Core Viewpoint - The article highlights the positive market performance of the Shanghai and Shenzhen stock exchanges, with specific emphasis on the significant gains in the Hainan Free Trade Zone sector and the tourism industry, driven by upcoming policy changes and market conditions [1][5]. Market Performance - As of the midday close, the Shanghai Composite Index is at 3599.44 points, up 0.48%, the Shenzhen Component Index is at 11130.72 points, up 0.65%, and the ChiNext Index is at 2327.36 points, up 0.72% [1][2]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.12 trillion yuan, a decrease of 23 billion yuan compared to the previous trading day, with over 3900 stocks rising [3]. Sector Analysis - The Hainan Free Trade Zone sector experienced significant gains, alongside strong performances in the semiconductor supply chain, large financial stocks, duty-free shop concepts, rare earth permanent magnets, and the tourism and hotel sectors [2][5]. - Conversely, sectors such as precious metals, CPO, and pork stocks showed weakness [2]. Institutional Insights - According to Citic Securities, the official announcement regarding the Hainan Free Trade Port's full island closure on December 18, 2025, is expected to enhance trade and accelerate the development of Hainan as an international tourism consumption center, benefiting various stakeholders in the tourism industry [5]. - The continued implementation of the offshore duty-free policy is anticipated to maintain the competitive advantage of duty-free operators, with the closure expected to increase Hainan's attractiveness and boost the overall development of the tourism retail market [5]. - China Galaxy Securities notes that the government's focus on "stabilizing growth and the stock market" will positively influence the securities sector, with expectations of improved liquidity and investor confidence contributing to the sector's upward trend [5].

数据来源：Wind、Mystee、富宝资讯、广发期货发展研究中心。请仔细阅读报告尾端免责声明。 免责声明 | 钢材产业期现日报 | 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025年7月24日 | | | 問數波 | Z0010559 | | | | 钢材价格及价差 | | | | | | | 现值 | 品种 | | 前值 | 涨跌 | 基差 | 单位 | | 3380 | 螺纹钢现货(华东) | | 3370 | 10 | ટેર | | | 3340 | 螺纹钢现货(华北) | | 3330 | 10 | 16 | | | 3490 | 螺纹钢现货(华南) | 3480 | | -10 | 156 | | | 3350 | 螺纹钢05合约 | | 3386 | -36 | 30 | | | 3274 | 螺纹钢10合约 | | 3307 | -33 | 106 | | | 3324 | 螺纹钢01合约 | | 3367 | -43 | 56 | | | 3450 | 热卷现货 ...

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1. Report Industry Investment Rating Not provided in the content 2. Core Viewpoints of the Report - Given the expected strength of coal and the weakness of crude oil, coal - chemical products will be stronger than oil - chemical products in the future. Chemical products may continue to fluctuate in the near term [2]. - The high -开工 reality dominated by high refinery operations at home and abroad and the weak supply - led expectations will balance each other, resulting in oil price fluctuations [9]. - The high valuation of asphalt futures will decline following the crude oil, and the asphalt monthly spread is expected to fall as warehouse receipts increase [10]. - The prices of most chemical products, including methanol, urea, ethylene glycol, etc., are expected to fluctuate in the short term [2][8][9] 3. Summary by Related Catalogs 3.1 Market Outlook - Crude oil: High - level pressure, pay attention to geopolitical disturbances, and the price will fluctuate [8][9]. - LPG: The support from the cost side is weakening, the fundamental situation remains loose, and the PG futures may show a weak - side fluctuation [3]. - Asphalt: The spot price of major suppliers has dropped, and the high - valued asphalt futures will decline following the crude oil [10]. - High - sulfur fuel oil: There is a large downward pressure on the futures price [3]. - Low - sulfur fuel oil: It will fluctuate weakly following the crude oil [3][12]. - Methanol: Boosted by the macro - environment and coal, it will fluctuate [3][26]. - Urea: The market sentiment has slowed down, and the futures may return to the fundamentals, with short - term pressure [3][27]. - Ethylene glycol: The price will be widely adjusted, and it will seek a direction in the fluctuation [3][20]. - PX: The cost raw materials are weak, but the commodity sentiment is warm [3][14]. - PTA: The commodity sentiment stimulates the futures price to fluctuate more violently [3][15]. - Short - fiber: There are limited industrial contradictions, and it will fluctuate following the cost [3][22]. - Bottle chips: It will fluctuate following the upstream cost [3][24]. - PP: The macro - boost confronts the fundamental pressure, and it will fluctuate [3][31]. - Propylene: It had a remarkable debut, and the PL may fluctuate in the short term [3][32]. - Plastic: Supported by the macro - environment, it will fluctuate [3][30]. - Pure benzene: The balance sheet has improved, but the port has resumed inventory accumulation, and it will trade