Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On August 4, the silicon iron 2509 contract closed at 5674, down 0.56%. On the spot side, the spot price of silicon iron in Ningxia was reported at 5500, down 50 yuan/ton. The macro - side saw Trump 2.0 make a military threat against Russia. With low - level operation of the start - up rate, the price of semi - coke in Ningxia on the cost side decreased, and the overall expectation of steel demand remained weak. The production profit of ferroalloys was negative, with the spot profit in Inner Mongolia at 180 yuan/ton and in Ningxia at 330 yuan/ton. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2] - On August 4, the manganese - silicon 2509 contract closed at 5972, down 0.03%. On the spot side, the spot price of manganese - silicon in Inner Mongolia was reported at 5780, down 20 yuan/ton. Officially, it was announced that starting from August 8, the value - added tax on the interest income of newly issued national bonds, local bonds, and financial bonds would be restored. Fundamentally, the factory start - up rate rebounded, the inventory was moderately high. On the cost side, the port inventory of imported manganese ore decreased by 110,000 tons this period, and the downstream hot metal output was high. The spot profit in Inner Mongolia was - 120 yuan/ton and in Ningxia was - 30 yuan/ton. In the market, the procurement price of steel mills this month rebounded compared with the tender price. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2] Group 3: Summary by Catalog Futures Market - The closing price of the SM main contract was 5972 yuan/ton, up 10 yuan; the closing price of the SF main contract was 5674 yuan/ton, down 8 yuan. The SM futures contract positions were 604,837 hands, up 17,425 hands; the SF futures contract positions were 410,505 hands, up 10,430 hands. The net positions of the top 20 in manganese - silicon were - 89,799 hands, up 4,687 hands; the net positions of the top 20 in silicon iron were - 36,866 hands, up 1,153 hands. The SM 1 - 9 month contract spread was 86 yuan/ton, up 12 yuan; the SF 1 - 9 month contract spread was 142 yuan/ton, up 12 yuan. The SM warehouse receipts were 77,611, down 243; the SF warehouse receipts were 21,930, down 112 [2] Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,820 yuan/ton, down 80 yuan; the price of Inner Mongolia silicon iron FeSi75 - B was 5,760 yuan/ton, down 110 yuan. The price of Guizhou manganese - silicon FeMn68Si18 was 5,850 yuan/ton, unchanged; the price of Qinghai silicon iron FeSi75 - B was 5,460 yuan/ton, down 70 yuan. The price of Yunnan manganese - silicon FeMn68Si18 was 5,800 yuan/ton, down 50 yuan; the price of Ningxia silicon iron FeSi75 - B was 5,710 yuan/ton, down 120 yuan. The average value of the manganese - silicon index was 5,837 yuan/ton, up 149 yuan; the basis of the SF main contract was 36 yuan/ton, down 112 yuan; the basis of the SM main contract was - 152 yuan/ton, down 90 yuan [2] Upstream Situation - The price of South African ore: Mn38 lump at Tianjin Port was 34 yuan/ton - degree, down 3 yuan; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged. The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,050 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 670 yuan/ton, unchanged. The manganese ore port inventory was 4.385 million tons, down 110,000 tons [2] Industry Situation - The manganese - silicon enterprise start - up rate was 42.18%, up 0.60%; the silicon iron enterprise start - up rate was 33.76%, up 0.43%. The manganese - silicon supply was 190,820 tons, up 4,340 tons; the silicon iron supply was 104,400 tons, up 2,100 tons. The manganese - silicon factory inventory was 164,000 tons, down 41,000 tons; the silicon iron factory inventory was 65,500 tons, up 3,400 tons. The national steel mill inventory of manganese - silicon was 14.24 days, down 1.25 days; the national steel mill inventory of silicon iron was 14.25 days, down 1.13 days [2] Downstream Situation - The demand for manganese - silicon from the five major steel types was 123,715 tons, up 45 tons; the demand for silicon iron from the five major steel types was 19,922 tons, down 143.7 tons. The blast furnace start - up rate of 247 steel mills