1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - For stock index futures, the policy helps promote enterprise technological innovation, industrial upgrading of new - quality productivity, and long - term profitability repair of enterprises, but relevant sectors may face pressure during the elimination of backward production capacity, and the basis discount of stock index futures may widen. The overall view is that the market will be volatile [1] - For treasury bond futures, the bond market is in an environment of loose funds, stable economy, and low short - term interest rate cut expectations, with insufficient upward and downward momentum, and is expected to continue a volatile trend in the short term [1] 3. Summary by Relevant Catalogs 3.1 Research Viewpoints - **Stock Index Futures**: On July 1st, policies such as the sixth meeting of the Central Financial and Economic Commission and the release of an article in Qiushi magazine were introduced. These policies are beneficial for long - term corporate profitability and A - share investment returns, but relevant sectors may face short - term pressure, and the basis discount of stock index futures may widen. The market is expected to be volatile [1] - **Treasury Bond Futures**: On July 8th, treasury bond futures closed with some declines. The central bank conducted 1065 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 225 billion yuan. The capital market is loose, and the economy is stable. The bond market is expected to be volatile in the short term [1] 3.2 Daily Price Changes - **Stock Index Futures**: From July 4th to July 7th, IH decreased by 9.2 points (- 0.34%), IF decreased by 18.0 points (- 0.46%), IC decreased by 15.0 points (- 0.26%), and IM decreased by 0.6 points (- 0.01%) [2] - **Stock Indexes**: From July 4th to July 7th, the Shanghai Composite 50 decreased by 8.9 points (- 0.33%), the CSI 300 decreased by 17.0 points (- 0.43%), the CSI 500 decreased by 11.0 points (- 0.19%), and the CSI 1000 increased by 14.9 points (0.24%) [2] - **Treasury Bond Futures**: From July 4th to July 7th, TS decreased by 0.006 points (- 0.01%), TF decreased by 0.03 points (- 0.03%), T increased by 0.005 points (0.00%), and TL decreased by 0.05 points (- 0.04%) [2] 3.3 Market News - China's foreign exchange reserves in June were 3.317422 trillion US dollars, higher than the expected 3.3 trillion US dollars and the previous value of 3.28526 trillion US dollars [3] - As of the end of June, China's gold reserves were 73.9 million ounces (about 2298.55 tons), an increase of 70,000 ounces (about 2.18 tons) from the previous month, and it was the 8th consecutive month of gold purchases [4] 3.4 Chart Analysis - **Stock Index Futures**: There are charts showing the trends of IH, IF, IM, IC main contracts, and their respective monthly basis trends [6][7][9] - **Treasury Bond Futures**: There are charts showing the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][17] - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [20][21][24] 4. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute, with futures qualification number F3060829 and consulting qualification number Z0015271 [27] - Wang Dongying, an index analyst with a master's degree from Columbia University, focuses on stock index futures, and is responsible for macro - fundamental quantification, key industry research, index financial report analysis, and market capital tracking, with futures qualification number F03087149 and consulting qualification number Z0019537 [27]

Group 1 - The domestic equity market continued its upward trend last week, with the Wind All A Index rising by 1.22%, and the average daily trading volume maintained around 1.5 trillion yuan, approaching the historical high from 2015, currently less than 3% away from that peak [1] - The growth rates for specific indices included the ChiNext (+1.5%), Shanghai Composite Index (+1.4%), and CSI 300 (+1.5%), while the STAR Market saw a slight decline of 0.3% [1] - From an industry perspective, steel (+5.3%), banking (+3.8%), and building materials (+3.6%) experienced significant gains, whereas computer technology (-0.9%) and comprehensive finance (-4.5%) faced notable declines [1] Group 2 - The Central Financial Committee emphasized the need to advance the construction of a unified national market, focusing on addressing key challenges, regulating low-price disorderly competition, enhancing product quality, and promoting the orderly exit of backward production capacity [1] - The emergence of new technologies and business models tends to attract substantial investment, but it may also lead to over-investment issues, where capacity expansion outpaces demand release during technological iterations [2] - The bond market saw a general decline in interest rates, with credit bond yields decreasing significantly, particularly for lower-rated AA- bonds, indicating a potential structural market trend driven by new capital inflows [2]