sideways [3][15]. - Styrene: The trading atmosphere is light, and it will fluctuate within a range [3][19]. - PVC: There is an expectation of cost increase, and it is cautiously optimistic [3][34]. - Caustic soda: Strong expectations but weak reality, it may have a weak rebound [3][35] 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period spreads**: For example, Brent's M1 - M2 spread is 0.78 with a change of - 0.04; Dubai's M1 - M2 spread is 0.69 with a change of 0.03 [37]. - **Basis and warehouse receipts**: Such as asphalt's basis is 251 with a change of 15 and 82300 warehouse receipts; high - sulfur fuel oil's basis is 150 with a change of 39 and 113980 warehouse receipts [38]. - **Inter - variety spreads**: For instance, 1 - month PP - 3MA spread is - 378 with a change of 60; 1 - month TA - EG spread is 344 with a change of 13 [39] 3.2.2 Chemical Basis and Spread Monitoring The content mainly lists various chemical products such as methanol, urea, styrene, etc., but specific data summaries are not provided in a clear and unified manner in the given text

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The overall market shows a complex situation with different trends in various sectors. In the macro - financial field, the stock index may see a style shift from small - and medium - cap to large - and medium - cap stocks, and the bond market is affected by multiple factors. In the commodity market, different metals, energy, and agricultural products have their own supply - demand and price trends influenced by policies, seasons, and international trade [3][6]. Summary by Categories Macro - Financial Stock Index - **Macro News**: The National Development and Reform Commission promotes coordinated development of state - owned and private enterprises; over 3000 cases of chikungunya fever are confirmed in Foshan; Vice - Premier He Lifeng will hold economic and trade talks with the US; the police strengthen management of "intelligent driving"; the EU plans to impose tariffs on nearly 100 billion euros of US goods if negotiations break down [2]. - **Trading Logic**: "Anti - involution" drives the rebound of traditional cyclical and track stocks, and the "Yajiang Hydropower" sector drives the rebound of infrastructure and power equipment sectors. It is recommended to go long on IF index futures on dips [3]. Treasury Bonds - **Market Quotes**: On Wednesday, TL, T, TF, and TS main contracts all declined [4]. - **News**: The yield of 10 - year Japanese government bonds reached a high, and the Nikkei 225 index rose; the cumulative power generation installed capacity in China increased; the central bank conducted reverse repurchase operations with a net withdrawal of funds [4]. - **Strategy**: The economic data in Q2 is resilient, and the central bank maintains a positive attitude towards capital. Interest rates are expected to decline in the long - term, but the recent good sentiment in commodities and the stock market suppresses the bond market [6]. Precious Metals - **Market Quotes**: Shanghai gold and silver declined, while COMEX gold and silver showed different trends. The US 10 - year Treasury yield and the US dollar index are at certain levels [7]. - **Market Outlook**: The reduction of overseas trade policy uncertainty pressures gold prices, while the expectation of the Fed's loose monetary policy makes silver prices resilient. It is recommended to maintain a long - term bullish view on silver [7][8]. Non - ferrous Metals Copper - **Market Quotes**: LME copper and Shanghai copper rose. LME inventory decreased, and domestic warehouse receipts decreased [10]. - **Price Outlook**: The decline of US Treasury yields and the expected release of domestic growth - stabilizing plans are positive, but the tight supply of copper raw materials, the off - season downstream demand, and the approaching US copper tariff implementation limit the upward space of copper prices [11]. Aluminum - **Market Quotes**: LME aluminum and Shanghai aluminum declined. Domestic inventory increased, and the processing fee of aluminum rods rebounded [12]. - **Price Outlook**: The upcoming domestic growth - stabilizing plan and the expectation of the Fed's interest rate cut are positive, but the off - season demand and the expected increase in inventory limit the upward space of aluminum prices [12]. Zinc - **Market Quotes**: Shanghai zinc index rose slightly. Domestic and LME inventories are at certain levels [13]. - **Price Outlook**: In the long - term, zinc prices are bearish due to the loose supply of zinc ore and the expected increase in zinc ingot production. In the short - term, zinc prices may be volatile and strong due to the Fed's dovish attitude and the positive commodity market atmosphere [13]. Lead - **Market Quotes**: Shanghai lead index declined. Domestic and LME inventories are at certain levels [14][16]. - **Price Outlook**: The supply of lead ingots is relatively loose, and the demand is