was 83.48%, unchanged; the blast furnace capacity utilization rate of 247 steel mills was 90.22%, down 0.56%. The crude steel output was 8.3184 million tons, down 336,100 tons [2] Industry News - On August 1, Wang Renfei, Director of the Comprehensive Department of System Reform of the National Development and Reform Commission, said that the government would regulate the disorderly competition of enterprises in accordance with laws and regulations, promote the governance of production capacity in key industries, standardize bidding and tendering, strengthen the fairness review of bid - winning results, standardize local investment promotion behaviors, strengthen the disclosure of investment promotion information, and carry out the cleanup and rectification of market access barriers [2] - On August 1, Jiang Yi, Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, revealed at a press conference that the list of 800 billion yuan of "two major" construction projects this year had been fully issued, and 735 billion yuan of central budget - internal investment had been basically issued [2] - Trump 2.0 made a military threat against Russia for the first time, saying that he ordered the deployment of two US nuclear - powered submarines to the relevant area [2] - The long - term "price war" will eventually become a money - burning game, eroding the innovation and development space of enterprises. The market needs innovation, quality, and efficiency rather than just low prices. As the Chinese economy moves towards high - quality development, the transformation from "trading price for volume" to "quality improvement" has become an inevitable path for various industries [2]

Group 1 - The core viewpoint of the news is the introduction of measures by Chongqing to integrate into the national unified market construction, focusing on breaking down market access barriers and establishing a transparent and orderly market access system [1] Group 2 - Chongqing is actively implementing a negative list system for market access, ensuring that no local or departmental lists are created outside the national unified list [4] - The city has initiated a campaign to clean up and rectify market access barriers, identifying and addressing 15 key violations, with 630 regulatory documents reviewed, 558 deemed compliant, and 43 revised or abolished [4] Group 3 - A comprehensive evaluation of market access efficiency is being conducted, with 20 indicators set to assess the implementation of the negative list system and improve access efficiency and government management capabilities [5] - Future actions include expediting the modification or abolition of non-compliant documents and enhancing the use of evaluation results to further optimize the market access environment [5]

Core Viewpoint - The National Development and Reform Commission (NDRC) has initiated a market access barrier cleanup action to promote the construction of a unified national market, aiming to eliminate unreasonable regulations and practices that hinder market access [1][2]. Group 1: Key Actions and Focus Areas - The action focuses on two main areas: the comprehensive cleanup of unreasonable regulations and the rectification of various unreasonable practices set by local governments [1][2]. - Four specific work arrangements have been established to ensure the effectiveness of the cleanup action, including identifying common access barrier issues, establishing a four-level government coordination mechanism, creating channels for reporting issues, and enforcing local responsibilities for rectification [2]. Group 2: Specific Measures - Fifteen common types of access barrier issues have been identified and made public, such as local approvals for matters already opened at the national level and restrictions on enterprises from other regions [2]. - A mechanism for media supervision has been established, involving the participation of Xinhua News Agency for publicity and oversight, along with a shared case reporting and experience promotion system [2]. - The NDRC has set up a dedicated section on its website for collecting reports on market access barriers, allowing any enterprise or individual to directly report relevant situations [2].

