Macro Information and Commentary - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3%. The GDP growth for Q1 was 5.4% and for Q2 was 5.2% [3][6] - The industrial added value above designated size increased by 6.4% year-on-year, while fixed asset investment (excluding rural households) was 24,865.4 billion yuan, up 2.8% year-on-year, with private fixed asset investment declining by 0.6% [3][6] - The urban surveyed unemployment rate averaged 5.2%, and the total retail sales of consumer goods in June grew by 4.8% year-on-year, with a month-on-month decline of 0.16% [3][6] North Exchange Overview - As of June 20, 2025, there were 267 stocks listed on the North Exchange, with an average total market capitalization of 807.743 billion yuan, a decrease of 1.98% from the previous week [7][10] - The average trading volume decreased by 13.60% to 1.287 billion shares, and the average trading value fell by 11.56% to 28.833 billion yuan [8][10] - The North Exchange 50 index closed at 1,347.46 points, down 2.55% from the previous week [10] Industry and Company Analysis Food and Beverage - The food and beverage sector rose by 0.84% from July 7 to July 11, 2025, outperforming the Shanghai Composite Index by 0.03 percentage points [13] - The CPI showed marginal improvement, with dairy prices recovering and the wholesale price of Moutai increasing by 0.52% [14][15] - Investment recommendations focus on stable demand leaders and companies innovating in new products and channels, including Qingdao Beer and Guizhou Moutai [17] Medical Consumables - The optimization of medical procurement rules in Hunan Province aims to enhance procurement volume determination and monitoring [20][21] - Ji Min Health and Shangrong Medical both issued profit warnings, with expected losses due to tariff impacts and declining sales [22][23] - Investment suggestions highlight opportunities in companies recovering from procurement pressures and those innovating in high-value consumables [25] Public Utilities - The public utilities sector rose by 1.11%, with solar power and heating services showing significant gains [27] - Coal prices increased slightly, while natural gas prices also saw a minor rise [28][29] - Investment recommendations focus on hydropower assets and companies benefiting from the transition to a unified electricity market [32] New Materials - The rare earth magnetic materials sector surged by 15.66%, with significant price increases in rare earth minerals [34][35] - Investment suggestions emphasize the potential for price increases in rare earth resources and the recovery of downstream magnetic material companies [39] Real Estate - Real estate sales area and sales amount saw a year-on-year decline, with significant drops in June [40][41] - Investment recommendations suggest focusing on leading real estate companies with strong land acquisition capabilities and those benefiting from active second-hand housing transactions [45] Medical Services - The medical and biological sector rose by 1.82%, with significant growth in the CXO platform, particularly for WuXi AppTec [47][48] - Investment recommendations focus on high-growth companies in the medical outsourcing sector and those expected to improve profitability [49][50] ETF Market - As of July 11, 2025, the total asset management scale of ETFs reached 43,803.08 billion yuan, with a notable increase in the number of new listings [52][53] - Investment strategies recommend focusing on sectors with high PB and ROE, particularly in automotive and agricultural industries [55][57]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][22]. Core Insights - The construction of zero-carbon parks is being accelerated, with the release of renewable energy power consumption responsibility weights expected by 2025 [1][17]. - The report highlights the increasing responsibility weights for renewable energy consumption across various provinces, with most provinces expected to exceed 20% by 2025 [17][20]. - The report emphasizes the importance of integrating renewable energy development with energy management systems to achieve carbon neutrality [22][23]. Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 1.11% and the environmental index by 3.17% [1][24]. - Within the electricity sector, coal-fired power increased by 0.41%, hydropower by 0.42%, and renewable energy generation by 1.05% [1][25]. Important Policies and Events - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice to accelerate the transformation of energy structures in parks and promote energy conservation and carbon reduction [15][16]. - Hainan Province's implementation plan for market-oriented reform of renewable energy grid prices includes a pricing structure for existing projects and competitive bidding for new projects [16] . Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][22]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted as potential investment opportunities [23][22]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, with an expected EPS of 0.46 in 2024 and 0.62 in 2025 [8]. - Longyuan Power: Outperform, with an expected EPS of 0.75 in 2024 and 0.85 in 2025 [8]. - China Nuclear Power: Outperform, with an expected EPS of 0.46 in 2024 and 0.50 in 2025 [8]. Industry Dynamics and Company Announcements - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [23]. - The report also highlights the potential for domestic waste oil recycling companies to benefit from the EU's SAF blending policy [23]. Industry Key Data Overview - In May, the industrial power generation increased by 0.5% year-on-year, with a total of 737.8 billion kWh generated [49][60]. - The total electricity consumption in May reached 809.6 billion kWh, reflecting a year-on-year growth of 4.43% [57][60].

