IPO Review and Registration Progress - Four companies were reviewed last week, with two IPO registrations approved and one submitted for registration, while one IPO was terminated [3][4][5] - Zhongcheng Consulting and Nante Technology successfully passed the review, while Jiekai Robotics had its IPO review canceled [3][4] - Zhongcheng Consulting focuses on engineering consulting services, with over 90% of its revenue coming from Jiangsu Province [3] - Nante Technology specializes in precision casting and mechanical processing, with around 80% of its revenue from major clients Gree Electric and Midea Group [3][4] - Fengbei Bio achieved a revenue of 1.948 billion yuan in 2024, a year-on-year increase of 12.75%, but its net profit declined by 4.54% [4] Upcoming IPOs - Three companies are set to undergo IPO reviews this week, including Kema Materials and Dapeng Industrial, both transitioning from the Growth Enterprise Market to the Beijing Stock Exchange [5][6] - Kema Materials reported a revenue of 139 million yuan in the first half of 2025, a year-on-year increase of 11.37% [5] - Dapeng Industrial's revenue for 2022 to 2024 was 247 million yuan, 260 million yuan, and 265 million yuan respectively, with a net profit of 41 million yuan, 49 million yuan, and 43 million yuan [6] New Stock Listings and Subscriptions - One new stock is scheduled for listing this week, with Guangdong Jianke set to debut on August 12 at an issue price of 6.56 yuan per share [10] - Last week, three new stocks were listed, including Youli Intelligent, which saw a first-day increase of 246.89% [11] - Youli Intelligent's issue price was 23.99 yuan per share, closing at 83.22 yuan on its first day [11] - The company focuses on the photovoltaic industry, while Hansa Technology and Tianfulong also had significant first-day gains [11][12] Policy and Regulatory Developments - The regulatory authorities are intensifying efforts to combat market fraud by imposing strict penalties on third parties involved in fraudulent activities [14] - A new guideline has been issued to support technology companies that break through key core technologies, providing them with a "green channel" for IPO financing, mergers, and bond issuance [15]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - China's economic data is positive, and there are hopes of a Fed rate cut, leading to a generally strong and volatile trend in non - ferrous metals [1][2] - Different non - ferrous metals have different market performances. For example, copper is expected to maintain a high - level volatile trend, aluminum is in an upward trend with short - term volatility, and zinc has limited upward momentum [2] Summary by Relevant Catalogs Main Variety Views Copper - China's positive economic data, Fed rate - cut expectations, and low inventory provide high - level support for copper prices, but it is in the off - season, and short - term upward driving force is insufficient. It is expected to maintain a volatile trend in the range of 78,000 - 79,500 yuan/ton. Suggested operations are range trading or waiting and seeing [2] Aluminum - The rainy season in Guinea affects bauxite mining and transportation, supporting ore prices. Alumina production capacity and inventory are both increasing. Aluminum prices are in an upward trend but with short - term volatility. It is recommended to go long on dips in August [2] Zinc - Zinc concentrate supply is loose, and domestic demand is weak in the off - season. Zinc prices are expected to have limited upward momentum, with the main contract operating in the range of 22,000 - 23,000 yuan/ton. Suggested operation is range trading [2] Lead - LME and Comex lead inventories have decreased, and domestic supply and demand are basically balanced. Lead prices are expected to maintain a volatile trend, and it is recommended to go long on dips in the range of 16,500 - 17,200 yuan/ton [2] Nickel - In the medium and long term, the nickel industry has an oversupply situation. It is recommended to hold short positions moderately on rallies, with the main contract operating in the range of 118,000 - 124,000 yuan/ton. Stainless steel is recommended for range trading in the range of 12,600 - 13,100 yuan/ton [3] Tin - In the off - season, demand is weak, and prices are volatile. Tin ore supply improvement is limited, and it is recommended for range trading, with the reference range for the Shanghai Tin 09 contract being 255,000 - 275,000 yuan/ton [3] Industrial Silicon - Production and inventory data show mixed trends. It is expected to be weakly volatile, and it is recommended to wait and see. Polysilicon has high