1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The macro - level shows that the State - owned Assets Supervision and Administration Commission of the State Council aims to resist "involution - style" competition and optimize the allocation of state - owned capital. The National Energy Administration will conduct a production check on coal mines in 8 provinces (regions) to ensure stable coal supply [1][4][5]. - Fundamentally, last week's industrial data was average, with a weak balance between supply and demand. The output and apparent demand of rebar increased, and inventory decreased slightly. The output and apparent demand of hot - rolled coils decreased, and inventory increased slightly. The market sentiment dominated the futures price trend, and it is expected that the futures price will maintain a volatile trend [1][5] 3. Summary by Directory 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3356 | 209 | 6.64 | 16533372 | 2980480 | Yuan/ton | | SHFE Hot - rolled Coil | 3507 | 197 | 5.95 | 5506489 | 1507782 | Yuan/ton | | DCE Iron Ore | 802.5 | 17.5 | 2.23 | 2593703 | 562835 | Yuan/ton | | DCE Coking Coal | 1259.0 | 333.0 | 35.96 | 15546782 | 834111 | Yuan/ton | | DCE Coke | 1763.0 | 245.0 | 16.14 | 397069 | 54288 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures fluctuated strongly, affected by market sentiment. In the second half of the week, the market showed differentiation, and the sentiment cooled down. In the spot market, the price of Tangshan billet was 3160 (+160) yuan/ton, Shanghai rebar was quoted at 3430 (+180) yuan/ton, and Shanghai hot - rolled coil was 3500 (+160) yuan/ton [4] 3.3 Industry News - The National Energy Administration will check coal production in 8 provinces (regions) to ensure stable coal supply. From January to June this year, 16,500 old urban residential areas were newly started for renovation in China, with 6 regions having a start - up rate of over 80%. Multiple departments are taking measures to combat "involution - style" competition [6][10] 3.4 Related Charts - The content provides 20 charts showing the trends of rebar and hot - rolled coil futures, basis, regional price differences, production, inventory, and other aspects [9]

Market Overview - On July 24, 2025, A-shares saw collective gains with the Shanghai Composite Index closing above 3600 points, up 0.65%, while the Shenzhen Component rose 1.21% and the ChiNext Index increased by 1.5% [1] - Hong Kong's stock indices showed mixed results, with the Hang Seng Index rising 0.51% to 25667.18 points, marking a near four-year high, while the Hang Seng Tech Index slightly declined by 0.05% [1] - In the U.S. market, the Dow Jones fell by 0.7% to 44693.91 points, while the S&P 500 and Nasdaq gained 0.07% and 0.18% respectively, with both indices reaching historical highs [1] New Stock Offering - HanSang Technology, listed on the ChiNext with a stock code of 301491, has an offering price of 28.91 yuan per share and a price-to-earnings ratio of 14.9 times. The company specializes in high-end audio products and comprehensive audio technology solutions, serving globally recognized audio brands [3] Regulatory Developments - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need to optimize the allocation of state-owned assets and resist "involution-style" competition, focusing on restructuring and integration of state-owned enterprises [4][5] - The SASAC aims to enhance corporate governance, market-oriented operational mechanisms, and regulatory methods to improve the efficiency and effectiveness of state-owned enterprise management [5] Industry Regulation - The State Administration for Market Regulation has initiated a three-month campaign to improve the quality and safety of power banks, focusing on five key areas including strengthening CCC certification oversight and increasing quality supervision [6] - The campaign will also enforce stricter regulations against the sale of non-compliant power banks and enhance recall efforts for defective products, ensuring consumer safety [6]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need to optimize the allocation of state-owned capital and to resist "involution-style" competition through restructuring and integration efforts [1] Group 1: Optimization of State-owned Capital - The SASAC aims to promote the optimization of state-owned capital allocation and to establish a new layout structure for state-owned capital [1] - The focus is on enhancing corporate governance to be more scientific and standardized, while also making market-oriented operational mechanisms more flexible and efficient [1] Group 2: Regulatory Framework - The SASAC stresses the importance of balancing "active release" and "effective control" to create a new regulatory approach for state-owned assets [1] - There is a commitment to continuously improve the professionalism, systematic nature, legality, and efficiency of regulatory measures [1]