1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - Iron ore is expected to have a bullish and volatile trend supported by macro - expectations [2][4]. - Rebar and hot - rolled coil are likely to have a bullish and volatile trend due to sector - wide market resonance [2][6]. - Ferrosilicon and silicomanganese are expected to show a strong trend, affected by energy consumption, carbon emissions information, and industry "involution" information respectively [2][11]. - Coke and coking coal are predicted to have wide - range fluctuations as market sentiment is realized [2][14]. - Steam coal is expected to stabilize with a volatile trend as daily consumption recovers [18]. - Logs are likely to have a fluctuating and repeated trend [22]. 3. Summary by Commodity Iron Ore - **Fundamentals**: The previous day's futures closing price was 802.5 yuan/ton, down 8.5 yuan/ton (-1.05%). Imported and most domestic spot prices decreased. Some basis and spread values changed slightly [4]. - **News**: The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the "Draft Amendment to the Price Law of the People's Republic of China" [4]. - **Trend Intensity**: 0 [4]. Rebar and Hot - Rolled Coil - **Fundamentals**: Futures prices of RB2510 and HC2510 increased, with trading volume and open interest rising. Spot prices in major regions also increased. Some basis and spread values changed [6]. - **News**: Steel Union's weekly data showed changes in production, inventory, and apparent demand. In mid - July 2025, key steel enterprises' average daily production of crude steel, pig iron, and steel increased. The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the price law amendment [7][8]. - **Trend Intensity**: 1 for both rebar and hot - rolled coil [8]. Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese increased significantly. Spot prices of silicomanganese in Inner Mongolia rose by 20 yuan/ton. Various price differences changed [11]. - **News**: Iron alloy online reported price ranges of ferrosilicon and silicomanganese in different regions, and manganese ore inventory increased [12]. - **Trend Intensity**: 1 for both ferrosilicon and silicomanganese [13]. Coke and Coking Coal - **Fundamentals**: Futures trading volume and open interest of coking coal and coke changed. Spot prices of some coking coal and coke varieties increased. Basis and spread values also changed [14]. - **News**: There were price changes in northern port coking coal quotes and the Fenwei CCI metallurgical coal index. Regarding open interest, for coking coal JM2509, long positions increased by 33,862 lots and short positions increased by 38,709 lots; for coke J2509, long positions decreased by 1,156 lots and short positions decreased by 130 lots [14][15][16]. - **Trend Intensity**: 0 for both coke and coking coal [16]. Steam Coal - **Fundamentals**: The previous day's ZC2507 contract had no trading. Southern port and domestic production area prices were provided. Open interest of the ZC2507 contract had no change [19][20]. - **Trend Intensity**: 0 [21]. Logs - **Fundamentals**: Futures prices of log contracts increased slightly, while trading volume and open interest decreased. Spot prices of most log varieties were stable, with some showing small changes [23]. - **News**: The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the price law amendment [25]. - **Trend Intensity**: 0 [25].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1][2]. Core Insights - The report highlights the positive outlook for the new energy vehicle (NEV) sector, with a significant increase in production and sales, indicating a year-on-year growth of 41.4% and 40.3% respectively in the first half of 2025 [1]. - The introduction of solid-state batteries in vehicles, such as the MG4, marks a significant technological advancement, with expectations for increased demand for related materials and equipment [1]. - The photovoltaic (PV) sector is experiencing price increases, driven by government policies aimed at regulating competition and improving product quality, despite some weakness in terminal prices [1][2]. - The report projects an upward revision of domestic PV installation demand for 2025 to a range of 270-300 GW, reflecting a robust growth outlook [1][2]. Summary by Sections Industry Performance - The electric equipment and new energy sector saw a weekly increase of 3.03%, outperforming the Shanghai Composite Index, which rose by 1.67% [10][13]. - The nuclear power sector led the