谈到在新型工业化背景下，如何推动传统制造业高质量发展时，张波总结了三条实实在在的路径。 一是绿色低碳发展，响应国家高质量发展的号召，企业未来发展之路首先要做到绿色低碳发展。"比如 铝产业板块，因为它的生产特性就是一个高能耗产业，怎么让高能耗产业实现绿色低碳转型，这是很大 的挑战。除了转移一部分产能到云南，利用水电生产之外，我们在山东部署了大量的光伏太阳能发电， 提高山东当地产能的绿电占比。"张波介绍说，在产业转型方面也做了一些努力，发展循环经济、发展 再生铝。"铝的特性是可以多次循环使用的，但是第二次使用的时候能耗只是第一次生产的5%。所以， 通过再生铝也可以大大降低碳排放和能耗。" 二是积极推进数智化转型。张波提到，现在人工智能、AI技术迭代非常迅速，给传统制造业带来了非 常好的机遇，利用丰富的应用场景，结合人工智能先进技术，全面提升改造传统制造业。铝板块在全球 率先把AI技术引入电解铝生产工艺，用"智慧大脑"替代人工经验判断，使得生产效率、设备利用率大幅 度提升，能耗也大幅度降低。 三是创新驱动。除了传统意义上的产品创新、工艺创新之外，还有企业内生动力所带来的创新行为，包 括跟大专院校、科研机构合作，成立 ...

7月15日，国务院新闻办举行"新征程上的奋斗者"中外记者见面会，邀请5名民营企业家代表围绕"弘扬 企业家精神，坚定做优秀中国特色社会主义事业建设者"和大家交流。 新时代新征程民营经济发展前景广阔、大有可为，广大民营企业和民营企业家大显身手正当其时。 谈到"大有可为""正当其时"，浙江杭州宇树科技股份有限公司创始人兼首席执行官王兴兴说："我对此 感受深刻。我们公司主要是做高性能四足机器人和人形机器人，目前很多技术指标处于全球领先水 平。" 宇树科技成立于2016年，在短短9年内快速发展。"我们公司去年发布了G1人形机器人，在全球范围内 受到广泛关注，今年出货量相对去年有明显增长。不仅是我们公司，整个机器人行业今年上半年的增长 速度都非常快。有很好的政策、很好的土壤，这让大家有更多信心投入研发、投入生产，做出更多面向 未来的新产品、新技术。"王兴兴说。 山东魏桥创业集团有限公司起源于山东的一家小型油棉加工厂，经过几十年发展，已经成长为一个拥有 10万名员工的综合性跨国企业。从2019年开始，该集团从山东转移200多万吨电解铝产能至云南，利用 云南的水电资源，实现绿色转型。"这不仅大大提高了我们集团的能源绿色占比， ...

Group 1: Report Overview - Report Name: Non - ferrous Metals Derivatives Daily Report [1][6] - Date: July 15, 2025 [2] Group 2: Copper Market Review - Futures: The Shanghai Copper 2508 contract closed at 78,090 yuan/ton, down 0.26%, and the Shanghai Copper index increased by 2,144 lots to 512,300 lots [2] - Spot: In the East China market, the monthly spread converged significantly, downstream consumption was weak, and the premium opened high and went low; in the Guangdong market, inventory increased for 2 consecutive days, and downstream consumption was inactive; in the North China market, the monthly spread structure reversed on the delivery day, and the spot premium and discount rose sharply, but the trading activity was not high [3] Important Information - GDP: In the first half of the year, the GDP was 66.0536 trillion yuan, a year - on - year increase of 5.3% at constant prices. In the second quarter, GDP increased by 5.2% year - on - year. In June, the added value of industrial enterprises above designated size increased by 6.8% year - on - year [4] - Imports: In June 2025, the import of copper ore and concentrates was 2.35 million tons, a year - on - year increase of 1.7%. From January to June, the cumulative import was 14.754 million tons, a year - on - year increase of 6.4%. In June, the import of unwrought copper and copper products was 464,000 tons, a year - on - year decrease of 6.4%. From January to June, the cumulative import was 2.633 million tons, a year - on - year decrease of 4.6% [4] Logic Analysis - Tariffs: The 232 tariff will be implemented on August 1st with a rate of 50%. The US's siphoning of refined copper from the world is nearing its end. Before August 1st, in - transit supplies will continue to arrive at ports, and the Comex copper inventory will continue to increase. After that, the supply to the US will decrease significantly, and the supply shortage in non - US regions will be alleviated [5] Trading Strategy - Unilateral: No specific strategy mentioned - Arbitrage: No specific strategy mentioned - Options: No specific strategy mentioned Group 3: Alumina Market Review - Futures: The Alumina 2509 contract rose 38 yuan to 3,165 yuan/ton, and the position decreased by 8,337 lots to 413,800 lots [9] - Spot: The northern spot comprehensive price of Alumina by Aladdin rose 5 yuan to 3,175 yuan; the national weighted index rose 8.6 yuan to 3,210.8 yuan [9] Relevant Information - Policy: On July 1st, General Secretary Xi Jinping presided over the Sixth Meeting of the Central Financial and Economic Commission, emphasizing the construction of a unified national market and high - quality development of the marine economy [10] - Inventory: As of July 15th, the alumina warehouse receipts on the Shanghai Futures Exchange were 25,526 tons, a net increase of 2,111 tons [11] Logic Analysis - Supply - demand: The operating capacity of alumina remained flat week - on - week, but production was still increasing. The