Market Overview - A-shares recovered above 3600 points, with the Shanghai Composite Index rising by 0.53% to 3602.13 points, while the Shenzhen Component increased by 0.14% and the ChiNext Index fell by 0.26% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan, reaching 10057 billion yuan, an increase of 849 billion yuan compared to the previous trading day [1] - A total of 3318 stocks rose, with 47 hitting the daily limit, while 1897 stocks declined [1] Military Industry - The military sector saw significant activity, with several stocks hitting the daily limit, including Aerospace Intelligent Equipment and Great Wall Military Industry [4][6] - Great Wall Military Industry reported a cumulative increase of 181.58% since June 18, 2025, significantly outperforming the industry and the Shanghai Composite Index [6] - The global military expenditure is expected to continue growing, providing strong support for the military market, with China's military manufacturing competitive advantage being underestimated [6][8] Gaming Sector - The gaming sector has experienced a three-day consecutive rise, driven by the implementation of AI technology and the summer season [8] - Notable stocks in the gaming sector include Perfect World, which rose by over 4%, and others like Kying Network and Giant Network also saw significant increases [10][9] PEEK Materials - The PEEK materials sector showed strong performance, with Huami New Materials on the Beijing Stock Exchange rising over 20% [11] - Other companies in the sector, such as Xinhan New Materials and Zhongxin Fluorine Materials, also reached their daily limit [11] Steel Industry - The steel sector continued to strengthen, with Maanshan Steel hitting the daily limit and other companies like Baotou Steel and Fangda Special Steel also showing gains [13] - Notable stock performances include Gonggang Co., which rose by 10.09%, and Fangda Special Steel, which increased by 3.42% [14] Pharmaceutical Sector - The innovative drug sector experienced a pullback after a previous surge, with traditional Chinese medicine stocks showing significant declines [15] - High-profile stocks like Anglikang approached their daily limit down, with others like Nanjing New Pharmaceutical and Huason Pharmaceutical dropping over 6% [15]

Group 1: Report's Core View - The supply and demand of rebar have both weakened. The weekly output of rebar decreased slightly, and it is operating weakly at a low level. However, due to good profit per ton of some varieties and the return of production from some varieties, the low - supply pattern is not expected to last. Meanwhile, rebar demand has weakened again, with the weekly apparent demand and daily high - frequency transactions both shrinking, remaining at a low level in recent years. The weak demand in the off - season remains unchanged, continuing to put pressure on steel prices. With the fulfillment of policy expectations and the accumulation of contradictions in the rebar fundamentals under the situation of weak supply and demand, steel prices are under pressure. It is expected that rebar will continue to fluctuate weakly in the short term, and the production situation of steel mills should be monitored [2] Group 2: Summary of Rebar Weekly Data Supply - The weekly output is 211.06 thousand tons, with a week - on - week decrease of 0.90 thousand tons and a month - on - month decrease of 6.78 thousand tons. Compared with the same period, it increased by 13.31 thousand tons. The blast furnace capacity utilization rate is 90.24%, with a week - on - week decrease of 0.57 percentage points and a month - on - month decrease of 0.59 percentage points. Compared with the same period, it increased by 1.37 percentage points [1] Demand - The apparent demand is 203.41 thousand tons, with a week - on - week decrease of 13.17 thousand tons and a month - on - month decrease of 16.50 thousand tons. Compared with the same period, it decreased by 12.21 thousand tons. The weekly average of Steel Union building material transactions is 9.59 thousand tons, with a week - on - week decrease of 1.88 thousand tons and a month - on - month decrease of 0.28 thousand tons. Compared with the same period, it decreased by 1.75 thousand tons [1] Inventory - The total inventory is 546.29 thousand tons, with a week - on - week increase of 7.65 thousand tons and a month - on - month decrease of 2.71 thousand tons. Compared with the same period, it decreased by 196.08 thousand tons. The in - plant inventory is 162.15 thousand tons, with a week - on - week decrease of 3.52 thousand tons and a month - on - month decrease of 23.45 thousand tons. Compared with the same period, it decreased by 29.00 thousand tons. The social inventory is 384.14 thousand tons, with a week - on - week increase of 11.17 thousand tons and a month - on - month increase of 20.74 thousand tons. Compared with the same period, it decreased by 167.08 thousand tons [1]

