Report Industry Investment Rating - Not provided Core Viewpoints - For soda ash, supply is expected to remain ample while demand contracts, and prices will continue to face pressure. The basis of soda ash starts to converge, and basis convergence trading may continue. The probability of a short - term halt in the price decline and a rebound for soda ash increases. It is recommended to go long on soda ash in the short - term and short the main contract in the medium - to - long - term [2]. - For glass, the supply decreases slightly, and the industry profit is poor with a downward trend. Demand is expected to weaken further. The basis remains within a normal range, and subsequent market trading is more about policy expectations. The rebound height and strength are expected to be limited. It is recommended to go long on glass at low prices in the short - term and short in the medium - to - long - term [2]. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price is 1183 yuan/ton, down 22 yuan; glass main contract closing price is 1039 yuan/ton, down 13 yuan. Soda ash main contract position is 1648012 lots, up 177559 lots; glass main contract position is 1524412 lots, up 22334 lots. Soda ash top 20 net position is - 279455, up 28480; glass top 20 net position is - 205464, up 145295. Soda ash exchange warehouse receipts are 3674 tons, down 5 tons; glass exchange warehouse receipts are 802 tons, down 55 tons. Soda ash September - January contract spread is - 20, down 5; glass September - January contract spread is - 87, down 2. Soda ash basis is - 15 yuan/ton, down 50 yuan; glass basis is 4 yuan/ton, down 72 yuan [2]. Spot Market - North China heavy soda ash is 1190 yuan/ton, down 10 yuan; Central China heavy soda ash is 1250 yuan/ton, down 50 yuan. East China light soda ash is 1175 yuan/ton, unchanged; Central China light soda ash is 1155 yuan/ton, down 45 yuan. Shahe glass sheets are 1056 yuan/ton, unchanged; Central China glass sheets are 1070 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate is 82.21%, down 4.25 percentage points; float glass enterprise operating rate is 75%, down 0.34 percentage points. Glass in - production capacity is 15.68 million tons/year, up 0.14 million tons; glass in - production line number is 222, down 1. Soda ash enterprise inventory is 176.88 million tons, up 0.19 million tons; glass enterprise inventory is 6921.6 million heavy boxes, down 67.1 million heavy boxes [2]. Downstream Situation - Cumulative real estate new construction area is 23183.61 million square meters, up 5347.77 million square meters; cumulative real estate completion area is 18385.14 million square meters, up 2737.29 million square meters [2]. Industry News - Deputy Premier Zhang Guoqing emphasized technological empowerment and industrial innovation in Hubei. The National Development and Reform Commission arranged over 300 billion yuan for the third - batch "two major" construction projects in 2025, and the 800 - billion - yuan project list for this year has been fully released. EU Commission President von der Leyen met with Wang Yi, and an important China - EU leaders' meeting is upcoming. The CSRC aims to prevent risks in bond defaults and private funds and optimize capital market mechanisms. In the first half of this year, 12.6 million new A - share accounts were opened, a year - on - year increase of 32.77% [2]. Macro - level and Market Analysis - Guided by the Sixth Meeting of the Central Financial and Economic Commission on capacity reduction, both soda ash and glass prices rose significantly. For soda ash, the domestic operating rate and production declined this week, supply is still ample, and profits have turned negative, indicating a further slowdown in production growth and a possible increase in cold repairs. For glass, one more production line was cold - repaired, and overall production decreased slightly. Photovoltaic glass demand is showing a downward trend [2].

涨跌都能赚 盈利就能离场！点击开通期货"T+0、双向交易"特权！>>> "反内卷"政策持续发酵，黑色建材、能源金属等涨幅居前，铁矿、多晶硅、焦炭等涨超2%！多晶硅盘中一度涨超4%，但午后小幅 跳水，涨幅缩窄至2%附近。 继周三涨停之后，周四多晶硅涨幅收窄，盘中先跌后涨，截至发稿前涨幅在3%以上。光大期货分析称，现货企业报价同步上调， SMM多晶硅N型硅料价格涨至36000元/吨，最低交割品N型硅料价格涨至36000元/吨，现货对主力升水收至950元/吨。 从背后驱动因素来看，本周多晶硅大涨主要与政策提到的反内卷预期有关，市场普遍认为去产能行动大幕开启，多晶硅限产落地有 望提速，提振盘面价格。在短期情绪刺激下，多晶硅价格实现触底反弹，生产利润略得到修复。2.基本面来看，据SMM调研，7月 组件排产环比-2%至45-46GW基本符合预期，光伏终端订单走弱，下游电池片企业采购意愿依然偏弱，自下而上承压。而上游西南 部分企业月内有复产预期，预计硅料整体供给将小幅增长，行业累库风险或继续增长，价格的下行驱动依然较强。短期政策主导市 场情绪，且一时难以证伪，盘面或维持偏强表现。但在价格抬升给到企业套保利润后，中期价格或有 ...

