Group 1 - The ecological system of the Qinghai-Tibet Plateau is diverse yet fragile, necessitating a focus on ecological protection and maximizing ecological functions [3][4][5] - Qinghai is a resource-rich province with significant responsibilities for national ecological security and sustainable development, particularly in protecting the source of the Yangtze, Yellow, and Lancang rivers [4][6] - The development of circular economy is essential for improving resource utilization efficiency while maintaining ecological balance, particularly in the context of salt lake resource development [10][11] Group 2 - The Chaka Salt Lake is a major strategic resource for Qinghai, with a total area of 5,856 square kilometers and a total salt resource reserve of 60 billion tons, making it the largest salt lake in China [10][11] - Qinghai's potassium fertilizer production is projected to reach 7.49 million tons in 2024, reflecting a growth of 4.8%, while lithium carbonate production is expected to reach 135,000 tons, a 22.3% increase [12] - The Maerdang Hydropower Station has implemented fish passage devices to protect biodiversity and has released 310,000 fish since its construction, contributing to the ecological balance of the Yellow River basin [12] Group 3 - The development of the circular economy in Qinghai includes various industries such as salt lake chemicals, oil and gas chemicals, and new materials, all emphasizing low carbon emissions [16] - The establishment of a zero-carbon industry park in Golmud is aimed at enhancing the green development of the local economy, with a focus on wind and solar energy solutions [17] - The integration of advanced technologies in the lead smelting project in the Chaka Salt Lake area demonstrates a commitment to environmental protection and resource recycling [15]

日度报告——综合晨报 中国住建部称将更大力度推动房地产市场止 跌回稳 [T报ab告le_日R期an：k] 2025-07-07 宏观策略（黄金） 美国财长贝森特：贸易谈判的最后阶段出现僵局 周五金价震荡微跌，美国独立日休市海外市场交易较为清淡， 市场聚焦关税暂缓期到期后美国对等关税落地情况，9 日前仍有 谈判在推进，主要是欧盟和日本还未与美国达成协议。 宏观策略（股指期货） 住建部：更大力度推动房地产市场止跌回稳 综 合 近期股市情绪持续升温，新题材涌现，使得市场顶住高估压力 持续上涨。这种单边堰塞湖的状态，后续需要基本面回升来夯 实行情。此外海外关税扰动仍不可忽视 晨 宏观策略（国债期货） 报 央行开展了 340 亿元 7 天期逆回购操作 展望下周，预计资金面仍然偏松，债市做多动能继续积累，但 长端品种突破尚需等待。 农产品（豆油/菜油/棕榈油） Mysteel 数据：全国主要油厂大豆压榨预估调查统计 45Z 税收抵免通过，关注 7 月 8 日听证会。 黑色金属（螺纹钢/热轧卷板） 6 月下旬重点钢企钢材库存量 1545 万吨 反内卷政策预期带动钢价偏强，基本面仍有支撑，五大品种库 存并未进一步累积。但随着 ...

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for June 2025 is at 49.7%, indicating a slight improvement but still within a downward trend [1] - The non-manufacturing business activity index stands at 50.5%, showing continued expansion [1] - The central bank's monetary policy committee suggests increasing regulatory intensity to maintain ample liquidity and support key sectors [1] Manufacturing Sector - The production and new orders indices are at 51.0% and 50.2%, respectively, reflecting a rise of 0.3 and 0.4 percentage points [1] - The purchasing volume index increased to 50.2%, up by 2.6 percentage points [1] - Price indices for major raw materials show a rebound, with purchasing and factory gate price indices at 48.4% and 46.2%, rising by 1.5 percentage points [1] Non-Manufacturing Sector - The construction business activity index is at 52.8%, up by 1.8 percentage points, indicating high activity in civil engineering [1] - The service sector business activity index is stable at 50.1%, with some industries experiencing high activity while others see a decline [1] - The business activity expectation index is in a high range, suggesting optimism among enterprises [1] Monetary Policy - The central bank announced a 300 billion MLF operation on June 25, with a net injection of 118 billion, marking four consecutive months of excess renewal [1] - The monetary policy is expected to expand domestic demand and stabilize growth in the second half of the year, with MLF likely to continue increasing [1] - The focus is on supporting private and small enterprises, revitalizing existing resources, and stabilizing the real estate market [1]

长江商报消息 ●长江商报记者 沈右荣 39亿元重大资产重组完成，株冶集团（600961.SH）的经营业绩持续向好。 7月4日晚间，株冶集团发布业绩预告，公司预计上半年实现的归母净利润为5.6亿元至6.50亿元，同比增 长超过50%；预计实现扣非净利润5.70亿元至6.60亿元，同比增长幅度超过80%。 重组后净利持续快速增长 株冶集团的经营业绩继续快速增长。 根据最新发布的业绩预告，今年上半年，株冶集团预计实现归母净利润5.60亿元到 6.50亿元，与上年同 期相比，将增加约1.89亿元到2.79亿元，同比增长50.97%到 75.23%。公司预计实现扣非净利润5.70亿元 到6.60亿元，与上年同期相比，将增加约2.55亿元到3.45亿元，同比增长80.97%到109.55%。 今年一季度，公司经营业绩已经表现为快速增长。前三个月，公司实现的营业收入、归母净利润分别为 48.03亿元、2.77亿元，同比增长8.50%、74.07%，扣非净利润为2.83亿元，同比增长112.94%。 对比半年度业绩预告及一季度报告，二季度，公司预计归母净利润、扣非净利润分别为2.83亿元至3.73 亿元、2.87亿元至3.7 ...

