Group 1 - Xi Jinping emphasized the need to deepen the construction of a unified national market and promote high-quality development of the marine economy during the sixth meeting of the Central Financial Committee [2] - The construction of a unified national market is essential for building a new development pattern and promoting high-quality development, requiring coordinated efforts to implement the Party Central Committee's deployment [2] - The development of the marine economy must follow a path with Chinese characteristics, contributing to China's modernization [2] Group 2 - The latest data shows that the added value of China's above-scale light industry increased by 7.0% year-on-year in the first five months of this year, continuing a positive recovery trend [11] - The total operating income of the light industry reached 9.27 trillion yuan during the same period, indicating steady production growth [11] Group 3 - The new revised Mineral Resources Law officially came into effect, emphasizing special protection for mineral resources critical to national economic security and strategic emerging industries [19] - The law also highlights the importance of balancing resource development and environmental protection, and stresses the market-oriented allocation of resources [19]

Report Overview - Report Date: July 1, 2025 - Report Type: Coal and Coke Daily Report - Industry: Black Metal (Coal and Coke) 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **Coke**: On July 1, the coke main contract closed at 1,388.5 yuan/ton, with an intraday decline of 2.46%. After the end of the national safety production month in June, the safety supervision pressure in the main coking coal producing areas gradually eased, and coking coal production may increase, causing the coke price to decline slightly. The latest sample independent coking enterprises had a loss of 46 yuan/ton per ton of coke, and the operating pressure of coking plants increased. The daily average iron - water output of 247 steel mills was 242.29 tons, with a slight weekly increase. Recently, coke may maintain a wide - range volatile operation [5][33]. - **Coking Coal**: On July 1, the coking coal main contract closed at 814.5 points, with an intraday decline of 3.32%. Mines in Changzhi Qinyuan that were shut down due to safety supervision have resumed production, and supply concerns have resurfaced. The demand for coking coal is stable, but the supply side is disturbed, and the futures price has adjusted downward. It is expected that the coking coal main contract will maintain a range - bound volatile operation in the short term [6][34]. 3. Summary by Directory 3.1 Industry News - **Policy News**: On July 1, Xi Jinping presided over the sixth meeting of the Central Financial and Economic Commission, discussing the construction of a unified national market and high - quality development of the marine economy [8]. - **Price News**: On July 1, the coking coal price in Jinzhong market remained stable, with the ex - factory price of medium - sulfur main coking coal being 930 yuan/ton [9]. 3.2 Spot Market - **Coke**: The ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port increased by 1.75% week - on - week to 1,160 yuan/ton, while the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port remained unchanged at 1,220 yuan/ton week - on - week. Compared with the same period last year, the prices at both ports decreased significantly [10]. - **Coking Coal**: The price of Mongolian coal at Ganqimaodu Port remained unchanged at 865 yuan/ton week - on - week. The price of Australian - produced coking coal at Jingtang Port increased by 1.68% week - on - week to 1,210 yuan/ton, and the price of Shanxi - produced coking coal remained stable at 1,250 yuan/ton. Compared with the same period last year, all prices decreased [10]. 3.3 Futures Market - **Coke**: The main contract closed at 1,388.5 yuan/ton, with a decline of 2.46%. The trading volume was 26,109, and the open interest was 49,566, with a decrease of 1,264 compared to the previous trading day [13]. - **Coking Coal**: The main contract closed at 814.5 points, with a decline of 3.32%. The trading volume was 1,071,392, and the open interest was 564,422, with a decrease of 1,806 compared to the previous trading day [13]. 3.4 Related Charts - **Inventory Charts**: Include charts of coke inventory (230 independent coking plants, 247 steel mills, ports, etc.) and coking coal inventory (mines, ports, 247 sample steel mills, etc.) from 2019 - 2025 [14][19][22]. - **Production and Operation Charts**: Include charts of domestic steel mill production, Shanghai terminal wire and screw procurement, coal washing plant production, coking plant operation, etc. [26][28][31]. 3.5 Market Outlook - **Coke**: Due to the possible increase in coking coal production after the end of the safety production month, the cost - side supply is disturbed, and coke may maintain a wide - range volatile operation. Attention should be paid to the actual coking coal production [5][33]. - **Coking Coal**: The supply side is disturbed, and the futures price has adjusted downward. It is expected to maintain a range - bound volatile operation in the short term, and attention should be paid to the coal production in Shanxi in July [6][34].