Group 1: Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index closing at 24,221 points, up 149 points or 0.62% [2] - The Hang Seng Technology Index declined by 0.64%, while the main board turnover exceeded HKD 240.2 billion, a decrease of 0.8% from the previous day [2][3] - Northbound trading continued to show a net inflow trend, with a net inflow of HKD 5.036 billion, down 3.5% from the previous day [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, only the Information Technology sector declined by 0.51%, while the other 11 sectors reported gains, with Materials, Real Estate & Construction, and Financials leading with increases between 1.13% and 2.72% [3] - The Materials sector surged due to market expectations of improved operating conditions from the "anti-involution" initiatives, with major reductions in production announced in the photovoltaic, steel, and cement industries [3] Group 3: Company Analysis - Lens Technology - Lens Technology, established in 2003 and listed in 2015, is a leading provider of precision manufacturing solutions across the entire supply chain for smart terminals, covering materials, functional components, and assembly [9] - The company holds a market share of 13.0% in the global consumer electronics precision components and module solutions industry, and 20.9% in the smart automotive interaction systems sector [9][10] - Revenue projections for 2022-2024 are HKD 467.0 billion, HKD 544.9 billion, and HKD 699.0 billion, with a compound annual growth rate (CAGR) of 22.3% [10] Group 4: Industry Outlook - The global market for consumer electronics precision components and module solutions is expected to reach USD 66.3 billion by 2024, with a CAGR of 53.4% for AI glasses/XR headsets from 2025 [11] - The smart automotive interaction systems market is projected to grow from USD 4 billion in 2024 to USD 9.3 billion by 2029, with a CAGR of 18.2% [11] Group 5: Competitive Advantages - Lens Technology's vertical integration capabilities across the entire supply chain, along with strong customer relationships with leading brands, position it favorably in the market [12] - The company has robust R&D capabilities, focusing on new materials and technologies, which enhances its competitive edge [12] Group 6: IPO Details - The IPO subscription period is from June 30 to July 4, 2025, with trading expected to commence on July 9 [14] - The company anticipates net proceeds of approximately HKD 4.59 billion from the global offering, with funds allocated for product expansion, overseas business growth, and enhancing manufacturing capabilities [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Chinese economy shows mixed trends with stable GDP growth, some improvement in manufacturing and non - manufacturing PMIs, and varying performance in other economic indicators. The capital market is undergoing reforms to optimize mechanisms and protect investors. Different industries such as metals, energy, and agriculture face diverse market situations [1][2][15] - The bond market in China has a strong performance recently, while the exchange rate of the RMB against the US dollar has some fluctuations. The stock market has sector - specific movements, with some traditional sectors showing strength and new开户 numbers increasing [21][26][29] 3. Summary by Directory 3.1 Macro Data - GDP in Q1 2025 had a 5.4% year - on - year growth, unchanged from the previous quarter but slightly higher than the same period last year. The manufacturing PMI in June 2025 was 49.7%, up from 49.5% in the previous month. The non - manufacturing PMI for business activities in June was 50.5%, also up from 50.3% in the previous month [1] - In May 2025, social financing scale increased, M0, M1, and M2 had different year - on - year growth rates, and financial institution RMB loans increased. CPI remained at - 0.1% year - on - year, while PPI decreased further to - 3.3% year - on - year. Fixed - asset investment growth slowed, while social consumer goods retail grew [1] - In May 2025, exports had a 4.8% year - on - year growth, down from 8.1% in the previous month, and imports decreased by 3.4% year - on - year [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The CSRC will optimize capital market mechanisms, protect investors, and promote reforms. The DCE will list pure benzene futures and options on July 8, which will provide risk - management tools for the industry [2] - The US ADP employment