Report Industry Investment Rating No relevant content provided. Core View of the Report In July, the CPI turned from flat to rising month - on - month, mainly due to higher service prices during the summer travel season, rising international oil and gold prices, and increased demand driven by replacement policies. The PPI's month - on - month decline narrowed, and its year - on - year growth stopped falling. Overall, with policy promotion and external factors, prices improved marginally in July. However, the price improvement in the upstream of the industrial chain was significantly better than that in the mid - and downstream. Mid - and downstream enterprises' price increases were restricted by insufficient effective demand. Anti - involution policies cannot boost prices overnight, and "stabilizing prices, reducing production capacity, and increasing demand" need to be coordinated. In the short term, with the continuous implementation of replacement and anti - involution policies, domestic prices are expected to recover steadily [3][35]. Summary by Relevant Catalogs 1. Service and Industrial Consumer Goods Prices Rise, CPI Month - on - Month Exceeds Seasonal Improvement - The CPI was flat year - on - year, rising 0.4% month - on - month after a 0.1% decline last month. Its month - on - month growth was better than the seasonal average [11]. - The month - on - month increase in CPI beyond the seasonal level was mainly driven by rising service and industrial consumer goods prices. During the summer travel season, service prices rose 0.6% month - on - month, contributing about 0.26 pct to the CPI increase. International oil price hikes and replacement policies led to a 0.5% month - on - month increase in industrial consumer goods prices, contributing about 0.17 pct to the CPI increase [11]. - The carry - over effect turned negative, and the negative impact on the CPI year - on - year reading from the carry - over effect will expand from August to September [12]. - The year - on - year increase in the core CPI has been expanding for three consecutive months, with the highest month - on - month increase this year, mainly affected by rising prices of gold and platinum jewelry and services [14]. - Among the eight major categories, service - related items such as transportation, communication, education, culture, entertainment, and other supplies and services had relatively large month - on - month increases, while food and tobacco decreased both month - on - month and year - on - year [16]. - Food prices declined more than the seasonal average, dragging the CPI from rising to flat. In July, food prices fell 0.2% month - on - month, and the year - on - year decline widened, mainly due to high base prices last year [17]. - Non - food prices rose more than the seasonal average, supported by the summer travel season, rising international oil prices, and policies to boost domestic demand, which was the main factor for the CPI to turn from decline to increase month - on - month [20]. 2. Raw Material and Energy Mining and Processing Prices Improve, PPI Month - on - Month Decline Narrows - The PPI was flat year - on - year, and its month - on - month decline narrowed. In July, the PPI decreased 3.6% year - on - year, with the same decline as last month, and 0.2% month - on - month, with a 0.2 pct narrower decline than last month [25]. - The negative impact of the carry - over effect on the PPI weakened. In August, the PPI carry - over factor rose to - 0.7%, and from September to December, it will be in the range of 0 to - 0.1%. With the continuous release of policies to expand domestic demand and combat involution, the year - on - year decline in PPI may narrow significantly [27]. - The month - on - month decline in production material prices narrowed, while the decline in consumer goods prices widened [28]. - By industry, industries such as oil and gas extraction, fuel processing, and non - ferrous metal mining and processing had relatively large month - on - month increases, while industries such as coal, ferrous metal ore, and non - metallic mineral mining had relatively large month - on - month decreases. Overall, industrial product prices in most industries still declined, but some upstream industries showed obvious improvements [30]. - The decline in the PPI - CPI gap narrowed, but mid - and downstream industrial enterprises still faced significant pressure, mainly due to rising upstream prices, falling or stagnant downstream prices, and insufficient endogenous consumer demand [34]. 3. Conclusion: Positive Signals in July's Prices In July, the CPI turned from flat to rising month - on - month, and the PPI's month - on - month decline narrowed. Overall, prices improved marginally in July. However, the price improvement in the upstream was better than that in the mid - and downstream. Anti - involution policies need to be coordinated with "stabilizing prices, reducing production capacity, and increasing demand." In the short term, domestic prices are expected to recover steadily with continuous policy implementation [35].