Core Viewpoint - Daoshi Technology is making a significant overseas investment of approximately 1.183 billion yuan to establish a copper wet smelting plant in the Democratic Republic of the Congo, aimed at expanding production capacity and securing resource supply [1][2][3]. Investment and Expansion - The company plans to invest in a project that will produce 30,000 tons of cathode copper and 2,710 tons of cobalt intermediates, with a project cycle of 18 months [2][3]. - This investment is part of Daoshi Technology's long-term strategic layout in the Congo, a region rich in copper and cobalt resources, which will enhance the stability and security of raw material supply [2][3]. Production Capacity and Growth - Daoshi Technology's cathode copper production is projected to reach 40,900 tons in 2024, representing a year-on-year increase of approximately 32%, marking a historical high [1][3]. - The company is also expected to produce 1,743 tons of cobalt intermediates in 2024, with a year-on-year growth of about 227% [3]. Financial Performance - In 2024, Daoshi Technology reported a revenue of 7.752 billion yuan, a year-on-year increase of 6.25%, and a net profit of 157 million yuan, up 662.33%, ending two consecutive years of profit decline [5]. - The company has seen a significant increase in overseas market revenue, which grew 3.82 times over the past three years, with the revenue share rising from 16.13% to 65.8% [6]. Research and Development - Daoshi Technology has invested over 1.228 billion yuan in R&D from 2020 to 2024, resulting in accelerated technology transformation [6]. - As of the end of 2024, the company holds 64 patents in carbon materials, 222 in lithium battery materials, and 104 in ceramic materials [6].

先说个有意思的现象：业内人都在说，最近好多交易商正扎堆把铜往美国运。为啥？明眼人都看出来了，这是抢在特朗普可能上调关税的最后期限前囤 货呢。想想看，要是关税真涨上去，进口铜的成本可就高了，现在赶紧往美国仓库里搬，相当于提前锁死低价筹码，这波操作跟买菜囤打折菜一个道 理，就是规模差了十万八千里。 但囤货只是表面，咱得往深了看。首先美国那边需求确实有点猛，基建项目重启后，电线电缆、建筑用铜的订单蹭蹭涨，洛杉矶长滩港最近卸的铜板材 集装箱数量比去年同期多了快两成。加上LME铜库存最近又往下掉，交易所仓单量都快跌破50万吨了，供需这根弦一绷紧，价格自然容易往上窜。 各位朋友好，我是帮主郑重。最近有色金属圈可热闹了，黄金白银刚飙完，咱们的"铜博士"也坐不住了——国际铜价这周直接冲破三个月新高，伦敦铜价 眼瞅着又往年内高点窜。这铜价突然起飞，背后可有不少门道，今天咱就掰开了聊。 还有个点容易被忽略：现在全球铜矿开采其实有点"卡脖子"。南美的智利秘鲁前阵子闹工人罢工，刚果（金）的铜钴矿运输又受地缘影响，矿企产能跟不 上，冶炼厂只能靠吃库存过日子。这时候美国突然来一波集中囤货，就像往原本就烧着的炉子上又添了把柴，铜价不涨才怪 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - In 2025, the core contradiction throughout the upstream, midstream, and downstream industries is the "structural gap during the new - old kinetic energy conversion period." In the first half of the year, the industry was affected by external uncertainties, with intensified internal differentiation, and overall prosperity relied on policy support. In the second half of the year, with the "two new" policies further boosting domestic demand and upgrading the industrial structure, the industry is expected to achieve a systematic leap from "quantity" to "quality" expansion [2][7]. 3. Summary by Directory Market Overview - **Upstream Materials**: In H1 2025, raw material prices were under pressure due to weak demand and Sino - US trade conflicts, showing significant differentiation. In H2, the structural differentiation will continue. Enterprises should focus on capacity elimination, tariff negotiations, and climate risks [8]. - **Midstream Manufacturing**: In H1 2025, it presented a differentiated pattern of "traditional under pressure, high - tech doing well." In H2, policies will support both demand and supply - side reforms, and traditional manufacturing is expected to break through cost dilemmas through intelligent and digital transformation [8]. - **Downstream Consumption**: In H1 2025, it showed a "weak recovery" pattern. In H2, the consumption market will continue to be structurally differentiated, and the recovery highly depends on policy implementation efficiency and business model innovation [9][10]. Upstream: Raw Material Price Fluctuations - **H1 2025 Situation**: Raw material prices were under pressure. Metal mining showed a divergence between black and non - ferrous metals; chemical raw materials had multi - directional fluctuations; energy sources like crude oil and coal were more differentiated; most agricultural products were at near - five - year lows [8][15]. - **H2 2025 Outlook**: The price differentiation will continue. Traditional raw materials' rebound depends on supply - side reforms and policy support, while emerging demand - driven products are more resilient. Enterprises should focus on capacity elimination, tariff reviews, and extreme weather [15][16]. Midstream: Short - term Stabilization, Continued New - Old Kinetic Energy Conversion - **Overall Situation**: In H1 2025, the manufacturing industry was affected by external factors, with traditional manufacturing under pressure and high - tech manufacturing supported by policies. After the tariff war, there was short - term stabilization, and both external and internal demands recovered to some extent [43][53]. - **Traditional Manufacturing**: In H1 2025, profits declined due to over - capacity and weak demand. In H2, policies will expand to more traditional manufacturing sectors, promoting transformation and efficiency improvement [59][75]. - **High - tech Manufacturing**: In H1 2025, it recovered significantly compared to the beginning of the year, benefiting from strong policy support. In H2, it is expected to continue to improve [69][75]. Downstream: Intensified Retail Differentiation, Weak Real Estate Recovery - **Retail Industry**: In H1 2025, online e - commerce grew due to the "trade - in" policy, while traditional physical retail was under pressure. In H2, the differentiation will continue, with emerging formats having growth potential and traditional retail relying on policy and innovation [82][93]. - **Leasing Industry**: In H1 2025, it was in a downturn. In H2, the "price - for - volume" trend will continue, and the de - stocking of commercial land will continue [92][93]. - **Real Estate Industry**: In H1 2025, it achieved "weak stabilization" under policy support. In H2, it is expected to continue to recover slowly with further policy optimization and improved supply - demand balance [99][115].

