Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - In July 2025, China's CPI and core CPI both rose 0.4% month - on - month, mainly due to seasonal factors. The PPI decreased 0.2% month - on - month, and industrial producer prices remained sluggish. China's overall economic activity expectations are in a moderate state, and the inflation level may continue to hover at a low level for some time [5][15]. Summary by Related Content CPI Situation - **Year - on - Year Data**: In July, the national CPI was flat year - on - year, against a market expectation of a 0.1% decline and a previous value of a 0.1% increase. From January to July, the average CPI decreased 0.1% compared with the same period last year. Food prices in July decreased 1.6% year - on - year, pulling down the CPI by about 0.29 percentage points. Non - food prices rose 0.3% year - on - year, core CPI rose 0.8% year - on - year, consumer goods prices decreased 0.4% year - on - year, and service prices rose 0.5% year - on - year [2][6]. - **Month - on - Month Data**: In July, CPI rose 0.4% month - on - month, mainly driven by the rise in service and industrial consumer goods prices. Food prices decreased 0.2% month - on - month, non - food prices rose 0.5% month - on - month, consumer goods prices rose 0.2% month - on - month, and service prices rose 0.6% month - on - month, affecting the CPI to rise by about 0.26 percentage points. Core CPI rose 0.4% month - on - month, mostly due to seasonal factors [3][7]. - **Eight - Category CPI**: In July, food and tobacco prices decreased 0.1% month - on - month, housing prices rose 0.1% month - on - month, transportation and communication prices rose 1.5% month - on - month, medical care prices rose 0.2% month - on - month, education, culture and entertainment prices rose 1.3% month - on - month, clothing prices decreased 0.3% month - on - month, daily necessities and services prices rose 0.8% month - on - month, and other supplies and services rose 0.9% month - on - month [8]. - **Future Outlook**: As of August 10, the agricultural product wholesale price 200 index was 113.96, lower than 126.50 in the same period last year. Agricultural product prices in July hovered at a low level and slightly increased in early August, but the increase rate was much lower than that of the same period last year. Agricultural product prices are unlikely to drive up the CPI in August [3][10]. PPI Situation - **Year - on - Year Data**: In July, the national PPI decreased 3.6% year - on - year, against a market expectation of a 3.4% decline. From January to July, the average PPI decreased 2.9% compared with the same period last year. Production material prices decreased 4.3% year - on - year, and living material prices decreased 1.6% year - on - year [3][11]. - **Month - on - Month Data**: In July, PPI decreased 0.2% month - on - month. Production material prices decreased 0.2% month - on - month, and living material prices decreased 0.2% month - on - month. Some industries with large month - on - month price declines included coal mining and washing, non - metallic mineral products, and ferrous metal ore mining. Industries with relatively large month - on - month price increases included oil and gas extraction, oil, coal and other fuel processing, and non - ferrous metal smelting and rolling [4][13]. - **Industry - Specific Analysis**: The price of the automobile manufacturing industry decreased 0.3% month - on - month, indicating continuous price competition pressure in the automobile industry [4][13]. PMI Situation - In July, the manufacturing PMI was 49.3%, remaining below the boom - bust line for the fourth consecutive month. The new order index was 49.4%, back in the contraction range. The production and operation activity expectation index was 52.6%. The service business activity index was 50.0%, down 0.1 percentage point from the previous month. The new order index was 46.3%, and the business activity expectation index was 56.6% [5][15].

企业名称宁波兴阳矿产资源有限公司法定代表人耿敬宁注册资本500万人民币国标行业采矿业>黑色金 属矿采选业>其他黑色金属矿采选地址浙江省宁波市北仑区大榭街道滨海南路111号东楼A1933-1室（承 诺申报）企业类型有限责任公司（自然人投资或控股的法人独资）营业期限2025-8-7至无固定期限登记 机关宁波市北仑区市场监督管理局 来源：金融界 天眼查显示，近日，宁波兴阳矿产资源有限公司成立，法定代表人为耿敬宁，注册资本500万人民币， 由宁波云枫矿产资源有限公司全资持股。 序号股东名称持股比例1宁波云枫矿产资源有限公司100% 经营范围含煤炭及制品销售；金属矿石销售；有色金属合金销售；高性能有色金属及合金材料销售；金 属材料销售；木材销售；高品质合成橡胶销售；橡胶制品销售；石油制品销售（不含危险化学品）；化 工产品销售（不含许可类化工产品）；纸制品销售；生物基材料销售；塑料制品销售；机械设备销售； 建筑材料销售；五金产品批发；电子产品销售；汽车零配件批发；仪器仪表销售；电线、电缆经营(除 依法须经批准的项目外，凭营业执照依法自主开展经营活动)。 ...

