Report Summary 1) Report Industry Investment Rating No information provided 2) Core View of the Report In June, domestic financial data showed marginal improvement in real - sector financing demand under policy stimulus. The year - on - year decrease in medium - and long - term corporate loans ended, and there was a slight increase in short - term and medium - and long - term household loans. National subsidies and policy - based financial instruments may drive continuous credit expansion. The State Council executive meeting this week mentioned policies to strengthen the domestic cycle, with boosting domestic demand and the new energy industry as current policy priorities. The US Beige Book indicated a slight increase in economic activity but high uncertainty, along with a small decline in manufacturing activity and rising cost pressure. The US CPI rose as expected in June, and the market is most expecting a rate cut in September. Without negative news, market sentiment is positive, with daily trading volume of the entire A - share market around 1.5 trillion yuan and a net inflow of margin trading balance of about 30 billion yuan this week. The broad - based indices of Shanghai and Shenzhen recovered after a decline, and all four major broad - based indices had four consecutive weekly gains. This week, except for the relatively small increase of the Shanghai Composite 50 Index, the mid - to small - cap and micro - cap indices had similar increases, with the 300 - 2000 indices rising 1% - 2%. In terms of basis, the index increase slowed down this week, and the basis fluctuated little, remaining basically the same as last week. IF returned to a slight discount, and the annualized discounts of IC and IM were around 8% and 11% respectively. Except for the expired July contracts, the term structure of other contracts was basically the same as last week, and a diversified term selection strategy could still be maintained [2] 3) Summary by Related Catalogs This Week's Review - Policy stimulus led to marginal improvement in real - sector financing demand in June, with changes in corporate and household loans. National subsidies and policy - based financial instruments may drive credit expansion. The State Council executive meeting focused on policies to strengthen the domestic cycle [2] - The US Beige Book showed a slight increase in economic activity, high uncertainty, a decline in manufacturing, and rising cost pressure. The US CPI rose as expected in June, and the market anticipates a September rate cut [2] - Market sentiment was positive, with daily trading volume around 1.5 trillion yuan and a net inflow of margin trading balance of about 30 billion yuan. The broad - based indices recovered after a decline, and all four major broad - based indices had four consecutive weekly gains. Mid - to small - cap and micro - cap indices had similar increases, with the 300 - 2000 indices rising 1% - 2% [2] - In terms of basis, the index increase slowed, and the basis fluctuated little, remaining basically the same as last week. IF returned to a slight discount, and the annualized discounts of IC and IM were around 8% and 11% respectively. The term structure of non - expired contracts was basically the same as last week [2] Next Week's Forecast - The model predicts that the basis of IH, IF, IC, and IM will strengthen next week [4]

Core Viewpoint - The article emphasizes the significant achievements in China's high-quality business development during the "14th Five-Year Plan" period, highlighting the strong contributions of consumption, foreign trade, and foreign investment to economic growth. Group 1: Consumption - Consumption has become a major engine for economic growth, contributing approximately 60% annually to economic growth during the first four years of the "14th Five-Year Plan" [3][4] - The total retail sales of consumer goods (social retail) in China is expected to exceed 50 trillion yuan this year, with an average annual growth rate of 5.5% over the past four years [2][4] - Service consumption has entered a rapid growth phase, with an average annual growth rate of 9.6% from 2020 to 2024 [4][5] - Innovations in the retail sector and new consumption models, such as AI and IP-driven consumption, are emerging as new growth points [5] Group 2: Foreign Trade - China maintains a leading position in global trade, with export and import market shares stable at over 14% and 10%, respectively [6][7] - The scale of China's goods trade remains the largest globally, with service trade ranking second, surpassing 1 trillion USD for the first time last year [7][8] - The proportion of high-tech products in goods trade is projected to reach 18.2% by 2024, indicating a shift towards more advanced trade [8] Group 3: Foreign Investment - China has achieved its foreign investment target of 700 billion USD six months ahead of schedule, with actual foreign investment reaching 708.73 billion USD by mid-2023 [9][10] - The negative list for foreign investment access continues to shrink, with all restrictions in the manufacturing sector eliminated [10] - China is actively enhancing its open environment and market conditions to attract foreign investment and expand imports [10]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The lithium carbonate futures main contract showed a weekly oscillatory and slightly stronger trend, with a weekly increase of 8.84% and an amplitude of 10.39%. The main contract was quoted at 69,960 yuan/ton [5]. - The macro - level policy focuses on promoting the high - quality