1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The cost - side support for hot - rolled coils has weakened, causing the futures prices to fall from high levels. The HC2510 contract may enter a range - bound consolidation, and short - term trading is recommended with attention to operation rhythm and risk control [2][9] 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights 3.1.1 Market Review - As of August 1st, the closing price of the hot - rolled coil main contract was 3401 yuan/ton, down 106 yuan/ton; the spot price of Hangzhou Lianggang hot - rolled coil was 3480 yuan/ton, down 50 yuan/ton - Hot - rolled coil production increased from a decline, reaching 322.79 million tons, up 5.3 million tons - Apparent demand rebounded to 3.2 million tons, up 476,000 tons from the previous period and down 130,000 tons year - on - year - Both factory and social inventories increased, with the total inventory rising to 3.4795 million tons, up 27,900 tons and down 843,600 tons year - on - year - The steel mill profitability rate was 65.37%, up 1.73 percentage points from last week and 58.88 percentage points from last year [7] 3.1.2 Market Outlook - Macro aspect: Overseas, the US June PCE data accelerated, dampening the Fed's September rate - cut expectations; the US - Mexico tariff agreement was extended for 90 days. Domestically, there were new progress in China - US economic and trade talks, and the Politburo meeting required governance of disorderly competition and capacity management in key industries - Supply - demand aspect: Weekly hot - rolled coil production increased from a decline, with a capacity utilization rate of 82.46% remaining at a relatively high level; total inventory continued to increase slightly, and apparent demand was adjusted up to 3.2 million tons - Cost aspect: Coking coal prices dropped from continuous limit - up to limit - down, hitting market sentiment, and iron ore prices also declined, weakening cost - side support - Technical aspect: The HC2510 contract rose and then fell, with the daily K - line showing three consecutive negative lines and being under pressure below the 5 - day moving average; the MACD indicator showed a high - level death cross of DIFF and DEA, and the red column shrank - Strategy suggestion: The anti - involution positive expectations in the macro - aspect are fading; in the industrial aspect, hot - rolled coil production remains at a relatively high level, terminal demand is resilient, apparent demand rebounds, but furnace material prices are adjusting downward, weakening cost - side support. The HC2510 contract may enter a range - bound consolidation, and short - term trading is recommended with attention to operation rhythm and risk control [9] 3.2 Futures and Spot Market 3.2.1 Futures Price Adjustment - This week, the HC2510 contract adjusted downward. It outperformed the HC2601 contract, with the spread on the 1st being - 2 yuan/ton, up 9 yuan/ton week - on - week [15] 3.2.2 Warehouse Receipts and Net Positions - On August 1st, the hot - rolled coil warehouse receipts at the Shanghai Futures Exchange were 57,174 tons, down 1,188 tons week - on - week - On August 1st, the net short position of the top 20 in the hot - rolled coil futures contract was 108,966 lots, an increase of 45,704 lots from last week [21] 3.2.3 Spot Price Adjustment - On August 1st, the spot price of 5.75mm Q235 hot - rolled coil in Shanghai was 3480 yuan/ton, down 50 yuan/ton week - on - week; the national average price was 3482 yuan/ton, down 36 yuan/ton week - on - week - This week, the hot - rolled coil spot price was stronger than the futures price, with the basis on the 1st being 79 yuan/ton, up 76 yuan/ton week - on - week [25] 3.3 Upstream Market 3.3.1 Furnace Material Price Changes - On August 1st, the price of 61% Australian Macfayden iron ore fines at Qingdao Port was 821 yuan/dry ton, down 11 yuan/dry ton week - on - week - On August 1st, the spot price of first - grade