Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core View of the Report - The meeting of the Political Bureau of the CPC Central Committee on July 30 pointed out the need to deepen reforms, promote the development of new - quality productivity through scientific and technological innovation, and optimize market competition order. It also mentioned governing disorderly competition among enterprises and promoting capacity governance in key industries. The market sentiment may cool down due to the Politburo's stance on anti - involution and "low - price" expressions. In the short term, although downstream stocking is significant, downstream production scheduling has not increased, and the actual consumption of inventory is limited. There is a possibility of capital re - entry, and prices are expected to be mainly in a weak oscillation. Industrial players can consider hedging on price rallies [3]. Summary by Related Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 72,000 yuan/ton, down 950 yuan [1]. - SMM industrial - grade lithium carbonate has an average price of 69,900 yuan/ton, down 950 yuan [1]. - The price difference between battery - grade and industrial - grade lithium carbonate is 2,100 yuan/ton, with no change [2]. Lithium Compound Futures - The closing price of lithium carbonate 2508 is 68,000 yuan/ton, down 4.87% [1]. - The closing price of lithium carbonate 2509 is 68,280 yuan/ton, down 4.66% [1]. - The closing price of lithium carbonate 2510 is 68,440 yuan/ton, down 4.01% [1]. - The closing price of lithium carbonate 2511 is 68,600 yuan/ton, down 3.98% [1]. - The closing price of lithium carbonate 2512 is 69,120 yuan/ton, down 3.46% [1]. Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 766 yuan, down 10 yuan [1]. - The price of lithium mica (Li20: 1.5% - 2.0%) is 1,120 yuan, down 20 yuan [2]. - The price of lithium mica (Li20: 2.0% - 2.5%) is 1,750 yuan, down 25 yuan [2]. - The price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 5,325 yuan, down 350 yuan [2]. - The price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 6,250 yuan, down 375 yuan [2]. Cathode Material Prices - The average price of lithium iron phosphate (power type) is 32,885 yuan, down 305 yuan [2]. - The average price of ternary material 811 (polycrystalline/power type) is 145,130 yuan, up 90 yuan [2]. - The average price of ternary material 523 (single - crystal/power type) is 116,895 yuan, down 100 yuan [2]. - The average price of ternary material 613 (single - crystal/power type) is 122,455 yuan, up 80 yuan [2]. Price Spreads - The price difference between battery - grade lithium carbonate and the main contract is 3,720 yuan, an increase of 1,370 yuan [2]. - The price difference between the near - month and the first - continuous contract is - 280 yuan, an increase of 60 yuan [2]. - The price difference between the near - month and the second - continuous contract is - 440 yuan, a decrease of 60 yuan [2]. Inventory - The total inventory (weekly, tons) is 141,726 tons, down 1,444 tons [2]. - The inventory of smelters (weekly, tons) is 51,958 tons, down 3,427 tons [2]. - The inventory of downstream enterprises (weekly, tons) is 45,888 tons, up 3,073 tons [2]. - The inventory of other sectors (weekly, tons) is 43,880 tons, down 1,090 tons [2]. - The registered warehouse receipts (daily, tons) is 5,545 tons, down 6,731 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 68,893 yuan, and the profit is 7,621 yuan [3]. - The cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 7,136 yuan [3].

Core Viewpoint - China's commercial space industry is entering a fast development phase, with high-frequency and low-cost commercial launches becoming a reality. The integration of various sectors, from rocket launches to satellite manufacturing, is forming a complete industrial chain [1] Group 1: Industry Development - The integration of technological innovation and industrial innovation is crucial for the growth of the commercial space sector [1] - The Central Political Bureau meeting on July 30 emphasized the need for technological innovation to lead the development of new productive forces and to cultivate internationally competitive emerging pillar industries [1] - The government aims to promote the safe and healthy development of emerging industries such as commercial space, low-altitude economy, and deep-sea technology [1] Group 2: Market Potential - China possesses rich market demand and application scenarios, providing a broad prospect for the development of emerging industries [1] - The commercial space market is expected to exceed 2.5 trillion yuan by 2025 [1] - With strong innovation drivers, emerging industries like commercial space are anticipated to reach greater heights and distances in the future [1]

Group 1: Economic Development - The report emphasizes the importance of stabilizing employment, enterprises, markets, and expectations to enhance economic recovery [2] - Shanghai's economic and social development has shown a positive trend in the first half of the year, boosting confidence and resilience in facing challenges [2] - There is a call for better coordination among departments to leverage regional advantages and promote high-quality development [2] Group 2: Technological and Industrial Innovation - Continuous efforts are needed to integrate technological innovation with industrial innovation, focusing on upgrading traditional industries and developing emerging sectors [3] - Suggestions include enhancing the integration of innovation chains, industrial chains, capital chains, and talent chains [3] - The need for a robust capital market to support innovation, particularly in front-end equity investment, is highlighted [3] Group 3: Public Services and Social Welfare - The focus is on improving public service quality and addressing urgent social issues to ensure equitable and accessible welfare [4] - Recommendations include optimizing elderly care policies and enhancing community health service systems to address aging population challenges [4] - There is an emphasis on improving disaster response capabilities, particularly in relation to extreme weather events [4]

