据悉，在此次座谈会上，共有14家光伏行业企业及光伏行业协会负责人作交流发言。 李乐成表示，近年来，在各部门积极扶持和产业界共同努力下，我国光伏产业坚持自力更生、技术创新、效率 优先、市场主导，实现了从无到有、从弱到强的转变，在产业规模、技术水平、应用市场等方面取得领先优 势，成为中国制造的一张靓丽名片。 近期，钢铁、光伏等板块显著升温。市场情绪提振的背后，是各行业纷纷吹起"反内卷"号角。 伴随着中央财经委员会第六次会议直指"内卷式"竞争治理，强调"推动落后产能有序退出"，光伏、钢铁、水泥 行业已迅速开展减产工作。 日前，国内头部光伏玻璃企业宣布自7月起集体减产30%，以缓解行业"内卷式"竞争。 7月3日，工业和信息化部党组书记、部长李乐成主持召开第十五次制造业企业座谈会，再次明确将引导光伏企 业推动落后产能有序退出。 免责声明 文章封面图来源于AI，以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性 和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成 李乐成强调，工业和信息化部将综合治理光伏行业低价无序竞争，引导企业提升产品品质，推动落后产能有序 退出，实现健康、可持续 ...

格林大华期货研究院 证监许可【2011】1288 号 2025 年 7 月 4 日星期五 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周四夜盘瓶片主力合约 PR2509 的期货价格下跌 8 元至 5908 元/吨。持仓方面，主力 | | --- | --- | --- | --- | | | | | 合约 2509 持仓量为 4.23 万手，持仓-618 手。现货市场方面，华东市场水瓶级瓶片 价格下跌 5 元至 6000 元/吨，华南市场水瓶级瓶片价格下跌 10 至 6050 元/吨。 【重要资讯】 1、供应和成本利润方面，国内聚酯瓶片产量为 35.42 万吨，较上周减少 1.14 万吨。 | | | | | 国内聚酯瓶片产能利用率周均值为 77.5%，较上周下降 2.4%；聚酯瓶片生产成本 5725 | | | | | 元，下降 3.1%；聚酯瓶片周生产毛利为-300 元/吨，环比增加 ...

Report Industry Investment Ratings - Aluminum: Neutral [7] - Alumina: Cautiously Bearish [7] - Aluminum Alloy: Neutral [7] Core Views - The further rise of aluminum prices requires the resonance of macro - improvement and strong micro - consumption. In the current off - season, there is a slight increase in social inventory, with a small accumulation expected in July. Long - term attention should be paid to the price increase driven by stronger - than - expected consumption under the background of supply constraints [4]. - For alumina, the supply pressure at home and abroad remains unchanged in the long term. Although the delivery risk has been alleviated, it still needs to be vigilant [6]. - For aluminum alloy, it is in the off - season, and the price increase space in the spot market is limited. Attention should be paid to cross - variety arbitrage opportunities [6]. Summary by Related Content Aluminum - **Price and Inventory Data**: On July 3, 2025, the Yangtze River A00 aluminum price was 20,860 yuan/ton, up 50 yuan/ton from the previous trading day. The SHFE aluminum main contract closed at 20,680 yuan/ton, up 15 yuan/ton, with a trading volume of 114,240 lots and a position of 281,092 lots. As of July 3, 2025, the domestic electrolytic aluminum ingot social inventory was 474,000 tons, and the LME aluminum inventory was 356,975 tons, up 350 tons from the previous day [2]. - **Market Analysis**: The spot market transaction premium is still falling, and social inventory shows signs of accumulation. The supply of the electrolytic aluminum industry is limited by the production capacity ceiling, and the industry profit is rich. The smelting profit has expanded to 4,000 yuan/ton in the off - season. In the short term, beware of price drops due to inventory accumulation; in the long term, pay attention to price increases driven by stronger - than - expected consumption [4]. Alumina - **Price and Inventory Data**: On July 3, 2025, the SMM alumina price in Shanxi was 3,080 yuan/ton, in Shandong was 3,080 yuan/ton, and in Guangxi was 3,180 yuan/ton. The Australian alumina FOB price was 361.6 US dollars/ton. The alumina main contract closed at 3,026 yuan/ton, up 28 yuan/ton, with a trading volume of 336,450 lots and a position of 279,051 lots. The alumina warehouse receipt was 21,000 tons [2][3]. - **Market Analysis**: The cost side remains stable, and the new project of Guangtou is about to be put into production. The supply pressure at home and abroad remains unchanged in the long term. Although the delivery risk has been alleviated, it still needs to be vigilant [5][6]. Aluminum Alloy - **Price and Inventory Data**: On July 3, 2025, the purchase price of Baotai civil aluminum scrap was 15,300 yuan/ton, and the purchase price of mechanical aluminum scrap was 15,400 yuan/ton, both unchanged from the previous day. The total inventory of aluminum alloy was 108,800 tons, up 2,100 tons week - on - week [3]. - **Market Analysis**: It is in the off - season, and the price increase space in the spot market is limited. The cost side supports the price, and attention should be paid to cross - variety arbitrage opportunities [6].

