Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, individual investment suggestions are given for different sectors: - For股指期货, it is recommended to evenly allocate long positions in various stock index futures [15]. - For外汇 futures (US Dollar Index), the US dollar is expected to oscillate weakly [19]. - For US stock index futures, it is suggested to buy on dips after short - term corrections as the upward trend of US stocks has not reversed [22]. - For treasury bond futures, it is in a recent oscillatory trend, and when going long, one needs to pay attention to the absolute price, funds, and market sentiment [24]. - For other sectors such as commodities, specific investment suggestions are provided for each commodity, including buying on dips, selling on rallies, and waiting and seeing [26][28][29] Core Views - The A - share market has a V - shaped reversal with trading volume exceeding 3 trillion, but market divergence is increasing, and marginal changes need attention [2][14]. - The US labor market shows resilience with lower - than - expected initial jobless claims, and the market risk preference remains high. The Federal Reserve officials are releasing signals of interest rate cuts, which has an impact on the US stock and foreign exchange markets [17][20][21]. - In the commodity market, different commodities have different price trends and influencing factors. For example, copper prices are expected to oscillate at a high level due to the complex influence of macro and fundamental factors; the price of soybeans and related products is affected by factors such as export sales, reserve sales, and Sino - US relations [5][25][26] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Stock Index Futures) - The Chinese trade representative will visit the US. The "Opinions of the CPC Central Committee and the State Council on Promoting High - Quality Urban Development" is released. The A - share market has a V - shaped reversal with trading volume exceeding 3 trillion, but market divergence is increasing [13][14]. - Investment suggestion: Evenly allocate long positions in various stock index futures [15]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - There are disputes over the dismissal of Federal Reserve Governor Lisa Cook. German Chancellor Merz says a meeting between Putin and Zelensky is unlikely. The US initial jobless claims last week were lower than expected [16][17]. - Investment suggestion: The US dollar is expected to oscillate weakly [19]. 1.3 Macro Strategy (US Stock Index Futures) - The US initial and continuing jobless claims last week were lower than expected. Federal Reserve Governor Waller supports a 25 - basis - point interest rate cut in the September meeting [20][21]. - Investment suggestion: Buy on dips after short - term corrections as the upward trend of US stocks has not reversed [22]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 4161 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1631 billion yuan. The stock - bond seesaw effect has weakened recently, and the bond market is expected to be in an oscillatory trend [23]. - Investment suggestion: It is in a recent oscillatory trend, and when going long, one needs to pay attention to the absolute price, funds, and market sentiment [24]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The export sales of US new - crop soybeans were better than expected. China will auction 164,000 tons of imported soybeans on August 29. The soybean meal futures price is weaker than the overseas market [25][26]. - Investment suggestion: Affected by the expectation of improved Sino - US relations, soybean meal is weaker than the overseas market. The focus later is on China's purchase of US soybeans [26]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The US soybean shipments to China were 0 tons in the week ending August 21. The oil market continued to oscillate at a high level and had a slight correction [27]. - Investment suggestion: The oil market still lacks clear guidance. It is recommended to go long on dips considering India's replenishment demand and the unfavorable inventory accumulation data of Malaysian palm oil in August [28]. 2.3 Agricultural Products (Corn Starch) - The corn consumption of starch sugar products increased slightly this week, while the corn starch consumption decreased. The industry's operating rate decreased slightly, and the inventory decreased slightly. The supply - demand situation is weak, and the CS11 - C11 spread is under pressure [29]. - Investment suggestion: The corn - starch price difference has fallen to a low level. It is necessary to pay attention to whether there are opportunities to widen the spread driven by factors such as the regional price difference of raw materials [29]. 