1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On June 10, the SM2509 contract closed at 5,542 yuan/ton, down 0.18%, and the Inner Mongolia silicon-manganese spot was reported at 5,450 yuan/ton. For the first five months of 2025, China's goods trade imports and exports increased by 2.5% year-on-year, with exports of 10.67 trillion yuan, up 7.2%, and imports of 7.27 trillion yuan, down 3.8%. Fundamentally, manufacturers' production cuts have led to the operating rate reaching a low level in the same period, but the overall inventory is still relatively high. In terms of cost, the port inventory of imported manganese ore at the raw material end increased by 132,000 tons this period, the downstream hot metal output peaked and declined, and the raw material coal prices rose significantly, improving the pessimistic sentiment. In terms of profit, the spot profit in Inner Mongolia is -180 yuan/ton, and in Ningxia it is -370 yuan/ton. In the market, steel mills are cautious in procurement, and the tender prices continue to decline. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. - On June 10, the SF2509 contract closed at 5,174 yuan/ton, up 0.27%, and the Ningxia ferrosilicon spot was reported at 5,170 yuan/ton. In May, the PPI decreased by 3.3% year-on-year, with the decline rate 0.6 percentage points larger than the previous month. Among them, the ferrous metal smelting and rolling processing industry decreased by 10.2% year-on-year in May, with the decline rate 1.6 percentage points larger than the previous month. In terms of demand, the current production profit of ferroalloys is negative, the settlement electricity price in Ningxia has been lowered, weakening the cost support, and the overall demand expectation for steel is still weak. Attention should be paid to the market sentiment disturbance under the change of tariff policies. In terms of profit, the spot profit in Inner Mongolia and Ningxia is -330 yuan/ton. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价为5,542元/吨，较前一日下跌10元；SF主力合约收盘价为5,174元/吨，与前一日持平 [2]。 - SM期货合约持仓量为648,759手，较前一日增加4,965手；SF期货合约持仓量为456,759手，较前一日减少13,260手 [2]。 - 锰硅前20名净持仓为 -30,777手，较前一日减少390手；硅铁前20名净持仓为 -15,948手，较前一日减少1,107手 [2]。 - SM1 - 9月合约价差为28元/吨，较前一日减少4元；SF1 - 9月合约价差为 -12元/吨，较前一日减少8元 [2]。 - SM仓单为100,048张，较前一日减少717张；SF仓单为15,415张，较前一日减少47张 [2]。 3.2 Spot Market - 内蒙古锰硅FeMn68Si18价格为5,450元/吨，与前一日持平；内蒙古硅铁FeSi75 - B价格为5,260元/吨，与前一日持平 [2]。 - 贵州锰硅FeMn68Si18价格为5,500元/吨，与前一日持平；青海硅铁FeSi75 - B价格为5,110元/吨，与前一日持平 [2]。 - 云南锰硅FeMn68Si18价格为5,450元/吨，较前一日下跌50元；宁夏硅铁FeSi75 - B价格为5,170元/吨，与前一日持平 [2]。 - 锰硅指数均值为5,411元/吨，较前一周下跌104元；SF主力合约基差为 -4元/吨，与前一日持平 [2]。 - SM主力合约基差为 -92元/吨，较前一日增加10元 [2]。 3.3 Upstream Situation - 南非矿:Mn38块:天津港价格为31元/吨度，与前一日持平；硅石（98%，西北）价格为210元/吨，与前一日持平 [2]。 - 内蒙古乌海二级冶金焦价格为900元/吨，较前一日下跌70元；兰炭（中料，神木）价格为640元/吨，与前一日持平 [2]。 - 锰矿港口库存为420.3万吨，较前一周增加13.3万吨 [2]。 3.4 Industry Situation - 锰硅企业开工率为35.03%，较前一周增加0.26个百分点；硅铁企业开工率为32.78%，较前一周增加2.34个百分点 [2]。 - 锰硅供应为171,885吨，较前一周增加1,960吨；硅铁供应为97,300吨，较前一周增加12,400吨 [2]。 - 锰硅厂家库存为186,600吨，较前半月减少14,500吨；硅铁厂家库存为6.77万吨，较前半月减少0.74万吨 [2]。 - 锰硅全国钢厂库存为15.15天，较前一月减少0.29天；硅铁全国钢厂库存为15.20天，较前一月减少0.24天 [2]。 - 五大钢种锰硅需求为125,793吨，较前一周减少1,093吨；五大钢种硅铁需求为20,324.7吨，较前一周减少249.8吨 [2]。 3.5 Downstream Situation - 247家钢厂高炉开工率为83.54%，较前一周减少0.35个百分点；247家钢厂高炉产能利用率为90.63%，较前一周减少0.04个百分点 [2]。 - 粗钢产量为8,601.9万吨，较前一月减少682.24万吨 [2]。 3.6 Industry News - 国务院总理李强主持以“深化科技成果转化机制改革，推动科技创新和产业创新融合发展”为主题的第十四次专题学习，着力破解科技成果转化瓶颈，提高转化效能，促进创新发展，坚持有效市场和有为政府相结合，完善支持政策和市场服务 [2]。 - 5月，CPI同比下降0.1%，环比下降0.2%，其中食品价格下降0.2%，猪肉价格同比上涨3.1%，影响CPI上涨约0.04个百分点；PPI同比下降3.3%，环比下降0.4% [2]。 - 前5个月，我国货物贸易进出口总值17.94万亿元，其中出口10.67万亿元，增长7.2%；进口7.27万亿元，下降3.8%。东盟、欧盟、美国为我国前三大贸易伙伴，贸易总值分别为3.02万亿元、2.3万亿元、1.72万亿元，分别增长9.1%、2.9%、下降8.1%。我国对共建“一带一路”国家合计进出口9.24万亿元，增长4.2% [2]。