黑色商品日报 黑色商品日报（2025 年 7 月 4 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面延续上涨走势，截止日盘螺纹 2510 合约收盘价格为 3076 元/吨，较上一交易收盘 | 偏强整理 | | | 价格上涨 11 元/吨，涨幅为 0.36%，持仓增加 1.09 万手。现货价格稳中有涨，成交回落，唐山地区迁安普 | | | | 方坯价格持平于 2930 元/吨，杭州市场中天螺纹价格持平于 3130 元/吨，全国建材成交量 10.76 万吨。据 | | | | 我的钢铁数据，本周全国螺纹产量环比回升 3.24 万吨至 221.08 万吨，同比减少 15.67 万吨；社库环比回 | | | | 升 1.34 万吨至 364.74 万吨，同比减少 221.07 万吨；厂库环比回落 5.13 万吨至 180.47 万吨，同比减少 20.31 | | | | 万吨；螺纹表需回升 4.96 万吨至 224.87 万吨，同比减少 9.91 万吨。螺纹产量连续第三周回升，库存继续 | | | | 小幅下降，表需回升，数据表现偏强。 ...

行业 纯碱、玻璃日报 日期 2024 年 7 月 4 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯 ...

黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 黑色建材日报 2025-07-04 钢材 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3076 元/吨, 较上一交易日涨 11 元/吨（0.358%）。当日注册仓单 27073 吨, 环比增加 1803 吨。主力合约持仓量为 223.7249 万手，环比增加 10870 手。现货市场方面, 螺纹钢天津汇 总价格为 3160 元/吨, 环比持平; 上海汇总价格为 3150 元/吨, 环比持平。 热轧板卷主力合约收盘价为 3208 元/吨, 较上一交易日涨 17 元/吨（0.532%）。 当日注册仓单 66078 吨, 环比减少 0 吨。主力合约持 仓量为 159.5284 万手，环比减少 474 手。 现货 ...

Group 1 - The steel sector experienced a strong rally on July 4, with notable stock performances including Lingang Co. hitting the daily limit, Liugang Co. achieving four consecutive limit-ups, and Angang Steel rising over 6% [1] - Liugang Co. has not identified any media reports or market rumors that could impact its stock price, and its fundamentals remain unchanged, with major shareholders holding 83.01% of the company [1] - The Central Financial Committee emphasized the need to promote the orderly exit of outdated production capacity and improve product quality, which may positively influence the steel sector's profitability [2] Group 2 - There are reports of increased environmental restrictions and production cuts in Tangshan, with approximately half of the steel mills indicating they have received notifications regarding these measures [1] - The steel sector's profitability is expected to recover to historical average levels, and the price-to-book ratio (PB) of steel stocks may also improve as a result [2]