Core Viewpoint - The Shanghai Futures Exchange has approved the registration of three products, allowing them to be used for futures contract delivery starting from the date of the announcement [1] Group 1: Product Registrations - Jiangsu Binxin Steel Group Co., Ltd. has received approval for the registration of its "Xinyong Special Steel" brand wire rod products [1] - Henan Jinli Jinxin Co., Ltd. has been granted registration for its "Jijin" brand zinc ingots, with a registered production capacity of 100,000 tons, adhering to standard pricing [1] - Yunnan Xinyu Nonferrous Electrolytic Co., Ltd. has had its "Yunxiang" brand tin ingots registered, with a registered production capacity of 6,000 tons, also following standard pricing [1]

Group 1 - The article emphasizes the importance of transforming foreign exchange facilitation policies into tangible support for enterprises expanding into international markets [1][9] - The establishment of the "Laiwu Trade and Foreign Exchange Service Team" aims to create an "open, convenient, and secure" cross-border financial ecosystem, focusing on precise policy delivery and efficient problem-solving [1][8] - The Laiwu Foreign Exchange Bureau has shifted from a passive approach to actively delivering services to enterprises, addressing their specific needs through personalized guidance [8][9] Group 2 - TaiFeng Food Co., a significant agricultural processing export enterprise, faced challenges in offshore trading due to stringent documentation requirements from banks [3][4] - The service team facilitated communication between TaiFeng Food and banks, allowing for a more flexible approach to documentation, thus enabling the company to expand its global market reach [4][6] - JiuYang Industrial Co., a major steel producer, reported improvements in handling trade refunds due to the service team's intervention, which simplified processes and reduced costs [6][8] Group 3 - The Laiwu Foreign Exchange Bureau's proactive measures have led to a significant increase in enterprises' satisfaction with policy accessibility, with 85 companies visited and 41 issues resolved in the first half of 2025 [8][9] - The focus on understanding and addressing the unique challenges faced by enterprises has resulted in a more effective implementation of foreign exchange policies [8][9]

Group 1 - The UK aims to reduce tariffs on steel, whisky, and pharmaceuticals during Trump's visit, with a focus on finalizing a significant US-UK trade agreement [1] - Trump's previous imposition of a 25% tariff on all imported cars and parts from the UK has led to a temporary halt in shipments from British brands like Aston Martin and Jaguar Land Rover [1] - The US is looking to ensure that only steel processed in the UK qualifies for tariff exemptions, complicating the situation for Tata Steel, which imports steel from its plants in India and the Netherlands [1] Group 2 - The UK seeks a waiver on pharmaceutical tariffs, as major companies like GlaxoSmithKline and AstraZeneca rely heavily on the US market for 42%-52% of their sales [2] - Trump has threatened to impose a 50% tariff on drugs to curb profits of UK pharmaceutical companies, but negotiations are stalled due to the UK's reluctance to lower domestic drug prices [2] - AstraZeneca has announced plans to expand its manufacturing and R&D capabilities in the US, indicating a shift in strategy in response to Trump's tariff policies [2]

