热点资讯 1、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，健全有利于市场统一的财税体制、统计核算制度和信用体系。要加强顶层设计，加大政策支持力度，鼓励引导社会资本积 极参与发展海洋经济。 2、6月财新中国制造业PMI录得50.4，高于5月2.1个百分点，与4月持平，重回临界点以上。新订单指数反弹至略高于临界点水 平。生产指数亦重回扩张区间，创近七个月来新高。 早盘速递 2025/7/2 板块持仓 (300,000) (200,000) (100,000) 0 100,000 200,000 300,000 400,000 500,000 600,000 Wind农副产品 Wind谷物 Wind化工 Wind能源 Wind煤焦钢矿 Wind有色 Wind商品综合 Wind软商品 Wind油脂油料 Wind贵金属 Wind非金属建材 近五日商品期货板块持仓变动（手） 2025-07-01 2025-06-30 2025-06-27 20 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core Views of the Report - On July 2, the JM2509 contract of coking coal closed at 843.5, up 3.18%. The spot price of Mongolian No. 5 raw coal was reported at 733, down 4 yuan/ton. The market sentiment improved significantly. The coking coal market is expected to move in a volatile manner [2]. - On July 2, the J2509 contract of coke closed at 1442.0, up 3.15%. The fourth round of price cuts for coke has been implemented. The coke market is also expected to move in a volatile manner [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Coking Coal**: The closing price of the JM main - contract was 843.50 yuan/ton, up 29.00 yuan; the contract's open interest was 729,229.00 hands, down 18,701.00 hands; the net position of the top 20 contracts was - 46,931.00 hands, up 5,965.00 hands; the spread between the JM1 - 9 contracts was 48.00 yuan/ton, up 5.50 yuan; the number of coking coal warehouse receipts was 0.00 [2]. - **Coke**: The closing price of the J main - contract was 1442.00 yuan/ton, up 53.50 yuan; the contract's open interest was 57,171.00 hands, up 869.00 hands; the net position of the top 20 contracts was - 3,635.00 hands, down 266.00 hands; the spread between the J1 - 9 contracts was 37.50 yuan/ton, down 1.50 yuan; the number of coke warehouse receipts was 90.00 [2]. 3.2 Spot Market - **Coking Coal**: The price of Mongolian No. 5 raw coal at Ganqimao Port was 733.00 yuan/ton, down 5.00 yuan; Russian coking coal forward spot was 115.00 US dollars/wet ton, unchanged; the price of Australian coking coal at Jingtang Port was 1230.00 yuan/ton, unchanged; the price of Shanxi - produced coking coal at Jingtang Port was 1230.00 yuan/ton, unchanged; the price of medium - sulfur coking coal in Lingshi, Jinzhong, Shanxi was 930.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 930.00 yuan/ton, unchanged [2]. - **Coke**: The price of quasi - first - grade metallurgical coke in Tangshan was 1390.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Rizhao Port was 1220.00 yuan/ton, unchanged; the price of first - grade metallurgical coke at Tianjin Port was 1320.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1220.00 yuan/ton, unchanged [2]. 3.3 Upstream and Industry Situation - **Coking Coal**: The inventory of raw coal in 110 coal washing plants was 312.17 million tons, down 9.11 million tons; the inventory of clean coal was 214.98 million tons, down 16.89 million tons; the operating rate of 110 coal washing plants was 59.72%, up 0.62 percentage points; the raw coal production was 40,328.40 million tons, up 1,397.80 million tons; the import volume of coal and lignite was 3,604.00 million tons, down 179.00 million tons; the daily average output of raw coal in 523 coking coal mines was 185.00 thousand tons, down 4.50 thousand tons; the inventory of imported coking coal at 16 ports was 495.12 million tons, down 28.85 million tons; the total inventory of coking coal in independent coking enterprises was 808.98 million tons, up 13.19 million tons; the inventory of coking coal in 247 steel mills was 781.21 million tons, up 6.55 million tons; the available days of coking coal in independent coking enterprises were 12.39 days, up 0.10 days; the import volume of coking coal was 738.69 million tons, down 150.65 million tons; the production of coking coal was 4,070.27 million tons, up 144.11 million tons [2]. - **Coke**: The inventory of coke at 18 ports was 251.89 million tons, down 4.32 million tons; the inventory of coke in independent coking enterprises was 113.03 million tons, down 2.55 million tons; the inventory of coke in 247 steel mills was 627.75 million tons, down 6.45 million tons; the available days of coke in 247 steel mills were 11.22 days, down 0.20 days; the export volume of coke and semi - coke was 68.00 million tons, up 13.00 million tons; the production of coke was 4,237.60 million tons, up 77.60 million tons; the capacity utilization rate of independent coking enterprises was 73.35%, down 0.22 percentage points; the average loss per ton of coke in independent coking plants was 46 yuan/ton, down 23 yuan/ton [2]. 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.85%, up 0.04 percentage points; the crude steel production was 8,654.50 million tons, up 52.60 million tons [2].