Group 1 - The National Development and Reform Commission, along with the Ministry of Commerce and the State Administration for Market Regulation, will jointly carry out a market access barrier cleanup and rectification action to eliminate unreasonable regulations and practices that violate market access requirements [1][2] - The focus of the cleanup will be on various regulations and practices established by local laws, administrative normative documents, and other policy documents that violate market access system requirements, as well as actions taken by governments at all levels to set up market access barriers [1][2] - The cleanup and rectification work will last for six months, with provincial development and reform commissions required to report regularly to provincial governments on the progress of the work [2] Group 2 - Issues to be addressed include local approvals that remain despite national-level deregulation, insufficient legal basis for approval, unequal access rules due to industry barriers, and inadequate government regulatory capacity leading to hesitance in approvals [2] - Other concerns include the expansion of approval scopes, imposition of additional conditions, regional market barriers due to delegated approval authority, and restrictions on foreign enterprises that violate negative lists and special management measures for foreign investment [2] - The cleanup will transition to a normalized mechanism for verifying, rectifying, and clearing market access barriers after the initial six-month period [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Through macro - fundamental analysis and technical analysis, the report forecasts the trend of various futures on April 30, 2025, including their support and resistance levels, and also analyzes the market situation on April 29, 2025, along with relevant macro - news and commodity - related information [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Outlook - **Stock Index Futures**: Expected to oscillate and consolidate. IF2506 has resistance at 3748 and 3768 points, support at 3715 and 3705 points; IH2506 has resistance at 2640 and 2650 points, support at 2612 and 2605 points; IC2506 has resistance at 5530 and 5561 points, support at 5440 and 5420 points; IM2506 has resistance at 5820 and 5848 points, support at 5700 and 5668 points [2]. - **Treasury Bond Futures**: The ten - year T2506 and thirty - year TL2506 are likely to oscillate strongly. T2506 has resistance at 109.16 and 109.32 yuan, support at 109.00 and 108.88 yuan; TL2506 has resistance at 121.2 and 121.7 yuan, support at 120.8 and 120.4 yuan [3]. - **Precious Metal Futures**: Gold futures AU2506 are likely to oscillate and consolidate, with resistance at 792.2 and 795.0 yuan/gram, support at 780.0 and 774.5 yuan/gram; Silver futures AG2506 are likely to oscillate widely, with resistance at 8296 and 8329 yuan/kg, support at 8159 and 8113 yuan/kg [3]. - **Base Metal Futures**: Copper futures CU2506 are likely to oscillate widely, with resistance at 78200 and 78600 yuan/ton, support at 77600 and 77200 yuan/ton; Aluminum futures AL2506 are likely to oscillate strongly, attacking resistance at 20100 and 20190 yuan/ton, with support at 19930 and 19880 yuan/ton; Alumina futures AO2509 are likely to oscillate weakly, with support at 2650 and 2600 yuan/ton, resistance at 2770 and 2787 yuan/ton [3]. - **Other Commodity Futures**: Industrial silicon, polysilicon, lithium carbonate, rebar, iron ore, crude oil, PTA, PVC, and soybean meal futures are likely to oscillate weakly; Glass and soda ash futures are likely to oscillate weakly [1]. 3.2 Macro - news and Trading Tips - **Domestic News**: President Xi Jinping emphasized Shanghai's role in building an international science and technology innovation center; the Ministry of Foreign Affairs responded to the US Treasury Secretary's remarks on the tariff war; the Ministry of Commerce commented on Boeing's situation; the central financial institutions supported Shanghai's construction of an international financial center; the central bank increased capital injection to ensure market liquidity; the National Development and Reform Commission and other departments carried out a market access barrier cleanup campaign; the Ministry of Human Resources and Social Security proposed reform measures; the central bank mobilized the implementation of the financial "five - article" statistical system [9]. - **International News**: The US Secretary of Commerce mentioned trade agreements and tariff policies; the US Treasury Secretary planned to have talks and proposed tax - related measures; the "helmsman" of the Norwegian sovereign wealth fund warned of global economic risks; global investors sold ESG sustainable funds; US economic data such as job vacancies, consumer confidence, and housing prices were released; euro - zone economic data such as industrial and economic sentiment were released [11]. 3.3 Commodity Futures - related Information - **Domestic Futures Night Session**: Most domestic commodity futures closed lower at night, with energy - chemical products, black series, and some agricultural products falling, while some base metals had mixed performance [13]. - **International Futures**: International precious metal futures and oil futures closed lower on April 29, 2025; London base metals mostly fell; Chicago Board of Trade agricultural product futures closed lower [14]. - **Industry News**: The China National Coal Association called for regulating coal imports; the Ministry of Agriculture and Rural Affairs issued a plan for the livestock - breeding grain - saving action; the World Bank predicted commodity prices; US API crude oil inventories increased; the US dollar index rose [15]. 3.4 Futures Market Analysis and Outlook - **Stock Index Futures**: On April 29, 2025, major stock index futures contracts showed different trends, with some falling slightly and some having short - term rebounds, but most faced resistance and support levels [17]. - **Treasury Bond Futures**: On April 29, 2025, treasury bond futures closed higher across the board, with the ten - year and thirty - year contracts showing strong upward trends, and the central bank conducted reverse - repurchase operations to inject capital [40]. - **Other Futures**: Gold, silver, copper, aluminum, and other futures also had their respective trends on April 29, 2025, and their future trends were predicted, including support and resistance levels [46].

