Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Macro aspect: Trump's tariff turmoil has resurfaced, but the overall tariff pressure has been reduced, leading to strong uncertainty in the policy. Most Fed officials still believe it is appropriate to cut interest rates at the end of the year, and the impact of Trump's tariffs on prices remains uncertain [3]. - Fundamental aspect: Nickel ore prices have weakened, stainless - steel production has declined, spot inventories are high, steel mills' willingness to replenish raw materials is weak, nickel - iron prices are under pressure, and the cost pressure on nickel - iron plants is still prominent. The power market has no significant changes, and nickel sulfate is relatively stable. Pure nickel continues the de - stocking trend, but the spot market is cold, and the premium has dropped significantly [3]. - Future outlook: Supply increases month - on - month, demand decreases month - on - month, and nickel prices lack fundamental drivers. In the short term, focus on macro risks. The nickel price may fluctuate weakly [3][11]. Group 3: Summary by Relevant Catalogs 1. Last Week's Market Important Data - SHFE nickel price rose from 120,540 yuan/ton on July 7, 2025, to 121,390 yuan/ton on July 11, 2025, an increase of 850 yuan/ton. LME nickel price rose from 15,177 dollars/ton to 15,198 dollars/ton, an increase of 21 dollars/ton. LME inventory increased by 3,708 tons to 206,178 tons, while SHFE inventory decreased by 390 tons to 20,442 tons. Jinchuan nickel premium increased by 50 yuan/ton to 2,050 yuan/ton, and Russian nickel premium increased by 250 yuan/ton to 550 yuan/ton. High - nickel pig iron average price decreased by 10 yuan/nickel point to 912 yuan/nickel point, and stainless - steel inventory increased by 1.47 tons to 93.1 tons [4]. 2. Market Review Nickel Ore - The price of 1.5% laterite nickel ore in the Philippines dropped from 52 dollars/wet ton to 51 dollars/wet ton, and that in Indonesia dropped from 46.9 dollars/wet ton to 46.4 dollars/wet ton. Due to rainfall disturbances, the supply shortage at the mine end has persisted. With the long - term pressure on nickel - iron, some nickel - iron plants have reduced production and carried out maintenance, alleviating the shortage of nickel ore and causing the high - level price to weaken [5]. Nickel Iron - The price of high - nickel pig iron (10% - 12%) dropped from 907.5 yuan/nickel point to 905 yuan/nickel point. In June, China's nickel - iron production was expected to be about 24,550 metal tons, a month - on - month decrease of 4.82%, and 24,540 tons in July, a month - on - month decrease of 0.04%. In May, domestic nickel - iron imports were about 848,200 tons, a year - on - year increase of 30.19% and a month - on - month decrease of 3.83%. Indonesia's nickel - iron production in June was 136,800 nickel tons, a year - on - year increase of 13.51% and a month - on - month decrease of 3.26%, and 134,700 nickel tons in July, a year - on - year increase of 28.42% and a month - on - month decrease of 1.52%. The stainless - steel production has shrunk significantly, the inventory is at an absolute high level, and the downstream steel mills' willingness to replenish nickel - iron is weak. The cost pressure on nickel - iron plants is increasing, and many plants have reduced production. If the production continues to shrink, it may drive the price to stop falling and stabilize [6]. Nickel Sulfate - The price of battery - grade nickel sulfate rose slightly from 27,400 yuan/ton to 27,420 yuan/ton, and the price of electroplating - grade nickel sulfate remained at 28,000 yuan/ton. In June, the metal output of nickel sulfate was about 24,795 tons, a year - on - year decrease of 18.68% and a month - on - month decrease of 1.39%. The output of ternary materials increased to about 64,600 tons, a year - on - year increase of 30.95% and a month - on - month increase of 1.36%. As of July 4, the downstream nickel - sulfate inventory days increased to 13 days, and the upstream inventory days decreased to about 8 days. The high inventory may suppress the material plants' replenishment intensity, and the nickel - sulfate price may be difficult to rise further [7]. 3. Macro and Fundamental Analysis - Macro: Trump's tariff turmoil has resurfaced, with most countries seeing a decline in tariff rates compared to April. The Fed believes it is appropriate to cut interest rates at the end of the year and emphasizes observing the impact of tariffs on the supply chain [3][8]. - Fundamental: In July, the domestic monthly production capacity decreased slightly by 400 tons to 53,699 tons, and the smelter production increased slightly month - on - month. The expected production of electrolytic nickel in July was 32,200 tons, a month - on - month increase of about 1.25%. The export profit turned negative, which may suppress the domestic inventory de - stocking [8]. 4. Terminal Consumption - From July 1 - 6, the retail sales of new - energy passenger vehicles in China were 135,000, a year - on - year increase of 21% and a month - on - month decrease of 11%. The retail penetration rate of the new - energy market was 56.7%, and the cumulative retail sales since the beginning of the year were 6.583 million, a year - on - year increase of 37%. The sales growth rate of new - energy vehicles weakened in the first week of July. The shortage of subsidy funds may drag down demand, and the export of new - energy vehicles to Europe is expected to weaken. The "Big and Beautiful" Act in the US will cancel subsidies for new - energy vehicle purchases after September 30. The domestic policy will focus on the automotive industry, and the demand is not expected to increase significantly [9]. 5. Inventory - The current total social inventory of pure nickel in six places is 39,173 tons, a decrease of 1,144 tons from the previous period. SHFE inventory is 20,442 tons, a month - on - month decrease of 399 tons, and LME nickel inventory is 206,178 tons, a month - on - month increase of 3,708 tons. The total inventory of the two major global exchanges is 226,620 tons, a month - on - month increase of 3,318 tons [10]. 6. Industry News - Indonesia's approved nickel - ore production in 2025 reached 364 million tons, higher than the 2024 target [12]. - Zhongwei Co., Ltd.'s first - phase 40,000 - ton nickel - based material production line in Morocco has been fully put into operation, and the base has a complete industrial - chain layout [12]. - Zhejiang New Era Zhongneng Technology Co., Ltd.'s project of producing electrowon nickel - cobalt in a sulfuric - acid system has been successfully put into production [12]. - Indonesian ITMG acquired a 9.62% stake in a nickel - mining enterprise [12]. 7. Relevant Charts - The report provides charts on the trends of domestic and foreign nickel prices, spot premiums, LME 0 - 3 nickel premiums, nickel domestic - to - foreign ratios, nickel - futures inventories, nickel - ore port inventories, high - nickel - iron prices, 300 - series stainless - steel prices, and stainless - steel inventories [14][16]

