Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - The overall trend of the stock index is positive, but it may experience a phased adjustment. Pay attention to the Politburo meeting this week [3]. - In the RMB exchange rate market, investors can use options to hedge tail risks. Focus on the progress of China - US trade consultations in the next week [2]. - For the container shipping industry, the SCFI European line has rebounded, but the near - term contracts may have a short - term correction, and the overall may fluctuate slightly downward [5]. - In the precious metals market, focus on the Fed FOMC meeting and important US economic data this week. The mid - to long - term trend of gold and silver may be bullish, while the short - term volatility is intense [5]. - For base metals, copper prices may decline slightly; aluminum is expected to fluctuate at a high level in the short term; zinc is in a high - level shock; nickel and stainless steel are expected to fluctuate within a certain range; tin prices may decline slightly; lead is mainly in a shock state [8][10][12][13][15][21]. - In the energy and chemical industry, crude oil is in a narrow - range shock adjustment stage; PX - PTA can be considered to expand the processing fee at low prices; for other energy and chemical products, pay attention to policy changes and market fundamentals [29][30][33]. - In the black metal market, the over - heated sentiment in the steel market may lead to a short - term correction, but the rise may not end; the contradiction in the iron ore market is accumulating; the coal - coke market may return to rationality; for silicon iron and silicon manganese, pay attention to risks [23][24][26][27]. - For agricultural products, the market game for live pigs has intensified [50]. Summaries by Related Catalogs RMB Exchange Rate - **Market Review**: On Friday, the on - shore RMB against the US dollar closed at 7.1679 at 16:30, down 132 basis points from the previous trading day, and closed at 7.1680 at night. The central parity rate of the RMB against the US dollar was reported at 7.1419, down 34 basis points [2]. - **Important Information**: Trump said the possibility of reaching an agreement with the EU was 50%, and most trade agreements would be reached before August. The Russian central bank cut the benchmark interest rate from 20% to 18% [2]. - **Core Logic**: The Fed's independence is being challenged. Investors can use options to hedge tail risks. Focus on China - US trade consultations in the next week [2]. Stock Index - **Market Review**: On Friday, the stock index showed mixed trends, with the large - cap index falling and the small - and medium - cap index rising. The trading volume of the two markets decreased by 573.69 billion yuan [3]. - **Important Information**: China's industrial enterprise profits in June decreased by 4.3% year - on - year, and the equipment manufacturing industry played a prominent supporting role. The State Council executive meeting deployed measures for gradually promoting free pre - school education [3]. - **Core Logic**: The stock index may experience a phased adjustment, but the overall trend is positive. Pay attention to the Politburo meeting this week [3]. Container Shipping - **Market Review**: On Friday, the futures prices of the container shipping index (European line) contracts fluctuated after a sharp decline at the opening. As of the close, the prices of EC contracts showed mixed trends [4]. - **Important Information**: The freight quotes of Maersk and ONE for shipping from Shanghai to Rotterdam showed different changes [4]. - **Core Logic**: The SCFI European line has rebounded, but the near - term contracts may have a short - term correction, and the overall may fluctuate slightly downward [5]. Precious Metals (Gold & Silver) - **Market Review**: Last week, the precious metals market showed a reverse V - shaped trend. COMEX gold non - commercial long positions increased sharply, and there was a large inflow of funds into US gold and silver ETFs at the beginning of the week, but the price reversed on Wednesday [5]. - **Important Information**: The US - Japan and US - EU trade agreements were close to being reached, and the domestic anti - involution policy led to a general rise in commodities and the stock market [5]. - **Core Logic**: Focus on the Fed FOMC meeting and important US economic data this week. The mid - to long - term trend may be bullish, while the short - term volatility is intense [5]. Base Metals Copper - **Market Review**: The main futures contract of Shanghai copper rose and then fell during the week, and the inventory showed different trends in different markets [8]. - **Important Information**: Teck Resources lowered the production forecast of its Chilean copper mine due to tailings storage problems [8]. - **Core Logic**: Copper prices may decline slightly as the anti - involution heat fades [9]. Aluminum - **Market Review**: The price of Shanghai aluminum showed a slight increase, and the trading volume and positions changed. The price of alumina and cast aluminum alloy also had corresponding changes [9]. - **Important Information**: The anti - involution policy affected the market sentiment, and the exchange issued a position limit notice [9][10]. - **Core Logic**: Aluminum is expected to fluctuate at a high level in the short term, considering the influence of macro events and fundamentals [10]. Zinc - **Market Review**: The main contract of Shanghai zinc fell slightly, and the trading volume and positions decreased [12]. - **Important Information**: The "anti - involution" sentiment affected the market [12]. - **Core Logic**: Zinc is in a high - level shock. The supply may gradually shift from tight to surplus, and the demand is weak. Appropriate short - selling at high prices is recommended [12]. Nickel and Stainless Steel - **Market Review**: The main contract of Shanghai nickel showed a strong trend during the week but回调 on Friday night. The price of stainless steel also showed an upward trend during the week [13]. - **Important Information**: The anti - involution policy and relevant news affected the market, and the supply of nickel ore was expected to be loose [14]. - **Core Logic**: Nickel and stainless steel are expected to fluctuate within the range of [118,000 - 126,000] yuan and [12,500 - 13,100] yuan respectively [15]. Tin - **Market Review**: The main futures contract of Shanghai tin rose and then fell during the week, and the inventory was stable [15]. - **Important Information**: The anti - involution policy affected the price [15]. - **Core Logic**: Tin prices may decline slightly as the anti - involution heat fades [16]. Lead - **Market Review**: The main contract of Shanghai lead rose slightly, and the trading volume and positions increased [21]. - **Important Information**: The production of a refinery in Anhui recovered, and a large - scale recycled lead refinery in Inner Mongolia was expected to produce lead next week [21]. - **Core Logic**: Lead is mainly in a shock state, affected by the supply - demand relationship and market sentiment [22]. Energy and Chemical Industry Crude Oil - **Market Review**: Speculative position reduction and inventory increase suppressed oil prices, and the prices of US and Brent crude oil futures fell [29]. - **Important Information**: Trump announced that the US and the EU reached a trade agreement, and the Houthi armed forces upgraded the maritime blockade [29]. - **Core Logic**: The crude oil market is in a narrow - range shock adjustment stage. Pay attention to the results of important macro meetings this week [30]. PTA - PX - **Market Review**: PX - PTA was generally strong under the influence of commodity sentiment and polyester demand improvement [30]. - **Important Information**: PX Tianjin Petrochemical carried out maintenance, and there were rumors of PTA plant maintenance in August [30][31]. - **Core Logic**: The PX - TA industry chain has limited fundamental drivers. Consider expanding the processing fee at low prices [32]. Other Energy and Chemical Products - **Market Review and Core Logic**: Each product has different market performances and core logics, mainly affected by factors such as supply - demand relationships, policies, and market sentiments. For example, MEG - bottle chips are recommended to wait and see; methanol is mainly driven by macro factors; PP and PE are affected by macro emotions and fundamentals; PVC is recommended to wait and see in the short term; BZ and styrene are affected by macro emotions and fundamentals; fuel oil and low - sulfur fuel oil have different supply - demand and inventory situations; asphalt follows the cost - end shock; urea is expected to fluctuate weakly; glass and soda ash are affected by anti - involution expectations and fundamentals; pulp is driven by macro emotions;烧碱 focuses on near - month warehouse receipts [32][33][35][37][38][39][41][42][43][44][45][47][48][50]. Black Metal Market Steel - **Market Review**: On Friday night, coking coal hit the daily limit down, and black metal varieties followed suit [23]. - **Important Information**: The profits of industrial enterprises in the first half of the year were announced, and there were price adjustment and position limit news in the coking coal market [23]. - **Core Logic**: The over - heated sentiment in the steel market may lead to a short - term correction, but the rise may not end. Pay attention to the actual demand and tariff policies [23]. Iron Ore - **Market Review**: The price of iron ore has corrected, while coking coal has maintained a strong upward trend [23]. - **Important Information**: The global iron ore shipping volume is at a seasonal high, and the dry bulk freight has increased [24]. - **Core Logic**: The fundamentals of iron ore are okay, but the room for improvement is limited. The contradiction in the market is accumulating, and it is recommended to wait and see [24]. Coking Coal and Coke - **Market Review**: The price of coking coal and coke fluctuated greatly this week, and the coking coal futures limit on Friday night caused the price to fall [24][26]. - **Important Information**: The supply and demand of coking coal and coke have changed, and the inventory situation is different [25]. - **Core Logic**: The coal - coke market may return to rationality, and pay attention to the Politburo meeting and China - US trade negotiations [26]. Silicon Iron and Silicon Manganese - **Market Review**: The prices of silicon iron and silicon manganese rose last week, and they were affected by the anti - involution meeting and the decline of coking coal futures on Friday night [27]. - **Important Information**: The supply and demand, inventory, and profit of silicon iron and silicon manganese have changed [27]. - **Core Logic**: The short - term risk of chasing high is high, and pay attention to the implementation of policies and risk control [28]. Agricultural Products Live Pigs - **Market Review**: The futures price of live pigs showed a slight increase [50]. - **Important Information**: No specific important information is provided. - **Core Logic**: The market game for live pigs has intensified [50].

