Report Industry Investment Ratings - **Thread Steel**: ★☆☆, indicating a bullish/ bearish bias with limited operability on the trading floor [1] - **Hot - Rolled Coil**: ★☆☆, suggesting a bullish/ bearish bias with limited operability on the trading floor [1] - **Iron Ore**: ★★★, representing a clearer bullish/ bearish trend with a relatively appropriate investment opportunity [1] - **Coke**: ★☆☆, showing a bullish/ bearish bias with limited operability on the trading floor [1] - **Coking Coal**: ★☆☆, implying a bullish/ bearish bias with limited operability on the trading floor [1] - **Silicon Manganese**: ★☆★, indicating a short - term balance in the bullish/ bearish trend with poor operability on the trading floor, suggesting waiting and seeing [1] - **Silicon Ferroalloy**: ★☆★, suggesting a short - term balance in the bullish/ bearish trend with poor operability on the trading floor, suggesting waiting and seeing [1] Core Viewpoints - The market is still dominated by the "anti - involution" concept, and substantial policy measures are yet to be implemented. After a significant rebound, the fluctuations of relevant varieties have intensified, and the rhythm may be repeated. Attention should be paid to terminal demand and relevant domestic and foreign policies [1] - The short - term trend of iron ore is expected to follow the fluctuations of finished steel products, with attention to the risk of amplified fluctuations [2] - Coke and coking coal are expected to follow the trend of steel products and may maintain an upward trend in the short term [3][5] - Silicon manganese and silicon ferroalloy follow the trend of thread steel, but their price increases are relatively weak [6][7] Summary by Category Steel - Today's steel futures rose and then fell, continuing to rebound. This week, the apparent demand for thread steel dropped significantly, production continued to decline, and inventory slightly increased. The demand for hot - rolled coils slightly rebounded, production continued to decline, and inventory slightly decreased. Iron - making molten iron production increased and remained at a high level. With low inventory, the market's negative feedback pressure is small [1] - In June, real estate investment continued to decline significantly, and the growth rates of infrastructure and manufacturing investment slowed down. Domestic demand remained weak overall, while exports remained at a relatively high level [1] Iron Ore - On the supply side, the global shipment of iron ore decreased slightly month - on - month, and the domestic arrival volume was at a high level, with a possible phased decline later. Port inventory decreased under high - throughput conditions and there was no obvious pressure to accumulate inventory in the short term [2] - On the demand side, terminal demand was weak during the off - season. Steel mills had profits and lacked the motivation for active production cuts. Iron - making molten iron production resumed this week and could remain at a relatively high level in the short term [2] Coke - The first round of price increases for coking was fully implemented, and there were still expectations of further price increases. Profits were meager, and daily coking production slightly increased after a continuous decline. Overall coke inventory slightly decreased, and the purchasing willingness of traders increased [3] Coking Coal - The output of coking coal mines slightly decreased, the spot auction market improved, transaction prices continued to rise, and terminal inventory increased. The total coking coal inventory decreased month - on - month, and production - end inventory continued to decline significantly. There was a high probability of continuous inventory reduction in the short term [5] Silicon Manganese - Due to continuous production cuts in the early stage, the inventory level decreased, but weekly production began to rebound, and the inventory reduction rate was likely to decline. In the long - term, manganese ore inventory fluctuated and increased. In the short - term, the current inventory level was low, and the price - holding intention of manganese mines increased [6] Silicon Ferroalloy - Iron - making molten iron production increased to over 242. Export demand remained at around 30,000 tons, with a marginal impact. The production of magnesium metal decreased slightly month - on - month, and secondary demand remained stable at a high level. Overall demand was okay. Silicon ferroalloy supply continued to decline, market transaction levels were average, on - balance - sheet inventory continued to decrease, but production - end inventory began to increase, mainly due to the decrease in warehouse - receipt inventory [7]

