消息面上，经历抢装潮短期提振后，光伏玻璃再次进入价格下行区间，头部企业或将发起新一轮联合减 产以稳定市场价格。据业内人士透露，由于目前需求低迷及持续亏损情况下，部分光伏玻璃企业采取减 产或者冷修工作，整体产能呈现下降趋势。 新能源车方面，车企集中公布了6月成绩单，比亚迪继续雄踞榜首，6月销量超38万辆；小鹏汽车交付量 同比增224%，连续8个月超3万台。鸿蒙智行全系交付5.3万辆，零跑汽车交付4.8万辆，均再创新高。理 想汽车交付3.6万辆，同比下降24%。极氪连续四个月销量超4万台；小米汽车交付超2.5万台；蔚来交付 2.5万辆。 华泰证券指出，25年1-5月主流整车企业销量目标完成率普遍在25-45%之间，比亚迪、吉利、赛力斯完 成度高，Q3预计"淡季不淡"。对多品牌的全年销量目标进行统计，国内传统车企和新势力车企平均目 标达成率为35%/30%。比亚迪、吉利、小鹏、零跑达成率超越24年同期，其中吉利、小鹏目标达成率较 高，在40%以上。该机构认为，补贴政策和新能源车优质供给周期（银河A7、方程豹钛7、小鹏G7、理 想i8、零跑B01等）共振，预计Q3-Q4自主品牌销量趋势及市占率持续向上。 截至2025 ...

Market Overview - On the first trading day of July, the Shanghai Composite Index rose by 0.39% to 3457.75 points, while the Shenzhen Component Index increased by 0.11% to 10476.29 points. The ChiNext Index fell by 0.24% to 2147.92 points, and the Northbound 50 Index rose by 0.68%. The total trading volume across the Shanghai, Shenzhen, and Northbound markets was 149.68 billion yuan, a decrease of approximately 20 billion yuan from the previous day [1]. Policy Support for Innovative Drugs - On June 30, the National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs. The measures include 16 initiatives across five areas, such as enhancing support for R&D, encouraging clinical application, and improving multi-payment capabilities [2][7]. - CITIC Securities noted that the measures will further enhance the support for innovative drug development, suggesting that the second half of the year will see a more certain investment direction focusing on innovation-driven and internationalization strategies [2]. HVAC Equipment Market Growth - The global computing power market is entering a new high prosperity cycle, leading to rapid expansion in the HVAC and cooling markets. CITIC Securities highlighted that major players like Johnson Controls, Carrier, Daikin, and Trane dominate the overseas market, with supply and demand gradually reaching a balance [3]. Telecommunications Sector Performance - The telecommunications sector is expected to see differentiated performance in Q2 2025, with overall improvement compared to Q1. The demand for AI in North America is driving rapid growth in leading optical module companies, while domestic optical module and switch leaders are also expected to perform well [4]. Nuclear Fusion Commercialization - On June 30, Commonwealth Fusion Systems announced a record agreement with Google to supply 200MW of power from its first commercial fusion power plant, marking a significant step towards the commercialization of nuclear fusion energy [5]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $351.11 billion in 2025, with an expected compound annual growth rate of 8.1% reaching $479.5 billion by 2029 [6]. Tourism Sector Growth - According to a report by Fliggy, there has been a significant year-on-year increase in bookings for travel services such as flights, hotels, and tickets for the summer of 2025. Family travel is a major driver, accounting for 60% of the bookings, with university students showing the fastest growth in travel participation [8]. Solar Glass Industry Update - In response to market rumors, Yamaton confirmed that leading domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to promote sustainable development in the industry [9]. IPO Developments - On July 1, the Shanghai Stock Exchange's listing review committee approved the IPO application of Wuhan Heyuan Biotechnology Co., marking the first successful approval under the newly restarted fifth set of listing standards for the Sci-Tech Innovation Board [10].

