Report Industry Investment Rating - Not provided in the content Core Viewpoints - For silicon ferroalloy on July 14, the 2509 contract closed at 5484, down 0.69%. With low - level operation of production, falling Ningxia semi - coke price at the cost end, and generally weak steel demand expectations. The production profit of ferroalloys is negative, with Inner Mongolia's spot profit at - 260 yuan/ton and Ningxia's at - 150 yuan/ton. Technically, the 4 - hour cycle K - line is above the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - For manganese silicon on July 14, the 2509 contract closed at 5782, up 0.14%. Fundamentally, the manufacturers' operating rate has rebounded for 7 consecutive weeks at a low level, with moderately high inventory. At the cost end, the port inventory of imported manganese ore increased by 260,000 tons this period, and the downstream hot metal output declined slightly from a high level. The steel mills' procurement is cautious, and the tender price continues to fall. The 4 - hour cycle K - line is above the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. Summary by Related Catalogs Futures Market - SM main contract closing price was 5,782 yuan/ton, up 36 yuan; SF main contract closing price was 5,484 yuan/ton, up 24 yuan [2]. - SM futures contract open interest was 564,686 lots, down 20,651 lots; SF futures contract open interest was 407,541 lots, down 25,104 lots [2]. - Manganese silicon's top 20 net open interest was - 53,987 lots, down 8,192 lots; silicon ferroalloy's top 20 net open interest was - 53,844 lots, down 4,873 lots [2]. - SM 1 - 9 month contract spread was 40 yuan/ton, unchanged; SF 1 - 9 month contract spread was 74 yuan/ton, up 4 yuan [2]. - SM warehouse receipts were 84,776, down 261; SF warehouse receipts were 21,950, up 1,431 [2]. Spot Market - Inner Mongolia and Guizhou's manganese silicon FeMn68Si18 were both 5,600 yuan/ton, unchanged; Yunnan's was 5,550 yuan/ton, unchanged [2]. - Inner Mongolia's silicon ferroalloy FeSi75 - B was 5,360 yuan/ton, Qinghai's was 5,250 yuan/ton, and Ningxia's was 5,330 yuan/ton, all unchanged [2]. - Manganese silicon index average was 5,579 yuan/ton, up 48 yuan; SF main contract basis was - 154 yuan/ton, down 24 yuan; SM main contract basis was - 182 yuan/ton, down 36 yuan [2]. Upstream Situation - South African ore: Mn38 lump at Tianjin Port was 35 yuan/ton - degree, unchanged; silica (98% in Northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai's secondary metallurgical coke was 850 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 640 yuan/ton, unchanged [2]. - Manganese ore port inventory was 4.327 million tons, up 77,000 tons [2]. Industry Situation - Manganese silicon enterprises' operating rate was 40.55%, up 0.21%; silicon ferroalloy enterprises' operating rate was 31.20%, down 0.75% [2]. - Manganese silicon supply was 182,280 tons, up 2,170 tons; silicon ferroalloy supply was 98,700 tons, down 1,500 tons [2]. - Manganese silicon manufacturers' inventory was 222,300 tons, up 500 tons; silicon ferroalloy manufacturers' inventory was 67,000 tons, down 2,400 tons [2]. - Manganese silicon's national steel mill inventory was 15.15 days, down 0.29 days; silicon ferroalloy's national steel mill inventory was 15.20 days, down 0.24 days [2]. Downstream Situation - Five major steel types' manganese silicon demand was 124,928 tons, down 1,861 tons; five major steel types' silicon ferroalloy demand was 20,167.3 tons, down 314.4 tons [2]. - 247 steel mills' blast furnace operating rate was 83.44%, down 0.40%; 247 steel mills' blast furnace capacity utilization rate was 90.27%, down 0.58% [2]. - Crude steel output was 86.545 million tons, up 526,000 tons [2]. Industry News - The Ministry of Industry and Information Technology will implement a large - scale equipment renewal and technological transformation project for the manufacturing industry, accelerate digital transformation, and promote green and low - carbon development [2]. - In the coming week, high - temperature weather will intensify in many places, with nearly 10 provinces facing temperatures above 40°C from July 14 - 16 [2]. - Putin revealed that the root of Russia - West contradictions is geopolitics, not Soviet ideology [2]. - The EU proposed three supply - chain proposals for "risk reduction", aiming to reduce dependence on China [2]. - Trump announced that the US will impose a 30% tariff on products from Mexico and the EU starting from August 1, 2025 [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given report 2. Core Viewpoints - On July 14, the JM2509 contract of coking coal closed at 920.0, up 1.15%. The market should be treated with a bias towards a bullish oscillation. For coke, the J2509 