Report Industry Investment Rating - Not provided Core Viewpoints - As the new seasonal peak season begins, steel demand rebounds month-on-month but the strength is weak. The supply side of steel mills is at a relatively high level, and the steel inventory pressure is large. The output of building materials decreases, but the output of hot-rolled coils increases, and the inventory of the five major steel products accumulates. For the long-term steel demand, although there is resilience, there is no obvious increase expected in real estate, infrastructure, manufacturing, etc. The market's main concern is whether anti-involution trading will occur again. Pay attention to policy news and terminal demand. The operating strategy is to participate in the short-term long side [35]. Section Summaries 1.走势回顾 - The main contract of hot-rolled coils fell from a high and then fluctuated narrowly in the short term [7]. - After the futures rebounded and then fell, the spot price followed [8]. 2.基差价差 - The 01, 05, and 10 basis of hot-rolled coils are 46, 23, and 3 respectively [12]. - The cold-hot spread is not elaborated in detail in the text. 3.供需分析 - The production profit of hot-rolled coils is 144, the 01, 05, and 10 disk profits are 199, 172, and 213 respectively [19]. - The output of hot-rolled coils is 326.49, cold-rolled coils is 85.06, rebar is 206.45, and the five major steel products is 855.46 [22]. - The raw materials are not elaborated in detail in the text. - The inventory of hot-rolled coils is 377.99, cold-rolled coils is 180.16, rebar is 650.28, and the five major steel products is 1519.74 [28]. - The terminal demand is not elaborated in detail in the text. - The export of hot-rolled coils is flat month-on-month but remains strong year-on-year [33]. 4.后市展望 - With the start of the new seasonal peak season, steel demand recovers month-on-month but weakly. The supply of steel mills is high, and inventory pressure is large. The output of building materials decreases while that of hot-rolled coils increases, and the inventory of the five major steel products accumulates. The long-term steel demand has resilience, but there is no obvious increase expected in real estate, infrastructure, and manufacturing. The market focuses on whether anti-involution trading will occur again. Pay attention to policy news and terminal demand. The operation strategy is to participate in the short-term long side [35].

Group 1 - The core point of the article is the announcement of a change in leadership at Huabao Fund Management Co., Ltd, with Huang Kongwei stepping down as chairman due to age-related reasons, effective August 22 [1] - Xia Xuesong, the current party secretary of the company, has been appointed as the new chairman, bringing a wealth of experience from his previous roles at Baosteel Group and Baosteel Co., Ltd [1] - Xia Xuesong's career includes significant positions such as Secretary of the Board, Financial Director, Deputy General Manager, and General Manager at Shanghai Baoshan Iron & Steel Co., Ltd [1]

