大商所铁矿石期货三连涨，价格创2月底以来新高，钢铁行业改革预期升温，铁矿石市场'强现实与弱预 期'博弈，价格能否继续上涨？ 相关链接 期货热点追踪 ...

文 | 浙江省能源局 7月9日，浙江省能源局下发《关于开展2025年度新型储能项目建设计划动态调整的通知》，对 2025年度新型储能项目建设计划开展年中动态调整。 通知指出，请各市统筹区域电网运行与新能源消纳等情况，研究报送本区域新型储能项目清单调 整建议，调整包括项目增补、调减及变更。范围涵盖电源侧、电网侧、用户侧储能项目。 一、电网侧储能项目 建设规模原则上不小于5万千瓦/10万千瓦时，按照"总量控制、退一补一"原则报送，即"各设区 市申报增补的装机容量不得超过申请调减的装机容量"。已纳入国家级科技攻关计划的项目，无 需满足上述要求。 二、 电源侧储能项目 联合火电机组调频的项目，原则上单体功率不低于1.8万千瓦，综合调节性能指标Kpd 值不低于 0.9;新能源侧项目建设规模和技术特征由业主结合实际需求自行确定。 三、5MW以上用户侧储能项目 为进一步贯彻落实"放管服"改革精神， 省能源局 不再对5MW及以上的用户侧项目进行年度建设 计划管理 ，后续视情对各设区市进行年度建设规模管理， 授权设区市能源主管部门按照《浙江 省新型储能项目管理办法(试行)》要求，加强用户侧储能项目管理，编制用户侧储能项目建设计 ...

文 | 海南省发展和改革委员会 7月10日，海南省发展改革委发布《 关于海南省深化新能源上网电价市场化改革的实施方案 （征求意见稿） 》。 2026年1月1日起，全省新能源（所有风电、太阳能发电，下同）项目 上网电量全部进入电力市场，上网电价通过市场交易形成。 新能源项目参与市场 交易的方式按照南方区域电力市场交易规则执行，鼓励 具备条件的分布式、分散式新能源聚合后报量报价参与市场交易 ，未报量或报价参与市场的默认 作为价格接受者参与市场交易。后续根据市场建设情况，逐步放开各类电源进入市场参与交易。 适当放宽现货市场限价 ，现货市场申报、出清价格 上限考虑 目前省内燃料综合成本和用户承受能力等因素确定；申报、出清价格 下限考虑 新能源在电 力市场外可获得的绿证收益、财政补贴等因素确定，后续根据市场运行情况适时调整。接受市场形成价格的新能源项目，结算价格按照所在节点的实时市 场分时价格确定。价格上下限等具体参数见附表。 明确辅助服务费用分摊方式。 现货市场 未连续运行时 ，辅助服务市场费用由 发电侧分摊 （不含分布式新能源）；现货市场 连续运行时 ，辅助服务市 场费用由 工商业用户用电量和未参与海南省电能量市场 ...

近日，一篇题为《7月起医保新调整，"个人账户"将全部取消，卡内余额转哪里去？》的自媒体文章 引起较多关注。 对此，中国互联网联合辟谣平台向有关部门查证得知， 相关文章中 "'个人账户'将全部取 消""全国范围内全面取消个人账户，所有医保缴费全部进入统筹基金，建立全国统一的医疗保 障积分系统"等内容纯属谣言。 事实上，按照中央"改革职工基本医疗保险个人账户，建立健全门诊共济保障机制"部署和《关 于建立健全职工基本医疗保险门诊共济保障机制的指导意见》（国办发 〔2021〕 14号）要 求，目前医保改革正顺利推进，多数地区已顺利完成相关工作。此次改革是在不增加社会和个 人额外负担的前提下，建立职工医保普通门诊统筹，并通过调减单位缴费和统筹基金划入个人 账户的比例，为普通门诊统筹报销提供支持，不存在"取消职工个人账户"。 改革后，职工医保个人账户有三项权益保持不变： 一是 个人账户结余的归属不变， 改革前的历史结余和改革后新划入形成的结余仍然归个人所 有，都可以结转使用和继承。 文中宣称"从医保局内部人士处获悉，全国医保个人账户改革已进入关键阶段。2024年12 月，国家医保局联合财政部发布《关于深化医疗保障制度改革 ...

