Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The hot - rolled coil production remains at a relatively high level, the terminal demand has strong resilience, the inventory decreases while the apparent demand increases. Coupled with the positive policy expectations in the macro - aspect, it supports the hot - rolled coil futures to stop falling and rebound. Technically, for the HC2510 contract, the 1 - hour MACD indicator shows that DIFF and DEA are running above the 0 - axis, and the green column turns red. The operation suggestion is short - term long - biased trading, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price is 3,292 yuan/ton, up 39 yuan; HC main contract position is 1,610,257 lots, up 60,284 lots [2]. - HC contract top 20 net position is - 14,016 lots, up 7,882 lots; HC10 - 1 contract spread is - 16 yuan/ton, up 2 yuan [2]. - HC Shanghai Futures Exchange warehouse receipt is 62,501 tons, unchanged; HC2510 - RB2510 contract spread is 159 yuan/ton, up 12 yuan [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou, Guangzhou, and Wuhan is 3,330 yuan/ton, up 20 yuan, 30 yuan, and 20 yuan respectively; in Tianjin, it is 3,210 yuan/ton, up 10 yuan [2]. - HC main contract basis is 38 yuan/ton, down 19 yuan; Hangzhou hot - rolled coil - rebar spread is 60 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port is 769 yuan/wet ton, up 13 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,265 yuan/ton, unchanged [2]. - The price of 6 - 8mm scrap steel in Tangshan is 0 yuan/ton, down 2,210 yuan; the price of Hebei Q235 billet is 0 yuan/ton, down 2,970 yuan [2]. - Domestic iron ore port inventory is 13,765.89 tons, down 112.51 tons; sample coking plant coke inventory is 59.77 tons, down 1.94 tons [2]. - Sample steel mill coke inventory is 637.97 tons, up 0.42 tons; Hebei billet inventory is 103.62 tons, up 6.09 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 83.13%, down 0.31%; the blast furnace capacity utilization rate is 89.87%, down 0.40% [2]. - Sample steel mill hot - rolled coil production is 321.14 tons, down 2 tons; sample steel mill hot - rolled coil capacity utilization rate is 82.04%, down 0.51% [2]. - Sample steel mill hot - rolled coil factory inventory is 77.31 tons, down 0.5 tons; 33 - city hot - rolled coil social inventory is 265.6 tons, down 2.15 tons [2]. - Domestic crude steel production is 8,318 tons, down 336 tons; steel net export volume is 920.8 tons, down 89.2 tons [2]. - Automobile production is 2.7941 million vehicles, up 0.1456 million vehicles; automobile sales is 2.9045 million vehicles, up 0.2181 million vehicles [2]. 3.5 Downstream Situation - Air - conditioner production is 2,838.31 million units, down 109.69 million units; household refrigerator production is 904.74 million units, up 53.74 million units [2]. - Household washing machine production is 950.79 million units, up 9.59 million units [2]. 3.6 Industry News - On July 17, Mysteel reported that the actual hot - rolled coil production was 321.14 tons, a week - on - week decrease of 2 tons; the steel mill inventory was 77.31 tons, a week - on - week decrease of 0.5 tons; the social inventory was 265.6 tons, a week - on - week decrease of 2.15 tons; the total inventory was 342.91 tons, a week - on - week decrease of 2.65 tons; the apparent demand was 323.79 tons, a week - on - week increase of 1.28 tons [2]. - According to the Passenger Car Association, from July 1 - 13, the retail sales of the national passenger car market were 0.571 million vehicles, a year - on - year increase of 7% and a month - on - month decrease of 5%. The cumulative retail sales this year were 11.473 million vehicles, a year - on - year increase of 11% [2].

螺纹钢产业链日报 2025/7/17 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) +27↑ RB主力合约持仓量(手) | 3,133.00 | | 2126876 | -10181↓ | | | RB合约前20名净持仓(手) | 13799 | +29622↑ RB10-1合约价差(元/吨) | -46 | -2↓ | | | RB上期所仓单日报(日，吨) | 94600 | -2089↓ HC2510-RB2510合约价差(元/吨) | 159 | +12↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,270.00 | +20↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,354 | +21↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,320.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,180.00 | 0.00 | | | RB 主力合约基差 ...

