Group 1 - The meeting highlighted the broad prospects and significant opportunities for the development of the private economy in the new era, emphasizing the importance of entrepreneurial spirit [1] - Wang Xingxing, CEO of Yushutech, noted that the company has achieved global leadership in high-performance quadruped and humanoid robots, with significant growth in shipments this year compared to last year [1] - Shandong Weiqiao Group has transformed from a small oilseed processing factory to a multinational enterprise with 100,000 employees, successfully relocating over 2 million tons of electrolytic aluminum capacity to Yunnan for a green transition [2] - Beijing Xinghe Power Aerospace Technology Co., Ltd. has completed 19 rocket launches, sending 81 satellites into space, and is capitalizing on the national policy opening up commercial aerospace to private enterprises [2] Group 2 - The current policies are supportive of the private economy, with unprecedented efforts in top-level design and implementation, leading to a brighter future for private enterprises [3] - Entrepreneurs emphasized the importance of integrating corporate development with national strategies and social responsibilities, advocating for innovation and sustainable development [4] - The commitment to nurturing talent and fostering innovation is seen as essential for the sustainable growth of enterprises, aligning business success with national prosperity and societal well-being [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various metals and minerals in the non - ferrous and precious metals sectors, including market reviews, important news, logical analyses, and trading strategies for each product. It takes into account factors such as tariffs, supply and demand, and policy changes to evaluate the market trends and potential investment opportunities and risks [3][7][12]. Summary by Related Catalogs Precious Metals - **Market Review**: London gold closed down 0.36% at $3342.78/ounce, London silver down 0.72% at $38.11/ounce. Shanghai gold and silver futures also declined. The US dollar index was almost flat at 98.035, 10 - year US Treasury yield rebounded to 4.426%, and the RMB/USD exchange rate rose 0.03% to 7.1723 [3]. - **Important News**: Trump threatened to impose 100% tariffs on Russia if no Ukraine - Russia conflict agreement is reached in 50 days. The EU plans to impose counter - tariffs on $72 billion of US goods. Fed officials' remarks and interest rate probability expectations were also reported [3]. - **Logical Analysis**: As the tariff negotiation deadline approaches, tariff games intensify. The Fed is in a wait - and - see mode. The market awaits US CPI data. Silver's spot supply is tight due to tax - increase expectations [3]. - **Trading Strategy**: Consider holding long positions against the 5 - day moving average for single - side trading; wait and see for arbitrage and options [5]. Copper - **Market Review**: Night - session Shanghai copper 2508 contract fell 0.34% to 78020 yuan/ton, LME copper closed down 0.2% at $9643.5/ton. LME and Comex inventories increased [7]. - **Important News**: Multiple tariff - related events were reported. China's June copper imports showed mixed trends. SMM national copper inventory increased [8][9]. - **Logical Analysis**: The 232 tariff will be implemented on August 1st. The US' siphoning of global refined copper is nearing an end. LME inventory bottomed out. The price difference structure will converge, and the market is mainly for rigid demand [10]. - **Trading Strategy**: Hold short positions for single - side trading; wait and see for arbitrage and options [10]. Alumina - **Market Review**: Night - session alumina 2509 contract rose 37 yuan to 3145 yuan/ton. Spot prices in different regions showed different trends [12]. - **Important News**: Central Finance Commission meeting emphasized market construction. There were domestic spot transactions, changes in warehouse receipts, and production and inventory data [12][14]. - **Logical Analysis**: Alumina production is increasing, but spot circulation is limited. The supply - demand pattern will gradually shift to a surplus, but warehouse receipt demand may support the market [15]. - **Trading Strategy**: Expect alumina prices to fluctuate strongly for single - side trading; wait and see for arbitrage and options [16]. Electrolytic Aluminum - **Market Review**: Night - session Shanghai aluminum 2508 contract fell 30 yuan/ton to 20405 yuan/ton. Spot prices in different regions declined [18][21]. - **Important News**: Aluminum ingot inventory increased. There were data on photovoltaic installation, aluminum exports, and financial and trade news [21][22]. - **Trading Logic**: Tariff negotiations