development of the new energy vehicle industry and standardizing its competition order. In terms of fundamentals, the supply expectation of lithium carbonate has been repaired due to the mine rectification, and there are hedging opportunities in the futures market, with the lithium ore price rising accordingly. However, the demand side is still mainly for rigid consumption, and the spot market trading is light. The industrial inventory is at a high level and slightly accumulating [5]. - Overall, the lithium carbonate market is in a state where the expectation is repaired but the actual situation is still weak. More effective demand is needed to drive inventory reduction [5]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Performance**: The lithium carbonate main contract was oscillatory and slightly stronger. The closing price was 69,960 yuan/ton, with a weekly increase of 5,680 yuan/ton [5][11]. - **Fundamentals**: The supply expectation was repaired due to mine rectification, but the actual supply might decrease. The demand was mainly rigid, and the inventory was high and accumulating [5]. - **Strategy**: Light - position oscillatory trading is recommended, and attention should be paid to trading rhythm and risk control [6]. 3.2 Futures and Spot Market - **Futures Price**: As of July 18, 2025, the closing price of the lithium carbonate main contract was 69,960 yuan/ton, with a weekly increase of 5,680 yuan/ton. The near - far month inter - period spread was - 80 yuan/ton, with a weekly increase of 1,060 yuan/ton [11]. - **Spot Price**: As of July 18, 2025, the average price of battery - grade lithium carbonate was 66,650 yuan/ton, with a weekly increase of 2,900 yuan/ton. The main contract basis was - 3,310 yuan/ton, with a weekly decrease of 2,780 yuan/ton [15]. 3.3 Upstream Market - **Lithium Spodumene**: As of July 18, 2025, the average price of lithium spodumene concentrate (6% - 6.5%) was 708 US dollars/ton, with a weekly increase of 12 US dollars/ton. The US dollar - RMB spot exchange rate was 7.1796, with a weekly increase of 0.03% [19]. - **Lithium Mica**: As of July 18, 2025, the average price of phospho - lithium - aluminum stone was 5,825 yuan/ton, with a weekly increase of 425 yuan/ton. The average price of lithium mica (Li₂O: 2.0% - 3%) was 1,781 yuan/ton, with a weekly increase of 45 yuan/ton [24]. 3.4 Industry Situation - **Supply Side**: As of May 2025, the monthly import volume of lithium carbonate was 21,145.78 tons, a decrease of 7,190.11 tons from April, a decline of 25.37% and a year - on - year decline of 13.92%. The monthly export volume was 286.735 tons, a decrease of 447.55 tons from April, a decline of 60.95% and a year - on - year increase of 34.96%. As of June 2025, the monthly output was 44,100 tons, an increase of 2,000 tons from May, an increase of 4.75% and a year - on - year increase of 5%. The monthly operating rate was 43%, a month - on - month decline of 5% and a year - on - year decline of 32% [30]. - **Demand Side** - **Hexafluorophosphate Lithium**: As of July 18, 2025, the average price was 49,250 yuan/ton, with a weekly decrease of 500 yuan/ton. As of June 2025, the monthly output of electrolyte was 161,150 tons, an increase of 2,650 tons from May, an increase of 1.67% and a year - on - year increase of 35.25% [33]. - **Lithium Iron Phosphate**: As of the latest data this week, the average price was 30,450 yuan/ton, with no weekly change. As of June 2025, the monthly output of lithium iron phosphate cathode materials was 203,300 tons, a decrease of 6,800 tons from May, a decline of 3.24% and a year - on - year increase of 31.16%. The monthly operating rate was 52%, a month - on - month increase of 3% and no year - on - year change [37]. - **Ternary Materials**: As of June 2025, the monthly output was 59,000 tons, a decrease of 6,200 tons from May, a decline of 9.51% and a year - on - year increase of 13.46%. The monthly operating rate was 51%, a month - on - month decline of 4% and a year - on - year decline of 4%. As of the latest data this week, the prices of ternary materials 811, 622, and 523 remained stable [40]. - **Lithium Manganate**: As of June 2025, the monthly output was 10,800 tons, a decrease of 300 tons from May, a decline of 2.7% and a year - on - year increase of 61.19%. As of the latest data this week, the average price was 28,500 yuan/ton, with no weekly change [45]. - **Lithium Cobaltate**: As of June 2025, the monthly output was 12,400 tons, a decrease of 700 tons from May, a decline of 5.34% and a year - on - year increase of 58.97%. As of the latest data this week, the average price was 220,000 yuan/ton, with no weekly change [48]. - **Application Side** - **New Energy Vehicles**: As of June 2025, the penetration rate of new energy vehicles was 44.32%, with a month - on - month increase of 0.33% and a year - on - year increase of 9.12%. The monthly output was 1,268,000 vehicles, a month - on - month decrease of 0.16%; the monthly sales volume was 1,329,000 vehicles, a month - on - month increase of 1.68% [50]. - **New Energy Vehicle Exports**: As of June 2025, the cumulative export volume of new energy vehicles was 1.06 million, a year - on - year increase of 75.21% [56]. 3.5 Options Market - According to the option parity theory, the premium of the synthetic underlying asset is 0.07, indicating a positive arbitrage opportunity. Based on the performance of option at - the - money contracts and the fundamental situation, it is recommended to build a long straddle option to bet on increasing volatility [61].