云鼎科技最新一期业绩显示，截至2025一季报，公司营业总收入3.09亿元、同比减少20.55%，归属净利 润3146.54万元，同比减少33.24%，扣非净利润3052.40万元，同比减少30.87%，流动比率2.612、速动比 率2.240、资产负债率31.84%。 天眼查商业履历信息显示，云鼎科技股份有限公司，成立于1993年，位于济南市，是一家以从事黑色金 属矿采选业为主的企业。企业注册资本67799.0505万人民币，实缴资本2211万人民币。公司法定代表人 为刘波。 金融界消息 截至2025年8月4日收盘，云鼎科技（000409）报收于13.11元，上涨5.9%，换手率27.46%， 成交量116.23万手，成交金额15.25亿元。 资金流向方面，今日主力资金净流入2.48亿元，占比成交额16.43%。其中，超大单净流入3.03亿元、占 成交额20.0%，大单净流出5400.99万元、占成交额3.57%，中单净流出流出14533.02万元、占成交额 9.61%，小单净流出10316.97万元、占成交额6.82%。 通过天眼查大数据分析，云鼎科技股份有限公司共对外投资了5家企业，参与招投标项目338次 ...

Group 1 - The core viewpoint of the news is that Anning Co., Ltd. (安宁股份) has shown a positive performance in its latest financial results, with significant revenue growth and stable profitability [1][3] - As of August 1, 2025, Anning Co., Ltd. reported a closing price of 29.63 yuan, with a slight increase of 0.07% and a trading volume of 3.80 million shares, amounting to a total transaction value of 1.13 billion yuan [1] - The company's latest quarterly report indicates total operating revenue of 550 million yuan, a year-on-year increase of 23.51%, and a net profit attributable to shareholders of 230 million yuan, reflecting a minimal growth of 0.02% [1] Group 2 - The company has a current liquidity ratio of 4.362 and a quick ratio of 4.298, indicating strong short-term financial health, with a debt-to-asset ratio of 23.09% [1] - Anning Co., Ltd. has made investments in 17 enterprises and participated in 51 bidding projects, showcasing its active engagement in business expansion [2] - The company holds 12 trademark registrations and 88 patents, along with 79 administrative licenses, highlighting its focus on intellectual property and regulatory compliance [2]

Core Viewpoint - The report from Industrial Securities emphasizes the importance of regulating low-price disorderly competition in enterprises as a key focus of recent "anti-involution" policies, highlighting the negative impact of excessive competition on prices, as evidenced by the persistent negative Producer Price Index (PPI) since October 2022 [1][23]. Group 1: Current Economic Conditions - China's current economic environment is characterized by a third round of capacity cycle downturn, having declined for approximately four years since the previous peak, with significant industry differentiation due to factors such as the pandemic and trade friction [2][8]. - The industrial capacity utilization rate has been on a downward trend since June 2021, reflecting a weakening in fixed asset investment growth in the manufacturing sector [2][8]. Group 2: Price and Capacity Dynamics - The report indicates that the current supply-side state shows clear differentiation among industries, with black metals and non-metallic minerals experiencing low capacity, output, and price levels, while emerging sectors like electrical machinery and automotive manufacturing still maintain relatively high capacity and output levels despite low price indicators [12][20]. - The "anti-involution" policy aims to break the negative cycle of "price for volume" and guide industries back to a normal capacity cycle, with two potential paths: either a slight price increase leading to natural demand decline or significant demand stimulation with substantial price increases [21][23]. Group 3: Recent Price Trends - Recent data shows that low-priced goods below historical median prices have seen significant price increases, particularly in sectors such as black metals (coking coal, steel), new energy (polysilicon, lithium), and chemicals [28][29]. - Specific price changes include coking coal increasing by 36.6% over the past month and polysilicon rising by 23.2%, indicating a recovery in certain sectors [29]. Group 4: Policy Implications - The report outlines recent policy measures aimed at preventing low-cost competition, including the introduction of a price law amendment and the emphasis on market regulation to maintain fair competition and quality standards [25][23]. - The focus on price mechanisms and the establishment of benchmark costs in key industries is expected to support the recovery of prices and stabilize market conditions [23][25].