in June decreased by 33,000, the first negative growth since March 2023, and the market fully priced in a Fed rate cut in September [2] 3.2.2 Metals - Chinese lithium - battery industry chains are expanding to Southeast Asia. New regulations on anti - money - laundering reporting for large - scale precious - metal cash transactions have little impact on ordinary consumers [3] - On July 2, international gold prices declined slightly. However, with expectations of a Fed rate cut and strong central - bank gold purchases, gold prices are expected to remain stable. Multiple institutions are bullish on gold prices in 2026 [3][4] - On July 1, LME aluminum, copper, and nickel inventories increased, while zinc, lead, tin inventories decreased [4] 3.2.3 Coal, Coke, Steel, and Minerals - On July 2, A - share steel and photovoltaic sectors had a rally due to the "anti - involution" campaign. Tangshan is likely to intensify environmental protection - related production restrictions [6] - Vale lowered its 2025 iron ore pellet production forecast. Indonesia plans to shorten the mining quota validity period from three to one year [6][7] 3.2.4 Energy and Chemicals - OPEC's crude - oil production reached a four - month high in June due to Saudi Arabia's push to regain market share, increasing downward pressure on oil prices [9] - The US EIA crude - oil inventory in the week ending June 27 was 3.845 million barrels, higher than expected. US weekly crude imports increased, while exports and domestic production decreased slightly [9][10] 3.3 Financial News Compilation 3.3.1 Open Market - On July 2, the central bank conducted 98.5 billion yuan of 7 - day reverse - repurchase operations, resulting in a net withdrawal of 266.8 billion yuan. In June, the central bank had net liquidity injections through various tools [14] 3.3.2 Key News - Many foreign institutions have raised their forecasts for China's economic growth. The NDRC has allocated over 300 billion yuan for the third - batch of "two important" construction projects in 2025 [15] - The CSRC emphasizes capital - market reforms and risk prevention. The Ministry of Finance plans to issue and use special and special - purpose bonds earlier, and some super - long - term special bonds will be issued ahead of schedule in Q3 [15][16] - The "self - review and self - issuance" pilot for local government special bonds is progressing, and the issuance is expected to speed up in H2. The logistics industry index in June was 50.8%, up from the previous month [17] 3.3.3 Bond Market - China's bond market showed a strong performance, with yields of major interest - rate bonds in the inter - bank market falling and bond - futures prices rising. The money - market rates mostly declined [21][23] - In the exchange - bond market, some bonds rose, while others fell. The convertible - bond market had mixed performance. Overseas, European and US bond yields generally increased [22][24][25] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1670 on July 2, down 52 points from the previous day. The US dollar index rose 0.14% in New York trading, and most non - US currencies fell [26] 3.3.5 Research Report Highlights - CITIC Securities believes that the RMB internationalization has room for improvement in investment and official reserves, and suggests several development directions. CICC Fixed Income recommends paying attention to REITs' allocation opportunities [27] - Fitch Ratings believes that using special bonds to purchase existing commercial housing for affordable housing can strengthen the policy function of Chinese urban - investment enterprises [27] 3.4 Stock Market News - On July 2, A - share steel and photovoltaic sectors had a rally due to the "anti - involution" campaign. In June, A - share new accounts increased by 5.84% month - on - month, and the H1 total was 32.77% higher than in 2024 [29][30] - The Hong Kong market has been rising this year, with the Hang Seng Index up 20% in H1 and significant south - bound capital inflows. The IPO outlook in Hong Kong has been upgraded [31][32]

