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 ...

Core Viewpoint - The article emphasizes China's approach to stabilizing its economy amidst global economic uncertainties through reform and development strategies [1]. Group 1: Economic Response to External Challenges - Since April, the U.S. has implemented "reciprocal tariffs," disrupting global supply chains and challenging multilateral trade orders [2]. - China's foreign trade dependence on the U.S. has decreased from over 20% to around 12%, indicating a strategic reduction in reliance on a single market [2]. - In Q1, China's GDP grew by 5.4%, surpassing last year's growth rate and this year's target of 5% [2]. Group 2: Reform and Policy Initiatives - China has introduced various macroeconomic policies to stimulate economic activity and enhance competitiveness, including the "Promotion Law of Private Economy," which establishes the legal status of the private sector [3]. - New measures aimed at creating a unified national market and market-oriented resource allocation have been implemented to provide systemic support for economic stability [3]. Group 3: Manufacturing Transformation and High-Quality Development - The perception of "Made in China" is evolving, with a shift towards high-end and high-tech manufacturing, as evidenced by a Deutsche Bank report [4]. - China's manufacturing scale is approximately double that of the U.S. and four times that of Japan and Germany, with significant improvements in quality and structure [4]. - Key sectors such as high-speed rail, shipbuilding, and industrial robotics have seen substantial domestic production, with over 50% of global orders in these areas [4]. Group 4: Future Directions for Manufacturing - External pressures may accelerate China's efforts to enhance its industrial structure and upgrade its manufacturing capabilities [5][6]. - Future manufacturing strategies will focus on upgrading traditional industries, advancing strategic emerging industries, and fostering innovation in AI, quantum technology, and life sciences [6].

Group 1 - The construction of a unified national market is a key measure to promote high-quality economic development in China, with Henan playing a significant role due to its central location and rich resources [1] - The futures market serves as a powerful "booster" for Henan to integrate into the national unified market, providing precise guidance for industries through its price discovery function [1] - Futures prices help local farmers in Henan optimize their planting decisions and provide pricing benchmarks for agricultural processing enterprises, enhancing the competitiveness of Henan's agricultural products in the national market [1] Group 2 - Risk management is a core function of the futures market, allowing enterprises to hedge against price volatility and secure costs and profits [2] - The futures market's resource allocation function facilitates the orderly flow of production factors across the country, with a growing variety of futures products covering multiple sectors [2] - The correlation between futures and spot prices exceeds 90% for many products, indicating the maturity of the price formation mechanism and its influence on resource distribution [2] Group 3 - The development of the futures delivery network has optimized logistics and warehousing infrastructure in Henan, enhancing resource utilization efficiency [3] - The establishment of delivery warehouses by Zhengzhou Commodity Exchange has stimulated the growth of the logistics industry in Henan and improved logistics connections with other regions [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report Based on macro - fundamental and technical analysis, the report predicts the trend of various futures on June 26, 2025. Index futures, silver, nickel, tin, industrial silicon, lithium carbonate, coking coal, soda ash, methanol, and natural rubber futures are expected to show a strong - side oscillation. Crude oil, fuel oil, and soybean meal futures are likely to have a weak - side oscillation. Treasury bond, gold, copper, aluminum, glass futures are expected to oscillate and consolidate [2][3][4][7]. Summary by Related Catalogs 1. Futures Market Outlook - **Index Futures**: On June 26, IF2509, IH2509, IC2509, and IM2509 are expected to oscillate strongly. Resistance and support levels are provided for each contract [2][19]. - **Treasury Bond Futures**: The ten - year T2509 and thirty - year TL2509 are likely to oscillate and consolidate on June 26, with corresponding support and resistance levels [3][42][46]. - **Precious Metal Futures**: Gold futures AU2508 will likely oscillate and consolidate on June 26, while silver futures AG2508 are expected to oscillate strongly [3][47][54]. - **Base Metal Futures**: Copper CU2508, aluminum AL2508, and glass FG509 are expected to oscillate and consolidate on June 26. Alumina AO2509, nickel NI2508, and tin SN2508 are expected to oscillate strongly [3][4][59][69]. - **Energy and Chemical Futures**: Crude oil SC2508 and fuel oil FU2509 are expected to oscillate weakly on June 26. Industrial silicon SI2509, lithium carbonate LC2509, coking coal JM2509, soda ash SA509, methanol MA509, and natural rubber RU2509 are expected to oscillate strongly [4][7][103]. - **Agricultural Futures**: Soybean meal M2509 is expected to oscillate weakly on June 26 [7]. - **Building Materials Futures**: Rebar RB2510, hot - rolled coil HC2510, and iron ore I2509 are expected to oscillate weakly on June 26 [4][5][85]. 