risks, and it is also recommended to wait and see [3] Carbonate Lithium - Due to mine - end production disruptions, prices are strong. It is expected that short - term prices will be supported, and it is recommended for cautious trading [3] Non - ferrous Metal Inventory - Different non - ferrous metals have different inventory trends. For example, copper's global inventory has increased week - on - week, while tin's global inventory has decreased week - on - week [7] Macro - economic Data - China's July service industry PMI continued to expand, and exports increased year - on - year. The US service industry PMI was close to stagnation in July [9][11][14] Market Trends and Key Data Tracking - Each non - ferrous metal has corresponding price trend charts and key data tracking, such as copper's LME copper (spot/three - month) premium and discount, Shanghai copper's inter - period spread curve, etc. [30][31]

Core Viewpoint - The recent policy issued by the People's Bank of China and seven other departments aims to provide systematic financial solutions to support the high-end, intelligent, and green transformation of the manufacturing industry, which aligns well with the company's strategic layout in plant lighting, energy storage technology, and core components of robotics [1] Group 1 - The policy supports carbon reduction, green transformation, resource-saving, efficient recycling, and the construction of a green energy system in the industrial sector [1] - The company is expected to achieve leapfrog development under multi-level policy support [1] - The company plans to actively seize policy opportunities to enhance its business layout and expansion speed [1]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Views of the Report - Macroeconomic factors include the joint issuance of the "Guiding Opinions on Financial Support for New - type Industrialization" by seven departments such as the central bank, which supports mining enterprises to increase reserves and production of important minerals. In July, China exported 9.836 million tons of steel, and from January to July, the cumulative steel exports were 67.983 million tons, a year - on - year increase of 11.4% [1][4]. - Fundamental data shows that last week, the output of rebar was 21.21 million tons, an increase of 100,000 tons month - on - month, with apparent demand of 2.11 million tons (an increase of 70,000 tons), factory inventory of 1.68 million tons (an increase of 60,000 tons), social inventory of 3.88 million tons (an increase of 40,000 tons), and total inventory of 5.57 million tons (an increase of 100,000 tons). The output of hot - rolled coils was 3.15 million tons, a decrease of 80,000 tons, with factory inventory of 780,000 tons (a decrease of 10,000 tons), social inventory of 2.79 million tons (an increase of 100,000 tons), total inventory of 3.57 million tons (an increase of 90,000 tons), and apparent demand of 3.06 million tons (a decrease of 140,000 tons) [1][4]. - Overall, last week's industrial data was weak, with a slight increase in production, a decline in apparent demand, and accelerated inventory accumulation. Due to the expected military parade production restrictions in the north in the middle of the month, the expectation of supply contraction has increased, and the inventory pressure is generally not large. It is expected that the futures price will maintain a volatile trend [1][4][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Percentage (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3213 | 10 | 0.31 | 9240311 | 2947936 | Yuan/ton | | SHFE Hot - rolled Coil | 3428 | 27 | 0.79 | 3118646 | 1428587 | Yuan/ton | | DCE Iron Ore | 790.0 | 7.0 | 0.89 | 869369 | 335365 | Yuan/ton | | DCE Coking Coal | 1227.0 | 134.5 | 12.31 | 16090961 | 915031 | Yuan/ton | | DCE Coke | 1653.5 | 68.5 | 4.32 | 230503 | 53400 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures showed a volatile trend, with flat macro news and narrowed market fluctuations. In the spot market, the price of Tangshan billet was 3070 (+10) Yuan/ton, the Shanghai rebar quote was 3340 (-20) Yuan/ton, and the Shanghai hot - rolled coil was 3450 (+40) Yuan/ton [4]. - The macro and fundamental data are consistent with the core views, and it is expected that the futures price will maintain a volatile trend [4][5]. 