Group 1: Report General Information - Report Title: Spiral Steel and Hot - Rolled Steel Morning Report (2025 - 7 - 3) [1] - Author: Hu Yuxiu from Dayue Futures Investment Consulting Department [1] - Contact Information: Phone 0575 - 85226759 [1] Group 2: Investment Ratings - No specific industry investment rating is provided in the report. Group 3: Core Views - **For Threaded Steel (Rebar)**: Consider a volatile and slightly bullish approach. Demand is seasonally rising, inventory is slightly decreasing at a low level, but traders' purchasing willingness is still weak, and the downstream real - estate industry is in a downward cycle. The basis is positive, inventory is decreasing both month - on - month and year - on - year, the price is above the 20 - day line with the 20 - day line rising, but the main position is net short with a reduction in short positions. The real - estate market remains weak, future demand may cool down, and domestic capacity - reduction plans will impact the market [2]. - **For Hot - Rolled Coil**: Consider a volatile and slightly bullish approach. Both supply and demand are weakening, inventory is decreasing, exports are blocked, and domestic policies may come into play. The basis is positive, inventory is decreasing both month - on - month and year - on - year, the price is above the 20 - day line with the 20 - day line rising, but the main position is net short with an increase in short positions. Market supply and demand are weakening, exports are blocked, and domestic capacity - reduction plans will impact the market [6]. Group 4: Factors Affecting the Market For Threaded Steel - **Likely Positive Factors**: Low production and inventory levels, and the spot price is at a premium [3] - **Likely Negative Factors**: The downstream real - estate industry is in a continuous downward cycle, and terminal demand is weaker than the same period [3] For Hot - Rolled Coil - **Likely Positive Factors**: Fair demand, and the spot price is at a premium [8] - **Likely Negative Factors**: Downstream demand has entered a seasonal off - season, and the outlook is pessimistic [9] Group 5: Market Data Price Data - **Threaded Steel Spot Price**: 3130 yuan, basis 65 [2] - **Hot - Rolled Coil Spot Price**: 3200 yuan, basis 9 [6] - **Other Prices**: Including prices of rebar in Southeast Asia, hot - rolled coil in Southeast Asia, Tangshan billet, domestic scrap steel, etc. [16][19][23] Inventory Data - **Threaded Steel Inventory**: 363.4 million tons in 35 major cities nationwide, decreasing both month - on - month and year - on - year [2] - **Hot - Rolled Coil Inventory**: 262.94 million tons in 33 major cities nationwide, decreasing both month - on - month and year - on - year [6] Production and Consumption Data - **Production**: Data on weekly production of threaded steel and hot - rolled coil are presented [35][38] - **Consumption**: Data on apparent consumption, apparent consumption year - on - year, and inventory - to - consumption ratio of threaded steel and hot - rolled coil are provided [66][71][69] Other Related Data - Construction material trading volume, real - estate development investment and sales area (cumulative year - on - year), housing new construction, construction and completion area (cumulative year - on - year), manufacturing PMI, steel monthly export data, cement price, etc. [77][80][84]

Core Viewpoint - The steel sector is experiencing a rebound, with companies like Liugang Co., Ltd. achieving three consecutive trading limit increases, indicating positive market sentiment and potential recovery in the industry [1] Group 1: Company Performance - Liugang Co., Ltd. has seen a three-day trading limit increase, reflecting strong investor interest and confidence in its stock performance [1] - Chongqing Steel has risen over 5%, indicating a broader positive trend among steel stocks [1] - Other companies such as Linggang Co., Anyang Iron & Steel, Bayi Steel, Hualing Steel, New Steel, and Hebei Steel have also experienced gains, suggesting a collective recovery in the sector [1] Group 2: Industry Trends - A new round of industry "anti-involution" and capacity reduction actions has commenced, particularly affecting the solar, steel, and cement industries [1] - The steel industry is rapidly implementing production cuts as part of these measures, which may lead to improved market conditions and pricing stability [1]