are ongoing. Aluminum ingot inventory may have a narrow - range change. The decline in photovoltaic component production may be mitigated [23]. - **Trading Strategy**: Aluminum prices may be under pressure in the short - term but not overly pessimistic for single - side trading; wait and see for arbitrage and options [26]. Cast Aluminum Alloy - **Market Review**: Night - session cast aluminum alloy 2511 contract rose 10 yuan to 19800 yuan/ton. Spot prices in different regions declined [28]. - **Important News**: There were data on production, cost, profit, and inventory of cast aluminum alloy [28][29]. - **Trading Logic**: Alloy ingot enterprises face raw material shortages, and downstream demand is weak. Pay attention to arbitrage opportunities [30]. - **Trading Strategy**: Aluminum alloy futures prices will follow aluminum prices under pressure. Consider arbitrage within a certain price difference range; wait and see for options [30]. Zinc - **Market Review**: LME zinc fell 0.2% to $2732.5/ton, Shanghai zinc 2508 fell 0.27% to 22145 yuan/ton. Spot prices and trading were reported [32]. - **Important News**: Domestic and LME zinc inventories increased [32]. - **Logical Analysis**: Zinc supply is increasing, demand is in the off - season, and prices may be under pressure [33]. - **Trading Strategy**: No specific strategy provided in the given text. Lead - **Market Review**: LME lead fell 0.98% to $2017/ton, Shanghai lead 2508 fell 0.2% to 17070 yuan/ton. Spot prices and trading were reported [36]. - **Important News**: Lead inventory increased, and the average operating rate of primary lead smelters decreased [36]. - **Logical Analysis**: Recycled lead is in a loss, and the supply is hard to increase. Demand is improving marginally [37]. - **Trading Strategy**: Short - term lead prices may fluctuate at a high level. High - selling and low - buying in the range for single - side trading; wait and see for arbitrage and options [38]. Nickel - **Market Review**: LME nickel fell 170 to $15065/ton, inventory increased. Shanghai nickel fell 1310 to 119460 yuan/ton. Spot premiums changed [42]. - **Important News**: A Canadian nickel company's exploration results and battery production data were reported [42]. - **Logical Analysis**: The market is worried about US tariffs. Refined nickel has weak supply and demand in the off - season, and prices will fluctuate weakly [42]. - **Trading Strategy**: No specific strategy provided in the given text. Stainless Steel - **Market Review**: The main SS2508 contract rose 10 to 12695 yuan/ton. Spot prices of cold - rolled and hot - rolled stainless steel were reported [44]. - **Important News**: A stainless steel factory's high - nickel pig iron transaction and a company's production achievement were reported [48]. - **Logical Analysis**: Stainless steel demand is not optimistic, inventory is accumulating, and prices are under pressure [48]. - **Trading Strategy**: Adopt a short - selling strategy on rebounds for single - side trading; wait and see for arbitrage [48]. Industrial Silicon - **Market Review**: Industrial silicon futures and spot prices rose [50]. - **Important News**: The US launched 232 investigations on drones and polysilicon [50]. - **Comprehensive Analysis**: Industrial silicon production will decrease in July. Supply and demand may be balanced. Inventory has shifted, and the market is optimistic [50][52]. - **Strategy**: Short - term strength for single - side trading; stop profit for the long - polysilicon and short - industrial silicon strategy [53]. Polysilicon - **Market Review**: Polysilicon futures rose 0.81% to 41765 yuan/ton. Spot prices declined [55]. - **Important News**: Silicon wafer and battery prices and US investigations were reported [55]. - **Comprehensive Analysis**: Polysilicon price increases can be passed on to downstream. Futures prices are expected to fluctuate in a certain range. Reduce long positions [56][58]. - **Strategy**: Reduce long positions and participate in short - term trading. Stop profit for the long - polysilicon and short - industrial silicon strategy; wait and see for options [59]. Lithium Carbonate - **Market Review**: The main 2509 contract rose 2380 to 66480 yuan/ton. Spot prices increased [61]. - **Important News**: A company obtained a mining license, and a cooperation agreement was signed [61][63]. - **Logical Analysis**: Market concerns led to price increases. Demand is not weak in the off - season. Prices may fluctuate at a high level in the short - term and decline in the long - term [63]. - **Trading Strategy**: Avoid risks in the short - term and wait for short - selling opportunities; wait and see for arbitrage; sell deep - out - of - the - money put options [64].

