7月召开的中央财经委员会第六次会议明确提出，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。在此背景下，以建材为代表的大宗商品市场迎来战略机遇期，行业将 通过构建良性竞争生态，推动高质量发展。 高质量发展是全面建设社会主义现代化国家的首要任务，治理"低价无序竞争"与"推动落后产能有序退 出"，正是高质量发展的内在要求。 据方正中期期货光伏建材首席研究员魏朝明介绍，当前建材行业的转型升级已进入关键阶段，政策引导 下的市场规范与产能优化，将成为行业高质量发展的核心动力。 黄益认为，本轮"反内卷"与2015年供给侧结构性改革的驱动逻辑存在本质差异，整体反弹力度预计较 弱，但阶段性机会仍存。"一方面，'反内卷'更多依赖行业自律倡议，缺乏刚性约束；另一方面，当前 地产处于弱势，拖累建材核心需求。此外，2016年供给侧结构性改革阶段政策密集出台，市场迅速形 成'产能收缩—价格上涨—利润修复'的一致预期，推动板块估值提升，但当前，市场仍在观察政策执行 力度，叠加地产回暖节奏偏缓，资金避险情绪上升。尽管自律限产与政策引导可能带来阶段性价格反 弹，但难现大宗商品'牛市'。" 在寿佳露看来，本轮"反 ...

Group 1 - The core viewpoint of the article highlights the positive impact of the "anti-involution" policy on the mining and steel industries, aiming to prevent homogeneous competition and promote high-end and green transformation [1] - Mining ETFs, including the mining ETF (561330) and non-ferrous 60 ETF (159881), have seen an increase of over 2.5% [1] - The "anti-involution" policy is expected to enhance market sentiment and stimulate the long-dormant inventory cycle, leading to potential trading opportunities and improved supply-demand dynamics in the steel industry [1] Group 2 - Steel inventory has shown a continuous reduction, indicating a passive adjustment characteristic [1] - From 2021 to 2024, the steel industry's ROE and ROA are projected to decline to historical lows due to the downturn in the real estate market [1] - The concentration of capacity in the steel industry and the transition to high-quality green products may further optimize the supply-demand structure, aiding in the recovery of profitability [1]

Report Industry Investment Rating - The report suggests going long on industrial products on dips [5] Core Viewpoints - The "anti-involution" trading in the industrial product sector is heating up, with prices of some commodities rebounding due to policy expectations. The market is awaiting the July Politburo meeting for potential further pro - growth policies. The US is implementing new tariff policies on multiple countries, and there are signs of inflation trading both overseas and domestically, but it faces challenges [2][3] Summary by Relevant Catalogs Market Analysis - In May, domestic investment data weakened, especially in the real - estate sector, which may drag down fiscal revenue and the entire real - estate chain. Exports were under pressure, while consumption showed resilience. The June manufacturing PMI rebounded, but the economic stabilization foundation needs to be strengthened. "Anti - involution" policy expectations in industries like photovoltaic, lithium - battery, and others are rising [2] - On July 10, the A - share market rose in the afternoon, with the Shanghai Composite Index standing firm at 3500 points, hitting a 9 - month high. Real - estate stocks had a涨停潮, and large - financial stocks strengthened [2] - The US will impose tariffs ranging from 25% to 40% on imports from 14 countries starting August 1, and a second batch of tariffs on 8 countries will also take effect on the same day. The US Commerce Secretary plans to talk with China in early August [2][7] - Trump issued an executive order on clean energy and announced a 50% tariff on copper starting August 1, 2025, and investigations in the pharmaceutical and semiconductor sectors will be completed by the end of the month [2] Macro - inflation - Trump signed the "Great Beautiful" tax and spending bill, which may increase US government debt by $3.4 trillion in the next decade, shifting the US from a "tight fiscal expectation + neutral monetary" phase to a "loose - prone" policy phase [3] - Overseas, the core is the currency - led inflation expectation. The US one - year inflation expectation in June dropped from 3.2% to 3.0%, a five - month low. In China, the Central Financial and Economic Commission's meeting has reignited inflation trading, but it faces challenges both overseas and domestically [3] Commodity Sector - Domestically, the black and new - energy metal sectors are most sensitive to the supply - side. Overseas, the energy and non - ferrous sectors benefit significantly from inflation expectations [4] - The black sector is still dragged down by downstream demand expectations. The supply shortage in the non - ferrous sector persists. In the energy sector, the short - term geopolitical premium is over, and the medium - term supply is expected to be relatively loose. OPEC + will increase production by 548,000 barrels per day in August, and OPEC has lowered its global oil demand forecast for the next four years [4] - The EIA expects the 2025 Brent crude oil price to be $69 per barrel. The ninth OPEC International Seminar was held from July 9 - 10 [4] - There are no short - term weather disturbances in the agricultural product sector, so the price fluctuation range is relatively limited [4] Strategy - For commodities and stock index futures, it is recommended to go long on industrial products on dips [5]