2.4 Agricultural Products (Corn) - The corn inventory of major processing enterprises and the average inventory days of feed enterprises decreased. The spot market was cautious, while the futures rebounded. The short - term price decline rhythm may change [30][31][32]. - Investment suggestion: Short - term long positions entered earlier should be closed at an appropriate time. After the selling pressure is gradually realized, pay attention to whether there are new opportunities to go short on rallies [33]. 2.5 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products increased by 268,400 tons week - on - week. The supply - demand fundamentals of steel products still face pressure, but the industry policy has a positive impact on market sentiment [34][35]. - Investment suggestion: In the short term, a oscillatory approach should be adopted for steel prices [36]. 2.6 Black Metals (Steam Coal) - The price of low - calorie Indonesian coal has loosened, and the port coal price has fallen. The coal price is expected to be seasonally weak, but there is support below 650 yuan [37]. - Investment suggestion: The coal price is expected to be seasonally weak, but there is support below 650 yuan [37]. 2.7 Agricultural Products (Sugar) - The number of sugar - carrying ships waiting at Brazilian ports increased, and the estimated sugar production in Brazil was lowered. The international sugar price is expected to oscillate, and the outlook for the fourth - quarter external market is optimistic. The domestic sugar price is affected by factors such as imports and warehouse receipts [38][40][41]. - Investment suggestion: The Zhengzhou sugar futures price has fallen rapidly recently. The 1 - month contract can wait for opportunities to go long on dips, with a target price of around 5500 yuan or after the September contract is delivered [41]. 2.8 Black Metals (Iron Ore) - Rio Tinto adjusted its operation mode and executive committee. The iron ore price continued to oscillate, and the short - term supply - demand pressure was not large [42]. - Investment suggestion: Pay attention to the actual trading volume after the price increase. The iron ore market is expected to oscillate, and pay attention to positive spread trading opportunities [43]. 2.9 Agricultural Products (Red Dates) - The price of red dates in the Guangzhou Ruyifang market increased. The downstream arrivals decreased, and the spot price was firm but lacked upward momentum. The new - season production is uncertain [43][44]. - Investment suggestion: It is recommended to wait and see. Pay attention to the weather in the production area and the results of on - the - spot investigations [44]. 2.10 Non - Ferrous Metals (Lithium Carbonate) - KoBold Metals obtained seven lithium ore exploration licenses in the Democratic Republic of the Congo. The short - term supply - demand balance is affected by factors such as imports and production resumption, and there is support at the bottom [45]. - Investment suggestion: Pay attention to opportunities to go long on dips and positive spread trading opportunities [46]. 2.11 Non - Ferrous Metals (Polysilicon) - JinkoSolar's semi - annual report shows high - volume shipments but losses. The polysilicon price is stable, and the market is in a game about whether the upstream price increase can be transmitted downstream. The September production is uncertain [47][48]. - Investment suggestion: The downside space of the futures price is more definite, and the upside space depends on factors such as component bidding prices and production cuts. Unilaterally, a bullish view on dips can be maintained, and for arbitrage, pay attention to the 11 - 12 reverse spread opportunity at around - 2000 yuan/ton [49]. 2.12 Non - Ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry's semi - annual report shows a loss. The production and inventory of industrial silicon are affected by the resumption of production of large factories in Xinjiang. The short - term price is expected to operate in the range of 8200 - 9500 yuan/ton [50][51]. - Investment suggestion: Pay attention to the resumption of production progress of large factories in Xinjiang. The short - term price may operate in the range of 8200 - 9500 yuan/ton, and pay attention to range - trading opportunities [51]. 2.13 Non - Ferrous Metals (Copper) - Yunnan Copper produced 779,400 tons of cathode copper in the first half of the year. Jiangxi Copper's semi - annual profit increased. The Snow Lake copper - gold mine in Canada resumed operation. The copper price is affected by macro and fundamental factors and is expected to oscillate at a high level [52][53][54]. - Investment suggestion: Unilaterally, it is recommended to go long on dips. For arbitrage, it is recommended to wait and see [56]. 