contract closed at 1525.0, up 1.09%, and it should also be treated with a bias towards a bullish oscillation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价 was 920.00 yuan/ton, up 7.00 yuan; J主力合约收盘价 was 1525.00 yuan/ton, up 5.50 yuan [2]. - JM期货合约持仓量 was 807,762.00 hands, up 15,898.00 hands; J期货合约持仓量 was 55,759.00 hands, up 285.00 hands [2]. - The net position of the top 20 JM contracts was -61,570.00 hands, down 13,485.00 hands; that of J was -4,034.00 hands, down 351.00 hands [2]. - The JM1 - 9 monthly contract spread was 43.50 yuan/ton, up 10.50 yuan; the J1 - 9 monthly contract spread was 44.00 yuan/ton, up 15.50 yuan [2]. - The coking coal warehouse receipts were 1,400.00 sheets, up 1,200.00 sheets; the coke warehouse receipts were 90.00 sheets, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Meng 5 raw coal was 757.00 yuan/ton, unchanged; the price of Tangshan quasi - first - grade metallurgical coke was 1390.00 yuan/ton, unchanged [2]. - The price of Russian main coking coal forward spot (CFR) was 118.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1220.00 yuan/ton, unchanged [2]. - The price of Australian imported main coking coal at Jingtang Port was 1330.00 yuan/ton, up 60.00 yuan; the price of first - grade metallurgical coke at Tianjin Port was 1320.00 yuan/ton, unchanged [2]. - The price of Shanxi - produced main coking coal at Jingtang Port was 1350.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1220.00 yuan/ton, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 930.00 yuan/ton, unchanged; the J主力合约基差 was - 135.00 yuan/ton, down 5.50 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 960.00 yuan/ton, unchanged; the JM主力合约基差 was 10.00 yuan/ton, down 7.00 yuan [2]. 3.3 Upstream Situation - The raw coal inventory of 110 coal washing plants was 300.77 million tons, down 11.40 million tons; the clean coal inventory was 197.07 million tons, down 17.91 million tons [2]. - The operating rate of 110 coal washing plants was 62.33%, up 2.61 percentage points; the raw coal output was 40,328.40 million tons, up 1,397.80 million tons [2]. - The import volume of coal and lignite was 3,303.70 million tons, down 300.30 million tons; the daily average output of raw coal from 523 coking coal mines was 191.80 thousand tons, up 3.80 thousand tons [2]. - The inventory of imported coking coal at 16 ports was 553.79 million tons, up 29.08 million tons; the total inventory of coking coal of independent coking enterprises was 892.35 million tons, up 44.17 million tons [2]. - The inventory of coking coal of 247 steel mills nationwide was 782.93 million tons, down 6.67 million tons; the inventory of coke of 247 sample steel mills was 637.80 million tons, up 0.31 million tons [2]. - The available days of coking coal of independent coking enterprises were 12.48 days, down 0.03 days; the available days of coke of 247 sample steel mills were 11.64 days, up 0.12 days [2]. 3.4 Industry Situation - The import volume of coking coal was 738.69 million tons, down 150.65 million tons; the export volume of coke and semi - coke was 68.00 million tons, up 13.00 million tons [2]. - The output of coking coal was 4,070.27 million tons, up 144.11 million tons; the capacity utilization rate of independent coking enterprises was 72.87%, down 0.30 percentage points [2]. - The profit per ton of coke of independent coking plants was - 63.00 yuan/ton, down 11.00 yuan/ton; the output of coke was 4,237.60 million tons, up 77.60 million tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 83.44%, down 0.40 percentage points; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.27%, down 0.58 percentage points [2]. - The crude steel output was 8,654.50 million tons, up 52.60 million tons [2]. 3.6 Industry News - The vice - president of the China Iron and Steel Association, Wang Yingsheng, said that the total steel output in China has reached its peak. The domestic consumption of crude steel is expected to remain at around 800 - 900 million tons, and the industry shows an obvious trend of减量 development, but the industrial concentration is increasing [2]. - Foreign Minister Wang Yi met with US Secretary of State Rubio in Kuala Lumpur. They agreed to strengthen communication and dialogue and explore expanding cooperation areas [2]. - Minister of Industry and Information Technology Li Lecheng chaired a party group meeting, stating that efforts should be made to implement large - scale equipment renewal and technological transformation projects in the manufacturing industry and promote digital transformation [2]. - In the next week, the heat will intensify in many places, and nearly 10 provinces such as Shaanxi, Hebei, and Henan will experience extremely hot weather above 40°C [2].