河南融入服务全国统一大市场建设工作推进会召开 纵深推进融入服务全国统一大市场建设工作 落实党中央部署进一步明确任务压实责任 刘宁出席并讲话 王凯主持 7月17日，河南融入服务全国统一大市场建设工作推进会在郑州召开，深入学习贯彻习近平总书记在河 南考察时重要讲话精神，认真落实中央财经委第六次会议和省委十一届九次全会要求，对融入服务全国 统一大市场建设工作进行再部署再推动。省委书记刘宁出席并讲话，省长王凯主持。国家发展改革委有 关同志到会指导。 刘宁强调，建设全国统一大市场，是构建新发展格局、推动高质量发展的重大举措。我们要深刻领 悟"两个确立"的决定性意义，坚决做到"两个维护"，吃透精神实质、把准正确方向、结合实际贯彻，更 加自觉地从全局谋划一域、以一域服务全局，在融入服务全国统一大市场建设上走深走实、见行见效， 为奋力谱写中原大地推进中国式现代化新篇章提供有力支撑。 刘宁强调，要全面落实"五统一、一开放"基本要求，以国内大循环更好牵引国内国际双循环。要统一市 场基础制度，落实产权保护制度和公平竞争审查条例，执行新版市场准入负面清单，整治企业低价无序 竞争乱象，完善公共信用信息目录，健全商品质量和标准体系。要统 ...

Group 1 - The meeting emphasized strengthening the domestic circulation as a strategic move to promote stable economic growth, focusing on key action points to boost consumption and optimize policies [2][3] - It was highlighted that the government should systematically eliminate unreasonable restrictions on consumer spending and enhance the supply of diverse products to meet increasing consumer demand [2] - The meeting called for improved policy precision and operability, as well as enhanced inter-departmental collaboration to address bottlenecks in domestic circulation [2][3] Group 2 - The importance of audit rectification was underscored as a crucial aspect of enhancing government credibility and execution, with a focus on holding audited units accountable for timely corrections [3] - The meeting addressed the need for high-quality development in the new energy vehicle industry, aiming to regulate irrational competition through comprehensive measures and industry self-discipline [3] - A draft decision to amend the "Regulations on the Entry and Exit Administration of Foreigners" was approved during the meeting [3]

Economic Policy and Market Outlook - The Chinese government emphasizes boosting domestic consumption as a key economic task for 2025, addressing unreasonable restrictions and optimizing trade-in policies[2] - Concerns arise over the effectiveness of consumption policies due to recent retail sales data falling short of expectations, prompting government action to stabilize market confidence[2] Trade and Tariff Developments - President Trump indicates potential drug tariffs by the end of July, with a unified 10% tariff possibly affecting 150 countries[3] - Ongoing trade negotiations with India may lead to agreements before August 1, highlighting trade policy as a significant uncertainty for global markets[3] Technological Advancements and Investments - AI's next wave is expected to focus on robotic systems, enhancing human-machine collaboration in manufacturing over the next decade[4] - Meta plans to invest several hundred billion dollars in AI, aiming to lead in the deployment of large-scale AI infrastructure[4] Energy Sector Insights - National power load in China reaches a record high of 1.506 billion kilowatts, reflecting a 0.55 million kilowatt increase from last year, indicating strong energy demand[4] - The growth in renewable energy generation capacity, particularly in wind and solar, is anticipated to continue at a rapid pace[4] Market Performance Metrics - The latest 10-year government bond yield stands at 1.662%, with a slight change of 0.13 basis points[6] - The DR007 rate is reported at 1.529%, showing a decrease of 4.05 basis points[6] Stock Market Trends - Recent data shows a market turnover of 146.17 billion yuan, with a turnover rate of 3.26%[15] - The financing balance as of July 15, 2025, is reported at 187.73 billion yuan, indicating market liquidity trends[15] Industry Performance Highlights - The top three performing sectors are social services, automotive, and pharmaceutical biotechnology, reflecting current investment interests[18] - Net capital inflows are highest in light manufacturing, automotive, and pharmaceutical sectors, indicating investor confidence in these areas[20] Risk Factors - Potential risks include policy measures falling short of expectations, unexpected adjustments in the real estate market, and escalating tensions in U.S.-China relations[28]

