Core Viewpoint - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to regulate price competition and maintain a sound market price order to support high-quality development [1][2]. Group 1: Regulatory Framework - The announcement emphasizes that operators of market-regulated goods and services must adhere to the principles of fairness, legality, and good faith, basing their pricing on production costs and market supply and demand [1]. - Regulatory bodies will collaborate with industry authorities to enhance policy dissemination, reminding operators to comply with laws and improve product quality and service levels [1][2]. Group 2: Enforcement Measures - Operators suspected of engaging in disorderly price competition will receive warnings and be required to standardize their pricing behavior, with a focus on maintaining the bottom line of price competition [1]. - If operators fail to comply after warnings, they will be closely monitored, and necessary investigations into costs and price supervision will be conducted, with legal actions taken against violations [1]. Group 3: Compliance with Laws - Operators must strictly follow the provisions of the Bidding Law and its implementation regulations, ensuring that bidding does not occur below cost to protect product and service quality [1]. Group 4: Market Dynamics - Experts suggest that fair and moderate competition is beneficial for market selection and resource allocation efficiency, highlighting the importance of guiding enterprises to operate in compliance with laws [2]. - Long-term strategies should include developing emerging industries, optimizing the innovation environment, strengthening standards, and expanding the domestic consumption market to create a more efficient and regulated market competition environment [2].

Core Viewpoint - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to regulate market pricing behavior and maintain a good market price order to support high-quality development [1][2]. Group 1: Market Price Order - The current disorderly competition in some industries may lead to negative impacts on industry development, product innovation, and quality safety, which is detrimental to the healthy development of the national economy [1]. - The government is implementing policies to resolve structural contradictions in key industries, promote the exit of backward and inefficient production capacity, and expand the supply of mid-to-high-end capacity [1][2]. Group 2: Pricing Principles - Operators of market-regulated goods and services should adhere to the principles of fairness, legality, and good faith, basing their pricing on production costs and market supply and demand [2]. - The announcement emphasizes the importance of maintaining market price order while protecting operators' right to set prices autonomously [2]. Group 3: Industry Average Cost Evaluation - Industry associations can evaluate average costs in key industries with serious pricing disorder to provide reference for reasonable pricing [3]. - Evaluating industry average costs serves three main purposes: providing pricing reference for operators, guiding improvements in production management, and assessing industry competition [3]. Group 4: Role of Industry Associations - Industry associations are encouraged to comply with relevant laws and promote self-discipline within the industry to maintain fair competition [4]. Group 5: Tendering and Bidding Regulations - The announcement includes specific regulations for operators in the tendering and bidding sector, prohibiting bids below their own costs [5][6]. - Measures against disorderly pricing include reminders, regulatory enforcement, and credit punishment for non-compliance [6][7]. Group 6: Monitoring and Enforcement - The government will enhance industry self-discipline, strengthen market monitoring, and enforce regulations to address pricing disorder [7].