Group 1 - The economic performance of China's light industry has shown signs of recovery in the first five months of the year [8] - The new revised Mineral Resources Law has come into effect today [18] Group 2 - The railway summer transportation season has started, with an expected passenger volume of 953 million [10] - The film box office in China for the first half of 2025 reached 29.231 billion [14]

Core Viewpoint - The construction of a nationwide unified market is essential for building a new development pattern and promoting high-quality development in China, emphasizing the need for coordinated efforts and implementation of central government directives [2][3]. Group 1: Nationwide Unified Market Construction - The basic requirements for advancing the nationwide unified market are "five unifications and one openness," which include unifying market basic systems, infrastructure, government behavior standards, regulatory enforcement, and resource markets, while continuously expanding both domestic and foreign openness [3]. - Key focuses include legally addressing low-price disorderly competition among enterprises, guiding companies to enhance product quality, and promoting the orderly exit of backward production capacity [3][4]. - The meeting highlighted the importance of integrating domestic and foreign trade, improving the transparency of investment information, and establishing a favorable fiscal and credit system for market unification [3][4]. Group 2: High-Quality Development of Marine Economy - The development of the marine economy should emphasize innovation-driven growth, efficient collaboration, industrial upgrades, harmonious human-ocean relationships, and win-win cooperation [4]. - Policies should encourage social capital participation in marine economic development, enhance independent innovation capabilities in marine technology, and promote the growth of leading marine technology enterprises [4][10]. - The meeting called for strengthening marine ecological environment protection and actively participating in global marine governance [4][10]. Group 3: Data Element Market - The establishment of a nationwide unified data market is crucial for promoting the marketization of data elements, which are now considered a strategic resource for driving technological innovation and economic transformation [10][11]. - The construction of a unified data market is seen as a necessary step to unlock the potential of China's vast market and enhance national competitiveness [11][14]. - The need for legislative innovation in key and emerging areas related to the unified market was emphasized, alongside the importance of using digital technologies to improve judicial support for market fairness [13][14].

Core Viewpoint - The articles emphasize the importance of implementing Xi Jinping's thoughts and directives to promote high-quality development in Zhengzhou, aligning with national strategies for modernization and regional growth [1][2][3]. Group 1: Strategic Goals and Directions - Zhengzhou is positioned to focus on "Two Highs and Four Efforts" as a benchmark for development, aiming to enhance its role as a national central city [2][3]. - The city aims to build a modern industrial system and a strong agricultural sector while improving living standards and social governance [3][4]. - The next five years are critical for Zhengzhou's development, with a focus on advancing manufacturing, technology, and comprehensive strength [4]. Group 2: Implementation and Governance - The city plans to enhance governance through smart city initiatives and create a fair and efficient business environment [4][5]. - There is a commitment to integrating education, technology, and talent development to support high-quality growth [4]. - The emphasis is on collective efforts to translate Xi Jinping's vision into practical outcomes for Zhengzhou's modernization [5][8].

Group 1 - The Municipal Party Committee's 12th Plenary Session emphasizes the importance of implementing Xi Jinping's important speeches and directives for Henan and Zhengzhou, aiming to inspire enthusiasm and commitment among local officials and party members [1][3] - The session approved the "Implementation Opinions" focusing on the "two highs and four focuses" requirements, serving as a guiding document for Zhengzhou's development and modernization efforts [1][2] - The session highlights the need for high-quality development in service areas, particularly in the context of integrating into the national unified market, which is crucial for promoting high-quality growth and modernization [4] Group 2 - The Zhengzhou Heat Supply Group is committed to prioritizing public welfare and improving heating capabilities, aligning with the session's focus on addressing people's needs [5] - The Zhengzhou Power Supply Company emphasizes the importance of reliability in power supply, with a commitment to rapid response and maintenance to ensure uninterrupted service for residents [5][6] - The Zhengzhou Water Supply Group highlights the critical role of water supply safety, with frontline workers dedicated to ensuring the reliability of this essential service [6][7]

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The report indicates that the current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, suggesting a potential turning point in the current cycle [9] - The new housing market shows a significant increase in transaction volume, while the second-hand housing market is experiencing a slight decline [4][20] - The report emphasizes the importance of developing a new model for real estate growth, tailored to local conditions, to better promote high-quality economic development [4] Summary by Sections 1. Sector View - The report recommends strong local state-owned enterprises and quality private enterprises in real estate development, such as China Resources Land, Poly Developments, and Binjiang Group, while suggesting to pay attention to Greentown China [9] - In property management, companies with strong market expansion capabilities and service diversification are highlighted as having long-term investment value, recommending China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service [9] - For real estate brokerage, the report notes that the second-hand housing market has been recovering since August 2022, with a recommendation for leading companies like Beike and a suggestion to pay attention to Wo Ai Wo Jia [10] 2. Real Estate Fundamentals and High-Frequency Data - New housing sales in 36 cities increased by 39.5% week-on-week but decreased by 31.0% year-on-year, with a total of 5043.6 million square meters sold year-to-date, down 4.0% year-on-year [14] - The second-hand housing market saw a slight decline in transaction volume, with a total of 4020.3 million square meters sold year-to-date, up 18.1% year-on-year [20] - The inventory of new homes in 13 cities stands at 7849.6 million square meters, with a de-stocking period of 20.2 months [30] 3. Land Market Situation - The report notes that from June 23 to June 29, 2025, the land transaction area in 100 cities was 1783.7 million square meters, down 23.0% month-on-month and down 55.6% year-on-year [50] - The average land price was 1586 RMB per square meter, reflecting a decrease of 23.8% month-on-month and 19.0% year-on-year [50] - Cumulative land transaction area for 2025 is 52061.3 million square meters, down 7.4% year-on-year [50] 4. Financing Situation - In the domestic credit bond market, real estate companies issued a total of 64.8 billion RMB in bonds last week, a decrease of 37.4% week-on-week [53] - The net financing amount for the week was -49.4 billion RMB, indicating a challenging financing environment [53] - Year-to-date, real estate companies have issued a total of 2299.7 billion RMB in credit bonds, up 7.1% year-on-year [53] 5. Market Review - The real estate sector saw a weekly increase of 3.3%, outperforming the CSI 300 and Wind All A indices, which increased by 2.0% and 3.6%, respectively [58]