Group 1 - The State Council emphasizes strengthening the domestic circulation as a strategic move to promote stable and sustainable economic growth [1] - The meeting proposed specific measures such as removing unreasonable restrictions on consumer spending, expanding investment in emerging service industries, and optimizing the old-for-new policy for consumer goods [1][3] - The contribution of domestic demand to GDP growth in the first half of the year was 68.8%, with final consumption expenditure contributing 52% [2] Group 2 - The old-for-new policy for consumer goods is identified as a key measure to expand domestic demand, with sales related to this policy exceeding 1.4 trillion yuan [3][4] - The government plans to issue the third batch of funds for the old-for-new policy in July, focusing on timely and balanced implementation [3] - Service consumption is highlighted as an important area for tapping into consumption potential, with service retail sales growing by 5.3% year-on-year in the first half of the year [5] Group 3 - The State Council calls for targeted actions to enhance policy precision and operability, aiming to address bottlenecks in domestic circulation [6] - There is potential for expanding the scope of the old-for-new policy to include more categories and support high-quality, green, and intelligent products [4][6] - The government has ample policy space to stimulate domestic demand, given its relatively low debt levels and inflation rates compared to other major economies [6]

Core Viewpoint - The establishment of the "1 support point, 3 hubs, 2 bases, and 1 center" modern circulation network in Changsha marks a significant advancement in the region's logistics capabilities, enhancing its economic competitiveness and supporting high-quality development in Hunan and the central region of China [1][4]. Group 1: Logistics Hubs - Changsha has successfully established three national logistics hubs: the Changsha Land Port Logistics Hub, the Changsha Production Service Logistics Hub, and the Changsha Air Port Logistics Hub, which were recognized as "national-level" in 2019, 2023, and 2025 respectively [2]. - The Changsha Land Port Logistics Hub, centered around the Jinxia Modern Logistics Park, integrates rail, water, and road transport, attracting major cross-border e-commerce companies [2]. - The Changsha Air Port Logistics Hub serves as a core node for air freight in Central China, creating a comprehensive international logistics hub that supports industrial development [2]. Group 2: Cold Chain and Warehouse Bases - The Changsha National Backbone Cold Chain Logistics Base is set to achieve a total cold storage capacity of 2 million cubic meters, facilitating an annual turnover of 20 million tons of fresh agricultural products, thus boosting agricultural trade and economic growth [2]. - The suburban warehouse base employs a strategic layout to enhance the city's emergency material transport capabilities and logistics system resilience [2]. Group 3: International Logistics and Trade - As of January 2025, Changsha will be one of the 14 central collection centers for the China-Europe Railway Express, maintaining a scale of over 1,000 trains for four consecutive years and ranking among the top in the country [3]. - The China-Europe Railway Express from Changsha has developed premium routes and specialized trains for manufacturing, effectively reducing overall logistics costs in Hunan province [3]. Group 4: Economic Impact - The modern circulation network is a crucial engine for enhancing Changsha's regional economic competitiveness and supports the implementation of the national "dual circulation" strategy [4]. - In the first five months of 2025, Changsha achieved a total retail sales of consumer goods amounting to 227.134 billion yuan, with a year-on-year growth of 4.8% [4]. - The city's total import and export volume reached 109.095 billion yuan, accounting for 52% of the province's foreign trade, with exports growing by 7.2% [4].