Global Market Overview - The Hang Seng Index closed at 24,221, down 0.26% for the day but up 42.08% year-to-date [1] - The S&P 500 in the US closed at 6,227, up 0.88% for the day and 30.56% year-to-date [1] - The DAX in Germany closed at 23,790, down 1.01% for the day but up 42.02% year-to-date [1] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index rose 0.06% for the day and is up 48.18% year-to-date, while the Hang Seng Real Estate Index increased by 1.22% but is down 2.68% year-to-date [2] - The Chinese stock market saw gains in energy, real estate, and materials, while information technology, healthcare, and telecommunications lagged [3] Investment Opportunities - Geely Automobile (175 HK) is rated as a "Buy" with a target price of 24.00, representing a potential upside of 47% from its current price of 16.32 [4] - Xpeng Motors (XPEV US) is also rated as a "Buy" with a target price of 28.00, indicating a 52% upside from its current price of 18.37 [4] - Tencent (700 HK) has a target price of 660.00, suggesting a 32% upside from its current price of 501.50 [4] Economic Indicators - The US ADP employment data unexpectedly declined, raising expectations for interest rate cuts, while the two-year Treasury yield fell [3] - The market is closely watching the upcoming non-farm payroll data, which may reflect a dual impact from economic slowdown and reduced labor supply due to immigration policies [3]

Group 1: ETF Market Overview - The total scale of ETFs surpassed 4 trillion yuan, reaching 4.31 trillion yuan, a year-on-year increase of 15.57% [1] - Bond ETFs experienced the largest growth, increasing by 120.71% to 383.976 billion yuan [1] - Broad-based ETFs accounted for half of the total ETF scale, with a current size of 2.23 trillion yuan, reflecting a 2% increase [1] - Eighteen ETFs saw their scale grow by over 10 billion yuan, with seven being stock ETFs, primarily in broad-based and thematic sectors [1] - 华夏基金 led the market with an increase of 93.17 billion yuan, managing a total of 751.336 billion yuan in ETFs [1] Group 2: Fund Distributions - Over a thousand funds have distributed dividends this year, totaling over 120 billion yuan, a 38% increase year-on-year [1] - The 华泰柏瑞沪深300ETF set a record with a single distribution of 8.394 billion yuan, the highest in domestic ETF history [1] Group 3: Special Bonds and Debt Issuance - The issuance of special bonds is expected to accelerate in the second half of the year, enhancing investment and growth stability [2] - The Ministry of Finance announced the issuance of 11 ultra-long special government bonds in the third quarter, with some issuance dates moved forward [2] Group 4: Industry Capacity Reduction - Various industries, including steel and photovoltaics, have initiated capacity reduction measures in response to "involution" competition [3] - The central government emphasized the need for orderly exit of backward production capacity, leading to a wave of industry adjustments [3] Group 5: Natural Gas Processing Facility - China's first full-chain deep cold processing plant for natural gas has commenced operations, capable of processing 2 billion cubic meters annually [3] Group 6: Corporate Developments - 河北资产管理股份有限公司 has submitted an application for an IPO in Hong Kong, marking a significant step for local asset management companies [5] - 立讯精密 is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and financing capabilities [5] - 天赐材料's subsidiary has filed a lawsuit for commercial secret infringement, with expected economic losses of 8.87 billion yuan [6] - 瑞康医药's board member has been placed under detention, but the company's operations remain unaffected [7] - 棒杰股份 reported overdue loans totaling 9.67 billion yuan in its photovoltaic segment, representing 322.51% of its audited net assets for 2024 [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively presents the overnight performance of global financial markets, including the trends of various futures, important macro - economic news, and the performance of different financial sectors. It also provides data on industries such as energy, metals, agriculture, and offers insights into market expectations and industry developments. Summary by Related Catalogs Overnight Night - Market Trends - International oil prices rose strongly, with the US oil main contract up 3.18% at $67.53 per barrel and Brent crude up 3.00% at $69.12 per barrel [2]. - International precious metal futures generally closed higher, with COMEX gold up 0.56% at $3368.7 per ounce and COMEX silver up 1.08% at $36.79 per ounce [3]. - Most London base metals rose, with LME zinc up 1.44% at $2753.00 per ton, LME lead up 1.25% at $2063.50 per ton, and LME copper up 0.77% at $10010.00 per ton [4]. - CBOT agricultural product futures closed higher across the board, with soybeans up 2.00% at 1047.75 cents