affected by anti - dumping tariffs. It is expected that domestic lead prices will be weak [16]. Nickel - **Market Quotes**: Nickel prices fluctuated narrowly. Nickel ore prices declined, and nickel iron prices were under pressure [17]. - **Price Outlook**: The weak demand and high stainless steel inventory will lead to a further decline in ore prices and the price center of the industrial chain. It is recommended to try short positions lightly [17]. Tin - **Market Quotes**: Shanghai tin rose. The supply of tin ore in Myanmar is expected to increase, and the domestic smelting plants face raw material supply pressure [18]. - **Price Outlook**: The overall fundamentals of tin are weak due to the expected increase in supply and weak demand. It is recommended to wait and see [18]. Lithium Carbonate - **Market Quotes**: The spot index of lithium carbonate declined, and the futures price also dropped significantly [19]. - **Price Outlook**: The short - term price is affected by the commodity market atmosphere and supply expectations, but the fundamental improvement is limited. It is recommended to wait and see [19][20]. Alumina - **Market Quotes**: The alumina index declined. The spot price in some regions increased, and the import window was closed [21]. - **Price Outlook**: The over - capacity pattern may be difficult to change in the short - term. It is recommended to wait and see in the short - term and look for opportunities to short in the future [21]. Stainless Steel - **Market Quotes**: The stainless steel main contract declined slightly. The spot price was relatively stable, and the social inventory decreased [22]. - **Price Outlook**: The anti - involution policy boosts the industry's willingness to support prices, but the oversupply situation remains. The market's upward momentum is weak [22]. Cast Aluminum Alloy - **Market Quotes**: The AD2511 contract declined. The spot price was stable, and the inventory increased slightly [23]. - **Price Outlook**: The downstream is in the off - season, and the supply and demand are weak. The cost support is strengthened, but the price increase is difficult [23]. Black Building Materials Steel - **Market Quotes**: Rebar and hot - rolled coil futures prices declined. The spot price of rebar increased slightly, and that of hot - rolled coil decreased slightly [25]. - **Price Outlook**: The overall commodity market atmosphere is positive, and the low inventory level is supportive. The market is expected to strengthen, but it is necessary to pay attention to policy signals and terminal demand [26]. Iron Ore - **Market Quotes**: The main contract of iron ore declined. The spot price and the basis are at certain levels [27]. - **Price Outlook**: The supply of iron ore is expected to increase, and the demand is strong. The price is expected to be volatile and strong in the short - term, but risk control is needed [28]. Glass and Soda Ash - **Glass**: The spot price increased, and the inventory decreased. It is expected to be strong in the short - term under the influence of policies, and it is recommended to avoid short positions [29]. - **Soda Ash**: The spot price decreased slightly, and the inventory decreased. It is expected to be strong in the short - term but limited in the long - term. It is recommended to avoid short positions in the short - term and look for short opportunities later [30]. Manganese Silicon and Ferrosilicon - **Market Quotes**: Manganese silicon and ferrosilicon futures prices declined. The spot price of manganese silicon decreased, and that of ferrosilicon increased [31]. - **Price Outlook**: The industry has an over - capacity pattern, and the demand is expected to weaken. It is recommended to wait and see in the current high - volatility market [32]. Industrial Silicon - **Market Quotes**: The industrial silicon futures price declined. The spot price increased, and the short - term rebound trend may end [36]. - **Price Outlook**: The supply is excessive, and the demand is insufficient. It is recommended to rationally treat the current market and consider hedging for the industry [37]. Energy and Chemicals Rubber - **Market Quotes**: NR and RU showed an oscillating trend after continuous rises. The opening rates of tire enterprises changed, and the inventory of natural rubber increased slightly [40][41]. - **Outlook**: Rubber prices are likely to rise in the second half of the year. It is recommended to maintain a long - term bullish view, be cautious of short - term corrections, and consider a spread trading strategy [42]. Crude Oil - **Market Quotes**: WTI crude oil declined, Brent remained unchanged, and INE crude oil rose. US inventory data showed different trends [43]. - **Outlook**: The fundamentals are healthy, and there is upward momentum, but the seasonal demand weakness in August will limit the upward space. It is recommended to go long on dips and take profits [44]. Methanol - **Market Quotes**: The methanol