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - The report analyzes various futures markets, including bonds, stocks, precious metals, steel, energy, and agricultural products. It provides insights into market trends, supply - demand dynamics, and price movements, and offers corresponding investment strategies for each market [5][8][10]. Summary by Category Bonds - **Market Performance**: On the previous trading day, most bond futures closed down, with the 30 - year, 10 - year, and 5 - year contracts falling, and the 2 - year contract rising. The central bank conducted 520.1 billion yuan of reverse repurchase operations, resulting in a net injection of 444.6 billion yuan [5]. - **Policy and Economy**: The State Council's executive meeting focused on strengthening domestic circulation, and the National Committee of the Chinese People's Political Consultative Conference emphasized expanding domestic demand. The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose [5][6]. - **Investment Strategy**: It is expected that there will be no trend - following market, and caution is advised [7]. Stocks - **Market Performance**: On the previous trading day, stock index futures showed mixed results, with the CSI 300 and SSE 50 futures falling, and the CSI 500 and CSI 1000 futures rising [8]. - **Investment Strategy**: The long - term performance of Chinese equity assets is still optimistic, and it is advisable to consider going long on stock index futures [8][9]. Precious Metals - **Market Performance**: On the previous trading day, gold and silver futures closed down. The US PPI data in June was lower than expected [10]. - **Investment Strategy**: The long - term bull market trend of precious metals is expected to continue, and it is advisable to consider going long on gold futures [10][11]. Steel (Ribbed Bars and Hot - Rolled Coils) - **Market Performance**: On the previous trading day, ribbed bar and hot - rolled coil futures declined slightly. The spot prices of steel products were reported at certain ranges [12]. - **Supply - Demand**: The important meeting at the beginning of the month led to expectations of supply contraction, but the real - estate downturn and over - capacity still suppress prices. The market is in the off - season, and the price rebound space is limited [12]. - **Investment Strategy**: Investors can wait for short - selling opportunities after the rebound, take profits in a timely manner, and pay attention to position management. Light - position participation is recommended [12][13]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rose slightly. The spot prices of iron ore were reported [14]. - **Supply - Demand**: Policy expectations boosted prices, but the supply - demand pattern has weakened marginally. The price valuation is relatively high, and the short - term trend may turn to shock consolidation [14]. - **Investment Strategy**: Investors can look for low - buying opportunities, take profits on rebounds, and pay attention to position management. Light - position participation is recommended [14][15]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures declined slightly [16]. - **Supply - Demand**: The meeting at the beginning of the month led to supply contraction expectations, but the actual supply is increasing. The demand for coke is weak, but cost support exists [16]. - **Investment Strategy**: Investors can wait for medium - term short - selling opportunities, take profits in a timely manner, and pay attention to position management. Light - position participation is recommended [16][17]. Ferroalloys - **Market Performance**: On the previous trading day, manganese - silicon and silicon - iron futures declined. The spot prices of ferroalloys were reported [18]. - **Supply - Demand**: The demand for ferroalloys has peaked in the short term, and the supply is still high. The price is under pressure, but the cost support is strengthening [18]. - **Investment Strategy**: If the spot losses continue to expand, investors can consider low - value call options [18][19]. Crude Oil - **Market Performance**: On the previous trading day, INE crude oil opened lower and fluctuated, supported by the 10 - day moving average [20]. - **Supply - Demand**: The decrease in US active rigs and summer oil demand support prices, but tariff frictions and sanctions on Russia restrict price increases [21]. - **Investment Strategy**: Pay attention to short - selling opportunities for the main crude oil contract [22]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil fluctuated upward after a continuous decline [23]. - **Supply - Demand**: The supply of fuel oil is