Economic Stability and Growth - The city aims to stabilize employment, enterprises, markets, and expectations through various measures to expand effective demand and enhance economic recovery [2][4] - A special action plan for boosting consumption has been implemented, focusing on increasing income, improving service consumption quality, and enhancing the consumer environment [2][3] Service Consumption Promotion - The city plans to enhance service consumption by improving supply quality, developing cultural and tourism resources, and promoting sports events [2] - The goal is to create a cultural consumption hub and improve the quality of life services [2] Inbound Consumption Expansion - Shanghai received nearly 6.71 million inbound travelers last year, a year-on-year increase of 84%, highlighting the importance of inbound tourism for local consumption [3] - The city aims to optimize the tax refund environment for outbound travelers, with a target of over 3,000 tax refund stores by 2027 [3] New Consumption Cultivation - The city will focus on developing digital consumption, self-care consumption, and the "first launch economy," with over 3,500 brands launching in Shanghai last year [3] - The "Silver Economy" targeting elderly consumers will be promoted, with support for products and services tailored to their needs [3] Investment Expansion - The city has been allocated a new bond quota of 138.6 billion yuan, with a focus on infrastructure, emerging industries, and urban renewal projects [4] - The aim is to expedite project initiation and construction to generate tangible work output [4] Business Environment Reform - The city has launched the 8.0 version of the business environment reform action plan, focusing on optimizing policy services and reducing administrative checks [4][5] - A total of 378 policy items have been made available for enterprises without application, benefiting over 4 million services [4] Technology Innovation and Industry Integration - The city emphasizes the importance of technology and industry innovation as a pathway to develop new productive forces [6] - Plans include increasing high-quality technology supply and supporting basic research funding to rise from 11% to 15% of total R&D expenditure by 2027 [6] Enterprise Innovation Support - The city aims to strengthen the role of enterprises in technology innovation, promoting collaboration between industry, academia, and research [7] - A target of around 20,000 specialized and innovative small and medium-sized enterprises is set for 2030 [7] Open Platform Enhancement - The city is working on enhancing major open platforms to align with international trade rules and improve competitiveness [8] - Specific actions include reforming customs special supervision areas and providing integrated services for enterprises going global [9][10] Public Service Improvement - The city is committed to improving public services, focusing on employment stability and community health services [11][12][13] - Initiatives include enhancing community health service capabilities and ensuring better access to quality medical resources [13]

市人大常委会副主任郑钢淼、周慧琳、宗明、陈靖、张全、徐毅松出席。副市长陈宇剑，市高院院 长贾宇，市监委、市检察院、各区人大常委会负责同志及部分市人大代表列席。 又讯 昨天，市十六届人大常委会第二十三次会议表决通过有关人事任免事项。任命孙衍荣为上海 市第十六届人民代表大会法制委员会副主任委员；任命李明为上海市第十六届人民代表大会监察和司法 委员会副主任委员；任命杲云为上海市第十六届人民代表大会监察和司法委员会委员；任命汪荣明为上 海市第十六届人民代表大会财政经济委员会委员；任命陈庆江为上海市第十六届人民代表大会城市建设 环境保护委员会委员；决定免去吴坚勇的上海市司法局局长职务；免去杨慧亮的上海市监察委员会副主 任职务；任命吴波为上海市第三中级人民法院副院长、审判委员会委员、审判员；任命荚振坤为上海市 人民检察院副检察长、检察委员会委员、检察员；批准免去曾国东的浦东新区人民检察院检察长职务。 会议表决通过了《上海市粮食安全保障条例》《上海市人民代表大会常务委员会关于促进长三角科 技创新协同发展的决定》《上海市人民代表大会常务委员会关于深入推进生态文明建设打造美丽中国上 海典范的决定》；通过了关于批准《上海市202 ...

Core Insights - China's commercial space industry is entering a rapid development phase, with high-frequency and low-cost commercial launches becoming a reality [1] - The integration of technological innovation and industrial innovation is crucial for the growth of the commercial space sector [1] - The market demand and policy guidance are fostering the growth of emerging industries, with a projected market size of over 2.5 trillion yuan by 2025 for the commercial space sector [1] Group 1 - The commercial space industry in China is developing a complete industrial chain, encompassing various sectors from rocket launches to satellite manufacturing [1] - The Central Political Bureau meeting emphasized the importance of technological innovation in leading the development of new productive forces and fostering internationally competitive emerging pillar industries [1] - The government work report this year highlighted the need to promote the safe and healthy development of emerging industries such as commercial space, low-altitude economy, and deep-sea technology [1] Group 2 - The integration of resources is essential for the scientific allocation of industrial elements, alongside a long-term commitment to breakthrough key core technologies [1] - The rich market demand and application scenarios in China provide a broad prospect for the development of emerging industries [1] - With strong innovation drivers, the commercial space industry and other emerging sectors are expected to reach greater heights and distances in the future [1]