资金流向方面，今日主力资金净流入7948.63万元，占比成交额13.76%。其中，超大单净流入5977.88万 元、占成交额10.35%，大单净流入1970.75万元、占成交额3.41%，中单净流出流出2020.90万元、占成 交额3.5%，小单净流出5927.73万元、占成交额10.27%。 来源：金融界 金融界消息 截至2025年7月31日收盘，云鼎科技（000409）报收于12.36元，上涨2.91%，换手率 11.11%，成交量47.05万手，成交金额5.77亿元。 云鼎科技最新一期业绩显示，截至2025一季报，公司营业总收入3.09亿元、同比减少20.55%，归属净利 润3146.54万元，同比减少33.24%，扣非净利润3052.40万元，同比减少30.87%，流动比率2.612、速动比 率2.240、资产负债率31.84%。 天眼查商业履历信息显示，云鼎科技股份有限公司，成立于1993年，位于济南市，是一家以从事黑色金 属矿采选业为主的企业。企业注册资本67799.0505万人民币，实缴资本2211万人民币。公司法定代表人 为刘波。 通过天眼查大数据分析，云鼎科技股份有限公司共对外投资了5家企业 ...

Economic Overview - The GDP of Zibo reached 256.89 billion yuan in the first half of the year, with a year-on-year growth of 5.6% and a nominal increase of 18.74 billion yuan, representing a nominal growth rate of 7.87%, which is higher than the provincial average [1] - The primary industry added value was 8.24 billion yuan, growing by 3.7%; the secondary industry added value was 118.49 billion yuan, growing by 5.1%; and the tertiary industry added value was 130.16 billion yuan, growing by 6.2% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery reached 14.93 billion yuan, with a year-on-year growth of 4.1%, an increase of 0.6 percentage points compared to the first quarter [1] - The production of vegetables was 978,000 tons, growing by 3%, and the production of melons and fruits was 66,000 tons, growing by 3.3% [1] Industrial Sector - The added value of above-scale industries grew by 7.6% year-on-year, with 29 out of 38 major industries achieving positive growth, resulting in a growth coverage of 76.3% [2] - The top 10 industries by total added value saw "eight increases and two decreases," contributing a total of 6.2 percentage points to the city's growth [2] - High-tech manufacturing added value increased by 8.1%, and the "four strong" industries saw an added value growth of 8.5% [2] Service Sector - From January to May, the above-scale service industry achieved operating income of 23.93 billion yuan, a year-on-year increase of 7.3%, which is 0.3 percentage points higher than the first quarter [2] - Among the ten categories of industries, eight saw growth, with transportation, warehousing, and postal services, information transmission, software and information technology services, and leasing and business services growing by 10.9%, 6.4%, and 6.2% respectively [2] Investment Trends - Fixed asset investment in the first half of the year decreased by 1.3%, while industrial investment increased by 29.7%, with industrial technological transformation investment growing by 20.8% [2] - Private investment grew by 21.0%, accounting for 65.3% of total investment, an increase of 12 percentage points year-on-year [2] Consumer Market - The total retail sales of social consumer goods reached 83.03 billion yuan, with a year-on-year growth of 7.1% [3] - The retail sales of above-limit units reached 29.62 billion yuan, growing by 12.3%, with 15 out of 22 categories showing positive growth, and 9 categories achieving double-digit growth [3] - Notable growth in retail sales included grain and oil, food, tobacco and alcohol, sports and entertainment products, and communication equipment, with increases of 24.1%, 22.1%, 91.8%, and 50.2% respectively [3]