Oil Market Overview - Oil prices experienced a rebound in early trading, recovering from previous losses due to stronger-than-expected economic indicators from major oil-consuming nations and easing global trade tensions [1] - U.S. crude oil inventories saw a significant decline of 3.9 million barrels to 422.2 million, surpassing the expected draw of 552,000 barrels, indicating robust refinery operations and heightened demand [2] - Despite the rise in crude prices, unexpected increases in gasoline and diesel inventories suggest a supply overhang in refined products [3] Economic Indicators - The U.S. Federal Reserve's economic snapshot indicated a modest pickup in activity, but the overall outlook remained "neutral to slightly pessimistic," with businesses concerned about inflation from higher import tariffs [4] - Chinese economic data showed a slower second-quarter growth, but crude oil processing in June rose by 8.5% year on year, indicating strong fuel demand [5] Global Trade Outlook - President Trump expressed optimism regarding trade negotiations with major partners, hinting at progress with China, an imminent trade agreement with India, and potential deals with Europe [6] Sector Performance Gainers - Energy sector, particularly the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), is expected to benefit from rising oil prices as exploration and production companies increase output [9] - Steel producers, represented by the VanEck Vectors Steel ETF (SLX), are likely to gain from rising oil prices as they supply materials for oil drilling operations [10] Losers - Retail sector, represented by the SPDR S&P Retail ETF (XRT), may suffer as rising energy prices squeeze consumer spending [12] - Oil refiners, represented by the VanEck Vectors Oil Refiners ETF (CRAK), could face profitability challenges due to higher crude prices impacting their input costs [13] - Airlines, represented by the U.S. Global Jets ETF (JETS), are expected to perform better in a falling crude price scenario, as energy costs significantly affect their overall expenses [14] - Gold miners, represented by the VanEck Vectors Gold Miners ETF (GDX), may face pressure on operating margins due to higher oil prices, which constitute a significant portion of their production costs [15]

Core Viewpoint - The A-share market has seen a significant increase in companies forecasting mid-term losses, with 139 companies predicting losses and 152 companies expecting a decline in net profits, indicating a growing trend of financial distress among listed firms [1][2]. Group 1: Company Performance - Among the 152 companies forecasting a decline in net profits, 10 companies expect a drop exceeding 1000%, with 9 of them shifting from profit to loss [2][4]. - China National Chemical Corporation (中化国际) anticipates a mid-term loss between 807 million to 949 million yuan, a staggering decline of 6649.8% to 7805.58% compared to the previous year [4][5]. - AOC Technology (冠捷科技), a leading global display manufacturer, projects a mid-term loss of 450 million to 490 million yuan, attributing the decline to intensified competition and rising costs [5]. Group 2: Notable Companies with Declining Profits - Hangzhou Steel (杭钢股份) forecasts a mid-term net loss of approximately 111 million yuan, representing a 204.63% decline year-on-year, despite a significant stock price increase earlier in the year [6][7]. - Yuanlong Yatu (元隆雅图) expects a mid-term net loss of 5 million to 10 million yuan, a decline of 119.39% to 138.78%, transitioning from profit to loss [8]. - Zhongke Jin Cai (中科金财) anticipates a mid-term net loss of 75 million to 105 million yuan, with a year-on-year decline of 51.43% to 112% [8]. Group 3: Market Reactions - Following the announcement of poor performance forecasts, Yuanlong Yatu experienced a significant drop in stock price, hitting the daily limit down [9].

Group 1: Market Performance - On July 2, 2023, 14 stocks had a closing limit order amount exceeding 100 million yuan, with the highest being Xishanghai at 582 million yuan [2] - Xishanghai led in limit order volume with 839,500 hands, followed by Juyi Suoj, Jixin Technology, and Chongqing Steel with 521,700 hands, 477,600 hands, and 447,600 hands respectively [2] - The stocks with significant limit order amounts included Juyi Suoj, Dongfang Ocean, and Jixin Technology, all of which are related to the marine economy [2] Group 2: Company Insights - Xishanghai is focused on automotive logistics services and the production and sales of automotive parts, and it reported a revenue of 371 million yuan in Q1, a year-on-year increase of 40.61%, but incurred a net loss of 7.66 million yuan [2][3] - The company is actively pursuing business transformation and upgrading through strategic acquisitions to enhance its manufacturing capabilities in passenger and commercial vehicles [3] - The marine economy sector saw several stocks, including Shenkai Co., Aikang International, and Yaxing Anchor Chain, achieving limit increases, supported by the central government's emphasis on high-quality development of the marine economy [4] Group 3: Steel Industry - The steel sector had stocks like Chongqing Steel, Liugang Co., and Shougang Co. achieving limit increases, with the government promoting the orderly exit of backward production capacity [5][6] - Chongqing Steel primarily produces medium and heavy plates, hot coils, and construction steel, which are widely used in hydropower station construction projects [6] - Liugang Co. is one of the top 50 steel companies globally and focuses on steel production and sales [6] Group 4: Investment Trends - The top net purchases on the Dragon and Tiger list included stocks like Kelaite, Guolian Aquatic Products, and Xiugang Co., with net purchases exceeding 100 million yuan [7] - Institutional investors showed significant net buying in stocks such as Anglikang and Feiyada, indicating strong interest in these companies [7]

Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - The report offers trading strategies and trend analysis for various commodities. For example, copper is supported by a weak dollar; zinc is at a short - term high, and attention should be paid to volume and price; lead has a positive outlook due to peak - season expectations; nickel's upside is limited by changes in the mining and smelting sectors; stainless steel prices are recovering with limited elasticity; and lithium carbonate may continue to experience high volatility [3][6]. Summary by Commodity Base Metals - **Copper**: The weak dollar supports copper prices. The Shanghai copper main contract closed at 79,920 yuan with a 1.31% daily increase, and the London copper 3M electronic disk closed at 9,879 dollars with a - 0.17% change. Japanese JX Metal will cut refined copper production, and China's May copper ore imports decreased month - on - month [6]. - **Zinc**: It is at a short - term high. The Shanghai zinc main contract closed at 22,410 yuan with a 0.76% increase. China's industrial enterprise profits from January to May decreased year - on - year [9][10]. - **Lead**: There are peak - season expectations supporting prices. The Shanghai lead main contract closed at 17,125 yuan with a - 0.58% change. China's industrial enterprise profits from January to May decreased year - on - year [12]. - **Nickel and Stainless Steel**: Nickel's support from the mining end is weakening, and the smelting end limits its upside. The Shanghai nickel main contract closed at 120,480 yuan. Stainless steel inventory is slightly decreasing, and prices are recovering with limited elasticity. The stainless steel main contract closed at 12,620 yuan. There are multiple industry news such as project startups and production resumptions in the nickel industry [14][15]. Energy and Chemicals - **Lithium Carbonate**: High volatility may continue due to fundamental pressure and warehouse - receipt contradictions. The 2507 contract closed at 63,240 yuan. SMM's battery - grade lithium carbonate index price increased [18][19]. - **Industrial Silicon and Polysilicon**: Industrial silicon is affected by production - cut news, and attention should be paid to its upside space. Polysilicon requires attention to market sentiment. The Si2509 contract of industrial silicon closed at 8,030 yuan, and the PS2508 contract of polysilicon closed at 33,315 yuan [21]. - **Iron Ore**: It shows wide - range fluctuations with repeated expectations. The 12509 contract closed at 716.5 yuan with a 1.56% increase. China's industrial enterprise profits from January to May decreased year - on - year [24]. - **Steel Products (Rebar, Hot - Rolled Coil)**: Both show wide - range fluctuations. The RB2510 contract of rebar closed at 2,995 yuan with a 0.98% increase, and the HC2510 contract of hot - rolled coil closed at 3,121 yuan with a 0.94% increase. There are changes in steel production, inventory, and demand [26][27]. - **Ferroalloys (Silicon Ferro, Manganese Ferro)**: Both show wide - range fluctuations. Silicon ferro is boosted by spot sentiment, and manganese ferro is boosted by port quotes. The silicon ferro 2509 contract closed at 5370 yuan, and the manganese ferro 2509 contract closed at 5670 yuan [31]. - **Coking Coal and Coke**: Both show a tendency to be strong with fluctuations. The JM2509 contract of coking coal closed at 847.5 yuan with a 3.42% increase, and the J2509 contract of coke closed at 1421.5 yuan with a 1.86% increase [34][35]. - **Steam Coal**: It stabilizes with fluctuations as daily consumption recovers. The ZC2507 contract had no trading, and previous prices showed a decline [39][40]. - **Log**: It shows wide - range fluctuations with a contract - main switch. The 2507 contract closed at 819 yuan [43]. - **Paraxylene, PTA, MEG**: Paraxylene supply is shrinking, and the month - spread is strong; PTA is recommended for month - spread reverse arbitrage; MEG is weak on a single - side basis. Paraxylene's 9 - 1 month - spread shows a positive trend, and PTA and MEG have their own supply - demand and cost - related factors [46][50]. - **Synthetic Rubber**: It will run with short - term fluctuations. The main contract of cis - polybutadiene rubber closed at 11,275 yuan. The industry has inventory and price changes [52]. - **Asphalt**: It shows weak fluctuations, and long - crack spread positions should consider taking profits. The BU2507 contract closed at 3,577 yuan. Refinery inventory rates decreased [55]. Agricultural Products - **Palm Oil**: The near - end fundamentals in the producing areas have limited improvement, and reverse arbitrage is recommended [5]. - **Soybean Oil**: Attention should be paid to the US soybean acreage report [5]. - **Soybean Meal and Soybean No.1**: Soybean meal rebounds with fluctuations, and risks related to the USDA report should be avoided. Soybean No.1 has a stable spot price and a rebounding and fluctuating futures price [5]. - **Corn**: Attention should be paid to auctions [5]. - **Sugar**: It is in a range - bound consolidation [5]. - **Cotton**: Optimistic sentiment drives the futures price to rise with fluctuations [5]. - **Eggs**: Gradually arrange short positions in far - month contracts [5]. - **Hogs**: There is a short - term adjustment [5]. - **Peanuts**: There is support at the lower level [5].