gains with a 3.98% increase, followed by power generation equipment and lithium battery indices [10][13]. Key Industry Information - The report notes a projected retail market for narrow passenger vehicles in July at approximately 1.85 million units, with NEV sales expected to reach 1.01 million units, achieving a penetration rate of about 54.6% [27]. - The National Energy Administration reported a total PV installation of 14.36 GW in June 2025, a year-on-year decrease of 38%, while the first half of 2025 saw a total installation of 212.21 GW, marking a 107% increase [27]. Company Updates - Companies such as Keda Li and Tongwei have announced significant profit forecasts and stock buyback plans, indicating positive financial health and management confidence [29]. - Notable corporate actions include shareholding adjustments and refinancing approvals, reflecting ongoing strategic maneuvers within the industry [29]. Price Observations - The report details price trends in the lithium battery and PV markets, with significant fluctuations noted in raw material costs, particularly silicon and battery components [14][15][24]. - The price of silicon materials has seen a notable increase, with dense silicon prices rising to approximately 50-52 RMB per kg, influenced by government policies and market dynamics [15][21]. Market Dynamics - The report emphasizes the importance of supply chain adjustments and regulatory measures in shaping market conditions, particularly in the PV sector, where price stability is being sought amid fluctuating demand [24][25]. - The ongoing adjustments in pricing strategies among manufacturers indicate a cautious yet optimistic approach to market recovery and growth [19][20].

1. Report Industry Investment Ratings - The report does not provide industry - wide investment ratings. 2. Core Views - The report covers multiple commodities in the black series, with different outlooks for each. Iron ore is expected to show a relatively strong oscillation supported by macro - expectations; rebar and hot - rolled coil are expected to have wide - range oscillations; silicon iron and manganese silicon are expected to have wide - range oscillations due to the upward shift of overseas miners' quotes; coke is expected to be oscillating strongly after the third price increase; coking coal is expected to be oscillating strongly due to strengthened supply policy expectations; thermal coal is expected to stabilize after the daily consumption recovers; and logs are expected to have repeated oscillations [2]. 3. Summary by Commodity Iron Ore - **Price and Position Data**: The previous day's futures closing price was 811.0 yuan/ton, down 1.0 yuan/ton with a decline of 0.12%. The previous day's position was 562,835 lots, a decrease of 17,104 lots. Among spot prices, PB (61.5%) increased by 1.0 yuan/ton, while others remained unchanged [5]. - **Macro and Industry News**: On July 24, the National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the "Draft Amendment to the Price Law of the People's Republic of China (Solicitation of Comments)" [5]. - **Trend Intensity**: The trend intensity is 1, indicating a relatively strong trend [5]. Rebar and Hot - Rolled Coil - **Price and Position Data**: For rebar RB2510, the closing price was 3,294 yuan/ton, up 11 yuan/ton with a gain of 0.34%. For hot - rolled coil HC2510, the closing price was 3,456 yuan/ton, up 12 yuan/ton with a gain of 0.35%. In terms of spot prices, some regions' prices increased, while others remained unchanged or decreased [8]. - **Macro and Industry News**: On July 24, the weekly data from Steel Union showed that in terms of production, rebar increased by 2.9 tons, hot - rolled coil decreased by 3.65 tons, and the total of five major varieties decreased by 1.22 tons. In terms of total inventory, rebar decreased by 4.62 tons, hot - rolled coil increased by 2.25 tons, and the total of five major varieties decreased by 1.16 tons. In terms of apparent demand, rebar increased by 10.41 tons, hot - rolled coil decreased by 8.55 tons, and the total of five major varieties decreased by 1.98 tons. In mid - July 2025, key steel enterprises' average daily production of crude steel, pig iron, and steel increased compared to the previous period. On July 24, the National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the price law amendment draft [9][10]. - **Trend Intensity**: The trend intensity for both rebar and hot - rolled coil is 0, indicating a neutral trend [10]. Silicon