Market Overview - The A-share market showed mixed performance on July 15, with the Shanghai Composite Index declining by 0.93% to 3486.88 points, while the ChiNext Index rose by 0.64% [2] - The total market turnover reached 1.1 trillion yuan, indicating a significant increase compared to the previous day [5] Sector Performance - The coal and power sectors experienced notable declines, with major companies like Dayou Energy and Shaanxi Black Cat seeing significant drops of 8.61% and 7.08% respectively [8][9] - The power sector also faced losses, with Huayin Power and Huaneng International dropping by 9.60% and 9.58% respectively [9] Notable Stocks - On the contrary, Upwind New Materials achieved a 20.01% increase, marking its fifth consecutive trading day of gains, closing at 19.37 yuan per share [19][22] - The stock has been highlighted as one of the "doubling stocks" for the month, following an announcement of a significant share acquisition by Zhiyuan Robotics [22] Earnings Forecasts - Several companies reported poor earnings forecasts, leading to multiple stocks hitting their daily limit down. For instance, Ando麦A projected a net loss of 108 million to 54 million yuan for the first half of 2025 [11] - Other companies like Tongding Interconnection and Xingmin Zhitong also faced significant losses, with expected net losses of 80 million to 100 million yuan and 170 million to 250 million yuan respectively [14][17] Regulatory and Industry Insights - The China Coal Transportation and Marketing Association emphasized the need for coal companies to recognize the severe imbalance in supply and demand, urging adherence to long-term contracts and improved management practices [11]

Core Viewpoint - The coal and electricity sectors are experiencing declines, while the company "Shangwei New Materials" is seeing a surge with five consecutive trading limits [2][10][26]. Market Overview - On July 15, the A-share market showed mixed performance, with the Shanghai Composite Index down 0.93% to 3486.88 points, while the ChiNext Index rose 0.64% [2][5]. - The total market turnover reached 1.1 trillion yuan, indicating a significant increase compared to the previous day [5]. Sector Performance - The communication sector performed well, with significant gains in optical modules, optical chips, and optical communication stocks [5][6]. - The coal sector saw major declines, with companies like Dayou Energy and Shaanxi Black Cat experiencing drops of 8.61% and 7.08% respectively [10][11]. - The electricity sector also faced downturns, with Huayin Power and Tuo Ri New Energy dropping by 9.60% and 8.72% respectively [12][13]. Company-Specific Developments - Shangwei New Materials achieved a 20.01% increase in stock price, marking its fifth consecutive trading limit [26][27]. - The company announced that its price-to-earnings ratio is significantly higher than the industry average, advising investors to be cautious [27]. - The acquisition of a 63.62% stake by Zhiyuan Robotics is set to change the controlling shareholder and actual controller of Shangwei New Materials [27]. Earnings Forecasts - Several companies, including Ando Mai A and Tongding Interconnection, are expected to report losses for the first half of the year, leading to significant stock price declines [17][20][23]. - The coal industry is facing challenges due to a mismatch in supply and demand, prompting calls for improved contract management and industry self-regulation [15].

宏观日报 | 2025-07-15 6月金融业总量增长 中观事件总览 生产行业：持续关注关税对上游价格的影响。 1）中国煤炭运销协会在内蒙古鄂尔多斯组织召开五届理事会第二 次（扩大）会议暨上半年煤炭经济运行分析座谈会。会议强调，要守牢安全稳定底线，科学把握生产节奏，提升 煤炭供给质量，加强行业自律，整治内卷式竞争，促进煤炭市场供需平衡。协会将一如既往地做好政府和企业之 间的桥梁纽带，与煤炭企业携手应对风险挑战，促进煤炭行业高质量发展。2）欧盟委员会负责贸易和经济安全等 事务的委员谢夫乔维奇14日表示，如果美欧贸易谈判失败，欧盟准备对价值720亿欧元（约合840亿美元）的美国 进口商品征收额外反制关税。 服务行业：物流运输稳步增长。 1）央行公布数据显示，6月末，广义货币(M2)余额330.29万亿元，同比增长8.3%。 6月末，本外币贷款余额272.57万亿元，同比增长6.8%。月末人民币贷款余额268.56万亿元，同比增长7.1%。上半 年人民币贷款增加12.92万亿元。2）据海关统计，今年上半年，我国货物贸易进出口21.79万亿元，同比增长2.9%。 其中，出口13万亿元，增长7.2%；进口8.79万亿元 ...

