Report Summary 1. Industry Investment Rating No information provided on the industry investment rating. 2. Core View - In August, the global iron ore supply is expected to increase while demand decreases, leading to a relatively loose supply - demand balance. Prices are likely to fluctuate and trend weakly [7]. 3. Summary by Relevant Catalogs 3.1 Market Review - In July, the futures and spot prices of iron ore fluctuated and trended strongly. As of July 30, the futures price of the main contract increased by 73.5 yuan/ton month - on - month [5]. 3.2 Supply - Side Analysis - **Mainstream Mines**: The shipments of the four major mines are expected to rebound in August, with an estimated month - on - month increase of about 258.5 million tons. Vale is expected to ship 27.1 million tons in August, a month - on - month increase of 3.5 million tons; Rio Tinto is expected to ship 28 million tons, a month - on - month increase of 235 million tons; BHP is expected to ship 23.5 million tons, a month - on - month decrease of about 75 million tons; FMG is expected to ship 16.5 million tons, a month - on - month increase of 95 million tons [25][28][30]. - **Non - mainstream Mines**: Global non - mainstream shipments are relatively stable overall. In August, the estimated shipment is 43.2 million tons, a decrease of about 40 million tons [33]. - **Domestic Mines**: The domestic iron concentrate production in July is estimated to be 20.85 million tons, and the production in August is expected to be 21.15 million tons, a month - on - month increase of 30 million tons [36]. - **Total Supply**: The global supply in August is expected to increase by about 248.5 million tons month - on - month [6]. 3.3 Demand - Side Analysis - **Domestic Demand**: According to the statistics of Mysteel, the national pig iron production in July is estimated to be 74.81 million tons, a year - on - year increase of 1.1%. In August, the blast furnace hot metal production is expected to be 74.84 million tons, a month - on - month increase of 3 million tons. The demand for 61% grade iron ore is expected to increase slightly by 5 million tons [6][18][22]. - **Overseas Demand**: Except for China, the daily average pig iron production is decreasing. In August, the pig iron production is estimated to decrease slightly by 62,000 tons, and the demand for 61% grade iron ore is expected to decrease slightly by about 10 million tons [6][21][22]. - **Global Demand**: In August, the demand for 61% grade iron ore is expected to decrease by about 5 million tons globally [6][22]. 3.4 Steel Mill Profit - In July, the profits of long - and short - process steel mills reached a high level, and short - process steel mills turned losses into profits. At the end of July, the blast furnace operating rate of 247 steel mills was 83.46%, a year - on - year increase of 1.13 percentage points; the blast furnace ironmaking capacity utilization rate was 90.81%, a year - on - year increase of 1.20 percentage points; the steel mill profitability rate was 63.64%, a year - on - year increase of 48.49 percentage points; the daily average hot metal production was 2.4223 million tons, a year - on - year increase of 26,200 tons [9][13][15]. 3.5 Inventory - At the end of July, the inventory of imported iron ore at 45 ports across the country was 138 million tons, a month - on - month decrease of 100 tons. In August, the inventory is expected to accumulate, but the overall inventory accumulation rate will slow down [40]. - Steel mills mainly replenish inventory as needed, with narrow inventory fluctuations and a stable inventory - to - consumption ratio [42]. 3.6 Supply - Demand Balance Table | Date | Supply (million tons) | Demand (million tons) | Export (million tons) | Supply - Demand Surplus (million tons) | | --- | --- | --- | --- | --- | | 2025 - 01 | 127.3078 | 122.0185 | 1.7907 | 3.4987 | | 2025 - 02 | 102.2437 | 123.5627 | 2.2287 | - 23.5478 | | 2025 - 03 | 130.8431 | 126.6254 | 1.9641 | 2.2536 | | 2025 - 04 | 128.6777 | 130.4944 | 1.8359 | - 3.6526 | | 2025 - 05 | 132.3421 | 132.7831 | 2.3730 | - 2.8140 | | 2025 - 06 | 137.1990 | 126.9900 | 1.2567 | 8.9523 | | 2025 - 07 | 135.2500 | 130.6900 | 1.2600 | 3.3000 | | 2025 - 08 | 135.3800 | 130.7500 | 1.6700 | 2.9600 | | 2025 - 09 | 124.4500 | 129.7500 | 1.9600 | - 7.2600 | | 2025 - 10 | 134.7500 | 132.1000 | 1.5700 | 1.0800 | | 2025 - 11 | 128.4500 | 124.4000 | 1.5600 | 2.4900 | | 2025 - 12 | 133.3000 | 123.1000 | 1.6700 | 8.5300 | [48]

淡水河谷（Vale）公布的第二季度净营业收入88.0亿美元，预期为88.7亿美元，息税折旧摊销前利润 34.2亿美元，预期为33.1亿美元。 ...

