Core Insights - The article emphasizes the urgent need to accelerate the construction of a unified national market, highlighting the strategic importance of the Zhoukou Port in enhancing logistics and trade connectivity in the region [1] Group 1: Zhoukou Port Development - Zhoukou Port has become the largest and most capable inland port in Henan and the Huai River basin, with a cargo throughput of 27.5 million tons in the first half of the year, representing a year-on-year increase of 55.5% [11] - By 2024, the port's cargo volume is expected to exceed 50 million tons, accounting for 87% of the province's inland cargo volume, with container throughput reaching 163,000 TEUs, a growth of over 50% compared to the previous year [12] - The port operates 18 domestic container shipping routes and 14 international container shipping routes, connecting over 20 countries and more than 10 provinces in China [12] Group 2: Economic Impact - The low-cost advantages of water transportation are transforming into core competitive strengths for local enterprises, with transportation costs significantly lower than rail [7] - Major companies, including Yihai Kerry and Henan Steel Group, are benefiting from reduced logistics costs, enhancing their profitability and operational efficiency [7] - The development of the port is fostering a cluster of industries, including grain processing, steel logistics, and equipment manufacturing, contributing to the regional economic growth [7] Group 3: Strategic Opportunities - Zhoukou Port is positioned as a critical node in the national unified market construction, leveraging the dual strategic opportunities presented by national policies and local initiatives to enhance inland waterway development [6] - The ongoing construction of the Zhoukou Port Central Operation Area aims to expand its capacity and efficiency, with plans for 22 berths capable of accommodating 2,000-ton vessels [9] - The integration of rail and port facilities is expected to enhance the logistics network, breaking the geographical limitations of Henan province and facilitating greater access to international markets [9][10]

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The HC2510 contract of hot-rolled coil futures has risen, with cost support from the upward movement of iron ore and coking coal. Although the weekly output of hot-rolled coils has slightly declined, the capacity utilization rate remains relatively high. The apparent demand has slightly decreased but remains at a high level. The overall inventory has increased slightly, and the profitability of steel mills has improved. Considering the macro - economic situation and industry fundamentals, while chasing high prices of the HC2510 contract requires caution, buying on dips can still be considered, with attention to operation rhythm and risk control [7][9] Summary by Relevant Catalogs 1. Weekly Key Points Summary a. Market Review - As of July 11, the closing price of the main hot - rolled coil futures contract was 3273 yuan/ton (+72), and the spot price of Hangzhou Lianggang hot - rolled coil was 3330 yuan/ton (+50). The weekly output of hot - rolled coils was 323.14 million tons (-5), the apparent demand was 322.51 million tons (-1.86, -6.24% year - on - year), the total inventory was 345.56 million tons (+0.63, -78.56 million tons year - on - year), and the profitability rate of steel mills was 59.74%, an increase of 0.43 percentage points from last week and 22.94 percentage points from last year [7] b. Market Outlook - **Macro - aspect**: Overseas, the global manufacturing PMI in June was 49.5%, up 0.3 percentage points from the previous month, rising for two consecutive months. The US President Trump extended the so - called "reciprocal tariff" suspension period. Domestically, 33 construction companies issued an "anti - involution" initiative, and the State Council issued a notice to support stable employment. - **Supply - demand aspect**: The weekly output of hot - rolled coils slightly declined, with a capacity utilization rate of 82.55%. The factory inventory decreased and the social inventory increased, with a total inventory increase of 0.63 million tons. The apparent demand slightly declined but remained above 3.2 million tons. - **Cost aspect**: Iron ore and coking coal prices rose, providing cost support. The port inventory of iron ore decreased, and the coking coal inventory of mines and coal washing plants continued to decline. - **Technical aspect**: The HC2510 contract moved upward, with the daily K - line standing above multiple moving averages. The MACD indicator showed that DIFF and DEA continued to rise, and the red bars expanded. - **Strategy suggestion**: On the macro - level, anti - involution promotes the orderly withdrawal of backward production capacity and improves market sentiment. On