Core Viewpoints - The National Development and Reform Commission announced that in July, the third batch of funds for the consumption upgrade program will be released, indicating a continued focus on "people's livelihood" over infrastructure, which may support stock market resilience [1][2][3] - The banking sector has reached a historical high, with the current dividend yield spread over the 10-year government bond yield at approximately 2.36%, which is at the 16% low percentile level since 2008, suggesting that the historical context may indicate a lower actual percentile [1][3] - Despite the low yield spread, it does not imply a significant adjustment for bank stocks, as the scarcity of assets in a low-interest-rate environment has reduced the risk premium for high-dividend sectors, indicating potential opportunities in the banking industry, albeit with lowered expectations [1][3] Banking Sector Analysis - The banking index rose by 1.06%, continuing to set historical highs, with the median dividend yield of the constituent stocks of the China Securities Banking Index dropping to 4.00% [3] - The low interest rate environment has altered the risk premium dynamics, suggesting that the banking sector may still present opportunities despite the current low yield levels [3] Hong Kong Market Insights - The Hong Kong stock market experienced a larger decline than the A-share market, primarily due to the Hong Kong dollar reaching the weak side of the convertibility guarantee, leading to tightened liquidity [4] - Despite the tightening liquidity, there is still a continuous inflow of southbound funds, which may support the performance of the Hong Kong stock market [4]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The steel price is expected to maintain a bottom - side oscillation in the short term, with a downward trend in the medium - to - long term. The double - coking market is expected to be oscillating strongly in the near term, and the iron ore price is expected to be oscillating strongly at the bottom. The ferroalloy market is expected to be oscillating strongly [5][6][9][13][15]. 3. Summary by Relevant Catalogs Steel - **Related Information**: On June 26, the NDRC announced policies including issuing the third - batch of consumer goods trade - in funds in July, implementing equipment renewal loan interest subsidies, and having 200 billion yuan of ultra - long - term special treasury bond funds for equipment renewal. In mid - June, the average daily output of crude steel from key steel enterprises was 2.148 million tons, a 0.5% decrease from the previous period, and the estimated national daily output of crude steel was 2.77 million tons, a 1.2% increase [3]. - **Spot Price**: The rebar price in Shanghai is 3,060 yuan (- 10), in Beijing is 3,150 yuan (- 10); the hot - rolled coil price in Shanghai is 3,180 yuan (-), in Tianjin is 3,100 yuan (-) [4]. - **Logic Analysis**: The black sector rose last night, with coal and coke leading. Steel production increased this week, exports decreased, and the apparent demand is expected to weaken. Some blast furnaces started to reduce production, but the incentive for steel mills to cut production is low due to high profits. The steel price is oscillating at the bottom in the short term and may decline in the medium - to - long term [5][6]. - **Trading Strategy**: Unilateral - maintain bottom - side oscillation; Arbitrage - hold the 10 - 01 reverse spread; Option - wait and see [6]. Double - Coking - **Related Information**: From July 11 to July 15, Mongolian ports will be closed for the Naadam Festival, and the number of customs - cleared vehicles is expected to decrease. The blast furnace operating rate of 247 steel mills is 83.82%, unchanged from last week [7]. - **Logic Analysis**: The iron water output increased slightly this week, and the supply of coking coal is temporarily reduced. The spot market sentiment has improved, and the fourth - round price cut of coke has been implemented. The double - coking fundamentals have slightly improved, and the market is expected to be oscillating strongly in the near term [8][9]. - **Trading Strategy**: Unilateral - wait and see, and consider shorting at high levels in the medium term; Arbitrage - wait and see; Option - wait and see; Spot - futures - pay attention to spot - futures positive spread opportunities [10]. Iron Ore - **Related Information**: On June 26, the national main port iron ore trading volume was 872,000 tons, a 19% decrease from the previous day. The night - session iron ore price rose 1.2%, and the PB powder spot price in Qingdao Port is 701 yuan (- 1) [11]. - **Logic Analysis**: The supply of mainstream mines is stable, and the demand for iron ore remains high. The current market focuses on whether the weak reality in the off - season can be continuously traded. Considering the low valuation of the black sector and the positive spread structure, the iron ore price is expected to be oscillating strongly at the bottom [11][13]. - **Trading Strategy**: Unilateral - oscillating strongly; Arbitrage - hold the 9/1 inter - period positive spread; Option - wait and see [17]. Ferroalloy - **Related Information**: UMK announced the price of South African semi - carbonate lump manganese ore for China in July 2025 at $3.85 per ton - degree, a decrease of $0.05 [15]. - **Logic Analysis**: The silicon - iron spot price is slightly stronger, and the manganese - silicon market is also showing a strong trend. The cost of ferroalloys is rising, and the market is expected to be oscillating strongly [15]. - **Trading Strategy**: Unilateral - oscillating strongly; Arbitrage - hold the 9/1 inter - period positive spread; Option - sell call options at high levels [17][19].