热轧卷板产业链日报 2025/7/2 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,191 | +55↑ HC 主力合约持仓量(手) | 1595758 | +73130↑ | | | HC 合约前20名净持仓(手) | 51,339 | +3521↑ HC10-1合约价差(元/吨) | -6 | -6↓ | | | HC 上期所仓单日报(日， ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 本报告中的信息均来源于公开可获得资料 ，瑞达期货股份有限公司力求准确可靠 ，但对这些信息的准确性及完整性不做任何保证 ，据此投资，责 任自负。本报告不构成个人投资建议 ，客户应考虑本报告中的任何意见或建议是否符合其特定状况 。本报告版权仅为我公司所有 ，未经书面许 可，任何机构和个人不得以任何形式翻版 、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院 ，且不得对本报告 进行有悖原意的引用 、删节和修改。 锰硅硅铁产业日报 2025/7/2 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,726.00 | +102.00↑ | SF主力合约收盘价（日，元/吨） | 5,436.00 | +166.00↑ | | | SM期货合约持仓量（日，手） | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - On July 1, the Sixth Meeting of the Central Financial and Economic Affairs Commission emphasized the in - depth promotion of the construction of a unified national market and the governance of low - price and disorderly competition among enterprises. The news of "emission reduction and production limitation in Tangshan from July 4th to 15th" boosted the steel market. The RB2510 contract's 1 - hour MACD indicator shows that DIFF and DEA are above the 0 - axis with an enlarged red column. The operation suggestion is to be bullish with oscillations, and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract is 3,065.00 yuan/ton, up 62 yuan; the position volume is 2,226,379 lots, up 150,312 lots; the net position of the top 20 in the RB contract is 32,001 lots, up 28,107 lots; the RB10 - 1 contract spread is - 14 yuan/ton, down 1 yuan; the RB Shanghai Futures Exchange warehouse receipt is 25,270 tons, up 656 tons; the HC2510 - RB2510 contract spread is 126 yuan/ton, down 7 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,180.00 yuan/ton, up 20 yuan; in Hangzhou (actual weight) is 3,262 yuan/ton, up 21 yuan; in Guangzhou (theoretical weight) is 3,190.00 yuan/ton, up 30 yuan; in Tianjin (theoretical weight) is 3,150.00 yuan/ton, unchanged. The RB main contract basis is 115.00 yuan/ton, down 42 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou is 50.00 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 706.00 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei is 1,265.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,230.00 yuan/ton, unchanged; the price of Q235 billet in Hebei is 2,920.00 yuan/ton, up 20 yuan. The domestic iron ore port inventory is 13,930.23 million tons, up 36.07 million tons; the coke inventory of sample coking plants is 73.81 million tons, down 7.31 million tons; the coke inventory of sample steel mills is 627.51 million tons, down 6.50 million tons; the billet inventory in Tangshan is 77.26 million tons, up 8.00 million tons. The blast furnace operating rate of 247 steel mills is 83.84%, unchanged; the blast furnace capacity utilization rate of 247 steel mills is 90.85%, up 0.04% [2]. 3.4 Industry Situation - The weekly output of rebar of sample steel mills is 217.84 million tons, up 5.66 million tons; the capacity utilization rate of sample steel mills for rebar is 47.75%, up 1.25%. The weekly inventory of rebar in sample steel mills is 185.60 million tons, up 3.28 million tons; the social inventory of rebar in 35 cities is 363.40 million tons, down 5.35 million tons. The operating rate of independent electric arc furnace steel mills is 67.71%, unchanged; the monthly output of domestic crude steel is 8,655 million tons, up 53 million tons; the monthly output of Chinese steel bars is 1,730 million tons, up 42 million tons; the monthly net export volume of steel is 1,010.00 million tons, up 16.00 million tons [2]. 