Core Viewpoint - The article provides insights into various economic indicators and industry performance metrics, highlighting trends in liquidity, construction, real estate, industrial products, and export orders, which may present investment opportunities and risks in the market. Liquidity - The M1 and M2 growth rate difference was -5.6 percentage points in May 2025, with a month-on-month increase of 0.9 percentage points [3] - The BCI small and medium enterprise financing environment index was 49.12 in June 2025, reflecting a month-on-month increase of 0.07% [3] Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in late June was 2.129 million tons, showing a month-on-month decrease of 0.88% [4] - Price changes included rebar up by 1.89%, cement price index down by 1.57%, and iron ore up by 2.47% [4] Real Estate Completion Chain - The prices of titanium dioxide and flat glass changed by -1.49% and 0.00% respectively, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -1268 yuan/ton [5] Industrial Products Chain - The national semi-steel tire operating rate was 72.92%, reflecting a month-on-month increase of 2.51 percentage points [6] - The June PMI new orders index was 50.20%, with a month-on-month increase of 0.4 percentage points [6] Subcategories - The capacity utilization rate of electrolytic aluminum reached a new high since 2012 [7] - The price of electrolytic aluminum was 20,760 yuan/ton, with a calculated profit of 3,331 yuan/ton (excluding tax), reflecting a month-on-month decrease of 2.84% [7] Price Comparison Relationships - The price ratio of rebar to iron ore was 4.24 this week, with the price difference between hot-rolled and rebar steel at 110 yuan/ton [8] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) was 140 yuan/ton, unchanged from the previous week [8] Export Chain - The new export orders PMI for China in June 2025 was 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates was 1,313.70 points, reflecting a week-on-week decrease of 2.18% [9] Valuation Percentiles - The Shanghai and Shenzhen 300 index increased by 0.82%, with the real estate sector showing the best performance at +6.12% [10] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets was 0.54, with the highest value since 2013 being 0.82 [10]

Core Viewpoint - The newly issued renewable energy consumption responsibility weights for this year have expanded compared to previous years, which is expected to effectively boost the demand for green electricity and green certificates, potentially raising their prices and encouraging local governments to develop renewable energy [1][2]. Group 1: Renewable Energy Consumption Responsibility Weights - The renewable energy consumption responsibility weight refers to the ratio of actual renewable energy consumption to the total electricity consumption in a provincial administrative region. This year, the weights have significantly increased, with regions like Xinjiang, Tianjin, Guangxi, Hainan, and Shandong seeing increases of approximately 5 to 10 percentage points, and Yunnan experiencing a 10.6 percentage point increase [3][4]. - Over half of the provinces have responsibility weights exceeding 25%, with the total national renewable energy consumption estimated to reach approximately 23,000 billion kilowatt-hours this year, an increase of about 4,600 billion kilowatt-hours from last year [3]. Group 2: Industry-Specific Consumption Monitoring - This year's notification includes a focus on green electricity consumption ratios for key energy-consuming industries such as steel, cement, polysilicon, and newly established data centers, with the steel and cement industries required to use 25.2% to 70% green electricity [5][6]. - The electrolytic aluminum industry is the only one formally included in the assessment this year, while the others will be monitored but not assessed, indicating a gradual approach to expanding the assessment to multiple industries [6][7]. Group 3: Market Dynamics and Green Certificate Prices - The price of green certificates has seen a significant increase, rising from around 1.5 yuan per certificate at the beginning of the year to over 8 yuan by mid-year, with some transactions nearing 10 yuan. This surge is attributed to a strong demand from buyers and a reluctance from power generation companies to sell [7][8]. - The notification allows provinces to account for their renewable energy consumption responsibility weights primarily based on actual physical consumption, supplemented by purchasing green certificates from other provinces, which is expected to enhance the activity of green certificate trading [8].