Group 1: Steel Industry Report Industry Investment Rating Not provided Core View The steel market is expected to maintain high - level oscillations, waiting for the clarity of peak - season demand. Hot - rolled coils and rebar should be watched for support levels around 3400 yuan and 3200 yuan respectively. [1] Summary by Relevant Catalogs - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices generally declined. For example, rebar spot in East China dropped from 3360 yuan/ton to 3320 yuan/ton, and hot - rolled coil spot in East China fell from 3470 yuan/ton to 3450 yuan/ton. [1] - **Cost and Profit**: Steel billet prices decreased by 20 yuan/ton, while slab prices remained unchanged. Profits from various regions and processes generally declined, such as East China hot - rolled coil profit dropping by 44 yuan/ton. [1] - **Production**: Daily average pig - iron output increased slightly by 0.1%, and the output of five major steel products rose by 0.3%. However, rebar production decreased by 0.3%, with electric - furnace output down 1.4% and converter output down 0.2%. Hot - rolled coil production increased by 0.2%. [1] - **Inventory**: The inventory of five major steel products increased by 1.7%, rebar inventory rose by 1.9%, and hot - rolled coil inventory increased by 2.5%. [1] - **Trading Volume and Demand**: Building material trading volume decreased by 8.2%, the apparent demand for five major steel products dropped by 1.7%, rebar apparent demand decreased by 9.9%, and hot - rolled coil apparent demand increased by 2.8%. [1] Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View In the short term, single - side trading suggests taking profits on long positions and waiting and seeing. Arbitrage trading recommends going long on coking coal and short on iron ore. [4] Summary by Relevant Catalogs - **Prices and Spreads**: The warehouse - receipt costs of various iron ore powders decreased, such as the warehouse - receipt cost of PB powder dropping from 831.5 yuan/ton to 817.3 yuan/ton. Spot prices also declined, and price indices decreased slightly. [4] - **Supply**: The 45 - port arrival volume decreased by 5.0% week - on - week, and the global shipping volume decreased by 0.5%. The national monthly import volume increased by 8.0%. [4] - **Demand**: The daily average pig - iron output of 247 steel mills increased by 0.1%, the 45 - port daily average dispatch volume increased by 6.3%, while the national monthly pig - iron output decreased by 3.0% and the national monthly crude - steel output decreased by 3.9%. [4] - **Inventory**: The 45 - port inventory increased by 0.7%, the imported ore inventory of 247 steel mills increased slightly by 0.0%, and the inventory - available days of 64 steel mills increased by 5.0%. [4] Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View For coke, speculative trading suggests taking profits and waiting and seeing, and arbitrage trading recommends going long on coke and short on iron ore. For coking coal, speculative trading also suggests taking profits on long positions and waiting and seeing, and arbitrage trading recommends going long on coking coal and short on iron ore. [5] Summary by Relevant Catalogs - **Prices and Spreads**: Coke prices generally declined, such as the 09 - contract price of coke dropping from 1660 yuan/ton to 1636 yuan/ton. Coking coal prices had mixed trends, with the 09 - contract price of coking coal dropping from 1101 yuan/ton to 1066 yuan/ton. [5] - **Supply**: The daily average output of all - sample coking plants increased by 0.4%, while the 247 - steel - mill daily average output decreased by 0.1%. The raw - coal output of coal mines decreased by 0.3%, and the clean - coal output increased by 0.1%. [5] - **Demand**: The pig - iron output of 247 steel mills decreased by 0.2%. The daily average output of all - sample coking plants increased by 0.4%, and the 247 - steel - mill daily average output decreased by 0.1%. [5] - **Inventory**: Coke total inventory decreased by 2.2%, the inventory of all - sample coking plants decreased by 10.4%, and the 247 - steel - mill inventory decreased by 1.5%. Coking coal inventory in coal mines decreased slightly, and the inventory of all - sample coking plants decreased by 1.1%. [5]

Market Overview - A-shares recovered above 3600 points, with the Shanghai Composite Index rising by 0.53% to 3602.13 points, while the Shenzhen Component increased by 0.14% and the ChiNext Index fell by 0.26% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan, reaching 10057 billion yuan, an increase of 849 billion yuan compared to the previous trading day [1] - A total of 3318 stocks rose, with 47 hitting the daily limit, while 1897 stocks declined [1] Military Industry - The military sector saw significant activity, with several stocks hitting the daily limit, including Aerospace Intelligent Equipment and Great Wall Military Industry [4][6] - Great Wall Military Industry reported a cumulative increase of 181.58% since June 18, 2025, significantly outperforming the industry and the Shanghai Composite Index [6] - The global military expenditure is expected to continue growing, providing strong support for the military market, with China's military manufacturing competitive advantage being underestimated [6][8] Gaming Sector - The gaming sector has experienced a three-day consecutive rise, driven by the implementation of AI technology and the summer season [8] - Notable stocks in the gaming sector include Perfect World, which rose by over 4%, and others like Kying Network and Giant Network also saw significant increases [10][9] PEEK Materials - The PEEK materials sector showed strong performance, with Huami New Materials on the Beijing Stock Exchange rising over 20% [11] - Other companies in the sector, such as Xinhan New Materials and Zhongxin Fluorine Materials, also reached their daily limit [11] Steel Industry - The steel sector continued to strengthen, with Maanshan Steel hitting the daily limit and other companies like Baotou Steel and Fangda Special Steel also showing gains [13] - Notable stock performances include Gonggang Co., which rose by 10.09%, and Fangda Special Steel, which increased by 3.42% [14] Pharmaceutical Sector - The innovative drug sector experienced a pullback after a previous surge, with traditional Chinese medicine stocks showing significant declines [15] - High-profile stocks like Anglikang approached their daily limit down, with others like Nanjing New Pharmaceutical and Huason Pharmaceutical dropping over 6% [15]