metallurgical coke at Tianjin Port was 1520 yuan/ton, up 50 yuan/ton week - on - week [32] 3.3.2 Iron Ore Arrival and Inventory - From July 21st - 27th, 2025, the global iron ore shipment volume was 32.009 million tons, up 918,000 tons; the Australia - Brazil iron ore shipment volume was 27.559 million tons, up 2.039 million tons - From July 21st - 27th, 2025, the arrival volume at China's 47 ports was 23.197 million tons, down 1.921 million tons; at 45 ports, it was 22.405 million tons, down 1.307 million tons; at the six northern ports, it was 11.573 million tons, down 2.319 million tons - This week, the total inventory of imported iron ore at 47 ports was 142.2201 million tons, down 1.7367 million tons; the average daily clearance volume was 3.1791 million tons, down 114,200 tons. In terms of components, Australian ore inventory was 61.0885 million tons, down 2.004 million tons; Brazilian ore inventory was 51.9207 million tons, up 524,700 tons; trade ore inventory was 90.4245 million tons, down 1.4112 million tons - On July 31st, the billet inventory in Tangshan, Hebei was 1.1102 million tons, up 41,000 tons week - on - week and 141,100 tons year - on - year [37][41] 3.3.3 Coking Industry Changes - This week, the capacity utilization rate of 230 independent coking enterprises was 73.48%, down 0.13%; the daily coke output was 518,300 tons, down 90 tons; coke inventory was 465,200 tons, down 36,000 tons; the total coking coal inventory was 8.4406 million tons, up 28,500 tons; the available coking coal days were 12.3 days, up 0.07 days [45] 3.4 Industry Situation 3.4.1 Supply - Side Changes - In June 2025, China's crude steel production was 83.18 million tons, a year - on - year decrease of 9.2%; from January to June, it was 514.83 million tons, a year - on - year decrease of 3.0% - In June 2025, China's steel exports were 9.678 million tons, down 900,000 tons from the previous month and 8.5% month - on - month; from January to June, cumulative steel exports were 58.147 million tons, a year - on - year increase of 9.2%. In June, steel imports were 470,000 tons, down 11,000 tons from the previous month and 2.3% month - on - month; from January to June, cumulative steel imports were 3.023 million tons, a year - on - year decrease of 16.4% - On August 1st, the blast furnace operating rate of 247 steel mills was 83.46%, unchanged from last week and up 2.18 percentage points year - on - year; the blast furnace iron - making capacity utilization rate was 90.24%, down 0.57 percentage points from last week and up 1.37 percentage points year - on - year; the daily hot - metal output was 2.4071 million tons, down 15,200 tons from last week and up 40,900 tons year - on - year - On July 31st, the weekly hot - rolled coil production of 37 enterprises was 322.79 million tons, up 530,000 tons from last week and down 66,000 tons year - on - year - On July 31st, the hot - rolled coil inventory in 37 enterprises was 793,000 tons, up 1,300 tons from last week and down 125,100 tons year - on - year; the social inventory in 33 cities was 2.6865 million tons, up 14,900 tons from last week and down 718,500 tons year - on - year; the total hot - rolled coil inventory was 3.4795 million tons, up 27,900 tons from last week and down 843,600 tons year - on - year [48][51][56] 3.4.2 Demand - Side Changes - In June 2025, automobile production and sales were 2.794 million and 2.904 million vehicles respectively, a year - on - year increase of 11.4% and 13.8%. From January to June, automobile production and sales were 15.621 million and 15.653 million vehicles respectively, a year - on - year increase of 12.5% and 11.4% - From January to June 2025, cumulative production of household air - conditioners was 163.2961 million units, a year - on - year increase of 5.5%; for household refrigerators, it was 50.6416 million units, unchanged year - on - year; for household washing machines, it was 58.6036 million units, a year - on - year increase of 10.3% [59]