Group 1 - The core viewpoint of the article highlights China's significant achievements in high-quality economic development during the "14th Five-Year Plan" period, including strong performance in consumption, foreign trade, and foreign investment [1][4][6] Group 2 - China's social retail sales are projected to exceed 50 trillion yuan in 2024, with an average annual growth rate of 5.5% from 2020 to 2024, and the actual purchasing power of social retail sales is 1.6 times that of the United States [2][3] - The retail sales of household appliances have seen double-digit growth, driven by policies promoting the replacement of old products with new ones, with approximately 4 billion people benefiting from subsidies [3][4] Group 3 - China's goods trade has maintained its position as the world's largest for eight consecutive years, with a projected scale of 6.16 trillion USD in 2024, reflecting a 32.4% increase from the end of the "13th Five-Year Plan" [4][5] - The proportion of China's goods imports in global imports is nearly equivalent to that of the United States, indicating China's status as the second-largest import market globally [5][6] Group 4 - China has exceeded its foreign investment target of 700 billion USD for the "14th Five-Year Plan" period six months ahead of schedule, with a total of 70.87 billion USD in actual foreign investment by mid-2023 [6][7] - The quality of foreign investment has improved significantly, with high-tech industries accounting for 34.6% of foreign investment in 2024, an increase of 6 percentage points from 2020 [7][8] Group 5 - China's outbound investment has maintained a steady growth rate of over 5% annually, ranking among the top three in the world, with ongoing international cooperation in production and supply chains [8][9] - The conversion of tourism flow into consumption growth is evident, with a 77.8% increase in total spending by inbound tourists in 2024, amounting to 94.2 billion USD [9]

Core Viewpoint - The Chinese government aims to continue reducing restrictive measures in the service consumption sector during the "15th Five-Year Plan" period, building on the achievements of the "14th Five-Year Plan" [1][2] Group 1: Economic Growth and Consumer Market - China's retail sales of consumer goods increased from 39.2 trillion yuan in 2020 to 48.3 trillion yuan in 2022, with an average annual growth rate of 5.5% [1] - In absolute terms, China's retail sales in 2022 were approximately 80% of the United States; however, in terms of purchasing power, China's retail sales exceeded that of the U.S., being 1.6 times greater according to World Bank data [1] Group 2: Service Consumption Trends - During the "14th Five-Year Plan," service consumption in China entered a rapid growth phase, with annual growth in residents' service consumption expenditure projected at 9.6% from 2020 to 2024 [1] - The primary challenge during this phase is a supply-side shortage, particularly in high-quality service offerings [1] Group 3: Policy Initiatives - The Ministry of Commerce plans to address the shortage of high-quality services through both external and internal measures, including expanding pilot programs in sectors like healthcare and reducing restrictive measures in service consumption [1] - The government intends to convert effective and popular policies from the "14th Five-Year Plan" into long-term, sustainable policies while introducing targeted measures to stimulate commodity consumption and unleash service consumption potential [2]