Core Viewpoint - The article highlights the significant achievements and transformations of the State Power Investment Corporation (SPIC) over the past decade since its establishment, emphasizing its role in China's energy transition and its commitment to clean energy development. Group 1: Establishment and Historical Context - SPIC was officially established on July 15, 2015, through the merger of China Power Investment Corporation and China National Nuclear Corporation, marking a pioneering step in China's energy industry reform [2][3] - The company has a rich history dating back to 1913, with milestones in the development of China's power generation capabilities, including the first large-scale thermal power plant and significant hydroelectric projects [4][5] Group 2: Development Achievements - Over the past decade, SPIC's installed power capacity has grown from over 100 million kW at the time of its establishment to 270 million kW by 2023 [9] - The proportion of clean energy in SPIC's installed capacity increased from 38.47% to 73.08% [13] - Total assets rose from 773.8 billion to 1.9 trillion, a growth of 146% [14] - Annual operating revenue doubled from under 200 billion to nearly 400 billion by 2024 [14] - Annual profit increased 2.55 times, from under 14 billion to nearly 50 billion by 2024 [14] - The number of countries where SPIC operates internationally expanded from 24 to 47 [15] Group 3: Green Energy Leadership - SPIC has become the world's largest solar power generation company, with installed solar capacity growing from 4.85 million kW to 86.73 million kW [17] - Wind power capacity increased fivefold to 62.53 million kW, with significant projects like the largest onshore wind project in Inner Mongolia [17] - Hydropower capacity reached 26.53 million kW, with key projects in the Yellow River and Yangtze River basins [18] - Nuclear power capacity grew from 2.24 million kW to 10.74 million kW, with the commissioning of advanced nuclear projects [19] - SPIC has also made strides in clean coal technology, completing low-emission upgrades on over 67 million kW of coal-fired units [20] Group 4: Technological Innovation - SPIC has prioritized technological innovation, leading major national projects and achieving breakthroughs in key technologies, including the domestically developed "Guohe No. 1" third-generation nuclear power technology [22] - The company has developed over 18,000 patents and established significant research platforms to drive innovation in energy technologies [23] Group 5: Diversification and New Business Models - SPIC has explored new business models, including electric vehicle battery swapping and hydrogen energy applications, and has initiated nuclear heating projects [25] - The company has engaged in rural energy revolution initiatives, promoting clean energy for agricultural and residential use [25][26] Group 6: Global Expansion - SPIC's international installed capacity increased from less than 300,000 kW to 1,267,000 kW, marking a significant shift towards global operations [28] - The company has established major projects in Kazakhstan and Turkey, demonstrating its commitment to international energy development [28][29] Group 7: Governance and Leadership - The achievements of SPIC are attributed to the guidance of Xi Jinping's thoughts on socialism with Chinese characteristics and the strong leadership of the Communist Party [30] - SPIC has integrated party leadership into its governance structure, ensuring alignment with national strategies and policies [30][31]