supply - demand pattern of alumina in July will gradually evolve from a tight balance to a structural surplus, but the demand for warehouse receipts may disperse the pressure of spot surplus [14] Trading Strategy - Unilateral: Short - term strong and volatile, high - selling and low - buying within the range [15] - Arbitrage: Temporarily on the sidelines [16] - Options: Temporarily on the sidelines [16] Group 4: Electrolytic Aluminum Market Review - Futures: The Shanghai Aluminum 2508 contract fell 5 yuan/ton to 20,430 yuan/ton, and the weighted position decreased by 8,776 lots to 635,800 lots [18] - Spot: On July 15th, the spot price of aluminum ingots in East China was 20,510 yuan, up 50 yuan; in South China, it was 20,500 yuan, up 40 yuan; in the Central Plains, it was 20,380 yuan, up 50 yuan [18] Relevant Information - Inventory: On July 15th, the inventory of electrolytic aluminum in major markets decreased by 0.3 tons compared with the previous trading day [19] - Industry: In May 2025, China's new photovoltaic installed capacity was 92.92GW, a year - on - year increase of 388.03%. From January to May, the cumulative installed capacity was 197.85GW, a year - on - year increase of 149.97% [19] Trading Logic - Macro: The US tariff negotiation deadline was postponed to August 1st. Domestically, attention should be paid to the policy expectations of important meetings this month [22] - Supply - demand: The negative feedback of the fundamentals is still there. The production of aluminum rods has been reduced for three consecutive weeks, and the ingot casting has increased, driving up the inventory of aluminum ingots in social warehouses. The demand in the off - season may not be too weak [22] Trading Strategy - Unilateral: Aluminum prices are under pressure at high levels in the short term, maintaining a bearish mindset [23] - Arbitrage: Temporarily on the sidelines [23] - Options: Temporarily on the sidelines [23] Group 5: Cast Aluminum Alloy Market Review - Futures: The Cast Aluminum Alloy 2511 contract remained flat at 19,790 yuan/ton, and the position increased by 31 lots to 9,982 lots [25] - Spot: On July 15th, the spot price of ADC12 aluminum alloy ingots in East China, South China, Northeast China, and Southwest China remained flat at 19,600 yuan/ton, and the imported price remained flat at 19,300 yuan/ton [25] Relevant Information - Production: In June, the output of recycled aluminum alloy increased by 0.29 million tons to 61.89 million tons, of which the output of ADC12 increased by 2.46 million tons to 32.6 million tons [25] - Inventory: As of July 14th, the daily social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi totaled 26,680 tons, an increase of 1,368 tons from the previous trading day [26] Trading Logic - Supply: Enterprises are generally active in shipping, but actual transactions are blocked. The supply of deliverable products is stable, and non - deliverable product inventory is transferred to social inventory. Raw materials are in short supply [27] - Demand: Downstream die - casting enterprises generally have insufficient orders, mostly replenish inventory in small quantities as needed or consume inventory, and postpone purchases except for rigid demand [27] Trading Strategy - Unilateral: Under pressure at high levels, maintaining a bearish mindset [30] - Arbitrage: Consider arbitrage trading when the price difference between aluminum alloy and aluminum price is between - 200 and - 1,000 yuan; consider spot - futures arbitrage when the spot - futures price difference is above 400 yuan [30] - Options: Temporarily on the sidelines [30] Group 6: Zinc Market Review - Futures: The Shanghai Zinc 2508 contract fell 0.54% to 22,085 yuan/ton, and the position of the Shanghai Zinc index decreased by 1,770 lots to 236,500 lots [31] - Spot: In the Shanghai market, traders continued to actively sell goods. In the morning, the zinc price on the disk dropped, and some downstream enterprises placed orders to pick up goods. Some