7月18日，广东经济半年报出炉。数据显示，2025年上半年，全省经济延续回升向好态势，运行总体平 稳、稳中向好。 上半年，广东实现地区生产总值68725.40亿元，按不变价格计算，同比增长4.2%。其中，第一产业增加 值2258.86亿元，增长4.2%；第二产业增加值25978.86亿元，增长3.4%；第三产业增加值40487.69亿元， 增长4.6%。 具体来看： 总的来看，上半年，广东经济运行整体回升向好。但也要看到，当前外部环境更趋复杂严峻，国内有效 需求不足，经济持续回升向好基础仍需加力巩固。 一组图速览广东上半年经济运行具体情况>>> 工业方面，上半年，全省规模以上工业增加值同比增长4.0%，增速比一季度加快0.1个百分点，其 中6月份增长5.3%。分门类看，采矿业增加值下降0.3%，降幅收窄3.0个百分点；制造业增长 4.5%，增速提高0.1个百分点；电力、热力、燃气及水生产和供应业下降0.1%。 服务业方面，上半年，全省服务业增加值同比增长4.6%，增速比一季度加快0.3个百分点。其中， 交通运输仓储邮政业、金融业增加值分别增长6.6%、7.0%，比全部服务业增速高2.0个、2.4个百 分点。 ...

Core Insights - The third Chain Expo showcased 651 participating companies from 75 countries and regions, with foreign exhibitors accounting for 35% of the total, indicating an increase in international participation [1] - The event highlighted the importance of collaboration in the supply chain, with a focus on digitalization and sustainability, as well as the establishment of exhibitor alliances [1][5] - The presence of major global companies like Apple and Nvidia underscored the significance of China's supply chain in the global market [2][5] Group 1: Event Overview - The Chain Expo featured over 1200 companies engaged in industry chain cooperation, emphasizing the international character of the event [1] - The event included more than 70 specialized activities aimed at addressing specific business needs, showcasing innovations in supply chain technology [1] - The participation of foreign companies has increased, reflecting China's growing attractiveness as a destination for foreign investment [1][5] Group 2: Key Exhibitors and Innovations - Apple collaborated with suppliers like Sunwoda, Shandong Innovation, and Jieshida to showcase advancements in smart manufacturing and renewable energy [2] - Sunwoda presented its self-developed magnetic levitation conveyor line, achieving 100% domestic production [3] - Nvidia's participation marked its first at the Chain Expo, focusing on collaborative solutions across various sectors, including automotive and industrial digitalization [4] Group 3: Industry Perspectives - Industry experts noted that the joint participation of companies illustrates a symbiotic relationship within the supply chain, enhancing collaboration and efficiency [4] - The increasing presence of foreign exhibitors, particularly from Europe and the US, indicates that global companies view China as an essential partner in resource allocation [5] - Executives from companies like Cargill and Qualcomm emphasized the importance of collaboration and innovation in driving growth within the Chinese market [6] Group 4: Policy and Future Outlook - Chinese authorities are actively promoting policies to ensure the stability of global supply chains, including optimizing the business environment and expanding financing channels [7] - The Chain Expo aims to foster long-term cooperative relationships rather than focusing solely on immediate sales, highlighting the importance of sustained partnerships [7] - The event serves as a platform for enhancing global supply chain cooperation, with a vision of creating a win-win scenario for all participants [7]