2.14 Non - Ferrous Metals (Nickel) - The Indonesian Nickel Mining Association focuses on illegal mining in the nickel industry. The nickel price is affected by factors such as raw material prices and supply - demand fundamentals. The short - term price is expected to have band - trading opportunities, and medium - term short - selling opportunities can be considered [57][58][59]. - Investment suggestion: Short - term band - trading opportunities can be paid attention to, and medium - term short - selling opportunities on rallies can be considered. The downside space depends on factors such as the decline of raw material prices and downstream restocking [59]. 2.15 Energy Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of liquefied petroleum gas in China increased, and the inventory situation was mixed. The market is expected to oscillate in the short term [60][61]. - Investment suggestion: The market is expected to oscillate in the short term [63]. 2.16 Energy Chemicals (Carbon Emissions) - The CEA closing price decreased on August 28. The carbon market trading volume has not increased significantly, and the price is expected to oscillate weakly in the short term [64]. - Investment suggestion: The CEA price is expected to oscillate weakly in the short term [65]. 2.17 Energy Chemicals (Natural Gas) - The US natural gas inventory increased less than expected. The natural gas price has support at the current level, and the export demand is strong. The market is expected to oscillate in the short term [66]. - Investment suggestion: The NYMEX natural gas price is expected to oscillate in the short term [67]. 2.18 Energy Chemicals (Caustic Soda) - The price of high - concentration caustic soda in Shandong increased locally. The supply is relatively sufficient, and the demand is stable. The market is affected by factors such as transportation and inventory [68][69]. - Investment suggestion: Be cautious when chasing high prices [69]. 2.19 Energy Chemicals (Pulp) - The import pulp spot market was mostly stable. The pulp market is in a weak fundamental situation and is expected to oscillate weakly [70][71]. - Investment suggestion: The pulp market is expected to oscillate weakly [71]. 2.20 Energy Chemicals (PVC) - The domestic PVC powder market price decreased slightly. The market is affected by factors such as futures prices and downstream demand. It is expected to oscillate [72][73]. - Investment suggestion: The market is expected to oscillate [73]. 2.21 Energy Chemicals (Styrene) - The weekly output of styrene decreased slightly. The port inventory is accumulating, and the supply pressure is large. The market is affected by factors such as policies and oil prices [74][75]. - Investment suggestion: Pay attention to internal and external policy variables [75]. 2.22 Energy Chemicals (Bottle Chips) - The export price of bottle chips decreased, and the major manufacturers will maintain a minimum 20% production cut in September. The inventory is decreasing, and the supply - demand contradiction is alleviated [76][78]. - Investment suggestion: Pay attention to whether new production capacity can be put into operation as scheduled in September. The absolute price follows the fluctuation of polyester raw materials [78]. 2.23 Energy Chemicals (PTA) - The terminal operating rate in the Jiangsu and Zhejiang regions decreased locally. The supply - demand situation of PTA has improved marginally, and it is recommended to go long on dips in the short term [79][80][81]. - Investment suggestion: The short - term unilateral price will oscillate and adjust. It is recommended to go long on dips in a rolling manner [82]. 2.24 Energy Chemicals (Soda Ash) - The inventory of domestic soda ash manufacturers decreased. The soda ash price is in a weak and stable oscillation. It is recommended to sell on rallies and pay attention to supply - side disturbances [83]. - Investment suggestion: Sell on rallies and pay attention to supply - side disturbances [83]. 2.25 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market decreased slightly. The glass price was affected by the equity market. The supply - demand contradiction has not been resolved, and it is recommended to be cautious in unilateral operations and focus on arbitrage [84][85]. - Investment suggestion: Be cautious in unilateral operations and focus on arbitrage. Pay attention to the spread - widening strategy of going long on glass and short on soda ash [85]. 2.26 Shipping Index (Container Freight Rate) - The cargo and container throughput of major ports from January to July increased year - on - year. The spot freight rate is weak, and the supply pressure is high. The freight rate is expected to continue to decline [86][87]. - Investment suggestion: The 10 - contract has broken through the 1300 support, and the next test is the 1250 support level [87].