Report Overview - Report Type: Iron Ore Daily Review [1] - Date: April 30, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current fundamentals of iron ore are relatively healthy, and overseas trade risks are gradually easing. However, last Friday, there was a rumor of "crude steel production restrictions" in the market, which changed market sentiment and suppressed the raw material sector. It is recommended to wait and see for the time being [11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Market Review - On April 29, the main 2509 contract of iron ore futures fluctuated strongly, opened higher, oscillated and fell back, and then rebounded, closing at 709.0 yuan/ton, up 0.28%. The prices of major iron ore outer disks remained flat compared with the previous trading day, and the prices of major grade iron ores at Qingdao Port increased by 5 yuan/ton compared with the previous trading day. The KDJ indicator of the daily line of the iron ore 2509 contract continued to decline, and the red column of the MACD indicator of the daily line of the iron ore 2509 contract narrowed for 3 consecutive trading days [7][9] 3.1.2 Future Outlook - Supply: Last week, the shipments from Australia and Brazil increased, and the arrivals at 45 ports rebounded. The total shipments from 19 ports in Australia and Brazil in the past 4 weeks decreased by 1.33% compared with the previous 4 weeks. It is expected that the future arrivals will basically remain at a medium level [10] - Demand: Last week, the daily average pig iron output increased significantly and reached a new high since October 2023. Steel enterprises maintained strong production, and the demand for iron ore remained relatively strong [10] - Inventory: Last week, the available days of steel mill inventory increased by 1 day to 21 days. Steel mills still mainly replenished inventory on demand, and there was no obvious increase in inventory replenishment before the May Day holiday. Port inventory increased slightly. It is expected that the port inventory will remain at the current level in the near future [11] 3.2 Industry News - On April 29, the National Development and Reform Commission announced that as of April 27, 24:00, the number of old-for-new cars nationwide reached 2.814 million, 12 types of household appliances reached 49.416 million, digital products such as mobile phones reached 37.855 million, home improvement and kitchen and bathroom "renewal" reached 40.906 million, and old-for-new electric bicycles exceeded 4.2 million, driving related consumer goods sales of about 720 billion yuan and supporting a 4.6% year-on-year increase in the total retail sales of consumer goods in the first quarter. Recently, the National Development and Reform Commission has issued a notice to allocate an additional 81 billion yuan of ultra-long-term special treasury bond funds to local governments to support the old-for-new consumer goods program [12] - On April 29, the National Development and Reform Commission, the Ministry of Commerce, and the State Administration for Market Regulation issued a notice on carrying out a cleanup and rectification campaign against market access barriers to promote the construction of a unified national market. The focus of this cleanup and rectification is to eliminate various regulations and documents that violate the requirements of the market access system and various practices of local governments setting illegal market access barriers [12] 3.3 Data Overview - The report provides multiple data charts, including the prices of major iron ore varieties at Qingdao Port, the price differences between high-grade ore, low-grade ore and PB powder at Qingdao Port, the basis between iron ore spot and the September contract at Qingdao Port, the shipments of iron ore from Brazil and Australia, the arrivals at 45 ports, the utilization rate of domestic mine production capacity, the trading volume of iron ore at major ports, the port iron ore inventory and dispatch volume, the tax-free pig iron cost of sample steel mills, the blast furnace operating rate and ironmaking production capacity utilization rate, the electric furnace operating rate and production capacity utilization rate, the national daily average pig iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [14][17][21]