futures price declined, and the spot price rose. The market is driven by news, and the volatility is high [45]. - **Outlook**: The upstream and downstream are likely to be in a weak supply - demand situation. It is recommended to wait and see after a sharp rise [45]. Urea - **Market Quotes**: The urea futures price declined, and the spot price was stable. The market was affected by the "anti - involution" policy [46]. - **Outlook**: The supply and demand are acceptable, and the price has support below but is limited above. It is recommended not to chase the high [46]. Styrene - **Market Quotes**: The spot and futures prices of styrene declined, and the basis strengthened. The cost support exists, and the inventory increased [47][48]. - **Outlook**: The BZN spread may repair, and the price is expected to fluctuate with the cost [48]. PVC - **Market Quotes**: The PVC futures price declined, and the spot price decreased slightly. The cost was stable, the supply increased, and the demand decreased [49]. - **Outlook**: The fundamentals have improved, but there is still pressure. It is necessary to be cautious of the risk of sentiment ebbing [49]. Ethylene Glycol - **Market Quotes**: The EG09 contract declined, and the spot price rose. The supply decreased, the demand decreased, and the inventory decreased [50]. - **Outlook**: The fundamentals are expected to weaken, but the short - term valuation has support due to unexpected events [50]. PTA - **Market Quotes**: The PTA09 contract declined, and the spot price rose. The supply and demand were relatively stable, and the inventory increased [51]. - **Outlook**: The supply is expected to increase, and the demand is in the off - season. It is recommended to look for long - term opportunities following PX on dips [51]. p - Xylene - **Market Quotes**: The PX09 contract declined. The supply and demand were relatively stable, and the inventory decreased [52]. - **Outlook**: The short - term negative feedback pressure is small, and it is recommended to look for long - term opportunities following crude oil on dips [52]. Polyethylene (PE) - **Market Quotes**: The PE futures price declined, and the spot price rose. The upstream opening rate increased slightly, and the inventory changed [53]. - **Outlook**: The price is expected to oscillate downward, with the short - term contradiction shifting from cost - driven to inventory - driven [53]. Polypropylene (PP) - **Market Quotes**: The PP futures price declined, and the spot price rose. The upstream opening rate increased, and the downstream opening rate decreased [55]. - **Outlook**: In the off - season, the supply and demand are weak. It is expected that the price will be bearish in July, and it is recommended to wait and see [54][55]. Agricultural Products Hogs - **Market Quotes**: The domestic hog price mainly declined. The supply was sufficient, and the demand was weak [57]. - **Outlook**: The short - term futures and spot prices deviate. The market has high expectations, but there is also hedging pressure. It is necessary to pay attention to the pressure after the seasonal rebound [57]. Eggs - **Market Quotes**: The national egg price mainly rose. The supply pressure decreased, and the demand improved slightly [58]. - **Outlook**: The spot price has bottomed out, and the short - term price is oscillating. For post - festival contracts, pay attention to short - selling opportunities after the rebound [58]. Soybean and Rapeseed Meal - **Market Quotes**: US soybean and soybean meal futures declined at night. The domestic soybean meal spot price rose, and the transaction was weak [59]. - **Outlook**: The external soybean market is in a low - valuation and oversupply state. It is recommended to go long on dips in the cost range of soybean meal and wait for new driving factors [59][61]. Oils and Fats - **Market Quotes**: Malaysian palm oil exports and production data showed different trends. Domestic palm oil oscillated and declined, and the net long positions of foreign capital in three major oils decreased [62][63]. - **Outlook**: The US biodiesel policy supports the price center. Palm oil may maintain stable inventory in the short - term and has a rising expectation in the fourth - quarter. However, the upward space is limited, and it is recommended to view it with an oscillating perspective [64]. Sugar - **Market Quotes**: Zhengzhou sugar futures prices continued to oscillate. The spot price was relatively stable [65]. - **Outlook**: The import supply pressure may increase in the second half of the year, and the probability of a continued decline in sugar prices is high [66]. Cotton - **Market Quotes**: Zhengzhou cotton futures prices continued to oscillate. The spot price was stable. The expected new - cotton yield increased [67]. - **Outlook**: The cotton price has rebounded, but the downstream consumption is average. The possible issuance of import quotas is a potential negative factor [67].