3.3 Industry News - The central bank and other seven departments jointly issued the "Guiding Opinions on Financial Support for New - type Industrialization" to support the development of the mining industry and increase the supply guarantee capacity of strategic resources [6][7]. - The US non - farm payrolls in July increased by 73,000, lower than the expected 104,000, and the data hit a 9 - month low. After the data was released, President Trump criticized Powell and called for a rate cut [10]. - In July, China exported 9.836 million tons of steel, and from January to July, the cumulative steel exports were 67.983 million tons, a year - on - year increase of 11.4% [1][4][10]. - In July, China's total value of goods trade imports and exports was 3.91 trillion Yuan, a year - on - year increase of 6.7%. Exports were 2.31 trillion Yuan, an increase of 8%, and imports were 1.6 trillion Yuan, an increase of 4.8%. In the first seven months, the total value of goods trade imports and exports was 25.7 trillion Yuan, a year - on - year increase of 3.5% [10]. - From August 16th to 25th, Tangshan's independent steel rolling enterprises may be shut down at any time according to weather conditions, and they must be shut down from August 25th to September 3rd. If the shutdown and production restriction measures are implemented, the daily output of 35 billet - rolling section steel enterprises in Tangshan will be affected by about 90,000 tons [10]. 3.4 Relevant Charts - The report provides multiple charts including the futures and spread trends of rebar and hot - rolled coils, basis trends, spot regional spread trends, steel mill profit trends, blast furnace operating rates, steel production, inventory, and apparent consumption trends from 2021 - 2025 [9][11][19][28][32] etc.

Group 1: Investment Rating - No investment rating information provided Group 2: Core Views - Steel and ore are expected to show a short - term oscillating trend. For rebar and hot - rolled coils, it's difficult to reach new highs in the short term, and the market will mainly oscillate. For iron ore, although the daily pig iron output has decreased, it remains at a relatively high level above 2.4 million tons, which restricts the downside space [5]. - Short - term trading is recommended as the market is in a short - term oscillating state [6]. Group 3: Summary by Related Catalogs Steel and Ore Market Conditions - Rebar and hot - rolled coils: The main contracts are shifting positions. Due to high - temperature and heavy - rain weather, demand is still weak. According to Zhaogang.com data, this week, the production and apparent demand of rebar and hot - rolled coils decreased, while inventory increased, with obvious restocking. The RB2510 contract has a pressure level of 3300 and a support level of 3150. The support level for hot - rolled coils is 3300, and the pressure level is 3550. The main stainless - steel contract has a pressure level of 13200 and a support level of 12650 [5]. - Iron ore: The daily pig iron output this week was 2.4032 million tons, a decrease of 0.0039 million tons compared to the previous week. Although it decreased, it remains above 2.4 million tons, restricting the downside space. The pressure level for the main iron - ore contract has moved down to 835, and the support level is 750 [5]. Important News - The US President Trump signed an executive order to impose an additional 25% tariff on goods from India, making the total tariff rate reach 50%, and the new 25% tariff will take effect in 21 days [13]. - In late July 2025, key steel enterprises produced 21.8 million tons of crude steel, with an average daily output of 1.982 million tons, a 7.4% decrease in daily output compared to the previous period; 20.41 million tons of pig iron, with an average daily output of 1.856 million tons, a 4.5% decrease in daily output; and 23 million tons of steel products, with an average daily output of 2.091 million tons, a 0.5% increase in daily output [13]. - The Ministry of Transport, the Ministry of Finance, and the Ministry of Natural Resources issued the "New Round of Rural Road Improvement Action Plan", aiming to complete the reconstruction and construction of 300,000 kilometers of rural roads nationwide by 2027 [13]. - In late July 2025, the steel inventory of key steel enterprises was 14.78 million tons, a decrease of 0.88 million tons compared to the previous ten - day period, a 5.6% decrease; an increase of 2.41 million tons compared to the beginning of the year, a 19.5% increase; a decrease of 0.67 million tons compared to the same ten - day period of the previous month, a 4.3% decrease; a decrease of 1.27 million tons compared to the same ten - day period of last year, a 7.9% decrease; and an increase of 0.29 million tons compared to the same ten - day period of the year before last, a 2.0% increase [13]. - The China Federation of Logistics and Purchasing announced that the global