traders reported that spot transactions had improved [31] Relevant Information - Production: A zinc smelter in Central China plans to conduct a regular maintenance for half a month in August, which is expected to affect about 1,500 tons of production [32] - Inventory: As of July 14th, the total inventory of zinc ingots in seven major markets was 93,100 tons, an increase of 4,000 tons compared with July 7th [32] Logic Analysis - Supply - demand: Currently, the domestic zinc supply continues to increase, consumption has entered the off - season, and social inventory is showing a cumulative trend. Zinc prices may be under pressure to decline due to fundamentals [32] Trading Strategy - Unilateral: Profitable short positions can continue to be held, and short positions can still be added at high prices [35] - Arbitrage: Buy put options or sell call options [35] - Options: Temporarily on the sidelines [35] Group 7: Lead Market Review - Futures: The Shanghai Lead 2508 contract fell 0.76% to 16,930 yuan/ton, and the position of the Shanghai Lead index increased by 1,494 lots to 96,300 lots [37] - Spot: On July 15th, the average price of SMM1 lead decreased by 25 yuan/ton to 16,850 yuan/ton. Refined lead holders' quotes followed the decline slightly [37] Relevant Information - Inventory: As of July 14th, the total social inventory of lead ingots in five major markets was 63,400 tons, an increase of 5,600 tons compared with July 7th [38] Logic Analysis - Supply - demand: Currently, recycled lead is still in a loss - making situation, and the willingness to start production is difficult to improve. In July, there are maintenance plans for domestic primary lead smelting, which will have a certain impact on primary lead supply. The traditional peak season for lead - acid batteries is approaching, and the production of battery enterprises has improved [39] Trading Strategy - Unilateral: Lead prices may fluctuate at high levels in the short term, and high - selling and low - buying can be carried out within the range [40] - Arbitrage: Sell put options [40] - Options: Temporarily on the sidelines [40] Group 8: Nickel Market Review - Futures: The main contract of Shanghai Nickel NI2508 fell 1,390 to 119,380 yuan/ton, and the index position increased by 14,499 lots [42] - Spot: The premium of Jinchuan nickel increased by 100 to 2,050 yuan/ton, the premium of Russian nickel remained flat at 350 yuan/ton, and the premium of electrowon nickel remained flat at 100 yuan/ton [42] Relevant Information - Exploration: Canadian Nickel Company announced positive results from its latest exploration drilling at the MacDiarmid project, discovering a new mineralized area [43] - Production: In June, the total output of power and other batteries in China was 129.2GWh, a month - on - month increase of 4.6% and a year - on - year increase of 51.4% [43] Logic Analysis - Market: The market's concern about US tariffs has resurfaced, and commodities generally fell overnight. The supply and demand of refined nickel are both weak in the off - season, and the short - term inventory is steadily increasing slightly [45] Trading Strategy - Unilateral: Weakening in a volatile manner [45] - Arbitrage: Temporarily on the sidelines [46] - Options: Sell deep - out - of - the - money call options [47] Group 9: Stainless Steel Market Review - Futures: The main contract of stainless steel SS2508 rose 10 to 12,695 yuan/ton, and the index position decreased by 11,703 lots [49] - Spot: The price of cold - rolled stainless steel was 12,400 - 12,600 yuan/ton, and the price of hot - rolled stainless steel was 12,150 - 12,200 yuan/ton [49] Relevant Information - Transaction: On July 14th, a stainless steel plant in South China purchased high - nickel pig iron at a price of 900 yuan/nickel point, with a total transaction volume of over 10,000 tons and a delivery period in mid - to - late August [50] Logic Analysis - Supply - demand: Stainless steel's external demand is restricted by tariffs and re - export