Group 1 - The Ministry of Finance and the State Taxation Administration announced a reduction in the consumption tax threshold for super luxury cars from a retail price of 1.3 million yuan to 900,000 yuan, effective from July 20, 2025. Additionally, no consumption tax will be levied on the sale of second-hand super luxury cars [1][4]. - On July 17, TSMC reported a 60.7% increase in profits for the second quarter, marking a historical high and achieving profit growth for six consecutive quarters [11]. - The Shanghai International Tourism Resort is set to launch a "Dream Voucher" program with a total amount of 10 million yuan, aimed at boosting tourism consumption from July 18 to October 10, 2023 [2][7]. Group 2 - On July 17, Huaxia Fund (Hong Kong) announced the establishment of two tokenized money market funds: Huaxia US Dollar Digital Currency Fund and Huaxia RMB Digital Currency Fund, with the latter being the world's first RMB tokenized fund [1][13]. - The National Railway Group reported that in the first half of the year, the total number of passengers transported by rail reached 2.24 billion, a year-on-year increase of 6.7%, setting a historical record for the same period [5]. - The domestic TDI market average price reached 14,100 yuan per ton on July 17, up 613 yuan per ton from the previous day, marking a 4.56% increase [12].

中信证券指出，据藏格矿业公告，子公司藏格锂业因违规开采锂资源而停产整改，中信证券认为这反映 出国内矿产行业对采矿权合规性的审查趋于严格。且国内多数地区政府重视矿业领域违规违法行为，后 续若出现采矿权合规风险外溢的迹象，不排除会导致青海其他盐湖提锂企业或宜春锂云母提锂企业停 产，对国内锂资源供应产生较大影响。长期来看，6-7万元/吨的锂价具有较强成本支撑，叠加短期供应 扰动以及需求旺盛，预计锂价有望走出底部区间。 ...

期货热点追踪 铁矿石巨头产量齐增，2025年二季度必和必拓、力拓产量双双上涨，市场供需格局将如何变化？铁矿石 后续价格走势如何？ 相关链接 ...

必和必拓：预计2026财年埃斯孔迪达铜矿的铜产量将在115至125万吨之间；预计四季度铜产量为51.62 万吨，同比增长2%。预计四季度能源煤炭产量为410万吨，同比增长8%。 ...

必和必拓：2025财年铜产量达202万吨，同比增长8%，铁矿石产量为2.63亿吨，同比增长1%。 ...

必和必拓：预计2026财年铁矿石产量（以WAIO100%为基准）为2.84至2.96亿吨；预计2026财年的铜产 量为180至200万吨。 ...

第四财季可归属的铁矿石产量7034万吨。 必和必拓第四财季铜产量51.62万吨。 预计全年总体西澳洲铁矿石产量2.84亿-2.96亿吨。 预计全年可归属的铁矿石产量2.58亿-2.69亿吨。 ...

这一动态意味着，加拿大钻石矿业的处境雪上加霜。 Burgundy Diamond Mines Ltd.（BDM.AU勃艮第钻石矿商）裁员"数百人"，该公司此前在加拿大北部 Ekati暂停运营。 ...

Core Viewpoint - An American consortium is seeking to acquire a cobalt mine owned by Chemaf Resources Ltd. located in the Democratic Republic of Congo, with involvement from former U.S. special forces personnel [1] Group 1: Acquisition Details - The consortium includes Orion Resource Partners and Virtus Minerals, who are in negotiations to acquire Chemaf [1] - Chemaf's investors include the European commodity trading company Trafigura Group [1]

Core Insights - Gold prices have been on a steady rise since the beginning of 2025, with significant year-to-date increases across various markets, including a 25.84% rise in London gold prices and a 25.52% rise in COMEX gold prices as of June 30 [1][4] - The performance of A-share gold mining companies has improved in line with rising gold prices, with all seven listed companies that released half-year performance forecasts expecting year-on-year profit increases, the highest being Western Gold with an expected increase of 141.66% [1][2] Company Performance - Among the seven companies that disclosed performance forecasts, Hunan Gold is expected to have a net profit of less than 1 billion yuan, while the other six companies anticipate profits exceeding 1 billion yuan, with Zijin Mining Group projecting approximately 23.2 billion yuan, an increase of about 8.1 billion yuan from the previous year [2] - The performance forecast for China National Gold is expected to show a net profit growth of 50% to 65%, leading to a significant stock price increase of 9.73% on the first trading day after the announcement [3] Market Trends - The gold market is expected to remain strong in the second half of 2025, driven by factors such as geopolitical tensions, loose monetary policies, and increased gold reserves by central banks, although there may be short-term adjustment pressures [4][5] - Analysts predict that the international gold price will fluctuate between 3,000 and 3,500 USD per ounce in the second half of the year, with gold maintaining its role as a hedge against economic uncertainty [5] Investment Considerations - Investors are advised to consider gold as a strategic asset for hedging against economic uncertainties, with recommendations to gradually build positions during market adjustments [5] - Caution is advised for ordinary investors entering the gold market at current high price levels, emphasizing the importance of rational asset allocation to avoid increased financial risks [5]