Report Industry Investment Rating No relevant content provided. Report's Core View - Gold is expected to continue hitting new highs, and silver is set to challenge the $50 mark [2][4]. - The rise in the US dollar restricts the upward movement of copper prices [2][9]. - Zinc is showing a slight rebound [2][12]. - The increase in lead inventories limits the price recovery [2][15]. - Tin is accelerating its upward trend [2][17]. - Aluminum is in a range - bound oscillation, alumina is operating weakly, and cast aluminum alloy follows the trend of electrolytic aluminum [2][22]. - Nickel faces a situation where smelting inventory accumulation and ore - end expectations are in a tug - of - war, and caution is needed regarding news disturbances. Stainless steel prices are oscillating due to the short - term supply - demand and cost game [2][25]. Summary by Related Catalogs Precious Metals - **Fundamentals**: For gold, the closing price of SHFE Gold 2512 was 914.32 with a daily increase of 7.24%, and the night - session closing price was 902.28 with a decrease of 1.17%. For silver, the closing price of SHFE Silver 2512 was 11169 with a daily increase of 5.54%, and the night - session closing price was 11078.00 with a decrease of 1.17% [5]. - **Trend Intensity**: Gold and silver both have a trend intensity of 1 [7]. Copper - **Fundamentals**: The closing price of the SHFE copper main contract was 86,750 with a daily increase of 4.38%, and the night - session closing price was 86650 with a decrease of 0.12%. The LME copper 3M electronic - disk closing price was 10,777 with an increase of 0.74% [9]. - **Macro and Industry News**: The US macro - economic data is in a vacuum, and investors are concerned about the bubble risk. Freeport declared force majeure at the Grasberg mine in Indonesia [9][11]. - **Trend Intensity**: Copper has a trend intensity of 0 [11]. Zinc - **Fundamentals**: The closing price of the SHFE zinc main contract was 22315 with an increase of 2.25%, and the LME zinc 3M electronic - disk closing price was 2994.5 with a decrease of 1.56% [12]. - **News**: The Fed's理事巴尔 emphasized inflation risks and said that interest - rate cuts should be cautious [13]. - **Trend Intensity**: Zinc has a trend intensity of 0 [14]. Lead - **Fundamentals**: The closing price of the SHFE lead main contract was 17115 with an increase of 1.03%, and the LME lead 3M electronic - disk closing price was 2004.5 with a decrease of 0.02%. The SHFE lead futures inventory increased by 500 tons to 30068 tons [15]. - **News**: The US macro - economic data is in a vacuum, and investors are concerned about the bubble risk [15]. - **Trend Intensity**: Lead has a trend intensity of 0 [15]. Tin - **Fundamentals**: The closing price of the SHFE tin main contract was 287,090 with an increase of 4.75%, and the night - session closing price was 287,400 with an increase of 0.82%. The LME tin 3M electronic - disk closing price was 36,820 with an increase of 1.57% [18]. - **Macro and Industry News**: Multiple macro - economic and industry events were reported, such as China's export controls and the US government shutdown [19]. - **Trend Intensity**: Tin has a trend intensity of 1 [21]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The closing price of the SHFE aluminum main contract was 21090, and the closing price of the SHFE alumina main contract was 2875. The closing price of the aluminum alloy main contract was 20615 [22]. - **Comprehensive News**: The US Bureau of Labor Statistics plans to release the September CPI data during the government shutdown [24]. - **Trend Intensity**: Aluminum, alumina, and aluminum alloy all have a trend intensity of 0 [24]. Nickel and Stainless Steel - **Fundamentals**: The closing price of the SHFE nickel main contract was 124,480, and the closing price of the stainless - steel main contract was 12,860 [25]. - **Macro and Industry News**: Indonesia plans to shorten the mining quota period, and some nickel - iron smelting plants in Indonesia have suspended production due to losses [25][26]. - **Trend Intensity**: Nickel and stainless steel both have a trend intensity of 0 [31].

Core Viewpoint - The announcement aims to address disordered price competition in certain industries, which negatively impacts industry development, product innovation, and quality safety, ultimately harming the healthy development of the national economy [1] Group 1: Regulatory Measures - The announcement emphasizes the need for a combination of pre-guidance and ongoing supervision to maintain a fair competitive market environment [2] - It outlines three regulatory measures for businesses engaging in disordered price competition: reminders and warnings, regulatory enforcement, and credit punishment [3] Group 2: Industry Self-Regulation - Industry associations are encouraged to strictly adhere to price laws and anti-monopoly regulations to promote self-discipline within the industry [2] - The announcement calls for key enterprises to lead by example in complying with legal requirements to foster industry self-regulation [3] Group 3: Cost Assessment and Pricing Strategy - Conducting assessments of industry average costs will provide businesses with reference points for reasonable pricing, helping them optimize pricing strategies [2] - Understanding the overall industry situation can assist businesses in improving production management and offering reasonably priced goods and services [2] Group 4: Legal Framework - The announcement reiterates existing laws that prohibit bidding below cost, emphasizing that bids below the average industry cost but above the individual business's cost are not subject to rejection [3] - It highlights the importance of compliance with the bidding law and its implementation regulations to prevent low-quality, low-price bids [3]