Core Viewpoint - Jiangsu Weijinmai Technology Co., Ltd. has received approval for its high-end intelligent green factory project dedicated to specialized materials for new energy battery shells, with a total planned investment of 1 billion yuan [1]. Group 1 - The project is located in Suqian High-tech Zone, with an expected annual production capacity of 300,000 tons of specialized materials for new energy battery shells upon completion [1]. - The pre-plated nickel battery shell steel produced by this project features controllable and uniform coating technology advantages, making it more efficient and environmentally friendly [1]. - The pre-plated nickel production line is the first of its kind in the country, which will strengthen the new energy industry chain in Suqian and contribute to China's goal of becoming a strong nation in new materials [1].

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the importance of understanding market trends and technological advancements [1][4]. Semiconductor - It covers a wide range of semiconductor materials and technologies, including photolithography, electronic specialty gases, and advanced packaging materials, emphasizing the growth potential in these areas [1][3]. - The article mentions the significance of third and fourth generation semiconductors, such as silicon carbide and gallium nitride, which are crucial for future electronic applications [1][3]. New Energy - The focus is on the advancements in lithium batteries, solid-state batteries, and hydrogen energy, indicating a shift towards sustainable energy solutions [1][3]. - It highlights the importance of materials like silicon-based anodes and composite current collectors in enhancing battery performance [1][3]. Photovoltaics - The article outlines the components of the photovoltaic industry, including solar glass, back sheets, and perovskite materials, which are essential for improving solar energy efficiency [1][3]. New Display Technologies - It discusses the evolution of display technologies such as OLED, MiniLED, and MicroLED, along with the materials used in these displays, indicating a trend towards higher resolution and energy-efficient screens [3]. Fibers and Composites - The article emphasizes the role of advanced fiber materials like carbon fiber and aramid fiber in various applications, including aerospace and automotive industries, showcasing their lightweight and high-strength properties [3]. New Materials - It covers a broad spectrum of new chemical materials, including adhesives, silicones, and engineering plastics, which are vital for various industrial applications [1][3]. - The article also mentions the significance of advanced ceramics and metal alloys in high-performance applications [1][3]. Notable Companies - The article lists key players in the industry, such as ASML, TSMC, and Tesla, highlighting their contributions to technological advancements and market leadership [1][4].