Core Viewpoint - Recent rumors regarding the cancellation of personal medical accounts in China's healthcare system have been debunked, clarifying that reforms are aimed at optimizing the system without eliminating personal accounts [1][5]. Group 1: Reform Details - The reform of the employee basic medical insurance personal accounts is progressing smoothly, with most regions having completed related work [4]. - The reform aims to establish a common outpatient insurance mechanism without increasing the financial burden on society or individuals [4]. - The rights associated with personal medical accounts remain unchanged, including the ownership of historical balances and new contributions [4][7]. Group 2: Rumor Background - This is not the first instance of such rumors; similar misinformation was addressed in October 2023 [5]. - The rumors misinterpret the true nature of the healthcare reform, misleading the public regarding policy changes [5]. - Personal accounts are designed as exclusive funds for insured individuals, with contributions coming from both personal and employer payments [5][6]. Group 3: Usage Regulations - Funds in personal accounts are part of the basic medical insurance fund and must adhere to regulations, prohibiting their use for non-medical expenses [6]. - The contributions from employees will continue to be fully allocated to personal accounts, while employer contributions will shift entirely to the pooling fund starting January 2024 [5][7].

Group 1 - The bond market is currently lacking a unilateral driving force, with fluctuations primarily influenced by the stock-bond "teeter-totter" effect [1] - As of Wednesday afternoon, the yield on the 10-year government bond was reported at 2.6430%, up 0.2 basis points from last Friday's close, while the 30-year bond yield was at 2.8575%, up 0.6 basis points [1] - The futures market showed a cumulative decline in the main contracts for 30-year, 10-year, 5-year, and 2-year government bonds of 0.09%, 0.05%, 0.08%, and 0.04% respectively over the first three trading days of the week, indicating a return to low volatility [1] Group 2 - The market's reaction to changes in U.S. tariffs has become muted, with investors adapting to Trump's fluctuating policies, leading to a lack of significant risk aversion [2] - The Trump administration plans to extend the 90-day tariff delay on non-Chinese economies and has announced new tariffs on imports from Japan, South Korea, and other countries, but the market does not expect extreme volatility as seen in April [2] - Ongoing trade negotiations with major economies like the EU, Japan, and India remain challenging, contributing to uncertainty in future tariff discussions [2] Group 3 - The focus on "anti-involution" policies in China has intensified, with the PPI showing a year-on-year decline due to factors such as increased green energy and adverse weather affecting construction and manufacturing [3] - The central government's emphasis on addressing "involution" issues has been ongoing since July of last year, with recent meetings highlighting the need to regulate low-price competition and improve product quality [3] - The "anti-involution" initiative is expected to have a long-term and moderate impact on supply-side policies, similar to the supply-side structural reforms of 2015 [4] Group 4 - The uncertainty regarding long-term bond supply has decreased marginally, with the central bank's recent operations reflecting a stable liquidity environment [5] - The Ministry of Finance's announcement of the third-quarter government bond issuance plan indicates a slight reduction in supply pressure compared to market expectations [5] - The central bank's lack of recent government bond trading operations suggests a sufficient reserve of liquidity tools, reducing the necessity for bond buybacks [5] Group 5 - The bond market is likely to continue a high-level oscillation pattern due to the current observation phase in both the fundamental and policy environments [6] - The stable operation of the fundamentals indicates that there is no immediate need for aggressive monetary easing tools, and further interest rate declines require new catalysts [6] - External uncertainties and the ongoing recovery of internal growth momentum suggest that there is no strong basis for a significant rebound in interest rates [7]

交易提示 交易咨询：0571-85165192，85058093 2025 年 7 月 10 日星期四 16519 新世纪期货交易提示（2025-7-10） | | | | | 铁矿：近期铁矿石盘面受情绪影响低位反弹，矿山季末冲量基本结束，澳 洲和巴西发运量均有一定程度下降，近端到港量也环比下行，后续供应依 | | --- | --- | --- | --- | --- | | | | | | 然宽松。产业端淡季，五大钢材产量增，铁水淡季不淡，铁矿港口库存仍 | | | | 铁矿石 | 反弹 | 旧在去库，240 以上的高铁水仍旧能驱动港口去库，关注后续铁水见顶情 | | | | | | 况。供给侧改革消息扰动叠加唐山限产带动黑色价格上涨，原料跟涨。中 | | | | | | 长期看，铁矿石中长期看整体呈现供应逐步回升、需求相对低位、港口库 | | | | | | 存步入累库通道的局面，供需过剩格局不变，介于短期情绪扰动，短期反 | | | | | | 弹为主，铁矿 2509 合约关注 740 元/吨一线能否有效突破。 | | | | | | 煤焦：供给侧改革消息扰动叠加唐山限产带动黑色价格上涨，原料跟涨。 ...