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: July 18, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On July 17, the main coke and coking coal futures contracts 2509 rebounded significantly after two days of decline. The J2509 contract closed at 1,519 yuan/ton, up 1.00%, and the JM2509 contract closed at 918.5 yuan/ton, up 1.55% [5]. - The daily KDJ indicators of the coke 2509 contract showed a divergent trend, with the J and K values turning up, but the D value continuing to decline slightly. The daily KDJ indicator of the coking coal 2509 contract changed from a dead cross to a golden cross. The daily MACD red bars of both contracts continued to narrow, but the decline rate slowed down significantly [8]. 1.2 Future Outlook - Coke: Last week, the coke output of independent coking plants dropped to the lowest since early April, and the coke output of steel mills dropped to the lowest since mid - March. Port coke inventories rebounded from the lowest since early March, steel mill coke inventories hovered at a slightly higher level after hitting the lowest since mid - December last year, and coking plant inventories dropped to the lowest since mid - January. The profit per ton of coke has been in the red for 8 consecutive weeks, and the loss widened for 3 consecutive weeks last week. On July 17, the first round of coke spot price increase was implemented [9]. - Coking Coal: From January to May, the year - on - year decline in imports widened significantly by 4.0 percentage points to - 7.3%. In the past 5 weeks, the raw coal and clean coal inventories of coal washing plants have dropped significantly, with declines of 11.1% and 23.8% respectively. The inventories of independent coking plants have increased significantly for 3 consecutive weeks to the level of mid - May, and port inventories have increased for 2 consecutive weeks to the level of late April. However, steel mill inventories declined slightly last week. With stable steel mill purchases, coking plants actively replenished stocks, and coking coal spot prices rebounded [9]. - Overall: Since early July, coke and coking coal futures have rebounded significantly driven by the anti - involution market. It is expected that the prices of coal and coke may continue to rise in the first half of July. One can try to buy for hedging or investment on dips but should take profits in time before the end of July to avoid the negative impact of the obvious correction in August - September on the positions [9]. 2. Industry News - The State Council Executive Meeting, chaired by Premier Li Qiang, focused on strengthening key policies for the domestic large - cycle. The meeting emphasized finding key points, implementing consumption - boosting actions, and releasing domestic demand potential [10]. - An all - around domestic demand expansion research and consultation symposium was held in Beijing on July 16. Wang Huning stressed the importance of expanding domestic demand for long - term economic health and meeting people's needs [10]. - In the first half of 2025, the total social energy consumption increased by 3.9% year - on - year, 0.3 percentage points faster than in Q1. The energy consumption structure continued to optimize, with the proportion of non - fossil energy rising by 1.7 percentage points [11]. - From June 30 to July 6, the average coal price in Shanxi Province was 790.58 yuan/ton, up 0.3% month - on - month. The price of thermal coal fluctuated upward, coking coal prices stabilized, and anthracite prices mainly declined. It is expected that coal prices may be weak in the short term [11]. - In early July, the key steel enterprises produced 20.97 million tons of crude steel, with an average daily output of 2.097 million tons, down 1.5% from the previous period. The daily output of pig iron and steel products also declined [11]. - In H1 2025, the top 10 coal enterprises produced 1.18 billion tons of raw coal, an increase