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 7 月 31 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪趋弱，钢矿高位回落 核心观点 螺纹钢：主力期价大幅下跌，录得 4.19%日跌幅，量仓收缩。现阶段， 政策预期兑现，前期乐观预期开始修正，且供需双弱局面螺纹基本面矛 盾在累积，钢价有所承压，偏弱情绪主导下预计螺纹短期延续震荡走弱 态势，关注钢厂生产情况。 热轧卷板：主力期价弱势下行，录得 3.56%日跌幅，量仓收缩。目前来 看，乐观情绪消退，钢市运行重回产业端，供需双增局面下热卷基本面 在走弱，库存持续增加，叠加原料下行拖累，利空因素发酵，预计热卷 价格承压弱势下行，关注海外风险情况。 铁矿石：主力期价延续弱势，录得 2.38%日跌幅，量仓收缩。现阶 段，矿石需求韧性尚可，给予矿价支撑，但矿石供应将回升，需求表现 弱稳，供增需稳局面下矿市基本面预期走弱，叠加市场情绪不佳，矿价 延续弱势震荡态势，关注成材表现情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 CHINA HANKING HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：03788） 內幕消息 承董事會命 中國罕王控股有限公司 主席兼執行董事 楊繼野 中國瀋陽，二零二五年七月三十日 於本公告日期，本公司執行董事為楊繼野先生、鄭學志先生、邱玉民博士及張晶女士；本公司非執行 董事為夏茁先生及趙延超先生；及本公司獨立非執行董事為王平先生、王安建博士及趙炳文先生。 – 2 – – 1 – 上馬鐵礦坐落在撫順鐵礦成礦帶的中心位置，區域內鐵礦資源易採好選，雜質含量 低，是國內優質的鐵礦石資源賦存區域。上馬鐵礦與遼寧省撫順市直線距離 30公里， 交通方便。礦區內有高壓工業電路，礦區附近水量充足，滿足礦山生產需求。此外， 上馬鐵礦處於本集團主力礦山毛公鐵礦和傲牛鐵礦之間，有利於本集團將來對三個礦 山進行整合和系統規劃。上馬鐵礦原有探礦權轉採礦權以後，還擁有2.5841平方公里 的 ...

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 7 月 30 日 钢材&铁矿石日报 专业研究·创造价值 政策预期兑现，钢矿冲高回落 铁矿石：主力期价转弱下行，录得 0.44%日跌幅，量增仓缩。现阶 段，矿石需求韧性尚可，继续给予矿价支撑，但供应预期回升，需求则 是弱稳运行，矿市基本面预期转弱，预计矿价延续高位震荡整理态势， 关注成材走势情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 专业研究·创造价值 1 / 7 请务必阅读文末免责条款 请务必阅读文末免责条款部分 1 / 8 核心观点 螺纹钢：主力期价冲高回落，录得 0.42%日涨幅，量增仓缩。现 ...

Core Viewpoint - Rio Tinto, the world's largest iron ore producer, reported its lowest half-year underlying profit in five years due to weak iron ore prices driven by oversupply concerns and sluggish demand, offsetting gains from its copper business [1] Financial Performance - For the six months ending June 30, Rio Tinto's underlying profit was $4.81 billion, below market expectations of $5.05 billion, marking the worst half-year performance since 2020 [1] - The interim dividend for the first half of the year was announced at $1.48 per share, down from $1.77 per share the previous year [1] Market Conditions - Iron ore prices declined in the first half of the year due to reduced steel production in China and increased iron ore supply from Australia, Brazil, and South Africa, negatively impacting Rio Tinto's earnings from steelmaking raw materials [1] - A Morgan Stanley report indicated that iron ore prices could rebound to $100 per ton by the end of the year, as the market anticipates China will curb steel industry overcapacity and replenish inventories by the end of 2025 [1] Strategic Focus - The company is shifting its focus towards its copper business in response to the challenging iron ore market conditions [1]