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The iron ore I2509 contract is expected to fluctuate with a bullish bias. Consider trading with a bullish view on the I2509 contract, paying attention to trading rhythm and risk control. The third - batch consumer goods trade - in funds will be issued in July, stimulating consumption. Although the iron ore shipment, arrival, and port inventory have increased, the hot metal production remains at a high level, and the strong rebound of coking coal and coke drives the black - series commodities to be bullish [9]. 3. Summary According to Relevant Catalogs 3.1 Weekly Highlights 3.1.1 Market Review - As of June 27, the closing price of the iron ore main contract was 716.5 (+13.5) yuan/ton, and the price of Macfayden ore at Qingdao Port was 754 (+1) yuan/dry ton. The total shipment volume from Australia and Brazil increased by 154 tons this period. From June 16 - 22, 2025, the global iron ore shipment volume was 3.5067 billion tons, a week - on - week increase of 154,000 tons. The shipment volume from Australia and Brazil was 3.0609 billion tons, a week - on - week increase of 218,800 tons. The arrival volume at 47 ports increased by 255,400 tons. From June 16 - 22, 2025, the total arrival volume at 47 ports in China was 2.7729 billion tons, a week - on - week increase of 255,400 tons; the total arrival volume at 45 ports was 2.5627 billion tons, a week - on - week increase of 178,200 tons; the total arrival volume at six northern ports was 1.1535 billion tons, a week - on - week decrease of 65,500 tons. The hot metal production increased by 110 tons. The daily average hot metal production was 2.4229 million tons, a week - on - week increase of 110 tons and a year - on - year increase of 2,850 tons. The port inventory increased by 102,830 tons. As of June 27, 2025, the imported iron ore inventory at 47 ports was 14.48023 billion tons, a week - on - week increase of 46,670 tons. The inventory of 247 steel mills was 8.84747 billion tons, a week - on - week decrease of 88,770 tons. The profitability rate of steel mills was 59.31%, unchanged from last week and 16.45 percentage points higher than last year [7][6]. 3.1.2 Market Outlook - Macro aspect: Overseas, Iran accepts Qatar's mediation and the US - proposed cease - fire plan with Israel, and the US will hold talks with Iran on a potential nuclear deal next week. Fed Chairman Powell said that due to the impact of tariffs, US inflation is expected to rise, and interest rate changes will depend on the economic trend. Domestically, the central bank conducted 300 billion yuan of Medium - term Lending Facility (MLF) operations on June 25, achieving an excess roll - over compared with the 182 billion yuan maturity amount in the same month, with a net injection of 118 billion yuan, which is the central bank's fourth consecutive month of increased operations. The National Development and Reform Commission said that the third - batch consumer goods trade - in funds will be issued in July. Supply - demand aspect: The shipment and arrival volume of iron ore from Australia and Brazil increased, and the domestic port inventory increased slightly. The blast furnace capacity utilization rate and hot metal production of steel mills increased, and the support for iron ore demand still exists. Technical aspect: The iron ore I2509 contract fluctuated with a bullish bias, the daily K - line broke through the pressure of multiple moving averages upwards; the MACD indicator showed that DIFF and DEA were rising upwards, and the red bars were expanding [9]. 3.2 Futures and Spot Market - The futures price fluctuated with a bullish bias this week. The I2509 contract was weaker than the I2601 contract. On the 27th, the price difference was 27 yuan/ton, a week - on - week decrease of 2 yuan/ton. The iron ore warehouse receipts remained unchanged this week, and the net short position of the top 20 holders increased. On June 27, the warehouse receipt volume of iron ore at the Dalian Commodity Exchange was 3,000 lots, a week - on - week increase of 0 lots. The net short position of the top 20 holders of the ore futures contract was 49,583 lots, an increase of 10,694 lots compared with last week. The spot price increased this week. On June 27, the price of 61% Australian Macfayden ore at Qingdao Port was 754 yuan/dry ton, a week - on - week increase of 1 yuan/dry ton. This week, the spot price of iron ore was weaker than the futures price. On the 27th, the basis was 38 yuan/ton, a week - on - week decrease of 12 yuan/ton [15][21][27]. 