Group 1 - The core viewpoint of the article emphasizes the need for regulatory measures to address disorderly price competition in certain industries, which can negatively impact industry development and economic health [2][5]. - The announcement aims to protect the autonomy of businesses in pricing while implementing a combination of pre-guidance and ongoing supervision to maintain a fair competitive market environment [2][4]. Group 2 - The announcement outlines the background of the issue, stating that disorderly competition can lead to adverse effects on product innovation and quality, necessitating coordinated efforts between price policy and industrial policy [2]. - It highlights the role of industry associations in assessing average industry costs, which can help businesses set reasonable prices and improve management practices [3][4]. - Specific regulatory measures for businesses engaging in disorderly price competition include warnings, enforcement actions, and credit penalties for non-compliance [5]. - The announcement sets clear requirements for businesses regarding bidding practices, prohibiting bids below their own costs while allowing bids above their costs but below industry averages [6]. - To ensure the implementation of the announcement, the regulatory bodies will promote policy awareness, encourage industry self-discipline, monitor market conditions, and enforce regulations against price violations [7].

Core Viewpoint - The announcement aims to address disorderly price competition in certain industries, which negatively impacts industry development, product innovation, and quality safety, ultimately harming the healthy development of the national economy [2] Group 1: Background and Purpose - Price competition is a crucial aspect of market competition, and its normal functioning is essential for the effective allocation of resources in a socialist market economy [2] - The government is implementing policies to resolve structural contradictions in key industries, promoting the exit of inefficient capacities and expanding the supply of mid-to-high-end capacities [2] Group 2: Measures for Addressing Price Competition - The announcement includes measures such as researching and evaluating industry average costs, strengthening price supervision, and standardizing bidding behaviors to maintain a fair competitive market environment [2][3] - Industry associations are encouraged to conduct evaluations of average costs to provide references for reasonable pricing, guide operational improvements, and assess industry competition [3] Group 3: Regulatory Actions Against Disorderly Competition - The announcement outlines three regulatory measures for businesses engaged in disorderly price competition: reminders and warnings, regulatory enforcement, and credit punishment [4] - Businesses are required to adhere to the bidding law, which prohibits bidding below cost, ensuring product and service quality [5][6] Group 4: Implementation of the Announcement - The National Development and Reform Commission and the State Administration for Market Regulation will guide local authorities in implementing the announcement's key measures [7][8] - Efforts will include policy promotion, encouraging industry self-discipline, enhancing market monitoring, and strengthening regulatory enforcement to maintain a fair competitive market environment [8]

Regulatory Compliance - Businesses must adhere to the "Price Law of the People's Republic of China," ensuring fairness, legality, and good faith in pricing practices [1] - Operators should base pricing decisions on production costs and market supply-demand dynamics, exercising independent pricing rights lawfully [1] Market Order - The announcement emphasizes the importance of maintaining market price order and fostering a fair and competitive market environment [1] - Businesses are encouraged to proactively uphold market price order and contribute to a fair and orderly competitive landscape [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) and the State Administration for Market Regulation (SAMR) have issued an announcement to address disordered price competition, emphasizing the need for businesses to adhere to fair pricing practices and maintain market order [1][3]. Summary by Sections Market Regulation - Businesses are required to follow the principles of fairness, legality, and good faith in pricing, based on production costs and market supply and demand, to maintain market price order [3][4]. - Key industries with significant issues related to price disorder will be assessed by industry associations under the guidance of NDRC and SAMR to provide reasonable pricing references [3]. Compliance and Monitoring - Regulatory bodies will remind businesses to comply with pricing laws and improve product quality and service levels, focusing on those that fail to adhere to pricing norms after warnings [3][4]. - If businesses do not correct their pricing behavior after warnings, regulatory authorities will conduct cost investigations and price supervision checks, taking legal action against violations [3][4]. Industry Self-Regulation - Industry associations are encouraged to promote self-regulation and guide businesses to maintain fair competition in accordance with relevant laws [4]. - NDRC and SAMR will closely monitor market price competition and implement credit regulation measures to penalize dishonest practices [4].