manufacturing PMI in July was 49.3%, a decrease of 0.2 percentage points compared to the previous month, indicating that the recovery momentum of the global manufacturing industry weakened compared to the previous month and continued to operate weakly [13]. - Seven departments including the central bank jointly issued the "Guiding Opinions on Financial Support for New - type Industrialization", supporting mining enterprises to increase reserves and production of important minerals and improve the supply guarantee capacity of strategic resources [14]. - On July 30, the 11th Council (Expanded) Meeting of the 6th China Iron and Steel Association was held in Beijing, focusing on in - depth discussions around "controlling production capacity, combating involution, strengthening cooperation, and promoting transformation" [14]. Steel Supply and Inventory - This week, the steel supply decreased slightly. The total steel supply was 8.6921 million tons, a week - on - week increase of 0.0179 million tons; the total inventory was 13.7536 million tons, a week - on - week increase of 0.2347 million tons [15][16]. - Rebar: This week, the supply was 2.2118 million tons, a week - on - week increase of 0.1012 million tons; the total inventory was 5.6668 million tons, a week - on - week increase of 0.1039 million tons, a decrease rate of 0.9%; the apparent consumption was 2.1658 million tons, a 5.0% increase compared to the previous period. The apparent demand increased by 0.0738 million tons to 2.1079 million tons [18]. - Hot - rolled coils: This week, the supply was 3.1489 million tons, a week - on - week decrease of 0.079 million tons; the total inventory increased by 0.0868 million tons to 3.5663 million tons; the apparent demand decreased by 0.1379 million tons to 3.0621 million tons [18]. - Rebar inventory contradiction is not prominent. This week, rebar's factory inventory, social inventory, and total inventory increased. For hot - rolled coils, the factory inventory decreased, while the social inventory and total inventory increased, showing restocking behavior [20][21]. Pig Iron and Iron Ore - This week, the daily pig iron output was 2.4032 million tons, a decrease of 0.0039 million tons compared to the previous week. Although it decreased, it remains at a relatively high level above 2.4 million tons, restricting the downside space of iron ore [24].

Domestic Macro Policy - The National Development and Reform Commission (NDRC) plans to accelerate the establishment of new policy financial tools to encourage private enterprises to participate more in major national projects [15][33] - The State Council issued an opinion on gradually implementing free preschool education, which will exempt public kindergarten fees for the last year of preschool starting from the autumn semester of 2025, benefiting approximately 12 million children [15][28] - The Central Committee of the Communist Party and the State Council issued regulations to reduce formalism and lighten the burden on grassroots levels [15][28] Domestic Industry Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy and the implementation of key monetary policy measures [16][31] - The Ministry of Industry and Information Technology (MIIT) issued a digital transformation implementation plan for the machinery industry, aiming for significant advancements by 2027 [16][31] - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds starting August 8 [16][31] Local Policy - Hangzhou's municipal committee emphasized the need to cultivate new growth points in service consumption [5][39] - Shanghai and Jiangsu provinces issued a decision to promote collaborative technological innovation in the Yangtze River Delta [5][39] - Guangdong province introduced loan interest subsidy implementation rules for manufacturing and high-tech enterprises, with a maximum annual subsidy of 20 million yuan per enterprise [5][41] Overseas Dynamics - The U.S. President signed an executive order imposing tariffs ranging from 10% to 41% on countries that have not reached agreements with the U.S., effective from August 7, 2025 [6][44] - OPEC+ agreed to significantly increase oil production in September [6][44] - The Bank of England lowered its key interest rate by 25 basis points to 4% [6][44]