运筹帷幄决胜千里 投资咨询业务资格：证监许可【2011】1778 号 铁矿石到货、发运周度数据（2025 年第 30 周） 一、简评 1、国内 47 港到货量为 2319.70 万吨，环比减 192.10 万吨，持续减量；其中巴西矿环比降 207.80 万 吨，而澳矿到货则是增 57.10 万吨，低位有所回升；其他矿到货环比降 41.40 万吨，维持高位。 2、海外矿石发运持续回升，全球 19 港矿石发运总量为 3200.90 万吨，环比增 91.80 万吨。增量来源 主要源于澳洲主流矿商，三家合计增 198.19 万吨，为此澳矿发运环比增 230.20 万吨，低位回升；巴西矿 发运则是减 26.20 万吨，维持年内高位；非澳巴矿环比减 112.20 万吨，再度回落。 3、按船期推算国内港口澳巴矿到货量将触底回升，但短期增幅有限，海外矿石供应趋稳运行。 二、矿石到货与发运数据 网址：www.bcqhgs.com 1 地址：杭州市求是路8号公元大厦东南裙楼1-5层 运筹帷幄决胜千里 2、全球 19 港发运量 3、四大矿商发运量 网址：www.bcqhgs.com 2 地址：杭州市求是路8号公元大厦东南裙楼1-5 ...

Core Insights - Kazakhstan and Xinjiang are significant players in iron ore resources, with Kazakhstan having proven reserves exceeding 9.1 billion tons and Xinjiang around 3.53 billion tons, with potential to exceed 9 billion tons [2][5] Group 1: Kazakhstan's Iron Ore Resources - Kazakhstan's iron ore resources are primarily located in Kostanay and Karaganda regions, which account for over 90% of the country's reserves [2] - The average iron content in Kazakhstan's iron ore is over 65%, making it high-grade ore that is easy to mine and smelt [2] - The Eurasian Resources Group, which is partially state-owned, manages significant deposits, including the Kachary, Sokolov, and Sarbai deposits, totaling 6 billion tons [2][3] - Kazakhstan's iron ore production in 2022 was 53.4 million tons, with a significant portion exported to China due to high demand [2] Group 2: Historical Context and Future Prospects - Kazakhstan's prominence in iron ore dates back to the Soviet era when it was a major supplier and steel production center [3] - The country plans to initiate the Romanovskoye iron ore project by 2027, with reserves of 74 million tons and an iron content of over 67% [3] - Future estimates suggest Kazakhstan's reserves could reach 17 billion tons, with 60% being high-grade or easily selectable ore [3] Group 3: Xinjiang's Iron Ore Resources - Xinjiang has proven iron ore reserves of 3.53 billion tons, with potential reserves exceeding 9 billion tons [5] - The main mining areas are the Western Tianshan Aulral and Western Kunlun Kushkurgan mineral belts, containing 332 iron ore deposits [5] - Xinjiang's iron ore grade ranges from 40% to 50%, higher than the national average of 34.5% [5] Group 4: Economic and Trade Implications - Kazakhstan's iron ore exports are crucial for foreign exchange, with Chinese companies increasingly investing in joint ventures for iron and steel production [5][6] - The collaboration between China and Kazakhstan is deepening under the Belt and Road Initiative, with significant trade in mineral products [6] - Xinjiang's iron ore supports local steel industries, but logistical challenges exist due to the remote locations of mining areas [5][6] Group 5: Employment and Policy Environment - Both Kazakhstan and Xinjiang's mining sectors provide substantial employment opportunities, with good wages but safety concerns in Kazakhstan [8] - Kazakhstan offers tax incentives to attract foreign investment, while Xinjiang benefits from national strategic support and funding [8] - The cooperation between China and Kazakhstan is expected to enhance resource complementarity, balancing China's steel production needs with local supply [8]