obstacles, and domestic demand has also entered the off - season. The demand is not optimistic, and it is difficult to absorb the current inventory pressure [50] Trading Strategy - Unilateral: Adopt a strategy of short - selling on rebounds [51] - Arbitrage: Temporarily on the sidelines [52] Group 10: Industrial Silicon Market Review - Futures: Affected by market rumors, the main contract of industrial silicon futures strengthened significantly during the day, closing at 8,785 yuan/ton, up 2.81% [54] - Spot: The spot price of industrial silicon strengthened significantly during the day, generally rising by 100 - 150 yuan/ton [56] Relevant Information - Policy: On July 1st, the US Department of Commerce launched a 232 - clause investigation into imported drones and their components, as well as polysilicon and its derivatives [57] Comprehensive Analysis - Supply - demand: The production of leading large - scale factories has been reduced by nearly 40%, with a monthly output reduction of 60,000 tons; southwest silicon factories are gradually resuming production, with a monthly output increase of about 40,000 tons. In July, the output of industrial silicon decreased by 20,000 tons [58] Strategy - Unilateral: Strong in the short term [58] - Options: None for now [58] - Arbitrage: Stop profiting from the strategy of going long on polysilicon and short on industrial silicon [58] Group 11: Polysilicon Market Review - Futures: Affected by market news, the main contract of polysilicon futures rose and then fell during the day, closing at 42,470 yuan/ton, up 2.78% [59] - Spot: According to Shanghai Non - ferrous Metals Network statistics, the spot price of polysilicon was adjusted downward during the day, and the average price of N - type granular silicon decreased by 0.5 yuan/kg [59] Relevant Information - Market: After SMM's research, the market views and price adjustment trends of the top 5 component factories are divergent. Some leading component enterprises have officially raised the distributed guidance price [60] Comprehensive Analysis - Price: If a fixed price is set as the minimum price limit for the polysilicon industry, the high point of the polysilicon futures price will be the industry's minimum price limit. It is expected that the polysilicon futures price will fluctuate in the range of (37,000, 45,000) in the short term [63] Strategy - Unilateral: Long positions should consider taking profits [64] - Options: Temporarily on the sidelines [64] - Arbitrage: Gradually stop profiting from the strategy of going long on polysilicon and short on industrial silicon [64] Group 12: Lithium Carbonate Market Review - Futures: The main contract 2509 rose 140 to 66,100 yuan/ton, the index position decreased by 12,117 lots, and the warehouse receipts on the Guangzhou Futures Exchange decreased by 1 to 11,203 tons [65] - Spot: The SMM - quoted price of battery - grade lithium carbonate increased by 250 to 64,900 yuan/ton, and the price of industrial - grade lithium carbonate increased by 250 to 63,300 yuan/ton [65] Relevant Information - Project: On the evening of July 14th, Zangge Mining announced that its wholly - owned subsidiary's invested company, Tibet Ali Mami Cuo Mining Development Co., Ltd., received a mining license [66] Logic Analysis - Supply - demand: Recently, there have been many supply - side disturbance news, but it has not had a substantial impact on production. The supply elasticity of domestic lithium salts is still large. In July, the off - season is not weak, and the price is difficult to fall deeply [67] Trading Strategy - Unilateral: Avoid risks in the short term and wait for the right - hand short - selling opportunity [70] - Arbitrage: Temporarily on the sidelines [70] - Options: Sell deep - out - of - the - money put options [70] Group 13: Industry Data - Multiple metal varieties' daily data tables are provided, including copper, alumina, aluminum, zinc, lead, nickel, tin, industrial silicon, polysilicon, and lithium carbonate