Core Viewpoint - Shandong Heze has transformed from an economic laggard to a rapidly developing city, achieving significant growth in key economic indicators and positioning itself as a center for high-quality development in the region [1][4][5]. Economic Development - Heze's economic growth has been remarkable, moving from the bottom of the provincial rankings to a middle-tier position over the past decade, making it one of the fastest-growing cities in Shandong [5]. - The city is implementing seven major quality enhancement projects focusing on living conditions, transportation, ecology, aesthetics, management, civilization, and safety to strengthen its status as a central city at the intersection of four provinces [4]. Industrial Growth - Heze is actively developing green and low-carbon industries, with significant investments in various projects, including a 78 billion yuan investment in a power battery project and a 130 billion yuan investment in a zero-carbon industrial park [5]. - Traditional industries are also being revitalized, with local companies expanding their product lines to include daily chemical products, food processing, and cultural creative products related to the peony industry [5]. Infrastructure and Community Development - The relocation of residents from flood-prone areas has improved living conditions, with new housing developments featuring modern amenities [3]. - Local industries, such as shoe manufacturing and mooncake production, are emerging as new economic engines, enhancing the livelihoods of residents in the region [3].

Group 1: AI and Healthcare - Alibaba's Damo Academy has globally promoted its multi-cancer early screening AI, serving 20 million people across 9 countries and regions, positioning AI as a crucial tool in combating cancer [1] Group 2: Corporate Movements - Manus, an AI company, has relocated its headquarters to Singapore and is laying off some domestic staff while focusing on enhancing operational efficiency [2] - Dele Glass has initiated a $50 million production base project in Egypt, with plans to build a high-standard glass furnace [6] - Zhongwei Co. has fully launched its production in Morocco, establishing the first renewable energy materials base in Africa with an annual output of 40,000 tons of nickel-based materials [7] Group 3: Market Expansion - Tea Yan Yue Se has announced its entry into the North American market through e-commerce, launching nearly 40 product types across various platforms [2] - IM5 and IM6 models from Zhiji Auto have been officially launched in the UK, with prices starting at £39,450 (approximately 384,000 RMB) and £47,995 (approximately 467,000 RMB) respectively [3] Group 4: Investment and Acquisitions - Beijing Jiuzhijia Technology Co. has launched an IPO on the Hong Kong Stock Exchange, becoming the first global AMR warehouse robot company, with over 70% of its revenue coming from overseas [8] - ByteDance's Moutong Technology has acquired Hangzhou Xinguangliumei Network Technology Co., aiming to tap into the East Asian market [9] Group 5: Legal and Regulatory Issues - Hikvision has filed for judicial review in Canada after being ordered to cease operations, and the company has resumed normal operations while seeking legal recourse [10]

Report Summary 1. Report Industry Investment Ratings The report does not provide an overall industry investment rating, but offers specific investment suggestions for various commodities: - **Bullish**: EC08 in the container shipping index (European line), iron ore, coking coal, coke, copper, aluminum, PX, etc. [2] - **Cautiously Bullish**: IF2509, IH2509, IC2507, IM2509 in the stock index [2] - **Bearish**: PP2509, MA2509, SR2509, JD2508, etc. [2] - **Cautiously Bearish**: RB2510 in the steel sector [2] - **Neutral**: T2509, TF2509, TS2509 in the Treasury bond market, etc. [2] 2. Core Viewpoints - The U.S. trade policy negotiation window has arrived, and the index has broken through the upper - edge of the short - term shock range, but caution is needed when testing key positions [2]. - The short - term volatility range of T2509 is expected to be between 108.8 - 109.2, and the short - term Treasury bond market may show a narrow - range shock [2]. - Gold prices are affected by U.S. inflation and tariffs, and silver prices fluctuate in the range of 36 - 37 dollars [2]. - The upward space of oil prices is limited due to the stalemate between geopolitical risk premiums and inventory accumulation [2]. - The supply - demand situation of different commodities varies, and prices are affected by factors such as cost, demand, and policies [2]. 3. Summary by Related Catalogs Stock Index - The A - share market is testing key positions, with resistance above. Consider using a bull spread strategy by buying low - strike put options and selling high - strike put options [2]. Treasury Bond - With the bottoming of capital interest rates and the stock - bond seesaw effect, the short - term Treasury bond futures may show a narrow - range shock. Unilateral strategies suggest appropriate dip - buying, and curve strategies recommend paying attention to steepening [2]. Precious Metals - Gold prices are affected by U.S. tariffs, maintaining around $3300 (765 yuan). Sell out - of - the - money gold call options above $790. Silver prices fluctuate between $36 - 37 [2]. Container Shipping Index (European Line) - The EC08 main contract is bullish on a cautious basis, and the upward trend is shown on the disk [2]. Steel - Industrial material demand and inventory are deteriorating. Pay attention to the decline in apparent demand. Consider long - materials and short - raw - materials arbitrage operations [2]. Black Metals - The sentiment in the black metal market has improved, and anti - involution is beneficial to the valuation increase. Consider dip - buying [2]. Non - ferrous Metals - The soft squeeze logic of LME copper has weakened. The 232 investigation is expected to be finalized at the end of July. The main contract of copper is expected to be in the range of 76,000 - 79,500 [2]. Energy - The upward space of oil prices is limited. Adopt a short - term trading strategy. For different energy products, pay attention to factors such as demand, cost, and policies [2]. Chemicals - The supply - demand situation of different chemicals varies. For example, PX is boosted in the short - term, while PTA has cost support under weak supply - demand expectations [2]. Agricultural Products - The prices of different agricultural products show different trends. For example, sugar prices are bearish on rebounds, while cotton prices are short - term bullish and medium - term bearish [2]. Special Commodities - The glass market is affected by the warming macro - atmosphere, and the rubber market has a weakening fundamental expectation [2]. New Energy - The spot price of polysilicon is further raised, and the lithium carbonate futures price maintains a relatively strong operation with macro - risks and fundamental pressures [2].