Group 1: Market Overview - The report indicates that the Hang Seng Index closed at 22,008.11, up 0.16%, with fluctuations throughout the day, including a high of 22,213 and a low of 21,918 [3] - The report highlights that the offshore RMB has strengthened, marking its strongest performance in over three weeks, which is expected to positively influence the Hong Kong stock market ahead of the holiday [2] Group 2: Company Performance - HSBC Holdings reported a 12.26% year-on-year increase in its first-quarter pre-tax profit, amounting to USD 6.126 billion, while its UK operations saw a decline of 5.52% [11] - New World Development experienced a significant increase in residential sales in mainland China, with a year-on-year growth of over 52%, achieving sales of over RMB 2.1 billion in the first quarter [12] - Seaspan Corporation reported a 38.55% increase in revenue for the first quarter, reaching approximately USD 761 million, driven by a rise in average freight rates [13] Group 3: Regulatory and Market Access Developments - The National Development and Reform Commission, along with other regulatory bodies, announced a campaign to eliminate unreasonable market access barriers, aiming to create a fair market environment [6] - The new version of the "Negative List for Market Access" has reduced the number of restricted items from 117 to 106, indicating a further relaxation of market access restrictions in mainland China [7] - The report notes that the potential supply of new private residential units in Hong Kong has decreased to 105,000, a reduction of 2,000 units compared to the end of last year, reflecting a continuous decline over four quarters [8]

Group 1 - The core viewpoint of the news is the initiative by the National Development and Reform Commission, in collaboration with the Ministry of Commerce and the State Administration for Market Regulation, to eliminate market access barriers and promote a unified national market [1][3] - The action focuses on local regulations and administrative documents that violate market access requirements, addressing 15 specific issues including unnecessary approvals and industry barriers [3] - The initiative will proceed in steps, starting with a comprehensive review of regulations related to market access, correcting violations, and abolishing regulations lacking legal basis [3] Group 2 - The action aims to establish a long-term mechanism for collecting, verifying, and rectifying issues related to market access barriers, promoting the principle of "non-prohibition, immediate entry" [1][3] - A typical case reporting mechanism will be established, with verified cases made public and included in the national urban credit monitoring system [3] - The previously released "Negative List for Market Access (2025 Edition)" has reduced the number of restrictions from 117 in 2022 to 106, optimizing management processes [3]

Core Viewpoint - The National Development and Reform Commission, along with the Ministry of Commerce and the State Administration for Market Regulation, has launched an initiative to eliminate market access barriers, aiming to create a fair market entry environment and promote the construction of a unified national market [1][2]. Group 1: Market Access Barriers - Market access is the first checkpoint in economic activities, and high barriers hinder business operations and competition, while removing these barriers can stimulate innovation and economic growth [1]. - Recent years have seen intensive policy measures from central to local levels, including the improvement of negative list systems and the enforcement of fair competition reviews, which have effectively cleared various forms of barriers [1][2]. - Despite progress, issues such as "glass doors," "spring doors," and "revolving doors" still exist, indicating that mechanisms for identifying and removing market access barriers are not fully matured [1]. Group 2: Action Plan and Implementation - The current cleanup action targets 15 key situations to ensure fairer market access, emphasizing the need for genuine action rather than superficial measures [2]. - Local authorities are urged to comprehensively review all regulations related to market access, eliminating unnecessary barriers and ensuring transparency in the process [2]. - There is a need for a balanced approach that considers the experiences of micro-entities, ensuring that the removal of barriers translates into actual market participation [2].

Group 1 - The core viewpoint emphasizes the need for active participation of rights in the establishment of market access systems to create a stable and predictable negative list for market access [1][4] - The National Development and Reform Commission, along with other governmental bodies, has initiated a six-month action to clean up and rectify unreasonable market access barriers, aiming to foster a fair market environment [1][3] - The action targets various forms of local regulations and practices that violate market access requirements, including 15 specific scenarios where local approvals are still required despite national openness [1][3] Group 2 - The removal of market access barriers is expected to broaden market space, reduce non-market transaction costs, and improve investment marginal returns [3][4] - The article discusses the importance of recognizing the conflict between power and rights as a prerequisite for effective governance, suggesting that a good business environment acknowledges these conflicts [3][4] - The dynamic cleaning and rectification of market access barriers should establish a more open system for rights to engage with power, enhancing the participatory experience of rights holders [4]