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various metals and minerals in the non - ferrous and precious metals sectors, including market reviews, important news, logical analyses, and trading strategies for each product. It takes into account factors such as tariffs, supply and demand, and policy changes to evaluate the market trends and potential investment opportunities and risks [3][7][12]. Summary by Related Catalogs Precious Metals - **Market Review**: London gold closed down 0.36% at $3342.78/ounce, London silver down 0.72% at $38.11/ounce. Shanghai gold and silver futures also declined. The US dollar index was almost flat at 98.035, 10 - year US Treasury yield rebounded to 4.426%, and the RMB/USD exchange rate rose 0.03% to 7.1723 [3]. - **Important News**: Trump threatened to impose 100% tariffs on Russia if no Ukraine - Russia conflict agreement is reached in 50 days. The EU plans to impose counter - tariffs on $72 billion of US goods. Fed officials' remarks and interest rate probability expectations were also reported [3]. - **Logical Analysis**: As the tariff negotiation deadline approaches, tariff games intensify. The Fed is in a wait - and - see mode. The market awaits US CPI data. Silver's spot supply is tight due to tax - increase expectations [3]. - **Trading Strategy**: Consider holding long positions against the 5 - day moving average for single - side trading; wait and see for arbitrage and options [5]. Copper - **Market Review**: Night - session Shanghai copper 2508 contract fell 0.34% to 78020 yuan/ton, LME copper closed down 0.2% at $9643.5/ton. LME and Comex inventories increased [7]. - **Important News**: Multiple tariff - related events were reported. China's June copper imports showed mixed trends. SMM national copper inventory increased [8][9]. - **Logical Analysis**: The 232 tariff will be implemented on August 1st. The US' siphoning of global refined copper is nearing an end. LME inventory bottomed out. The price difference structure will converge, and the market is mainly for rigid demand [10]. - **Trading Strategy**: Hold short positions for single - side trading; wait and see for arbitrage and options [10]. Alumina - **Market Review**: Night - session alumina 2509 contract rose 37 yuan to 3145 yuan/ton. Spot prices in different regions showed different trends [12]. - **Important News**: Central Finance Commission meeting emphasized market construction. There were domestic spot transactions, changes in warehouse receipts, and production and inventory data [12][14]. - **Logical Analysis**: Alumina production is increasing, but spot circulation is limited. The supply - demand pattern will gradually shift to a surplus, but warehouse receipt demand may support the market [15]. - **Trading Strategy**: Expect alumina prices to fluctuate strongly for single - side trading; wait and see for arbitrage and options [16]. Electrolytic Aluminum - **Market Review**: Night - session Shanghai aluminum 2508 contract fell 30 yuan/ton to 20405 yuan/ton. Spot prices in different regions declined [18][21]. - **Important News**: Aluminum ingot inventory increased. There were data on photovoltaic installation, aluminum exports, and financial and trade news [21][22]. - **Trading Logic**: Tariff negotiations are ongoing. Aluminum ingot inventory may have a narrow - range change. The decline in photovoltaic component production may be mitigated [23]. - **Trading Strategy**: Aluminum prices may be under pressure in the short - term but not overly pessimistic for single - side trading; wait and see for arbitrage and options [26]. Cast Aluminum Alloy - **Market Review**: Night - session cast aluminum alloy 2511 contract rose 10 yuan to 19800 yuan/ton. Spot prices in different regions declined [28]. - **Important News**: There were data on production, cost, profit, and inventory of cast aluminum alloy [28][29]. - **Trading Logic**: Alloy ingot enterprises face raw material shortages, and downstream demand is weak. Pay attention to