Market Performance - The Shanghai Composite Index rose 0.7% to 3497.48 points, while the Shenzhen Component Index increased by 1.47% to 10588.39 points, and the ChiNext Index surged 2.39% to 2181.08 points, marking new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets reached 14,747 billion yuan, an increase of nearly 2,500 billion yuan compared to the previous day [1] - Key sectors that saw gains included semiconductors, non-ferrous metals, steel, building materials, chemicals, brokerages, and automobiles, while insurance, banking, and electricity sectors experienced slight declines [1] Solar Industry Insights - The solar industry is undergoing a "reverse involution" strategy at the national level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry chain [2] - Current market conditions indicate the industry is at a cyclical bottom, with future policy strength being a critical variable affecting industry trends [2] - Long-term prospects suggest the solar industry will enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [2] Energy Storage Sector Growth - The Australian government plans to invest 2.3 billion AUD in a subsidy program aimed at reducing the installation costs of home storage systems by 30%, targeting the addition of 1 million new home storage installations by 2030 [3] - Emerging markets in Southeast Asia and the Middle East are showing increased demand, while Eastern Europe is experiencing significant growth [3] - Major companies in the storage inverter sector are expected to see substantial improvements in Q2 performance, with overall annual growth returning to high levels [3] High-Temperature Beneficiary Sectors - Anticipated extreme heat in 2025 is expected to drive demand in several sectors, including electricity, food and beverage, sun protection, and air conditioning [4] - The electricity sector is likely to benefit from increased demand during high temperatures, while the food and beverage sector may see a boost in consumption of products like beer and tea [4] - Companies involved in air conditioning and cooling components are also expected to gain from supply constraints leading to price increases [4] Zero-Carbon Park Initiatives - The National Development and Reform Commission, along with other departments, has issued a notice to support the construction of zero-carbon parks, focusing on energy structure transformation and carbon reduction [7] - The initiative includes financial support through existing funding channels and encourages local governments to provide funding for eligible projects [7] - Policy banks are also encouraged to offer long-term credit support for zero-carbon park projects [7] International Low Altitude Economy Expo - The 2025 International Low Altitude Economy Expo will take place from July 23 to July 26, covering an area of 60,000 square meters and featuring over 30 forums [8] - The event is expected to attract more than 50,000 visitors and will showcase nearly 300 exhibitors, including well-known companies in the low-altitude industry [8] Trade Policy Developments - The U.S. government plans to impose a 50% tariff on all copper imports, with additional tariffs on pharmaceuticals and semiconductors being considered [9] - The new tariffs aim to provide time for pharmaceutical companies to relocate to the U.S., although specific implementation dates have not been disclosed [9]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: July 9, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The iron ore market is currently supported by strong demand from steel mills due to their low willingness to cut production for loss - control and the support from downstream demand in the context of export rush. However, the expiration of the US 90 - day suspension period and the uncertain export policy, along with the weak domestic economic recovery and the decline in real estate investment, suggest that the iron ore price will be weak in the medium - term [10][11] 3. Summary by Relevant Catalogs 3.1 Market Review - On July 8, the main 2509 contract of iron ore futures showed a volatile and slightly stronger trend, opening low and then rising. It closed at 733.0 yuan/ton, up 0.14% [7] - The prices of major iron ore outer - market quotes and the prices of major - grade iron ore at Qingdao Port remained flat compared with the previous trading day [9] - The KDJ indicator of the daily line of the iron ore 2509 contract was rising, with the K and J values turning up and the D value continuing to rise. The red column of the MACD indicator of the daily line of the iron ore 2509 contract had narrowed for two consecutive trading days [9] 3.2 Futures Market Data | Contract Code | Previous Closing Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change Rate | Trading Volume | Open Interest | Open Interest Change | Capital Inflow/Outflow | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | RB2510 | 3061 | 3059 | 3074 | 3050 | 3063 | - 0.13% | 954,572 | 2,168,547 | - 28,783 | - 0.59 | | HC2510 | 3191 | 3186 | 3198 | 