Group 1 - The black building materials sector of steel products is expected to fluctuate [1] Group 2 - Friday, rebar continued to rise, but closed lower at night [1] - The Minister of Industry and Information Technology, Li Lecheng, chaired a party group meeting, emphasizing high - end, intelligent, and green development in manufacturing [1] - This week, the output of five major steel products was 872,720 tons, a weekly decrease of 12,440 tons; the total inventory was 1,339,580 tons, a weekly decrease of 350 tons; consumption decreased by 1.4% [1] - Li Yongjun believes that the key to judging the industrial cycle is demand, and there is still room for per - capita consumption of crude steel in China [1] - Recently, steel mills in Shanxi are restricted in production by 10 - 20%. Last week, rebar production decreased, social inventory decreased, factory inventory increased, and total inventory decreased. Demand shows off - season characteristics [1] - The main pressure level of rebar is 3200, with an important support level at 3000; the support level of hot - rolled coil is 3130, and the pressure level is 3300; the support level of stainless steel is 12600, and the pressure level is 13000 [1] - The spread between spot and futures has widened rapidly. Pay attention to the opportunity of buying spot and selling futures. For single - sided trading, there is a high possibility of a short - term correction. Aggressive investors can try short - selling with a stop - loss set [1]

Core Viewpoint - The Chinese government has approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)", emphasizing the necessity of advancing green low-carbon development in the manufacturing sector as a strategic imperative for global economic transformation and industrial competitiveness [1] Group 1: Achievements in Green Manufacturing - The supply capacity of green products in China's manufacturing sector has steadily improved, with green factories expected to account for over 20% of total manufacturing output by 2024, and energy and water consumption reaching advanced industry levels [2] - In 2024, China's production and sales of new energy vehicles reached 12.888 million and 12.866 million units, respectively, maintaining a global leadership position [2] - The photovoltaic industry has seen significant growth, with exports of photovoltaic cells and components increasing by over 40% and 12%, respectively, contributing to the ongoing optimization of the industrial structure towards green low-carbon [2] Group 2: Promotion of Green Low-Carbon Technologies - In 2024, China published the "National Energy-Saving and Carbon Reduction Technology Equipment Recommendation Directory", which includes technologies for energy-saving and carbon reduction across various industrial sectors [3] - A total of 47 advanced green low-carbon technology demonstration projects were selected, focusing on carbon reduction at various stages, providing practical examples for promoting green low-carbon technologies [3] - The establishment of a green manufacturing supply chain system is underway, with 1,382 new national green factories and 123 green industrial parks cultivated in 2024 [3] Group 3: Challenges in Green Manufacturing Development - Core technology innovation in green manufacturing remains insufficient, with challenges in high-end equipment development and reliance on foreign technologies, leading to risks in the supply chain [4] - Small and medium-sized enterprises (SMEs) face slow green transformation due to limited resources and high financing costs, hindering their ability to invest in green technologies [5] - There is a significant regional imbalance in green manufacturing development, with eastern regions outperforming western regions in terms of technology and resource utilization [6] Group 4: Strategic Recommendations for Green Manufacturing - A comprehensive top-level design for green manufacturing development is needed, including financial and policy support to lower financing barriers for SMEs [7] - Establishing a green low-carbon technology innovation system is crucial, focusing on key areas and promoting collaboration between industry and academia to enhance technology transfer [8] - Developing green low-carbon industrial clusters by leveraging the strengths of eastern and western regions can help balance regional development and enhance overall competitiveness [8]

Core Viewpoint - The article discusses recent developments in China's fiscal policy and financial support for technology and small enterprises, highlighting the government's efforts to stimulate economic growth and innovation through various measures [1][4][10]. Group 1: Fiscal Revenue and Expenditure - In the first four months of the year, China's general public budget revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [13]. - Central government revenue fell by 3.8% year-on-year, but the decline was reduced by 1.9 percentage points from the first quarter, with April showing a positive growth of 1.6% [15]. - Local government revenue increased by 2.2% year-on-year, maintaining the same growth rate as the first quarter [15]. - National tax revenue totaled 65,556 billion yuan, down 2.1% year-on-year, with a narrowing decline of 1.4 percentage points from the first quarter [15]. Group 2: Support for Technology and Small Enterprises - Eight departments jointly issued measures to support financing for small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [10]. - The policy aims to alleviate financing difficulties for small businesses, enhance profitability, and stabilize