] Group 3: Strategy Recommendations Short - term strategy - Intraday trading frequency can refer to 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels for IF, IH, IC, and IM can be set at 76/95 points, 58/31 points, 66/121 points, and 84/142 points respectively [6] Trend strategy - Adopt a long - after - correction approach. The core operating ranges for the IF2508, IH2508, IC2508, and IM2508 contracts are 3909 - 4110 points, 2727 - 2853 points, 6030 - 6434 points, and 6375 - 6804 points respectively [6] Cross - variety strategy - Cautiously participate in the strategy of going long on IF (or IH) and shorting IC (or IM) [7] Group 4: Market Data Summary Spot market review - Global stock indices: Most global stock indices declined last week. The Taiwan Weighted Index rose by 0.30%, while others such as the Russian RTS, NASDAQ, and Brazil BOVESPA Index fell [11] - Major domestic indices: All major domestic indices declined last week. The Taiwan Weighted Index was an exception with a 0.30% increase. Since 2025, major domestic indices have shown varying degrees of increase [11][12][13] - Industry performance: In the CSI 300 index, the medicine sector rose by 2.17%, while sectors such as industry, materials, and optional consumption declined. In the CSI 500 index, the medicine and telecommunications sectors rose, while others such as finance and real estate declined [15] Futures market review - Futures contract performance: The IF futures contract had the largest decline and the largest amplitude last week. The trading volume and open interest of股指期货 declined [15] Index valuation - PE ratios: The PE (TTM) ratios of the Shanghai Composite Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index are 15.57 times, 13.5 times, 11.39 times, 30.79 times, and 41.44 times respectively [18][19] Market funds - Newly - established funds and investors: The data on newly - established equity - biased fund shares and the number of new investors in the two markets are presented [22] - Fund rates and central bank operations: The fund rate declined last week, and the central bank's net investment situation is shown [22]

Report Industry Investment Ratings - **Macro Finance**: Both stock index and treasury bonds are rated as "Oscillating" [1][6] - **Black Building Materials**: Rebar is rated as "Temporarily on the sidelines", iron ore as "Oscillating", and coking coal and coke as "Oscillating" [1][8][10] - **Non - ferrous Metals**: Copper is rated as "Range trading or on the sidelines", aluminum as "Buy on dips after a pullback", nickel as "Short on rallies or on the sidelines", tin as "Range trading", gold as "Range trading", and silver as "Range trading" [1][12][14][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are rated as "Oscillating"; polyolefin as "Wide - range oscillating"; soda ash's 09 contract as "Maintain short position" [1][23][25][28][33][34][36] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are rated as "Oscillating adjustment", apple and jujube as "Oscillating weakly" [1][38][39] - **Agricultural and Livestock**: Live pigs are rated as "Short on rallies", eggs as "Short on rallies", corn as "Range oscillating", soybean meal as "Limited upside", and oils as "High - level correction risk increasing" [1][40][42][44][46][48] Core Views - The report provides investment ratings and trading suggestions for various futures products based on market conditions, supply - demand relationships, and macro - economic factors. It also analyzes the influencing factors of each product's price movement, including macro - economic data, policy changes, and industry - specific events [1][6][8][12] Summary by Directory Macro Finance - **Stock Index**: Due to weak US non - farm payroll data, internal strife within the Fed, high domestic margin trading, and the approaching mid - report disclosure period, the stock index is expected to oscillate [6] - **Treasury Bonds**: After a volatile week, the market is tired, and the stock - bond seesaw effect is obvious. After the market shock and repair caused by anti - involution expectations and Politburo Meeting uncertainties end, treasury bonds are expected to oscillate [6] Black Building Materials - **Rebar**: The price oscillated weakly last Friday. With over - optimistic macro expectations cooling and balanced supply - demand, it is recommended to wait and