the industrial level, the output of hot - rolled coils remains high, the terminal demand is resilient, and the cost support from the rebound of coking coal and iron ore is strengthened. Chasing high prices of the HC2510 contract requires caution, and buying on dips can still be considered [9] 2. Futures and Spot Market a. Futures Price - This week, the HC2510 contract moved upward and was stronger than the HC2601 contract. On July 11, the price difference was - 7 yuan/ton, a week - on - week increase of 2 yuan/ton [15] b. Warehouse Receipts and Net Positions - On July 11, the warehouse receipt volume of hot - rolled coils on the Shanghai Futures Exchange was 64,587 tons, a week - on - week increase of 0 tons. The net position of the top 20 in the hot - rolled coil futures contract was a net short position of 10,042 lots, an increase of 51,561 lots from the previous week [21] c. Spot Price - On July 11, the spot price of 5.75mm Q235 hot - rolled coils in Shanghai was 3330 yuan/ton, a week - on - week increase of 50 yuan/ton, and the national average price was 33,309 yuan/ton, a week - on - week increase of 43 yuan/ton. This week, the spot price of hot - rolled coils was weaker than the futures price. On July 11, the basis was 57 yuan/ton, a week - on - week decrease of 22 yuan/ton [25] 3. Upstream Market a. Raw Material Prices - On July 11, the price of 61% Australian Macfarlane iron ore powder at Qingdao Port was 795 yuan/dry ton, a week - on - week increase of 22 yuan/dry ton. The spot price of first - class metallurgical coke at Tianjin Port was 1320 yuan/ton, a week - on - week increase of 0 yuan/ton [34] b. Shipping and Arrival Volumes - From June 30 to July 6, 2025, the total global iron ore shipping volume was 29.949 billion tons, a decrease of 3.627 billion tons from the previous period. The total shipping volume of iron ore from Australia and Brazil was 24.65 billion tons, a decrease of 4.173 billion tons from the previous period. The total arrival volume at 47 Chinese ports was 25.355 billion tons, an increase of 1.22 billion tons from the previous period; the total arrival volume at 45 Chinese ports was 24.839 billion tons, an increase of 1.209 billion tons from the previous period; the total arrival volume at six northern ports was 14.12 billion tons, an increase of 1.948 billion tons from the previous period [39] c. Inventory - This week, the total inventory of imported iron ore at 47 ports was 143.4689 million tons, a week - on - week decrease of 1.3901 million tons; the daily average port clearance volume was 3.378 million tons, an increase of 0.0361 million tons. In terms of components, the inventory of Australian ore decreased by 0.931 million tons, the inventory of Brazilian ore decreased by 0.5229 million tons, and the inventory of traded ore decreased by 0.7715 million tons. On July 10, the inventory of steel billets in Tangshan, Hebei was 975,300 tons, a week - on - week increase of 101,900 tons and a year - on - year decrease of 67,100 tons [43] d. Coking Plant Conditions - This week, the capacity utilization rate of 230 independent coking enterprises was 72.72%, a decrease of 0.48%. The daily coke output was 512,900 tons, a decrease of 0.34 million tons; the coke inventory was 595,800 tons, a decrease of 20,200 tons; the total coking coal inventory was 7.5244 million tons, an increase of 360,000 tons; and the available days of coking coal were 11.0 days, an increase of 0.6 days [47] 4. Industry Conditions a. Supply Side - **Production Volume**: In May 2025, China's crude steel output was 86.55 million tons, a year - on - year decrease of 6.9%. From January to May, the cumulative crude steel output was 431.63 million tons, a year - on - year decrease of 1.7%. In May, China exported 10.578 million tons of steel, an increase of 116,000 tons from the previous month, a month - on - month increase of 1.1%. From January to May, the cumulative steel export volume was 48.469 million tons, a year - on - year increase of 8.9%. In May, China imported 481,000 tons of steel, a decrease of 41,000 tons from the previous month, a month - on - month decrease of 7.9%. From January to May, the cumulative steel import volume was 2.553 million tons, a year - on - year decrease of 16.1% [50] - **Blast Furnace Operation**: On July 11, the blast furnace operating rate of 247 steel mills was 83.15%, a decrease of 0.31 percentage points from last week and an increase of 0.65 percentage points from last year. The blast furnace iron - making capacity utilization rate was 89.9%, a decrease of 0.39 percentage points from last week and an increase of 1.20 percentage points from last year. The daily average pig iron output was 2.3981 million tons, a decrease of 104,000 tons from last week and an increase of 152,000 tons from last year. On July 10, the weekly output of