Group 1 - Nanjing's industrial added value increased by 6.2% year-on-year in the first half of the year, with a 7.6% increase in June [1] - Out of 37 major industrial sectors, 30 sectors experienced year-on-year growth, resulting in a growth coverage of 81.1% [1] - The manufacturing sector's added value grew by 6.8%, with notable increases in automotive manufacturing (16.1%), black metal smelting and rolling (11.2%), and electrical machinery and equipment manufacturing (10.3%) [1] Group 2 - The brain-computer interface industry cultivation conference was held in Nanjing, leading to significant project signings and innovations [2] - Nanjing has established an industrial attack mechanism focusing on key industries, including artificial intelligence, robotics, biomedicine, and new-generation information communication [2] - Nanjing's core robotics industry achieved revenue of 19.4 billion yuan, a year-on-year growth of approximately 20% [3] Group 3 - The software and information services industry in Nanjing generated revenue of 520 billion yuan, with a growth rate of 16.5% [3] - The artificial intelligence core industry reported revenue of 26 billion yuan, growing at a rate of 26% [3] - The biomedicine industry achieved revenue of 118.5 billion yuan, with an increase of 11.5% [3]

● 2022 ↓ 2023 ↓ 2024 ↓ 2025 3,600 3,300 3,000 2,700 2,400 2,100 1,800 品周H 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 短流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 唱启剧H lle 12 10 8 6 4 2 0 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 张家港废钢到货 废钢早报 研究中心黑色团队 2025/08/01 华东 स्क 中部 东北 日期 华南 2025/07/25 2230 2071 2269 2269 2318 原点 2238 2025/07/28 2312 2074 2252 2276 2244 2025/07/29 2232 2310 2065 2278 2025/07/30 2236 2312 2068 2253 2283 2025/07/31= 12 2233 ~2310 原占 2069 2235 原品 2281 环比 -3 -2 -18 -2 1 沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 4 ...

Core Viewpoint - The coking coal and steel industries are experiencing a price increase for coke, driven by rising prices of upstream coking coal and downstream steel products, indicating a potential profit-sharing opportunity across the supply chain [1][2][4]. Group 1: Price Trends - Coking coal prices have been on the rise, with the main contract closing at 1117 RMB/ton on July 30, showing a continuous increase since June [2]. - The price of coking coal in Lüliang surged to 1411 RMB/ton by July 30, reflecting a rapid increase since late July [2]. - Steel prices have also increased, with rebar closing at 3315 RMB/ton on July 30, up 13.8% from the annual low of 2912 RMB/ton on June 3 [2]. - Hot-rolled coil prices reached 3483 RMB/ton, marking a 15% increase from the year's low, with overall upward trends since June [2]. - The Shanghai Steel Union reported that the prices for 18mm rebar, 4.75mm hot-rolled coil, and 1mm cold-rolled coil have risen by 8.4%, 9.9%, and 8.4% respectively compared to their annual lows [2]. Group 2: Industry Dynamics - The China Iron and Steel Association indicated that the government will continue to implement policies to regulate crude steel production, which is expected to alleviate supply-demand imbalances in the second half of the year [4]. - The Central Political Bureau emphasized the need to promote a unified national market and optimize market competition, which may impact the operational landscape for steel and coking industries [4]. - The Shanghai Steel Union's coking coal price index has shown a downward trend over the past three years but has recently rebounded, reflecting a clear correlation with rising coking coal prices [4][6]. Group 3: Supply Chain Insights - The supply of raw materials for coke is gradually improving, with high levels of pig iron production and strong pricing intentions from coal mines [6]. - The average loss per ton of coke for 30 independent coking plants across the country is reported at 54 RMB, indicating financial pressures within the industry [6].