see or conduct short - term trading [8] - **Iron Ore**: In July, the iron ore market first rose and then fell. With increasing overseas supply and expected decline in iron water demand, it is expected to oscillate strongly and can be used as a long - leg configuration when shorting other black varieties [8][9] - **Coking Coal and Coke**: Coking coal supply has disturbances, and demand has rigid support. Coke supply has limited increase, and demand is strong. Both are expected to oscillate, and short - term key factors need to be closely monitored [10][11] Non - ferrous Metals - **Copper**: Due to the Fed's stance divergence, weak US economic data, and domestic industry policies, copper supply has disturbances, but it is in the off - season, and overseas inventory may flow back. Copper is expected to oscillate weakly, with support at 77600 [12] - **Aluminum**: With rising bauxite prices in Guinea and changes in supply and demand of alumina and electrolytic aluminum, it is recommended to buy on dips after a pullback [14] - **Nickel**: In the medium - to - long term, the nickel industry has over - supply, and demand growth is limited. It is recommended to short on rallies, with a reference range of 118000 - 124000 yuan/ton for the main contract [19] - **Tin**: With improving tin ore supply and weak downstream demand, it is recommended for range trading, with a reference range of 250,000 - 272,000 yuan/ton for the 09 contract [20] - **Gold and Silver**: After the weak US non - farm payroll data, the market's expectation of a September interest rate cut has increased. However, considering the Fed's stance and concerns about the US fiscal situation, it is recommended to buy on dips after a pullback [21][22] Energy and Chemicals - **PVC**: With high upstream production pressure, uncertain export sustainability, and insufficient fundamental support, it is expected to oscillate in the short term, with the 09 contract focusing on 4950 - 5150 [23][24] - **Caustic Soda**: With high supply, rigid but slow - growing demand, and the influence of macro factors, it is expected to oscillate, with the 09 contract focusing on 2500 - 2600 [25][26] - **Styrene**: With limited fundamental positives and a warming macro - environment, it is expected to oscillate, focusing on 7200 - 7500 [28][29] - **Rubber**: With high raw material costs and inventory changes, rubber is expected to oscillate, with pressure at 15000 [30][32] - **Urea**: With a slight decrease in supply, increasing demand from compound fertilizer enterprises, and stable industrial demand, it is expected to first weaken and then strengthen, with support at 1700 - 1730 and pressure at 1820 - 1850 [33] - **Methanol**: With a slight increase in supply, stable demand from methanol - to - olefins, and weak traditional demand, it is expected to oscillate in the short term [34][35] - **Polyolefin**: Affected by macro factors and cost support, with weak demand in the off - season and slight inventory reduction, it is expected to correct in the short term, with the L2509 contract focusing on 7200 - 7500 and the PP2509 contract on 6900 - 7200 [35][36] - **Soda Ash**: With increasing supply and weak demand, the 09 contract is recommended to maintain a short position [36][37] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With an increase in global cotton production and consumption in the new season, and weak downstream consumption, it is expected to oscillate and adjust [38] - **Apple**: With slow apple shipments and normal new - fruit growth, prices are under pressure and are expected to oscillate weakly [38][39] - **Jujube**: With the growth of jujube trees in Xinjiang and changes in the market supply and demand in the sales area, it is expected to oscillate weakly in the short term [39] Agricultural and Livestock - **Live Pigs**: With increasing supply and weak demand, the futures are under pressure. It is recommended to short on rallies for the 11 and 01 contracts and pay attention to the 05 - 03 spread arbitrage [40][42] - **Eggs**: With short - term seasonal factors and long - term supply pressure, it is recommended to short on rallies for the 09 contract and go long on dips for the 12 and 01 contracts [42][44] - **Corn**: With short - term supply - demand games and long - term supply tightening, it is recommended for range trading and to pay attention to