Group 1: Report Overview - The report is a daily report on the coking coal and coke industries dated July 22, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core Views - On July 22, the coking coal 2509 contract closed at 1048.5, up 7.98%. With strong macro - expectations, the mine - end inventory is generally decreasing, market confidence is improving, and the clean coal inventory is shifting downstream. Technically, it should be treated with a bullish bias in a volatile manner [2] - On July 22, the coke 2509 contract closed at 1697.5, up 7.98%. Coke enterprises initiated a second price increase. The raw material supply is gradually improving, and the pig iron production is at a high level. Technically, it should also be treated with a bullish bias in a volatile manner [2] Group 4: Summary by Directory 1. Futures Market - JM主力合约收盘价 rose to 1048.50 yuan/ton, up 42.50 yuan; J主力合约收盘价 rose to 1697.50 yuan/ton, up 94.50 yuan [2] - JM期货合约持仓量 decreased to 773525.00 hands, down 39102.00 hands; J期货合约持仓量 decreased to 54322.00 hands, down 1546.00 hands [2] - The net position of the top 20 coking coal contracts increased to - 66451.00 hands, up 17259.00 hands; the net position of the top 20 coke contracts decreased to - 4374.00 hands, down 545.00 hands [2] - The JM1 - 9 month contract spread rose to 88.50 yuan/ton, up 38.50 yuan; the J1 - 9 month contract spread rose to 54.50 yuan/ton, up 3.50 yuan [2] - The coking coal warehouse receipts remained at 0.00, and the coke warehouse receipts were 760.00 [2] 2. Spot Market - The price of Ganqimao Meng 5 raw coal rose to 850.00 yuan/ton, up 54.00 yuan; the price of Russian main coking coal forward spot remained at 120.00 dollars/wet ton [2] - The price of Jingtang Port Australian imported main coking coal rose to 1420.00 yuan/ton, up 40.00 yuan; the price of Jingtang Port Shanxi - produced main coking coal remained at 1440.00 yuan/ton [2] - The price of Shanxi Jinzhong Lingshi medium - sulfur main coking coal remained at 1100.00 yuan/ton; the price of Inner Mongolia Wuhai - produced coking coal ex - factory price remained at 980.00 yuan/ton [2] - The price of Tangshan quasi - first - class metallurgical coke remained at 1445.00 yuan/ton; the price of Rizhao Port quasi - first - class metallurgical coke remained at 1270.00 yuan/ton [2] - The price of Tianjin Port first - class metallurgical coke remained at 1370.00 yuan/ton; the price of Tianjin Port quasi - first - class metallurgical coke remained at 1270.00 yuan/ton [2] - The JM主力合约基差 decreased to 51.50 yuan/ton, down 42.50 yuan; the J主力合约基差 decreased to - 252.50 yuan/ton, down 94.50 yuan [2] 3. Upstream Situation - The raw coal inventory of 110 coal washing plants decreased to 298.69 million tons, down 2.08 million tons; the clean coal inventory decreased to 191.54 million tons, down 5.53 million tons [2] - The operating rate of 110 coal washing plants increased to 62.85%, up 0.52 percentage points; the raw coal production increased to 42107.40 million tons, up 1779.00 million tons [2] - The import volume of coal and lignite decreased to 3304.00 million tons, down 300.00 million tons; the daily average raw coal output of 523 coking coal mines increased to 192.90 thousand tons, up 1.10 thousand tons [2] - The inventory of imported coking coal at 16 ports decreased to 553.50 million tons, down 0.29 million tons; the inventory of coke at 18 ports decreased to 252.71 million tons, down 2.97 million tons [2] 4. Industry Situation - The total inventory of coking coal of independent coking enterprises increased to 929.11 million tons, up 36.76 million tons; the total inventory of coke of independent coking enterprises decreased to 87.55 million tons, down 5.53 million tons [2] - The coking coal inventory of 247 steel mills nationwide increased to 791.10 million tons, up 8.17 million tons; the coke inventory of 247 sample steel mills nationwide increased to 638.99 million tons, up 1.19 million tons [2] - The available days of coking coal for independent coking enterprises increased to 12.63 days, up 0.15 days; the available days of coke for 247 sample steel mills decreased to 11.46 days, down 0.18 days [2] - The import volume of coking coal increased to 910.84 million tons, up 172.10 million tons; the export volume of coke and semi - coke decreased to 51.00 million tons, down 17.00 million tons [2] - The coking coal production decreased to 0.00 million tons, down 4070.27 million tons; the independent coking enterprise capacity utilization rate decreased to 72.87%, down 0.30 percentage points [2] - The independent coking plant's profit per ton of coke increased to - 43.00 yuan/ton, up 20.00 yuan/ton; the coke production decreased to 4170.30 million tons, down 67.30 million tons [2] 5. Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide increased to 83.48%, up 0.35 percentage points; the blast furnace iron - making capacity utilization rate of 247 steel mills increased to 90.92%, up 1.05 percentage points [2] - The crude steel production decreased to 8318.40 million tons, down 336.10 million tons [2] 6. Industry News - At the 10th Shaanxi - Shanxi - Sichuan - Gansu Steel Enterprises Summit Forum from July 19th to 20th, steel enterprises agreed to strengthen self - discipline in production control [2] - China's LPR in July remained unchanged for the second consecutive month, and market institutions expect a further decline in the second half of the year [2] - Premier Li Qiang signed the "Housing Rental Regulations", which will come into effect on September 15th, aiming to increase rental housing supply [2] - Guangdong and Anhui will standardize the competition order of the new energy vehicle industry [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of lithium carbonate may be in a state where industry expectations have improved, but the actual situation remains weak. Industrial inventories are accumulating, and more effective demand is needed to drive inventory reduction. The trading suggestion is to conduct light - position, range - bound, and slightly bullish trading while controlling risks [2]. 3. Summary by Related Catalogs 3.1 Market Data - **Futures Market**: The closing price of the main contract was 71,280 yuan/ton, up 1,320 yuan; the net position of the top 20 was - 146,856 lots, down 4,392 lots; the position of the main contract was 381,185 lots, up 3,880 lots; the spread between near and far - month contracts was 1,260 yuan/ton; the Guangzhou Futures Exchange warehouse receipts were 10,239 lots [2]. - **Spot Market**: The average price of battery - grade lithium carbonate was 68,000 yuan/ton, up 1,350 yuan; the average price of industrial - grade lithium carbonate was 66,350 yuan/ton, up 1,300 yuan; the basis of the Li₂CO₃ main contract was - 3,280 yuan/ton, up 30 yuan [2]. - **Upstream Situation**: The average price of spodumene concentrate (6% CIF China) was 708 US dollars/ton, up 10 US dollars; the average price of amblygonite was 6,075 yuan/ton, up 250 yuan; the price of lithium mica (2 - 2.5%) was 1,827 yuan/ton, up 46 yuan [2]. - **Industry Situation**: The monthly output of lithium carbonate was 44,100 tons, up 2,000 tons; the monthly import volume was 21,145.78 tons, down 7,190.11 tons; the monthly export volume was 286.74 tons, down 447.55 tons; the monthly output of power batteries was 129,200 MWh, up 5,700 MWh; the monthly operating rate of lithium carbonate enterprises was 52%, up 5 percentage points; the price of lithium manganate was 28,500 yuan/ton, unchanged; the price of lithium hexafluorophosphate was 49,300 yuan/ton, unchanged; the price of lithium cobaltate was 220,000 yuan/ton, unchanged; the price of ternary material (811 type) was 144,000 yuan/ton, down 500 yuan; the price of ternary material (622 power type) was 119,000 yuan/ton, down 1,000 yuan [2]. - **Downstream and Application**: The price of ternary material (523 single - crystal type) was 124,000 yuan/ton, down 1,000 yuan; the monthly operating rate of ternary cathode materials was 51%, down 4 percentage points; the price of lithium iron phosphate was 30,500 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes was 52%, up 3 percentage points; the monthly output of new energy vehicles was 1,268,000 units, down 2,000 units; the monthly sales volume was 1,329,000 units, up 22,000 units; the cumulative sales penetration rate of new energy vehicles was 44.32%, up 0.33 percentage points; the cumulative sales volume was 6,937,000 units, up 1,993,000 units; the monthly export volume of new energy vehicles was 205,000 units, down 7,000 units; the cumulative export volume was 1.06 million units, up 455,000 units [2]. - **Option Situation**: The total subscription position was 183,514 lots, down 258 lots; the total put position was 83,530 lots, up 11,051 lots; the put - call ratio of total positions was 45.52%, up 6.0773 percentage points; the implied volatility of at - the - money IV was 0.31%, up 0.0287 percentage points [2]. 3.2 Industry News - The Ministry of Industry and Information Technology will release a new round of steady - growth work plans for ten key industries such as steel, non - ferrous metals, petrochemicals, and building materials, as well as work plans for industries such as machinery, automobiles, and power equipment, and a digital transformation implementation plan for the automotive industry [2]. - The Ministry of Industry and Information Technology and two other departments jointly held a symposium on the new energy vehicle industry to deploy work on further standardizing the competition order of the new energy vehicle industry [2]. - The Fourth Central Steering Group conducted a special research symposium on comprehensively rectifying the irrational competition problem in the new energy vehicle industry, requiring leading enterprises to compete legally, rationally, and jointly resist irrational competition in the industry to maintain a fair and just market competition order [2]. 3.3 Market Analysis - **Price and Supply - Demand**: The main contract of lithium carbonate fluctuated upwards, with an increase of 2.53% at the close. The position increased month - on - month, the spot was at a discount, and the basis strengthened. On the supply side, due to the rectification of the upstream mining end, the supply of lithium carbonate may decrease. On the demand side, although the overall expectation of lithium carbonate has improved and the lithium price is running strongly, the downstream still mainly focuses on rigid demand consumption, and most enterprises have a low acceptance of high - priced lithium, resulting in a relatively light trading volume in the spot market [2]. - **Technical Analysis**: On the technical side, the 60 - minute MACD showed that the double lines were above the 0 axis, and the red bars slightly converged [2].

