1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On July 3, the silicon ferroalloy 2509 contract closed at 5390, up 0.41%. The market sentiment improved significantly after the Sixth Meeting of the Central Financial and Economic Commission. The production was operating at a low level, and the cost of Ningxia semi - coke decreased. The production profit of ferroalloys was negative, and the overall expectation of steel demand was still weak. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On July 3, the manganese silicon 2509 contract closed at 5712, up 0.32%. After the Sixth Meeting of the Central Financial and Economic Commission, the market sentiment improved significantly. Fundamentally, the manufacturers' operating rate had rebounded for 6 consecutive weeks at a low level, and the inventory was still relatively high. The downstream hot metal production was operating at a high level. The steel mills' procurement was cautious, and the tender price continued to decline. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price was 5,712 yuan/ton, down 14 yuan; SF main contract closing price was 5,390 yuan/ton, down 46 yuan [2]. - SM futures contract open interest was 589,140 lots, up 9,004 lots; SF futures contract open interest was 405,479 lots, down 5,516 lots [2]. - The net position of the top 20 in manganese silicon was - 30,962 lots, up 2,120 lots; the net position of the top 20 in silicon ferroalloy was - 46,142 lots, up 3,302 lots [2]. - The price difference between SM contracts from January to September was 40 yuan/ton, up 4 yuan; the price difference between SF contracts from January to September was - 8 yuan/ton, up 6 yuan [2]. - SM warehouse receipts were 89,598 pieces, up 1,753 pieces; SF warehouse receipts were 9,678 pieces, up 169 pieces [2]. 3.2 Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,480 yuan/ton, unchanged; the price of Inner Mongolia silicon ferroalloy FeSi75 - B was 5,300 yuan/ton, up 50 yuan [2]. - The price of Guizhou manganese silicon FeMn68Si18 was 5,550 yuan/ton, up 50 yuan; the price of Qinghai silicon ferroalloy FeSi75 - B was 5,200 yuan/ton, up 50 yuan [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Ningxia silicon ferroalloy FeSi75 - B was 5,280 yuan/ton, up 50 yuan [2]. - The average value of the manganese silicon index was 5,490 yuan/ton, up 25 yuan; the basis of the SF main contract was - 110 yuan/ton, up 96 yuan [2]. - The basis of the SM main contract was - 232 yuan/ton, up 14 yuan [2]. 3.3 Upstream Situation - The price of South African ore: Mn38 lump at Tianjin Port was 35 yuan/ton - degree, unchanged; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 850 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 640 yuan/ton, unchanged [2]. - Manganese ore port inventory was 422.40 million tons, up 0.90 million tons [2]. 3.4 Industry Situation - The operating rate of manganese silicon enterprises was 39.21%, up 2.82 percentage points; the operating rate of silicon ferroalloy enterprises was 31.70%, down 0.99 percentage points [2]. - Manganese silicon supply was 179,235 tons, up 2,625 tons; silicon ferroalloy supply was 97,500 tons, down 400 tons [2]. - Manganese silicon manufacturers' inventory was 221,800 tons, up 15,900 tons; silicon ferroalloy manufacturers' inventory was 69,400 tons, up 1,400 tons [2]. - The inventory days of manganese silicon in national steel mills was 15.15 days, down 0.29 days; the inventory days of silicon ferroalloy in national steel mills was 15.20 days, down 0.24 days [2]. 3.5 Downstream Situation - The demand for manganese silicon in the five major steel types was 125,881 tons, up 2,164 tons; the demand for silicon ferroalloy in the five major steel types was 20,354.20 tons, up 389.80 tons [2]. - The blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace capacity utilization rate of 247 steel mills was 90.85%, up 0.04 percentage points [2]. - Crude steel production was 86.545 million tons, up 0.526 million tons [2]. 3.6 Industry News - Trump said on the 1st that he was considering raising tariffs on Japan to 30% or 35%, and the Japanese government had not responded directly [2]. - On July 2, the Iranian president approved the suspension of cooperation with the International Atomic Energy Agency after the Iranian nuclear facilities were attacked by the US military [2]. - The World Meteorological Organization said that the hot weather in early summer brought life - threatening high temperatures to most parts of the Northern Hemisphere, and humans would face more frequent and severe high - temperature situations [2]. - The EU's foreign policy chief urged China to end restrictions on rare - earth exports and warned that Chinese enterprises' support for Russia in the Ukraine war posed a serious threat to European security [2].

