Core Viewpoint - The "New Three Items" (electric vehicles, lithium batteries, photovoltaic products) have seen rapid development due to tax incentives, but there is an increasing trend of tax fraud and abuse within this sector, prompting the need for stricter regulation and compliance [1][2] Group 1: Tax Fraud and Compliance Issues - The State Taxation Administration has exposed two cases of tax fraud in the "New Three Items" sector, marking the first disclosure of such violations in this area [1] - Some businesses are using the "savings" from tax incentives to lower prices, leading to excessive competition and harming compliant enterprises, thus disrupting fair market order [1] Group 2: Policy and Market Implications - The Central Political Bureau meeting emphasized the need to advance the construction of a unified national market and optimize market competition order, advocating for legal governance of disorderly competition [1] - Experts suggest that companies in the "New Three Items" sector should focus on technological innovation and market expansion rather than exploiting tax compliance loopholes [1] - Stricter enforcement against tax fraud is seen as essential for ensuring that tax benefits reach companies genuinely focused on innovation and quality improvement, which is crucial for the long-term healthy development of the industry [1] Group 3: Industry Development and Future Directions - The "New Three Items" industry has experienced significant growth due to supportive policies, but it now faces challenges such as "involution" competition and weakened profitability, necessitating the optimization of incentive policies [2] - Adjustments to fiscal subsidy standards and tax incentives should be made based on industry development stages, technological advancements, and cost changes to promote a shift from "policy-driven" to "innovation-driven" growth [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report comprehensively presents the overnight performance of global financial markets, including futures, stocks, bonds, and foreign exchange. It also covers important macro, industrial, and overseas news, reflecting the complex influence of geopolitical events, policy changes, and economic data on market trends. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - International precious metal futures closed mixed, with COMEX gold futures down 0.95% at $3311.00 per ounce and COMEX silver futures up 0.06% at $36.93 per ounce [2]. - International oil prices strengthened slightly, with the U.S. oil main contract up 0.37% at $68.18 per barrel and Brent crude oil main contract up 0.62% at $70.01 per barrel [2]. - London base metals mostly rose, except for LME copper which fell 1.67% to $9665.00 per ton [2]. - Domestic futures main contracts mostly rose, with coking coal, low - sulfur fuel oil etc. rising over 1%, and methanol falling nearly 1% [3]. - CBOT agricultural product futures main contracts mostly fell, with soybean, corn, and wheat futures all down [3]. Important News Macro News - Houthi attacks in the Red Sea led to two deaths on a ship. June's new - energy passenger vehicle domestic retail sales reached 1.111 million, up 29.7% year - on - year [6]. - Trump plans to impose tariffs on imports from 14 countries starting August 1. China opposes tariff wars [6]. - Australian Prime Minister Albanese will visit China from July 12 - 18. The U.S. Treasury Secretary plans to meet with Chinese officials [7]. Energy and Chemical Futures - From July 7 - 13, the number of New Zealand log pre - arrival ships at 18 ports decreased by 31% week - on - week, and the arrival volume decreased by 26% [9]. - As of July 7, domestic asphalt social inventory increased 0.2% week - on - week [9]. - India plans to import about 10% of cooking LPG from the U.S. starting in 2026 [9]. - Brent crude oil prices are expected to fall to $65 per barrel in autumn and rise to $70 next year [10]. - Propylene futures will be listed on July 22, 2025, with specific trading and margin rules [10]. - Vietnam's June rubber exports increased 47.8% month - on - month [11]. - EIA expects WTI and Brent crude oil average prices to change in the next two years [11]. Metal Futures - The polysilicon market price increased significantly, and there are expectations of price increases in the silicon wafer and component sectors [13]. - The UK may not reach a steel and aluminum trade agreement with the U.S. this week but expects to reach one by the end of the month [13]. - The supply - demand structure of the silicon material market is basically balanced, and it is in the de - stocking stage [13]. - Platinum and palladium futures research and development are in the final stage [15]. - Global gold ETFs increased by $38 billion in the first half of the year [15]. Black - Series Futures - On July 8, the inventory of imported iron ore at 47 ports in China decreased by 620,800 tons compared to last Monday [17]. - Hebei Iron and Steel Group increased its procurement of ferrosilicon and silicon - manganese in July [17]. - The inventory of iron ore at seven major ports in Australia and Brazil increased by 30,800 tons [17]. - Shandong cement enterprises started a new round of staggered production [18]. Agricultural Product Futures - In June, the开机 rate of major oil mills in China was high, and it is expected to remain so in July. The inventory of soybean meal is expected to rise above 1 million tons by the end of July [21]. - U.S. importers will bear the cost of the increase in palm oil tariffs [22]. - As of June 30, EU's 2024/25 soft wheat exports and imports of various agricultural products are reported [22]. Financial Markets Financial - A - shares rose unilaterally, with the Shanghai Composite Index hitting a new high for the year. The Hong Kong stock market also rose, and relevant regulatory and market events occurred [24][25]. - The China Securities Association plans to revise the management method for the professional reputation information of the securities industry [26]. - Northbound funds' shareholding value and quantity increased in Q2 2025, and they increased their positions in some industries [26]. - Many wealth management products were terminated early due to the strong stock market [27]. - The number of newly - registered private securities investment funds increased significantly in the first half of the year [27]. - Shein submitted a secret listing application to the Hong Kong Stock Exchange [27]. Industry - 33 construction companies issued an "anti - involution" initiative [29]. - The photovoltaic sector responded to "anti - involution", and polysilicon prices rose [29]. - Four freight platforms signed an self - discipline convention to protect truck drivers' rights [29]. - June's national passenger vehicle retail sales increased year - on - year and month - on - month, with new - energy vehicles performing well [29]. Overseas - Trump called for the Fed Chairman to resign and advocated for interest rate cuts [30]. - Global countries responded to Trump's tariff measures [30]. - The UK may miss the deadline for a steel and aluminum trade agreement with the U.S. but expects to reach it later [32]. - Macron visited the UK, and Bulgaria will adopt the euro in 2026 [32]. - The EU will investigate Italy's intervention in a bank acquisition [32]. - The RBA kept the key interest rate unchanged [32]. - Germany's May exports declined, and Japan's May current account surplus increased [33][34]. International Stock Markets - U.S. stocks closed mixed, European stocks rose slightly. Goldman Sachs raised the S&P 500 index target [36]. - Samsung Electronics' Q2 operating profit decreased, and it announced a share - buyback plan [37]. Commodities - Similar to the overnight market trends, precious metals, oil, and base metals had their respective price movements. Gold ETFs had significant growth, and platinum and palladium futures preparation advanced [38][40]. Bonds - Domestic inter - bank interest - rate bonds' yields rose, and relevant bond - related optimization measures were announced [42]. - Some rating companies may simplify credit rating reports. U.S. and Japanese bond yields changed [44]. Foreign Exchange - The on - shore RMB against the U.S. dollar rose slightly. The Hong Kong Monetary Authority intervened in the foreign exchange market. The U.S. dollar index fell slightly [45].