Core Viewpoint - The State Council emphasizes the importance of deepening the reform of the technology achievement transformation mechanism to promote the integration of technological innovation and industrial innovation [1] Group 1 - The meeting was chaired by Premier Li Qiang, focusing on the theme of enhancing the transformation of scientific and technological achievements [1] - The State Council aims to address the bottlenecks in the transformation of technological achievements through collaborative efforts [1] - The goal is to significantly improve the effectiveness of transformation and promote innovative development [1]

Core Viewpoint - The article emphasizes the importance of integrating technological innovation with traditional industries to enhance competitiveness and drive transformation towards modernization, high-end, intelligent, and green development [1][6]. Group 1: Research and Development - The research team, led by leaders from the Central Committee of the Democratic Progressive Party, conducted investigations in Henan and Shandong to explore the theme of "strengthening technological innovation support and accelerating the transformation of traditional industries" [1][10]. - The focus is on building a comprehensive industrial chain that includes upstream raw materials and downstream processing, leveraging local resource advantages to enhance key technology breakthroughs and the application of innovative results [2][10]. Group 2: Industry Transformation - Traditional enterprises in regions like Luoyang and Zhengzhou are actively upgrading and transforming, showcasing vibrant innovation through various practices [4][10]. - The research team suggests that the direction for promoting traditional industry transformation is modernization, with a focus on high-end, intelligent, and green development, achieved through the integration of technology and industry [6]. Group 3: Digital Empowerment - The application of industrial internet, cloud computing, and artificial intelligence is crucial for enhancing productivity and promoting sustainable development in traditional industries [7]. - The research team highlights the need for more policy support for digital transformation, especially for small and medium-sized enterprises, and emphasizes the importance of cultivating service providers who understand both industry and digital technology [7]. Group 4: Innovation and Collaboration - The research team stresses the significance of collaboration between research institutions and enterprises to enhance the integration of technological and industrial sectors [8][10]. - It is recommended that the government plays a key role in breaking down barriers to integration and fostering a conducive environment for innovation and collaboration among various stakeholders [10].

