Core Viewpoint - The company has sufficient inventory to ensure the normal delivery of existing orders and does not face any fulfillment issues [1] Group 1 - The company confirmed that its inventory is adequate to meet current order demands [1] - The types of chips required for the company's operations, such as storage chips, main control chips, and peripheral chips, are not subject to restrictions from current overseas trade policies [1]

Core Viewpoint - Dongfang Jincheng maintains the credit rating of JinkoSolar and its "Jingneng Convertible Bonds" at AA+ with a stable outlook, despite the company's financial challenges in the first half of 2025 [1] Financial Performance - JinkoSolar reported revenue of 31.831 billion yuan and a total profit of -4.216 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -2.909 billion yuan [1] - The decline in performance is attributed to intensified competition in the photovoltaic market, changes in overseas trade policies, and a drop in product prices [1] Market Position - Despite the financial setbacks, JinkoSolar maintained the highest shipment volume in the industry for solar modules in the first half of 2025 [1] - The company plans to implement multiple initiatives to improve profitability moving forward [1] Credit Rating Monitoring - Dongfang Jincheng will continue to monitor subsequent developments and their potential impact on credit ratings [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - Overseas trade policy uncertainty has decreased, putting pressure on gold prices. Trump announced a trade agreement with Japan, setting the tariff for Japanese goods entering the US at 15%, lower than the previously mentioned 25%. The US is also close to reaching a 15% tariff agreement with Europe, leading to a weak performance of gold prices last night [2]. - US House Speaker Johnson expressed disappointment in Fed Chairman Powell and is open to amending the Federal Reserve Act. Trump called for a 3 - percentage - point interest rate cut to save the US government $1 trillion. Under Trump's intervention, the Fed's monetary policy will gradually turn dovish, and international silver prices tend to be strong when the Fed is dovish. It is recommended to maintain a long - position strategy for precious metals, with a focus on long opportunities for silver. The reference operating range for the main contract of Shanghai gold is 760 - 809 yuan/gram, and for the main contract of Shanghai silver is 9095 - 10000 yuan/kilogram [2][3]. 3. Summary According to Relevant Catalogs 3.1 Precious Metal Price Changes - Shanghai gold (Au) decreased by 0.78% to 785.26 yuan/gram, and Shanghai silver (Ag) decreased by 0.36% to 9431.00 yuan/kilogram. COMEX gold increased by 0.01% to 3397.90 dollars/ounce, and COMEX silver increased by 0.27% to 39.61 dollars/ounce. The US 10 - year Treasury yield was 4.4%, and the US dollar index was 97.17 [2]. - For other precious metal - related prices, such as Au(T + D), London gold, SPDR gold ETF holdings, etc., specific closing prices, previous trading day prices, daily changes, and percentage changes are provided in the table [4]. 3.2 Gold and Silver Key Data Summary - For gold, including COMEX gold, LBMA gold, SHFE gold, and AuT + D, details of closing prices, trading volumes, open interest, inventories, and other data, as well as their daily changes and percentage changes, are presented in the table. For example, COMEX gold's closing price decreased by 1.35%, and its trading volume increased by 17.14% [7]. - For silver, including COMEX silver, LBMA silver, SHFE silver, and AgT + D, similar data and their changes are provided. For instance, COMEX silver's closing price decreased by 0.35%, and its open interest increased by 5.33% [7]. 3.3 Graphical Data - Multiple graphs are presented, including the relationship between COMEX gold price and the US dollar index, the relationship between COMEX gold price and real interest rates, the relationship between Shanghai gold price and trading volume, etc. These graphs show the historical trends and relationships of precious metal prices, trading volumes, open interest, and other data over different time periods [9][10][11][12][13][17] etc. 3.4 Precious Metal Spread Statistics - Gold internal - external spread statistics for July 23, 2025, are provided, including the spread between SHFE - COMEX and SGE - LBMA in yuan/gram and dollars/ounce. For example, the SHFE - COMEX spread for gold is 8.09 yuan/gram and 35.13 dollars/ounce. - Similar spread statistics are provided for silver, such as the SHFE - COMEX spread for silver is 408.44 yuan/kilogram and 1.78 dollars/ounce [51].