老铁们，昨晚国际铀贸易商的电话几乎被打爆了！就在三天前，内蒙古鄂尔多斯地下500米深处，中国工程师完成了一项堪称奇迹的任务——他们用类似"矿 泉水瓶吸珍珠"的巧妙技术，成功提取出了第一桶核燃料"黄饼"！这可不是普通的矿石，而是驱动核电站、航空母舰甚至航天器的"超级血液"！国铀一号项 目正式投产，这标志着中国终于摆脱了"全球最大铀进口国"的尴尬身份！此时此刻，哈萨克斯坦的铀矿老板们正连夜重新估算手中库存的价值，而加拿大的 矿业巨头股价在开盘后已经下跌了3%…… 更让人拍案叫绝的是，我们的采矿方式简直是"科幻照进现实"！想象一下传统采矿：震耳欲聋的爆破声，尘土飞扬遮天蔽日，地面满是伤痕。而国铀一号采 用的是优雅得令人惊叹的"无痕开采技术"！只需在地面精准钻孔，就像给大地做微创手术一样，将特制的"魔法溶剂"注入地下，这溶剂的主成分是二氧化碳 和氧气。它们悄无声息地渗透到数百米深处，将坚硬的铀矿石神奇地转化成液态。紧接着，管道轻轻一抽，富含铀元素的"能量茶汤"便源源不断地被抽出！ 地表风轻轻吹，草儿照常生长，牛羊悠闲地吃草，没有爆破声，没有大规模开挖！这技术，你说牛不牛？环保不环保？关键是我们还顺带吸收了二氧化碳， ...

Core Viewpoint - BHP reported record production levels for iron ore and copper in its annual operational review for the year ending June 30, 2025, highlighting significant achievements in its operations [1] Group 1: Iron Ore Production - BHP's iron ore business in Western Australia set multiple records, including annual production [1] - The overall performance in iron ore indicates strong operational efficiency and capacity utilization [1] Group 2: Copper Production - Copper production exceeded 2 million tons, marking a significant milestone for the company [1] - The Escondida copper mine in Chile achieved its highest production level in 17 years, showcasing the mine's recovery and operational improvements [1] - The Spence copper mine also reached a record high in production, contributing to the overall increase in copper output [1]

Report Industry Investment Rating No relevant information provided. Core View of the Report The report analyzes the market conditions of black metals including steel, coking coal and coke, iron ore, and ferroalloys. It points out that steel prices may maintain a high - level range - bound trend, coking coal and coke markets have increased speculation and potential price increases but with uncertain sustainability, iron ore prices are expected to be oscillating upward, and ferroalloys should be traded within a range [4][10][15][19]. Summary by Related Catalogs Steel - **Related Information**: In 2025 from January to May, Hebei's iron and crude steel production decreased by 2.3% and 1.3% respectively year - on - year, while the industry's profit was higher than that of 2024. Shanghai's rebar price was 3220 yuan (+20), and Shanghai's hot - rolled coil price was 3320 yuan (+30) [3]. - **Logic Analysis**: The black sector was strong at night. Steel exports remained high, but downstream construction site funds decreased, leading to a decline in rebar demand. With the convergence of basis, there is pressure on black sector prices. Steel prices may lack driving forces and maintain a range - bound trend [4]. - **Trading Strategy**: Unilateral trading should expect steel to maintain a high - level range - bound trend; for arbitrage, consider 10 - 1 positive spreads at low levels; for options, it is recommended to wait and see [5][6][8]. Coking Coal and Coke - **Related Information**: The average national profit per ton of coke was - 43 yuan/ton. The blast furnace operating rate was 83.46%, and the daily hot - metal output was 242.44 tons. The coke and coking coal warehouse - receipt prices were provided [9]. - **Logic Analysis**: Hot - metal production increased, coking coal inventory decreased, and the first round of coke price increase was implemented. The increase in coking coal prices was due to speculative and restocking demand, and its sustainability needs to be observed [10]. - **Trading Strategy**: For unilateral trading, it is recommended to wait and see; for arbitrage and options, also wait and see; for spot - futures trading, pay attention to positive spreads [13]. Iron Ore - **Related Information**: BHP's Q2 2025 iron ore production increased by 14.2% quarter - on - quarter. On July 17, the national main - port iron ore trading volume increased by 14.4%. The spot prices of PB powder, super - special powder, and others were provided [14]. - **Logic Analysis**: The iron ore price increased by 1.53% at night. The supply of mainstream mines decreased seasonally, and the demand was high. With the change in market expectations, iron ore prices are expected to be oscillating upward [15][17]. - **Trading Strategy**: Unilateral trading should expect an oscillating upward trend; for arbitrage and options, wait and see [18]. Ferroalloys - **Related Information**: A Jiangsu steel mill set the 75B ferrosilicon purchase price at 5600 yuan/ton. The prices of manganese ores in Tianjin Port were provided [19]. - **Logic Analysis**: Ferrosilicon prices were stable with a slight increase. Supply was low, demand was supported, and costs were mixed. Manganese - silicon prices were stable, with expected production increase and supported by manganese ore prices. Both should be traded within a range [19]. - **Trading Strategy**: Unilateral trading may be short - term oscillating upward but not recommended for chasing up; for arbitrage, go long on ferrosilicon and short on manganese - silicon, and consider positive spreads at low basis; for options, sell straddle option combinations at high prices [22].