Summary of Key Points from Conference Call Records Industry or Company Involved - Investment opportunities in various sectors including precious metals, petrochemicals, polyester, and the overall market outlook for A-shares Core Views and Arguments 1. **Market Liquidity and Bullish Outlook** The market liquidity is supported by state intervention and increased insurance capital inflow, with a bullish sentiment continuing as A-shares reach 3,500 points [3][5][6] 2. **Anti-Inflation Measures** The concept of "anti-involution" is seen as a long-term solution to deflation, enhancing market risk appetite and providing valuation support for related industries, although profit and capacity utilization improvements may take time [4][6] 3. **External Environment Impact** Changes in the external environment, such as reduced recession expectations in the US and potential shifts in Federal Reserve leadership, position China favorably, maintaining optimism in the A-share market [5][6] 4. **Investment Opportunities in Precious Metals** Long-term bullish outlook on precious metals, with central bank gold purchases continuing. Silver and platinum are seen as having rebound potential, while cyclical metals like copper and aluminum benefit from supply-demand restructuring [6][10] 5. **Petrochemical Sector Challenges** The petrochemical sector faces limited refining capacity and declining profitability in coal-to-olefins and gas-to-olefins projects, with potential project shutdowns due to tariff impacts [11][12] 6. **Polyester Sector Developments** The polyester sector is entering a non-involution phase, with leading companies reducing production. Demand is expected to rise, particularly in the filament segment, with a significant turning point anticipated in 2026 [2][12][13] 7. **Steel Industry Adjustments** The steel industry is expected to see a reduction in production capacity, with a target of 20-30 million tons to balance supply and demand. The anti-involution policy is likely to enhance profitability [21][23] 8. **Cement Industry Measures** The cement industry has implemented anti-involution measures, leading to improved supply-demand dynamics and better-than-expected performance in some companies [24][26] 9. **Coal Industry Dynamics** The coal industry is expected to improve its supply-demand balance due to the exit of outdated capacity, with a focus on optimizing profitability and safety standards [20][22] 10. **Glass Industry Outlook** The glass industry, particularly photovoltaic glass, is seeing a reduction in supply due to production cuts, with expectations for price rebounds. The float glass sector is still in a bottoming phase, with potential for supply-side improvements [25] Other Important but Possibly Overlooked Content - The importance of maintaining a favorable investment environment in the context of global economic shifts and domestic policy adjustments - The role of leading companies in various sectors in stabilizing market conditions through coordinated production cuts and strategic planning - The potential for significant market recovery in sectors like polyester and glass, driven by demand increases and effective supply management strategies

Group 1: Company Operations and Performance - The main source of alumina is from Shandong and Hebei, with an average inventory duration of about 20 days [1] - The company’s electrolytic aluminum production capacity will reach 1.61 million tons after the completion of the Zha Aluminum Phase II project [2] - The company has a low price-to-earnings ratio compared to peers, indicating it is undervalued despite being a comprehensive energy company [3] Group 2: Investor Relations and Transparency - The company adheres to regulatory policies by regularly disclosing quarterly reports but does not provide monthly operational updates [2] - There is a suggestion from investors for the company to improve transparency and provide more frequent operational data to enhance market valuation [2] - The company has a market value management system in place and is open to strategic investors joining [2] Group 3: Asset Management and Restructuring - The company is currently undergoing asset restructuring, with no specific timeline provided for completion [5] - Concerns were raised regarding the slow progress of the White Yin Hua coal power asset integration, which has been under management for several months [4] - The company is evaluating the assets involved in the restructuring, but the assessment process is still ongoing [5]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have announced a plan to increase the green electricity consumption ratio for the steel, cement, polysilicon industries, and newly built data centers at national hub nodes by 2025, in line with various energy and carbon reduction policies [1]. Summary by Category Green Electricity Consumption Ratios - The green electricity consumption ratios for various industries and regions have been specified, with the following notable figures: - Electrolytic aluminum industry: ranges from 26.1% to 70.0% across different provinces [2][4] - Steel industry: ranges from 26.1% to 70.0% across different provinces [2][4] - Polysilicon industry: ranges from 26.1% to 70.0% across different provinces [2][4] - Cement industry: ranges from 25.2% to 70.0% across different provinces [2][4] - National hub node data centers: set at 80.0% across all