2025年07月06日 观点与策略 | 镍：矿端支撑有所松动，冶炼端限制上方弹性 | 2 | | --- | --- | | 不锈钢：库存轻微消化，钢价修复但弹性有限 | 2 | | 工业硅：上方空间有限，推荐空配 | 11 | | 多晶硅：建议谨慎持仓，关注政策出台 | 11 | | 碳酸锂：盘面利润打开，关注上方压力 | 20 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 二 〇 二 五 年 度 2025 年 7 月 6 日 国泰君安期货研究周报-绿色金融与新能源 镍：矿端支撑有所松动，冶炼端限制上方弹性 不锈钢：库存轻微消化，钢价修复但弹性有限 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 报告导读： 沪镍基本面：矿端下方支撑边际松动，冶炼端难以给予上行驱动。镍价下方空间取决于成本，7 月整 体火法路径成本仍然偏高，但印尼镍矿溢价边际回调 2 至 25 美金/湿吨，火法现金成本预计轻微下移 1.3% 左右。就预期而言，市场关于印尼配额增加的消息缓和矿端担忧情绪，叠加往年的第三季度常常是印尼配 额释放和镍矿溢 ...

2025年07月06日 国泰君安期货研究周报 观点与策略 | 镍：矿端支撑有所松动，冶炼端限制上方弹性 | 2 | | --- | --- | | 不锈钢：库存轻微消化，钢价修复但弹性有限 | 2 | | 工业硅：上方空间有限，推荐空配 | 11 | | 多晶硅：建议谨慎持仓，关注政策出台 | 11 | | 碳酸锂：盘面利润打开，关注上方压力 | 20 | | 棕榈油：等待矛盾演化，暂受国际油价影响大 | 29 | | 豆油：弱现实延续，等待美豆端有效驱动 | 29 | | 豆粕：关注美国贸易谈判与产区天气，震荡 | 34 | | 豆一：现货稳定，盘面震荡 | 34 | | 玉米：震荡运行 | 40 | | 白糖：窄幅整理 | 46 | | 棉花：关注美国关税政策的影响 | 53 | | 生猪：现货情绪变化较快 | 60 | | 花生：下方有支撑 | 66 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 二 〇 二 五 年 度 2025 年 7 月 6 日 镍：矿端支撑有所松动，冶炼端限制上方弹性 不锈钢：库存轻微消化，钢价修复但弹性有限 张再宇 投资咨 ...

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年7月6日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：微观基本面转弱 强弱分析：中性 价格区间：265000-270000元/吨 本周冶炼厂开工率继续走低 本周社会库存基本持平 0 10 20 30 40 50 60 70 80 01-03 01-13 01-26 02-10 02-23 03-04 03-15 03-25 04-07 04-18 04-28 05-10 05-20 05-31 06-13 06-24 07-05 07-19 08-02 08-16 08-30 09-13 09-27 10-14 10-28 11-11 11-24 12-03 12-15 12-24 % 精炼锡_两省合计开工率 2021 2022 2023 2024 2025 0 5000 10000 15000 20000 25000 01-03 01-14 0 ...