arbitrage opportunities [30]. - **Trading Strategy**: Aluminum alloy futures prices will follow aluminum prices under pressure. Consider arbitrage within a certain price difference range; wait and see for options [30]. Zinc - **Market Review**: LME zinc fell 0.2% to $2732.5/ton, Shanghai zinc 2508 fell 0.27% to 22145 yuan/ton. Spot prices and trading were reported [32]. - **Important News**: Domestic and LME zinc inventories increased [32]. - **Logical Analysis**: Zinc supply is increasing, demand is in the off - season, and prices may be under pressure [33]. - **Trading Strategy**: No specific strategy provided in the given text. Lead - **Market Review**: LME lead fell 0.98% to $2017/ton, Shanghai lead 2508 fell 0.2% to 17070 yuan/ton. Spot prices and trading were reported [36]. - **Important News**: Lead inventory increased, and the average operating rate of primary lead smelters decreased [36]. - **Logical Analysis**: Recycled lead is in a loss, and the supply is hard to increase. Demand is improving marginally [37]. - **Trading Strategy**: Short - term lead prices may fluctuate at a high level. High - selling and low - buying in the range for single - side trading; wait and see for arbitrage and options [38]. Nickel - **Market Review**: LME nickel fell 170 to $15065/ton, inventory increased. Shanghai nickel fell 1310 to 119460 yuan/ton. Spot premiums changed [42]. - **Important News**: A Canadian nickel company's exploration results and battery production data were reported [42]. - **Logical Analysis**: The market is worried about US tariffs. Refined nickel has weak supply and demand in the off - season, and prices will fluctuate weakly [42]. - **Trading Strategy**: No specific strategy provided in the given text. Stainless Steel - **Market Review**: The main SS2508 contract rose 10 to 12695 yuan/ton. Spot prices of cold - rolled and hot - rolled stainless steel were reported [44]. - **Important News**: A stainless steel factory's high - nickel pig iron transaction and a company's production achievement were reported [48]. - **Logical Analysis**: Stainless steel demand is not optimistic, inventory is accumulating, and prices are under pressure [48]. - **Trading Strategy**: Adopt a short - selling strategy on rebounds for single - side trading; wait and see for arbitrage [48]. Industrial Silicon - **Market Review**: Industrial silicon futures and spot prices rose [50]. - **Important News**: The US launched 232 investigations on drones and polysilicon [50]. - **Comprehensive Analysis**: Industrial silicon production will decrease in July. Supply and demand may be balanced. Inventory has shifted, and the market is optimistic [50][52]. - **Strategy**: Short - term strength for single - side trading; stop profit for the long - polysilicon and short - industrial silicon strategy [53]. Polysilicon - **Market Review**: Polysilicon futures rose 0.81% to 41765 yuan/ton. Spot prices declined [55]. - **Important News**: Silicon wafer and battery prices and US investigations were reported [55]. - **Comprehensive Analysis**: Polysilicon price increases can be passed on to downstream. Futures prices are expected to fluctuate in a certain range. Reduce long positions [56][58]. - **Strategy**: Reduce long positions and participate in short - term trading. Stop profit for the long - polysilicon and short - industrial silicon strategy; wait and see for options [59]. Lithium Carbonate - **Market Review**: The main 2509 contract rose 2380 to 66480 yuan/ton. Spot prices increased [61]. - **Important News**: A company obtained a mining license, and a cooperation agreement was signed [61][63]. - **Logical Analysis**: Market concerns led to price increases. Demand is not weak in the off - season. Prices may fluctuate at a high level in the short - term and decline in the long - term [63]. - **Trading Strategy**: Avoid risks in the short - term and wait for short - selling opportunities; wait and see for arbitrage; sell deep - out - of - the - money put options [64].