Group 1 - The core viewpoint of the article is that Likin Resources (02245) reported significant growth in both revenue and profit for the first half of 2025, driven by increased production and operational efficiency [1] - The company's revenue reached approximately 18.1466 billion yuan, representing a year-on-year increase of 66.8% [1] - The profit attributable to the parent company was approximately 1.426 billion yuan, showing a substantial year-on-year increase of 143.0% [1] - Earnings per share were reported at 0.92 yuan [1] Group 2 - The growth in revenue and profit is primarily attributed to a significant increase in the production of hydrometallurgical products such as nickel-cobalt hydroxide and pyrometallurgical products like nickel iron during the reporting period [1] - The increase in production is mainly due to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company has optimized its product structure, implemented refined cost control management, and made technological improvements to enhance production processes, further boosting profitability [1]

四川成渝（601107）高速公路(00107)公布，2025年8月28日，公司间接全资附属公司成渝物流与宏达股 份（600331）订立了浮选磷精矿运输合同，据此，成渝物流向宏达股份提供浮选磷精矿运输服务，总服 务费用上限预计为人民币6,120万元。此前，宏达股份就徵集运输服务供应商进行了公开招标，而成渝 物流最终中标。 ...

Group 1: Automotive Industry - Chinese automakers' carbon credit income in Europe may exceed expectations due to strict emission regulations in the EU and UK, with examples like Leap Motor potentially reducing fines for Stellantis by approximately €8,900 per vehicle [8][9] - The penetration of economical vehicles is crucial for increasing the share of new energy vehicles (NEVs) in Europe, with a focus on B and C segment vehicles, particularly B-class SUVs, which have a large sales base but low NEV penetration [9] - Continued optimism for Chinese automakers exporting NEVs to Europe, with rapid growth in plug-in hybrid vehicle sales, and companies like BYD and SAIC expected to benefit during the EU's carbon emission assessment transition period [9][10] Group 2: Pharmaceutical Industry - Healion-B (2256.HK) is initiating global commercialization with its product Pimicotinib, which has received priority review status in China and breakthrough therapy designation in the US, indicating strong market potential [12][13] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 612.1 million, 678.8 million, and 627.2 million yuan, reflecting a compound annual growth rate of 21.5%, 10.9%, and -7.6% respectively [14] - Boteng Co., Ltd. (300363.SZ) reported significant revenue and profit growth, with expected revenues of 34.29 billion, 39.80 billion, and 47.32 billion yuan from 2025 to 2027, and net profits projected to grow by 128.7%, 199.1%, and 110.1% respectively [4][15] Group 3: Healthcare Services - Ping An Good Doctor (1833.HK) has shown a notable increase in profit margins, with projected revenues of 55.04 billion, 62.76 billion, and 70.74 billion yuan from 2025 to 2027, reflecting growth rates of 14.5%, 14.0%, and 12.7% [6][21] - The company has expanded its B-end corporate health and elderly care services, with significant growth in both revenue and user numbers, indicating a strong market position [20] Group 4: Energy and Equipment - DeYe Co., Ltd. reported a revenue increase of 16.58% in H1 2025, driven by strong demand for industrial storage products, with total sales of 76.38 million inverters [22][23] - The company is expanding its battery pack product line, achieving a revenue growth of 85.80% in H1 2025, indicating a robust market presence [23] Group 5: Construction Materials - Conch Cement (600585.SH) reported a revenue of 412.92 billion yuan in H1 2025, with a net profit increase of 31.34%, showcasing resilience in the cement industry despite a slight decline in overall sales [29][30] - The company is focusing on enhancing its market control and exploring acquisition opportunities to strengthen its position in the domestic cement market [30] Group 6: Entertainment Industry - Maoyan Entertainment (1896.HK) achieved a revenue of 24.72 billion yuan in H1 2025, with a focus on maintaining high engagement in offline performances and exploring IP derivative businesses [34][35] - The company has a strong content pipeline, with a record number of films under its control, indicating a robust position in the entertainment market [35]