Core Viewpoint - The Beijing-Tianjin-Hebei region has entered a deep collaborative development phase, with a focus on enhancing technological and industrial innovation integration during the new round of non-capital function relocation [1][4]. Group 1: Non-Capital Function Relocation - The new round of non-capital function relocation aims to strengthen industrial cluster cultivation, with a focus on relocating central enterprise headquarters and their subsidiaries to Tianjin and Hebei [4]. - The construction of urban agglomerations in Beijing, Tianjin, and Shijiazhuang is emphasized to optimize spatial structure and promote the integration of technological and industrial innovation [4][5]. Group 2: Technological and Industrial Innovation Integration - There is a need to enhance the integration of technological innovation and industrial innovation, as current advantages in technological innovation have not been effectively transformed into industrial innovation advantages [7]. - Recommendations include accelerating the construction of the Beijing International Science and Technology Innovation Center and optimizing the collaborative innovation spatial layout in the region [7][12]. Group 3: World-Class City Cluster Development - The overall positioning of the Beijing-Tianjin-Hebei collaborative development is to build a world-class city cluster centered around the capital [12]. - Suggestions include focusing on advanced manufacturing clusters and addressing the innovation capability shortfalls in Hebei [12][13]. Group 4: Higher Education and Talent Development - Xiong'an New Area is becoming a significant hub for high-level open international higher education through the relocation of Beijing's universities [18]. - The development of a modern industrial system necessitates a large number of high-quality new talents, which can be supported by enhancing higher education collaboration and industry-education integration [20]. Group 5: Policy Recommendations - Recommendations for Xiong'an New Area include applying for the establishment of a national comprehensive innovation reform pilot zone and exploring new financing methods suitable for technological innovation [22].

今日（5月19日），在深交所2025全球投资者大会上，深交所理事长沙雁致辞称，下一步，深交所将积 极顺应当前科技创新大趋势，紧紧围绕支持新质生产力发展的这一关键着力点，以深化创业板改革为牵 引，进一步完善多元包容的发行上市、再融资、并购重组等制度机制，发挥从"IP"到"IPO"再到上市后 做优做强的全周期、接力式服务体系作用，不断提升服务的便利性与可达性，推动科技创新和产业创新 融合发展。（智通财经 周晓雅） ...

5月19日，国家统计局新闻发言人、国民经济综合统计司司长付凌晖在国新办新闻发布会上表示，下阶 段要继续扩大国内需求，落实各项支持工业发展的政策，推动科技创新和产业创新融合发展，加快传统 产业的转型升级，培育状态新兴产业，促进工业持续健康发展。(人民财讯) ...

Core Viewpoint - The article emphasizes the importance of stabilizing the stock market as a key economic indicator, highlighting the government's commitment to enhancing market stability and promoting long-term capital inflow into the market [1][9]. Group 1: Long-term Capital Inflow - Long-term capital is described as a stabilizer for the healthy operation of the capital market, with recent government reports stressing the need to promote its inflow [3][4]. - Since September of last year, insurance funds and various pension funds have net purchased approximately 290 billion in the A-share market, with the market value held by long-term funds increasing from 14.6 trillion to 17.8 trillion, a growth of 22% [3]. - The number of registered equity funds reached 459, accounting for 70% of total registered funds, with the scale of equity funds growing from 6.3 trillion to 7.7 trillion, increasing its share of public fund total from 20% to 24% [3]. Group 2: Enhancing Technological Content in Capital Markets - The capital market plays a unique role in supporting industrial and technological innovation, with a significant increase in the proportion of high-tech companies listed on the STAR Market and ChiNext [5][6]. - The government report emphasizes the integration of technological innovation and industrial development, with the market value of strategic emerging industry companies exceeding 40% [5]. - The China Securities Regulatory Commission (CSRC) is focused on improving support mechanisms for technology companies, including refining the M&A policies to facilitate resource optimization and promote significant technology enterprise mergers [2][6]. Group 3: Effective Market Stabilization Practices - The government report outlines the need for comprehensive reforms to stabilize the stock market, including enhancing the multi-level market system's inclusiveness and improving the coordination of investment and financing [9][10]. - The CSRC plans to implement measures to enhance the effectiveness of regulatory enforcement, including stricter penalties for violations and improved mechanisms for preventing financial fraud [10]. - The article highlights the importance of creating a fair and efficient market environment by optimizing pricing mechanisms and expanding high-level institutional openness [10].