economic growth [10]. - The government is working to build a more comprehensive technology finance system to guide financial resources towards technological innovation, thereby supporting high-level self-reliance in technology [9]. Group 3: Green Development in Manufacturing - The State Council approved the "Green and Low-Carbon Development Action Plan for Manufacturing (2025-2027)", emphasizing the need for green technology innovation and the promotion of advanced green technologies [12]. - The plan aims to facilitate the deep green transformation of traditional industries and promote high-starting green development in emerging industries [12]. - This transition is expected to create a market for energy-saving renovations worth hundreds of billions, driving technological upgrades in enterprises [12]. Group 4: Cross-Border Financing for Enterprises - The People's Bank of China and the State Administration of Foreign Exchange released a draft notice to optimize cross-border fund management for domestic enterprises listed overseas, aiming to enhance financing convenience [13]. - The notice includes 26 articles focused on improving the efficiency of cross-border financing and enhancing the flexibility of fund usage [13].

Economic Overview - In April, China's major economic indicators showed stable and relatively fast growth, continuing a positive trend despite facing severe challenges from complex international environments and external shocks [2][3][4] - The overall economic recovery foundation remains unstable, necessitating increased counter-cyclical adjustments in macroeconomic policies and expanded government investment in public goods to stimulate production and employment [2][3][4] Production and Supply - In April, the industrial added value for large-scale enterprises grew by 6.1% year-on-year, while the service production index increased by 6.0%, indicating a relatively fast pace of growth [4][5] - However, both production and supply growth showed signs of slowing down compared to March, primarily due to a market condition of oversupply leading to declining prices, with the Producer Price Index (PPI) falling by 2.7% year-on-year [4][5][6] Domestic Demand - Domestic demand expanded steadily in April, with retail sales of consumer goods increasing by 5.1% year-on-year, supported by policies encouraging the replacement of old consumer goods [5][6] - The total import and export volume reached 38,391 billion yuan, a year-on-year increase of 5.6%, although export growth showed a significant decline compared to March [5][6] Investment Trends - Investment growth showed a slight decline, with cumulative year-on-year growth at 4%, and manufacturing investment growth at 8.8%, both lower than the previous quarter [5][6] - Real estate investment continued to decline, with a cumulative year-on-year decrease of 10.3%, indicating a worsening trend [5][6] Policy Recommendations - To effectively stimulate market confidence and unleash domestic demand potential, it is crucial to enhance the government's counter-cyclical policy measures and significantly increase public investment [6][7] - The focus should be on improving the quality of public goods and expanding investment to drive production, employment, and income growth, thereby activating the vast domestic demand market [6][7]

Core Viewpoint - The article emphasizes the importance of promoting green and low-carbon development in the manufacturing industry, highlighting the need for technological innovation, traditional industry transformation, and the establishment of a comprehensive support system for enterprises [1][2]. Group 1: Focus Areas of the Action Plan - The action plan will focus on three main areas: carbon footprint accounting standards for industrial products, the establishment of a new solid waste comprehensive utilization system, and the promotion of clean low-carbon hydrogen applications in the industrial sector [2]. - It aims to accelerate the development of carbon footprint accounting standards for key products such as steel, electrolytic aluminum, lithium batteries, and new energy vehicles, facilitating the reduction of carbon emissions throughout the product lifecycle [2]. - The plan will also address the comprehensive utilization of waste materials, particularly focusing on used power batteries and photovoltaic components, to prepare for the upcoming retirement peak [2]. Group 2: Key Strategies - Strengthening green technology innovation and application is a core direction of the action plan, aiming to fundamentally change manufacturing processes to reduce energy consumption and environmental pollution [3]. - The plan emphasizes the transformation of traditional industries, which are crucial yet challenging for green low-carbon development, by optimizing production equipment and processes to enhance energy efficiency and reduce emissions [4][5]. - For emerging industries, the plan advocates for high-standard green development, promoting clean energy use and resource recycling from the outset, particularly in sectors like new energy vehicles and photovoltaics [6]. Group 3: Technical and Policy Support - The action plan highlights the need for common technology breakthroughs, which are essential for supporting the green low-carbon development of the manufacturing sector, alongside the establishment of standardized practices [7]. - Optimizing policies and establishing a robust service system are crucial for creating a favorable environment for green transformation, including financial incentives and support services for enterprises [8].