【玻璃现货行情】 玻璃：沙河成交均价1100元/吨上下。 玻璃：周三相关政策扰动，市场对于玻璃有减产预期带动盘面大幅反弹。盘面情绪带动现货端大幅好 转，叠加月初授信，产销走强，基差结构激发了部分投机需求，关注持续性以及是否能形成正反馈。当 前处于夏季梅雨淡季，深加工订单偏弱，lowe开工率持续偏低，玻璃刚需端有一定压力，长远看最终行 业需要产能出清来解决过剩困境，因此还需等待更多冷修兑现或能带来盘面真正的反转。短期情绪带动 下盘面偏强，资金行为造成盘面波动巨大，建议暂观望。 【操作建议】 玻璃：短线观望 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报告后，应遵循报告来源机构对报告的版权规定，不得刊载或转发。 【供需】 截至2025年6月26日，全国浮法玻璃日产量为15.68万吨，比19日+0.87%。本周（20250620-0626）全国 浮法玻璃产量109 ...

Core Viewpoint - The article emphasizes the need to promote the orderly exit of outdated production capacity to combat low-price disorderly competition and internal competition, thereby enhancing market vitality and optimizing resource allocation [2][4]. Group 1: Market Dynamics - The current low-price disorderly competition and internal competition reflect a significant lack of effective demand in the economy, exacerbated by external trade protectionism [2][3]. - Outdated production capacity poses a high-risk preference in the market, leading to adverse selection and moral hazard, which can disrupt market stability [2][5]. - The orderly exit of outdated production capacity is essential for achieving marginal balance in supply and demand, allowing competition to shift towards improving product quality and consumer surplus [2][6]. Group 2: Mechanisms for Exit - To facilitate the orderly exit of outdated production capacity, it is crucial to eliminate systemic barriers that hinder the operation of the Bankruptcy Law and improve the market exit mechanism [3][4]. - Strengthening market self-discipline and autonomy is necessary, including enhancing the checks and balances between principals and agents, and ensuring creditors can constrain the actions of company controllers [4][5]. - Regulatory bodies should conduct industry risk pressure tests and require companies to disclose their risk assessments regularly to manage potential risks effectively [4][5]. Group 3: Risk Management - Effective risk management involves quantifying and pricing the risks associated with outdated production capacity, which can aid in bankruptcy restructuring and liquidation processes [5][6]. - Misunderstanding of risks is a significant barrier to the exit of outdated production capacity; thus, the market's ability to identify, price, and allocate risks must be fully utilized [5][6]. - Creating a favorable business environment that encourages market participants to engage in risk-taking is vital for eliminating internal competition and low-price disorderly competition [6][7].

本刊由金信期货研究院撰写 2025/07/04 GOLDTRUST FUTURES CO.，LTD 金信期货日刊 玻璃期货由跌转涨，可以继续做多了吗？ 2025年7月3日玻璃期货继续上涨新高。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 减产预期成为价格上涨的关键动力。有消息称国内头部光伏玻璃企业计划自7月开始集体减产30%，预计7 月供应量将下降至45GW左右 ，此前玻璃行业供应过剩严重，价格跌超70%，行业处于亏损状态，减产将 缓解供需失衡，加速产能出清，利于价格复苏，受此消息影响，期货价格上涨。此外，三峡新材7月1日晚 间公告拟对浮法玻璃生产一线进行停产冷修，期限约1年，供应端的这些减产动作对价格形成支撑。 政策因素也为玻璃期货价格上涨提供助力。中央财经委员会提出要依法依规治理企业低价无序竞争，引导 企业提升产品品质，推动落后产能有序退出。对于产能过剩的玻璃行业来说，一方面企业提升产品品质会 使成本提高，另一方面落后产能退出会减少供应，因此 ...