Economic Overview - China's economy is showing resilience with a stable growth outlook, supported by proactive macro policies and a strong domestic demand [1][2] - Export growth in the first five months of the year was 6.0% in USD terms, surpassing last year's annual growth of 5.8% [1] - The contribution of net exports to GDP growth in Q1 was 38.9%, higher than last year's 30.3% [1] Domestic Demand and Consumption - Domestic consumption is improving, with retail sales growing by 5.0% year-on-year from January to May, compared to 3.5% for the entire previous year [2] - Key consumer sectors such as communication equipment, home appliances, and furniture saw growth rates exceeding 20% due to the "old-for-new" consumption policy [2] - Fixed asset investment also increased by 3.7% year-on-year in the same period, outpacing last year's 3.2% [2] Fiscal and Monetary Policy - Fiscal policy is becoming more proactive, with a record-high deficit ratio and significant expansion in special bonds and long-term special bonds [1][3] - The total fiscal space available for the second half of the year exceeds 7 trillion yuan, with ample room for supporting consumption, investment, and foreign trade [3] - Monetary policy is expected to remain flexible, focusing on the effectiveness of existing policies rather than further easing in the short term [2] Structural Reforms and Future Outlook - Economic pressures are manageable, providing a window for structural reforms, including the promotion of a unified national market and the exit of outdated production capacity [3] - The government aims to transition from a manufacturing powerhouse to a major consumer economy, with new policies such as annual childcare subsidies starting in 2025 [3] - Additional measures to boost consumption, including optimizing vacation systems and improving social security, are being actively implemented [3]

Group 1 - The central government emphasizes the need for a unified national market and calls for the standardization of local investment promotion, enhancing transparency in investment information disclosure [1] - Recent policies aim to regulate local investment promotion systems, moving away from resource competition and fiscal subsidies, which will encourage local governments to focus on differentiated competition and improve the business environment [1] - Local governments are encouraged to reform their investment promotion mechanisms, ensuring compliance with established policies and enhancing administrative efficiency to create a market-oriented investment environment [1] Group 2 - There is a pressing need for innovation in investment promotion methods, shifting from extensive competition to a focus on industrial ecosystems and supporting services [2] - A "three-chain" work mechanism is proposed, involving government leadership, enterprise guidance, and support from research institutions to build a comprehensive industrial ecosystem [2] - Cities must provide reliable policies and services to attract businesses, as companies will choose investment locations based on local industrial foundations and business environments rather than just incentives [2] Group 3 - Local governments should focus on reducing various costs, including production, logistics, and tax costs, while utilizing scientific tools like industrial funds to foster a supportive industrial ecosystem [3]

Core Viewpoint - The article emphasizes the recent policy directions aimed at reducing "involution" in various industries, particularly focusing on the solar energy sector and the need for quality improvement and orderly competition [2][11]. Group 1: Policy Directions - On July 1, the Central Economic Committee meeting highlighted the importance of advancing a unified national market, addressing low-price disorderly competition, and promoting the exit of outdated production capacity [2][10]. - The Ministry of Industry and Information Technology held a meeting on July 3 with 14 solar industry companies, reiterating the need to implement the decisions from the Central Economic Committee meeting and to enhance product quality [2][11]. Group 2: Trade Relations - The Ministry of Commerce addressed questions regarding U.S.-China trade relations, noting that there is no confirmation of a potential visit by Trump with a business delegation, and emphasized the need for mutual respect and cooperation [3][12]. - The Ministry of Commerce announced anti-dumping duties on brandy imported from the EU for five years and stated that measures would be taken in response to the EU's restrictions on Chinese companies in public procurement [3][13]. Group 3: Real Estate Market - The Ministry of Housing and Urban-Rural Development conducted research in Guangdong and Zhejiang, urging local authorities to effectively utilize real estate regulation policies and ensure the stability of the real estate market [4][13]. - The report noted that the overall real estate market remains stable, with a year-on-year increase in new and second-hand housing transactions, indicating a shift in market dynamics [4][13].