Core Viewpoint - The article highlights the significant role of the green low-carbon supply chain public service platform in Shanghai's Baoshan District, driven by the CN100 Green Low-Carbon Supply Chain Alliance, in facilitating the green transformation of supply chains and urban integration [3][4][6]. Group 1: Green Low-Carbon Supply Chain Platform - The green low-carbon supply chain platform, known as the "Green Chain Platform," aims to build a comprehensive service ecosystem for green low-carbon industries by integrating various service providers [4][6]. - The platform is a response to the EU's Carbon Border Adjustment Mechanism (CBAM) and aims to support Chinese enterprises in adapting to international green trade standards [6][12]. - The platform facilitates the establishment of a carbon footprint database and promotes data sharing among different industries to enhance transparency and traceability [8][11]. Group 2: Role of Key Enterprises - Baowu Group, as a state-owned enterprise, has been proactive in exploring low-carbon technologies and services, laying the groundwork for the Green Chain Platform [4][6]. - The platform collaborates with various enterprises, including banks, to provide green financial services and support for carbon footprint reporting [14][19]. - The CN100 Alliance, comprising leading enterprises from various sectors, plays a crucial role in driving the platform's initiatives and promoting data disclosure [7][8]. Group 3: Financial and Technological Integration - The integration of carbon asset management and carbon technology is essential for achieving net-zero emissions, with the platform facilitating this process [16][17]. - Financial institutions are increasingly evaluating companies based on their carbon footprint data, which can lead to favorable loan conditions for those committed to green practices [14][15]. - The platform is working on developing a comprehensive carbon technology and asset management module to enhance the efficiency of public services [17][19]. Group 4: Future Directions and Challenges - The establishment of localized carbon footprint data and methods that align with international standards is critical for Chinese enterprises to navigate green trade barriers [11][12]. - The platform aims to create a "zero-carbon space" by implementing energy-saving measures and promoting biodiversity in future developments [19]. - Continuous collaboration among industries is necessary to refine data accuracy and enhance the overall effectiveness of the green low-carbon transition [11][13].