3.5 Downstream Situation - The national real - estate climate index is 93.72, down 0.13; the cumulative year - on - year growth rate of fixed - asset investment completion is 3.70%, down 0.30%; the cumulative year - on - year growth rate of real - estate development investment completion is - 10.70%, down 0.40%; the cumulative year - on - year growth rate of infrastructure construction investment is 5.60%, down 0.20%. The cumulative value of housing construction area is 625,020 million square meters, down 4,704 million square meters; the cumulative value of new housing construction area is 23,184 million square meters, down 5,348 million square meters; the unsold housing area is 41,264.00 million square meters, up 439.00 million square meters [2]. 3.6 Industry News - On July 1, the Sixth Meeting of the Central Financial and Economic Affairs Commission pointed out the in - depth promotion of the construction of a unified national market with the basic requirements of "five unifications and one opening", and emphasized the governance of low - price and disorderly competition among enterprises and the withdrawal of backward production capacity. As of June 30, 27 cities have introduced 34 real - estate market relaxation policies, and some housing provident fund policies have been optimized [2]. 4. Key Points of Attention - The weekly output, mill inventory, and social inventory data of rebar on Thursday [2].

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.62% to 24,221.41 points, while the Hang Seng Tech Index fell by 0.64% to 5,269.11 points, indicating a shift from a structural market to a broader rally requiring stronger fundamental support and policy catalysts [1] Blue Chip Performance - Xinyi Solar (00968) led blue-chip stocks with a rise of 10.84% to HKD 2.76, contributing 1.83 points to the Hang Seng Index. Other notable performers included Xinyi Glass (00868) up 9.55% and Sands China (01928) up 6% [2] - The central financial committee emphasized the need to address low-price competition in the photovoltaic glass industry, which is expected to lead to a collective production cut of 30% starting in July [2][4] Sector Highlights - The photovoltaic sector saw significant gains, with major companies like Fuyat Glass (06865) and Xinyi Solar (00968) rising by 11.01% and 10.84% respectively, amid news of production cuts [4] - Steel stocks surged, particularly Chongqing Steel (01053) which rose by 91.11%, driven by rumors of production limits in Tangshan [3] - The Macau gaming sector reported a 19% year-on-year increase in gross gaming revenue for June, with major operators like Sands China (01928) and Wynn Macau (01128) seeing substantial gains [5] Commodity and Automotive Sector - Gold prices surged above USD 3,350, while copper prices reached a peak of USD 9,984, influenced by geopolitical tensions and low inventory levels [6] - Automotive stocks showed mixed results, with Great Wall Motors (02333) and Geely (00175) rising, while Li Auto (02015) fell by 3.18% [6] Notable Stock Movements - Nayuki Tea (02150) experienced a significant increase of 33.33% to HKD 1.68, driven by strong sales growth [7] - IFBH (06603) rose by 20.38% amid expectations of inclusion in the Hong Kong Stock Connect [8] - New World Development (00017) increased by 9.82% following the announcement of a refinancing agreement covering HKD 88.2 billion in existing debt [9] - CIMC (02039) reached a new high, gaining 5.16% as the central government promotes high-quality development in the marine economy [10] - Kingsoft (03888) saw a decline of 9.66% after the launch of a new game, with mixed reviews affecting market confidence [11]

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，健全有利于市场统一的财税体制、统计核算制度和信用体 系。要加强顶层设计，加大政策支持力度，鼓励引导社会资本积极参与发展海洋经济。 简评：会议凸显政策重心从"短期刺激"转向"制度优化+新增长点培育"。统一大市场建设有利于降低制 度性交易成本，促进物流、电商平台效率提升；海洋经济聚焦高端制造与绿色能源，海上风电、高端船 舶制造等产业链或有望迎来长期政策红利。对于A股市场而言，中长期可关注政策执行对区域经济协同 和产业升级的推动作用，但同时也需规避低效产能领域。 6月财新中国制造业PMI录得50.4，高于5月2.1个百分点，与4月持平，重回临界点以上。新订单指数反 弹至略高于临界点水平。生产指数亦重回扩张区间，创近七个月来新高。 【博时市场点评7月2日】沪深两市调整，成交继续缩量 每日观点 今日沪深三大指数调整，两市成交缩量至1.4万亿。昨日ISM公布的数据显示，美国6月ISM制造业PMI 指数 ...