provinces [2][4] Regional Breakdown - Specific provinces have varying green electricity consumption ratios: - Beijing: 30.6% for electrolytic aluminum, steel, polysilicon, and cement [4] - Guangdong: 32.6% for electrolytic aluminum, steel, polysilicon, and cement [2] - Sichuan and Yunnan: both at 70.0% for electrolytic aluminum, steel, polysilicon, and cement [2][4] - Hunan: 51.5% for electrolytic aluminum, steel, polysilicon, and cement [2] - Jiangsu: 27.5% for electrolytic aluminum, steel, polysilicon, and cement [4]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the non-ferrous metals industry, focusing on gold, copper, rare earths, aluminum, tin, and tungsten markets. Core Insights and Arguments Gold Market - The average gold price for the second half of the year is expected to be between $3,300 and $3,400, an increase from $3,200 in Q2 [2] - Factors supporting gold prices include: - The passage of the "Big and Beautiful" Act in the U.S., which increases national debt and weakens the dollar and U.S. Treasury credit [2] - Continued gold purchases by global central banks, with China's central bank increasing its gold holdings in June [2] - A rebound in gold ETF holdings, indicating investor expectations of a potential Fed rate cut in September [2] - Potential bearish factors for gold prices include the introduction of stablecoins and geopolitical events, but these have been largely priced in by the market [3] - Recommended companies to watch include Shandong Gold and Chifeng Jilong Gold [3] Copper Market - The copper market shows a balanced supply-demand situation, but the smelting sector faces pressure with current TC prices around -$45 [4] - Potential for smelting plant losses and production cuts could lead to higher copper prices, as seen in March 2024 when production cuts led to price increases [4] - U.S. inventory accumulation from non-U.S. regions is expected to support copper prices [4] - Recommended companies include Luoyang Molybdenum, Jiangxi Copper, and Western Mining [4] Rare Earth Market - Rare earth prices are expected to rise in the second half of the year due to tight global supply and China's export restrictions [5][6] - Demand from electric vehicles and renewable energy sectors is increasing [5] - Companies with resource advantages like Northern Rare Earth and Zhongke Sanhuan are expected to benefit from rising prices [6] - A price increase of 30% to 40% is anticipated in the rare earth market, with a focus on companies related to neodymium refining [8] Aluminum Market - The aluminum market faces oversupply pressures, with rising costs for alumina and electricity potentially impacting prices [7] - The Chinese government may intervene to stabilize market prices, limiting overall price volatility [7] Tin Market - Tin prices are expected to remain high due to limited global resources and strong demand from electronics [7] - However, macroeconomic downturns or the emergence of substitute materials could negatively impact tin prices [7] - Recommended companies include Yunnan Tin Company, Huaxi Silver, and Xingye Silver Tin [11] Tungsten Market - China's environmental regulations are improving supply-demand dynamics and supporting tungsten prices [7] - Growth in high-performance materials and military applications is expected to drive demand [7] - Recommended companies include Xiamen Tungsten and China Tungsten High-tech [7] Additional Important Insights - The overall non-ferrous metals market is influenced by geopolitical uncertainties, macroeconomic conditions, and regulatory changes in major producing countries [1][2][3] - The anticipated demand growth in electronic consumption is a critical factor for tin and other metals, with a focus on companies that can leverage these trends [11]

Summary of the Electrolytic Aluminum Industry Conference Call Industry Overview - The electrolytic aluminum sector presents significant investment opportunities, categorized into two types: stable high-dividend companies (e.g., Hongqiao, Hongchuang, Zhongfu, Tianshan) and economically resilient high-elasticity companies (e.g., Shenhuo, Yun Aluminum, China Aluminum, Huadong) [1][2] - The top return on equity (ROE) for resource companies typically reaches 40%-60%, with Zijin Mining and China Hongqiao achieving 20% [1][4] - Domestic ROE may have reached 50%-60%, indicating that irrational supply expansion is unlikely [1][4] Market Dynamics - Despite a challenging global economy, prices for metals like copper and aluminum are rising, driven by industrial resilience, demand for new energy, and a trend of consumer downgrading [1][6] - Increased consumer purchases of vehicles and 3C products, along with greater industrial equipment investment, support long-term demand for copper and aluminum [1][6] - The copper and zinc industries maintain rigid supply, suggesting potential price growth exceeding that of coal [1][7] Investment Strategy - The current investment strategy emphasizes electrolytic aluminum due to long-term industrial recovery, rigid supply, and declining costs, with expectations for profit recovery [2][20] - The best investment timing for copper and zinc stocks is after a peak in gold prices, indicating the start of industrial recovery [8][9] - Copper and aluminum stocks are expected to see valuation increases in the latter part of the interest rate cut cycle, with current price-to-earnings (P/E) ratios of 11-12 times for