Group 1 - The recent surge in coke prices is attributed to cost support and improved demand, with major steel mills in Tangshan raising wet coke prices by 50 CNY/ton and dry coke by 55 CNY/ton effective from July 29, 2025 [1][2] - The coke market has experienced a total increase of 200 CNY/ton since July 15, with expectations of further increases totaling around 300 CNY/ton [1][2] - The first half of 2025 saw a decline in coke prices, with an average drop of 33.12% year-on-year due to weak domestic demand in the steel industry [1][2] Group 2 - The rebound in coke prices is driven by a decrease in domestic supply of coking coal since mid-June due to environmental and safety regulations, leading to a better supply-demand balance [2] - The price of coking coal has increased significantly, with a maximum rise of 350-400 CNY/ton, which has substantially raised the production costs for coke [2][6] - Despite the price increases, many coke enterprises are still facing losses, with only two out of seven forecasted companies expected to avoid losses in the first half of 2025 [4][5] Group 3 - The demand for coke remains stable, with steel mills actively replenishing their inventories, as indicated by an average daily supply of 2.413 million tons of molten iron in July, which is 20,000 tons higher than the same period last year [3] - The profitability of the steel industry has improved, with several companies forecasting significant profit increases, contrasting with the ongoing losses faced by coke producers [4][5] Group 4 - Short-term forecasts suggest that coke prices may continue to rise due to high coking coal prices and strong demand from steel mills, with a potential fifth price increase of 50 CNY/ton expected [7][8] - Long-term expectations indicate that the traditional peak consumption season in September and October may lead to increased demand for coke, although there are concerns about potential production cuts in the steel sector [8]

医药股持续活跃，其中辰欣药业等多股涨停。影视股再度走强，其中幸福蓝海20CM3连板。超级水电 概念股一度冲高，其中西宁特钢7天6板。油气、创新药、钢铁等板块涨幅居前。 消息面：恒瑞医药与葛兰素史克达成一项总潜在金额高达125亿美元的License-out合作；日本将于7月30 日9时5分左右暂停福岛第一核电站核污染水排海；安徽拟发布有色金属产业优化升级方案，力争2027年 产业营收突破5000亿元。 欢迎您在评论中分享自己的看法，大家一起学习和讨论。 早盘市场延续分化，沪指高开高走后冲高回落，截止午盘上涨0.52%，深成指探底回升后维持在中轴附 近窄幅盘整，截止午盘微跌0.06%，创业板指始终维持在低位盘整，截止午盘下跌0.71%。两市合计超 3100只个股下跌，合计成交额1.09万亿。 盘面上热点维持杂乱状态，稳定币概念股展开调整，包括东信和平等多股跌超5%。电池、电子身份 证、多元金融、稀土永磁、固态电池、人形机器人等行业板块跌幅居前。 ...

Group 1: Non-Banking Financial Sector - The Hong Kong Monetary Authority has released regulatory guidelines for stablecoin issuance, detailing applicant qualifications, application processes, reserve asset requirements, anti-money laundering measures, and transitional provisions for existing issuers [3][4][5] - The guidelines encourage interested parties to contact the HKMA by August 31, 2025, and submit applications by September 30, 2025, if they are ready [4][18] - The issuance of stablecoin licenses is expected to benefit companies with relevant application scenarios, particularly those involved in cross-border payments [5][19] Group 2: Overseas Technology Sector - Google - Google's revenue for Q2 2025 reached $96.428 billion, a year-on-year increase of 14%, driven by double-digit growth in core businesses such as search, YouTube ads, and Google Cloud [8][9] - The company has adjusted its revenue forecasts for 2025-2027 to $393.9 billion, $437.5 billion, and $483.9 billion, respectively, with net profits projected at $115.7 billion, $135.7 billion, and $154 billion [7][8] - AI search developments have led to a doubling of token usage, with significant increases in search volume and user engagement, indicating a stable search market for Google [9][10] Group 3: Pharmaceutical Sector - WuXi AppTec - WuXi AppTec reported a 20.6% year-on-year increase in revenue for H1 2025, amounting to RMB 20.8 billion, with a 24.2% increase in continuous operations revenue [12][29] - The company has raised its full-year revenue guidance, expecting a growth rate adjustment from 10-15% to 13-17%, with total revenue projected between RMB 425 billion and RMB 435 billion [29][28] - The TIDES business segment showed remarkable growth, with revenue increasing by 141.6% year-on-year in H1 2025, and a 48.8% increase in orders [29][12]