(经济观察)中国全国统一大市场建设走向纵深 中新社北京7月2日电 (记者 刘亮)7月1日召开的中央财经委员会第六次会议，明晰了全国统一大市场建 设的基本要求，聚焦重点难点作出一系列部署。多位接受中新社记者采访的专家认为，全国统一大市场 建设正向纵深处迈进。 会议指出，纵深推进全国统一大市场建设，基本要求是"五统一、一开放"，即统一市场基础制度、统一 市场基础设施、统一政府行为尺度、统一市场监管执法、统一要素资源市场，持续扩大对内对外开放。 中国商务部国际贸易经济合作研究院研究员周密认为，扩大对内资源开放，将为企业提供更多市场参与 空间，这不仅有助于打破区域间发展壁垒、改变市场分割的状况，对推动内外贸一体化发展也有重要意 义。 会议还提及，"持续开展规范涉企执法专项行动，健全有利于市场统一的财税体制、统计核算制度和信 用体系""引导干部树立和践行正确政绩观，完善高质量发展考核体系和干部政绩考核评价体系"。 中国人民大学重阳金融研究院研究员刘英指出，规范涉企执法，标准、规则、监管的统一是关键。过去 存在"执法标准地域差异"，导致出现一些乱收费、乱罚款、乱检查等现象。只有统一好执法标准，才能 更好地减少不必要的行政 ...

Group 1: National Unified Market Construction - The Central Economic Committee emphasizes the importance of establishing a national unified market to eliminate "involution" competition and promote the integration of domestic and foreign trade [1][3] - Key requirements include unified market infrastructure, government behavior standards, and regulatory enforcement, along with continuous expansion of internal and external openness [3][4] - Six major work guidelines focus on addressing low-price disorderly competition, enhancing product quality, and facilitating the orderly exit of backward production capacity [3][4][5] Group 2: Industry Capacity Adjustment - The push for the exit of backward and inefficient production capacity will encompass a broader range of industries, including both traditional and emerging sectors such as lithium batteries, photovoltaics, and new energy vehicles [1][5] - The strategy for capacity reduction will involve optimizing industrial layout, strengthening standard guidance, and promoting restructuring [5][6] - Historical data shows that after the supply-side structural reform initiated in 2015, profit margins in the steel and coal industries significantly improved, indicating potential benefits from similar future reforms [5] Group 3: Integration of Domestic and Foreign Trade - The meeting highlights the importance of integrating domestic and foreign trade, viewing it as a key opportunity for foreign trade enterprises to establish a presence in the domestic market and cultivate independent brands [6][7] - The establishment of a unified market system will provide institutional support for this integration, enhancing competitiveness and aligning domestic rules with international standards [6] Group 4: Marine Economy Development - The meeting outlines a focus on high-quality development of the marine economy, emphasizing innovation, efficient collaboration, and industry updates [8][9] - Key industries identified for growth include offshore wind power, modern deep-sea fishing, marine biomedicine, and marine tourism [9] - The marine economy is projected to exceed 10 trillion yuan in total output by 2024, reflecting a 5.9% year-on-year growth, presenting significant market opportunities [9]

报告日期：2025 年 7 月 2 日 申银万国期货研究所 首席点评：纵深推进全国统一大市场建设 美国参议院表决结果通过"大而美"税收与支出法案，法案将送交众议院。美 国总统特朗普表示，有信心税收法案能在众议院获得通过。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，健全有利于市场统一的财税体制、统计核算制度和信用体系。要加强顶层 设计，加大政策支持力度，鼓励引导社会资本积极参与发展海洋经国际贵金属 期货普遍收涨，COMEX 黄金期货涨 1.28%报 3349.90 美元/盎司，COMEX 白银期 货涨 0.20%报 36.25 美元/盎司。特朗普威胁对日本加征关税加剧贸易担忧，美 联储暗示可能降息，加上中东地缘风险持续，共同推动避险资金流入贵金属市 场济。 重点品种：黄金、集运、铜 集运欧线：EC 午后放量拉升，08 合约收于 1904.9 点，上涨 7.8%。最新一期 SCFIS 欧线表现超预期，同时近期其他联盟尚未明显跟降，7 ...