Core Viewpoint - The establishment of a unified market foundation system is essential for the effective functioning of the market economy and resource allocation efficiency in China [3][4][5]. Summary by Sections Market Foundation System - The market foundation system is crucial for regulating market economic operations, as highlighted in the "Opinions on Accelerating the Construction of a National Unified Market" issued in March 2022 [3]. - The system has evolved alongside China's reform and opening-up, with significant laws such as the Company Law and Anti-Monopoly Law being established to support a unified market framework [4]. Current Challenges - Despite progress, there are still significant challenges, including regional disparities in market rules, local protectionism, and barriers to market entry for new industries [5][7]. - The lack of a comprehensive national legislative framework for social credit systems and other areas has led to difficulties in cross-regional collaboration [7]. Legal and Regulatory Framework - There is a need for a unified, transparent, and law-based market foundation system to eliminate barriers and enhance market vitality [5][8]. - The design of laws and regulations should focus on unity, precision, and foresight, particularly in emerging sectors like artificial intelligence and big data [8][10]. Enforcement and Supervision - Ensuring uniform enforcement and regulatory standards is vital for the effective implementation of the unified market foundation system [10][11]. - The establishment of a modern regulatory system that leverages technology is necessary to address issues of inconsistent enforcement and local protectionism [11][12]. Collaborative Support Systems - Building a collaborative support system across various sectors is essential for the successful implementation of the unified market foundation system [12][13]. - Coordination between competition policies and other regulatory frameworks is necessary to eliminate local protectionist policies and ensure fair competition [13][14]. Awareness and Governance - There is a need to address cognitive biases and promote a correct understanding of the relationship between local development and the national unified market [14][15]. - Enhancing the theoretical and policy understanding of local leaders is crucial for overcoming local protectionism and fostering a unified market environment [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - On September 16, the coking coal 2601 contract closed at 1240.5, up 5.84%. Traders fully priced in three interest rate cuts by the Federal Reserve by the end of 2025. After the impact of administrative production cuts at the beginning of the month subsided, most mines resumed production. Supply from mines increased this period, the capacity utilization rate of independent coal washing plants decreased for 4 consecutive weeks, and the cumulative import growth rate declined for 3 consecutive months. Inventory is neutral. Technically, the daily K is above the 20 - and 60 - day moving averages. It should be treated as a volatile and bullish trend [2]. - On September 16, the coke 2601 contract closed at 1735.0, up 4.24%. The spot market saw a second - round price cut for coke. In terms of fundamentals, the pig iron output this period was 240.55 tons, an increase of 11.71 tons. After the impact of steel mill production control for the parade faded, pig iron output returned to the previous level. Coke inventory is moderately high. The average profit per ton of coke for 30 independent coking plants nationwide this period was 35 yuan/ton. Technically, the daily K is above the 20 - and 60 - day moving averages. It should be treated as a volatile and bullish trend [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM main contract closing price: 1240.50 yuan/ton, up 53.00 yuan; J main contract closing price: 1735.00 yuan/ton, up 46.50 yuan [2]. - JM futures contract open interest: 982079.00 lots, up 43952.00 lots; J futures contract open interest: 53357.00 lots, down 86.00 lots [2]. - Net open interest of the top 20 coking coal contracts: - 115144.00 lots, down 5404.00 lots; Net open interest of the top 20 coke contracts: - 5055.00 lots, up 147.00 lots [2]. - JM 5 - 1 month contract spread: 89.00 yuan/ton, down 8.00 yuan; J 5 - 1 month contract spread: 138.50 yuan/ton, down 1.00 yuan [2]. - Coking coal warehouse receipts: 600.00 pieces, up 100.00 pieces; Coke warehouse receipts: 1520.00 pieces, unchanged [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 950.00 yuan/ton, up 15.00 yuan; Tangshan first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 149.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1570.00 yuan/ton, up 20.00 yuan; Tianjin Port first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1540.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1270.00 yuan/ton, unchanged; J main contract basis: - 15.00 yuan/ton, down 46.50 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1080.00 yuan/ton, down 20.00 yuan; JM main contract basis: 29.50 yuan/ton, down 53.00 yuan [2]. 