hot - rolled coils from 37 monitored enterprises was 3.2314 million tons, a decrease of 50,000 tons from last week and a decrease of 83,400 tons from last year [53] - **Inventory**: On July 11, the in - factory inventory of hot - rolled coils from 37 monitored enterprises was 778,100 tons, a decrease of 510 tons from last week and a decrease of 147,700 tons from last year. The social inventory in 33 major cities was 2.6775 million tons, a week - on - week increase of 11,400 tons and a year - on - year decrease of 637,900 tons. The total inventory of hot - rolled coils was 3.4556 million tons, a week - on - week increase of 6300 tons and a year - on - year decrease of 785,600 tons [58] b. Downstream Demand - **Automobile Industry**: In May 2025, China's automobile production and sales were 2.649 million and 2.686 million vehicles respectively, a month - on - month increase of 1.1% and 3.7% and a year - on - year increase of 11.6% and 11.2% respectively. From January to May, the cumulative automobile production and sales were 12.826 million and 12.748 million vehicles respectively, a year - on - year increase of 12.7% and 10.9% respectively [61] - **Household Appliance Industry**: From January to May 2025, the cumulative production of household air - conditioners was 134.909 million units, a year - on - year increase of 5.9%; the production of household refrigerators was 40.713 million units, a year - on - year decrease of 1.5%; and the production of household washing machines was 49.115 million units, a year - on - year increase of 9.3% [61]

Core Viewpoint - The recent emphasis on advancing the national unified market construction and regulating low-price disorderly competition is expected to enhance market expectations for supply-side reforms, leading to a rebound in rebar futures prices, although the upward momentum may slow as market sentiment stabilizes and fundamentals take precedence [1] Group 1: Supply Side Dynamics - There is an increasing expectation in the market for steel mills to reduce production, particularly in light of the recent "anti-involution" meeting and potential production restrictions in Tangshan from July 4-15 [2] - The current steel industry situation is significantly different from 2016, with this year's steelmaking profits reaching the highest level in three years, and the total profit for the black metal smelting and rolling industry from January to May turning profitable at 31.6 billion yuan [2] - Despite the high profits in steelmaking, the willingness of steel mills to actively reduce production remains low, and the overall impact of the Tangshan production restrictions is expected to be limited [2] Group 2: Demand Pressure - The market anticipates a decline in rebar demand as the end-user demand enters a low season, although recent consumption has shown resilience with a weekly apparent consumption of 2.2487 million tons, slightly exceeding market expectations [3] - The total inventory of rebar has seen a slight decrease of 37,900 tons, maintaining a total of 5.4521 million tons, indicating that the turning point for inventory accumulation has not yet appeared [3] - The ongoing adjustment cycle in the real estate sector and suboptimal infrastructure funding are expected to continue to suppress rebar demand, with high temperatures and rainy weather in July further limiting demand improvement [3] Group 3: Market Outlook - Overall, the rebar market is expected to enter a phase of weak supply and demand as the low season deepens, with limited upward potential until new macroeconomic benefits emerge, particularly around the pressure level of 3,100 yuan per ton [4]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel - The current off - season demand restricts the elasticity of steel spot, with demand being more likely to decline than increase. Although the decline in the apparent demand of five major steel products is not significant, the apparent demand of external profile materials has decreased. The previous supply contraction expectation affected the futures market, and the market sentiment improvement led to a price rebound. With the implementation of production restrictions in Tangshan from early to mid - July, the spot has short - term support. In the absence of supply - demand contradictions, steel prices will follow the trend of coking coal in the short term. The reference range for the hot - rolled coil main contract is 3150 - 3300, and for rebar is 3050 - 3150 [1][3]. Iron Ore - The global iron ore shipment volume decreased this week, and the arrival volume at ports will also decline. The iron - water production decreased due to steel mill overhauls and Tangshan's production restrictions. Although the billet export is strong, the terminal demand may weaken in the off - season. The port inventory decreased slightly, and the