the 9 - 1 reverse spread arbitrage [44][45] - **Soybean Meal**: With sufficient supply in the short term and potential supply gaps in the long term, it is recommended to be cautious about going long in the short term and go long on dips in the long term [46][47] - **Oils**: With increasing short - term correction risks and limited correction amplitudes, it is recommended to take profits on existing long positions and pay attention to the soybean - palm oil 09 spread rebound strategy [48][52]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The A-share market had a minor correction on August 1, 2025, with reduced trading volume. Futures prices of various commodities showed different trends, affected by factors such as supply and demand, policies, and weather [1][2]. - The markets of different commodities are in various situations. For example, the supply of carbon elements is abundant, and the demand for some commodities is affected by the season and policies. Future trends depend on factors like policy implementation, weather conditions, and market sentiment [4][6]. Summary by Commodity Stock Index Futures - On August 1, the three major A-share indexes declined slightly. The Shanghai Composite Index fell 0.37% to 3559.95 points, the Shenzhen Component Index dropped 0.17% to 10991.32 points, and the ChiNext Index decreased 0.24% to 2322.63 points. The trading volume of the two markets was 1598.4 billion yuan, a significant reduction of 337.7 billion yuan from the previous day [1]. Coke and Coking Coal - On August 1, the coke weighted index was weakly volatile, closing at 1603.8, down 57.2. The coking coal weighted index also remained weak, closing at 1055.2 yuan, down 86.3 [2][3]. - Coke is in the fifth round of price increase with thin profits, and its daily production has slightly increased. The overall inventory continues to decline slightly, and traders' purchasing willingness is good. For coking coal, the total inventory has increased, but the production - end inventory has decreased significantly and is likely to continue to decline in the short term [4]. Zhengzhou Sugar - Due to the weakening US economy and improved global supply, the US sugar price declined on August 1. The Zhengzhou sugar 2601 contract had a slight decline at night on August 1. In the first half of July, the sugar production in the central - southern main producing areas of Brazil increased by 15.07% year - on - year, reaching 3.406 million tons. India's net sugar production in 2025 - 26 is expected to increase to 30 million tons [4]. Rubber - Due to a large short - term decline, the Shanghai rubber futures had a slight decline at night on August 1. As of August 1, the inventory of natural rubber in the Shanghai Futures Exchange decreased by 2388 tons to 208426 tons, and the futures warehouse receipts decreased by 4390 tons to 177630 tons. The 20 - grade rubber inventory increased by 2319 tons to 43849 tons, and the futures warehouse receipts increased by 2318 tons to 39716 tons [5]. Soybean Meal - Internationally, the excellent rate of US soybeans is 70%, and the growing conditions are good. If the weather continues to cooperate, the expected increase in US soybean production will impact the global soybean supply - demand pattern. Brazil's soybean production in 2025/2026 is expected to reach 182.9 million tons, an increase of 9.4 million tons year - on - year. Domestically, on August 1, the soybean meal futures price fluctuated, and the main M2509 contract closed at 3010 yuan/ton, up 0.33% [5]. Live Pigs - On August 1, the live pig futures price continued to be weak, with the main LH2509 contract closing at 14055 yuan/ton, down 0.14%. The supply is stable, and the market supply is sufficient. The demand is weak due to high - temperature weather and school holidays. The cost of feed has increased, reducing the expected profit of pig farming [6]. Shanghai Copper - The Shanghai copper price still has a slight downward pressure. The short - term support from the "anti - involution" has weakened, and the price will fluctuate more due to major macro - events next week. After the US tariff is implemented, the non - US supply will increase significantly in the second half of the year, and the copper price is expected to fluctuate between 76,000 - 80,000 yuan per ton [7]. Cotton - On the night of August 1, the main contract