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]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The market risk preference has recovered, with the dollar index oscillating at a high level, gold struggling to break through and rise, and the stock market remaining bullish in the absence of significant macro - level negative factors. Different commodities show various trends based on their own supply - demand fundamentals and policy impacts [1][2][3] - In the commodity market, some products like palm oil, coal, and iron ore have their own price trends influenced by supply - demand relationships, seasonal factors, and policy expectations. For example, palm oil prices may be affected by Indonesian supply and biodiesel plans; coal prices are supported by seasonal demand but face pressure later; iron ore prices are expected to remain high but with limited upside [27][31][35] 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US Treasury Secretary is optimistic about Japan - US trade negotiations and has sent positive signals regarding China - US negotiations, causing gold to remain in an oscillatory range. The possibility of dismissing Powell is low, and inflation expectations have decreased [12][13][14] - Investment advice: Gold prices will remain range - bound in the short term [15] 3.1.2 Macro Strategy (Foreign Exchange Futures - Dollar Index) - The Japanese ruling coalition has lost its majority in the Senate, and the US Treasury Secretary has advised Trump not to dismiss Powell. The dollar index is expected to oscillate at a high level in the short term [16][18] - Investment advice: The dollar will oscillate at a high level in the short term [19] 3.1.3 Macro Strategy (Stock Index Futures) - Four departments are standardizing the new energy vehicle industry's competition order. The stock market is enthusiastic, and in the absence of more macro - level negatives, it is more likely to rise than fall [21] - Investment advice: Allocate evenly among stock indices [22] 3.1.4 Macro Strategy (Treasury Bond Futures) - The central bank is soliciting opinions on canceling the freeze on bond repurchase collateral, and short - term bond yields have declined rapidly. There may be opportunities to go long around the Politburo meeting, but attention should be paid to trade - related risks in August [23][25] - Investment advice: Sell positions at previous highs and continue to go long on dips [25] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - In the week of July 12 - 18, the actual soybean crushing volume was 2.3055 million tons, and the expected volume for July 19 - 25 is 2.2351 million tons. The rise in palm oil prices is due to supply shortages in Indonesia and speculation on biodiesel [26][27] - Investment advice: Observe or go long on dips [29] 3.2.2 Black Metals (Steam Coal) - On July 18, the import market for steam coal was quiet. Due to seasonal demand, coal prices are expected to remain high, but attention should be paid to pressure after August [30][31][32] - Investment advice: Coal prices are expected to remain high in the short term, with attention to post - August pressure [33] 3.2.3 Black Metals (Iron Ore) - BHP's iron ore production and sales in Q2 2025 increased. Iron ore prices are following the upward trend of industrial products, and the market's long - term pessimism has improved, but the upside is limited [34][35] - Investment advice: The price is expected to remain high, with the disk mainly compressing profits [36] 3.2.4 Agricultural Products (Cotton) - In June 2025, China imported 110,000 tons of cotton yarn and 30,000 tons of cotton. US cotton export data is sluggish, and ICE cotton prices are expected to oscillate at a low level in the short term [37][38][40] - Investment advice: Be cautious when chasing the rise of Zhengzhou cotton [40] 3.2.5 Agricultural Products (Soybean Meal) - The soybean crushing volume is expected to decrease slightly. US soybean prices are rising due to strong demand, and the basis of soybean meal remains weak [41][42] - Investment advice: The futures price will oscillate strongly, and the basis of soybean meal will remain weak [43] 3.2.6 Agricultural Products (Sugar) - In June 2025, China imported 420,000 tons of sugar. A large amount of imported sugar will arrive in July - August, and Zhengzhou sugar is expected to oscillate [46][47] - Investment advice: Zhengzhou sugar is expected to oscillate, with attention to the resistance level of 5900 [47] 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - Canada is strengthening steel import restrictions. The inventory of steel products continues to decline slightly, and steel prices are expected to remain strong in the short term but face risks in August [48][50][51] - Investment advice: Steel prices will oscillate strongly in the short term, and traders are advised to hedge on rebounds [51] 3.2.8 Agricultural Products (Corn Starch) - The price difference between corn starch and tapioca starch has widened. Starch factory inventory pressure is increasing, and the开机 rate is expected to remain low [52] - Investment advice: Starch enterprises may continue to face losses, and the开机 rate will remain low [52] 3.2.9 Agricultural Products (Corn) - The成交 rate of the July 18 imported corn auction was 18%. Corn prices in North China have rebounded, and the basis has weakened [53] - Investment advice: Hold short positions on new - crop corn and look for opportunities to add positions on rebounds [53] 3.2.10 Non - Ferrous Metals (Alumina) - China's alumina production in June 2025 was 7.749 million tons. The news of eliminating backward production capacity in the non - ferrous industry may boost the futures price [54][55] - Investment advice: Observe [56] 3.2.11 Non - Ferrous Metals (Copper) - China's unforged copper exports in June 2025 increased. The global copper inventory is rising, and copper prices are expected to oscillate at a high level in the short term [57][59] - Investment advice: Change the short - selling strategy to observation; continue to observe for arbitrage [59] 3.2.12 Non - Ferrous Metals (Polysilicon) - Some companies have issued statements against false information. The price of polysilicon has increased, but the supply is expected to rise. The price of silicon wafers has also increased, but it is lower than the benchmark [60][62] - Investment advice: Going long on dips may be more secure [63] 3.2.13 Non - Ferrous Metals (Industrial Silicon) - Some silicon enterprises have temporarily shut down. The supply recovery is slower than expected, and industrial