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants: 25.60 million tons, up 0.40 million tons; Fine coal inventory of 314 independent coal washing plants: 280.60 million tons, down 5.60 million tons [2]. - Capacity utilization rate of 314 independent coal washing plants: 0.35%, unchanged; Raw coal output: 39050.00 million tons, up 951.30 million tons [2]. - Coal and lignite imports: 4273.70 million tons, up 712.70 million tons; Average daily raw coal output of 523 coking coal mines: 185.60 million tons, up 15.60 million tons [2]. - Imported coking coal inventory at 16 ports: 466.35 million tons, up 1.58 million tons; Coke inventory at 18 ports: 258.31 million tons, down 2.45 million tons [2]. - Total coking coal inventory of all - sample independent coking enterprises: 883.54 million tons, down 36.51 million tons; Coke inventory of all - sample independent coking enterprises: 67.84 million tons, up 1.33 million tons [2]. 3.4 National Industrial Situation - Coking coal inventory of 247 steel mills: 793.73 million tons, down 2.03 million tons; Coke inventory of 247 sample steel mills: 633.29 million tons, up 9.58 million tons [2]. - Available days of coking coal for all - sample independent coking enterprises: 12.81 days, down 0.28 days; Available days of coke for 247 sample steel mills: 11.29 days, down 0.42 days [2]. - Coking coal imports: 962.30 million tons, up 53.11 million tons; Coke and semi - coke exports: 0.00 million tons, down 89.00 million tons [2]. - Coking coal output: 4089.38 million tons, up 25.00 million tons; Capacity utilization rate of independent coking enterprises: 75.92%, up 2.78% [2]. - Profit per ton of coke for independent coking plants: 35.00 yuan/ton, down 29.00 yuan/ton; Coke output: 4260.00 million tons, up 74.50 million tons [2]. 3.5 National Downstream Situation - Blast furnace operating rate of 247 steel mills: 83.85%, up 3.47%; Blast furnace ironmaking capacity utilization rate of 247 steel mills: 90.20%, up 4.43% [2]. - Crude steel output: 7737.00 million tons, down 228.82 million tons [2]. 3.6 Industry News - An important article by Xi Jinping pointed out the need to address the chaotic low - price and disorderly competition among enterprises and promote the orderly exit of backward production capacity [2]. - Rio Tinto's SimFer announced that the first shipment of the Simandou project is planned for November 2025 and will gradually reach the designed capacity of 60 million tons within 30 months [2]. - From January to August, the added value of large - scale industries increased by 6.2% year - on - year, with a 0.1 - percentage - point decline compared to January - July; infrastructure investment increased by 2.0%, with a 1.2 - percentage - point decline; manufacturing investment increased by 5.1%, with a 1.1 - percentage - point decline; real estate development investment decreased by 12.9%, with a 0.9 - percentage - point increase in the decline [2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The supply side of the industrial silicon industry shows a regional differentiation trend of "steady production increase in the northwest and capacity shrinkage in the southwest." The actual production progress of new capacity in Xinjiang needs to be tracked next week [2]. - The total demand for industrial silicon from the three major downstream industries remains flat. The current industry inventory is still at a high level, and inventory digestion faces certain pressure [2]. - The spot price of industrial silicon continued to rise today, and it is expected to continue to rise in the future. It is recommended to pay attention to the opportunity of going long at low prices. If the price falls below 8,200 yuan later, one can consider medium - and long - term long positions at low prices [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main contract was 8,915 yuan/ton, with a week - on - week increase of 115 yuan/ton; the position of the main contract was 287,184 lots, a week - on - week decrease of 3,764 lots; the net position of the top 20 was - 59,221 lots, a week - on - week decrease of 17,194 lots; the warehouse receipts of GIE were 49,905 lots [2]. - The closing price of the December contract for industrial silicon was - 370 yuan/ton, a week - on - week decrease of 5 yuan/ton; the spread between the November and December contracts for industrial silicon was - 370 yuan/ton, a week - on - week decrease of 5 yuan/ton [2]. Spot Market - The average price of oxygen - permeable 553 silicon was 9,300 yuan/ton, a week - on - week increase of 100 yuan/ton; the average price of 421 silicon was 9,600 yuan/ton, a week - on - week increase of 100 yuan/ton [2]. - The basis of the Si main contract was 385 yuan/ton, a week - on - week decrease of 15 yuan/ton; the DMC spot price was 11,020 yuan/ton, unchanged from the previous week [2]. Upstream Situation - The average price of silica was 410 yuan/ton, unchanged from the previous week; the average price of petroleum coke was 1,860 yuan/ton, a week - on - week increase of 20 yuan/ton [2]. - The average price of clean coal was 1,850 yuan/ton, unchanged from the previous week; the average price of wood chips was 490 yuan/ton, unchanged from the previous week; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged from the previous week [2]. Industry Situation - The monthly output of industrial silicon was 366,800 tons, a month - on - month increase of 33,600 tons; the social inventory of industrial silicon was 552,000 tons, a week - on - week increase of 10,000 tons [2]. - The monthly import volume of industrial silicon was 2,211.36 tons, a month - on - month increase of 71.51 tons; the monthly export volume of industrial silicon was 52,919.65 tons, a month - on - month decrease of 12,197.89 tons [2]. Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, a week - on - week increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,900 yuan/ton, unchanged from the previous week [2]. - The weekly average price of photovoltaic - grade polysilicon was 6.45 US dollars/kg, a week - on - week increase of 0.25 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg, unchanged from the previous week [2]. - The monthly export volume of unforged aluminum alloy was 24,908.89 tons, a month - on - month decrease of 861.29 tons; the weekly operating rate of organic silicon DMC was 72.71%, a week - on - week increase of 2.12 percentage points [2]. - The monthly output of aluminum alloy was 1.536 million tons, a month - on - month decrease of 133,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, a month - on - month decrease of 337.93 tons [2]. Industry News - The CSI Photovoltaic Industry Index tracked by the Photovoltaic Leading ETF (159609) rose 1.62%. Among the heavy - weight stocks, Canadian Solar rose 5.5%, Ginlong Technologies rose 3.8%, Deye Technology rose 3.6%, Junda Co., Ltd. rose 3.3%, Shangneng Electric rose 3.1%, Sungrow Power Supply rose 7.3%, LONGi Green Energy rose 1.0%, TBEA Co., Ltd. rose 0.3%, and Tongwei Co., Ltd. rose 0.8% [2]. - From a fundamental perspective, on the supply side, as the wet season deepens, the electricity price advantage in the southwest region becomes more obvious, stimulating a significant acceleration in the resumption of production of silicon plants [2]. - On the demand side, the three major downstream industries of industrial silicon (organic silicon, polysilicon, and aluminum alloy) have a flat total demand for industrial silicon [2].

Core Viewpoint - The construction of a national unified market is a significant decision made by the Central Committee, essential for building a new development pattern, promoting high-quality development, and gaining an advantage in international competition [2][3]. Group 1: Five Unifications and One Openness - The basic requirements for advancing the national unified market construction are "Five Unifications" and "One Openness" [4]. - "Five Unifications" include: - Unifying market foundational systems, particularly in property rights protection, fair competition, and quality standards [4]. - Unifying market infrastructure to facilitate the flow of logistics, capital, and information, and to improve the modern commercial circulation system [4]. - Unifying government behavior standards to ensure clear regulations on what local governments can and cannot do in economic development and investment attraction [4]. - Unifying market regulatory enforcement to establish consistent administrative penalty standards [4]. - Unifying factor resource markets to promote free movement and efficient allocation, reducing resource misallocation and waste [4]. - "One Openness" emphasizes the continuous expansion of openness and the implementation of interconnected internal and external openness without closed operations [5]. Group 2: Six Focus Areas - The article identifies six key areas to focus on for effective market construction [6]. - The first focus is on addressing the chaotic low-price competition among enterprises, particularly in "involution" areas, by enforcing laws and regulations and enhancing industry self-regulation [7]. - The second focus is on rectifying issues in government procurement and bidding, such as lowest price bidding and conflicts of interest, by standardizing procurement processes and enhancing fairness in bid evaluations [7]. - The third focus is on correcting local investment attraction irregularities by establishing a unified national list of permissible and prohibited local investment behaviors and improving information disclosure [7]. - The fourth focus is on promoting the integration of domestic and foreign trade, facilitating the path from export to domestic sales, and fostering high-quality enterprises in both sectors [8]. - The fifth focus is on addressing regulatory and institutional gaps to support market unification, including improving fiscal, statistical, and credit systems [8]. - The sixth focus is on correcting deviations in performance evaluation, enhancing the high-quality development assessment system and the evaluation of officials' performance [8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump's pressure on Powell has further boosted market expectations for interest rate