3.3 Industry Situation - The total arrival volume at 47 ports in China increased. From June 16 - 22, 2025, the global iron ore shipment volume was 3.5067 billion tons, a week - on - week increase of 154,000 tons. The shipment volume from Australia and Brazil was 3.0609 billion tons, a week - on - week increase of 218,800 tons. The total arrival volume at 47 ports in China was 2.7729 billion tons, a week - on - week increase of 255,400 tons; the total arrival volume at 45 ports was 2.5627 billion tons, a week - on - week increase of 178,200 tons; the total arrival volume at six northern ports was 1.1535 billion tons, a week - on - week decrease of 65,500 tons. The iron ore port inventory increased. This week, the total imported iron ore inventory at 47 ports was 14.48023 billion tons, a week - on - week increase of 46,670 tons; the daily average port clearance volume was 338,940 tons, an increase of 11,480 tons. In terms of components, the Australian ore inventory was 6.18808 billion tons, an increase of 87,640 tons; the Brazilian ore inventory was 5.2978 billion tons, a decrease of 20,990 tons; the trading ore inventory was 9.33115 billion tons, a decrease of 70,300 tons. The imported iron ore inventory of steel mills decreased. The total imported iron ore inventory of steel mills was 8.84747 billion tons, a week - on - week decrease of 88,770 tons; the daily consumption of imported ore of the current sample steel mills was 301,250 tons, a week - on - week increase of 250 tons; the inventory - to - consumption ratio was 29.37 days, a week - on - week decrease of 0.32 days. The available days of iron ore inventory of the sample steel mills remained unchanged. As of June 26, the average available days of imported iron ore inventory of domestic large and medium - sized steel mills was 19 days, a week - on - week increase of 0 days. On June 26, the Baltic Dry Index (BDI) was 1,553, a week - on - week decrease of 112. The iron ore import volume decreased, and the mine capacity utilization rate increased. In May, China imported 98.131 million tons of iron ore and its concentrates, a decrease of 5.007 million tons from the previous month, a month - on - month decrease of 4.9%; from January to May, the cumulative import was 486.409 million tons, a year - on - year decrease of 5.2%. As of June 27, the capacity utilization rate of 266 mines was 65.49%, a week - on - week increase of 4.17%; the daily average fine powder output was 413,200 tons, a week - on - week increase of 263,000 tons; the inventory was 53,260 tons, a week - on - week decrease of 5,170 tons. The domestic iron ore fine powder output increased. In May 2025, China's iron ore raw ore output was 85.787 million tons; from January to May, the cumulative output of domestic iron ore raw ore was 414.32 million tons, a year - on - year decrease of 10.1%. In May, the iron fine powder output of 433 iron mine enterprises was 24.066 million tons, a month - on - month increase of 1.051 million tons, an increase of 4.6%; from January to May, the cumulative output was 114.449 million tons, a cumulative year - on - year decrease of 10.645 million tons, a decrease of 8.5% [31][34][37][40][43]. 3.4 Downstream Situation - In terms of demand, from January to May, the crude steel output decreased year - on - year. In May 2025, China's crude steel output was 86.55 million tons, a year - on - year decrease of 6.9%; from January to May, China's crude steel output was 431.63 million tons, a year - on - year decrease of 1.7%. In May, China exported 10.578 million tons of steel, an increase of 116,000 tons from the previous month, a month - on - month increase of 1.1%; from January to May, the cumulative steel export was 48.469 million tons, a year - on - year increase of 8.9%. In May, China imported 481,000 tons of steel, a decrease of 41,000 tons from the previous month, a month - on - month decrease of 7.9%; from January to May, the cumulative steel import was 2.553 million tons, a year - on - year decrease of 16.1%. The blast furnace operating rate of steel mills remained unchanged, and the hot metal production increased. On June 27, the blast furnace operating rate of 247 steel mills was 83.82%, unchanged from last week and 0.71 percentage points higher than last year; the blast furnace iron - making capacity utilization rate was 90.83%, a week - on - week increase of 0.04 percentage points and 1.70 percentage points higher than last year. The daily average hot metal production of 247 steel mills was 2.4229 million tons, a week - on - week increase of 110 tons and a year - on - year increase of 2,850 tons [47][50]. 3.5 Options Market - The iron ore port inventory increases, the hot metal production remains at a high level, and the strong rebound of coking coal and coke supports the ore price. However, the medium - to - long - term supply pressure may further increase, which may drag down the iron ore futures price. It is recommended to sell out - of - the - money call options [53].