per bushel, corn up 3.02% at 418.25 cents per bushel, and wheat up 2.91% at 565.00 cents per bushel [4]. - Most domestic futures contracts rose, with glass up over 3%, coking coal up over 2%, and others like iron ore and coke up over 1%. Some contracts like 20 - gauge rubber (NR) and corn declined slightly. SC crude closed up 2.11% at 509.0 yuan per barrel [4]. Important Information Macroeconomic Information - In the first half of 2025, the scale of new special bonds issued across the country was about 2.1607 trillion yuan, a year - on - year increase of about 44.7%. The scale of local bond issuance was about 5.4902 trillion yuan, a year - on - year increase of about 57.2% [7]. - The China Securities Regulatory Commission emphasized maintaining market stability and preventing risks in areas such as bond defaults and private funds [7]. - The People's Bank of China issued a notice on anti - money laundering and anti - terrorist financing management for precious metal and gemstone institutions [7]. - Hamas is studying a new cease - fire agreement draft for the Gaza Strip, while Israel aims to free hostages and eliminate Hamas [8]. - The US Federal Housing Finance Agency called for an investigation into Fed Chairman Powell [8]. - According to CME's "FedWatch", the probability of the Fed keeping interest rates unchanged in July is 74.7%, and the probability of a 25 - basis - point cut is 25.3% [9]. Energy and Chemical Futures - As of June 30, the total refined oil inventory at the Fujairah Port in the UAE increased by 3.6 million barrels to 19.156 million barrels. Light distillate and medium distillate inventories increased, while heavy residual fuel oil inventory decreased [11]. - Goldman Sachs believes that if OPEC + decides to increase production on Sunday, the market may not react strongly. It expects the August production increase to be the last, but there is a risk of further quota increases after August [11]. - As of July 2, China's methanol port inventory was 67.37 million tons, an increase of 0.32 million tons from the previous period. The East China region saw inventory accumulation, while the South China region saw inventory reduction [11]. - As of June 27, US commercial crude oil inventory (excluding strategic reserves) increased by 3.845 million barrels to 419 million barrels, a 0.93% increase, and strategic petroleum reserve inventory increased by 0.239 million barrels to 402.8 million barrels, a 0.06% increase [12]. Metal Futures - Guinea's mining minister announced a series of reforms for the mining industry [14]. - US private - sector employment decreased by 33,000 in June, the largest decline since March 2023 [14]. - Indonesia plans to shorten the mining quota period from three years to one year [15]. Black - Series Futures - Vale lowered its 2025 iron ore pellet production forecast to 31 - 35 million tons from the previous 38 - 42 million tons [17]. - Regarding the rumor of a 30% sintering machine production limit in Tangshan from July 4 - 15, about half of the steel mills said they received the notice, and if implemented, sinter production may decrease by 30,000 tons per day [17]. - On July 2, coal production in Ordos gradually recovered as some previously reduced - production or shut - down mines resumed operations [18]. Agricultural Product Futures - In June, India's palm oil imports increased by 61% month - on - month to 953,000 tons, while soybean oil imports decreased by 9% to 363,000 tons, and sunflower oil imports increased by 18% to 216,000 tons. Total edible oil imports increased by 30% to 1.53 million tons [20][21]. - As of June 27, CBOT soybean deliverable inventory was 8.949 million bushels, a 0.82% decrease from the previous week and a 159.69% increase from the same period last year [21]. - China's soybean purchases for August shipments are almost complete, about 50% for September shipments, and there are no purchases for October - December shipments [22]. Financial Markets Financial - On Wednesday, the A - share market closed lower, with technology stocks falling and resource stocks rising. The Shanghai Composite Index fell 0.09% to 3454.79 points, and the market turnover was 1.41 trillion yuan [24]. - The Hong Kong Hang Seng Index rose 0.62% to 24,221.41 points. Southbound funds had a net purchase of HK$5.036 billion, while Alibaba was net - sold HK$1.734 billion [24]. - In June, A - share new accounts reached 1.65 million, a 5.84% month - on - month increase. In the first half of 2025, A - share new accounts totaled 12.6 million, a 32.77% increase from the same period in 2024 [25]. - In the first half of 2025, the Hong Kong market rose, with the Hang Seng Index up 20% and the Hang Seng Tech Index up 18.68%. Southbound funds had a net inflow of HK$731.193 billion, a record high for the same period [27]. Industry - In June, China's logistics industry prosperity index was 50.8%, a 0.2 - percentage - point increase from the previous month [29]. - The financial regulatory authority is seeking opinions on strengthening non - insurance regulation, aiming to address issues such as disguised fee cuts and agency arbitrage [30][31]. - In the 2025 trial evaluation of securities firms' financial "five major articles", Citic Securities, Citic Construction Investment, and Guotai Junan ranked among the top three in multiple key statistics [31]. - The first batch of 10 science - innovation bond ETFs were officially approved [31]. - In June, the estimated wholesale sales of new energy passenger vehicles in China were 1.26 million, a 29% year - on - year increase and a 3% month - on - month increase. From January to June, cumulative wholesale sales were 6.47 million, a 38% year - on - year increase [32]. Overseas - The US believes that Iran's nuclear facilities have been destroyed, and its nuclear program has been postponed by 1 - 2 years [33]. - Twenty US states sued the Trump administration over the sharing of Medicaid patient data for immigration enforcement [35]. - The US and Vietnam reached a trade agreement, with Vietnam imposing a 20% tariff on US exports and canceling tariffs on US imports [35]. - The EU proposed a revision to the "European Climate Law", aiming to reduce greenhouse gas emissions by 90% by 2040 compared to 1990 levels [35]. - Australia's retail sales in May increased by 0.2% month - on - month, lower than market expectations [35]. - South Korea's CPI in June increased by 2.2% year - on - year, higher than market expectations [36]. International Stock Markets - US stocks closed mixed, with the Dow down 0.02%, the S&P 500 up 0.47% (a new high), and the Nasdaq up 0.94%. Chinese concept stocks also showed mixed performance [37]. - European stocks closed mixed, with the German DAX up 0.49%, the French CAC40 up 0.99%, and the UK FTSE 100 down 0.12% [37]. - The "irrational exuberance index" of US stocks has reached a warning level, raising concerns about a new bubble [39]. - BlackRock's international clients are reducing their investment in the US market and looking for opportunities in other markets [39]. - Due to political and trade risks in Thailand, overseas institutional investors have been net - selling Thai stocks for nine consecutive months, with a cumulative withdrawal of $3.9 billion [40]. Commodities - International oil prices rose, driven by the US - Vietnam trade agreement and geopolitical tensions [41]. - International precious metal futures rose, supported by the Fed's possible interest - rate cut and weak employment data [41]. - Most London base metals rose, with copper prices fluctuating at a high level due to uncertainty about the Fed's interest - rate cut [41]. - Vale lowered its 2025 iron ore pellet production forecast [43]. Bonds - The domestic bond market continued to perform strongly, with bond yields falling slightly and bond futures rising. The upcoming reduction in treasury bond issuance also boosted market sentiment [44]. - Schroder upgraded its outlook for global corporate bonds from "negative" to "neutral" and maintained an optimistic view on global stocks [44]. - US bond yields rose across the board, affected by the sell - off in the UK bond market [44]. Foreign Exchange - The on - shore RMB against the US dollar closed at 7.1670 on Wednesday, down 52 basis points from the previous trading day. The US dollar index rose 0.14% to 96.78, and most non - US currencies declined [45].

盘前要闻 1、光伏、钢铁、水泥等多个行业启动去产能，更多"反内卷"举措有望落地 类型：行业 情绪影响：正面 随着中央财经委会议直指"内卷式"竞争治理，强调推动落后产能有序退出，新一轮的行业反内卷、去产 能行动大幕开启，光伏、钢铁、水泥行业已迅速开展减产工作。不同于2015年的供给侧结构性改革，本 轮反内卷明确将推进全国统一大市场建设列为核心任务。 2、特斯拉股价涨近5%！二季度交付38.4万辆，高于市场悲观预期35万辆 类型：公司 情绪影响：正面 特斯拉隔夜收涨4.97%，市值一夜大涨481亿美元。第二季度全球交付量达到384122辆，略低于分析师 平均预测的389407辆，但好于过去一周市场流传的35万至36万辆的悲观预测。在面临销量持续下滑的挑 战下，马斯克已亲自接管公司在美国和欧洲的销售业务。 投资锦囊 3、证监会：全力抓好资本市场自主开放重点举措落地，持续提升A股吸引力 类型：宏观 情绪影响：正面 近日，中国证监会党委召开扩大会议，研究部署资本市场贯彻落实具体举措。会议强调，全力抓好资本 市场自主开放重点举措落地，以做强主场为方向，持续提升A股市场吸引力、竞争力。始终把维护市场 稳定作为监管工作首要任 ...