Domestic Economic Insights - High-frequency data indicates a year-on-year improvement in export volumes, but a potential slowdown is expected if the RMB appreciates in the second half of the year[2] - Industrial enterprise profit growth in June shows a narrowing decline, highlighting the need for structural adjustments[2] - The issuance of special bonds has accelerated, reaching a peak in June and July, preparing for a potential rise in interest rates and RMB appreciation[6] Factors Supporting RMB Appreciation - Economic growth exceeded targets in the first half, with a focus on structural adjustments in the second half[2] - Anticipated meetings between European and American leaders with Chinese counterparts in Q3 may influence market dynamics[2] - The depreciation of the USD could lead to increased domestic prices, making Chinese assets more attractive to foreign investors[2] International Trade Developments - Several countries have reached trade negotiation agreements with the US, with tariffs not exceeding 20%, which is more sustainable compared to previous threats[6] - The progress in tariff negotiations has alleviated some pressure on the US, allowing for greater leverage over countries that have not yet reached agreements[6] - The third round of US-China negotiations in Sweden is likely to pave the way for a future meeting between the two nations' leaders[6] Monetary Market Trends - The liquidity environment experienced fluctuations, with a shift from tight to neutral conditions, influenced by significant demand for funds and central bank operations[21] - The average weekly rate for DR001 decreased by 2.556 basis points to 1.443%, while DR007 increased by 0.226 basis points to 1.535%[21] - The net issuance of government bonds is projected to decrease significantly next week, with a planned issuance of approximately 517.75 billion CNY[22]