Group 1 - The central government emphasizes the importance of innovation, efficient collaboration, industrial upgrading, harmony with the ocean, and win-win cooperation in promoting high-quality development of the marine economy [1][2] - China has maintained its position as the global leader in offshore wind power installation for seven consecutive years, with cumulative installed capacity accounting for about half of the world's total [1][2] - The offshore wind power industry is entering a phase of high-quality development, supported by strong policy backing and social capital participation [2][3] Group 2 - The development of offshore wind power is crucial for achieving carbon neutrality goals and plays an irreplaceable role in regional energy transformation [2][3] - By the end of 2024, China's offshore wind power installed capacity is expected to reach 41.27 GW, representing 7.9% of the country's total wind power capacity [2] - The technology development in offshore wind power is rapidly evolving, with the proportion of wind turbines with a capacity of 10 MW and above increasing from 46.4% in 2023 to 55.8% in 2024 [3][4] Group 3 - The industry is witnessing significant advancements in technology and innovation, with the establishment of floating offshore wind power demonstration projects contributing to the development of deep-sea wind power [4][5] - The offshore wind power sector is seen as a key area for technological advancement and high added value, with a focus on enhancing domestic innovation capabilities [3][4] - Predictions indicate that by 2030, the overall offshore wind power installed capacity in eastern coastal provinces will exceed 70 GW, and by 2060, it will surpass 136 GW [5][6] Group 4 - The integration of offshore wind power with green hydrogen and ammonia opens up vast opportunities for application scenarios and downstream industry chain extensions [5][6] - The future of the offshore wind power industry will require improved infrastructure, energy industry integration, and the development of specialized economic clusters [5][6] - The industry is transitioning from scale leadership to technological leadership, emphasizing the importance of domestic production and system solutions [5][6]

Core Viewpoint - Hainan possesses unique advantages in marine cultural dissemination due to its rich maritime cultural resources and geographical location [2][3] Group 1: Marine Cultural Resources - Hainan is surrounded by the sea, providing a strong attraction to the ocean, which can be leveraged for marine education [2] - The China (Hainan) South China Sea Museum houses a wealth of maritime artifacts, enhancing public engagement with maritime culture [2] - Facilities such as lighthouses, beaches, shells, and marine life serve as connections between youth and the ocean, allowing for direct experiences of its natural and cultural values [2] Group 2: Importance of Marine Education - The primary goal of marine education activities is to raise public awareness of the strategic importance of the ocean to China [2] - There is a need for a large number of professionals to support the construction of a marine community and promote high-quality development of the marine economy [2] - Marine education is crucial for attracting and nurturing talent in the maritime field [2][3] Group 3: Historical Context and Future Recommendations - The legacy of Zheng He’s voyages, which passed through Hainan, serves as a means to promote maritime knowledge and the spirit of teamwork [3] - Future recommendations include establishing a more systematic marine education framework based on Hainan's marine resources to support the development of marine industries [3]