Core Viewpoint - The article provides insights into various economic indicators and industry performance metrics, highlighting trends in liquidity, construction, real estate, industrial products, and export orders, which may present investment opportunities and risks in the market. Liquidity - The M1 and M2 growth rate difference was -5.6 percentage points in May 2025, with a month-on-month increase of 0.9 percentage points [3] - The BCI small and medium enterprise financing environment index was 49.12 in June 2025, reflecting a month-on-month increase of 0.07% [3] Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in late June was 2.129 million tons, showing a month-on-month decrease of 0.88% [4] - Price changes included rebar up by 1.89%, cement price index down by 1.57%, and iron ore up by 2.47% [4] Real Estate Completion Chain - The prices of titanium dioxide and flat glass changed by -1.49% and 0.00% respectively, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -1268 yuan/ton [5] Industrial Products Chain - The national semi-steel tire operating rate was 72.92%, reflecting a month-on-month increase of 2.51 percentage points [6] - The June PMI new orders index was 50.20%, with a month-on-month increase of 0.4 percentage points [6] Subcategories - The capacity utilization rate of electrolytic aluminum reached a new high since 2012 [7] - The price of electrolytic aluminum was 20,760 yuan/ton, with a calculated profit of 3,331 yuan/ton (excluding tax), reflecting a month-on-month decrease of 2.84% [7] Price Comparison Relationships - The price ratio of rebar to iron ore was 4.24 this week, with the price difference between hot-rolled and rebar steel at 110 yuan/ton [8] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) was 140 yuan/ton, unchanged from the previous week [8] Export Chain - The new export orders PMI for China in June 2025 was 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates was 1,313.70 points, reflecting a week-on-week decrease of 2.18% [9] Valuation Percentiles - The Shanghai and Shenzhen 300 index increased by 0.82%, with the real estate sector showing the best performance at +6.12% [10] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets was 0.54, with the highest value since 2013 being 0.82 [10]

多位行业人士认为，今年下达的绿电消纳责任权重较往年范围有所扩大，将有效带动绿电绿证的消费需 求，有望进一步抬升绿证绿电价格，并调动地方政府发展新能源的积极性。 多地消纳权重大幅提升 可再生能源电力消纳权重，是指某一省级行政区域实际消纳的可再生能源电量与该区域全社会用电量之 比。该指标分为两类，一是总量消纳责任权重，涵盖全部可再生能源种类的消纳占比；二是非水电消纳 责任权重，仅统计除水电以外的可再生能源的消纳占比，主要是风电和光伏。"十四五"以来，国家有关 部委每年年中更新的权重目标，成为促进各省份优先消纳可再生能源、提高可再生能源利用率的风向 标。 第一财经记者注意到，《通知》今年给各省份下达的权重目标整体较往年有明显增长。其中，新疆、天 津、广西、海南、山东等地非水电消纳责任权重提升幅度显著，较去年提升约5到10个百分点，云南增 幅达到10.6个百分点。其余省份大多也有小幅增长。今年下达给各省份的消纳责任权重中，超过半数省 份已经在25%以上。 据中信证券研报测算，按照今年全社会用电增速预测5.1%对应的用电增量及各区域过去5年在全国用电 增量中的占比线性外推，结合各省份今年非水可再生能源消纳责任权重推算各 ...

反内卷投资品行业还有哪些机会？20250613 摘要 市场流动性由国家队托底和险资增量资金注入支撑，小微盘量化交易活 跃，险资预期下半年保费收入良好，权益资产相对其他资产仍具吸引力， 牛市判断延续。 反内卷是应对通缩的中长期方案，有助于提升市场风险偏好，对相关行 业估值形成支撑，但宏观制约下，利润或产能利用率提升需时，行业趋 势性行情需谨慎。 外部环境变化，如美国衰退预期降低、美联储主席可能更替、降息预期 前移及关税战火重燃，使中国处于相对有利位置，A 股市场保持乐观。 贵金属长期看好，央行购金趋势不变，白银和铂具备补涨机会；顺周期 品种铜和铝受益于供需格局重塑和降息周期；小金属如稀土、钴等逐步 走出底部。 有色行业反内卷有助于规范竞争，提高整体效益，电解铝行业通过淘汰 落后产能和限定产能天花板实现了有效管控。 石化板块炼化产能受限，煤制烯烃和气头烯烃盈利下滑，关税影响新项 目，存量项目可能关停或降负，油头丙烯盈利回正，关注中石化及民营 炼化龙头。 聚酯板块长丝领域已进入不内卷阶段，头部企业联合减产，下游需求预 计提升，瓶片逻辑类似长丝，预计 2026 年迎来真正拐点。 Q&A 申万宏源策略团队对近期市场的整 ...