瑞达期货研究院 「2025.06.27」 沪铜市场周报 期货从业资格号 F03123381 期货投资咨询 从业证书号 Z0019878 助理研究员: 陈思嘉 期货从业资格号F03118799 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 铜矿供给预期改善，沪铜或将震荡偏强 研究员:王福辉 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：沪铜主力合约周线偏强运行，周线涨跌幅为+2.47%，振幅2.42%。截止本周主力合约收盘报价79920元/吨。 后市展望：国际方面，美国第一季度实际GDP终值年化环比下降0.5%，降幅高于预期的下降0.2%，三年来首次出现萎缩。 个人消费终值大幅下调至仅增长0.5%，创下自新冠疫情爆发以来的最弱季度表现。核心PCE物价指数上修至3.5%，通胀 压力仍在。国内方面，国家发改委举行新闻发布会介绍，将在7月下达今年第三批消费品以旧换新资金。随着存量政策加 快落地见效，新的储备政策陆续出台实施，有信心、有能力把外部冲击的不确定性和不利影响降到最低，推动经济持续健 康发展。基本面矿端，铜精矿TC现货指数继续运行于负值区间，年中长协谈判进展超 ...

16519 新世纪期货交易提示（2025-6-27） | | | | | 铁矿：近期铁矿石现货成交偏弱，基差继续收窄。本期全球铁矿石发运总 | | --- | --- | --- | --- | --- | | | | | | 量、到港量环比回升，整体处于近年来同期高位水平，铁矿发运有冲量预 | | | | | | 期。产业端淡季，五大钢材产量增，铁水淡季不淡，铁矿港口库存仍旧在 | | | | 铁矿石 | 反弹 | 去库，说明当前 240 的高铁水仍旧能驱动港口去库，关注后续铁水状况。 | | | | | | 铁矿石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，铁矿供需过剩格局不变，短期在煤焦安全检查影响炒作下，板块跟 | | | | | | 随反弹，后期关注铁水动向。 | | | | | | 煤焦：近日主产区环保检查升级，内蒙乌海及临汾地区停产煤矿及洗煤厂 | | | | | | 较多，部分煤矿和洗煤厂暂停拉运，焦煤现货供应自本月中旬以来持续回 | | | | 煤焦 | 反弹 | 落，煤焦迎来强势拉涨。焦炭方面，钢厂打压焦炭，对焦企第四轮提降落 | | | | ...

Core Viewpoint - The profits of industrial enterprises above designated size in China have shown a decline due to multiple factors including insufficient effective demand, falling industrial product prices, and fluctuations in short-term factors, despite an increase in revenue and gross profit [1][2]. Group 1: Profit Trends - In May, the profits of industrial enterprises above designated size fell by 9.1% year-on-year, with a cumulative decline of 1.1% for the first five months [1][2]. - The total profit for these enterprises in the first five months reached 27,204.3 billion yuan, reflecting a year-on-year decrease of 1.1% [2]. - The high base of investment income from the previous year negatively impacted profit growth, dragging down the profit growth rate by 1.7 percentage points [2]. Group 2: Revenue and Gross Profit - Despite the decline in profits, the revenue of industrial enterprises above designated size increased by 2.7% year-on-year [2]. - The gross profit, calculated by deducting operating costs from revenue, grew by 1.1% year-on-year, contributing to a 3.0 percentage point increase in overall profits [2]. Group 3: Sector Performance - The mining industry saw a profit decline of 29.0%, while the manufacturing sector experienced a profit increase of 5.4% [3]. - The electricity, heat, gas, and water production and supply industry reported a profit growth of 3.7% [3]. - The equipment manufacturing sector's profits rose by 7.2%, significantly supporting overall industrial profit growth [3]. Group 4: Emerging Industries - The "Three Aviation" industries (aerospace, aviation, and maritime) have driven significant profit growth in related sectors, with profits in these areas increasing by 56.0% [3]. - The aircraft manufacturing sector saw a remarkable profit increase of 120.7%, while the aerospace and rocket manufacturing sectors also reported substantial growth [3]. Group 5: Policy Impact - The "Two New" policy, aimed at promoting large-scale equipment updates and consumer goods replacement, has led to a doubling of profits in the smart consumer device manufacturing sector [5]. - The general and specialized equipment manufacturing sectors also reported profit increases of 10.6% and 7.1%, respectively, contributing to overall industrial profit growth [5][6].