3176 | 3191 | - 0.06% | 341,788 | 1,593,691 | 8,136 | 0.18 | | SS2508 | 12640 | 12635 | 12790 | 12625 | 12700 | 0.32% | 103,281 | 90,238 | - 204 | 0.02 | | I2509 | 731 | 731 | 736 | 727.5 | 733 | 0.14% | 233,496 | 655,157 | 7,312 | 1.00 | [5] 3.3 Futures Market Position Data | Contract | Top 20 Long Positions | Top 20 Short Positions | Top 20 Long Position Change | Top 20 Short Position Change | Long - Short Comparison | Deviation Rate | | --- | --- | --- | --- | --- | --- | --- | | RB2510 | 1,341,471 | 1,295,405 | - 20,077 | - 27,519 | 7,442 | 0.56% | | HC2510 | 1,129,177 | 1,119,049 | 3,849 | 9,683 | - 5,834 | - 0.52% | | SS2508 | 65,699 | 67,169 | - 1,189 | 128 | - 1,317 | - 1.98% | | J2509 | 29,514 | 33,265 | 169 | - 59 | 228 | 0.73% | | JM2509 | 293,448 | 335,872 | 4,208 | - 6,162 | 10,370 | 3.30% | | I2509 | 396,848 | 431,467 | 2,066 | 7,989 | - 5,923 | - 1.43% | [8] 3.4 Fundamental Analysis - **Demand Side**: The molten iron output has turned down but remains above 240,000 tons, a relatively high level. The steel production reduction process of steel enterprises is rather tortuous, and the support on the iron ore demand side is still strong. Nearly 60% of the sample enterprises are still profitable, so the steel mills' willingness to control losses and cut production is not high [10] - **Supply Side**: The shipping volume of 19 ports in Australia and Brazil last week dropped significantly, a regular decline after the shipping volume rush. The arrival volume increased. Based on the data of the past four weeks, it is expected that the overall supply will remain loose until mid - July and then gradually tighten [11] 3.5 Industry News - On July 8, the National Development and Reform Commission and other three departments issued a notice on the construction of zero - carbon industrial parks, aiming to promote energy - use and carbon - emission management, energy - efficiency and carbon - efficiency diagnosis, and energy - saving and carbon - reduction transformation in parks [12] - On July 7, Beisente said in an interview that he would meet with his Chinese counterparts in the next few weeks and hoped to expand cooperation beyond trade [12] - Trump announced a 25% tariff on Japanese and South Korean goods effective August 1, and tariffs ranging from 25% to 40% on goods from Malaysia, Kazakhstan, South Africa, Laos, etc., also effective August 1 [12] 3.6 Data Overview - The report provides multiple data charts, including the prices of major iron ore varieties at Qingdao Port, the price differences between high - grade and low - grade ores and PB powder, the basis between iron ore spot at Qingdao Port and the September contract, the shipping volume of Brazilian and Australian iron ore, the arrival volume at 45 ports, domestic mine capacity utilization rate, major port iron ore trading volume, steel mill iron ore inventory available days, imported sintered powder ore inventory, port iron ore inventory and dispatch volume, sample steel mill tax - free molten iron cost, blast furnace and electric furnace start - up rates and capacity utilization rates, national daily average molten iron output, apparent consumption of five major steel products, weekly output of five major steel products, and steel mill inventory of five major steel products [17][18][21][22][27][29][32][37][38]

Group 1 - The U.S. government is considering additional sanctions against Russia and has approved more defensive weapon shipments to Ukraine [2] - Japan reported a record high of 16,943 people hospitalized for heatstroke in June, the highest since records began in 2010 [5] - The National Development and Reform Commission of China announced a new investment of 10 billion yuan to support employment initiatives, aiming to create jobs for 310,000 people [6] Group 2 - France's President Macron is on a state visit to the UK, marking the first visit by a French president since 2008 and the first by an EU leader since Brexit [4] - The Chinese logistics sector saw a significant increase in e-commerce logistics index, reaching a new high of 111.8 points in June [12] - The Chinese government aims to increase the availability of childcare services, targeting 4.5 childcare spots for every 1,000 people by 2025 [8] Group 3 - The China Securities Association is conducting a comprehensive survey of the securities industry to prepare for the upcoming "China Securities Industry Development Report (2025)" [10] - GAC Fiat Chrysler has declared bankruptcy due to an inability to repay debts and lack of assets to cover liabilities [24] - The stock market saw significant movements, with Intel shares rising over 7% while major banks experienced declines [28]