Group 1 - The case involving a school principal who defrauded over 50 million yuan for game recharges has gained significant attention, with the second trial recently held in Sichuan's Luzhou Intermediate People's Court [1] - The principal, Tong Min, used the guise of investing in educational facilities to defraud friends and family, with over 30 million yuan specifically used for recharging the game "Datiang Wushuang" by NetEase [1] - Following Tong Min's suicide in May 2021, the police closed the criminal case, leading 29 victims to pursue civil litigation against her estate and involved companies, seeking the return of over 3,100 million yuan from NetEase and 220 million yuan from Tencent [1] Group 2 - The gaming industry has seen a shift towards "pay-to-win" models, with significant revenue generated from in-game purchases, raising concerns about consumer protection and ethical practices [3][5] - The evolution of game monetization has transitioned from traditional purchase models to subscription and free-to-play models, with the latter often incorporating in-game purchases that can lead to excessive spending [5][6] - The Chinese gaming market is projected to reach 325.78 billion yuan in actual sales revenue in 2024, reflecting a 7.53% year-on-year growth, indicating a robust market despite ongoing controversies [17] Group 3 - Major gaming companies like Tencent and NetEase dominate the global market, with Tencent leading at 8.2 billion dollars in revenue, while NetEase ranks fifth with 2.15 billion dollars [14] - Despite high revenues, Chinese game developers struggle to produce critically acclaimed titles, with top-rated games predominantly coming from non-Chinese developers [16] - The success of titles like "Black Myth: Wukong" demonstrates the potential for high-quality game development in China, prompting a shift towards a focus on quality over quick profits [21][22]

Core Points - The "6·30" initiative has been ongoing for 15 years, significantly contributing to rural revitalization and demonstrating the social responsibility of Guangzhou entrepreneurs [3][4] - The event emphasizes the importance of collaboration among enterprises to support the "Hundred-Thousand Project" and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] - The city government is committed to creating a favorable business environment to support enterprise growth and high-quality development [3][4] Summary by Sections - **Event Overview** - The ceremony for the 2025 "6·30" rural revitalization initiative was held in Guangzhou, attended by key city officials and representatives from charitable enterprises [2] - **Government Acknowledgment** - City officials expressed gratitude to participating enterprises and individuals for their contributions to public welfare and rural support initiatives [3] - **Future Goals** - The government aims to align with national missions and enhance economic responsibilities while promoting high-quality development and modernization [3] - **Enterprise Commitment** - Representatives from charitable enterprises pledged to continue their social responsibility efforts and actively participate in the "Hundred-Thousand Project" [4] - **Recognition of Contributions** - Awards were presented to 142 units and individuals for their contributions to the "6·30" initiative, highlighting the importance of community involvement [4]

Summary of the Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is experiencing a price competition relief in 2025, with a projected price drop of approximately 7% in the first half of the year, expected to narrow to 6% in the second half, particularly in regions like Yiwu and Chaoshan [1][13] - The industry is projected to handle over 205 billion parcels in 2025, with a growth rate of about 17.2% [2][13] Core Points and Arguments - **Government Initiatives**: The government is actively promoting measures to combat internal competition (反内卷), including the trial of number protection services by the Ministry of Industry and Information Technology to reduce data monopolies by e-commerce platforms [3][11] - **Digital Management**: Express companies are encouraged to optimize delivery costs through digital management and to stabilize their workforce while avoiding drastic price fluctuations [1][9] - **Focus on Service Quality**: The core of combating internal competition lies in breaking the data monopoly of e-commerce platforms, enhancing service quality through data circulation, and leveraging policy guidance [1][10] - **High-Quality Development**: Companies should delay reducing delivery fees to ensure the earnings of franchisees and couriers, while exploring international markets and factory logistics [9][12] - **Technological Advancements**: The use of unmanned vehicles and smart delivery stations is emphasized to reduce costs and improve efficiency [17][19] Important but Overlooked Content - **Historical Context**: Previous measures, such as the 2021 price increase discussions by the State Post Bureau, have shown that regulatory actions can stabilize prices, and this year’s approach is expected to be more rational and data-driven [6][7] - **Market Dynamics**: The express delivery market is shifting towards enhancing service quality and exploring new markets rather than engaging in fierce price wars [15][31] - **Future Projections**: The industry is expected to see a growth rate of 8% to 10% by 2026, indicating a balance between supply and demand, which will reduce the need for excessive capital expenditure [14][20] - **Challenges in International Expansion**: Companies face challenges such as building cross-border logistics networks and adapting to local markets when expanding internationally [28][30] Conclusion - The express delivery industry is transitioning towards a model focused on high-quality service and technological innovation, moving away from price wars. The government's supportive policies and the industry's adaptation to new technologies are crucial for sustainable growth and efficiency improvements in the coming years [19][32]