Core Viewpoint - The article emphasizes the importance of creating "five environments" to promote high-quality development and efficient governance in Henan Province, aligning with the strategic goals of modernizing the region and enhancing its economic resilience [1][2][3]. Group 1: Importance of the "Five Environments" - Creating the "five environments" is crucial for enhancing the internal motivation for high-quality development and efficient governance, which are essential for building a modernized Henan [2][3]. - The "five environments" include a fair and just legal environment, a convenient and efficient business environment, a trustworthy credit environment, a stable and orderly social environment, and a clear and healthy online environment [1][2]. Group 2: Current Development Challenges - Henan Province faces challenges such as insufficient domestic demand, difficulties in enterprise operations, and pressure on employment and income growth, which necessitate a focus on high-quality development and industrial transformation [3][4]. - The province has achieved coverage in 41 industrial categories and has established advanced manufacturing clusters, indicating a robust industrial foundation [4]. Group 3: Digital Transformation and Innovation - The province is enhancing its digital infrastructure, with significant developments in data centers and supercomputing capabilities, which are vital for driving innovation in the digital economy [6][7]. - The establishment of a digital legal environment is essential to adapt to the challenges and opportunities presented by digital transformation [7]. Group 4: Economic Growth Projections - For 2024, Henan's GDP is projected to reach 6.36 trillion yuan, with various economic indicators expected to grow at rates higher than the national average, showcasing strong development potential [8][9]. Group 5: Governance and Legal Framework - The article highlights the need for a fair legal environment as a foundation for a unified national market, emphasizing the importance of equal legal protection for all economic entities [12][13]. - Efficient governance is seen as a critical support for high-quality development, requiring a focus on modernizing social governance systems [10][11]. Group 6: Social and Credit Environment - Building a trustworthy credit environment is essential for ensuring predictable business operations and fostering a culture of integrity within the market [18][19]. - The establishment of a stable social environment is necessary for effective governance, which includes risk management and emergency response mechanisms [20][21]. Group 7: Online Environment and Cyber Governance - A clear and healthy online environment is crucial for maintaining order in the digital space, which is increasingly important for economic and social development [22][23]. - The article stresses the need for comprehensive online governance to promote positive online behavior and mitigate risks associated with digital interactions [22][23].

Group 1 - The current period in China is critical, characterized by the need for reform and progress, with significant challenges ahead [1][4] - The issuance of the document by the Central Committee and the State Council aims to enhance and improve people's livelihoods, focusing on equitable and accessible development [1][2] - The pilot reform of water resource fees to taxes has shown initial positive effects, with a reported tax revenue of 10.4 billion yuan in the first quarter and a 16.4% increase in revenue from new pilot provinces compared to the previous year [1][2] Group 2 - The ongoing reforms are aimed at addressing bottlenecks and enhancing efficiency, leading to a more substantial sense of gain among the populace and showcasing the resilience of the economy [2][3] - The establishment of a unified national market is underway, with local governments taking proactive measures to eliminate barriers and enhance resource allocation [2][3] - The automotive industry in Anhui has seen significant growth, becoming the top province for vehicle exports, attributed to innovative reforms and effective market coordination [3][4]

光伏组件低至每瓦六毛多，百余款车型加入降价行列，储能系统中标价格屡创新低……一段时间以来， 无序拼价格战、同质化竞争成为一些行业"内卷式"竞争的突出表现。"内卷"之下，竞争失去节制，市场 机制受到扭曲，给高质量发展带来不利影响。 "要深化要素市场化配置改革，主动破除地方保护、市场分割和'内卷式'竞争。" 在准确认识阶段性问题和深刻把握市场规律的基础上，以习近平同志为核心的党中央部署综合整治"内 卷式"竞争。这是解决当前经济发展矛盾的关键举措，是深化经济体制改革的重要保障，也是推动企业 实现创新发展、向价值链中高端攀升、不断增强发展韧性的有效路径。 （一） 破除"内卷式"竞争，是按照经济规律办事的必然要求。 竞争，市场经济的基本特征，也是市场经济的灵魂所在。但竞争有良性竞争和不正当竞争之分，"内卷 式"恶性竞争违背了经济规律，其弊端是显而易见的。 其一，会削弱行业整体竞争力。 近年来，我国新能源汽车产业快速发展，产销量连续10年位居全球第一，为全球碳中和作出积极贡献。 其二，会破坏产业发展生态。 为降低价格和成本，有的企业选择利用优势地位，向上下游"强行压价"、延长账期、转嫁压力。数据显 示，2024年我国零部 ...