sufficient, the spot discount has widened, and trade frictions are negative for prices [24]. - **Investment Strategy**: Pay attention to short - selling opportunities for the main fuel oil contract [25]. Synthetic Rubber - **Market Performance**: On the previous trading day, synthetic rubber futures declined. The spot price in Shandong remained stable [26]. - **Supply - Demand**: The raw material cost has decreased, and the supply - demand is short - term loose. Wait for the market to stabilize before participating in the rebound [26]. - **Investment Strategy**: Wait for the market to stabilize and then participate in the rebound [26][27]. Natural Rubber - **Market Performance**: On the previous trading day, natural rubber futures rose. The Shanghai spot price remained stable [28]. - **Supply - Demand**: The supply has increased, the cost support has weakened, and the demand is mixed. The inventory has decreased slightly [28]. - **Investment Strategy**: The market may be in a strong - side shock, and consider medium - term long - buying opportunities [28][29]. PVC - **Market Performance**: On the previous trading day, PVC futures declined. The spot price decreased, and the basis remained stable [30]. - **Supply - Demand**: The supply is excessive, the demand is weak, and the export is affected. The cost has decreased, and the profit has improved [30]. - **Investment Strategy**: The market is in the bottom - shock stage [30][33]. Urea - **Market Performance**: On the previous trading day, urea futures declined slightly. The spot price in Shandong remained stable [34]. - **Supply - Demand**: The supply is at a high level, the demand is limited, and the inventory is higher than expected [34]. - **Investment Strategy**: The short - term market is in shock, and a medium - term bullish view is recommended [34][35]. PX - **Market Performance**: On the previous trading day, the PX2509 contract fluctuated and adjusted. The PXN and PX - MX spreads were reported [36]. - **Supply - Demand**: The supply - demand balance is tight in the short term, but the cost support from crude oil is insufficient [36]. - **Investment Strategy**: Participate cautiously, pay attention to crude oil price changes, and control risks [36]. PTA - **Market Performance**: On the previous trading day, the PTA2509 contract declined. The spot price and basis rate were reported [37]. - **Supply - Demand**: The supply has increased, the demand has weakened, and the cost support from crude oil is insufficient. The processing fee is at a low level, and future production cuts may increase [37]. - **Investment Strategy**: Participate in the range, look for opportunities to expand the processing fee at low levels, and control risks [37]. Ethylene Glycol - **Market Performance**: On the previous trading day, ethylene glycol futures rose. The supply, inventory, and demand data were reported [38]. - **Supply - Demand**: The supply pressure has been relieved, the inventory is at a low level, and there is support below [38]. - **Investment Strategy**: Participate in the range, pay attention to port inventory and import changes [38]. Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2509 contract declined. The supply, demand, and cost data were reported [39]. - **Supply - Demand**: The short - term fundamental drive is insufficient, some factories are reducing production, and the processing fee is gradually recovering [39]. - **Investment Strategy**: The short - fiber may fluctuate with the cost. Be cautious about the processing - difference recovery space, pay attention to cost changes and production - cut efforts, and control risks [39]. Bottle Chips - **Market Performance**: On the previous trading day, the bottle - chip 2509 contract declined. The cost, supply, and demand data were reported [40]. - **Supply - Demand**: The raw material price support is insufficient, the supply has decreased due to more maintenance, and the demand is improving [40]. - **Investment Strategy**: Participate cautiously, pay attention to raw material price changes [40]. Soda Ash - **Market Performance**: On the previous trading day, the main 2509 contract of soda ash declined. The production and inventory data