Group 1 - The core viewpoint of the article emphasizes the importance of maintaining market price order during the upcoming National Day and Mid-Autumn Festival, aiming to protect consumer rights and create a safe and fair consumption environment [1] Group 2 - The Ningcheng Market Supervision Administration has organized a special inspection focusing on large and medium-sized supermarkets, fruit gift shops, fresh food supermarkets, and agricultural markets, targeting popular holiday food items such as rice, flour, oil, meat, eggs, milk, mooncakes, and alcohol [3] - Inspections are aimed at identifying illegal activities such as lack of clear pricing, false discount promotions, excessive packaging, and price gouging [3] - The administration has checked 92 market entities so far and has not found any violations [5] Group 3 - The Ningcheng Market Supervision Administration plans to continue its special inspections during the holiday period, enhance complaint channels, and promptly address price-related complaints [5] - The goal is to rigorously combat illegal business practices and foster a positive market atmosphere for healthy development during the holiday season [5]

Report Industry Investment Rating - The investment rating of the steel industry is ★★ [5] Core Viewpoints of the Report - The steel price has corrected recently due to the decline in market sentiment, but the correction space is expected to be limited, mainly in a range-bound consolidation [5][35] - It is recommended to wait for the market to correct and then take a bullish stance on dips, paying attention to the support around 3,100 yuan/ton [5][36] Summary by Relevant Catalogs Price Analysis - **Futures Price**: The螺纹2510 contract fell 3.41% last week and 1.18% on the Friday night session [4] - **Spot Price**: As of August 1, 2025, the spot price of rebar in Shanghai was 3,350 yuan/ton, down 10 yuan/ton from the previous trading day, and in Tianjin it was 3,290 yuan/ton, also down 10 yuan/ton [13] - **Basis and Spread**: No specific data provided Important Market Information - On August 1, the People's Bank of China will continue to implement a moderately loose monetary policy, maintain liquidity, and guide reasonable credit growth [17] - On August 1, the National Development and Reform Commission will speed up the revision of the Price Law and regulate market price order [17] Supply - Side Situation - As of July 2025, the non - manufacturing PMI for the construction industry was 50.6, down 2.2% month - on - month; the Lange Iron and Steel: Steel Circulation Industry Purchasing Managers' Index was 49.8, up 4.2% month - on - month [24] Demand - Side Situation - No specific demand - side data summary was provided in the text other than the reference to related charts Fundamental Analysis - As of a certain time, the total inventory of imported iron ore in 45 ports in China was 13,657.90 million tons, down 132.48 million tons month - on - month; in 47 ports it was 14,222.01 million tons, down 173.67 million tons month - on - month [34] - The blast furnace operating rate of 247 steel mills was 83.46%, flat month - on - month and up 2.18% year - on - year; the blast furnace ironmaking capacity utilization rate was 90.24%, down 0.57% month - on - month and up 1.37% year - on - year [5][34] - The daily average coke output of 247 steel mills decreased by 0.19, the capacity utilization rate decreased by 0.35% to 86.62%, the coke inventory decreased by 13.29 to 626.69, and the available days of coke decreased by 0.28 days to 11.17 days [34] - The steel industry PMI in July 2025 was 50.5%, up 4.6 percentage points month - on - month, ending two consecutive months of decline and returning to the expansion range [5][34] 后市展望 - The steel price is expected to have limited correction space and mainly move in a range - bound consolidation [5][35] Operation Strategy - Wait for the market to correct and then take a bullish stance on dips, paying attention to the support around 3,100 yuan/ton [5][36]