2. Macro News and Trading Tips - **Domestic News**: Chinese leaders made statements on economic globalization, domestic market construction, and other aspects. Relevant departments launched special rectification actions and issued policies on attracting foreign investment [8][9]. - **International News**: US President Trump made statements on multiple issues, including Iran, the Fed chair, and trade policies. NATO members reached a defense spending agreement. The EU may impose retaliatory tariffs on the US [9][10][11]. 3. Commodity Futures - Related Information - **International Oil Prices**: On June 25, international oil prices fluctuated narrowly, with US oil rising 0.9%. US EIA crude oil inventories decreased more than expected [11]. - **International Precious Metals**: On June 25, international precious metal futures generally rose, with COMEX gold rising 0.37% and silver rising 1.35% [11]. - **London Base Metals**: On June 25, most London base metals rose, with LME tin rising 2.5%, zinc and nickel rising 1%, and copper rising 0.6% [12]. - **Steel Output**: In May, global crude steel output decreased by 3.8% year - on - year, with China's output down 6.9% and India's up 9.7% [12]. - **Exchange Rates**: On June 25, the on - shore RMB against the US dollar rose, and the US dollar index fell [12][13].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The financial technology sector is active, and the index continues to rise. The approval of Guotai Junan International to provide virtual asset trading services in Hong Kong drives the financial technology sector up. The joint issuance of 19 policy measures by six departments to support expanded consumption boosts market sentiment. It is expected that the stock index will continue to rise after digestion [1][3]. - In the futures market, the basis of stock index futures has been rapidly repaired, and the trading volume and open interest of some contracts have increased [2]. 3. Summary by Relevant Catalogs Market Analysis - **Policy Environment**: Domestically, Vice Premier He Lifeng emphasizes accelerating the construction of a unified national market, expanding domestic demand, and promoting the innovative development of enterprises in high - end equipment manufacturing and other fields. Overseas, Powell mentions that the Fed is not in a hurry to act due to high - tariff uncertainties and possible factors for interest rate cuts [1]. - **Spot Market**: A - share major indices continue to rebound. The Shanghai Composite Index rises 1.04% to close at 3455.97 points, and the ChiNext Index rises 3.11%. Most sector indices rise, with non - banking finance, national defense and military industry, computer, and power equipment leading the gains. The trading volume of the Shanghai and Shenzhen stock markets rises to 1.6 trillion yuan. In overseas markets, the three major US stock indices close with mixed results [1]. - **Futures Market**: The basis of stock index futures is rapidly repaired, especially for IC and IM. The trading volume of IF, IC, and IM increases, and the open interest of stock index futures rebounds [2]. Strategy - Guotai Junan International's approval to provide virtual asset trading services in Hong Kong drives the financial technology sector to lead the rise. The policy measures to support consumption boost market sentiment. It is expected that the stock index will continue to rise after digestion [3]. Charts - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][10][9]. - **Spot Market Tracking Charts**: The daily performance table of domestic major stock indices shows that on June 25, 2025, the Shanghai Composite Index rises 1.03%, the Shenzhen Component Index rises 1.72%, the ChiNext Index rises 3.11%, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [12]. - **Stock Index Futures Tracking Charts**: The table of trading volume and open interest shows changes in the trading volume and open interest of IF, IC, IH, and IM contracts. The table of basis shows the basis and its changes for different contracts in different periods. The table of inter - period spreads shows the spreads and their changes between different contract periods [16][34][42].