Domestic Macro - The National Development and Reform Commission (NDRC) is accelerating the establishment of new policy financial tools to encourage private enterprises to participate in major national projects [6][7] - The State Council issued an opinion on gradually implementing free preschool education, which will exempt public kindergarten fees for the last year of preschool starting from the autumn semester of 2025, benefiting approximately 12 million children [6][7] - The Central Committee of the Communist Party and the State Council issued regulations to reduce formalism and lighten the burden on grassroots levels [6][7] Industry Policy - The People's Bank of China (PBOC) emphasized the continuation of a moderately loose monetary policy for the second half of the year [7][8] - The Ministry of Industry and Information Technology (MIIT) issued a digital transformation implementation plan for the machinery industry [7][8] - Starting from August 8, the interest income from newly issued government bonds and financial bonds will be subject to VAT again [7][8] Local Policy - The Hangzhou Municipal Committee emphasized cultivating new growth points in service consumption [8][9] - The Shanghai Municipal Government issued measures to support enterprises in enhancing basic research, with subsidies up to 10 million yuan [8][9] - The Guangdong Provincial Financial Management Bureau issued guidelines for loan interest subsidies for manufacturing and high-tech enterprises [8][9] Overseas Dynamics - On August 2, U.S. President Trump signed an executive order imposing tariffs ranging from 10% to 41% on countries that have not reached agreements with the U.S., effective from August 7, 2025 [9][25] - OPEC+ agreed to significantly increase oil production in September [9][25] - The Bank of England lowered its key interest rate by 25 basis points to 4% on August 7 [9][25]

Core Insights - As of August 6, the price of 304 cold-rolled stainless steel in Wuxi is 13,000 yuan/ton, remaining stable day-on-day, while in Foshan it is 12,950 yuan/ton, also unchanged [1] - The nickel ore market is currently stable, with mainstream transaction prices for 1.3% nickel ore around CIF 42 and for 1.4% nickel ore around CIF 50 [1] - Domestic stainless steel production is expected to decrease, with July's output from 43 stainless steel plants estimated at 3.2531 million tons, a month-on-month decline of 2.87% and a year-on-year decline of 1.67% [1] Price Trends - The base price has increased by 25 yuan/ton to 235 yuan/ton [1] - Nickel iron prices have risen to 930-940 yuan/nickel, while ferrochrome prices remain weak and stable with slight room for adjustment [1] - The stainless steel futures inventory as of August 6 is 102,803 tons, a week-on-week decrease of 431 tons [1] Market Dynamics - Social inventory of 300 series stainless steel in Wuxi and Foshan is 514,800 tons, with a week-on-week decrease of 1,100 tons [1] - The market is currently experiencing weak demand, with purchases primarily driven by essential stock replenishment [1] - The overall market sentiment is influenced by macroeconomic factors, including weak U.S. data raising expectations for interest rate cuts [1] Production Insights - The production of 300 series stainless steel in July was 1.7133 million tons, a month-on-month decrease of 3.8% but a year-on-year increase of 4.7% [1] - The expected increase in the domestic nickel ore benchmark price in Indonesia is projected to rise by 0.2 - 0.3 USD in August [1] - The short-term supply pressure is unlikely to ease significantly due to insufficient production cuts despite maintenance at stainless steel plants [1] Future Outlook - The market is expected to remain in a narrow range, with the main operational range referenced at 12,600 - 13,200 yuan/ton [1] - The short-term view indicates a range-bound movement driven by policy and macroeconomic sentiment [1]

Industry Investment Rating - No relevant content provided Core Views - The Chinese government promotes free pre - school education, and the US President Trump criticizes the Fed and plans tariff hikes. The central bank and other departments support new industrialization, and there are changes in iron ore inventory and futures rules [2][3] Summary by Relevant Catalogs Policy News - From the 2025 autumn semester, China will exempt public kindergarten children in the pre - school year from education fees, and private kindergartens can enjoy the same exemption level [2] - Trump criticizes Powell for late interest - rate cuts, may announce a new Fed chair soon, and plans to raise tariffs on India, drugs, and chips [2] - Seven Chinese departments including the central bank issue a guidance on financial support for new industrialization, aiming to build a mature financial system by 2027 [2] Market Data - From July 28 - August 3, 2025, the total iron ore inventory at seven major ports in Australia and Brazil was 1284.0 million tons, down 70.9 million tons from the previous week [3] Plate