Group 1 - The core point of the article is the investigation of Luan Fengjiang, a senior official in Qinghai Province, for serious violations of discipline and law, currently under disciplinary review and supervision by the Qinghai Provincial Commission for Discipline Inspection and Supervision [1] Group 2 - Luan Fengjiang, born in September 1968, has held various positions including Deputy Mayor of Golmud City and Deputy Director of the Qinghai Provincial State-owned Assets Supervision and Administration Commission [3] - In June, Luan was given a warning due to issues related to the chaotic expansion of salt lake resource development in the Chaidamu Basin, which exacerbated ecological burdens [3] - The Central Inspection Team has been deployed in Qinghai Province for approximately two and a half months, focusing on political deviations and addressing prominent issues raised by the public [3][4]

Group 1 - The economic performance of China's light industry has shown signs of recovery in the first five months of the year [8] - The new revised Mineral Resources Law has come into effect today [18] Group 2 - The railway summer transportation season has started, with an expected passenger volume of 953 million [10] - The film box office in China for the first half of 2025 reached 29.231 billion [14]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - On May 29, the JM2509 contract of coking coal closed at 759.0, down 3.98%. The spot price of Meng 5 raw coal was reported at 736, down 4 yuan/ton. With a loose supply, stable mine production, and an increase in clean coal inventory, the 4-hour K - line is below the 20 and 60 - day moving averages. It is expected to move weakly in a volatile manner [2]. - On May 29, the J2509 contract of coke closed at 1332.0, down 1.62%. The second - round price cut in the spot market has been implemented. Loose raw material supply weakens cost support, and hot metal production has declined from its high. The average loss per ton of coke in 30 independent coking plants nationwide is 15 yuan/ton this period. The 4 - hour K - line is below the 20 and 60 - day moving averages. It is expected to move weakly in a volatile manner [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Positions**: The closing price of the JM main contract was 759.00 yuan/ton, down 20.00 yuan; the J main contract closed at 1332.00 yuan/ton, down 6.50 yuan. The JM futures contract持仓量 increased by 19342.00 hands to 634111.00 hands, while the J futures contract持仓量 decreased by 882.00 hands to 59538.00 hands [2]. - **Net Positions and Spreads**: The net position of the top 20 coking coal contracts was - 50247.00 hands, an increase of 6477.00 hands; the net position of the top 20 coke contracts was 1449.00 hands, an increase of 930.00 hands. The JM1 - 9 month contract spread was 19.00 yuan/ton, up 3.00 yuan; the J1 - 9 month contract spread was 18.00 yuan/ton, down 6.00 yuan [2]. - **Warehouse Receipts**: The coking coal warehouse receipts were 0.00, unchanged; the coke warehouse receipts were 430.00, unchanged [2]. 3.2 Spot Market - **Coking Coal**: The price of Ganqimao Meng 5 raw coal was 755.00 yuan/ton, down 5.00 yuan; the price of Russian coking coal forward spot (CFR) was 117.50 US dollars/wet ton, unchanged. The price of Australian imported coking coal at Jingtang Port was 1220.00 yuan/ton, down 170.00 yuan; the price of Shanxi - produced coking coal at Jingtang Port was 1300.00 yuan/ton, unchanged [2]. - **Coke**: The price of Tangshan quasi - first - grade metallurgical coke was 1520.00 yuan/ton, down 55.00 yuan; the price of Tangshan second - grade metallurgical coke was 1525.00 yuan/ton, down 55.00 yuan. The price of first - grade metallurgical coke at Tianjin Port was 1440.00 yuan/ton, down 50.00 yuan; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1340.00 yuan/ton, down 50.00 yuan [2]. - **Basis**: The JM main contract basis was 291.00 yuan/ton, up 20.00 yuan; the J main contract basis was 188.00 yuan/ton, down 48.50 yuan [2]. 3.3 Upstream Situation - **Inventory and Production**: The raw coal inventory of 110 coal washing plants was 310.98 million tons, down 5.50 million tons; the clean coal inventory was 222.07 million tons, up 7.33 million tons. The raw coal production was 38930.60 million tons, down 5127.60 million tons; the import volume of coal and lignite was 3783.00 million tons, down 90.00 million tons [2]. - **Port Inventory**: The inventory of imported coking coal at 16 ports was 535.49 million tons, down 9.98 million tons; the inventory of coke at 18 ports was 276.68 million tons, down 4.70 million tons [2]. - **Enterprise Inventory**: The total inventory of coking coal in independent coking enterprises was 865.73 million tons, down 19.20 million tons; the inventory of coking coal in 247 steel mills was 798.75 million tons, up 7.54 million tons [2]. 3.4 Industry Situation - **Supply and Demand**: The import volume of coking coal was 889.34 million tons, up 25.97 million tons; the export volume of coke and semi - coke was 55.00 million tons, down 21.00 million tons. The production of coking coal was 4161.47 million tons, unchanged; the production of coke was 4160.00 million tons, up 30.60 million tons [2]. - **Capacity Utilization and Profit**: The capacity utilization rate of independent coking enterprises was 75.87%, up 0.17%; the profit per ton of coke in independent coking plants was - 15.00 yuan/ton, down 22.00 yuan [2]. 3.5 Downstream Situation - **Steel Production**: The blast furnace operating rate of 247 steel mills was 83.67%, down 0.46%; the blast furnace iron - making capacity utilization rate was 91.30%, down 0.44%. The crude steel production was 8601.90 million tons, down 682.24 million tons [2]. 3.6 Industry News - Putin put forward conditions to end the Ukraine war, including written commitments from Western leaders to stop NATO's eastward expansion, and Russia hopes for Ukraine's neutrality, lifting of some Western sanctions, and resolution of frozen sovereign assets [2]. - Chinese Vice - Premier Zhang Guoqing said that platform companies should use traffic resources to support high - quality products and services, follow fair rules, and curb malicious competition [2]. - The Trump administration ordered US semiconductor design software companies to stop selling services to Chinese enterprises [2].