消息面： 1、习近平7月1日上午主持召开中央财经委员会第六次会议，研究纵深推进全国统一大市场建设、海洋 经济高质量发展等问题。 2、据国家发改委消息，从7月1日24时起，国内汽、柴油每吨分别上调235元和225元，全国平均来看， 92号汽油、95号汽油和0号柴油每升上调0.18元、0.19元和0.19元。 7月2日消息，三大指数涨跌不一，兵装重组板块跌幅居前。截至今日开盘，沪指报3458.17点，涨 0.01%；深成指报10455.83点，跌0.20%；创指报2140.14点，跌0.36%。 3、针对"国内头部光伏玻璃企业计划于7月开始集体减产30%"的市场消息，亚玛顿董秘刘芹回应称，光 伏玻璃行业减产的消息属实。 4、工信部发布数据，1—5月份，规模以上互联网和相关服务企业完成互联网业务收入7735亿元，同比 增长0.9%。 5、比亚迪上半年新能源汽车销量约214.6万辆，同比增长33.04%。 6、禾元生物科创板IPO在7月1日获上市委会议通过，这是重启科创板第五套上市标准后首家过会企 业。 7、百川股份公告，公司实际控制人、董事长郑铁江被留置。 8、新大陆公告称，设立境外子公司并取得美国MSB牌照，覆盖 ...

Core Insights - The report highlights the recent passage of a comprehensive tax and spending bill by the U.S. Senate, which is now submitted to the House of Representatives [4] - It notes that the Federal Reserve, led by Powell, has begun to lower interest rates, contingent on the absence of tariffs from Trump [4] - The European Central Bank has decided to maintain a 2% inflation target [4] Economic Data - The Baltic Dry Index closed at 1489.00, down 2.10% [5] - The Nasdaq Index closed at 20202.89, down 0.82%, while the Dow Jones Industrial Average rose by 0.91% to 44494.94 [5] - The ICE Brent crude oil price increased by 0.81% to $67.28, and the London gold spot price rose by 1.07% to $3337.33 [5] - The U.S. dollar index decreased by 0.13% to 96.65, while the exchange rate of the U.S. dollar against the Chinese yuan was 7.16, down 0.05% [5] Industry Insights - The semiconductor industry is projected to face a talent shortage of one million by 2030, according to SEMI [4] - The Chinese manufacturing sector, as indicated by the Caixin Manufacturing PMI, returned to the expansion zone in June [4] - The leading photovoltaic glass manufacturers collectively reduced production by 30%, which experts believe will benefit the recovery of glass prices [4] - The film industry in China reported a box office revenue of 29.231 billion yuan in the first half of the year [4] - Internet companies in China achieved an internet business revenue of 773.5 billion yuan from January to May [4]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **glass and fiberglass industry**, with a focus on **electronic cloth** and **photovoltaic glass** sectors [1][2][3][4][5][6][10][16][20]. Core Insights and Arguments Fiberglass Industry - In Q1, the fiberglass industry saw a significant increase in net profit per ton, with companies like **China Jushi** benefiting from price hikes in high-end products, leading to a profit increase of approximately **600 RMB per ton** year-on-year [3][11]. - After April, the fiberglass market experienced a correction due to concerns over export expectations and oversupply of low-end products, with production capacity increasing rapidly [5][10]. - The demand for AI-related products has positively impacted the electronic cloth market, with significant growth in revenue and profit for high-end PCB companies [6][10]. Electronic Cloth Market - The electronic cloth market began to see price increases at the end of February, with general models rising by **0.3 RMB** and specific products increasing from **25-30 RMB** to **30-35 RMB** [4]. - The profitability of low-end stores contributed significantly to the overall performance of companies like **China Jushi** in Q1, with profits exceeding **30 million RMB** from these segments [4]. Photovoltaic Glass Industry - The photovoltaic glass sector is facing challenges, with prices nearing loss margins, particularly for **2.0 coated glass**, which has dropped to **10.5 RMB** including tax [16]. - There are no administrative production cuts in the photovoltaic glass industry, and the future price elasticity will depend on increased demand for components [17][18]. - The industry is currently at a low point, lacking upward catalysts, and any significant improvement will rely on component demand [18][19]. Comparison with Float Glass - The float glass market is performing better than the photovoltaic glass market, with about **30-40%** of companies in the float glass sector experiencing losses, but leading companies still maintaining profitability [20]. - Float glass has a higher bottom price compared to photovoltaic glass due to the different premium rights along the supply chain [21][22]. Other Important Insights - **China Jushi** is expected to see significant growth in Q2 due to improved profitability in low-end products and strong performance in other segments like blades and membranes [11][12]. - The upcoming expert meetings will focus on high-frequency data regarding inventory and sales in the fiberglass industry, which will provide valuable insights into the current market situation [24].