2025 年 7 月 27 日 总量研究 企业利润继续承压，亟待"反内卷"政策提振 ——2025 年 6 月工业企业盈利数据点评 作者 分析师：高瑞东 执业证书编号：S0930520120002 010-56513066 gaoruidong@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 中游制造业支撑利润增长——2025年4月工 业企业盈利数据点评（2025-05-27） 工业企业利润增速缘何回落？——2025 年 5 月工业企业盈利数据点评（2025-06-27） 工业企业盈利恢复向好——2025年3月工业 企业盈利数据点评（2025-04-27） 关注工业企业利润修复的持续性——2025 年 1-2 月工业企业盈利数据点评 （2025-03-27） 工业企业利润同比增速为何转正？——2024 年 12 月工业企业盈利数据点评 （2025-01-27） 工业企业盈利增速将继续改善——2024 年 11 月工业企业盈利数据点评（2024-12-27） 工业企业盈利或迎来曙光——2024 年 10 月 工业企 ...

Group 1: Industrial Profit Trends - In June, industrial enterprise profits decreased by 4.5% year-on-year, a narrowing of 4.6 percentage points from May, but still in a contraction zone[3] - Cumulative year-on-year profit decline was 1.8%, widening by 0.7 percentage points compared to May[3] - The main reason for the narrowing monthly decline was a reduction in operating cost drag, with its negative contribution decreasing from 9.7 percentage points in May to 3.9 percentage points in June[3] Group 2: Revenue and Demand Dynamics - June operating revenue grew by 1.0% year-on-year, remaining flat from May and marking a near 7-month low[4] - This contrasts sharply with the industrial added value, which saw a year-on-year increase of 6.8%, the second-highest growth in 16 months[4] - The Producer Price Index (PPI) fell by 3.6% year-on-year in June, the deepest decline in nearly 23 months, indicating intensified price competition[4] Group 3: Profit Pressure and Cost Dynamics - Profit pressure is transmitted upstream, forcing the mining industry to pass on profits to downstream sectors[5] - Cumulative profit margins for mining, utilities, and manufacturing were 16.95%, 6.79%, and 4.46% respectively, showing marginal improvements due to falling coal prices[5] - The overall expense ratio for industrial enterprises rose to 8.38% in June, up 9 basis points from May, highlighting intensified competition[5] Group 4: Policy Recommendations - To alleviate excessive competition, monetary policy should stabilize real estate expectations, and fiscal policy should expand effective domestic demand[6] - The central government is expected to issue special bonds to support durable consumer goods subsidies and infrastructure investments if export growth declines[6] Group 5: Risk Factors - Risks include potential underperformance of monetary easing and fiscal expansion measures[7]

Group 1 - In June, the manufacturing sector showed significant improvement, with profits shifting from a decline of 4.1% in May to a growth of 1.4% [1] - For the first half of the year, the total profit of industrial enterprises above designated size reached 34,365.0 billion yuan, a year-on-year decrease of 1.8% [1] - In June, the total profit of industrial enterprises was 7,155.8 billion yuan, a year-on-year decline of 4.3%, but the decline narrowed by 4.8 percentage points compared to May [1] Group 2 - State-owned enterprises reported a total profit of 11,091.2 billion yuan, down 7.6%, while private enterprises saw a profit of 9,389.7 billion yuan, up 1.7% [3] - The mining industry experienced a profit drop of 30.3%, while the manufacturing sector's profit increased by 4.5% to 25,900.6 billion yuan [3] - The equipment manufacturing sector's revenue grew by 7.0% in June, with profits rebounding from a decline of 2.9% in May to a growth of 9.6% [3] Group 3 - High-end, intelligent, and green industries within manufacturing saw rapid profit growth, with electronic special materials manufacturing profits increasing by 68.1% [4] - The production of smart and automated products contributed to profit increases in related sectors, with smart consumer device manufacturing profits rising by 40.9% [4] - Green production initiatives led to significant profit growth in sectors like lithium-ion battery manufacturing, which saw a profit increase of 72.8% [5] Group 4 - The Ministry of Industry and Information Technology indicated that while external uncertainties have increased, supportive policies are being implemented to ensure stable industrial growth [6] - The upcoming plans for key industries such as steel and non-ferrous metals aim to stabilize growth in the second half of the year [6] - Analysts expect that the "Two New" policies will continue to support profit growth in the equipment manufacturing and high-tech sectors, leading to a broader recovery in industrial profits [6]

