Industry Overview Upstream - Black: The prices of coking coal, iron ore, and rebar have slightly rebounded [2] - Agriculture: The price of eggs has increased by over 10% [2] Midstream - Chemical: The operating rate of PX has declined, while the recent operating rates of polyester, PTA, and urea have been stable [3] - Energy: The coal consumption of power plants has been continuously increasing [3] Downstream - Real estate: The second - hand housing transactions in third - tier cities have slightly increased [4] - Services: The number of domestic flights during the summer vacation has increased [4] Key Events in Production and Service Industries Production Industry - Hive Energy plans to trial - produce its first - generation 140Ah semi - solid battery on a 2.3GWh semi - solid mass - production line in Q4 2025, which will be supplied to BMW MINI's next - generation models and is scheduled for large - scale supply in 2027. This year, it will mass - produce the first - generation soft - pack semi - solid battery with an energy density of 300Wh/kg at a very low cost. The second - generation semi - solid battery will have an energy density of 360Wh/kg and a capacity of 78Ah. The first - generation all - solid - state battery will have an energy density of 400Wh/kg and a capacity of 68Ah, mainly for low - altitude flight and automotive applications [1] Service Industry - As of the end of Q2 2025, the balance of RMB real estate loans was 53.33 trillion yuan, a year - on - year increase of 0.4%, and the growth rate was 0.6 percentage points higher than at the end of the previous year, with an increase of 416.6 billion yuan in the first half of the year. The balance of real estate development loans was 13.81 trillion yuan, a year - on - year increase of 0.3%, with an increase of 292.6 billion yuan in the first half of the year. The balance of personal housing loans was 37.74 trillion yuan, a year - on - year decrease of 0.1%, and the growth rate was 1.2 percentage points higher than at the end of the previous year, with an increase of 51 billion yuan in the first half of the year [1] Industry Credit Spread Tracking - The credit spreads of various industries such as agriculture, forestry, animal husbandry and fishery, mining, chemical, and others have shown different degrees of changes. For example, the credit spread of the agriculture, forestry, animal husbandry and fishery industry this week is 47.35BP, compared with 84.78BP in the same period last year [46] Key Industry Price Index Tracking - Different industries' price indicators have different trends. For example, the spot price of eggs in the agricultural industry on July 22 was 6.6 yuan/kg, a year - on - year increase of 14.78%, and the spot price of rebar in the ferrous metal industry was 3297.0 yuan/ton, a year - on - year increase of 3.91% [47]