证券代码：002128 证券简称：电投能源 内蒙古电投能源股份有限公司投资者关系活动记录表 | 投资者关系活动 □特定对象调研□分析师会议 | | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 投资者网上提问 | | | 人员姓名 | | | 时间 2025 年 7 月 | 11 日(周五)16：00~18:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 1、董事会秘书李冬 | | | 员姓名 2、资本部主任刘学民 | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、董秘你好，请问公司氧化铝来源是哪里？一般维持多长 | | 时间的库存？ | | | | 您好。氧化铝主要来源为山东和河北地区，库存一般 20 天 | | 左右。感谢您的关注。 | | | 投资者关系活动 | 2、作为央企都会表率 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have announced a plan to increase the green electricity consumption ratio for the steel, cement, polysilicon industries, and newly built data centers at national hub nodes by 2025, in line with various energy and carbon reduction policies [1]. Summary by Category Green Electricity Consumption Ratios - The green electricity consumption ratios for various industries and regions have been specified, with the following notable figures: - Electrolytic aluminum industry: ranges from 26.1% to 70.0% across different provinces [2][4] - Steel industry: ranges from 26.1% to 70.0% across different provinces [2][4] - Polysilicon industry: ranges from 26.1% to 70.0% across different provinces [2][4] - Cement industry: ranges from 25.2% to 70.0% across different provinces [2][4] - National hub node data centers: set at 80.0% across all provinces [2][4] Regional Breakdown - Specific provinces have varying green electricity consumption ratios: - Beijing: 30.6% for electrolytic aluminum, steel, polysilicon, and cement [4] - Guangdong: 32.6% for electrolytic aluminum, steel, polysilicon, and cement [2] - Sichuan and Yunnan: both at 70.0% for electrolytic aluminum, steel, polysilicon, and cement [2][4] - Hunan: 51.5% for electrolytic aluminum, steel, polysilicon, and cement [2] - Jiangsu: 27.5% for electrolytic aluminum, steel, polysilicon, and cement [4]

有色 2025 年中期策略 20250708 摘要 铜市场在下半年的供需情况及价格走势如何？ 铜矿供需矛盾不大，但冶炼端存在压力。2025 年冶炼端现货 TC 价格已降至- 45 美元左右，大厂长单报价也降至 15~0 美元，中小机构甚至接受-15 美元的 长协报价。这可能导致冶炼厂亏损并减产，从而推高铜价。如 2024 年 3 月中 国冶炼厂减产消息曾使沪铜现货价格从 66,000 元涨至 80,000 元以上。因此， 一旦未来出现减产催化剂，铜价中枢将继续上移。 需求方面，由于三季度是工 业金属淡季，但电力行业需求平稳，对铜需求影响较小。此外，美国对铜关税 预期落地前，美国将继续从非美地区囤积库存，使伦敦库存降至 10 万吨以下， 国内库存也开始下降。这种去库效应虽然不足以拉动三方市场铜价上涨，但会 抬高铜的支撑位，使其抗跌性增强。因此，在当前工业金属中，我们认为可以 配置铜板块，看好洛阳钼业、江西铜业、西部矿业等公司。 美国债务增加和美元信用削弱，地缘政治不确定性及新兴市场购金需求 增加，共同利好黄金。5 月中下旬至 6 月下旬黄金 ETF 持仓量再次回升， 表明投资者预期美联储可能在 9 月降息，若 ...