Investment Rating - The investment rating for the industry is "Outperform the Market" [4][64]. Core Insights - The report highlights the release of renewable energy power consumption responsibility weights and the implementation plans in Zhejiang and Hainan provinces [3][35]. - The public utility sector index increased by 1.11% during the week, outperforming the Shanghai Composite Index and the CSI 300 Index [2][12]. - The report suggests a focus on leading companies in the renewable energy sector due to favorable policies and expected improvements in project performance [8][7]. Market Performance - The public utility sector index's PE (TTM) is 17.43, slightly up from 17.38 the previous week, and down from 18.94 a year ago [23][26]. - The public utility sector index's PB (TTM) is 1.75, up from 1.74 the previous week, and down from 1.98 a year ago [26]. - The top-performing stocks for the week include Huayin Power (+40.89%), YN Energy (+25.1%), and Jingyun Tong (+22.32%) [29][30]. Industry Dynamics - The National Development and Reform Commission and the National Energy Administration have set binding indicators for renewable energy consumption responsibility weights for 2025 [35]. - The report discusses the establishment of zero-carbon parks and the implementation of green electricity direct connection plans in Yunnan province [36][37]. - Hainan's pricing mechanism for new energy projects has been clarified, with competitive pricing ranges established for onshore and offshore wind projects [37][38]. Key Data Tracking - As of July 11, 2025, the price of Shanxi mixed coal (5500) is 624 CNY/ton, with a week-on-week increase of 1.3% [42]. - The trading volume of wind and solar energy certificates totaled 5.4 and 3.65 million respectively during the week [45]. - The national CEA trading volume for the week was 51.5 thousand tons, with an average price of 74.30 CNY/ton [49][51].

Core Viewpoint - The construction of zero-carbon parks is essential for achieving China's dual carbon goals and promoting high-quality economic development, serving as a critical platform for industrial agglomeration and a major source of energy consumption and carbon emissions [1][2][3]. Summary by Sections National Level Significance - Zero-carbon parks are vital for supporting the national "dual carbon" goals and the construction of a beautiful China, addressing high energy consumption and emissions in industrial enterprises, and accelerating the carbon peak and carbon neutrality process [2]. - They serve as experimental fields for low-carbon technology research and application, renewable energy consumption, and power market mechanism reforms, providing replicable practices for national policy formulation [2]. Regional Level Significance - The construction of zero-carbon parks is a key approach to leveraging clean energy advantages and developing green low-carbon industries, promoting the growth of industries such as green hydrogen production and photovoltaic energy [2]. - This initiative compels traditional industries like steel and cement to adopt cleaner energy solutions, maximizing the value of clean energy and fostering new economic growth drivers [2]. Park Level Significance - Zero-carbon parks facilitate the transformation of industrial structures towards high-end, intelligent, and green development, enhancing competitiveness and attracting green enterprises and talent [3]. - They help enterprises address international trade barriers and improve product competitiveness by adopting energy-saving technologies and increasing the use of renewable energy [3]. Challenges and Issues - There is a misunderstanding regarding the concept of zero-carbon parks, with some relying on carbon credit purchases to claim zero-carbon status, which undermines the original intent of reducing emissions at the source [4]. - The carbon accounting system is not yet fully developed, lacking standardized methods for greenhouse gas inventory and insufficient consideration of non-CO2 emissions [4]. - The construction paths for zero-carbon parks are often unclear and lack diversity, with some relying solely on increasing industrial output to reduce carbon intensity [5]. - Incentive mechanisms for promoting zero-carbon park construction are inadequate, primarily relying on fiscal subsidies without sufficient tax incentives or financial support [5]. Strategies and Recommendations - A systematic approach is needed for zero-carbon park construction, focusing on clean energy utilization, low-carbon industry development, and smart carbon management systems [6]. - Accurate carbon accounting should be prioritized, with guidelines established for emissions reporting and comprehensive data collection [6]. - Diverse pathways for carbon reduction should be developed, including renewable energy integration and the promotion of low-carbon technologies [7]. - Tailored strategies should be implemented based on the economic development level and resource endowments of different parks, ensuring targeted measures for carbon reduction [8]. - Evaluation frameworks should be established to ensure the standardization of pilot projects, focusing on carbon emissions reduction and pollution control [9].

Group 1 - President Trump announced a 200% tariff on imported pharmaceuticals and a 50% tariff on copper, effective August 1, 2025 [3] - The U.S. government will provide companies approximately one to one and a half years to adjust before tariffs are implemented [3] - The State Council of China released an opinion on improving the mechanism for efficiently handling key matters, emphasizing inter-departmental collaboration [3] Group 2 - The Chinese Ministry of Foreign Affairs reiterated that there are no winners in a trade war and emphasized the negative impact of protectionism [4] - The People's Bank of China and the Hong Kong Monetary Authority announced measures to optimize and expand the Bond Connect program [4] - The National Development and Reform Commission and other departments issued a notice to support the construction of zero-carbon parks [5] Group 3 - GAC Fiat Chrysler announced bankruptcy [9] - Huayin Electric's stock turnover rate reached 80.95% over six trading days, significantly higher than the industry average [9] - Juhua Co. expects a net profit increase of 136% to 155% year-on-year for the first half of the year [9]

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]