steel mill's equity ore inventory increased slightly. In July, the iron - water production will continue to decline, with an average expected to be between 230 - 240 tons. The short - term iron ore will fluctuate, and the medium - to - long - term view on the 09 contract remains bearish. It is recommended to buy the iron ore 2509 contract at low prices and conduct a 9 - 1 positive spread arbitrage [4]. Coke and Coking Coal - Coke and coking coal futures showed an oscillating upward trend, and the spot was stable with a slight upward bias. The coking coal auction in the domestic market improved, and the number of rising coal types increased. The fourth round of coke price cuts was implemented on June 23. After the end of the environmental protection inspection in late June, the supply is expected to increase. The demand may decrease due to potential environmental protection production restrictions in Tangshan, and the iron - water production is expected to remain between 230 - 240 tons per day in July. For coke, it is recommended to conduct short - selling hedging on the coke 2601 contract, buy the coke 2509 contract at low prices after a pullback, and conduct a 9 - 1 positive spread arbitrage. For coking coal, it is recommended to conduct short - selling hedging on the coking coal 2601 contract, buy the coking coal 2509 contract at low prices after a pullback, and conduct a 9 - 1 positive spread arbitrage [7]. 3. Summary by Relevant Catalogs Steel Steel Prices and Spreads - Rebar spot prices in East, North, and South China remained unchanged. Rebar futures contracts 05, 10, and 01 increased by 3, 2, and 3 respectively. Hot - rolled coil spot prices in East and South China were stable, while the price in North China decreased by 10. Hot - rolled coil futures contracts 05 and 01 increased by 5 and 4 respectively, and the 10 - contract remained unchanged [1]. Cost and Profit - The steel billet price remained unchanged, while the slab price remained at 3730. The cost of Jiangsu electric - arc furnace rebar increased by 4, and the cost of Jiangsu converter rebar increased by 3. The profits of rebar and hot - rolled coil in East, North, and South China all decreased [1]. Production and Inventory - The daily average iron - water production decreased by 1.5 to 240.8, a decline of 0.6%. The output of five major steel products increased by 4.2 to 885.2, an increase of 0.5%. The rebar output increased by 3.2 to 221.1, an increase of 1.5%, including an increase in electric - arc furnace output of 0.9 to 25.8 (3.4%) and an increase in converter output of 2.4 to 195.2 (1.2%). The hot - rolled coil output increased by 0.9 to 328.1, an increase of 0.3%. The inventory of five major steel products decreased slightly by 0.1 to 1339.9, a decline of 0.0%. The rebar inventory decreased by 3.8 to 545.2, a decline of 0.7%, and the hot - rolled coil inventory increased by 3.8 to 344.9, an increase of 1.1% [1]. Transaction and Demand - The building materials trading volume decreased slightly by 0.2%. The apparent demand of five major steel products increased by 5.4 to 885.3, an increase of 0.6%. The apparent demand of rebar increased by 5.0 to 224.9, an increase of 2.3%, and the apparent demand of hot - rolled coil decreased by 1.9 to 324.4, a decline of 0.6% [1]. Iron Ore Price and Spread - The warehouse - receipt costs of most iron ore varieties decreased, except for the increase in the warehouse - receipt cost of Jinbuba powder. The 09 - contract basis of most varieties decreased significantly. The 5 - 9 spread remained unchanged, the 9 - 1 spread decreased by 3.7%, and the 1 - 5 spread increased by 6.1%. The spot prices of most iron ore varieties at Rizhao Port decreased [4]. Supply and Demand - The weekly global shipment volume of iron ore decreased by 10.8%, and the 45 - port arrival volume decreased by 5.1%. The daily average iron - water production of 247 steel mills decreased by 0.6%. The 45 - port daily average port - clearing volume decreased by 2.0%. The monthly national iron and crude steel production increased by 2.1% and 0.6% respectively [4]. Inventory - The 45 - port inventory decreased by 0.4%, and the 247 steel mills' imported ore inventory increased by 0.8%. The inventory available days of 64 steel mills remained unchanged [4]. Coke and Coking Coal Price and Spread - The price of Shanxi first - grade wet - quenched coke remained unchanged, the price of Rizhao Port quasi - first - grade wet - quenched coke increased by 1.7%. The coke 09 and 01 contracts increased slightly. The coking coal (Shanxi warehouse - receipt), coking coal (Mongolian coal warehouse - receipt), and coking coal 09 and 01 contracts also showed an upward trend. The 09 and 01 basis of coke and coking coal changed, and the J09 - J01 and JM09 - JM01 spreads also changed [7]. Supply and Demand - The weekly coke production decreased slightly, and the daily average production of 247 steel mills remained stable. The iron - water production decreased by 0.6%. The weekly production of Fenwei sample coal mines increased. The demand for coke and coking coal may be affected by potential production restrictions in Tangshan [7]. Inventory - The total coke inventory decreased by 1.1%, the inventory of full - sample coking plants decreased by 9.7%, the inventory of 247 steel mills increased by 1.6%, and the port inventory decreased by 4.5%. The coking coal inventory of full - sample coking plants and 247 steel mills increased, and the port inventory decreased [7].

Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Coil: ★☆☆ [1] - Iron Ore: ★★★ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Silicomanganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is influenced by supply - side reform expectations, with short - term fluctuations. Attention should be paid to terminal demand and policy changes [2]. - The iron ore market is expected to follow the trend of finished products, showing a relatively strong oscillation in the short term [3]. - The coke and coking coal markets face upward pressure on the futures due to inventory, and the "anti - involution" has limited impact currently [4][6]. - The silicomanganese market has limited fundamental improvement, with pressure at the 6750 level [7]. - The ferrosilicon market has a general driving force for continuous price rebound [8]. Summary by Commodity Steel - Today's steel futures rose first and then fell. Thread demand recovered, production increased, and inventory decreased slowly. Hot - rolled coil demand declined slightly, production remained high, and inventory accumulated slightly. Iron - making water production decreased but remained high. Concerns about negative feedback eased. The infrastructure recovery lacked sustainability, real - estate sales remained low, and the manufacturing industry had resilience. The supply - side reform expectations dominated the market, but substantial measures were yet to be implemented [2]. Iron Ore - Today's iron ore futures oscillated, and the basis narrowed to a low level. Global iron ore shipments ended the end - of - season rush, with a downward expectation. Domestic arrivals remained high, and port inventory was basically flat. Terminal demand in the off - season was resilient, steel mill profitability was okay, and iron - making water production declined from a high level. Supply - side contraction expectations strengthened, and market sentiment improved. The iron ore fundamentals had limited contradictions, and it was expected to follow the finished products with a relatively strong oscillation [3]. Coke - Coke prices rose today. Coking plants had price - increase expectations, with meager profits, and daily production declined. Coke inventory decreased, and traders' purchasing willingness improved slightly. The carbon supply was abundant, and the impact of "anti - involution" was limited. The futures had a four - round premium, and there was upward pressure due to inventory [4]. Coking Coal - Coking coal prices rose today. Coking coal mine production increased, spot auction improved, and terminal inventory rose. Total coking coal inventory decreased, and production - end inventory decreased significantly. The carbon supply was abundant, and the impact of "anti - involution" was limited. The futures had a premium, and there was upward pressure due to inventory [6]. Silicomanganese - Silicomanganese prices oscillated downward today. Due to previous production cuts, inventory decreased, but weekly production increased, and on - balance - sheet inventory increased. Manganese ore inventory was expected to increase in the medium - to - long - term, and the current inventory was low, with stronger price - holding intentions of mines. The spot resources of Comilog oxidized ore were scarce, and the August 2025 shipment price to China decreased slightly. With the "anti - involution" expectation in steel, silicomanganese followed the upward trend of thread, but its fundamentals improved limitedly, with pressure at the 6750 level [7]. Ferrosilicon - Ferrosilicon prices oscillated downward today. Iron - making water production decreased slightly but remained above 240. Export demand was about 30,000 tons, with a marginal impact. Metal magnesium production increased, and secondary demand remained high. Ferrosilicon supply decreased, market transactions were average, on - balance - sheet inventory decreased, but production - end inventory increased. Some producers may use a trading model to help with inventory reduction. With the "anti - involution" expectation in steel, ferrosilicon followed the upward trend of thread, but the driving force for continuous price rebound was general [8].