were reported [41]. - **Supply - Demand**: The supply is at a high level, the demand is general, and the long - term supply - demand imbalance is difficult to improve. The market hopes for macro - news support [41]. - **Investment Strategy**: The price is in a weak - stable shock [41]. Glass - **Market Performance**: On the previous trading day, the main 2509 contract of glass declined. The production and market situation data were reported [42][43]. - **Supply - Demand**: The actual supply - demand contradiction is not prominent, and the market sentiment is weak. The price may rebound in the short term due to cost support [43]. - **Investment Strategy**: The price may rebound in the short term [43]. Caustic Soda - **Market Performance**: On the previous trading day, the main 2509 contract of caustic soda declined. The production, inventory, and profit data were reported [44]. - **Supply - Demand**: The production is increasing, the inventory is decreasing, and the market is affected by alumina price and supply. The overall support is limited [44][46]. - **Investment Strategy**: The short - term support is available, but the overall support is limited [44][46]. Pulp - **Market Performance**: On the previous trading day, the main 2509 contract of pulp rose slightly. The supply, demand, and price data were reported [47][48]. - **Supply - Demand**: The supply is expanding, the demand is weak, and the market is in the off - season. The price is expected to fluctuate and adjust [48]. - **Investment Strategy**: The price is expected to fluctuate and adjust [48]. Lithium Carbonate - **Market Performance**: On the previous trading day, lithium carbonate futures rose. The market sentiment has improved [50]. - **Supply - Demand**: The supply - demand pattern has not changed, the supply is strong, the consumption has improved, but the inventory is high. The price is difficult to reverse without large - scale capacity reduction [51]. - **Investment Strategy**: Investors should not chase the high price [51]. Copper - **Market Performance**: On the previous trading day, Shanghai copper fluctuated slightly, supported by the 60 - day moving average. The spot price was reported [52]. - **Supply - Demand**: The US tariff on copper has been implemented, which has led to the return of refined copper and depressed the price. The price is expected to stabilize [52]. - **Investment Strategy**: Short - term long - buying for the main Shanghai copper contract [52][53]. Tin - **Market Performance**: On the previous trading day, Shanghai tin fluctuated and declined. The supply and demand data were reported [53]. - **Supply - Demand**: The supply is tight, the consumption is good, and the inventory is decreasing. The price is expected to be strong - side shock [53][54]. - **Investment Strategy**: The price is expected to be strong - side shock [54]. Nickel - **Market Performance**: On the previous trading day, Shanghai nickel declined. The supply and demand data were reported [55]. - **Supply - Demand**: The consumption expectation is good, but the actual consumption is weak, and the inventory is relatively high. The price is expected to fluctuate [55]. - **Investment Strategy**: The price is expected to fluctuate [55]. Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, soybean meal and soybean oil futures rose. The spot prices were reported [56]. - **Supply - Demand**: The US soybean good - rate has increased, the domestic soybean arrival is high, the oil - mill profit is low, and the demand is mixed [56]. - **Investment Strategy**: Consider long - buying opportunities for soybean meal at low levels; consider call options for soybean oil after the price decline [56][57]. Palm Oil - **Market Performance**: Malaysian palm oil rose, following the trend of soybean oil futures. The export and inventory data were reported [58]. - **Supply - Demand**: The export has decreased, the inventory has increased, and the domestic inventory is at a medium - high level [58]. - **Investment Strategy**: Consider expanding the spread between rapeseed oil and palm oil [58][59]. Rapeseed Meal and Rapeseed Oil - **Market Performance**: Canadian rapeseed declined. The import and inventory