of 40.26 million tons year - on - year, accounting for 49.2% of the output of enterprises above designated size [11]. - New Steel Co., Ltd. expects to turn a profit in H1 2025, with a net profit of 89 million - 112 million yuan [11]. - Liugang Co., Ltd. expects a net profit of about 340 million - 400 million yuan in H1 2025, a significant increase year - on - year [11]. - Maanshan Iron & Steel Co., Ltd. expects to reduce losses in H1 2025, with a net loss of about 75 million yuan [12]. - Bayi Iron & Steel Co., Ltd. expects to record a loss in H1 2025 due to weak supply - demand and low steel prices [12]. - Jiugang Hongxing Iron & Steel Co., Ltd. expects to reduce losses in H1 2025 [12]. - Chongqing Iron & Steel Co., Ltd. expects to reduce losses in H1 2025 [12]. - On July 14, the daily power generation of China Energy Investment Group reached 4.07 billion kWh, 8 days earlier than last year's peak - summer period. The photovoltaic power generation reached a record high of 302 million kWh [12]. - Xinji Energy aims to build a comprehensive energy supply system and enhance its long - term investment value [12]. - Shaanxi Coal Industry Group achieved stable production and operation in H1 2025, with revenue of 227.5 billion yuan, profit of 18.04 billion yuan, and investment of 16.03 billion yuan, up 52.3% year - on - year [13]. - Ruimaotong expects a significant decline in net profit in H1 2025 due to a loose coal market [13]. - Gansu Energy Chemical Industry Co., Ltd. expects to turn from profit to loss in H1 2025 due to weak coal demand and falling prices [13]. - On July 16, the national maximum power load exceeded 1.5 billion kilowatts for the first time, indicating strong power demand driven by high temperatures and economic growth [13]. - From January to May, the steel industry in Hebei Province ran smoothly, with a 14% increase in the added value of the advanced steel industry. The industry's profit accounted for 30.39% of the national total with 21.51% of the output [14]. - In H1 2025, the newly approved coal - fired power projects increased by 152% year - on - year. It is likely that the annual approval will exceed 60GW. The profitability of thermal power is recovering, and the valuation of power equipment manufacturers is expected to rebound [14]. - India achieved its target of 205 million tons/year of crude steel production capacity in the 2024 - 2025 fiscal year and is moving towards the 300 million tons/year target by 2030 - 2031. However, the industry faces challenges such as high import dependence on coking coal and high logistics costs [14]. 3. Data Overview - The report provides various data charts, including the spot price index of metallurgical coke, the spot price of coking coal, production and inventory data of coking plants and steel mills, and the basis between spot and futures prices [16][18][22]

今年以来，中央政府层面已多次部署做强国内大循环工作：7月16日召开的国务院常务会议明确，研究 做强国内大循环重点政策举措落实工作；5月15日国务院召开做强国内大循环工作推进会；"大力提振消 费、提高投资效益，全方位扩大国内需求"，也是2025年政府工作报告提出的重点任务。"当前以促消费 为核心，部署壮大内循环，有很强的迫切性和必要性。这也符合经济增长动能转换的大方向。"东方金 诚首席宏观分析师王青说。中国财政学会绩效专委会副主任委员张依群表示，把做强国内大循环摆在更 加突出的位置，积极应对外部环境的不确定性，以消费带动投资，促进产业结构转型和产业技术升级， 推动经济转型和高质量发展。同时，激发内需消费动能，补足民生领域短板，提升居民生活水平，用大 循环推动消费经济良性循环。(上海证券报) ...

本报记者 张芗逸 7月16日，国务院总理李强主持召开国务院常务会议，研究做强国内大循环重点政策举措落实工作。会议指出，做强国内 大循环是推动经济行稳致远的战略之举。 今年以来，我国将做强国内大循环摆在更加重要的位置，综合施策扩大内需、促进生产、畅通循环，以中国经济的稳定性 和确定性来应对外部的不确定性。 内需潜力释放 今年以来，我国加大力度实施更加积极的宏观政策，以消费品以旧换新、工业企业设备更新等举措为抓手，做强国内大循 环。 以消费品以旧换新为例，据国家发展改革委政策研究室副主任李超介绍，消费品以旧换新方面，超长期特别国债资金支持 力度为3000亿元，前2批共1620亿元资金已按计划分别于1月、4月下达。 从政策成效来看，国家发展改革委数据显示，今年以来以旧换新相关商品销售额超过1.4万亿元。 随着政策持续显效，发挥稳投资、扩消费、促转型、惠民生作用，内需成为上半年经济增长的主动力。国家统计局最新数 据显示，上半年内需对GDP增长的贡献率为68.8%，其中最终消费支出贡献率为52%。 中航证券首席经济学家董忠云对《证券日报》记者表示，此次会议将做强国内大循环明确定位为"推动经济行稳致远的战 略之举"，凸显 ...