Company - Haiguang Information and Zhongke Shuguang are planning a stock swap merger, which will optimize the industry layout from chips to software and systems [2] - Zhongke Shuguang's stock will be suspended from trading starting May 26 due to the merger announcement [2][13] - Haiguang Information will issue A-shares to all A-share shareholders of Zhongke Shuguang as part of the merger [2] Industry - Nvidia is set to launch a new AI chip for the Chinese market based on the Blackwell architecture, expected to start mass production as early as June [3] - The new AI chip will be priced significantly lower than the previous H20 chip, marking Nvidia's third release of a downgraded chip that complies with U.S. regulations for China [3] - The State Council of China has approved a green low-carbon development action plan for the manufacturing industry for 2025-2027, aiming to promote deep green transformation of traditional industries [4] - The plan includes measures to enhance ecological protection compensation mechanisms and accelerate the green transformation of key industries [4]

Core Viewpoint - The State Council's approval of the "Green Low-Carbon Development Action Plan for Manufacturing Industry (2025-2027)" aims to promote deep green transformation in traditional industries, facilitating a shift from "scale speed" to "quality efficiency" in manufacturing [1][2]. Group 1: Policy Implementation and Industry Transformation - The manufacturing sector has made significant progress in green transformation due to the introduction of various supportive policies, with a target for notable achievements by 2030 [2]. - By 2024, the number of national-level green factories reached 6,430, contributing approximately 20% to the total manufacturing output value, an increase of 2 percentage points from the previous year [2]. - The emphasis on accelerating green upgrades in key industries, such as steel, chemicals, and construction materials, is expected to lead to increased investments in technology upgrades and energy-saving measures [3][4]. Group 2: Industry-Specific Developments - As of April 20, 2025, 189 steel enterprises have completed or partially completed ultra-low emission modifications, with 141 fully achieving these upgrades, impacting a crude steel capacity of approximately 591 million tons [4]. - The steel industry is enhancing its competitiveness through equipment updates and green technology modifications, which are essential for building a green manufacturing system [4]. Group 3: Future Policy Directions - The Ministry of Industry and Information Technology (MIIT) plans to establish a comprehensive green low-carbon development mechanism, including the formulation of carbon footprint accounting standards and promoting clean hydrogen applications in the industrial sector [5][6]. - Future policies are expected to focus on refining standards for energy efficiency, carbon emissions, and green manufacturing, which will guide the green low-carbon development of the manufacturing industry [6]. - Financial policies are suggested to support enterprises in green technology research and development, energy-saving projects, and green upgrades, encouraging the adoption of advanced green technologies [6].

【重点关注】 ·国常会审议通过《制造业绿色低碳发展行动方案（2025－2027年）》 强调传统产业绿色转型有"深度" 新兴产业绿色发展"高起点" ·央行、外汇局完善境内企业境外直接上市资金管理统一境内企业赴境外上市本外币管理政策参与H 股"全流通"的上市主体对境内股东的分红款在境内以人民币形式派发 ·八部门联合印发《支持小微企业融资的若干措施》 从增加融资供给等方面进一步改善小微企业、个体 工商户融资状况 ·多部门合力支持科技金融创新金融监管总局将批复600亿元第三批保险资金长期投资改革试点证监会大 力度支持优质未盈利科技企业上市 ·前4个月全国一般公共预算支出同比增长4.6% 财政支出进度为2020年以来同期最快 ·商务部：中国连续16年保持非洲第一大贸易伙伴国地位 ·连续第三个月加量续做中国人民银行将开展5000亿元MLF操作 5月MLF净投放量达到3750亿元 ·宁德时代20日登陆港交所为近年港股最大IPO项目 ·美国会众议院通过大规模减税法案预计将在未来十年再增加约3.8万亿美元 ·商务部新闻发言人就美国商务部调整芯片出口管制有关表述答记者问。中方敦促美方立即纠正错误做 法，停止对华歧视性措施。双方应 ...