Core Viewpoint - The National Development and Reform Commission, along with other governmental bodies, has issued a notice to promote the construction of zero-carbon parks, aiming to support regions in achieving carbon neutrality through energy structure transformation and efficiency improvements [1][2]. Group 1: Key Tasks - Optimize industrial structure within parks by encouraging the development of low-energy, low-pollution, and high-value-added emerging industries, and exploring a "green manufacturing" model [2]. - Upgrade park infrastructure by improving planning and construction of energy supply systems, including electricity, heat, gas, hydrogen, and water management, while promoting ultra-low and near-zero energy buildings [2]. - Enhance the application of advanced technologies by fostering collaboration between parks, enterprises, universities, and research institutions to develop and implement green low-carbon technologies [2]. Group 2: Support Measures - Support parks in attracting external talent, technology, and professional institutions to assist in energy-saving transformations and carbon management [3]. - Explore a "single-window" approval system for multi-energy complementary projects within zero-carbon parks [3]. - Strengthen energy supply guarantees by innovating energy-saving reviews and carbon emission evaluations within zero-carbon parks [3].

Group 1 - The National Development and Reform Commission and other departments have issued a notice to support the construction of zero-carbon parks, aiming to promote low-carbon transformation in various parks in a planned and step-by-step manner [1] - The notice emphasizes accelerating the transformation of energy structure in parks, promoting green electricity supply models, and achieving clean and low-carbon heating systems [1] - It encourages the optimization of industrial structure within parks, focusing on developing low-energy, low-pollution, and high-value-added emerging industries, and supports the orderly transfer and concentration of high-energy-consuming industries [1] Group 2 - The notice outlines the establishment of a waste recycling network within parks and the enhancement of resource utilization for various types of waste [1] - It highlights the need for upgrading park infrastructure, including power, heat, gas, hydrogen, water supply and drainage, and pollution control systems, as well as improving green buildings and transportation infrastructure [1] - The National Development and Reform Commission will utilize existing funding channels to support zero-carbon park construction and encourage local governments to provide financial support through special bonds [1] Group 3 - The construction of zero-carbon parks involves deep integration across multiple industries such as energy, construction, manufacturing, finance, and operations, leading to the emergence of comprehensive energy service providers [2] - Innovative financial, operational, and energy service models are expected to attract more social capital into the green low-carbon sector, creating scale effects in investment and driving profound changes in business models [2]

Core Viewpoint - The document outlines the initiative for constructing zero-carbon parks to support China's carbon peak and carbon neutrality goals, emphasizing the need for a comprehensive green transformation in economic and social development [2][6]. Group 1: Key Tasks - Accelerate the transformation of energy structure in parks by enhancing the utilization of renewable energy and developing green electricity supply models [2][3]. - Promote energy conservation and carbon reduction in parks by establishing energy and carbon emission management systems and encouraging the adoption of advanced energy-efficient technologies [3][4]. - Optimize the industrial structure of parks by developing low-energy, low-pollution, and high-value-added emerging industries, and exploring green manufacturing models [3][4]. - Enhance resource conservation and intensive use in parks by improving spatial planning and promoting the recycling of industrial waste [3][4]. - Upgrade park infrastructure by optimizing planning and construction of energy supply systems, and promoting low-carbon transportation [3][4]. Group 2: Support Measures - The National Development and Reform Commission will utilize existing funding channels to support zero-carbon park construction, encouraging local governments to provide financial backing [6]. - Policy banks are encouraged to offer medium- to long-term credit support for eligible projects, and enterprises are supported in issuing bonds for zero-carbon park construction [6]. - The document emphasizes the importance of introducing external talent and technology to assist in energy conservation and carbon emission management [6]. Group 3: Implementation Organization - The National Development and Reform Commission will coordinate the construction of zero-carbon parks, providing support in areas such as pilot exploration and project funding [7]. - Local development and reform commissions are tasked with recommending eligible parks for national-level zero-carbon park construction based on various factors [8]. - A thorough evaluation process will be conducted post-construction to assess the effectiveness of the zero-carbon parks, with successful projects being officially recognized [8].