Group 1: Report's Core View - The supply and demand of rebar have both weakened. The weekly output of rebar decreased slightly, and it is operating weakly at a low level. However, due to good profit per ton of some varieties and the return of production from some varieties, the low - supply pattern is not expected to last. Meanwhile, rebar demand has weakened again, with the weekly apparent demand and daily high - frequency transactions both shrinking, remaining at a low level in recent years. The weak demand in the off - season remains unchanged, continuing to put pressure on steel prices. With the fulfillment of policy expectations and the accumulation of contradictions in the rebar fundamentals under the situation of weak supply and demand, steel prices are under pressure. It is expected that rebar will continue to fluctuate weakly in the short term, and the production situation of steel mills should be monitored [2] Group 2: Summary of Rebar Weekly Data Supply - The weekly output is 211.06 thousand tons, with a week - on - week decrease of 0.90 thousand tons and a month - on - month decrease of 6.78 thousand tons. Compared with the same period, it increased by 13.31 thousand tons. The blast furnace capacity utilization rate is 90.24%, with a week - on - week decrease of 0.57 percentage points and a month - on - month decrease of 0.59 percentage points. Compared with the same period, it increased by 1.37 percentage points [1] Demand - The apparent demand is 203.41 thousand tons, with a week - on - week decrease of 13.17 thousand tons and a month - on - month decrease of 16.50 thousand tons. Compared with the same period, it decreased by 12.21 thousand tons. The weekly average of Steel Union building material transactions is 9.59 thousand tons, with a week - on - week decrease of 1.88 thousand tons and a month - on - month decrease of 0.28 thousand tons. Compared with the same period, it decreased by 1.75 thousand tons [1] Inventory - The total inventory is 546.29 thousand tons, with a week - on - week increase of 7.65 thousand tons and a month - on - month decrease of 2.71 thousand tons. Compared with the same period, it decreased by 196.08 thousand tons. The in - plant inventory is 162.15 thousand tons, with a week - on - week decrease of 3.52 thousand tons and a month - on - month decrease of 23.45 thousand tons. Compared with the same period, it decreased by 29.00 thousand tons. The social inventory is 384.14 thousand tons, with a week - on - week increase of 11.17 thousand tons and a month - on - month increase of 20.74 thousand tons. Compared with the same period, it decreased by 167.08 thousand tons [1]

Core Viewpoint - The Shanghai Futures Exchange has approved the registration of three products, allowing them to be used for futures contract delivery starting from the date of the announcement [1] Group 1: Product Registrations - Jiangsu Binxin Steel Group Co., Ltd. has received approval for the registration of its "Xinyong Special Steel" brand wire rod products [1] - Henan Jinli Jinxin Co., Ltd. has been granted registration for its "Jijin" brand zinc ingots, with a registered production capacity of 100,000 tons, adhering to standard pricing [1] - Yunnan Xinyu Nonferrous Electrolytic Co., Ltd. has had its "Yunxiang" brand tin ingots registered, with a registered production capacity of 6,000 tons, also following standard pricing [1]

Group 1 - The article emphasizes the importance of transforming foreign exchange facilitation policies into tangible support for enterprises expanding into international markets [1][9] - The establishment of the "Laiwu Trade and Foreign Exchange Service Team" aims to create an "open, convenient, and secure" cross-border financial ecosystem, focusing on precise policy delivery and efficient problem-solving [1][8] - The Laiwu Foreign Exchange Bureau has shifted from a passive approach to actively delivering services to enterprises, addressing their specific needs through personalized guidance [8][9] Group 2 - TaiFeng Food Co., a significant agricultural processing export enterprise, faced challenges in offshore trading due to stringent documentation requirements from banks [3][4] - The service team facilitated communication between TaiFeng Food and banks, allowing for a more flexible approach to documentation, thus enabling the company to expand its global market reach [4][6] - JiuYang Industrial Co., a major steel producer, reported improvements in handling trade refunds due to the service team's intervention, which simplified processes and reduced costs [6][8] Group 3 - The Laiwu Foreign Exchange Bureau's proactive measures have led to a significant increase in enterprises' satisfaction with policy accessibility, with 85 companies visited and 41 issues resolved in the first half of 2025 [8][9] - The focus on understanding and addressing the unique challenges faced by enterprises has resulted in a more effective implementation of foreign exchange policies [8][9]