2025 年 07 月 31 日 宏观点评 研究所： 证券分析师： 夏磊 S0350521090004 xial@ghzq.com.cn [Table_Title] 长期无虞 短期无忧 ——7 月政治局会议解读 最近一年走势 相关报告 《2025 年中期宏观经济形势与政策展望：新格局 下的中国经济：韧性与潜力*夏磊》——2025-07-08 《 黄 金 价 格 波 动 的 底 层 逻 辑 * 夏 磊 》 — — 2025-07-04 《宏观深度研究：影响土地市场的五大因素*夏磊》 ——2025-06-18 《宏观深度研究：关于关税：特朗普的核心团队在 想什么？*夏磊》——2025-06-01 《宏观深度研究：土地市场的新变化*夏磊》—— 2025-05-12 事件： 中共中央政治局 7 月 30 日召开会议，决定今年 10 月在北京召开中 国共产党第二十届中央委员会第四次全体会议，主要议程是，中共 中央政治局向中央委员会报告工作，研究关于制定国民经济和社会 发展第十五个五年规划的建议。会议分析研究当前经济形势，部署 下半年经济工作。 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 国海证券股份有限公 ...

Group 1 - The industrial and information technology sector will implement a new round of ten key industry stabilization actions to consolidate the industrial economy [1] - There will be a focus on accelerating the development and application of technologies such as artificial intelligence terminals, ultra-high-definition video, smart wearables, and drones [1] - The sector aims to enhance the self-controllability of key industrial chains and strengthen the guarantee of strategic mineral resources [1] Group 2 - Efforts will be made to improve industrial energy efficiency and promote green development, particularly in the management of recycling lithium batteries from electric vehicles and bicycles [2] - The promotion of 5G and gigabit optical networks will be prioritized, along with the orderly advancement of computing power center construction [2] - A system for cultivating high-quality enterprises will be established, and policies will be introduced to support the development of specialized and innovative small and medium-sized enterprises [2]

Core Viewpoint - The integration of technological innovation and industrial innovation is essential for developing new productive forces, with a focus on bridging the technology chain and the industrial chain [1] Group 1: Innovation Strategy - The Long Triangle National Technology Innovation Center aims to connect global innovation resources with the Yangtze River Delta, enhancing regional innovation resource allocation [2] - The center operates under the principle of "R&D as industry, technology as commodity," promoting a "team holding" model where research teams hold equity in operating companies [2][3] - The center has established nine overseas innovation incubation platforms and strategic partnerships with over 200 universities and research institutions [2] Group 2: Achievements in Research and Development - The center has made significant advancements, including breakthroughs in critical technologies like single crystal blades for aircraft engines and the development of semiconductor unicorns valued at billions [3] - Approximately 7,000 graduate students are actively engaged in the industry, contributing to high-quality economic development [3] Group 3: Addressing Industry Needs - There are existing barriers in the integration of innovation and industry, such as the disconnect between research outcomes and enterprise needs [4] - The center collaborates with over 500 companies to establish joint innovation centers, identifying over 3,000 technical needs that companies are willing to fund [4] - The center has facilitated over 1,200 cooperation intentions with a total contract value exceeding 3.5 billion [4] Group 4: Collaborative Research Models - The center employs a "crowdsourced research" model to address common technical needs across industries, encouraging upstream and downstream enterprises to pool resources for targeted research [5] Group 5: Talent Development - The integration of education and technology talent is crucial, with a focus on breaking down barriers between universities, enterprises, and research institutions [7] - A significant percentage of engineering faculty lack industry experience, which can lead to a disconnect between academic research and industry needs [7] - The establishment of the Jicui Education Foundation aims to promote paid internships for university students, enhancing their practical experience and understanding of the industry [7]

Group 1 - The commercial aerospace industry is transitioning from its initial phase to a rapid development phase, with a market size expected to exceed 2.5 trillion yuan this year [1][3] - Key components of the commercial aerospace sector, including rockets, satellites, and launch facilities, have seen significant advancements, exemplified by successful launches and the establishment of regular launch operations [1][2] - The government is promoting the safe and healthy development of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology [1][3] Group 2 - The integration of technology and industry innovation is crucial for the growth of commercial aerospace, with a focus on concentrated industry layout [2] - Cities like Beijing and Anhui are emerging as hubs for aerospace companies, with significant investments and the establishment of specialized funds to support industry development [2] - The commercial aerospace sector is characterized by high asset requirements, significant risks, and long investment return cycles, necessitating collaborative support from various stakeholders [2][3] Group 3 - China possesses a rich market demand and application scenarios for commercial aerospace, providing substantial opportunities for technology transformation and consumer markets [3] - The application of satellite technology in agriculture, disaster prevention, and industrial sectors is enhancing operational efficiency and decision-making [3] - The influx of social capital into the commercial aerospace field is leading to innovative production methods, such as mass satellite manufacturing [3][4]