藏格矿业表示，收到《通知》后，公司全资子公司格尔木藏格锂业有限公司（"藏格锂业"）已按要求停 产；同时，公司正积极推进锂资源开采手续办理，待锂资源开采手续办理完成后，将及时向海西州盐湖 管理局申请复产。 就该事项对公司的影响，藏格矿业表示，2025年藏格锂业计划实现碳酸锂产量1.1万吨、销量1.1万吨； 上半年预计实现碳酸锂产量5350吨、销量4470吨，预计实现净利润4900万元、占公司整体净利润的比例 很低，对公司经营业绩的影响较小。 新京报贝壳财经讯（记者朱玥怡）就藏格矿业（000408.SZ）子公司被要求停产一事，7月18日海西州自 然资源局一名工作人员告诉贝壳财经记者，据其了解省级部门正在核实相关情况。 藏格矿业子公司被要求停产一事迅速引起市场关注。披露消息的同日，藏格矿业召开电话会议，233位 机构投资者参与。藏格矿业董秘李瑞雪在会上表示，除藏格锂业临时停产外，藏格钾肥及公司其他子公 司的经营活动处于正常开展中，暂不会导致公司经营业绩受到重大影响。 7月17日，藏格矿业发布公告称，全资子公司格尔木藏格钾肥有限公司（"藏格钾肥"）于2025年7月16日 收到海西州自然资源局、海西州盐湖管理局下发的《 ...

（3）本次股份质押事项不存在被用作重大资产重组业绩补偿等事项的担保 或其他保障用途的情形。 截至本公告披露日，控股股东复星高科质押股份数量占其所持公司股份数量 的比例超过 50%。 股份数量为 50,000,000 股，占持有公司股份总数的 5.27%，占公司股份总数的 资金来源主要为自有及自筹资金。 公司利益的情况。 （1）本次股份质押事项不会对公司的主营业务、融资授信及融资成本、持 续经营能力产生影响； （2）本次股份质押事项不会对公司治理产生影响，控股股东与公司在产权、 业务、资产、人员等方面相互独立，对公司的控制权稳定、股权结构、日常管理 不产生影响； | 证券代码：601969 | 公告编号：2025-091 证券简称：海南矿业 | | --- | --- | | 海南矿业股份有限公司 | | | 关于控股股东股份解除质押及再质押的公告 | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 | | | 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | | 重要内容提示: | | | ? | 截至本公告日，海南矿业股份有限公司（以下简称"公司"）控股股东 ...

Group 1 - Indonesia is negotiating with the United States for a waiver on a 19% tariff on palm oil, cocoa, and nickel [1]

Group 1 - The article reports that the State Administration for Market Regulation has released a list of unconditional approvals for operator concentration cases from July 7 to July 13, 2025 [1] - Among the approved cases is the establishment of a joint venture between Zijin Mining Group Co., Ltd. and Agilent Brothers Mining Company [1]