Report Industry Investment Ratings - Steel: Oscillating upwards [1][2] - Iron ore: Oscillating [3][4] - Coking coal and coke: Oscillating upwards [5][6][7] - Thermal coal: Oscillating upwards in the short - term, supply remains loose in the long - term [8] Core Views - The expectation of policy combinations persists, boosting market sentiment. The off - season demand for steel is better than expected, and the inventory accumulation is delayed. Iron ore shows a relatively loose supply - demand pattern in the long run, while coking coal and coke are in a supply - tight situation. Thermal coal prices are oscillating upwards in the short term due to increased demand in high - temperature weather, with a long - term supply - loose pattern [1][3][6][8] Summary by Relevant Catalogs Steel - **Market Analysis**: Steel futures closed stronger at the end of trading yesterday, with the main contracts of rebar and hot - rolled coil rising. Spot trading was average, with prices basically stable and spot transactions reaching 10580 tons. China's steel exports in the first half of this year were 58.147 million tons, a year - on - year increase of 9.2% [1] - **Supply - Demand and Logic**: Policy expectations persist, and exports exceed expectations, enhancing steel consumption. The off - season demand is better than expected, and inventory accumulation is delayed. Key factors to watch include basis repair, policy implementation, overseas tariffs, and hedging funds [1] - **Strategy**: Unilateral trading is expected to oscillate upwards [2] Iron Ore - **Market Analysis**: Iron ore futures prices oscillated yesterday. Spot prices of mainstream imported iron ore varieties were basically stable. The total accumulated transactions at major ports in the country were 955000 tons, a 20.43% increase from the previous day; the accumulated transactions of forward - looking spot goods were 1.69 million tons, a 16.15% increase. The global iron ore shipment decreased slightly this period, with a total shipment of 29.87 million tons. The shipment from Brazil increased significantly, while the shipment from non - mainstream regions decreased significantly. The arrival volume at 45 ports was 26.621 million tons, an increase of 1.782 million tons from the previous period [3] - **Supply - Demand and Logic**: Although the molten iron output has decreased, it remains at a relatively high level in the same period. The consumption of iron ore shows good resilience. In the short term, prices rebounded due to macro - sentiment, but in the long run, the supply - demand pattern is relatively loose. Key factors to watch include the molten iron output and inventory changes during the off - season [3] - **Strategy**: Unilateral trading is expected to oscillate [4] Coking Coal and Coke - **Market Analysis**: Coking coal and coke futures showed mixed performance yesterday, mainly oscillating. The import coal ports were closed, inventory was continuously depleted, and traders were more inclined to hold prices [5] - **Supply - Demand and Logic**: The first round of price increases for coke is gradually being implemented. Some coking plants are slightly in the red, and the supply has decreased. On the demand side, molten iron output has slightly decreased but remains at a relatively high level in the same period, and steel mills' profits are acceptable. Coke inventory has slightly increased. For coking coal, the supply has recovered, but the resumption of production is slow. On the demand side, trading is more active, and the replenishment enthusiasm of downstream enterprises has increased, leading to a decrease in coal mine inventory. Overall, the supply of coking coal and coke is tight [6] - **Strategy**: Both coking coal and coke are expected to oscillate upwards [7] Thermal Coal - **Market Analysis**: At the production sites, the procurement prices of large - scale purchasers at stations have increased, and the surrounding stations are actively transporting coal. Most coal mines with high cost - effectiveness are selling smoothly, and prices are rising steadily. With the continuous high - temperature weather, the power load has increased, and the pit - mouth coal prices continue to rise. At ports, the upstream shipping costs have increased, there is a structural shortage at ports, and the downstream rigid - demand procurement has been completed in stages. As the high - temperature range expands, coal consumption increases, and traders have positive expectations for the peak season, providing some support for market prices. For imported coal, the price of high - calorie Australian coal is inverted compared with domestic winning bids, with low liquidity. Indonesian low - calorie coal has obvious cost - effectiveness advantages, and there are many downstream tenders [8] - **Supply - Demand and Logic**: In July, some previously shut - down coal mines have resumed production, and production capacity is gradually being released. With the rising temperature, demand has strengthened. In the short term, coal prices are oscillating upwards. In the long term, the supply - loose pattern remains unchanged. Key factors to watch include the consumption and inventory replenishment of non - power coal [8]

Core Viewpoint - The market shows mixed performance with the Shanghai Composite Index declining while the ChiNext Index rises, indicating a divergence in sector performance and investor sentiment [1][2]. Market Performance - As of the midday close, the Shanghai Composite Index is at 3486.88 points, down 0.93%, the Shenzhen Component Index at 10657.22 points, down 0.26%, and the ChiNext Index at 2211.03 points, up 0.64% [1][2]. - Overall, more than 4600 stocks in the market are experiencing declines, reflecting a bearish sentiment [2]. Sector Performance - The CPO sector is performing strongly, with active performance in liquid-cooled servers and Nvidia-related concepts, while coal mining, energy metals, and the power sector are among the worst performers [4]. Capital Flow - Main capital flows show a net inflow into sectors such as telecommunications, electronics, and computers, while public utilities, pharmaceuticals, and food and beverage sectors are seeing net outflows [6]. - Specific stocks with significant net inflows include Xinyi Technology (26.96 billion), Leo Group (17.58 billion), and Zhongji Xuchuang (17.34 billion) [7]. - Conversely, stocks facing substantial net outflows include Kweichow Moutai (10.42 billion), Baosteel (7.35 billion), and Changshan Pharmaceutical (6.85 billion) [8]. Institutional Insights - Analysts from Zhongtai Securities suggest that the market's performance this week is better than expected, with active funds likely to return as mid-year reports are released. They recommend identifying sectors where institutional and active funds may converge [10]. - The investment director from Qianhai Boben Fund indicates that while the market is adjusting, the overall adjustment space is limited, with significant support around the 10 and 20-day moving averages. They advise buying on dips, focusing on sectors that are likely to rotate and rebound [10].