智通财经7月2日电，总部位于瑞士日内瓦的世界气象组织发言人纳利斯1日表示，初夏酷热的天气给北 半球大部分地区带来了足以危及生命的高温，而且随着全球变暖的持续，人类将更频繁面对类似的高 温，甚至是比现在更严重的情况。 世界气象组织警告：欧洲极端高温频率和强度正在增加 ...

Group 1: IPO Applications - Shanghai Magnesium Health Technology Group has submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors including Goldman Sachs, CICC, and HSBC [1] - Xizhi Technology plans to issue approximately 140 million shares at an initial price of HKD 16.8 per share, aiming to raise up to HKD 23.6 billion (USD 3.01 billion) in its IPO, with Morgan Stanley and CICC as joint sponsors [2] - Huizhou EVE Energy has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [3] - MagiTech has submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors including CICC, Citigroup, and Deutsche Bank [4] - Lens Technology has announced its global offering of H-shares, with a base offering of 262 million shares and an initial price range of HKD 17.38 to HKD 18.18, expected to list on July 9, 2025 [5] - Beijing Tongrentang Medical Investment has submitted an IPO application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [6] Group 2: Market Developments - JD's Seven Fresh is accelerating its market coverage in North China, with new stores planned in Beijing, Tianjin, and Shijiazhuang [10] - CATL has established a new company, Times Electric Service Technology, focusing on the sales of new energy vehicles and related infrastructure [13] - LG Electronics has acquired Norway's OSO Group to expand its presence in the European HVAC market [16] Group 3: Financial Updates - The gold price per gram for major brands has dropped significantly, with Chow Sang Sang at HKD 985, down from HKD 1038, and other brands showing similar declines [9] - TikTok has launched an in-app shopping feature in Japan, allowing users to buy and sell products directly through the app [17]

Group 1 - Shanghai Magnesium Health Technology Group has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, CICC, and HSBC as joint sponsors [3] - Xizhi Technology plans to issue approximately 140 million shares at an issue price of HKD 16.8 per share in its IPO, aiming to raise up to HKD 2.36 billion (USD 301 million) [4] - Huizhou Yiwei Lithium Energy has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [5] - Magi has also submitted a listing application to the Hong Kong Stock Exchange, with CICC, Citigroup, and Deutsche Bank as joint sponsors [6] - Lens Technology has announced its global offering of H shares, with a base number of 262 million shares and an initial price range of HKD 17.38 to HKD 18.18 per share, expected to list on July 9, 2025 [7] - Beijing Tongrentang Medical Investment has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [8] Group 2 - JD's Seven Fresh is accelerating its market coverage in North China, with new stores planned in Beijing, Tianjin, and Shijiazhuang [14] - CATL has established a new company, Times Electric Service Technology, focusing on the sales of new energy vehicles and related infrastructure [16] - LG Electronics has acquired Norway's OSO Group to expand its presence in the European HVAC market [21] - DJI has launched its new flagship civil transport drone, DJI FlyCart 100, designed for various applications including emergency and logistics [24]