cuts, leading to a collective rise in the three major US stock indexes [2][3] - China's economic data shows fluctuations and still faces certain pressure, increasing the expectation of policy intensification [1][3] - President Xi Jinping's article on rectifying the chaos of low - price and disorderly competition among enterprises and the upcoming press conference on expanding consumption have reignited the anti - involution trading, and it is recommended to continue to pay attention to investment opportunities in relevant targets [1][3] - The overall adjustment of the Shanghai Composite Index has not ended, and investors are advised not to rush to bottom - fish but to hedge risks through stock index futures [3] Summary by Directory 1. Market Analysis - **Domestic Economic Data**: In August, the added value of industrial enterprises above designated size increased by 5.2% year - on - year and 0.37% month - on - month; the service production index increased by 5.6% year - on - year; the total retail sales of consumer goods increased by 3.4% year - on - year and 0.17% month - on - month. From January to August, national fixed - asset investment increased by 0.5% year - on - year, with manufacturing investment growing by 5.1% and real estate development investment falling by 12.9% [1] - **Overseas Economic Data**: The US September New York Fed Manufacturing Index dropped sharply by 21 points to - 8.7, far lower than the market expectation of 5. New orders and shipment indicators both fell to their lowest levels since April 2024 [1] - **Stock Index Performance**: In the spot market, the three major A - share indexes ended with mixed results. The Shanghai Composite Index fell 0.26% to 3860.50 points, and the ChiNext Index rose 1.52%. The trading volume of the Shanghai and Shenzhen stock markets was 2.28 trillion yuan. In overseas markets, the three major US stock indexes rose across the board, with the Nasdaq rising 0.94% to 22348.749 points, and the S&P 500 and Nasdaq hitting new record highs. Alphabet's market value exceeded $3 trillion [2] - **Futures Market**: In the futures market, the basis of stock index futures declined on the day of the current - month contract delivery this Friday. The trading volume and open interest of stock index futures decreased simultaneously [2] 2. Strategy - Continue to pay attention to investment opportunities in anti - involution trading targets [3] - Do not rush to bottom - fish, and use stock index futures to hedge risks [3] 3. Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][9][10] 4. Spot Market Tracking Charts - **Stock Index Performance Table**: Shows the daily performance of major domestic stock indexes on September 15, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., with corresponding daily changes [12] - **Charts**: Include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [6][14] 5. Stock Index Futures Tracking Charts - **Trading Volume and Open Interest Table**: Displays the trading volume and open interest of IF, IH, IC, and IM contracts, along with their changes [15] - **Open Interest Charts**: Include charts of the open interest and open - interest ratios of IH, IF, IC, and IM contracts, as well as the net open interest of foreign investors in these contracts [6][16][19] - **Basis Table**: Presents the basis of stock index futures for different contracts (current - month, next - month, current - quarter, and next - quarter) and their changes [38] - **Basis Charts**: Include charts of the basis of IF, IH, IC, and IM contracts [6][40][42] - **Inter - delivery Spread Table**: Shows the inter - delivery spreads of stock index futures and their changes [43][44] - **Inter - delivery Spread Charts**: Include charts of the inter - delivery spreads of IH, IF, IC, and IM contracts [6][45][50]

Core Points - The meeting emphasized the importance of implementing the recent speeches and letters from General Secretary Xi Jinping, particularly in relation to the BRICS spirit and the Shanghai spirit, to enhance international cooperation and cultural exchanges [1] - The meeting discussed the new revised "Regulations on the Work of the Party School (Administrative Academy)" and the need for deepening understanding and execution of these regulations [2] - The meeting highlighted the importance of supporting national defense and military construction, as well as improving the quality of work related to veterans and military support [2] Group 1 - The meeting conveyed the significance of Xi Jinping's recent speeches and letters, focusing on expanding high-level opening-up and enhancing international cooperation [1] - The meeting called for a comprehensive improvement in the training mechanisms for party members and cadres, emphasizing the need for a strong teaching staff and research on major issues [2] - The meeting stressed the necessity of political awareness in advancing work related to veterans and military support, aiming for high-quality development in this area [2] Group 2 - The meeting also addressed other matters, although specific details were not provided [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The coal and coke futures prices fluctuated strongly overall yesterday and continued to rise at night due to the strong overseas interest - rate cut expectation and the strong domestic "anti - involution" atmosphere. The spot - end has completed 2 rounds of coke price cuts. The supply and demand sides of coal and coke are in a fast resumption process, especially the rapid recovery of hot metal, which supports the rigid demand for raw materials. Coupled with the positive macro signals boosting market sentiment, the market is expected to run with an upward bias [2][3][4] Group 3: Summary by Related Catalog Market Logic - Overseas interest - rate cut expectation is strong, and the domestic "anti - involution" atmosphere is thick. The coal and coke futures prices fluctuated strongly yesterday and continued to rise at night. The mainstream steel mills adjusted the coke purchase price, and the coke price has completed 2 rounds of cuts [3] Coal Mine Situation - The coking coal market remains weak, with transaction prices mainly falling and low downstream purchasing enthusiasm. However, some coal mines have better sales after price cuts, and the market still expects pre - National Day restocking. Last week, coal production gradually recovered, with the daily average clean coal output of 523 coal mines reaching 72.8 tons, a week - on - week increase of 3.5 tons. Due to production cuts and better sales after price cuts, the mine - end inventory decreased [4] Demand Situation - Steel mills are resuming production rapidly, with the daily average hot metal output last Sunday exceeding expectations and rising to 240.55 tons, an increase of 11.71 tons from the previous week, returning to the pre - restriction level. Currently, the steel mill profitability rate is 60.17%, a week - on - week decrease of 0.87 percentage points and a year - on - year increase of 54.11 percentage points. The finished products are in a continuous inventory accumulation process, and the steel mill profits have narrowed, which may limit the upward space of hot metal and test the raw material demand in the later stage [4]

全国统一大市场建设 要清除哪些 顽糧疯疾 习近平总书记在二十届中央财经委员会第六 次会议上强调,近年来,推动全国统一大市 场建设取得积极成效。但总体来看,这项任 务仍很艰巨,全国统一大市场建设面临不少 困难和阻力。当前最急迫的是聚焦重点难 点,下决心清除顽瘴痼疾。 -,着力整治企业低价无序竞争乱象 第一 ◆ 重点整治最低价中标、以次充好、利益 勾连等突出问题。 ◆ 规范政府采购和招标投标,加强对中标 结果的公平性审查,健全企业正常申诉 渠道，完善投诉处理机制。 要制定全国统一的地方招商引资行为清 单，明确鼓励和禁止的具体行为。 建立健全规范的财政补贴政策体系。 加强招商引资信息披露。 对违规行为查实后要严肃处理。 ◆ "内卷"重灾区,要依法依规有效治 理。 更好发挥行业协会自律作用,引导企业 提升产品品质,实行优质优价，反对低 价劣质。 推动落后产能有序退出,实现市场动态 ◆ 出清。 线上线下一体治理。 ◆ 第二，着力整治政府采购招标乱象 第三，着力整治地方招商引资乱象 第四，着力推动内外贸一体化发展 ◆ 畅通出口转内销路径，提高国内国际标 准一致性,建设内外贸一体化综合服务 平台,培育一批内外贸优质企业,开 ...

2025 年 9 月 16 日 螺纹钢：反内卷情绪再度来袭，偏强震荡 热轧卷板：反内卷情绪再度来袭，偏强震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | （元/吨） 昨日收盘价 | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2510 HC2510 | 3,045 3,398 | 28 24 | 0.93 0.71 | | 期 货 | | | | | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2510 | 152,543 | 505,713 | -36,058 | | | HC2510 | 103,193 | 335,167 | -28,943 | | | | 昨日价格 （元/吨） | 前日价格 （元/吨） | 涨跌 （元/吨） | | | 上海 | 3240 | 3220 | 20 | | | 杭州 ...

Group 1 - The Hang Seng Technology Index rose by 0.52%, with notable increases in stocks such as Bilibili-W (+5.08%) and Trip.com Group-S (+3.14%) [3] - The Hang Seng Technology Index ETF (159742) experienced a 1.71% intraday increase, currently up 0.97%, marking an 8-day consecutive rise [3] - Over the past week, the Hang Seng Technology Index ETF has accumulated a 4.45% increase [3] Group 2 - The CSI Hong Kong Stock Connect Internet Index increased by 0.06%, with significant gains from Lion Group (+8.52%) and Meituan-W (+2.26%) [6] - The Hong Kong Internet ETF (159568) also rose by 0.60%, aiming for an 8-day consecutive increase [6] - The Hong Kong Internet ETF has seen a 4.98% increase over the past week, ranking in the top half among comparable funds [6] Group 3 - The recent US-China economic talks resulted in a consensus on the TikTok issue, which may alleviate market concerns regarding escalating trade tensions [7] - The upcoming press conference by the State Council will introduce policies aimed at expanding service consumption, indicating a proactive approach to economic stimulation [7] Group 4 - Internet platforms are lowering service consumption barriers, allowing users to easily book services and enhancing transparency and efficiency in consumer decision-making [8] - The ongoing efforts to combat "involution" in service sectors, combined with the strengthening narrative around internet AI, are expected to provide upward momentum for related companies [8] - The Hang Seng Technology Index ETF and Hong Kong Internet ETF are recommended for investors looking to capitalize on the sector's potential [8] Group 5 - The latest scale of the Hang Seng Technology Index ETF reached 3.66 billion, a new high in nearly a year, with a net inflow of 155 million over the last ten trading days [9] - The Hong Kong Internet ETF's latest scale reached 359 million, marking a new high in three months, with a net inflow of 14.06 million over the last five trading days [9]