Core Viewpoint - The A-share market showed mixed performance with the ChiNext index rising by 0.64% while the Shanghai Composite Index and Shenzhen Component Index fell by 0.93% and 0.26% respectively, indicating a slight weakness in the overall market sentiment [1] Market Performance - As of midday, the Shanghai Composite Index decreased by 0.93%, the Shenzhen Component Index fell by 0.26%, and the ChiNext index increased by 0.64% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.08 trillion yuan, an increase of 108.5 billion yuan compared to the previous trading day [1] Sector Highlights - The main focus of the market was on computing power concepts, with most stocks in the two markets showing negative performance [1] - The CPO concept stocks rose against the trend, with New Yi Sheng hitting the daily limit and reaching a historical high, while Dongtianwei, Zhongji Xuchuang, and Shijia Guangzi all increased by over 10% [1] - The coal mining sector experienced low fluctuations in the morning, with Dayou Energy and Shanxi Black Cat both dropping by over 7% [1] - The electricity sector continued to weaken, with Huayin Power hitting the daily limit down [1] - The real estate sector saw a pullback, with Greenland Holdings also hitting the daily limit down [1]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down 0.93%, Shenzhen Component down 0.26%, and the ChiNext Index up 0.64% as of midday trading [1] - The total trading volume in the three major markets reached 1,096.1 billion yuan, an increase of 108.7 billion yuan compared to the previous day [1] Sector Performance - The computing power hardware sector experienced a collective surge, particularly in CPO and liquid cooling server directions, with stocks like New Yisheng hitting the daily limit and reaching historical highs [2] - The photovoltaic, coal, electricity, and real estate sectors showed weakness, with stocks like Yamaton hitting the daily limit down [2] Notable Stocks - Stocks with significant upward movement included: - New Yisheng with a 20% increase [2] - Bohui Co. and Fangsheng Co. also saw over 10% gains in the liquid cooling server sector [2] - The real estate sector faced declines, with Greenland Holdings hitting the daily limit down [2] Hot Topics - The "反内卷" (anti-involution) policy is gaining traction, with 16 stocks in related sectors hitting the daily limit, indicating a potential structural bull market driven by a shift from price competition to value and technology competition [11] - The innovation drug sector is set for changes with the 2025 national basic medical insurance drug list adjustment, focusing on areas with insufficient coverage, such as pediatric and rare disease medications [12] Strategic Collaborations - A strategic partnership was formed between Beijing Humanoid Robot Innovation Center and Li Ning Group to establish the first humanoid robot sports science joint laboratory in Beijing [13]

| 五、宏观信息 | | | --- | --- | | 央行发布数据显示，今年上半年，我国社会融资规模增量为22.83万亿元，比上年同期多4.74万亿元；人民币贷款增加12.92万亿元。6月末，M2余额同比增长 | | | 8.3%。央行相关负责人表示，将继续实施好适度宽松的货币政策，把握好政策实施的力度和节奏，结构性货币政策工具将突出支持科技创新、提振消费等主线 | | | 。中国不寻求通过汇率贬值获取国际竞争优势，人民币汇率在双向波动中保持基本稳定具有坚实基础。 | | | 海关总署发布数据显示，以人民币计，今年上半年，我国货物贸易进出口总值21.79万亿元，创历史同期新高，同比增长2.9%。其中，出口增长7.2%，进口增 | | | 长2.3%。6月份，我国进出口整体、出口、进口同比全部实现增长，且增速都在回升。6月稀土出口7742.2吨，1-6月累计出口32569.2吨，同比增长11.9%。 | | | 《中共中央关于加强新时代审判工作的意见》指出，依法严惩操纵市场、内幕交易、非法集资、贷款诈骗、洗钱等金融领域违法犯罪，加强金融领域非法中介 | | | 乱象协同治理。完善数字货币、移动支付、互联网金 ...

Market Overview - The trend of "de-dollarization" is strengthening, leading to a preference for non-USD assets, with Asian equities being steadily revalued[6] - The A-share market is heating up, with the Shanghai Composite Index rising by 0.21% to 3,519 points, while the Shenzhen Component and ChiNext Index fell by 0.11% and 0.45% respectively[17] - The Hang Seng Index and the Hang Seng China Enterprises Index increased by 0.26% and 0.52% respectively, although market sentiment remains cautious[11] Commodity and Forex Insights - International oil prices fell by 2%, with NYMEX crude down 2.15% to $66.98 per barrel, and Brent crude down 1.63% to $69.21 per barrel[28] - The US dollar index slightly increased by 0.2%, while gold prices experienced a minor decline[28] - The Chinese yuan appreciated by 1.8% year-to-date against the US dollar, closing at 7.172[27] Fixed Income Market - US Treasury yields rose slightly, with the 30-year yield approaching 5%[5] - Asian bond markets showed cautious sentiment initially but improved later, with Chinese investment-grade bond spreads narrowing by 1-2 basis points[31] - The yield on Japan's 10-year government bonds reached its highest level since 2008, reflecting market concerns ahead of upcoming elections[31] Sector Performance - In the A-share market, sectors such as energy and utilities saw gains of 1.5% and 0.8% respectively, while real estate declined by 0.9%[17] - The healthcare sector in Hong Kong rose by 2.4%, while the financial sector remained flat[12] Key Economic Indicators - The US Consumer Price Index (CPI) for June is set to be released, which may influence market expectations regarding interest rates[5] - China's foreign currency deposits exceeded $1 trillion for the first time in over three years, indicating a strong capital inflow[6]