Market Overview - The A-share market showed mixed performance on July 4, with the Shanghai Composite Index rising slightly by 0.05% to 3462.99, while the Shenzhen Component and ChiNext Index fell by 0.35% and 0.31% respectively [2][3] - The total trading volume reached 1.77 billion hands, with a turnover of 190.16 billion [4] Sector Performance - The steel sector saw a collective rise, with notable stocks like Liugang and Linggang hitting the daily limit up [10][11] - The banking sector also experienced gains, with several banks, including Zheshang Bank and Shanghai Bank, reaching new highs [16][17] - The pharmaceutical sector remained strong, with stocks like Hotgen and Guangsheng rising over 10% [12][13] Notable Stocks - Hangzhou Garden surged to the daily limit within two minutes of opening, while Nanling Technology also hit the limit up [20][22] - In the steel sector, Liugang shares increased by 10.02%, and Linggang shares rose by 10.16% [11] - In the pharmaceutical sector, Hotgen's stock price increased by 14.57%, and Guangsheng's by 10.75% [13] Industry Insights - The Ministry of Industry and Information Technology emphasized the need for orderly competition in the photovoltaic industry, aiming to improve product quality and phase out outdated capacity [8] - A report indicated that the photovoltaic industry may face weakening demand in the second half of the year, prompting leading companies to reduce production to improve supply-demand dynamics [9]

Group 1: Market Overview - On July 2, the Hong Kong stock market saw a net inflow of 50.36 billion HKD from northbound trading, with 12.79 billion HKD from the Shanghai Stock Connect and 37.57 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Innovent Biologics (01801), and Meituan-W (03690) [1] - The most sold stocks were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2: Stock Performance - Alibaba-W had a buy amount of 11.91 billion HKD and a sell amount of 19.79 billion HKD, resulting in a net outflow of 7.88 billion HKD [2] - Xiaomi Group-W had a buy amount of 13.02 billion HKD and a sell amount of 15.25 billion HKD, leading to a net outflow of 2.22 billion HKD [2] - Tencent had a buy amount of 7.39 billion HKD and a sell amount of 11.10 billion HKD, resulting in a net outflow of 3.71 billion HKD [2] Group 3: Sector Insights - The Tracker Fund of Hong Kong (02800) received a net inflow of 16.74 billion HKD, with analysts suggesting that the current market conditions provide a favorable window for investment, particularly in the technology sector [5] - Innovent Biologics (01801) and 3SBio (01530) received net inflows of 6.51 billion HKD and 1.09 billion HKD, respectively, following new measures to support the development of innovative drugs [5] - Meituan-W (03690) saw a net inflow of 3.38 billion HKD, while Alibaba-W and Tencent experienced significant net outflows [6] Group 4: Company-Specific Developments - Chongqing Steel (01053) received a net inflow of 1.44 billion HKD amid rumors of production cuts in Tangshan, which could impact capacity utilization [6] - Pop Mart (09992) received a net inflow of 1.22 billion HKD after being recognized in Time magazine's list of the "100 Most Influential Companies" for 2025 [7] - Xiaomi's Yu7 model orders exceeded expectations, leading to an upward revision of shipment forecasts for 2025 to 2027 [8]

Group 1 - The black metal sector is experiencing a compression in steel mill profits, with rebar prices being driven up by raw material fluctuations [1] - Current trading logic includes acceptable steel mill profitability, short-term strong pig iron output, and a decline in raw material supply leading to a rebound, while seasonal steel demand is weakening [1] - The expectation of a Federal Reserve interest rate cut and the upcoming vote on a new fiscal bill are increasing market sentiment towards dual easing in U.S. fiscal and monetary policy [1] Group 2 - Rebar price expectations remain stable, with inventory levels low and limited expectations for significant accumulation in the future [1] - The acceleration of special bond issuance in June is