data were reported [60]. - **Supply - Demand**: The import has decreased, and the inventory is at a high level [60]. - **Investment Strategy**: Consider long - buying opportunities for the ratio of rapeseed oil to rapeseed meal [60][61]. Cotton - **Market Performance**: On the previous trading day, domestic cotton futures rebounded. The US and domestic supply - demand data were reported [62][63]. - **Supply - Demand**: The global supply - demand is expected to be loose, the domestic industry is in the off - season, and the downstream inventory is increasing [63]. - **Investment Strategy**: Consider short - selling at high prices [63][65]. Sugar - **Market Performance**: On the previous trading day, domestic sugar futures fluctuated. The Brazilian and Indian production and inventory data were reported [66]. - **Supply - Demand**: The Brazilian production increase expectation has decreased, and the domestic supply - demand contradiction is not sharp [66]. - **Investment Strategy**: The price is in the range - shock stage, and it is advisable to wait and see [66][67]. Apple - **Market Performance**: On the previous trading day, domestic apple futures rose slightly. The production and inventory data were reported [68][69]. - **Supply - Demand**: The production reduction expectation has been falsified, and the production is expected to increase slightly [68][69]. - **Investment Strategy**: Consider short - selling at high prices [68][70]. Live Pigs - **Market Performance**: The national average price of live pigs declined. The regional price trends and supply - demand data were reported [71]. - **Supply - Demand**: The supply is increasing, the demand is weak in the off - season, and the price is expected to be stable with a narrow adjustment [71][73]. - **Investment Strategy**: Hold previous short positions and pay attention to the weight - reduction in the south [71][74]. Eggs - **Market Performance**: The average price of eggs in the main production and sales areas rose. The production and inventory data were reported [75]. - **Supply - Demand**: The supply is increasing, the demand is weak in the off - season, and the price may be under pressure in the short term [75][76]. - **Investment Strategy**: Consider the 9 - 10 reverse spread [75][76]. Corn and Corn Starch - **Market Performance**: On the previous trading day, corn and corn - starch futures declined. The spot prices and inventory data were reported [77]. - **Supply - Demand**: The domestic supply - demand is approaching balance, the consumption is recovering, the inventory pressure is decreasing, and the import may increase [77][78]. - **Investment Strategy**: Wait and see for corn; corn starch follows the corn market [77][78]. Logs - **Market Performance**: On the previous trading day, the main 2509 contract of logs rose. The cost, supply, and demand data were reported [79][80]. - **Supply - Demand**: The overseas export willingness has decreased, the domestic inventory is decreasing, and the price is expected to fluctuate and adjust before the first delivery [80][81]. - **Investment Strategy**: The price is expected to fluctuate and adjust before the first delivery [81].

【环球网财经综合报道】7月16日，国务院召开的常务会议为推动经济行稳致远打出"组合拳"，聚焦提振消费和规范新能源汽车产业竞争秩序两大 关键领域。 做强国内大循环是推动经济持续向好的战略之举。会议强调，要找准关键着力点，深入实施提振消费专项行动。当前，系统清理制约居民消费的不 合理限制成为重中之重。汽车限购等不合理限制让居民"无法消费"，严重阻碍了消费潜力的释放。国家信息中心经济预测部主任张宇贤此前就指 出，取消此类限制能短期内见效且受消费者欢迎。会议还提出优化消费品以旧换新政策，顺应居民消费需求增加多元化供给，扩大新质生产力、新 兴服务业等领域投资，把内需潜力充分释放出来。 消费市场整体虽呈现稳步回升态势，但也面临挑战。6月部分地区"国补"阶段性放缓，社会消费品零售总额不及预期，引发市场担忧。超六成受访 经济学家建议下半年增加"两新"总额度，九成呼吁将服务消费纳入政府补贴范围。服务消费是关键，其短板在于供给。中国人民银行已设立5000亿 元服务消费与养老再贷款，支持住宿餐饮、文旅体娱等服务领域加大高质量供给。教育、医疗、文化娱乐等领域的升级型需求有望成为消费增长新 引擎。 在新能源汽车产业方面，会议指出要切实 ...

第 674 期 2025-07-17 焦点事件 支持上市公司并购重组，河南出台新政 河南省人民政府办公厅近日印发《河南省支持上市公司并购重组若干政策措施》，其中列举了7项举措，提出 鼓励上市公司通过并购重组转型升级、开辟第二增长曲线，引导更多资源向人工智能、低空经济、生物医 药、新材料、高端装备等新质生产力方向集聚。 六大行均已布局设立AIC 7月16日，邮储银行公告，拟出资100亿元发起设立中邮金融资产投资有限公司（暂定名）。至此，六大国有 行均布局金融资产投资有限公司。 中邮投资将作为邮储银行全资一级子公司管理，具体业务范围以有关监管机构批复为准。中邮投资将严格遵 循各项法律法规及监管规定，建立完善的公司治理结构，在做好风险管理基础上开展各项业务。 黄仁勋在演讲中，提及了腾讯、网易、米哈游、游戏科学、字节跳动、DeepSeek、阿里巴巴、美团、 MiniMax、百度、小米等11家中国公司。 黄仁勋表示，中国的供应链是奇迹。他预测，十年内，工厂将由软件和人工智能驱动，AI将指挥机器人团队 与人协作，智能产品的制造也将由AI驱动。"这将为中国的供应链生态创造新的机遇。"黄仁勋说道。 宏观要闻 国常会：研究做强 ...