Core Viewpoint - The company plans to acquire an 87% stake in Xinjiang Congling Energy Co., Ltd. through a combination of issuing shares and cash payments, while also raising supporting funds from specific investors, which will enhance its operational capacity and market presence in the iron ore sector [1][2][5]. Group 1: Transaction Overview - The transaction involves issuing shares and cash payments to acquire 82% of Congling Energy from Kizilsu Congling Industrial Co., Ltd. and 5% from JAAN Investments Co., Ltd. [1][4] - The total amount of funds to be raised through the issuance of shares is capped at 560 million yuan, which will be used for the transaction and other operational needs [5][6]. - The transaction is expected to increase the company's iron ore resources from 380 million tons to approximately 460 million tons, representing a 21.75% increase [5][6]. Group 2: Financial Impact - The total assets of the company are projected to increase from 658,262.10 million yuan to 779,440.88 million yuan, an 18.41% rise post-transaction [6]. - The company's total liabilities will rise from 266,624.28 million yuan to 323,309.00 million yuan, reflecting a 21.26% increase [6]. - The net profit attributable to the parent company is expected to decrease by 10.75%, from 2,004.20 million yuan to 1,788.67 million yuan, indicating potential short-term challenges [6]. Group 3: Strategic Benefits - The acquisition will allow the company to control the Ziluoyi North Iron Mine, enhancing its operational footprint in the Kizilsu region and surrounding areas [5][6]. - The transaction aligns with the company's core business of iron ore mining and processing, as Congling Energy possesses high-quality iron ore resources capable of producing iron concentrates with over 68% grade [5][6]. - The company aims to strengthen its competitive position in the iron ore market, increasing its production capacity to 3.2 million tons per year, thereby enhancing its market influence [5][6].

金融界消息 截至2025年7月30日收盘，海南矿业（601969）报收于8.15元，下跌0.73%，换手率1.6%， 成交量31.69万手，成交金额2.60亿元。 天眼查商业履历信息显示，海南矿业股份有限公司，成立于2007年，位于省直辖县级行政区划，是一家 以从事黑色金属矿采选业为主的企业。企业注册资本199879.2238万人民币，实缴资本164178.5939万人 民币。公司法定代表人为刘明东。 通过天眼查大数据分析，海南矿业股份有限公司共对外投资了28家企业，参与招投标项目1785次，知识 产权方面有商标信息12条，专利信息47条，此外企业还拥有行政许可494个。 来源：金融界 资金流向方面，今日主力资金净流出1388.63万元，占比成交额5.34%。其中，超大单净流出459.10万 元、占成交额1.77%，大单净流出929.53万元、占成交额3.58%，中单净流出流入1490.75万元、占成交 额5.73%，小单净流出102.12万元、占成交额0.39%。 海南矿业最新一期业绩显示，截至2025一季报，公司营业总收入11.89亿元、同比增长7.17%，归属净利 润1.60亿元，同比减少35.20%， ...

资金流向方面，今日主力资金净流出1773.56万元，占比成交额6.13%。其中，超大单净流出896.37万 元、占成交额3.1%，大单净流出877.19万元、占成交额3.03%，中单净流出流入494.38万元、占成交额 1.71%，小单净流入1279.18万元、占成交额4.42%。 金融界消息 截至2025年7月29日收盘，云鼎科技（000409）报收于12.28元，上涨0.24%，换手率 5.61%，成交量23.73万手，成交金额2.89亿元。 云鼎科技最新一期业绩显示，截至2025一季报，公司营业总收入3.09亿元、同比减少20.55%，归属净利 润3146.54万元，同比减少33.24%，扣非净利润3052.40万元，同比减少30.87%，流动比率2.612、速动比 率2.240、资产负债率31.84%。 通过天眼查大数据分析，云鼎科技股份有限公司共对外投资了5家企业，参与招投标项目330次，知识产 权方面有商标信息169条，专利信息111条，此外企业还拥有行政许可9个。 来源：金融界 天眼查商业履历信息显示，云鼎科技股份有限公司，成立于1993年，位于济南市，是一家以从事黑色金 属矿采选业为主的企业。 ...