Core Viewpoint - Shanghai is accelerating its development as an international financial center, with China Construction Bank (CCB) playing a pivotal role in facilitating cross-border financial services and supporting both domestic enterprises going global and foreign enterprises entering the Chinese market [1][2]. Group 1: CCB's Strategic Initiatives - CCB signed a new strategic cooperation agreement with the Shanghai municipal government on September 11, 2024, establishing the "CCB Shanghai Global Financial Service Center" to enhance global financial service coordination [1]. - In just over six months, the center has successfully facilitated cross-border credit applications for 12 enterprises, totaling 27.9 billion yuan, with a credit balance for "going out" clients reaching 34.6 billion yuan by the end of Q1 2025, reflecting a growth of 1.8 billion yuan or 5.5% since September 2024 [1]. - The center has also engaged with 53 global Fortune 500 clients, expanding its service coverage and increasing the financing scale for 17 Fortune 500 clients to 168.7 billion yuan, a growth of 19 billion yuan or 13% since its inception [1]. Group 2: Support for Chinese Enterprises - CCB's Shanghai branch has integrated domestic and international resources to provide comprehensive support for Chinese enterprises' overseas investments, addressing regulatory challenges and facilitating efficient communication with foreign exchange management authorities [4][5]. - The bank successfully navigated regulatory hurdles for Baowu Steel Group's investment in the Simandou iron ore project in Guinea, ensuring smooth capital flow for the project [5]. Group 3: Collaboration with Foreign Enterprises - CCB has enhanced its collaboration with foreign enterprises, exemplified by its partnership with Brazil's Vale, which has seen significant growth in trade and financial services, including the issuance of a 150 million yuan customs guarantee [7][8]. - The bank's strategic dialogue with Vale has led to the establishment of international syndicate loans and regular loans, totaling 163 million USD and 187 million USD respectively, marking a significant advancement in their partnership [7][8]. Group 4: Future Outlook - CCB aims to leverage Shanghai's financial ecosystem to further support enterprises in going global, deepen relationships with key foreign enterprises, and enhance cross-border financial services [8]. - The bank plans to focus on four key areas: cross-border syndicates, treasury centers, trade finance, and innovative services for foreign financial institutions, aiming to strengthen its competitive edge in international business [8].

Group 1: Investment Ratings - No report industry investment ratings are provided in the content [1][2] Group 2: Core Views - The US-EU trade negotiation has reached a deadlock, with the US setting an August 1st deadline for a new trade agreement, and the EU considering "nuclear option" countermeasures [5][20][21] - For specific commodities, the report provides trend predictions such as gold's upward oscillation, silver's upward breakthrough, and copper's price supported by inventory reduction [12][18][21] Group 3: Summaries by Commodity Propylene - On July 22, 2025, the listing benchmark price of the first batch of propylene futures contracts was 6350 yuan/ton. Considering the spread and delivery costs, the recommended strategy is to buy the 02 contract of propylene and short the 01 contract of PP [6] Glass - In the short term, the glass market is slightly bullish but overvalued. The market has rebounded due to policy expectations and reduced short positions. However, the high premium of futures contracts over spot prices may lead to market fluctuations. As the market approaches August, the delivery logic may favor short positions [9] Metals - **Gold and Silver**: Gold is expected to oscillate upward, and silver to break through upward [12][18] - **Copper**: Copper price is supported by inventory reduction, with both domestic and international copper inventories decreasing [21] - **Zinc**: Zinc is in a range - bound oscillation [12][24] - **Lead**: The price of lead is supported by supply - demand contradictions [12][27] - **Tin**: The price of tin is weakening [12][29] - **Aluminum and Related Products**: Aluminum is expected to oscillate upward, alumina has a short - term strong sentiment, and cast aluminum alloy follows the trend of electrolytic aluminum [12][33] - **Nickel and Stainless Steel**: Nickel's upward potential is limited by reality despite positive macro - sentiment, and stainless steel's trend is mainly influenced by macro - sentiment with fundamentals determining its elasticity [12][36] Chemicals - **Carbonate Lithium**: With potential supply reduction and positive macro - sentiment, the short - term trend may remain strong [12][41] - **Industrial Silicon and Polysilicon**: Industrial silicon's position is decreasing, making the market resistant to decline; polysilicon requires attention to component sales [12][45] Building Materials - **Iron Ore**: Supported by macro - expectations, it is in a bullish oscillation [12][48] - **Rebar and Hot - Rolled Coil**: Market sentiment remains strong, and both are in a bullish oscillation [12][50][51] - **Silicon Ferrosilicon and Manganese Silicate**: Market sentiment is strong, and both are in a bullish oscillation [12][55] Energy - **Coke and Coking Coal**: Both are expected to oscillate upward [12][59][60] - **Steam Coal**: With the recovery of daily consumption, the market is stabilizing with an oscillating trend [12][63] Others - **Log**: The log market is oscillating repeatedly [66]