Group 1 - State-owned enterprises are required to gradually adjust and optimize their equity structure based on functional positioning, and to clarify their main responsibilities and industries to prevent blind and disorderly diversification [1] - The chief China equity strategist at Goldman Sachs indicates that the potential resilience of the RMB supports an overweight stance on the Chinese stock market, with expectations of a moderate improvement in corporate earnings outlook and an increase in foreign capital inflow into the Chinese stock market [1] - The third round of the fourth batch of central ecological and environmental protection inspections has been fully launched, with eight inspection teams conducting inspections in five provinces and regions, and also targeting three central enterprises [1] Group 2 - Longi Green Energy's CEO Li Zhenguo has resigned from his position as general manager and legal representative [2] - Zhongyida has stated that if there are further significant anomalies in the company's stock trading, it will apply for a suspension of trading for verification [2] - Suzhou Longjie has seen its TTM price-to-earnings ratio slightly above the industry median level [2]

Core Viewpoint - The establishment of the ecological environment protection inspection system since 2015 has significantly contributed to the improvement of environmental conditions in China, with recent regulations further enhancing the legal and systematic framework for these inspections [1][4]. Group 1: Development of Inspection Regulations - The ecological environment protection inspection system has evolved over the past decade, with the first pilot inspection conducted in Hebei province, which was among the most polluted areas in China [2][4]. - The regulatory framework has been strengthened, with key documents issued in 2019 and 2022 to standardize inspection and rectification processes [5]. - The recent issuance of the "Ecological Environment Protection Inspection Work Regulations" by the Central Committee and the State Council marks a significant step towards a more structured and effective inspection system [5][12]. Group 2: Achievements of Inspection Work - The inspection efforts have led to substantial improvements in environmental quality, with over 98% of tasks from the first round of inspections completed by the end of 2024 [8]. - A total of 667 accountability issues were transferred during the first two rounds of inspections, resulting in the accountability of 9,699 individuals [11]. - The inspections have effectively curbed the blind development of high-pollution projects and promoted the upgrade of traditional industries while accelerating the growth of green industries [8][10]. Group 3: Future Directions of Inspection Work - The inspections are entering a new phase, focusing on more complex and challenging issues, with an emphasis on strategic, systemic, and comprehensive approaches [12][13]. - Future inspections will integrate routine inspections with the production of environmental warning films, aiming to enhance public awareness and accountability [13]. - The inspections will continue to support the transition to a fully green economy and contribute to the construction of a beautiful China [13].