Core Viewpoint - The recent industrial profit data shows a decline of 1.8%, but this should be viewed in the context of structural differentiation within the economy, revealing potential investment opportunities rather than just risks [3][4]. Group 1: Profit Trends - Industrial profits have decreased by 1.8%, but this figure is influenced by a high base from the previous year and significant structural differentiation [4]. - State-owned enterprises experienced a profit decline of 7.6%, while foreign and private enterprises saw profit increases of 2.5% and 1.7%, respectively, indicating greater flexibility in adapting to market changes [4]. - The mining industry faced a dramatic profit drop of 30.3%, contrasting with a 4.5% profit increase in the manufacturing sector, highlighting a shift from traditional energy to advanced manufacturing [4]. Group 2: Key Indicators - Despite the overall profit decline, gross profit increased by 1.1%, suggesting improved cost control among companies [5]. - The production of smart appliances and industrial robots has doubled, driven by policies promoting equipment upgrades and replacements, leading to profit increases of over 10% in these sectors [5][6]. - The equipment manufacturing sector saw a profit increase of 7.2%, particularly in electronics and electrical machinery, with growth rates exceeding double digits in specific sub-sectors [4]. Group 3: Investment Signals - Key investment signals include policy direction favoring "new" initiatives, foreign investment trends, and technological breakthroughs, particularly in AI and materials [6]. - Foreign investment enterprises reported a profit growth of 2.5%, indicating confidence in the market, especially with the shift of supply chains to Southeast Asia [6]. - The focus should be on identifying companies with strong competitive advantages in the manufacturing upgrade process and those poised to benefit from policy incentives [6].

Core Insights - The total profit of industrial enterprises above designated size in China for the first half of 2025 was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] - The revenue for these enterprises reached 667,791.9 billion yuan, reflecting a growth of 2.5% compared to the previous year [10] - The overall profit margin decreased to 5.15%, down by 0.22 percentage points year-on-year [2] Profit by Ownership Type - State-owned enterprises reported a profit of 11,091.2 billion yuan, down 7.6% year-on-year [1] - Joint-stock enterprises achieved a profit of 25,330.4 billion yuan, a decline of 3.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 2.5%, totaling 8,823.1 billion yuan [1] - Private enterprises reported a profit of 9,389.7 billion yuan, up 1.7% [1] Profit by Industry - The mining industry experienced a significant profit drop of 30.3%, totaling 4,294.1 billion yuan [1] - The manufacturing sector saw a profit increase of 4.5%, amounting to 25,900.6 billion yuan [1] - The electricity, heat, gas, and water production and supply industry reported a profit of 4,170.4 billion yuan, up 3.3% [1] Revenue and Cost Analysis - The total operating costs for industrial enterprises were 571,214.1 billion yuan, an increase of 2.8% year-on-year [10] - The cost per 100 yuan of operating revenue was 85.54 yuan, an increase of 0.26 yuan compared to the previous year [4] - The average revenue per 100 yuan of assets was 73.9 yuan, a decrease of 1.9 yuan year-on-year [4] Accounts Receivable and Inventory - Accounts receivable reached 26.69 trillion yuan, reflecting a year-on-year growth of 7.8% [3] - Finished goods inventory stood at 6.60 trillion yuan, up 3.1% year-on-year [3] Monthly Performance - In June, the profit of industrial enterprises decreased by 4.3% year-on-year [5] - The cumulative profit margin and revenue growth rates showed a declining trend over the months leading to June [6][7]

来源：新浪港股-好仓工作室 2025年7月25日，北方礦業（股份代號：433）公告稱，通過一般授權以"認購新股份"方式融資，發行 2,490,500,000股（約24.9億股），募集7471.5萬港元，扣除費用後淨得約7470萬港元。 認購價0.03港元，較股份於認購協議日期前連續五個交易日在聯交所所報平均收市價每股約0.036港元折 讓約16.7%，較股份於認購協議日期在聯交所所報收市價每股0.036港元折讓約16.2%。認購股份佔公司 於公告日期之現有已發行股本12,511,640,397股股份約19.9%，完成後佔擴大股本15,002,140,397股股份 約16.6%。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 北方礦業主要從事投資 ...

Group 1 - The Australian S&P/ASX 200 index closed down by 0.5% [1] - BHP Group was the leading decliner in the index [1]

Meeka Metals (MEK) Conference July 24, 2025 12:15 AM ET Speaker0Well, thank you. It's it's great to be here and to provide an update or an introduction to Mika Metals as the case may be. It's been an incredibly busy period for us this last twelve months. Late last year, we put out a definitive feasibility study that outlined how we wanted to develop our Murchison Gold project, the production profile that this project would deliver for us and the cash flow that it would deliver for us, and importantly, the f ...