of Zhengzhou cotton closed at 13565 yuan/ton. On August 4, the base - price quotation of Xinjiang designated delivery (supervision) warehouses was at least 400 yuan/ton, and the cotton inventory decreased by 133 lots compared with the previous day [7]. Iron Ore - On August 1, the main 2509 contract of iron ore closed down 0.19% at 783 yuan. Last week, the global iron ore shipment increased, the arrival volume decreased, and the port inventory decreased. The iron water production declined, but it remained at a relatively high level. The short - term iron ore price is in a volatile trend [7]. Asphalt - On August 1, the main 2509 contract of asphalt closed down 0.19% at 3658 yuan. Last week, the asphalt production capacity utilization rate increased, and the shipment volume increased. Although the rainfall still affects the demand, there is an expectation of demand recovery. The low inventory supports the price, and the short - term price will fluctuate [8]. Logs - On August 1, the log futures market showed high - level pressure. The 2509 contract opened at 822, with a low of 813, a high of 825, and closed at 821.5, with a reduction of 2321 lots. The spot prices in Shandong and Jiangsu remained unchanged. The supply - demand relationship has no major contradictions, and the spot trading is weak [8]. Steel - After the adjustment of the Politburo meeting's statement on "anti - involution", the market's expectation of overall low - price rectification and capacity reduction has cooled. However, the "anti - involution" and "stable growth" expectations still exist, and the steel demand in the off - season is okay. The short - term steel price will follow the market sentiment and fluctuate weakly [10]. Alumina - The raw material supply of alumina may be affected by events in Guinea and the rainy season, and the price is firm. Under the policy of capacity governance, the operating capacity and production growth rate of alumina may slow down. The demand for alumina from the electrolytic aluminum industry is stable [9]. Shanghai Aluminum - The operating capacity of domestic electrolytic aluminum is approaching the upper limit. The production growth rate may slow down, but it will still maintain a high - level operation. The demand is weak due to the off - season and high prices, and the inventory is slightly increasing [11]. Lithium Carbonate - The price of battery - grade lithium carbonate index decreased by 449 yuan/ton to 71025 yuan/ton compared with the previous working day. The average price of battery - grade lithium carbonate decreased by 650 yuan/ton. The market trading activity has improved, but the future of mines in Jiangxi is uncertain [11][12].

□本报记者 成安林 "上半年，全市一般公共预算收入79.9亿元，同比增长4.5%，财政收入顺利实现'双过半'；一般公共预算 支出142.3亿元，其中，民生支出107.5亿元，占一般公共预算支出比重为75.6%。"7月30日，焦作市推 进2025年下半年经济持续向上向好新闻发布会上，该市财政局副局长王咏生介绍。 织密社会保障网方面，上半年，焦作市各级财政部门对民生领域的投入进一步加大，社会保障和就业支 出完成24.18亿元，其中最低生活保障支出完成1.15亿元，同比增长12.6%，困难群众基本生活得到更好 保障。 确保财政平稳运行方面，上半年，全市"三保"支出累计达87.5亿元，同比增长6.7%，高于一般公共预算 支出增速。今年以来，焦作已发行四批置换债券35.82亿元，补充政府性基金财力专项债券6.16亿元，对 优化债务结构、降低融资成本发挥了积极作用。 "我市抢抓元旦、春节消费机遇，市本级安排发放300万元综合类政府消费券，拉动消费超2000万 元。"王咏生介绍，近期，财政部将下达超长期特别国债"两新"资金，市财政部门将进一步提高拨付速 度，让补贴资金更高效、更便捷直达消费者。 扩投资稳增长方面，上半年，焦 ...

Group 1 - The meeting emphasized the need to implement the central government's scientific judgment on the economic and social development situation during the "14th Five-Year Plan" period and to prepare the provincial "14th Five-Year Plan" accordingly [1] - The focus is on stabilizing growth by increasing project reserves, policy support, and effectively utilizing more proactive fiscal and moderately loose monetary policies [1] - The meeting highlighted the importance of innovation and reform through platforms like the Xi'an Regional Science and Technology Innovation Center and the Qin Chuang Yuan initiative to promote industrial development [1][2] Group 2 - The meeting stressed the importance of ecological and environmental protection, particularly in the comprehensive protection of birds and combating illegal hunting and trade of wild birds [2] - It was noted that there is a need to strengthen audit work and ensure effective implementation of audit rectification measures, promoting systematic improvements and closing loopholes [2] - The meeting decided to hold the 14th Provincial Committee's eighth plenary session in the near future [3]