Report Investment Rating The document does not mention the industry investment rating. Core Viewpoints The report provides a comprehensive overview of the overnight market trends, important macro - economic news, and developments in various financial sectors including futures, stocks, bonds, and foreign exchange. It also presents data on different industries such as manufacturing, real estate, and energy, along with policy updates and market expectations. Summary by Category Overnight Market Trends - International precious metal futures generally rose, with COMEX gold futures up 1.28% at $3349.90 per ounce and COMEX silver futures up 0.20% at $36.25 per ounce [2][46] - International oil prices strengthened slightly, with the US oil main contract up 0.65% at $65.53 per barrel and Brent crude main contract up 0.69% at $67.20 per barrel [3][46] - Most London base metals declined, except LME copper which rose 0.75% to $9943.00 per ton [4][46] - Most CBOT agricultural product futures rose, with wheat up 2.14% and soybeans up 0.05%, while corn fell 0.86% [4] - Domestic futures were mixed, with caustic soda up over 2% and rebar up nearly 1%, while sugar, PX, and PTA fell over 1% [4] Macro - economic News - Trump's trade officials are seeking smaller - scale trade deals to avoid tariff re - imposition [6] - The Caixin China Manufacturing PMI in June was 50.4, up 2.1 points from May and back above the critical point [6] - China will promote the construction of a unified national market and address low - price disorderly competition [6] - China's heavy - truck sales in June were about 92,000, up 4% from May and 29% from last year [6] - Trump doubts a trade deal with Japan by July 9 [7] - Fed Chair Powell leaves the door open for July rate - cut decision [7][15][37] Energy and Chemical Futures - Domestic airlines will raise fuel surcharges from July 5 [10] - China raised domestic gasoline and diesel prices on July 1 [10][30] - Some domestic photovoltaic glass manufacturers plan to cut production in July [10] Metal Futures - China's electrolytic copper production in June decreased 0.3% month - on - month but increased 12.93% year - on - year, and is expected to rise in July [12] - HSBC raised its 2026 gold price forecast to $3125 per ounce [13] Black - series Futures - China's 47 - port imported iron ore inventory decreased by 28.74 tons on July 1 compared to the previous Monday [17] - Australian and Brazilian major port iron ore inventory decreased slightly in late June [17] Agricultural Product Futures - China's major oil mills' soybean crushing and bean - meal output are expected to remain high in July, and bean - meal inventory may rise [19] - Malaysia's palm oil production decreased in June [19] - China's national soybean, corn, and palm oil export and production forecasts are updated [22] - ICE raw sugar July contract delivery volume was the lowest since 2014 [23] - US soybean crushing and soybean oil production increased in May [23] Financial Markets Stocks - A - shares showed a mixed trend on Tuesday, with the Shanghai Composite Index up 0.39% [25] - Hong Kong stocks were closed on Tuesday [26] - Northeast Securities' gold - stock portfolio led with a 45.45% return in H1 [27] - IPO acceptance reached a peak in June, with the Beijing Stock Exchange leading [28] - Heyuan Biotech's IPO application was approved on the Science and Technology Innovation Board [28] - Analysts are optimistic about A - shares' medium - to - long - term prospects and the continuation of the Hong Kong IPO boom [29] International Stocks - US stocks closed mixed, with the Dow up 0.91% and the S&P 500 down 0.11% [43] - European stocks also closed mixed, with the German DAX down 0.99% and the UK FTSE 100 up 0.28% [43] - The S&P 500 is expected to rise in July but may weaken in August [45] - Hedge funds made large net purchases of US bank stocks last week [45] Bonds - Local government bond issuance increased by about 57.2% in H1 compared to the same period in 2024 [48] - The domestic bond market was generally positive, with most yields of major interest - rate bonds in the inter - bank market falling [49] - US Treasury yields mostly rose, affected by employment and manufacturing data [49] - Japan's 10 - year government bond auction was relatively strong [50] Foreign Exchange - The on - shore RMB against the US dollar rose on Tuesday [51] - The euro - dollar exchange rate is a concern for policymakers if it breaks above 1.2 [51] - The US dollar index fell 0.13% on Tuesday [53] Industry News - New energy vehicle sales in June showed a mixed performance, with some brands hitting new highs and others declining [32] - China's National Healthcare Security Administration is adjusting the medical insurance drug catalog and supporting innovative