Group 1: Natural Rubber Report Industry Investment Rating No information provided. Core View Short - term rubber prices rebound due to macro - sentiment, but the weak fundamental expectation remains unchanged. Adopt a short - selling approach on rallies, and consider short positions in the 14,000 - 14,500 range. Pay attention to raw material supply in each production area and US tariff changes [2]. Summary by Related Catalogs - **Spot Prices and Basis**: The price of Yunnan state - owned standard rubber (SCRWF) in Shanghai increased by 100 yuan/ton to 14,350 yuan/ton, with a 0.70% increase. The basis of whole - milk rubber (switched to the 2509 contract) rose by 145 to - 10, a 93.55% increase. Other raw material prices showed various changes [2]. - **Inter - month Spreads**: The 9 - 1 spread increased by 10 to - 860, a 1.15% increase; the 1 - 5 spread increased by 15 to - 40, a 27.27% increase; the 5 - 9 spread decreased by 25 to 900, a - 2.70% decrease [2]. - **Fundamental Data**: In May, Thailand's rubber production increased by 166,500 tons to 272,200 tons, a 157.52% increase. The operating rates of semi - steel and all - steel tires increased. The domestic tire production decreased slightly, while the tire export volume increased. The import volume of natural rubber decreased [2]. - **Inventory Changes**: The bonded - area inventory increased by 14,802 tons to 632,090 tons, a 2.40% increase. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 7,258 tons to 36,994 tons, a 24.41% increase [2]. Group 2: Glass and Soda Ash Report Industry Investment Rating No information provided. Core View For soda ash, although the futures price rebounded due to macro - sentiment and spot trading improved, the supply - demand situation remains in an obvious surplus, and inventory is accumulating. It is recommended to wait and look for short - selling opportunities after the sentiment fades. For glass, although the futures price is strong due to macro - sentiment, the demand is under pressure in the off - season, and the industry needs capacity reduction. It is recommended to wait and see [4]. Summary by Related Catalogs - **Glass - related Prices and Spreads**: The prices of glass in North China, East China, Central China, and South China showed small changes. The prices of glass futures contracts 2505 and 2509 increased slightly [4]. - **Soda - ash - related Prices and Spreads**: The prices of soda ash in different regions remained stable. The prices of soda ash futures contracts 2505 and 2509 decreased slightly [4]. - **Supply Data**: The operating rate of soda ash remained unchanged, and the weekly production was stable. The daily melting volume of float glass increased slightly, while the daily melting volume of photovoltaic glass remained unchanged [4]. - **Inventory Data**: The glass market inventory decreased by 198,300 square meters to 67.102 million square meters, a - 2.87% decrease. The soda - ash factory inventory and delivery - warehouse inventory increased [4]. - **Real - estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area showed different trends [4]. Group 3: Log Futures Report Industry Investment Rating No information provided. Core View In the fundamental aspect, the demand for logs enters the off - season from June to August. The arrival volume remains low, and the supply is expected to decrease seasonally. The 09 contract is expected to fluctuate weakly. Be vigilant against emotional price increases [5]. Summary by Related Catalogs - **Futures and Spot Prices**: The prices of log futures contracts 2507, 2509, and 2511 decreased slightly. The prices of some spot logs decreased, while the outer - market quotation increased [5]. - **Supply**: The port shipment volume increased by 228,000 cubic meters to 1.955 million cubic meters, a 13.20% increase. The number of ships from New Zealand to China, Japan, and South Korea decreased by 5 to 58, a - 7.94% decrease [5]. - **Inventory**: The total inventory of coniferous logs in China decreased by 130,000 cubic meters to 3.23 million cubic meters, a - 3.87% decrease [5]. - **Demand**: The average daily outbound volume increased by 12,000 cubic meters to 669,000 cubic meters [5]. Group 4: Industrial Silicon Report Industry Investment Rating No information provided. Core View The price of industrial silicon increased due to the expectation of anti - involution policies, with less impact from supply - demand fundamentals. The supply is expected to increase further. Technically, it shows a strong - side fluctuation. In the short - term, it is expected to remain strong, but short - selling can be considered if large - scale enterprises resume production or the price of polysilicon drops. Risk management is recommended [6]. Summary by Related Catalogs - **Spot Prices and Basis**: The prices of different grades of industrial silicon in East China and Xinjiang increased. The basis of different grades decreased [6]. - **Inter - month Spreads**: The spreads between different contracts showed various changes [6]. - **Fundamental Data**: In June, the national industrial silicon production increased by 20,000 tons to 327,700 tons, a 6.50% increase. The production of related downstream products also changed [6]. - **Inventory Changes**: The factory - warehouse inventory in Xinjiang decreased by 26,200 tons to 123,900 tons, a - 17.46% decrease. The social inventory decreased slightly [6]. Group 5: Polysilicon Report Industry Investment Rating No information provided. Core View The price of polysilicon increased rapidly under the expectation of policies, but the market is cautious about the new price. There is a large discount in the futures market, and there is room for price repair. The market may fluctuate greatly next week. Attention should be paid to the price of P - type cauliflower - like polysilicon and risk management [7]. Summary by Related Catalogs - **Spot Prices and Basis**: The average prices of different types of polysilicon remained stable, while the basis of some types increased slightly [7]. - **Futures Prices and Inter - month Spreads**: The prices of polysilicon futures contracts and the spreads between different contracts showed various changes [7]. - **Fundamental Data**: The weekly production of silicon wafers and polysilicon decreased. The monthly production of polysilicon increased, while the import and export volumes changed [7]. - **Inventory Changes**: The polysilicon inventory increased by 4,000 tons to 276,000 tons, a 1.47% increase. The silicon - wafer inventory decreased [7].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The Ministry of Housing and Urban-Rural Development emphasizes the importance of stabilizing the real estate market, which is expected to lead to significant improvements in the fundamentals of the real estate chain. Recommended stocks in the consumer building materials sector include Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware. Beneficiary stocks include Beixin Building Materials [3] - The National Development and Reform Commission has issued a special action plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity at around 1.8 billion tons by the end of 2025, with a target of reducing comprehensive energy consumption per unit product by 3.7% compared to 2020 [3] - The "equal tariff" policy is expected to benefit fiberglass leaders with overseas production bases, allowing them to raise prices and consolidate profitability [3] Market Performance - The construction materials index rose by 3.34% in the week from July 7 to July 11, 2025, outperforming the CSI 300 index by 2.52 percentage points. Over the past three months, the CSI 300 index increased by 6.41%, while the construction materials index rose by 6.60%, indicating a slight outperformance of 0.18 percentage points [4][13] - In the past year, the CSI 300 index increased by 15.62%, and the construction materials index rose by 15.80%, also showing a slight outperformance of 0.18 percentage points [4][13] Cement Sector - As of July 11, 2025, the average price of P.O42.5 bulk cement nationwide was 282.89 CNY/ton, a decrease of 3.48% month-on-month. The clinker inventory ratio was 65.89%, down 2.29 percentage points [6][23][24] - The price of cement varied by region, with notable declines in Northeast (-4.76%), North China (-2.33%), East China (-2.98%), South China (-5.74%), Central China (-3.41%), and Southwest (-4.93%) regions [23][29] Glass Sector - The average price of float glass as of July 11, 2025, was 1205.63 CNY/ton, with a slight increase of 0.17%. The average price of photovoltaic glass remained stable at 116.02 CNY/weight box [6][71][78] - The inventory of float glass decreased by 970,000 weight boxes nationwide, a decline of 1.66% [73][74] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 CNY/ton, with flexible pricing based on regional differences [6] Consumer Building Materials - As of July 11, 2025, the price of crude oil was 70.63 USD/barrel, down 0.39% week-on-week. The price of asphalt was 4570 CNY/ton, up 1.11% week-on-week [6]

Core Points - The company has completed the sale of all shares held under the fourth and fifth employee stock ownership plans, with the fourth plan involving 2,100 shares sold in 2025 and the fifth plan involving 4,102 shares sold in 2025 [1][6][7] - The fourth employee stock ownership plan had a total of 24,922,640 shares, representing 0.9287% of the company's total share capital, while the fifth plan had 28,555,980 shares, representing 1.0641% of the total share capital [5][6] - The fourth plan was initiated on December 6, 2022, and had a duration of 36 months, while the fifth plan was initiated on November 24, 2023, also with a duration of 36 months [2][5] Summary of Employee Stock Ownership Plans Fourth Employee Stock Ownership Plan - The fourth plan was approved on October 12, 2022, with 712 employees participating and a total of 24,922,640 shares allocated [1][2] - The plan's shares were fully sold, and the plan will terminate after the completion of asset liquidation and distribution [1][6] - A total of 693 participants met the conditions for share allocation, while 19 were disqualified, leading to a total of 21,449,195.2 shares being reclaimed due to non-qualification [2][3] Fifth Employee Stock Ownership Plan - The fifth plan was approved on October 13, 2023, with 805 employees participating and a total of 28,555,980 shares allocated [4][5] - Similar to the fourth plan, the fifth plan's shares were fully sold, and it will terminate after asset liquidation and distribution [6][7] - The fifth plan did not meet the performance assessment criteria, resulting in no shares being allocated to the participants [5][6]

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]

Group 1 - The company expects to achieve a net profit attributable to shareholders of between -260 million yuan and -200 million yuan for the first half of 2025, representing a decrease of 210.29 million yuan to 270.29 million yuan compared to the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is also projected to be between -260 million yuan and -200 million yuan for the first half of 2025 [1][2] - The previous year's net profit for the first half of 2024 was 10.29 million yuan, with a net profit of -8.89 million yuan after deducting non-recurring gains and losses [1][2] Group 2 - The main reasons for the expected loss in the current reporting period include a significant decline in the price of photovoltaic glass products due to a mismatch in supply and demand since the second half of 2024, leading to a decrease in the gross profit margin of the photovoltaic glass business [2] - Increased competition in the float glass market has resulted in a substantial drop in the average selling price of float glass, negatively impacting the profitability of the float glass business [2]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/7/3 | 2025/7/9 | 2025/7/10 | | 周度变化 日度变化 | | 2025/7/3 | 2025/7/9 | 2025/7/10 | | 周度变化 日度变化 | | 沙河重碱 | 1200.0 | 1180.0 | 1220.0 | 20.0 | 40.0 | SA05合 约 | 1229.0 | 1257.0 | 1287.0 | 58.0 | 30.0 | | 华中重碱 | 1160.0 | 1160.0 | 1190.0 | 30.0 | 30.0 | S A 0 1合约 | 1209.0 | 1237.0 | 1269.0 | 60.0 | 32.0 | | 华南重碱 | 1400.0 | 1400.0 | 1400.0 | 0.0 | 0.0 | S A 0 9合约 | 1183.0 | 1194.0 | 1231.0 | 48.0 | 37.0 | | ...