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The fourth round of coke price cuts has been implemented, with wet - quenched coke lowered by 220 yuan/ton and dry - quenched coke by 240 yuan/ton. Steel has entered the off - season, and its price is expected to fluctuate within a narrow range. Coke fundamentals have improved, and its futures price is expected to fluctuate. [7] - For coking coal, due to safety inspections and environmental protection, supply has tightened marginally but is expected to resume production soon. The coking coal spot market is stable, and the futures market is expected to fluctuate. [7] Group 3: Summary by Related Catalogs 1. Futures and Spot Market - **Coke Futures**: For example, J2601 closed at 1428.0 (previous day 1399.5), up 28.5; J2605 closed at 1458.5 (previous day 1418.0), up 40.5. [2] - **Coking Coal Futures**: JM2601 closed at 847.5 (previous day 827.5), up 20.0; JM2605 closed at 872.5 (previous day 855.8), up 20.0. [2] - **Spot Market**: Xingtai coke factory - price was 1260 (unchanged), Australian low - volatile coking coal was 888 (down 4). [2] 2. Fundamentals - **Coke Fundamentals**: 247 steel enterprises' daily iron - water output was 242.2 (up 0.57, 0.24% MoM); independent coking plants' coke inventory was 115.6 (down 10.1, - 8.06% MoM). [2] - **Coking Coal Fundamentals**: 110 coal - washing plants' daily coking coal output was 51.0 (up 3.5, 6.70% MoM); port coking coal inventory was 303.3 (down 8.7, - 2.79% MoM). [2] 3. Important News - Premier Li Qiang attended the 2025 Summer Davos Forum, stating that China will continue to integrate into the global market. [4] - On June 25, the main port iron ore transactions were 107.70 million tons, up 32.5% MoM; 237 mainstream traders' construction steel transactions were 9.35 million tons, up 0.3% MoM. [5] - From June 1 - 22, the national passenger car market retail was 126.9 million vehicles, up 24% YoY compared with the same period last June. [6] 4. Trading Strategies - Coke prices have been cut for the fourth time. Steel is in the off - season, and coke fundamentals have improved. Futures prices are expected to fluctuate. [7] - Coking coal supply has tightened marginally, and the market is expected to be stable with futures prices fluctuating. [7]

Economic Outlook - The mid-year performance is expected to show slight improvement, but challenges remain due to geopolitical disturbances and high year-on-year comparison pressures [1] - There is potential for domestic consumption to grow, but investors are more focused on the details of implementation [1] - The liquidity environment is expected to remain moderately loose, making significant index adjustments unlikely [1] Stock Market Performance - The U.S. stock market showed mixed results, with the Dow Jones down 0.25% and the Nasdaq up 0.31%, marking a three-day winning streak for the Nasdaq [4] - Nvidia's stock rose by 4.3%, reaching a market capitalization of $3.75 trillion, with a target price increase from Loop Capital to $250 [4] - Tesla's stock fell by 3.8%, with a reported 28% year-on-year decline in new car sales in Europe for May [4] Company Announcements - Changchuan Technology expects a net profit increase of 67.54% to 95.46% year-on-year for the first half of 2025, driven by strong demand in the integrated circuit industry [7] - ST Huamei's controlling shareholder will change to the Jilin Provincial State-owned Assets Supervision and Administration Commission, with stock resuming trading on June 26, 2025 [8][9] - Nord Shares clarified that revenue from its copper foil business related to solid-state batteries is less than 1% of total revenue, indicating limited impact on overall performance [10] Industry Developments - The Shenzhen Municipal Bureau of Commerce released measures to promote high-quality service consumption, aiming to stimulate domestic demand and support the construction of an international consumption center [5] - Chengdu introduced 14 policies to support the development of the low-altitude economy, including subsidies for commercial operations [6] - Xiangtan Electric announced collaboration with solid-state battery companies for research and development, although it is still in the testing phase and has not yet generated revenue [11]