Group 1 - The Dalate Economic Development Zone is revitalizing its industrial landscape, with companies like Guofeng Energy Technology and Taos Company showing significant operational improvements and investments [1][2] - Guofeng Energy Technology, a subsidiary of Jiangsu Guoqiang Holding Group, has completed 8,000 tons of orders for photovoltaic brackets since its trial production began in August [1] - The "stone probing" investment attraction model allows companies to test the local business environment with minimal initial investment, leading to the successful introduction of four companies and ongoing negotiations with several others [2] Group 2 - The Xinwang Recycling Resources Company has resumed operations after a period of inactivity, with the government facilitating the restart of its 1 million tons alumina project through the introduction of Hebei Wenfeng Group [3][4] - The revival of Xinwang has not only reactivated over 2,700 acres of idle factory assets but also brought back over 200 former employees, addressing family employment issues [4] - In 2024, the Dalate Economic Development Zone has attracted multiple projects, revitalizing over 310,000 square meters of idle factory space and 2,750 acres of land, creating over 1,000 jobs [4]

Core Viewpoint - The article highlights the revitalization of Chifeng City, an important revolutionary area in Inner Mongolia, through the integration of financial support and traditional industries, showcasing a blend of historical significance and modern economic development [1]. Financial Support and Development - The People's Bank of China Chifeng Branch has actively utilized monetary policy tools to support key sectors such as agriculture, small and micro enterprises, and green technology, resulting in significant loan growth [2]. - As of the end of May, the total loans for agriculture and small enterprises reached 34.4 million yuan and 29.7 million yuan respectively, with year-on-year growth rates of 7.21%, 10.33%, and 31.29% for various loan categories [2]. Agricultural Innovation and Economic Impact - The development of facility agriculture in Ningcheng County has led to increased income for farmers, with one farmer reporting an annual income increase of several tens of thousands of yuan due to improved financial services [4]. - The total area of facility agriculture in Ningcheng has reached 530,000 acres, producing 1.63 million tons of vegetables, significantly contributing to local economic growth [4]. Millet Industry Development - Chifeng City, known as the "Hometown of Millet," has seen the establishment of a stable planting area of 1 million acres, benefiting over 80,000 farming households with an average income increase of over 1,000 yuan per person [5]. - The local financial institutions have launched various financial products to support millet farmers, enhancing the overall agricultural productivity and brand recognition of Chifeng millet [6]. Industrial Transformation and Green Development - Chifeng City is focusing on high-quality industrial development, with companies like Chifeng Zhongse Zinc Industry implementing sustainable practices supported by tailored financial products [7][8]. - The establishment of a credit evaluation system for technology-based enterprises aims to channel more financial resources into innovation, fostering a synergistic relationship between technology, finance, and industry [9].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The Fed's September interest rate cut expectation is rising, and there is an expectation of a shift from the traditional domestic consumption off - season to the peak season. The global total inventory of electrolytic copper is initially showing a decline, which may cause the price of Shanghai copper to fluctuate upward. It is recommended that investors go long on the main contract at low prices, pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On August 27, 2025, the closing price of the active Shanghai copper futures contract was 79,190, with no change from the previous day. The trading volume decreased by 11,007 hands to 57,818 hands, and the open interest decreased by 491 hands to 174,997 hands. The inventory decreased by 1,630 tons to 21,287 tons. The average price of SMM 1 electrolytic copper was 79,545, down 40 from the previous day [2]. - **Shanghai Copper Basis and Spot Premium/Discount**: The factory - outside electrolytic copper spot premium remained at 65, while the North China electrolytic copper spot discount widened by 20 to - 90, and the East China electrolytic copper spot premium increased by 40 to 50 [2]. - **Spread**: The spread between Shanghai copper near - month and Shanghai copper continuous - one decreased by 50 to - 10, the spread between Shanghai copper continuous - one and Shanghai copper continuous - two decreased by 10 to 0, and the spread between Shanghai copper continuous - two and Shanghai