五年时间"再造"一个长三角！ 最近，国家发展改革委召开了一场重磅的新闻发布会，既是对"十四五"规划的一份详细总结和 梳理，也是这五年来国家晒出来的一份亮眼成绩单。您要想了解过去五年中国干成了什么，干 好了什么，未来五年的方向是什么，就一定要仔细关注了！要说这五年，咱可没闲着，经济底 盘更稳了，办事效率更高了，老百姓的实惠也更多了。总结起来就是三大感受：国家更强了， 办事更快了，生活更好了！ 首先是，"国家更强了"——这几年里经济增长总量超35万亿，这是什么概念？相当于再造一 个"长三角"那么大的经济体量！"十四五"期间，前四年中国经济平均增速达到5.5%，虽然增速 有所放缓，但步子走得更稳当，更踏实，增长水平仍然远超西方发达国家。特别是在经受过疫 情冲击、产业升级、有效需求不足、贸易摩擦等一系列问题和挑战后，能取得这样的成绩，确 实是来之不易。当前的经济增长，增速和质量同等重要，如此巨大的经济体量，仍能保持5% 左右的增速，可见全国统一大市场和以国内大循环为主的战略的巨大潜力。中国速度，关键时 刻真靠得住！ 出品丨21财经客户端 财经早察工作室 总统筹丨邓红辉 执行统筹丨陈晨星 祝乃娟 监制丨洪晓文 曾婷芳 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The fundamentals of Shanghai copper may be in a situation of both supply and demand increasing. The industrial inventory, although accumulating, is still in a low - level range, and the consumption expectation is positive. The option market sentiment is bullish, with a slightly decreased implied volatility. It is recommended to conduct light - position oscillating trading and pay attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 77,840 yuan/ton, down 140 yuan; the price of LME 3 - month copper was 9,599.50 dollars/ton, down 35.50 dollars. The spread between different months of the main contract was 20 yuan/ton, down 10 yuan. The position of the main contract of Shanghai copper was 153,791 hands, down 6,666 hands. The position of the top 20 futures holders of Shanghai copper was - 4,039 hands, up 4,268 hands. The LME copper inventory was 121,000 tons, up 10,525 tons. The inventory of cathode copper in the Shanghai Futures Exchange was 81,462 tons, down 3,127 tons. The LME copper cancelled warrants were 12,325 tons, down 300 tons. The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 42,139 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot was 78,020 yuan/ton, down 40 yuan; the price of Yangtze River Non - Ferrous Market 1 copper spot was 78,035 yuan/ton, down 70 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 66 dollars/ton, unchanged. The average premium of Yangshan copper was 51 dollars/ton, down 2.50 dollars. The basis of the CU main contract was 180 yuan/ton, up 100 yuan. The LME copper premium (0 - 3) was - 64.49 dollars/ton, down 16.22 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates was 239.52 million tons, down 50.98 million tons. The rough smelting fee (TC) of domestic copper smelters was - 43.79 dollars/kiloton, up 0.46 dollars. The price of copper concentrates in Jiangxi was 68,320 yuan/metal ton, down 70 yuan; the price in Yunnan was 69,020 yuan/metal ton, down 70 yuan. The processing fee of blister copper in the south was 800 yuan/ton, unchanged; in the north was 750 yuan/ton, unchanged [2] 3.4 Industry Situation - The output of refined copper was 1.302 billion tons, up 0.048 billion tons. The import volume of unwrought copper and copper products was 464,000 tons, up 34,000 tons. The social inventory of copper was 418,200 tons, up 4,300 tons. The price of 1 bright copper wire in Shanghai was 54,790 yuan/ton, down 100 yuan; the price of 2 copper (94 - 96%) in Shanghai was 66,950 yuan/ton, down 50 yuan. The ex - factory price of sulfuric acid (98%) of Jiangxi Copper was 600 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products was 2.2145 billion tons, up 0.1185 billion tons. The cumulative completed investment in power grid infrastructure was 203.986 billion yuan, up 63.169 billion yuan. The cumulative completed investment in real estate development was 4,665.756 billion yuan, up 1,042.372 billion yuan. The monthly output of integrated circuits was 4,505,785,400 pieces, up 270,785,400 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper was 9.96%, down 0.27%; the 40 - day historical volatility was 9.12%, down 0.17%. The implied volatility of the at - the - money option in the current month was 10.15%, down 0.0065. The call - put ratio of at - the - money options was 1.62, up 0.0102 [2] 3.7 Industry News - The State Council Premier Li Qiang chaired a State Council executive meeting. The National Committee Chairman Wang Huning emphasized the importance of expanding domestic demand. From July 1 - 13, the retail sales of the national passenger car market were 571,000 vehicles, with a year - on - year increase of 7% and a month - on - month decrease of 5%. The retail sales of the new - energy passenger car market were 332,000 vehicles, with a year - on - year increase of 26% and a month - on - month decrease of 4%. The US PPI in June was flat month - on - month. The Fed's "Beige Book" showed a slight increase in economic activity [2]