Core Viewpoint - The article discusses the recent disclosures of the second quarter reports by various mutual funds, highlighting significant portfolio adjustments and investment strategies in both equity and bond markets, reflecting the evolving market conditions and opportunities [2][4][7]. Equity Fund Adjustments - In Q2, the A-share market experienced significant differentiation, with structural opportunities emerging. High-dividend stocks gained attention, with the banking index rising over 12%, while small-cap stocks saw a more than 20% increase [4]. - The Samei Fund's mixed fund focused on the North Exchange, with its top ten holdings entirely consisting of companies listed on the North Exchange, particularly in hard technology sectors like biomedicine and new energy materials. The fund achieved a net value growth of over 50% in the first half of the year [4][5]. - The Samei Fund's manager indicated a strategic shift back to the robotics sector, anticipating a production ramp-up in humanoid robots by 2025, driven by major manufacturers and technological breakthroughs [5][6]. Bond Fund Performance - The bond market saw significant growth in fund sizes during Q2, influenced by changes in risk appetite and monetary policy. The 10-year government bond yield stabilized around 1.65% [7][8]. - The Huian Fund's short-term bond fund experienced a dramatic increase in size from 1.98 billion to 19.74 billion, marking a nearly ninefold growth due to strategic positioning ahead of market movements [8][9]. - The Debang Fund's short bond fund also saw its size grow from 2.8 billion to 6.371 billion, reflecting a 1.28 times increase, with a focus on high-grade credit bonds and interest rate strategies [8][9]. Investment Strategies - The Samei Fund's manager emphasized a focus on high-growth sectors, particularly in robotics and financial technology, indicating a clear growth-oriented investment style [6]. - The Debang Fund's manager revealed a strategy combining ticket assets with volatile assets, primarily investing in high-quality urban investment bonds while adjusting the portfolio towards longer-duration bonds [9].