7月30日，三大指数涨跌不一，截至收盘，沪指涨0.17%，深成指跌0.77%，创业板跌1.62%，科创50指数跌1.11%，两市超1600只个股上涨，沪深两市今日成 交额约1.84万亿元。 影视板块表现出众，堪称今日最靓的仔，其中，幸福蓝海（300528.SZ）涨停20%，该公司5天内录得4个大号涨停板，累计上涨113%。此外，慈文传媒 （002343.SZ）、金逸影视（002905.SZ）涨10%，北京文化（000802.SZ）涨超9%。 据悉，幸福蓝海参与出品的影片《南京照相馆》，上映后连续多日蝉联票房冠军。灯塔专业版数据显示，上映6天以来，《南京照相馆》累计录得票房6.61 亿元（截至7月30日上午10时），观影总人次超1800万。其中，该片7月27日的票房为1.46亿元，这也打破了过去3年暑期档历史片单日票房纪录。 创新药持续活跃，辰欣药业（603367.SH）、东诚药业（002675.SZ）涨10%，华润双鹤（600062.SH）、浙江医药（600216.SH）、康辰药业（603590.SH） 均大涨。 中信证券研报称，目前创新药行业已经完成底部夯实，进入到真正的"临床价值重估"阶段，产业估值逻辑正 ...

Market Overview - The market showed mixed performance with the Shanghai Composite Index reaching a new high for the year, while the Shenzhen Component and ChiNext Index experienced slight declines [1][11] - The total trading volume in the Shanghai and Shenzhen markets was 1.09 trillion yuan, a decrease of 43.2 billion yuan compared to the previous trading day [1] Sector Performance - The pharmaceutical sector remained active, with multiple stocks such as Chenxin Pharmaceutical and others hitting the daily limit [1][3] - The film and entertainment sector saw a resurgence, particularly with the film "Nanjing Photo Studio" performing well, grossing over 600 million yuan within five days of its release [3][14] - The steel sector also showed strength, with Xining Special Steel achieving seven consecutive trading limits [5][27] Individual Stock Highlights - A total of 32 stocks hit the daily limit, with a sealing rate of 69%, and nine stocks achieved consecutive limits [1][13] - Notable performers included Chenxin Pharmaceutical with five consecutive limits and Xizang Tourism with eight consecutive limits [1][21] Investment Opportunities - The ongoing trend in innovative pharmaceuticals is highlighted by the collaboration between Heng Rui Pharmaceutical and GlaxoSmithKline, potentially worth up to 12.5 billion USD [5] - The film industry is expected to see steady growth due to the successful release of quality films during the summer season [3][14] Regulatory and Policy Insights - The China Steel Industry Association emphasized the need for self-discipline and stable pricing in the steel industry amid ongoing capacity governance policies [9] - The National Development and Reform Commission is seeking public input on guidelines for government investment funds, aiming to enhance long-term capital deployment [34]

Core Viewpoint - The A-share market experienced mixed performance in the morning session, with the Shanghai Composite Index reaching a new high for the year, while overall trading volume decreased compared to the previous trading day [1] Market Overview - The total trading volume in the Shanghai and Shenzhen markets was 1.09 trillion, a decrease of 43.2 billion from the previous trading day [1] - More than 3,100 stocks in the market declined, indicating a broad-based sell-off [1] Sector Performance - Active sectors included pharmaceuticals, with stocks like Chenxin Pharmaceutical hitting the daily limit, and the film industry, where companies like Xingfu Lanhai achieved three consecutive daily limits [1] - Super water and electricity concept stocks saw a temporary surge, with Xining Special Steel achieving six daily limits in seven days [1] - Declining sectors included stablecoin concept stocks, with companies like Dongxin He Ping dropping over 5% [1] Index Performance - At the close, the Shanghai Composite Index rose by 0.08%, the Shenzhen Component Index fell by 0.06%, and the ChiNext Index increased by 0.71% [1]