Group 1 - In the first half of the year, Guizhou Province's industrial added value increased by 9.6%, with the "six major industrial bases" growing by 11.2% [1] - Industrial investment in Guizhou rose by 15.7% year-on-year, accounting for 35.8% of fixed asset investment [1] - The industrial added value of the "six major industrial bases" contributed 40% to the province's economic growth [1] Group 2 - The resource deep processing base achieved a significant breakthrough, with an industrial added value growth of 19.4% in the first half of the year [1] - The new energy battery production base saw a remarkable 30.8% increase in industrial added value, with battery production capacity reaching 53 GWh and vehicle production rising by 265.6% [1] - The new comprehensive energy base's industrial added value grew by 11.2%, with coal mining and washing increasing by 16% [1] Group 3 - The national computing power guarantee base experienced a 34.3% increase in industrial added value, with the computer, communication, and other electronic equipment manufacturing sector growing by 37.5% [2] - The important national liquor production base maintained a steady growth, with a 3.8% increase in industrial added value [2] - The national industrial backup base showed strong support, with a 35.4% increase in industrial added value, particularly in the aerospace and equipment manufacturing sector, which grew by 20.7% [2]

Group 1 - The State Intellectual Property Office of China has granted a patent for "scaffolding for construction" to Tongling Nonferrous Metals Group Tongguan Construction Installation Co., Ltd. and Tongling Nonferrous Metals Group Holdings Co., Ltd. The patent number is CN223151636U, with an application date of September 2024 [1] - The patent describes a scaffolding system that includes a main body and two first connection seats, which are symmetrically positioned on either side of the main body. The system features a protective sleeve that can be controlled for movement, allowing for easy material retrieval during construction [1] - The design includes a safety component that ensures the protective sleeve and rod remain aligned, providing safety for construction workers while facilitating material handling [1] Group 2 - Tongling Nonferrous Metals Group Tongguan Construction Installation Co., Ltd. was established in 2007, located in Tongling City, with a registered capital of 200.2 million RMB. The company has invested in 8 enterprises and participated in 2,241 bidding projects, holding 148 patents and 57 administrative licenses [2] - Tongling Nonferrous Metals Group Holdings Co., Ltd. was founded in 1981, also located in Tongling City, with a registered capital of 3,702.0339 million RMB. The company has invested in 74 enterprises, participated in 5,000 bidding projects, and holds 51 trademark registrations and 13 patents, along with 28 administrative licenses [2]

Group 1 - Jinchuan Nickel Cobalt has completed its IPO counseling with CITIC Securities and CICC as advisors, but has not disclosed financial data or the total fundraising amount yet [2] - The company, established in 2013, is the largest producer in China's nickel-cobalt industry, with a post-investment valuation close to 70 billion yuan after a recent capital increase [5] - In 2024, Jinchuan Nickel Cobalt reported revenues of 37.479 billion yuan and a net profit of 5.849 billion yuan, with a significant year-on-year decline in both revenue and profit [5][6] Group 2 - The revenue from nickel products for Jinchuan Group showed a decline from 32.673 billion yuan in 2022 to 6.456 billion yuan in Q1 2025, while cobalt product revenues also decreased significantly [6] - The overall nickel market is facing oversupply and slowing demand growth, leading to fluctuating nickel prices, although there is potential for recovery due to emerging industries [7] - The cobalt market is experiencing severe supply-demand imbalances, with significant price drops, and non-listed companies face greater performance pressures without capital market support [8]

Group 1 - The State Intellectual Property Office of China has granted a patent for "mesoporous materials, Prussian blue analog cathode materials and their preparation methods and batteries" to multiple companies including Yichang Bangpu Times New Energy Co., Ltd. and others [1] - Yichang Bangpu Times New Energy Co., Ltd. was established in 2021 with a registered capital of 290 million RMB and has participated in 25 bidding projects, holds 39 patents, and has 119 administrative licenses [1] - Yichang Bangpu Recycling Technology Co., Ltd. was also established in 2021 with a registered capital of 180 million RMB, has participated in 116 bidding projects, holds 195 patents, and has 305 administrative licenses [1] Group 2 - Guangdong Bangpu Recycling Technology Co., Ltd. was founded in 2005 with a registered capital of approximately 132.74 million RMB, has invested in 13 companies, participated in 105 bidding projects, holds 2,433 patents, and has 326 administrative licenses [2] - Hunan Bangpu Recycling Technology Co., Ltd. was established in 2008 with a registered capital of 60 million RMB, has invested in 2 companies, participated in 90 bidding projects, holds 2,420 patents, and has 232 administrative licenses [2]