Core Viewpoint - The newly revised Mineral Resources Law, effective from July 1, 2025, represents a comprehensive and systematic overhaul of the existing law, providing a strong legal guarantee for the high-quality development of China's mining industry in the new era [1] Legislative Process - The Mineral Resources Law was originally established in 1986 and has undergone partial amendments in 1996 and 2009. The 1986 law laid the foundation for rapid development in the mining sector during the reform and opening-up period by ensuring state ownership and rational development of mineral resources [3] - The need for reform has been recognized due to emerging issues in the mining sector, such as the need for a robust national mineral resource security system and the lack of institutional confirmation for market-oriented reforms. This has led to multiple proposals for amendments from various stakeholders since 2008 [4] Policy Background - The central government has emphasized the importance of mineral resource security and development, with directives from President Xi Jinping to enhance exploration efforts and improve the level of resource development and protection. Various policy documents have been issued to support the revision of the Mineral Resources Law [5] Key Institutional Considerations - The revised law incorporates principles of national security, market-oriented reforms, and ecological sustainability. It expands from 7 chapters and 53 articles to 8 chapters and 80 articles, establishing a legal framework that aligns with the new requirements for high-quality development in the mining sector [8] - A new mineral resource security system is established to enhance risk prevention and ensure national mineral resource safety [9] - The law aims to improve the paid transfer system for mineral resources, defining rights related to exploration and mining, and establishing a competitive bidding process for mining rights [9] - It addresses long-standing issues related to land use in mining, ensuring that land planning considers mining needs and establishing a system for land acquisition for strategic mineral resources [9] Modern Management and Environmental Protection - The law enhances the management of mineral exploration and extraction through various systems, including a streamlined approval process and incentives for responsible mining practices [10] - It emphasizes ecological restoration in mining areas, mandating government oversight and establishing clear responsibilities for ecological rehabilitation [10] Conclusion - The revised Mineral Resources Law institutionalizes the directives from the central government regarding high-quality development in the mining sector, aiming to stabilize expectations and promote long-term benefits for the industry [11]

Core Points - The investigation team from Zhengzhou visited Xinxiang and Kaifeng to implement the important speeches of General Secretary Xi Jinping regarding Henan's work and to accelerate the construction of the Zhengzhou metropolitan area [1][2] - The team explored various sites including the Central Plains Agricultural Valley Exhibition Hall and the National Biotechnology Breeding Industry Innovation Center, focusing on planning, technological innovation, cultural tourism integration, and urban ecological construction [1] Group 1 - Accelerating the construction of the Zhengzhou metropolitan area is crucial for ecological protection and high-quality development in the Yellow River basin, as well as for the national strategy to promote the rise of the central region [2] - The construction aims to enhance the quality of life for the people and is seen as a strong engine for high-quality provincial development [2] - The focus is on building a "modern metropolitan area" through improved transportation networks, industrial chains, cultural integration, ecological construction, shared services, and innovation collaboration [2] Group 2 - The leadership emphasized the need for a unified approach and heightened sense of responsibility and urgency in advancing the metropolitan area construction [2] - A comprehensive work promotion mechanism will be established, focusing on problem-solving and goal orientation to enhance collaboration and efficiency in the Zhengzhou metropolitan area [2] - The initiative aims to provide robust support for the modernization of the Central Plains region and contribute to the broader narrative of Chinese-style modernization [2]