copper and 1.5 times for aluminum indicating high value [10][9] Seasonal Trends - The copper and aluminum markets perform well from February to April and July to September, as prices are typically high and inventories low during these periods [11] Demand Characteristics - Aluminum demand has shown strong resilience, with an annual growth rate of approximately 5%, outpacing copper and steel [12] - The electric revolution has driven stable growth in copper demand, while aluminum's diverse applications contribute to its stronger growth potential [12] Supply Situation - Domestic production capacity is constrained due to high energy consumption policies, while overseas capacity additions are slower than expected due to regulatory challenges [13][14] - Global annual capacity additions are around one million tons, indicating slow overall supply growth [14] Financial Health - The industry has seen significant cash flow improvements and reduced debt ratios, with companies like Hongqiao increasing their net operating income from 20 billion to approximately 60 billion [16] - The overall sector is experiencing a high dividend trend, similar to the coal industry after years of balance sheet repair [16][19] Dividend Trends - The aluminum sector is showing a positive trend in dividends, with companies like Hongqiao increasing their payout ratio from 50% to 60% [17] - State-owned enterprises are also beginning to show marginal increases in dividends, suggesting further potential for growth [17] Stock Selection - Stock selection is straightforward, divided into two categories: companies with completed integration and stable dividends (e.g., China Hongqiao) and those with capital expenditure expectations (e.g., China Aluminum) [18] Future Outlook - The aluminum industry has a positive outlook, with expectations for further recovery in profitability and cash flow, and the sector remains undervalued with a price-to-book (PB) ratio of approximately 1.5 times [19][20] - Short-term fluctuations in aluminum prices are expected, but long-term demand resilience suggests a steady upward trend in price levels [21]

Core Viewpoint - The article discusses various economic indicators and trends in different sectors, highlighting the current state of liquidity, construction, real estate, industrial products, and export chains, along with price movements and production metrics. Liquidity - The M1 and M2 growth rate difference was -5.6 percentage points in May 2025, with a month-on-month increase of 1.1 percentage points [3] - The BCI small and medium enterprise financing environment index was 49.12 in June 2025, reflecting a slight increase of 0.07% from the previous month [3] - London gold prices increased by 1.94% compared to the previous week [3] Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in late June was 2.129 million tons, showing a month-on-month decrease of 0.88% [4] - Price changes included rebar up by 2.91%, cement price index down by 1.68%, and iron ore up by 3.55% [4] - National capacity utilization rates for blast furnaces, cement, asphalt, and all-steel tires changed by -0.54 percentage points, +16.00 percentage points, -0.6 percentage points, and -1.89 percentage points respectively [4] Real Estate Completion Chain - Prices for titanium dioxide and flat glass decreased by 1.47% and remained unchanged respectively, with glass profit at -58 CNY/ton and titanium dioxide profit at -1227 CNY/ton [5] - The operating rate for flat glass was 75.68% this week [5] Industrial Products Chain - The PMI new orders index for June was 50.20%, reflecting a month-on-month increase of 0.4 percentage points [6] - Major commodity prices showed mixed results, with cold-rolled steel and copper prices increasing by 0.27% and 0.22%, while aluminum prices decreased by 0.91% [6] - The operating rate for semi-steel tires was 70.41%, down by 7.64 percentage points [6] Subcategories - The capacity utilization rate for electrolytic aluminum reached a record high since 2012 in May [7] - The price of electrolytic aluminum was 20,750 CNY/ton, down by 0.91%, with a calculated profit of 3,428 CNY/ton (excluding tax) [7] - The price of graphite electrodes remained stable at 18,000 CNY/ton, with a comprehensive profit of 1,357.4 CNY/ton, down by 5.56% [7] Price Comparison Relationships - The price ratio of rebar to iron ore reached a near seven-month high at 4.27 this week [8] - The price difference between hot-rolled and rebar steel was 110 CNY/ton, while the price difference between cold-rolled and hot-rolled steel reached 340 CNY/ton, up by 170 CNY/ton [8] - The price difference for small rebar (used in real estate) and large rebar (used in infrastructure) was 140 CNY/ton, down by 26.32% from last week [8] Export Chain - The new export orders PMI for China in June 2025 was 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates was 1,342.99 points, down by 1.92% [9] - The capacity utilization rate for U.S. crude steel was 79.10%, down by 0.50 percentage points [9] Valuation Percentiles - The CSI 300 index increased by 1.54%, with the best-performing cyclical sector being ordinary steel, which rose by 6.52% [10] - The PB ratios for ordinary steel and industrial metals relative to the CSI 300 PB were 37.44% and 69.40% respectively [10] - The current PB ratio for the ordinary steel sector relative to the CSI 300 PB is 0.53, with the highest value since 2013 being 0.82 [10]