光大期货金融期货日报（2025 年 06 月 27 日） 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 0.28%，成交额 1.62 万亿元。中 | | | | 证 1000 指数下跌 0.45%，中证 500 指数下跌 0.41%，沪深 300 指数下跌 0.35%， | | | | 上证 50 指数下跌 0.34%。非银金融板块走弱，杠杆市场同步回调。美联储主 | | | | 席近日接受国会质询，表示将依据 6 至 7 月数据决定降息路径，同时点阵图 | | | | 也显示美联储内部对于降息意见分歧加大，这都使得市场开始提前计价降 | | | | 息，纳斯达克逼近历史高位。A 股同样受到提振，连续两日上涨，但 A 股股 | | | | 指目前处于历史均值以上水平，很难连续大幅冲高。此外，稳定币概念近期 | | | | 火爆，稳定币对于跨境交易结算具有较高的便利性，同时也可用作新型储备 | | | 股指 | 货币，对于一个国家的金融市场高水平对外开放意义非凡。在 A 股市场缺乏 | 震荡 | | | 热点题材 ...

Group 1: Report Industry Investment Rating - The investment rating for the macro and financial sector is "slightly bullish with a tendency to fluctuate" [1] Group 2: Core View of the Report - The national development and reform commission announced on June 26 that it will allocate the third batch of funds for consumer goods trade - in this July and implement a more aggressive equipment renewal loan interest subsidy policy, with continuous introduction of growth - stabilizing policies. After the news of the easing of the Middle East situation faded, the winder all - A index rose for three consecutive days from Monday to Wednesday and then slightly pulled back on Thursday. Treasury bond futures may continue to fluctuate in the short term [1] Group 3: Summary by Relevant Catalogs Market Review - On Thursday, most of the main contracts of treasury bond futures opened higher, fluctuated downward in the morning, and slightly declined and fluctuated horizontally in the afternoon. The 30 - year variety performed slightly stronger, bottomed out in the afternoon and then rebounded. As of the close, the main contract of the 30 - year treasury bond futures TL2509 rose 0.10%, the 10 - year T2509 fell 0.02%, the 5 - year TF2509 remained flat, and the 2 - year TS2509 remained flat [1] Important Information - In the open market, the central bank conducted 509.3 billion yuan of 7 - day reverse repurchase operations on Thursday, with 203.5 billion yuan of reverse repurchases maturing on the same day, achieving a net investment of 305.8 billion yuan. In the money market, the overnight interest rate in the inter - bank money market on Thursday was flat compared with the previous trading day, with the weighted average of DR001 at 1.37% and that of DR007 at 1.69%. In the spot bond market, the closing yields of inter - bank treasury bonds mostly declined compared with the previous trading day. The 2 - year treasury bond yield fell 0.25 BP to 1.37%, the 5 - year fell 0.75 BP to 1.51%, the 10 - year fell 0.82 BP to 1.65%, and the 30 - year fell 1.30 BP to 1.85%. The national development and reform commission will allocate the third batch of funds for consumer goods trade - in this July and implement a more aggressive equipment renewal loan interest subsidy policy [1] Market Logic - The continuous introduction of growth - stabilizing policies and the fading impact of the easing of the Middle East situation on the financial market led to the short - term horizontal fluctuation of the main varieties of treasury bond futures, and they may continue to fluctuate in the short term [1] Trading Strategy - Trading - oriented investors should conduct band operations [1]

Group 1: Financial Policies and Market Dynamics - The Financial Regulatory Bureau and the Central Bank jointly released a plan for the high-quality development of inclusive finance, aiming to establish a comprehensive inclusive financial system within five years, focusing on medium to long-term loans for small and micro enterprises' equipment updates, technological transformation, and digitalization [3] - The National Development and Reform Commission announced that the third batch of funds for the replacement of consumer goods will be distributed in July, with a phased funding usage plan to ensure orderly implementation of the policy throughout the year [3] - Over 340 policies to optimize the real estate market have been introduced across more than 160 provinces and cities in the first half of 2025, with significant recovery in Shenzhen's real estate market, where new and second-hand home transactions increased by 49.6% year-on-year [3] Group 2: Technology and Domestic