Economic Performance - China's economy has shown better-than-expected performance in the second quarter despite significant external pressures, with a GDP growth rate of 5.3% year-on-year [2] - The retail sales of consumer goods reached 24.55 trillion yuan, with consumption contributing 52% to economic growth, highlighting consumption as a key driver [2] Macroeconomic Policy - Several foreign financial institutions have raised their growth forecasts for China, citing the consistency and foresight of macroeconomic policies as a key reason [3] - The political bureau meeting emphasized maintaining policy continuity and stability while enhancing flexibility and foresight, with a focus on effective implementation of fiscal and monetary policies [3] - The meeting outlined plans to stimulate domestic demand, improve consumption, and boost effective investment, particularly in service consumption and private investment [3] Market Competition - The Chinese government is focusing on addressing "involution" in competition, aiming to optimize market competition order and regulate disorderly competition among enterprises [4] - Recent measures include revising pricing laws and addressing issues related to subsidy wars in various sectors, expanding the focus from previously highlighted industries to include e-commerce and food delivery platforms [4] - The government aims to use legal means to curb excessive price competition and promote a healthier competitive environment [5]

Group 1: Metal Market Overview - LME copper experienced a decline of 1.2%, settling at $9,406 per ton, while SHFE copper dropped 0.74% to 77,450 CNY per ton, with domestic import profits slightly positive [1] - LME nickel fell by 0.38% to $15,630 per ton, and SHFE nickel decreased by 0.35% to 123,640 CNY per ton, with LME inventory down by 300 tons and SHFE warehouse receipts down by 416 tons [1] - Aluminum and alumina markets showed weakness, with alumina at 2,700 CNY per ton (down 0.22%) and SHFE aluminum at 19,340 CNY per ton (down 1.55%), indicating a potential oversupply situation [1] Group 2: Supply and Demand Dynamics - The supply side for nickel iron shows signs of production cuts, while demand remains under pressure, leading to short-term price fluctuations [1] - The silicon market is also experiencing weakness, with polysilicon at 35,520 CNY per ton (down 3.14%) and industrial silicon at 8,290 CNY per ton (down 0.96%), as traders push for lower prices ahead of the holiday [1] - Lithium carbonate futures fell by 1.99% to 64,160 CNY per ton, with spot prices for battery-grade lithium carbonate also declining, indicating ongoing inventory accumulation despite some demand replenishment [1]