drugs [32] - China's film box office and attendance increased in H1 2025 [33] - Real estate investment by top 100 developers increased in H1, and Beijing's second - hand housing transactions rose [33][34] - Shanghai will subsidize the replacement of old electric bicycles [35] International News - Trump is tough on trade negotiations with Japan and the EU [37] - The EU and the US are in the final stage of trade - deal negotiations [37] - Eurozone inflation reached the ECB's target in June, and the ECB may slow down rate - cuts [37][39] - US manufacturing PMI improved but remained in contraction in June [38] - US job openings increased in May [39] - South Korea may tax dividend income separately [41] - Argentina will appeal a court ruling on its national oil company [42]

Group 1: IPO Activity - A-share IPO activity has surged in the first half of 2025, with a total of 177 companies accepted for listing, marking a significant increase compared to previous years [1] - In June alone, 150 companies were accepted, accounting for over 80% of the total for the first half of the year, setting a new monthly record [1] - The increase is attributed to the gradual easing of the "phase tightening IPO" policy and the withdrawal of non-compliant applications, which has reduced pressure on exchanges and improved acceptance and review efficiency [1] Group 2: Federal Reserve Signals - Federal Reserve Chairman Jerome Powell indicated that most committee members expect a rate cut later this year, depending on economic data [3] - Following Powell's comments, the probability of a rate cut in July rose to approximately 25%, up from less than 20% previously [3] - Goldman Sachs predicts that the Fed will restart rate cuts in September, with expected cuts of 25 basis points in September, October, and December [3] Group 3: Automotive Industry Performance - BYD reported June sales of 382,500 new energy vehicles, up from 341,700 in the same month last year, with a cumulative sales increase of 33.04% year-on-year [8] - Great Wall Motors sold 110,700 vehicles in June, a year-on-year increase of 12.86%, with a total of 197,700 vehicles sold in the first half of the year [8] - Xiaomi's automotive division delivered over 25,000 vehicles in June [8] Group 4: Innovation in Pharmaceuticals - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, emphasizing the use of healthcare data for drug research [10] - The measures aim to enhance collaboration among healthcare, insurance, and pharmaceutical sectors to facilitate innovative drug development [10] Group 5: Corporate Developments - He Yuan Bio's IPO application has been approved, marking the first company to pass under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [14] - The company plans to raise 2.4 billion yuan for projects including the construction of a human albumin industrialization base and new drug research [14] - Zhongke Environmental announced the acquisition of 100% equity in two environmental companies for a total of 354 million yuan, expanding its waste treatment capabilities [19]

Core Viewpoint - The collective production cut of 30% by the top ten domestic photovoltaic glass manufacturers is expected to help stabilize and recover glass prices, which have been under pressure due to oversupply and declining demand [1][3]. Industry Summary - On June 29, the decision for a 30% production cut was announced to address market supply-demand imbalances [3]. - Starting in July, major photovoltaic glass companies plan to implement this production cut, with expectations of a rapid decline in domestic supply, improving the supply-demand situation [3]. - The production cut is seen as a necessary measure to digest inventory and adjust production according to sales [7]. - In June, the domestic photovoltaic glass production capacity increased, but demand weakened, leading to a mismatch in supply and demand [8]. - As of June 30, the price of 3.2mm coated photovoltaic glass was 18.5 yuan/m², down 5.13% from the previous week, indicating significant price pressure [9]. Company Responses - Fuyao Glass reported that its glass furnaces are operating normally and have not ceased production [4]. - Qibin Group stated that it has not received any notifications regarding furnace shutdowns and is currently operating normally [5]. - Anhuai High-Tech mentioned that it has not issued any formal production cut notices and is currently operating at full capacity, although it anticipates a contraction in market demand in the second half of the year [6]. - Yamaton confirmed the validity of the production cut news, stating that it will facilitate sustainable development in the industry [6]. - Sanxia New Materials plans to halt production for maintenance on one of its glass production lines [7].