Group 1: Company Updates - Shanghai Airport has clarified that power banks not included in the recall batch, with clear information and no exterior damage, can be temporarily stored for 7 days [1] - Nissan is seeking to delay payments to suppliers to free up cash, as the company aims to cut costs by 500 billion yen (approximately 3.4 billion USD) and plans to lay off about 15% of its workforce [1] - Demais has stated that it has not directly collaborated with Xiaomi Auto, although its products are used in Xiaomi's vehicles [1] - China Railway Construction has established a new energy development company in Changsha with a registered capital of 5 million RMB, focusing on solar and wind power services [9] Group 2: Market Trends and Innovations - Petal Ads showcased its innovative marketing strategies at the Retail Summit 2025 in Italy, aiming to help European brands penetrate the high-end Chinese market [2] - AVIC Shenyang Aircraft Corporation announced that its new district construction project is expected to achieve production line connectivity and trial operation by the end of this year [3] - Tencent Cloud and Weimob launched a "Private Domain Security Escort Plan" to support clients in private domain operations and marketing [4] - Kangaroo Outbound Technology introduced an innovative "Tourist Scenic Area Co-branded Card" solution to facilitate payments across various scenic spots [12] Group 3: Financial Developments - New World Development has signed a new refinancing agreement with banks to restructure approximately 88.2 billion HKD of existing unsecured financial debt [8] Group 4: Product Launches - DJI has launched its new flagship civil transport drone, the DJI FlyCart 100, designed for various applications including emergency and logistics [11] - Haiguang DCU has initiated deep technical cooperation on the Wenxin 4.5 series models, which include a mix of large and dense parameter models [10]

Core Viewpoint - The article highlights the increasing frequency and intensity of extreme heat events due to global warming, urging governments to enhance heatwave preparedness and long-term strategies to reduce greenhouse gas emissions [1][6][7]. Group 1: Extreme Heat Events - Many countries in the Northern Hemisphere are experiencing extreme heat early in the summer, with Italy issuing red alerts for major cities due to high temperatures [2]. - In Germany, forecasts predict up to 14 days of temperatures exceeding 30 degrees Celsius, raising concerns about forest fire risks [2]. - The U.S. has recorded record high temperatures in nearly 40 cities, affecting approximately 160 million people across at least 29 states [3]. Group 2: Health Impacts - High temperatures can lead to heat exhaustion and heatstroke, with significant health risks for vulnerable populations, including the elderly and those with pre-existing conditions [4][5]. - In France, over 3,700 deaths were attributed to summer heat in 2024, with a similar estimate of around 3,000 deaths in Germany due to heat-related causes [4]. Group 3: Mitigation Strategies - Experts recommend various measures to mitigate the effects of heatwaves, such as increasing urban greenery and providing shaded areas [4]. - Public health strategies and early warning systems are crucial for protecting vulnerable groups from extreme heat [4][5]. Group 4: Climate Change and Weather Patterns - The phenomenon known as the "heat dome" is linked to extreme heat events, exacerbated by global warming, which causes high-pressure systems to trap warm air near the surface [6]. - Climate change is leading to more unstable weather patterns, with extreme weather events becoming more common, including both heatwaves and cold snaps [6]. Group 5: Global Temperature Trends - The China Meteorological Administration's report indicates that 2024 is projected to be the hottest year on record since 1850, driven by human activities and natural climate variability [7].

Core Viewpoint - The article highlights the increasing frequency and intensity of extreme heat events in the Northern Hemisphere due to global warming, urging governments to enhance heatwave preparedness and long-term strategies to reduce greenhouse gas emissions [1]. Group 1: Extreme Weather Events - Since June, many countries in the Northern Hemisphere have experienced high temperatures, prompting health and meteorological agencies to advise the public on heat safety [1]. - Experts indicate that with accelerated global warming, extreme weather events are expected to become more common and severe, with summer heatwaves arriving earlier [1]. Group 2: Government Response - Governments are encouraged to improve early warning systems and assist citizens in coping with high temperatures [1]. - In the long term, there is a call for proactive measures to reduce greenhouse gas emissions to mitigate global warming [1].