Performance - Key focus: urea, coking coal, polysilicon, crude oil, plastic [4] - Night - session performance: non - metallic building materials 2.85%, precious metals 28.07%, oilseeds 12.68%, non - ferrous and soft commodities 2.52% and 20.84%, coal - coking - steel - ore 14.51%, energy 3.08%, chemicals 11.50%, grains 1.21%, agricultural and sideline products 2.74% [4] Asset Performance - Equity: The Shanghai Composite Index rose 0.96%, the S&P 500 fell 0.49%, etc. [8] - Fixed - income: 10 - year treasury bond futures rose 0.05%, 5 - year rose 0.04%, 2 - year fell - 0.01% [8] - Commodities: The CRB commodity index fell - 0.11%, WTI crude oil fell - 1.66%, London spot gold rose 0.24%, etc. [8] - Others: The US dollar index rose 0.01%, the CBOE volatility index rose 0.00% [8]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The high - nickel resource supply cost is increased due to the Indonesian government's PNBP policy, and the domestic nickel ore port inventory is decreasing with tight raw materials. The overall refined nickel production increased slightly as some smelters' output rose and new capacity is planned. Stainless steel mills cut production due to profit compression, while new - energy vehicle production and sales climbed but the demand for ternary batteries is limited. Recently, nickel prices dropped, downstream buyers made low - price purchases, domestic social inventory decreased, and overseas LME inventory increased. The market is expected to have short - term volatile adjustments, and it is recommended to wait and see [2]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main futures contract of Shanghai nickel was 121,070 yuan/ton, up 160 yuan; the price difference between the 08 - 09 contracts of Shanghai nickel was - 280 yuan/ton, down 170 yuan; the LME 3 - month nickel price was 15,055 dollars/ton, down 50 dollars; the main contract position of Shanghai nickel was 86,052 lots, down 4,491 lots; the net long position of the top 20 futures holders of Shanghai nickel was - 22,809 lots, down 1,023 lots; LME nickel inventory was 211,254 tons, up 2,172 tons; the Shanghai Futures Exchange nickel inventory was 25,750 tons, up 299 tons; the warrant quantity of Shanghai nickel was 20,789 tons, down 134 tons [2]. 2. Spot Market - The SMM1 nickel spot price was 122,100 yuan/ton, up 200 yuan; the average spot price of 1 nickel plate in Yangtze River was 122,000 yuan/ton, unchanged; the CIF (bill of lading) price of Shanghai electrolytic nickel was 85 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel was 85 dollars/ton, unchanged; the average price of battery - grade nickel sulfate was 27,900 yuan/ton, unchanged; the basis of the NI main contract was 1,030 yuan/ton, up 40 yuan; the LME nickel (spot/three - month) premium was - 205.64 dollars/ton, down 4.9 dollars [2]. 3. Upstream Situation - The monthly import volume of nickel ore was 4.3466 million tons, up 419,400 tons; the total port inventory of nickel ore was 9.9436 million tons, up 64,900 tons; the average monthly import unit price of nickel ore was 65.84 dollars/ton, down 7.57 dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 dollars/wet ton, unchanged [2]. 4. Industry Situation - The monthly electrolytic nickel production was 29,430 tons, up 1,120 tons; the total monthly nickel - iron production was 22,600 metal tons, down 1,300 tons; the monthly import volume of refined nickel and alloys was 17,215.27 tons, down 472.3 tons; the monthly import volume of nickel - iron was 1.0414 million tons, up 193,200 tons [2]. 5. Downstream Situation - The monthly production of 300 - series stainless steel was 1.744 million tons, down 40,700 tons; the total weekly inventory of 300 - series stainless steel was 608,000 tons, up 2,300 tons [2]. 6. Industry News - Trump will decide on new Fed governors this week, may choose the chairman through the vacancy, and will announce drug and chip tariffs and significantly increase Indian tariffs within a week. The US ISM non - manufacturing index in July was 50.1, lower than the expected 51.5 and the previous value of 50.8. The US 7 - month ISM services PMI was only 50.1, with the employment index shrinking and the price index reaching a new high since October 2022. Goldman Sachs and Citi said that if the non - agricultural situation does not worsen, the Fed may cut interest rates by 50 basis points in September, with the interest - rate end - point at 3% or lower. The central bank and six other departments will support new - type industrialization with finance and strengthen medium - and long - term loan support for digital infrastructure construction [2].