noted, but the allocation towards practical work funds is decreasing, and real estate sales are weakening [1] - Attention is required on the July Politburo meeting for potential new policy stimuli for the real estate sector, with cautious outlooks on rebar prices and rebound heights [1] Group 3 - Hot-rolled coil prices have shown a recent increase in year-on-year demand, but there are expectations of weakening in reality, leading to a contraction in the price difference between hot and cold rolled products [1] - The steel mills are experiencing weaker order intake, with exports increasing year-on-year, but a significant decline in June exports is anticipated [1] - The market sentiment is positively influenced by the expectation of a Federal Reserve interest rate cut, but demand expectations remain under pressure [1] Group 4 - Iron ore prices are showing strength due to seasonal declines in shipments expected in July and rising expectations for a Federal Reserve interest rate cut [1] - Global shipments and arrivals have decreased, alleviating supply pressure, while iron water output remains stable with strong profit margins for blast furnaces [1] - The trading strategy suggests a gradual shift to short positions after a rebound, with resistance levels for the September contract noted at 720-740 yuan and support levels at 680 yuan and 640-650 yuan [1]

Core Points - The article highlights the significant growth in China's intellectual property landscape, with the number of valid invention patents reaching 4.97 million by May this year, establishing China as a major patent powerhouse [10] - The National Intellectual Property Administration (NIPA) is enhancing patent examination efficiency and quality, with a reported accuracy rate of 95.1% for invention patent examinations by Q1 2025 [3][4] - There is a strong emphasis on the transformation of innovative achievements into practical productivity, with successful collaborations between universities and enterprises leading to high-value patents [7] Group 1: Patent Growth and Innovation - As of May this year, China has 4.97 million valid invention patents, showcasing its status as a leading patent nation [10] - Various innovation entities, including universities and companies, are demonstrating robust creativity, contributing to the development of new productive forces [2] - The NIPA has reported a 37.5% year-on-year increase in patent applications entering examination through protection centers, totaling 109,000 applications from January to May [6] Group 2: Patent Examination Efficiency - The NIPA has conducted 84,000 priority examinations and 116,000 rapid examinations from January to May this year, enhancing the core competitiveness of industries [3] - The NIPA aims to improve the quality of patent examination by increasing the sample size for social satisfaction surveys regarding examination quality [3][4] - The introduction of artificial intelligence in patent examination processes is being explored to further enhance efficiency and quality [4] Group 3: Intellectual Property Protection - China has established 77 national-level intellectual property protection centers across 29 provinces, covering 80% of national high-tech industrial development zones [5] - These centers provide rapid pre-examination, confirmation, and rights protection services to 172,000 registered entities [5] - The centers have handled 38,000 intellectual property rights cases with an average resolution time of under two weeks from January to May [6] Group 4: Effective Transformation of Innovations - Successful collaborations, such as the one between Nantong University and related enterprises, have led to the development of over ten high-value patents, significantly improving road material durability and reducing costs [7] - The patent agency sector, with over 6,231 agencies and 41,026 registered patent agents, has a high patent agency rate exceeding 94% for invention patents [7] - The NIPA is committed to enhancing the service chain for innovation entities, providing high-quality and efficient intellectual property agency services [8]