copper continuous - three increased by 30 to 50 [2]. - **London Copper**: The closing price of the LME 3 - month copper futures (electronic trading) on August 27, 2025, was 9,755.5, down 81.5 from the previous day. The total inventory of registered and cancelled warrants decreased by 156,100 to 0. The LME copper futures 0 - 3 - month contract spread decreased by 5.11 to - 89.93, and the 3 - 15 - month contract spread decreased by 15.4 to - 169.57 [2]. - **COMEX Copper**: The closing price of the active COMEX copper futures contract on August 27, 2025, was 4.5005, up 0.04 from the previous day. The total inventory increased by 1,267 to 273,767 [2]. Important Information - Aurubis AG and Troilus Gold signed a copper concentrate purchase memorandum, with Troilus Gold expected to supply about 75,000 tons of physical copper - gold concentrate to Aurubis AG annually [2]. - European high - quality scrap steel export restrictions, Sino - US tariff negotiation uncertainties, negative price differences between domestic electrolytic copper and scrap copper, and the closure of the scrap copper import window have affected the scrap copper market. Some copper smelters have suspended production, while others are under construction or planned to be put into production [2]. Investment Strategy - The production capacity of domestic smelters' rough copper in August may decrease month - on - month, while the production and import volume of refined copper may increase. The production of domestic electrolytic copper in August may decrease, but the opening of the import window may increase the import volume of electrolytic copper. The inventory of electrolytic copper in China's bonded area and social inventory decreased, while the inventory in the LME and COMEX increased [2]. - It is recommended that investors go long on the main contract at low prices, paying attention to the support and pressure levels of Shanghai copper (77,000 - 78,000 and 80,000 - 81,000), London copper (9,300 - 9,500 and 10,000 - 10,200), and US copper (4.0 - 4.2 and 4.6 - 5.0) [2].

Core Viewpoint - Hunan Silver (002716) reported strong revenue growth in its 2025 mid-year financial report, with total revenue reaching 4.529 billion yuan, a year-on-year increase of 35.59%, and a net profit of 62.197 million yuan, up 7.01% from the previous year [1]. Financial Performance - Total revenue for the second quarter was 2.638 billion yuan, reflecting a significant year-on-year increase of 50.63% [1]. - The net profit for the second quarter was 34.2137 million yuan, showing a decline of 35.95% year-on-year [1]. - Gross margin improved to 6.04%, a year-on-year increase of 25.62%, while net margin decreased to 1.37%, down 21.08% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 132 million yuan, accounting for 2.91% of revenue, a decrease of 13.65% year-on-year [1]. - Earnings per share remained at 0.02 yuan, a slight decrease of 1.79% year-on-year, while operating cash flow per share was -0.05 yuan, a significant decline of 260.96% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased to 316 million yuan, a substantial rise of 111.66% year-on-year [1]. - Accounts receivable decreased to 29.9117 million yuan, down 60.99% year-on-year [1]. - Interest-bearing debt rose to 989.56 million yuan, an increase of 8.24% year-on-year [1]. - Book value per share increased to 1.19 yuan, up 5.57% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) was 8.03%, indicating average capital returns, while the historical median ROIC over the past decade was 4.86%, suggesting weak investment returns [1]. - The company has reported losses in three of its ten annual reports since its listing, indicating a fragile business model [1]. Industry Insights - The company operates in the non-ferrous metal smelting industry, where energy costs, particularly coal prices, significantly impact production costs [2]. - A recent decline in energy prices, especially coal, is expected to have a positive effect on the company's profitability [2].