silicon is expected to be strong in the short term [64][65] - Investment advice: Take a long - biased view in the short term and observe the resumption of production by large factories [66] 3.2.14 Non - Ferrous Metals (Lithium Carbonate) - Ghana is re - evaluating a lithium project. The expiration of mining licenses in Jiangxi may cause supply concerns [67][68] - Investment advice: Take profit on long positions and forward spreads; consider reverse spreads [68] 3.2.15 Non - Ferrous Metals (Lead) - The Ministry of Industry and Information Technology will promote structural adjustment in key industries. The supply of lead is tightening, and demand is improving [69][70][71] - Investment advice: Look for opportunities to go long on dips; observe for arbitrage [71] 3.2.16 Non - Ferrous Metals (Zinc) - Peru's zinc concentrate production in May 2025 increased. The upward trend of zinc has been established, and short - selling should be avoided in the short term [72][74] - Investment advice: Observe unilaterally; consider near - month positive spreads for arbitrage; observe for internal - external trading [75] 3.2.17 Non - Ferrous Metals (Nickel) - Zhongwei Co., Ltd. supplies high - nickel materials for solid - state batteries. The anti - involution policy has boosted the non - ferrous sector, and nickel prices may follow the upward trend [76][78] - Investment advice: Observe or take small long positions in the short term; consider short - selling on rallies in the medium term [79] 3.2.18 Energy and Chemicals (Carbon Emissions) - The EU carbon price has been oscillating. Investment funds have reduced their net long positions, and the carbon price may be affected by weather and renewable energy [80] - Investment advice: The EU carbon price will oscillate in the short term [81] 3.2.19 Energy and Chemicals (Crude Oil) - The EU has reached an agreement on the 18th round of sanctions against Russia, lowering the oil price cap. Oil prices are oscillating narrowly, and there is a risk of oversupply in the medium - long term [82][83] - Investment advice: Oil prices will remain oscillatory [84] 3.2.20 Energy and Chemicals (Styrene) - The Asian styrene market is quiet. The styrene basis and spread have declined, and the port inventory may increase. Pure benzene may see more buying from macro funds [84][85] - Investment advice: Observe styrene unilaterally; consider long - term allocation of pure benzene after a better risk - return ratio [85] 3.2.21 Energy and Chemicals (Caustic Soda) - The price of caustic soda in Shandong has remained stable, with increased supply and moderate demand. The basis - collection of caustic soda is completed, and further price increases are difficult [86][87] - Investment advice: It is difficult for caustic soda to rise further [87] 3.2.22 Energy and Chemicals (Pulp) - The price of imported wood pulp has trended higher, but high - price transactions are weak. The pulp price has risen due to policy and coal price rebounds, but the upside is limited [88][89] - Investment advice: The upward space of pulp is limited [89] 3.2.23 Energy and Chemicals (PVC) - The price of PVC powder has been narrowly adjusted, with low downstream purchasing enthusiasm. PVC has rebounded with the market, but the subsequent market may be limited [90][91] - Investment advice: The subsequent PVC market may have limited upside [91] 3.2.24 Energy and Chemicals (Soda Ash) - The price of soda ash in South China has been weakly stable. The supply is high, and the demand is stable. In the medium term, it is advisable to short on rallies [92] - Investment advice: Short soda ash on rallies in the medium term [92] 3.2.25 Energy and Chemicals (Float Glass) - The price of float glass in Shahe has been stable. The glass market is volatile, and the fundamentals are weak. It is recommended to use a long - glass short - soda - ash arbitrage strategy [93][94] - Investment advice: The main contract may fluctuate between 900 - 1100 yuan/ton; use the long - glass short - soda - ash strategy [94] 3.2.26 Shipping Index (Container Freight Rates) - Typhoons have caused South China ports to suspend operations. The container freight rate index has fluctuated. The 08 - 10 spread has widened, and there may be short - selling opportunities for the 10 - contract [95][97] - Investment advice: Consider short - selling the 10 - contract on rallies or when the spot inflection point is confirmed [97]

Core Viewpoint - Rio Tinto has announced that the shipment of iron ore from the Simandou project is expected to commence earlier than planned, with the first shipment anticipated around November 2025, and the projected shipment volume for 2025 is estimated to be between 500,000 to 1,000,000 tons [1] Production Guidance - The company maintains its production guidance for 2025, with Pilbara iron ore shipments expected to remain at the lower end of the annual guidance [1] - Bauxite production is projected to be at the higher end of the annual guidance, while copper production is also expected to reach the higher end of its annual guidance [1]

Group 1 - The core viewpoint emphasizes that China is not only the largest market for Rio Tinto but also a significant source of partners, innovation, and talent [1] - Rio Tinto has participated in the China International Supply Chain Expo for three consecutive years, showcasing successful collaborations with partners [1] - The third edition of the expo is being held from July 16 to 20 in Beijing, marking its first summer occurrence [1] Group 2 - The external environment for business operations is increasingly uncertain, posing new challenges to supply chain resilience, which is crucial for stable global economic development [2] - Rio Tinto's collaboration with Baowu Steel Group exemplifies a win-win partnership, covering the entire supply chain from resource development to low-carbon steel production [2] - The Chinese government's initiatives are creating opportunities for multinational companies to deepen cooperation with local partners [2] Group 3 - China's advantages in carbon reduction technology are enhancing Rio Tinto's operational efficiency and contributing to broader industry carbon reduction goals [3] - The development of high-end manufacturing and new productive forces in China is expected to continue expanding market prospects for multinational companies [3] - Efforts by China to improve market access and optimize the business environment are solidifying its position in the global economy and providing more collaboration opportunities for multinational enterprises [3]