Group 1 - The UK aims to reduce tariffs on steel, whisky, and pharmaceuticals during Trump's visit, with a focus on finalizing a significant US-UK trade agreement [1] - Trump's previous imposition of a 25% tariff on all imported cars and parts from the UK has led to a temporary halt in shipments from British brands like Aston Martin and Jaguar Land Rover [1] - The US is looking to ensure that only steel processed in the UK qualifies for tariff exemptions, complicating the situation for Tata Steel, which imports steel from its plants in India and the Netherlands [1] Group 2 - The UK seeks a waiver on pharmaceutical tariffs, as major companies like GlaxoSmithKline and AstraZeneca rely heavily on the US market for 42%-52% of their sales [2] - Trump has threatened to impose a 50% tariff on drugs to curb profits of UK pharmaceutical companies, but negotiations are stalled due to the UK's reluctance to lower domestic drug prices [2] - AstraZeneca has announced plans to expand its manufacturing and R&D capabilities in the US, indicating a shift in strategy in response to Trump's tariff policies [2]

Oil Market Overview - Oil prices experienced a rebound in early trading, recovering from previous losses due to stronger-than-expected economic indicators from major oil-consuming nations and easing global trade tensions [1] - U.S. crude oil inventories saw a significant decline of 3.9 million barrels to 422.2 million, surpassing the expected draw of 552,000 barrels, indicating robust refinery operations and heightened demand [2] - Despite the rise in crude prices, unexpected increases in gasoline and diesel inventories suggest a supply overhang in refined products [3] Economic Indicators - The U.S. Federal Reserve's economic snapshot indicated a modest pickup in activity, but the overall outlook remained "neutral to slightly pessimistic," with businesses concerned about inflation from higher import tariffs [4] - Chinese economic data showed a slower second-quarter growth, but crude oil processing in June rose by 8.5% year on year, indicating strong fuel demand [5] Global Trade Outlook - President Trump expressed optimism regarding trade negotiations with major partners, hinting at progress with China, an imminent trade agreement with India, and potential deals with Europe [6] Sector Performance Gainers - Energy sector, particularly the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), is expected to benefit from rising oil prices as exploration and production companies increase output [9] - Steel producers, represented by the VanEck Vectors Steel ETF (SLX), are likely to gain from rising oil prices as they supply materials for oil drilling operations [10] Losers - Retail sector, represented by the SPDR S&P Retail ETF (XRT), may suffer as rising energy prices squeeze consumer spending [12] - Oil refiners, represented by the VanEck Vectors Oil Refiners ETF (CRAK), could face profitability challenges due to higher crude prices impacting their input costs [13] - Airlines, represented by the U.S. Global Jets ETF (JETS), are expected to perform better in a falling crude price scenario, as energy costs significantly affect their overall expenses [14] - Gold miners, represented by the VanEck Vectors Gold Miners ETF (GDX), may face pressure on operating margins due to higher oil prices, which constitute a significant portion of their production costs [15]

Core Viewpoint - The A-share market has seen a significant increase in companies forecasting mid-term losses, with 139 companies predicting losses and 152 companies expecting a decline in net profits, indicating a growing trend of financial distress among listed firms [1][2]. Group 1: Company Performance - Among the 152 companies forecasting a decline in net profits, 10 companies expect a drop exceeding 1000%, with 9 of them shifting from profit to loss [2][4]. - China National Chemical Corporation (中化国际) anticipates a mid-term loss between 807 million to 949 million yuan, a staggering decline of 6649.8% to 7805.58% compared to the previous year [4][5]. - AOC Technology (冠捷科技), a leading global display manufacturer, projects a mid-term loss of 450 million to 490 million yuan, attributing the decline to intensified competition and rising costs [5]. Group 2: Notable Companies with Declining Profits - Hangzhou Steel (杭钢股份) forecasts a mid-term net loss of approximately 111 million yuan, representing a 204.63% decline year-on-year, despite a significant stock price increase earlier in the year [6][7]. - Yuanlong Yatu (元隆雅图) expects a mid-term net loss of 5 million to 10 million yuan, a decline of 119.39% to 138.78%, transitioning from profit to loss [8]. - Zhongke Jin Cai (中科金财) anticipates a mid-term net loss of 75 million to 105 million yuan, with a year-on-year decline of 51.43% to 112% [8]. Group 3: Market Reactions - Following the announcement of poor performance forecasts, Yuanlong Yatu experienced a significant drop in stock price, hitting the daily limit down [9].