Substitution - The launch of the Loongson 3C6000 processor marks a significant achievement in China's self-developed general-purpose processors, achieving performance close to international mainstream levels and 100% domestic production, benefiting related enterprises in the industry [3] - Xiaomi's new ecological products include the first SUV YU7 priced from 253,500 yuan, with over 200,000 units reserved within three minutes, and AI glasses starting at 1,999 yuan, indicating high market interest [3] Group 3: Pharmaceuticals and Consumer Goods - The National Medical Insurance Administration has included the innovative drug directory for commercial health insurance in its adjustment plan for the first time, promoting the development of a multi-level medical security system [4] - The liquor market remains stable, with Moutai's terminal price maintaining above 2,000 yuan per bottle, and strong price support from distributors [4] Group 4: Economic Trends and Stock Market Performance - The Hong Kong IPO market has seen a revival, with fundraising in the first half of the year increasing by 565% year-on-year, driven by Chinese enterprises and emerging companies from Southeast Asia [8] - The U.S. stock market indices reached historical highs, with the Nasdaq and S&P 500 rising by 0.97% and 0.8% respectively [9] - The A-share market experienced fluctuations, with the Shanghai Composite Index retreating after an initial rise, and a net outflow of 8.4 billion yuan from domestic main funds [10]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Report's Core View - China's independently developed CPU, Loongson 3C6000, was released, featuring self - designed instruction system and high - level security certifications [1]. - The financial regulatory authority and the central bank jointly issued a plan to build a high - quality inclusive finance system in the next five years, and the third batch of consumer goods trade - in funds will be allocated in July 2025 [1]. - International oil prices declined significantly compared to the previous day, and egg prices recovered recently [2]. - The polyester operating rate decreased, and the sales of commercial housing in first - and second - tier cities dropped seasonally and were at a near - three - year low [3][4]. - The number of domestic flights decreased cyclically, and the credit spread of the pharmaceutical and biological industry declined slightly [4][5]. 3. Summary by Related Catalogs 3.1. Middle - View Event Overview - **Production Industry**: China launched the domestically developed Loongson 3C6000 processor, which uses the self - designed LoongArch instruction system, meets various computing needs, and has obtained a high - level security certification [1]. - **Service Industry**: The financial regulatory authority and the central bank released a plan for the high - quality development of inclusive finance in the banking and insurance industries. The third batch of consumer goods trade - in funds will be allocated in July 2025, and a detailed usage plan will be formulated [1]. 3.2. Industry Overview - **Upstream** - **Energy**: International oil prices declined significantly compared to the previous day [2]. - **Agriculture**: Egg prices recovered recently [2]. - **Midstream** - **Chemical Industry**: The polyester operating rate decreased [3]. - **Downstream** - **Real Estate**: The sales of commercial housing in first - and second - tier cities dropped seasonally and were at a near - three - year low [4]. - **Service**: The number of domestic flights decreased cyclically [4]. 3.3. Market Pricing - The credit spread of the pharmaceutical and biological industry declined slightly recently [5]. 3.4. Industry Credit Spread Tracking - The credit spreads of different industries showed various trends. For example, the credit spread of the pharmaceutical and biological industry decreased from 56.96 last week to 53.47 this week [51]. 3.5. Key Industry Price Index Tracking - Different industries' price indices had different changes. For instance, the spot price of WTI crude oil was $64.9 per barrel on June 26, with a year - on - year decrease of 11.67% [52].