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - In July, the profit growth rate of industrial enterprises was still negative, but the decline narrowed compared to the previous month. The year - on - year profit of industrial enterprises above designated size was -1.5% (previous value -4.3%), and the cumulative year - on - year was -1.7%. The profit环比 was 18.5%, showing a marginal seasonal decline but higher than the same period in the past three years [2]. - The significant growth of upstream raw material profits drove the narrowing of the decline in industrial enterprise profits in July. Policy - driven price regulation led to a significant increase in commodity prices, promoting the profit repair of upstream raw material industries. However, due to rising upstream costs, the downstream consumer industry did not improve [3]. - The improvement of profit margin drag supported the repair of enterprise profits. The expansion of production slowed down, and the trend of negative price growth was marginally alleviated. The business pattern shifted from "trading price for volume" to "capacity clearance" [4]. - Policy - driven demand and infrastructure projects supported the improvement of profits in multiple industries. The profits of mid - stream equipment manufacturing industries such as electrical machinery and equipment and electronic devices increased due to policy support. The international trade pattern led to a differentiation in profit performance among industries [5][6]. - Enterprises were still in the active de - stocking cycle. The cumulative year - on - year decline in revenue restricted enterprises' willingness to replenish inventory. The deflation of prices was not improved, and the pressure of inventory depreciation remained [7]. - The profit data in July presented multiple contradictions. The profit pattern could be summarized as "policy - driven is stronger than market endogenous power, and the improvement of upstream and mid - stream is better than that of downstream". The bond market was affected by the profit data, showing a complex trend [8][9][10]. 3. Summary by Relevant Catalogs Data Observation: What are the characteristics of the profit data in July? - **Profit and Revenue**: In July, the profit growth rate of industrial enterprises above designated size was still negative, but the decline narrowed. The revenue increased slightly year - on - year, and the operating cost decreased synchronously, with the cost decline slightly higher than the revenue decline [2][3]. - **Industry Profit Trends**: The profits of upstream raw material industries improved significantly, while the downstream consumer industry was under pressure due to rising costs. The profit of mid - stream equipment manufacturing industries increased due to policy support [3][5]. - **Factors Affecting Profits**: Profit repair mainly benefited from the improvement of profit margin drag. The expansion of production slowed down, and the negative price growth trend was marginally alleviated [4]. In - depth Perspective: What are the highlights of the profit data in July? - **Policy - Benefiting Industries**: The third batch of 69 billion yuan in subsidy funds was issued, driving the profit growth of mid - stream equipment manufacturing industries such as electrical machinery and equipment and electronic devices. The policy of trading in old consumer goods for new ones promoted the profit growth of related industries [5]. - **Export - Chain Industries**: In July, the export amount increased by 7.2% year - on - year, exceeding expectations. Exports to non - US regions supported the profits of mid - stream industries, while exports to the US dragged down the profits of downstream consumer industries [6]. - **Enterprise Operation Status**: Enterprises were in the active de - stocking cycle. The revenue growth rate declined, restricting the willingness to replenish inventory. The asset - liability ratio decreased marginally, and the turnover period remained unchanged [7]. Forward - looking Judgment: What trends can be seen through the profit data in July? - **Profit Pattern**: The profit pattern was characterized by "policy - driven is stronger than market endogenous power, and the improvement of upstream and mid - stream is better than that of downstream". The new policy layout showed initial results, but there was still high uncertainty [8]. - **Bond Market Performance**: Although the total profit of enterprises improved, the structural data showed that the operating income was under pressure during the transition period. The bond market digested the profit data in a complex way, and the stock - bond correlation was strong [10].

2025-08-26，碳酸锂主力合约2511开于79260元/吨，收于79020元/吨，当日收盘价较昨日结算价变化-0.75%。当日 成交量为559599手，持仓量为349496手，前一交易日持仓量368667手，根据SMM现货报价，目前基差为2080元/ 吨（电碳均价-期货）。当日碳酸锂仓单26690手，较上个交易日变化1060手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价79400-84000元/吨，较前一交易日变化-800元/吨，工业级碳酸锂 报价78800-80000元/吨，较前一交易日变化-800元/吨。6%锂精矿价格920美元/吨，较前一日变化0美元/吨。据SMM 数据，碳酸锂现货价格持续下跌，下游采购及点价行为较昨日略有增多。但部分厂商因此前有大量采购行为，本 周采购量级较上周相比有所收窄。下游整体采购心态转向谨慎，普遍观望等待价格进一步下调。当前处于"金九银 十"传统旺季周期，下游需求仍存在一定刚性支撑。 新能源及有色金属日报 | 2025-08-27 采买意愿仍较强，短期下方仍有支撑 市场分析 根据最新统计周度数据，周度产量降低842吨至19138吨，以锂辉石生产产量增加，以云母生产产量 ...