Core Viewpoint - The article discusses the recent measures taken by the Chinese government to regulate the competitive order in the electric vehicle (EV) industry, emphasizing the need for sustainable development and addressing irrational competition practices [2][3][4]. Group 1: Government Actions and Regulations - A meeting was held on July 18, 2025, by the Ministry of Industry and Information Technology (MIIT), National Development and Reform Commission (NDRC), and State Administration for Market Regulation to discuss the regulation of the EV industry [2]. - The government emphasized the importance of aligning industry actions with national policies to promote healthy and sustainable development in the EV sector [2]. - Key measures include strengthening supervision and inspection, establishing long-term mechanisms, and enhancing standard leadership to improve product quality and safety [2][3]. Group 2: Industry Challenges and Competition - The article highlights the prevalent "involution" competition and price wars within the automotive industry, which have raised concerns about market order [4]. - A commitment was made by 17 major automotive companies to limit payment terms to suppliers to no more than 60 days, reflecting an effort to stabilize supplier relationships [4]. - Experts indicate that the current irrational competition is undermining the profitability of EV companies, leading to a situation where many are operating at a loss and unable to invest in innovation [4].

Group 1 - Xi Jinping and the President of Mauritania exchanged congratulatory messages on the 60th anniversary of diplomatic relations between China and Mauritania [6] - Li Qiang also exchanged congratulatory messages with the Prime Minister of Mauritania [6] - Xi Jinping emphasized the importance of agricultural and rural modernization for building a modernized country, highlighting the need to consolidate poverty alleviation achievements and promote rural revitalization [7] Group 2 - Li Qiang attended the groundbreaking ceremony for the Yarlung Tsangpo River downstream hydropower project in Tibet and announced the official commencement of the project [8] - Li Qiang conducted research in Tibet from July 18 to 19 [9] Group 3 - County tourism in China is experiencing a surge during the summer, significantly boosting cultural and tourism consumption [10] - Jiangxi Jingdezhen, known as the "Porcelain Capital," is actively promoting urban renewal through meticulous renovations while preserving its historical essence [11]

Core Viewpoint - The Chinese government is taking steps to regulate the competitive order in the electric vehicle (EV) industry to promote sustainable development and address irrational competition, including price wars and payment delays to suppliers [1][2][3] Group 1: Regulatory Measures - The Ministry of Industry and Information Technology (MIIT) and other government bodies held a meeting to discuss the need for stricter regulations in the EV sector, emphasizing the importance of aligning with central government policies [1] - Key measures include enhancing supervision and inspection of product prices, ensuring product quality, and addressing issues related to payment terms for suppliers [1][2] - A mechanism for ongoing communication between the government and EV companies will be established to facilitate feedback and improve the business environment [1] Group 2: Industry Self-Regulation - The government is encouraging industry associations to promote fair and orderly competition while resisting negative practices such as online manipulation and black public relations [2] - The focus is on creating a long-term mechanism for regulating competition and enhancing industry self-discipline [2] Group 3: Current Industry Challenges - The automotive industry is facing intense competition characterized by price wars, which has led to weakened profitability for many EV companies [3] - Experts indicate that the current competitive practices are disrupting market order and contradicting the central government's strategic development goals [3] - Many EV companies are experiencing financial difficulties due to cost-price imbalances, hindering their ability to invest in innovation and development [3]

Group 1 - The State Council meeting emphasized the need to regulate the competitive order in the new energy vehicle (NEV) industry to promote high-quality development and address irrational competition [1] - The meeting highlighted the importance of strengthening cost investigations, price monitoring, and ensuring production consistency among key automotive enterprises [1] - Data indicates that the automotive manufacturing profit margin has declined since the onset of the "price war" in 2023, with profit margins dropping from 5.7% in previous years to 3.9% in Q1 2025 [1] Group 2 - The China Automobile Dealers Association reported that 41.7% of automotive dealers were operating at a loss in 2024, with 84.4% experiencing price inversion to varying degrees [2] - The Vehicle Inventory Alert Index indicated that inventory levels among dealers have risen due to efforts to meet sales targets, exacerbating financial strain [2] - In the first half of 2025, only 27.5% of 4S stores met or exceeded their sales targets, indicating significant pressure on most dealers [2]