Iron and Manganese Silicon - **Price and Position Data**: For silicon iron 2509, the closing price was 5754 yuan/ton, down 78 yuan/ton. For manganese silicon 2509, the closing price was 5948 yuan/ton, up 10 yuan/ton. Among spot prices, silicon manganese: FeMn65Si17: Inner Mongolia decreased by 70.0 yuan/ton, and manganese ore: Mn44 block decreased by 0.5 yuan/ton - degree [11]. - **Macro and Industry News**: On July 24, the prices of silicon iron and silicon manganese in different regions were reported. A steel mill in Fujian set the silicon manganese price at 5800 yuan/ton. The export volume of manganese ore from Australia's Port Hedland in June 2025 increased compared to the previous month and the same period last year, but the total export volume in the first half of the year decreased compared to the same period in 2024. South32's September 2025 quotes for South African semi - carbonate blocks and Australian blocks increased compared to the previous month [12][13]. - **Trend Intensity**: The trend intensity for both silicon iron and manganese silicon is 0, indicating a neutral trend [13]. Coke and Coking Coal - **Price and Position Data**: For coking coal JM2509, the closing price was 1198.5 yuan/ton, up 63 yuan/ton with a gain of 5.55%. For coke J2509, the closing price was 1735 yuan/ton, up 27.5 yuan/ton with a gain of 1.61%. Among spot prices, some coking coal and coke prices increased [15]. - **Price and Position Situation**: The prices of coking coal in northern ports were reported, and the CCI metallurgical coal index on July 24 showed price changes. In terms of positions, on July 24, for the coking coal JM2509 contract, long positions increased by 44,538 lots, and short positions increased by 26,271 lots. For the coke J2509 contract, long positions decreased by 907 lots, and short positions increased by 164 lots [15][17]. - **Trend Intensity**: The trend intensity for both coke and coking coal is 1, indicating a relatively strong trend [17]. Thermal Coal - **Price and Position Data**: The previous day's trading of the thermal coal ZC2507 contract had no transactions. The previous opening price was 931.6000 yuan/ton, the highest was 931.6000 yuan/ton, the lowest was 840.0000 yuan/ton, and it closed at 840.0000 yuan/ton, down 51.4 yuan/ton compared to the previous settlement price, with 18 lots traded and 0 lots held [20]. - **Fundamentals**: The prices of southern port's imported thermal coal and domestic thermal coal in production areas were reported. On July 24, for the thermal coal ZC2507 contract, long positions decreased by 0 lots, and short positions decreased by 0 lots [21]. - **Trend Intensity**: The trend intensity is 0, indicating a neutral trend [22]. Logs - **Price and Position Data**: The closing prices, trading volumes, and positions of different log contracts on different days were reported, along with price changes of various log and wood - square spot markets [24]. - **Macro and Industry News**: On July 24, the National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the "Draft Amendment to the Price Law of the People's Republic of China (Solicitation of Comments)" [26]. - **Trend Intensity**: The trend intensity is 1, indicating a relatively strong trend [26].

Group 1 - The core viewpoint of the news is that the National Development and Reform Commission and the State Administration for Market Regulation are seeking public opinions on the draft amendment to the Price Law of the People's Republic of China, which aims to adapt to new economic conditions and improve price regulation [1][2] - The draft amendment includes 10 articles focusing on three main areas: improving government pricing content, clarifying the standards for identifying unfair pricing behaviors, and enhancing legal responsibilities for price violations [1][2] - The amendment aims to address issues such as low-price dumping, price collusion, price gouging, and price discrimination, while also regulating the behavior of public enterprises and industry associations [2] Group 2 - The draft specifies that government guidance on pricing is not limited to benchmark prices and their fluctuation ranges, and it allows for the establishment of pricing mechanisms [1][2] - The amendment emphasizes the importance of cost monitoring as a key procedure in government pricing, reflecting changes in pricing management practices [1][2] - The public consultation period for the draft amendment is set from July 24, 2025, to August 23, 2025 [3]