Group 1: Natural Rubber Industry Report Industry Investment Rating - Not mentioned Core View - With the improvement of rainfall in overseas production areas, the raw material prices in Thailand are gradually weakening, and the cost - side support is weakening. The capacity utilization rate of tire sample enterprises is declining, and the inventory in Qingdao continues to accumulate. It is recommended to hold short positions above 14,000 and pay attention to the raw material supply in each production area and the change of US tariffs [1]. Summary by Directory - **Spot Price and Basis**: The prices of Yunnan state - owned standard rubber, Thai standard mixed rubber, etc. remained unchanged on July 9 compared with July 8. The full - milk basis and non - standard price difference decreased significantly, and the prices of cup rubber and glue in the international market slightly declined [1]. - **Monthly Spread**: The 1 - 5 spread increased by 8.33%, the 5 - 9 spread decreased by 0.53%, and the 9 - 1 spread remained unchanged [1]. - **Fundamental Data**: In May, the production of Thailand, Indonesia, India, and China increased. The production of Thailand increased by 157.52%. The production of domestic tires decreased slightly, and the export volume increased by 7.72%. The import volume of natural rubber decreased by 13.35%. The production cost of dry glue in Thailand decreased slightly, and the production profit of STR20 increased by 13.40% [1]. - **Inventory Change**: The bonded area inventory and the factory - warehouse futures inventory of natural rubber in the Shanghai Futures Exchange increased, while the inbound and outbound rates of dry glue in Qingdao decreased [1]. Group 2: Polysilicon Industry Report Industry Investment Rating - Not mentioned Core View - The polysilicon futures opened high and moved high, and the spot price continued to rise. The downstream demand is weak, and the polysilicon still faces the pressure of over - supply and inventory accumulation. Although the price is rising under the policy expectation, attention should be paid to the acceptance of downstream enterprises for the rising raw material prices and the subsequent terminal demand and consumption situation [3]. Summary by Directory - **Spot Price and Basis**: The average price of N - type re -投料 and N - type granular silicon increased, with increases of 2.56% and 4.11% respectively. The N - type material basis increased by 18.70%, and the cauliflower material basis decreased by 28.41% [3]. - **Futures Price and Monthly Spread**: The PS2506 contract increased by 2.31%. The spreads between some contracts changed significantly, such as the PS2506 - PS2507 spread decreased by 298.85% [3]. - **Fundamental Data**: The weekly output of silicon wafers decreased by 11.46%, and the monthly output of polysilicon increased by 5.10%. The import volume of polysilicon decreased by 67.16%, and the export volume decreased by 37.06% [3]. - **Inventory Change**: The polysilicon inventory increased by 0.74%, and the silicon wafer inventory decreased by 4.43% [3]. Group 3: Industrial Silicon Industry Report Industry Investment Rating - Not mentioned Core View - The spot price of industrial silicon is stable, and the futures price fluctuates. The supply is expected to remain high in July, and the demand from polysilicon and organic silicon is mixed. The short - term price is expected to fluctuate strongly under the support of production reduction, but the long - term over - supply pressure may increase. Attention should be paid to the impact of polysilicon production changes on demand and the impact of policies [4]. Summary by Directory - **Spot Price and Main Contract Basis**: The price of Xinjiang 99 silicon increased by 1.24%, and the basis of different types of industrial silicon increased to varying degrees [4]. - **Monthly Spread**: The spreads between some contracts changed, such as the 2507 - 2508 spread decreased by 88.00% [4]. - **Fundamental Data**: In June, the national industrial silicon production increased by 6.50%, and the production in Xinjiang, Yunnan, and Sichuan increased, while the production in Inner Mongolia decreased. The production of organic silicon DMC and polysilicon increased [4]. - **Inventory Change**: The inventory in Xinjiang factories decreased by 13.19%, and the social inventory increased by 1.85% [4]. Group 4: Glass and Soda Ash Industry Report Industry Investment Rating - Not mentioned Core View - **Soda Ash**: Although the soda ash market rebounded under the influence of short - term news, the overall supply is still in an over - supply pattern. After the end of maintenance, inventory accumulation may accelerate. It is recommended to wait and look for opportunities to short on the rebound [6]. - **Glass**: The glass market rebounded under the influence of policy expectations, but the current demand is in the off - season, and the rigid demand is under pressure. It is necessary to wait for more cold - repair measures to achieve a real reversal of the market, and it is recommended to wait and see [6]. Summary by Directory - **Glass - Related Price and Spread**: The prices of glass in different regions remained unchanged. The glass 2505 and 2509 contracts increased slightly, and