Group 1 - The core viewpoint emphasizes the importance of building a unified national market to enhance economic resilience and promote effective market and government collaboration [1][2] - Recommendations include strengthening fair competition reviews, addressing barriers to economic circulation, and enhancing regulatory frameworks to support market integration [1] - The establishment of a long-term mechanism for private enterprises to participate in national technology initiatives is suggested, focusing on improving the development environment for private companies [3][4] Group 2 - The need for a unified technology transfer system and a platform for rapid matching of innovation results with market demands is highlighted to enhance the conversion of scientific achievements [5][6] - Investment in human capital is proposed as a strategy to drive high-quality development, linking improvements in living standards with economic growth [7] - Recommendations for optimizing the fiscal relationship between central and local governments to ensure balanced regional development and effective public service delivery are presented [8][9] Group 3 - The financial system's role in supporting private enterprises and technological innovation is emphasized, with suggestions for improving financial support mechanisms [10] - A multi-faceted investment growth mechanism is proposed to foster future industries, focusing on government guidance and innovative financing models [11][12] - The importance of addressing challenges in the AI industry, particularly in data sharing and computational power, is discussed to promote innovation [13][14] Group 4 - Recommendations for enhancing agricultural technology promotion through systemic reforms and innovative service models are outlined to support agricultural development [15][16] - The role of county-level cities in urban-rural integration is emphasized, with suggestions for improving infrastructure and public services [17][18] - Strategies for promoting high-quality employment for college graduates, including enhancing cooperation between educational institutions and industries, are proposed [19] Group 5 - The need for a new model of real estate development is highlighted, focusing on meeting the housing needs of new citizens and young people while ensuring market stability [20] - Suggestions for enhancing investment quality and efficiency in the Belt and Road Initiative are presented, emphasizing financial coordination and risk management [21][22] - The importance of stabilizing and improving the quality of foreign investment and trade is discussed, with a focus on attracting high-end service industries and supporting domestic enterprises in international markets [23]

再看一间铺子。上海定兴路6号，卖蛋饼的店铺外，不同肤色和国籍的人在排队。签证便利，食客云 集，小巷小店里富含"国际浓度"。人们品尝美食、品味中国，余味悠长。 空箱子映照大制造、大市场，小蛋饼散发烟火气、好味道。这从一个侧面展现了中国的开放与活力，以 内在发展的高质量，吸引外部融入的大流量。 统筹内与外，是观察发展的重要视角，也是推动发展的重要方法。内有活力，外有引力，让有利于发展 的要素为我所用，方能拓展出成长的大空间。 辩证地看，不同地域、领域的发展阶段、特点不尽相同，相互间存在差别也属正常。把"外部"的积极因 素，吸纳到自身发展之中，就能够打开发展的新维度，"内外有别"也会变为"内外一体"。 内外兼顾，向好发展，先要研判趋势、抓住机遇，在明确优势与短板中找准定位。这既要看自己有什 么，又要看区域有什么，更要看发展大势是什么。 当网购成常态，不做零售又不从事运输的企业，如何融入大潮、抢抓大机遇？背靠长三角"包邮区"的安 徽南陵县，瞄准市场空白，打造智能物流装备产业，仅物流分拣设备的国内市场占有率就超过35%。南 陵物流智能装备产业的"从无到有"，秘诀就在于"走开放的道路，跨出自己的小天地"。 "我"与"你" ...

Group 1 - The introduction of gray jujube from Henan to Xinjiang has led to its emergence as the highest yielding jujube variety in China, with significant contributions to the local economy [1] - The launch of jujube futures by Zhengzhou Commodity Exchange in 2019 has facilitated price discovery and risk management, while also promoting quality improvement and industry transformation [1][2] - The lack of unified standards previously hindered the economic benefits of the jujube industry, but the futures market has helped establish clear product standards, enhancing market liquidity and efficiency [1][2] Group 2 - Zhengzhou Commodity Exchange has focused on practical market needs in developing jujube futures delivery standards, converting subjective descriptions into specific quantitative indicators to enhance industry efficiency [2] - The establishment of a unified national market is a significant decision by the central government aimed at promoting high-quality development, with Henan leveraging its local industry advantages to support this initiative [2][4] - The futures market has played a crucial role in standardizing the jujube industry, leading to improved quality and competitive pricing, which benefits both producers and traders [1][4] Group 3 - Henan is a leading province in peanut production, with over 500,000 acres dedicated to high oleic peanuts, supporting the development of peanut futures and contributing to industry upgrades [3] - The introduction of peanut futures has led to a unified quality standard and diverse pricing models, addressing market information asymmetries and promoting large-scale, standardized production [3][4] - Henan hosts the majority of standardized production bases for green food raw materials (peanuts) in China, enhancing the overall quality and safety of peanut products [3][4] Group 4 - "Henan standards" are becoming a benchmark for the national peanut market, with Zhengzhou Commodity Exchange actively supporting the establishment of unified standards across various agricultural sectors [4] - The integration of spot and futures markets in Henan is contributing to the establishment of a unified national market for agricultural products like peanuts and jujubes, promoting modernization and efficiency [4]