当局下达的疏散令覆盖5个地区，警方已帮助40人撤离。连接雅典与旅游胜地苏尼翁的一条海滨公 路部分路段双向关闭。 这场野火起火点据信位于有人居住的区域，在强风助推下蔓延。消防部门27日说，火势已经得到控 制。当地官员季米特里斯·卢卡斯告诉媒体记者，野火导致多处房屋受损，具体损失尚待统计。 新华社北京6月28日电 希腊首都雅典附近区域26日燃起野火，当地政府紧急疏散人员并关闭一条海 岸公路部分路段。截至27日，这场野火已得到控制。 希腊近日遭热浪侵袭，气温接近40摄氏度。消防部门发言人瓦西利斯·瓦斯拉科扬尼斯在26日举行 的记者会上说，野火在雅典以南一片海滨地区蔓延，12架消防飞机投入灭火，另有12架直升机为130名 消防员提供空中支持，海岸警卫队也出动一艘消防船协助灭火。 天气预报显示，本轮热浪预计持续至周末，整个雅典地区和多个爱琴海岛屿仍面临野火风险。爱琴 海东部的希俄斯岛22日出现野火。强风推高火势，造成停电，岛上多个区域下达疏散令。数百名消防员 耗时四天才控制住火势。一名女子因涉嫌丢弃烟头引发火灾而被捕。 希腊通常每年5月开始进入野火季。近年来随着全球变暖，高温、干旱、强风等天气更常见，推高 野火发生的频 ...

中国极端天气气候事件趋于增多、增强，气候风险指数呈升高趋势。1961～2024年，中国地表年平均气 温呈显著上升趋势，平均每10年升高0.31℃，高于同期全球平均升温水平。2024年，中国地表平均气温 较常年值首次高出1.0℃，为1901年以来的最暖年份。1961～2024年，中国极端高温和极端强降水事件 呈增多趋势。20世纪90年代后期以来登陆中国台风的平均强度波动增强。20世纪90年代中期以来，中国 气候风险指数明显偏高。2024年，中国气候风险指数为1961年以来最高。 （二）水圈 央视网消息：据中国气象局官方微博消息，6月27日，在中国气象局新闻发布会上，《中国气候变化蓝 皮书（2025）》正式发布。蓝皮书显示，20世纪90年代以来，全球海洋变暖、海平面上升、冰川消融显 著加速。中国是全球气候变化的敏感区和影响显著区，增暖速率高于同期全球平均水平，极端天气气候 事件趋多、趋强。2024年，中国年平均气温、天山乌鲁木齐河源1号冰川消融损失量、中国沿海海平面 等监测指标均创下新高。 （一）大气圈 全球变暖趋势在持续。2024年全球地表平均温度为1850年有气象观测记录以来的最高值，最近10年 （2015～ ...

Core Insights - The research team led by researcher Chen Jitao from the Nanjing Institute of Geology and Palaeontology has discovered that global warming, under current icehouse climate and high oxygen conditions, may lead to widespread ocean deoxygenation, similar to the Late Paleozoic Ice Age [1][2] Group 1: Research Findings - The Late Paleozoic Ice Age is noted as the longest icehouse climate period since the establishment of terrestrial higher plants and ecosystems, with atmospheric CO2 levels spanning from pre-industrial levels to future high carbon emission scenarios [2] - The exceptionally high oxygen environment during this period may be linked to the gigantism of marine and terrestrial animals and could have triggered the major marine biological radiation event from the mid-Carboniferous to the early Permian [2] - The research team studied carbonate rock sediment sequences from 310 to 290 million years ago in the Guizhou Luodian Basin, integrating carbon isotope data, atmospheric CO2 concentration, volcanic activity, and vegetation evolution to analyze global carbon cycling and ocean redox states [2] Group 2: Implications of Findings - The study found that increased organic carbon burial in the ocean during the research period likely led to a decrease in atmospheric CO2 concentration and an increase in oxygen concentration [2] - Intermittent massive carbon emissions could trigger repeated climate warming and seabed deoxygenation, potentially expanding the area of ocean deoxygenation to 4%-12%, which may lead to stagnation or decline in marine biodiversity [2]