Core Viewpoint - The National Development and Reform Commission (NDRC) and two other departments have issued a notice to promote the construction of zero-carbon parks, emphasizing the elimination of backward production capacity, processes, and equipment [1] Group 1: Policy Initiatives - The notice encourages the establishment of energy and carbon emission management systems within parks [1] - It aims to enhance energy efficiency and carbon efficiency diagnostics and assessments for enterprises [1] - There is a focus on strengthening energy-saving inspections and daily supervision of key energy-consuming equipment [1] Group 2: Support for Enterprises - The policy supports enterprises in benchmarking against advanced standards and implementing energy-saving and carbon-reduction transformations [1] - Companies are encouraged to upgrade energy-consuming equipment and build ultra-efficient and zero-carbon factories [1] Group 3: Market Participation - The notice encourages qualified parks to participate in the electricity market through virtual power plants (load aggregators) to improve resource allocation efficiency and the stability of the power system [1]

Core Viewpoint - Jiangsu Province has publicly announced the "Zero Carbon Park Construction Guidelines," which serve as a local standard aimed at guiding the development of zero-carbon parks in the region [1]. Group 1: Guidelines Overview - The guidelines are part of the 2024 local standard project plan and are developed by the China Quality Certification Center in collaboration with various research and consulting centers [1]. - This is the first local standard in Jiangsu to be published in the form of a "construction guideline," covering aspects such as energy efficiency management, energy system construction, infrastructure upgrades, green production, circular economy development, operational management, and low-carbon innovation [1][2]. Group 2: Energy Efficiency Management - The guidelines mandate the promotion of energy-saving technologies and products, strict energy assessments for new projects, and energy-saving renovations for existing projects [1]. - It emphasizes the need for a comprehensive energy management system and the integration of energy sources, networks, loads, and storage to enhance energy efficiency across high-energy-consuming enterprises [1]. Group 3: Energy System Construction - The guidelines encourage the establishment of a new power system, increased development and utilization of renewable energy, and exploration of green cooling and heating methods [1]. - It also promotes the replacement of traditional energy with electricity and encourages green electricity trading, aiming to create demonstration zones for high proportions of renewable energy consumption [1]. Group 4: Clean Production and Circular Economy - The guidelines require the implementation of clean production practices and the promotion of green manufacturing systems at both national and provincial levels [2]. - It calls for optimizing the functional layout of parks and promoting material recycling among projects and enterprises, enhancing resource processing and by-product utilization [2]. Group 5: Infrastructure Upgrades - The guidelines stress the need for green upgrades to various infrastructures, including buildings, transportation, data, environment, and ecology within the parks [2]. Group 6: Operational Management and Innovation - The guidelines highlight the importance of low-carbon organizational management and the establishment of carbon management platforms [3]. - It encourages research on carbon factors related to new power systems, hydrogen energy development, and the application of negative carbon technologies to achieve carbon emission reductions [3]. Group 7: Construction Indicators - The guidelines categorize construction indicators into three types: mandatory key indicators (e.g., carbon emission intensity, energy efficiency), important reference indicators (e.g., green building ratio, resource recycling rate), and incentive indicators (e.g., carbon offset volume, technology innovation application) [3]. - This classification aims to clarify the main objectives, key tasks, reform measures, major projects, and work progress arrangements for zero-carbon park construction, facilitating phased development [3].