Core Viewpoint - The report from China Galaxy Securities indicates that the national policy goals of "stabilizing growth, stabilizing the stock market," and "boosting the capital market" will continue to shape the future direction of the securities sector [1] Group 1: Policy Environment - The liquidity environment is expected to remain moderately loose, contributing to an improved capital market environment [1] - The combination of various factors, including the restoration of investor confidence, is driving the upward trend in the securities sector's prosperity [1] Group 2: Market Outlook - There is an increasing expectation for the expansion of medium to long-term funds, which further enhances the outlook for fundamental improvements in the sector [1]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - The price of finished products is expected to move in a volatile and weak manner, with the focus shifting downward [1][2] - The price of aluminum ingots is expected to be relatively strong in the short - term, and attention should be paid to macro - sentiment and downstream starts [3] Group 3: Summary by Related Content Finished Products - During the Spring Festival, short - process construction steel enterprises in Yunnan and Guizhou regions are expected to affect the total output of construction steel by 74.1 tons, and 6 short - process steel mills in Anhui will also have production cuts, with a daily output reduction of about 1.62 tons for some [1][2] - From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities decreased by 40.3% month - on - month and increased by 43.2% year - on - year [2] - The price of finished products continued to decline yesterday, reaching a new low. In the context of weak supply and demand, the market sentiment is pessimistic, and winter storage is sluggish, so the price support is weak [2] Aluminum - From January to June, China's cumulative import of bauxite increased by 34% year - on - year. With some enterprises starting maintenance in late July, the operating capacity of alumina may decline, while the demand in the southwest region will increase due to the commissioning of some electrolytic aluminum capacity replacement projects. However, the supply of alumina is still relatively loose overall [2] - As of July 21, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 49.80 tons, with fluctuations. The reduction of aluminum rod production at the end of the month led to an increase in ingot production, and the increase in supply was the core driver of inventory accumulation in the off - season [2] - Macro risks are increasing, and short - term policy boosts the metal price. The short - term aluminum price is expected to be relatively strong in the range, and attention should be paid to the inventory - consumption trend [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The market is trading on the positive expectations under the policy orientation of "anti - involution" and "stable growth". The unexpected release of the over - production verification policy has led to the continued release of market excitement, driving the futures and spot prices to run strongly in resonance. However, attention should be paid to the technical correction risk after the rapid rise of the market [3] Group 3: Summary According to the Directory Market Performance - Yesterday, the prices of coal and coke futures rose strongly, with multiple contracts hitting consecutive daily limits. The night - session near - month coking coal contract continued to hit the daily limit. The spot market was also strong, and the second round of coke price increases was being gradually implemented [2] Policy Factors - The market spread that the National Energy Administration recently issued a document on organizing and carrying out the verification of coal mine production. The verification covers production coal mines in 8 provinces (autonomous regions) including Shanxi, Inner Mongolia, etc. The most concerned content in the verification is whether the annual raw coal output in 2024 exceeded the announced production capacity and whether the monthly raw coal output from January to June 2025 exceeded 10% of the announced production capacity. This policy will standardize the production behavior of coal mining enterprises and further stimulate the rise of coal prices [2] Fundamental Factors - Last week, coal mines in the main production areas of Shanxi