1. Report Industry Investment Rating - The investment rating for the bond market is "volatile" [3] 2. Core View of the Report - The policy of promoting the construction of a unified national market and rectifying low - price and disorderly competition is conducive to stabilizing prices and restoring corporate profits, but the effect may take a long time to appear. The second - quarter regular meeting of the Monetary Policy Committee suggests increasing the intensity of monetary policy regulation. The 6 - month China Manufacturing PMI was 49.7%, below the boom - bust line for the third consecutive month. After the cross - half - year period, the decline in capital interest rates is beneficial to bond bulls. Treasury bond futures may fluctuate in the short term [3][4] 3. Summary by Relevant Catalogs 3.1 Market Review - On Friday, the main contracts of treasury bond futures opened roughly flat and fluctuated narrowly throughout the day. As of the close, the 30 - year treasury bond futures main contract TL2509 rose 0.11%, the 10 - year T2509 rose 0.03%, the 5 - year TF2509 rose 0.02%, and the 2 - year TS2509 remained flat [3] 3.2 Important Information - **Open Market**: On Friday, the central bank conducted 34 billion yuan of 7 - day reverse repurchase operations, with 525.9 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 491.9 billion yuan [3] - **Funding Market**: On Friday, the short - term interest rates in the inter - bank funding market declined slightly compared to the previous trading day. The weighted average of DR001 was 1.31% (1.32% the previous day), and the weighted average of DR007 was 1.42% (1.47% the previous day) [3] - **Cash Bond Market**: On Friday, the closing yields of inter - bank treasury bonds fluctuated narrowly compared to the previous trading day. The 2 - year treasury bond yield fell 0.77 BP to 1.35%, the 5 - year fell 0.04 BP to 1.49%, the 10 - year rose 0.26 BP to 1.64%, and the 30 - year rose 0.30 BP to 1.85% [3] - **International Trade**: On July 3, the US government allowed General Electric Aerospace to resume supplying jet engines to Comac. The US also lifted export restrictions on Chinese companies by chip design software developers and ethane producers this week. The US President signed 12 trade letters and plans to send them on Monday. Talks with the EU on trade are progressing, and major news may be announced in the next two days [3] - **Domestic Policy**: Since July 5, 2025, anti - dumping duties have been imposed on imported brandy from the EU. The Ministry of Housing and Urban - Rural Development emphasized the importance of promoting the stable, healthy, and high - quality development of the real estate market and called on local governments to implement policies according to local conditions [3] 3.3 Market Logic - The policy of promoting the construction of a unified national market and rectifying low - price and disorderly competition is conducive to stabilizing prices and restoring corporate profits, but it may take a long time for the effects to show. The second - quarter regular meeting of the Monetary Policy Committee suggests increasing the intensity of monetary policy regulation. The 6 - month China Manufacturing PMI was 49.7%, below the boom - bust line for the third consecutive month. After the cross - half - year period, the decline in capital interest rates is beneficial to bond bulls. Treasury bond futures may fluctuate in the short term [4] 3.4 Trading Strategy - Traders should conduct band - trading operations [4]