the 05 - 09 spread decreased [6]. - **Soda Ash - Related Price and Spread**: The prices of soda ash in North China and Central China remained unchanged, and the price in East China decreased by 1.60%. The soda ash 2505 and 2509 contracts increased by 0.81%, and the 05 - 09 spread decreased [6]. - **Supply**: The soda ash production rate and weekly output decreased slightly, the float glass daily melting volume increased by 0.64%, and the photovoltaic daily melting volume decreased by 4.02% [6]. - **Inventory**: The glass factory inventory decreased slightly, the soda ash factory inventory increased by 2.41%, and the soda ash delivery warehouse inventory decreased by 17.99% [6]. - **Real Estate Data**: The new - construction area, completion area, and sales area increased year - on - year, while the construction area decreased [6]. Group 5: Log Industry Report Industry Investment Rating - Not mentioned Core View - The log futures fluctuated, and the prices of main benchmark delivery products decreased. The inventory decreased significantly last week, and the demand increased slightly. From the fundamental perspective, the log market will enter a period of weak supply and demand in the high - temperature and rainy season from June to August, and the 09 contract is expected to fluctuate weakly [8]. Summary by Directory - **Futures and Spot Price**: The prices of log futures contracts 2509 and 2511 decreased slightly. The prices of main benchmark delivery products in Shandong and Jiangsu decreased by 10 yuan per cubic meter [8]. - **Cost**: The import theoretical cost increased by 4% due to the change of RMB - US dollar exchange rate [8]. - **Supply**: The port shipping volume increased by 13.20%, and the number of departing ships from New Zealand to China, Japan, and South Korea decreased by 7.94% [8]. - **Inventory**: The national log inventory decreased by 3.87% week - on - week, and the inventory in Shandong and Jiangsu decreased [8]. - **Demand**: The national log daily average outbound volume increased by 2%, and the demand in Shandong increased by 10% [8].

Group 1 - Glass futures showed a fluctuating upward trend, with the main contract reaching 1070.00 yuan/ton, an increase of 3.98% [1] - The daily melting capacity of float glass has increased to 158,400 tons, with a total inventory of 69.085 million heavy boxes across sample enterprises, indicating a historically high level [2] - The number of glass futures warehouse receipts decreased by 3 to 799 compared to the previous trading day [3] Group 2 - According to Donghai Futures, the glass daily melting volume has slightly increased week-on-week, but the real estate sector remains weak, leading to a decline in downstream processing orders [4] - Hualian Futures reported that two glass production lines resumed operations and one previously ignited line began production, resulting in a slight recovery in operating rates and weekly output [4] - Despite stable supply, the demand in the off-season is weakening, and while manufacturers' inventory remains high, there is an increasing expectation for the exit of outdated production capacity, which may support market confidence [4]

Group 1 - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape in the small home appliance sector has improved, driving profit recovery, while leading players in the major appliance sector are helping to concentrate market share, suggesting an increase in holdings [2][29]. - The report recommends focusing on two main investment lines: 1) The improvement in the competitive landscape of small home appliances brings profit elasticity, particularly in the vacuum cleaner sector, which has high growth potential and low penetration rates. The kitchen small appliances sector is gradually returning to growth after two years of decline, with a significant increase in sales during the 618 shopping festival [2][29]. - The report indicates that leading brands in the white goods sector are dominating the current price competition, leading to increased industry concentration. The export performance of major appliance manufacturers is expected to gradually recover as uncertainties around tariff policies are clarified [3][31]. Group 2 - The company Salted Fish's differentiated product, the konjac sauce, achieved over 100 million in monthly sales within 16 months, setting a record for the fastest-selling snack product. The konjac snack segment is still in a high-growth phase, supported by a strong supply chain and channel capabilities [7][8]. - The company is expanding its overseas market presence with its own brand "Mowon," developing localized products based on local tastes, which is expected to drive growth in international markets [8][9]. - The report maintains an "increase holdings" rating for the company, projecting EPS of 2.99, 3.73, and 4.63 for 2025-2027, with a target price of 100.00 yuan based on strong performance in konjac products [7][8].

Core Viewpoint - The Zhengzhou Commodity Exchange's main glass contract has increased by over 5%, currently priced at 1,081 yuan per ton [1] Group 1 - The main glass contract on the Zhengzhou Commodity Exchange has seen a significant price increase, indicating strong market demand or potential supply constraints [1]