continued the resumption rhythm, but the overall resumption process was still slow. Downstream procurement enthusiasm was high, and the demand for replenishment and speculation was concentratedly released. The pressure of high supply and high inventory of coal mines was significantly reduced, and coal prices were prone to rise and difficult to fall in the short term. On the demand side, coking plants and steel mills have accelerated their raw material replenishment. The available days of coking coal inventory in the plants have rebounded from a low level, and the average daily hot metal output of steel mill blast furnaces has rebounded to 2.4244 million tons, a month - on - month increase of 0.0263 million tons [2]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 冠通每日交易策略 制作日期：2025 年 7 月 23 日 热点品种 焦煤： 焦煤今日高开高走，日内偏强震荡，触及涨停。现货方面，山西市场（介休）主 流价格报价 1080 元/吨，较上个交易日持平；蒙 5#主焦原煤自提价 900 元/吨， 较上个交易日+50 元/吨。基本面来看，6 月份焦煤进口数量环比增加，较上月增 加 172.15 万吨，其中蒙煤进口增加 36 万吨。国家能源局拟于近期在重点产煤省 (区)组织开展煤矿生产情况核查工作的消息持续发酵，本期洗煤厂开工数与产量 均有下降，安全月检查与煤矿核查工作同时进行，预计供应端将环比缩量。库存 端，焦煤库存向下传导，矿山库存去化，钢厂及独立焦企焦煤库存增加，焦煤交 投情绪积极。焦炭二轮提涨，下游钢厂盈利尚可，上周铁水产量转为上涨，下游 需求提振煤炭价格。7 月 19 日，雅鲁藏布江下游水电工程正式开工，项目总投 资约 1.2 万亿，投资规模是三峡水电站的 5 倍，建设周期约 20 年。整体来说， 反内卷举措持续加码，近日国家能源局开启煤矿核查 ...

Real Estate - In the first half of 2025, the transaction area of residential land in 30 core cities increased by 22.6% year-on-year, totaling 48.63 million square meters, accounting for 52.1% of the total residential land transaction area in 100 cities [3] - The average floor price of residential land reached 12,009 yuan per square meter, reflecting a year-on-year increase of 22.8% [3] - The overall premium rate for the core 30 cities was 13.5%, up by 8.4 percentage points year-on-year [3] Petrochemical Industry - The government is expected to introduce a work plan to stabilize growth in the petrochemical industry, which may lead to the elimination of outdated production capacity and promote healthy industry development [3] - The assessment phase for the elimination of old production capacity in the chemical industry is currently underway, which is anticipated to optimize supply-side dynamics [3] - A significant proportion of outdated refining facilities in China suggests that their elimination could enhance industry competitiveness [3] High-end Manufacturing - Exports to North America continued to decline in June, while the export of engineering machinery maintained a high level of prosperity [3] - From January to June, exports of electric tools and lawn mowers to North America decreased by 7% and 4% year-on-year, respectively [3] - The cumulative export growth rate for major engineering machinery categories remained in double digits, with excavators, tractors, and mining machinery showing growth rates of 22%, 26%, and 23% respectively [3] Company Insights: Visionox - Visionox has maintained its leading position in the global liquid crystal TV main control board market, with shipments of 67.22 million, 56.23 million, and 67.32 million units for the years 2022, 2023, and 2024 respectively [4] - The company's market share in global liquid crystal TV main control boards was 33.01%, 28.19%, and 32.72% for the same years [4] Company Insights: Bilibili - Bilibili's revenue for Q2 2025 is expected to reach 7.33 billion yuan, representing a year-on-year increase of 19.7% [4] - The revenue breakdown for major business segments includes gaming at 1.61 billion yuan (up 60% year-on-year), VAS at 2.82 billion yuan (up 10%), advertising at 2.42 billion yuan (up 19%), and e-commerce at 480 million yuan (down 8%) [4] - The expected gross profit for Q2 2025 is 2.68 billion yuan, with a gross margin of 36.5% [4] Company Insights: Haier Smart Home - Haier is expected to benefit from climate change as Europe experiences increasingly frequent and intense heatwaves [5] - The report from the European Medium-Range Weather Forecast Centre indicates that June 2025 may be one of the hottest on record for Europe [5] Company Insights: Zhou Hei Ya - Zhou Hei Ya is projected to achieve revenue of 1.2 to 1.24 billion yuan for H1 2025, reflecting a year-on-year decline of 1.5% to 4.7% [6] - The company expects a profit of 90 to 113 million yuan, marking a year-on-year increase of 55.2% to 94.8% [6] - The management mechanism of Zhou Hei Ya is noted for its flexibility, with a clear and prioritized strategy that is expected to lead to ongoing operational improvements [6]