Core Viewpoint - The article highlights the significant progress in the Jiangdu High-tech Zone, emphasizing the transformation of traditional industries, the emergence of new industries, and the strategic layout for future industries, all supported by a favorable business environment. Group 1: Traditional Industries "Revitalization" - Jiangdu High-tech Zone is witnessing a transformation in traditional industries, with companies like Jiangsu Rongtai Industrial Co., Ltd. securing exclusive supply agreements with major automotive firms like BYD, generating annual orders of 300 million yuan [1] - The zone's first listed company, Rongtai Industrial, exemplifies the successful transition of traditional industries, with other companies like Yawey Co., Ltd. investing 2 billion yuan in advanced manufacturing projects [1][2] - A significant portion of the 227 industrial enterprises in the park are traditional industries, with 140 classified as high-tech enterprises, indicating a shift towards innovation within traditional sectors [2] Group 2: Emerging Industries "Cluster Development" - The launch of the world's first ultra-thin enhanced film production line by Yangzhou Boheng New Energy Materials Technology Co., Ltd. marks a breakthrough in the new materials sector, enhancing lithium battery safety and reducing weight [3] - The Jiangdu High-tech Zone has established a "project service team" to streamline processes for new projects, resulting in an average annual revenue growth of 35% for emerging industries, increasing their contribution from 5.3% to 18% of total revenue [3] Group 3: Future Industries "Strategic Layout" - The establishment of a low-altitude economy talent training base and the development of a high-altitude tethered lighting drone by Yuhang Jichuang Aviation Technology Co., Ltd. exemplify the region's focus on future industries, with expected annual output value of 300 million yuan [4][5] - The zone is also advancing in aviation technology and artificial intelligence, with projects aimed at enhancing capabilities in power inspection and emergency rescue [5] - The Jiangdu High-tech Zone aims to optimize its business environment and infrastructure to support high-quality project development and regional economic growth [5]

Core Viewpoint - The article highlights the positive outlook of fund managers on new quality productivity sectors, particularly in technology innovation and robotics, as evidenced by the recent disclosures of the first batch of equity fund reports for Q2 2025 [1][8]. Fund Performance and Holdings - The first three equity funds to disclose their Q2 reports are the Tongtai Industrial Upgrade Mixed Fund, Tongtai Financial Select Stock Fund, and Tongtai Vision Flexible Allocation Mixed Fund [5]. - The Tongtai Industrial Upgrade Mixed Fund saw its scale increase from less than 10,000 to 145 million, while the Tongtai Financial Select Stock Fund grew by approximately 6 million to 49.934 million [5]. - The Tongtai Industrial Upgrade Mixed Fund increased its stock asset allocation to 90.16% of total assets, with a significant shift in its top ten holdings from banking stocks to robotics, with six of the top ten now in the robotics industry chain [5][6]. - The Tongtai Financial Select Stock Fund reduced its allocation from 93.63% to 84.32%, focusing on brokerages and fintech, with half of its top ten holdings being newly added stocks [6]. - The Tongtai Vision Flexible Allocation Mixed Fund increased its allocation from 78.65% to 85.74%, maintaining a focus on companies listed on the Beijing Stock Exchange, particularly in hard technology sectors [6]. Investment Strategy and Market Outlook - Fund managers are actively adjusting their portfolios, utilizing quantitative multi-factor strategies to select strong momentum factors for portfolio adjustments [7][10]. - The outlook for the robotics industry is optimistic, with expectations of entering a production ramp-up phase driven by increased orders from leading manufacturers and breakthroughs in large model technologies [9]. - The financial sector is viewed as a "flag bearer" for the bull market, with brokerages' valuations at historical lows, suggesting potential for significant earnings elasticity as the A-share market recovers [9]. - The fintech sector is expected to benefit from policy support and advancements in AI, big data, and cloud computing, indicating long-term growth potential [9]. - The article also notes the potential of stablecoins to reshape cross-border payments and enhance the internationalization of currencies [9].

Core Viewpoint - The commencement of the 6000-ton sodium-ion cathode material project at the Xiangyang base marks a strategic move for the company in the renewable energy sector, aiming to establish itself as a leader in sodium-ion technology with advanced production capabilities and significant market potential [1][4]. Company Developments - The Xiangyang project is expected to enhance production efficiency by over 20% and achieve international leading levels in energy density and cycle life for sodium-ion materials [1]. - The company is officially entering the lithium iron phosphate sector, planning to establish a high-end production line in Europe, while also consolidating its position in the ternary materials market and exploring new applications in low-altitude economy and solid-state batteries [1][4]. - The Xiangyang base will also host a pilot line for sulfide solid electrolytes and other high-end material production lines, positioning it as the largest and most advanced green low-carbon cathode material production base globally, with a projected output value exceeding 50 billion yuan [4][5]. Industry Outlook - The year 2025 is anticipated to be a critical juncture for the commercialization of sodium-ion technology, with accelerated applications in energy storage, electric two- and three-wheelers, and new energy vehicles [4]. - The company has established close partnerships with major domestic and international clients, securing a leading position in the market for sodium-ion cathode products, with significant order volumes and rapid production ramp-up [4][5]. - The company aims to transform into a comprehensive solution provider for cathode materials, focusing on the entire lifecycle of new energy materials, including R&D, smart manufacturing, supply chain collaboration, and resource recycling [5][6].