Market Overview - On July 1, the market experienced fluctuations with mixed results across the three major indices. The Shanghai Composite Index rose by 0.39% to 3457.75 points, while the Shenzhen Component Index increased by 0.11% to 10476.29 points. The ChiNext Index, however, fell by 0.24% to 2147.92 points. The total trading volume in the Shanghai and Shenzhen markets was 1.47 trillion yuan, a decrease of 20.8 billion yuan from the previous trading day [1][2]. Sector Performance - The innovative drug concept stocks strengthened again, and bank stocks rebounded. Chip stocks initially surged but later declined. The sectors that saw gains included innovative drugs, China Shipbuilding Industry Corporation, photolithography machines, and banks. Conversely, sectors that experienced declines included stablecoin concepts, diversified finance, cross-border payments, copper cable high-speed connections, and AI intelligent agents [1]. International Market - In the overnight U.S. market on July 1, the Dow Jones Industrial Average rose by 400.17 points (0.91%) to close at 44494.94 points. The S&P 500 index fell by 6.94 points (0.11%) to 6198.01 points, while the Nasdaq Composite Index decreased by 166.84 points (0.82%) to 20202.89 points. In Europe, the FTSE 100 index rose by 24.37 points (0.28%) to 8785.33 points, while the CAC 40 index fell by 3.32 points (0.04%) to 7662.59 points, and the DAX index dropped by 236.32 points (0.99%) to 23673.29 points [3][4]. Oil Prices - International oil prices increased on July 1. The price of light crude oil futures for August delivery rose by $0.34 to $65.45 per barrel (0.52% increase), while the September delivery of Brent crude oil futures increased by $0.37 to $67.11 per barrel (0.55% increase) [3][4]. Industry Insights - The Central Financial and Economic Commission emphasized the need to promote high-quality development of the marine economy, enhance top-level design, and encourage social capital participation. Key areas of focus include marine technology innovation, development of marine industries, and ecological protection [5]. - The Ministry of Industry and Information Technology reported that from January to May, the added value of the electronic information manufacturing industry increased by 11.1% year-on-year, outpacing the growth of the overall industrial and high-tech manufacturing sectors [6]. - Domestic leading photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to promote sustainable industry development. The company Yamaton is also planning to invest in a new production line in the UAE [7]. - The U.S. Senate passed a comprehensive tax and spending bill, which is now awaiting approval from the House of Representatives [8]. Fund Flow - The top five industries with net inflows of main funds included chemical pharmaceuticals, electric power, banks, biological products, and automotive manufacturing. Conversely, the software development and internet services sectors saw significant net outflows [10].

Group 1: Trade and Economic Policies - President Trump stated he does not plan to extend the July 9 deadline for trade negotiations with various countries, expressing skepticism about reaching an agreement with Japan. He mentioned the possibility of imposing tariffs as high as 30% or 35% on Japanese imports, significantly above the previously announced 24% [2] Group 2: Film Industry - The domestic film market in China achieved a record high in box office revenue for the first half of the year, totaling 29.226 billion yuan, which represents a year-on-year growth of 22.89%. This marks the best performance for the first half of the year since 2020 and ranks third in the history of China's film industry for the same period [5] Group 3: Real Estate and Employee Welfare - Xiaomi Group launched a new employee apartment initiative in Beijing and Nanjing, offering 2,600 units at a monthly rent of 1,999 yuan, prioritizing recent graduates. This initiative aims to enhance employee satisfaction [4] Group 4: Automotive Industry - Tesla announced a price increase for the Model 3 Long Range and Model Y Long Range versions, with the Model 3 Long Range starting at 285,500 yuan, up from 275,500 yuan. The vehicle's range has been upgraded to 753 kilometers [16][17] - Li Auto reported delivering 36,279 vehicles in June 2025, with a total of 111,074 vehicles delivered in the second quarter. The company has achieved a cumulative delivery of 1,337,810 vehicles since its inception [19] - Several car manufacturers have initiated strategies to attract customers who pre-ordered the Xiaomi YU7, offering compensation for cancellation fees to encourage them to switch to their brands [18] Group 5: Solar Industry - Leading photovoltaic glass companies are planning to implement a new round of production cuts, with the expected reduction reaching 30% in July. This decision comes in response to a significant drop in prices, which have fallen over 70% [13][14]