Group 1 - The Central Financial Committee held its sixth meeting on July 1, emphasizing the need to advance the construction of a unified national market, focusing on key challenges, regulating low-price disorderly competition among enterprises, guiding companies to enhance product quality, and promoting the orderly exit of backward production capacity [1] - The steel industry, as a significant midstream processing sector, is heavily influenced by downstream demand from real estate, leading to prominent supply-demand contradictions, continuous decline in steel prices, and intense low-price competition [1] - Since 2022, the industry's downturn has resulted in an increasing number of steel companies facing losses, with profit shrinkage and losses significantly reducing their capacity to upgrade products [1] Group 2 - With ongoing efforts to combat "involution," the supply-demand landscape for steel is expected to improve, and positive sentiment may drive a recovery in valuations [2] - The only ETF tracking the steel industry (515210) follows the CSI Steel Index, selecting listed companies involved in steel manufacturing, processing, and related services to reflect the overall performance of the steel sector [2] - The constituent stocks cover both upstream and downstream enterprises in the steel industry chain, demonstrating significant industry concentration characteristics [2]

钢材周报 2025 年 7 月 7 日 内外政策影响 钢价偏强反弹 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 ⚫ 宏观面：中央财经委员会召开第六次会议，研究纵深推 进全国统一大市场建设、海洋经济高质量发展等问题。 会议强调，要依法依规治理企业低价无序竞争，规范政 府采购和招标投标、招商引资，着力推动内外贸一体化 发展，持续开展规范涉企执法专项行动。美国总统特朗 普宣布与越南达成贸易协议，越南对美出口商品将被征 收20%关税，任何转运货物将被征收40%的关税。另外， 越南已同意取消对进口美国商品的所有税费。 ⚫ 基本面：上周螺纹产量221万吨，环比 ...

Core Insights - The report emphasizes the ongoing supply-side reform aimed at the orderly exit of backward production capacity, marking a significant policy shift from self-regulation to higher-level government intervention [6][7] - The market is expected to experience a "pulse-like" behavior due to unclear demand-side conditions, contrasting with the more robust demand seen during the 2016 supply-side reforms [7][9] - There is a notable focus on the differentiation between "old industries" (e.g., steel, coal, cement) and "new industries" (e.g., new energy vehicles, lithium batteries, photovoltaic sectors), with a recommendation to prioritize sectors with external demand [7][8] Market Performance - The report provides a snapshot of market indices, with the Shanghai Composite Index closing at 3472.32, reflecting a 0.32% increase, while the Shenzhen Component Index decreased by 0.25% [4] - The banking sector showed a strong performance with a 1.84% increase, while the beauty care sector declined by 1.87% [5] Industry Analysis - The report indicates a marginal recovery in production and demand expectations for June, with the PMI showing slight improvement, suggesting a potential stabilization in industrial profits [9][10] - It highlights that the price pressures are expected to ease, and inventory levels are likely to remain resilient, indicating a positive outlook for the second half of the year [9][10] - The report suggests that the profitability factors are anticipated to improve, with a focus on high profitability, small-cap, and high-valuation stocks expected to outperform in the coming month [10]

2025.07. 07 本文字数：1442，阅读时长大约2分钟 当前人们不得不接受，美国政府对内减税、去监管等打造的"小政府"环境，对外主动寻求贸易冲突 等，正在改变全球经贸体系的相对价格，及其相关性甚至因果关系。各国必须要走出特朗普政府着意 营造的应激反应模式，即目前不少国家面对特朗普政府挑起的贸易战，主要还处于应急反应中，如准 备反制也好，积极谈判也罢，在博弈策略上部分丧失了制定选择菜单的权利，其谈判策略陷入了如何 降低贸易冲突损失的具象博弈，变成了贸易冲突改变双边或多边贸易相对价格变化的损失承担者。 为此，包括中国在内的国家需未雨绸缪，不仅要应对美国发出的贸易冲突，避免陷入单一冲突回应陷 阱，而且需针对美国政府对内对外进行的战略布局，进行全方位应对策略准备，争取在对美博弈中拥 有一定的战略主动权。 为了应对外部环境急剧变化的不确定性，国内改革提速，如最近中央财经委员会第六次会议明确，纵 深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品 品质，推动落后产能有序退出等，这从供需两侧推动市场出清，提炼中国的核心竞争力。 落后产能基于市场化原则的有序退出，各行各业市场化改 ...