光大期货金融期货日报（2025 年 07 月 10 日） 光大期货金融期货日报 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场震荡收跌，Wind 全 A 下跌 0.18%，成交额 1.53 万亿元。中 | | | | 证 1000 指数下跌 0.27%，中证 500 指数下跌 0.41%，沪深 300 指数下跌 | | | | 0.18%，上证 50 指数下跌 0.26%。传媒板块领涨，有色金属回调，板块轮动 | | | | 继续。近期中央财经委召开第六次会议，强调："纵深推进全国统一大市场建 | | | | 设，基本要求是"五统一、一开放"。市场对于反内卷背景下企业盈利回升和 | | | | 通胀企稳的预期颇高，但与 2016 年供给侧改个不同的是，本轮"反内卷"政 | | | | 2016 策并未配套类似于 年的增量财政政策，未来对相关题材的影响还需参 | | | 股指 | 考中央财政增量政策的转导方式和规模。海外方面，"非农"强劲背景下美联 | 震荡 | | | 储降息预期稍缓，国内小盘指数受到的提振明显减弱，未来需继续关注美国 | | ...

政策面，"反内卷"政策出台推动光伏供给侧结构改革。东兴证券表示，政策密集释放反内卷信号，光伏 供给侧改革有望提速。此外，今年以来高频次的政策发声，将反内卷提升至战略高度，表明了政府对于 治理反内卷问题的决心，未来随着自上而下推动，光伏行业供给侧改革有望提速。 近期多晶硅现货价格出现明显回升，头部企业致密料报价上调至 37 元 / 千克，期货主力合约连续涨 停，市场预期价格将进一步回升至 39-40 元 / 千克。硅片环节同步跟进，多家企业上调报价，涨幅达 8%-11.7%，成本传导效应逐步显现，产业链利润预期改善。政策减产落地及价格反弹支撑Q3盈利修 复，板块或延续震荡上行。 工信部近期修订《光伏制造行业规范条件》，明确引导企业减少低水平扩产，提高新建项目资本金比例 至30%，并强化技术指标要求。《光伏制造行业规范条件》出台将加速落后产能退出，推动行业集中度 提升，龙头企业有望受益于市场份额重构。 光伏ETF（159864）追踪中证光伏产业指数，指数覆盖硅料、硅片、电池片、组件、逆变器、设备等全 产业链龙头公司，近一年来涨超13%。成分股协鑫集成、弘元绿能今日均涨停。同时，该指数经历前期 波动，估值处于低位， ...

Core Viewpoint - The article emphasizes the importance of implementing the strategic directives from the central government regarding the development of the central region, ecological protection of the Yellow River basin, and high-quality development in Henan province, with a focus on modernizing the industrial system and improving people's livelihoods [1][5]. Group 1: Empowering Industrial Transformation and Upgrading - China Cinda's Henan branch focuses on technology innovation in fields such as new materials and advanced manufacturing, supporting specialized enterprises through market-oriented debt-to-equity swaps [2]. - The company has helped listed firms like Huaying Agriculture and Zhongfu Industry reduce debt burdens and has actively participated in the rescue of Kedi Food, ensuring employment for over 15,000 individuals [2]. - A business matching event with the Henan State-owned Assets Supervision and Administration Commission is planned for April 2025 to enhance the financial services for state-owned enterprises [2]. Group 2: Assisting in Risk Mitigation in Key Areas - Since its establishment, China Cinda's Henan branch has invested over 50 billion yuan in acquiring non-performing loans from local banks, aiding in the resolution of risks associated with projects like the Wandaxin Expressway [3]. - The company has contributed to the restructuring of local small banks, acquiring non-performing loans worth 6.167 billion yuan [3]. - The branch has played a crucial role in the "guarantee housing" initiative, facilitating the delivery of 3,319 housing units in the Zhengzhou Tilu project [3]. Group 3: Promoting New Industrial Development - The company supports the transformation of traditional energy enterprises in Henan, providing over 20 billion yuan in funding to major energy groups since 2015 [4]. - It has utilized debt-to-equity swaps to assist the largest lithium hexafluorophosphate producer in expanding production and reducing debt ratios [4]. - The Henan branch is also involved in enhancing the cultural tourism industry, aiding in the bankruptcy restructuring of Luoyang Tourism Group to improve asset operation efficiency [4]. Group 4: Commitment to Strategic Directives - China Cinda's Henan branch is committed to deeply learning and implementing the important speeches of General Secretary Xi Jinping, focusing on the strategic deployment for the central region's rise and ecological protection [5][6]. - The company aims to serve the real economy and promote the development of industries such as cultural tourism, manufacturing, and high-tech sectors in Henan [6].