Core Viewpoint - The new national standard for household refrigerator energy consumption will be implemented on June 1, 2026, significantly reducing energy consumption requirements for refrigerators [1] Group 1: Standard Changes - The new standard will lower the energy consumption requirement for a 500L two-door refrigerator from 0.92 kWh/day to 0.55 kWh/day, representing a 40% reduction in energy consumption [1] - This is the fifth revision of the standard since its establishment in 1989, expanding its applicability to include motor-driven compression household refrigerators and semiconductor cooling devices with a volume of 60L or less [1] Group 2: Efficiency and Innovation - The revision raises the performance indicators and energy consumption limits for all energy efficiency levels of refrigerators, significantly reducing overall energy consumption [1] - New requirements for volume utilization rates and effective volume standards are introduced, encouraging companies to adopt high-performance, compact insulation materials [1] - The standard also includes requirements for smart grid signal response capabilities, promoting the intelligent and green development of refrigerators [1]

Economic Overview - Guangzhou's GDP for the first half of 2025 reached 15080.99 billion yuan, with a year-on-year growth of 3.8% [1] - The primary industry increased by 4.2%, the secondary industry by 2.1%, and the tertiary industry by 4.3% [1] Agriculture - The total output value of agriculture, forestry, animal husbandry, and fishery was 236.01 billion yuan, growing by 4.4% [1] - Key agricultural products saw significant increases, with fruit production rising by 8.3% and fishery output by 2.7% [1] Industrial Production - The industrial added value for large-scale enterprises grew by 0.7% year-on-year [2] - The automotive manufacturing sector faced challenges, with a decline of 5.7%, although new energy vehicle production increased by 9.5% [2] - The electronics and petrochemical manufacturing sectors showed stable growth, with increases of 1.6% and 6.3% respectively [2] - The integrated circuit manufacturing sector experienced a remarkable growth of 30.0% [2] Service Sector - The profit-making service sector's revenue grew by 9.2% from January to May [2] - The internet, software, and information technology services saw an increase of 8.7%, with internet platforms growing by 13.3% [2] - The sports industry benefited from the upcoming 15th National Games, achieving a revenue growth of 16.7% [2] Consumer Market - The total retail sales of consumer goods reached 5611.22 billion yuan, with a year-on-year growth of 5.9% [3] - Significant growth was observed in categories such as home appliances (27.6%) and sports and entertainment products (33.0%) [3] - Online retail sales increased by 16.4%, indicating a shift towards e-commerce [3] Fixed Asset Investment - Fixed asset investment grew by 0.8%, with infrastructure investment increasing by 4.2% [4] - Industrial investment rose by 12.0%, supported by a 15.5% increase in industrial technological transformation investment [4] - High-tech service industry investment surged by 17.6%, with information service investment growing by 28.2% [4] Transportation - The transportation sector showed positive growth, with passenger volume reaching 1.63 billion, a 0.9% increase [4] - The cargo transport volume was 4.50 billion tons, growing by 2.4% [4] Financial Market - By the end of June, the total balance of deposits and loans in financial institutions was 176.9 trillion yuan, a year-on-year increase of 4.8% [4] - The loan balance for the manufacturing sector grew by 4.7%, indicating strong credit support for industrial development [4] Social Welfare - The per capita disposable income for urban residents was 46310 yuan, growing by 3.4% [5] - Significant increases in fiscal spending for social security and education were noted, with growth rates of 12.0% and 3.0% respectively [5]

Core Viewpoint - The new national standard for household refrigerators, effective from June 1, 2026, aims to enhance energy efficiency and practicality, significantly reducing energy consumption and increasing usable space in refrigerators [1][4][5]. Energy Efficiency Standards - The new energy efficiency labeling system categorizes refrigerators into five levels, with Level 1 being the most energy-efficient and representing international leading standards [2][3]. - The updated standards increase the energy consumption limits for each efficiency level by approximately 30% to 40%, allowing for significant energy savings for consumers [4]. Energy Savings Potential - A 500-liter refrigerator under the new standard will require 0.55 kWh/day, a 40% reduction from the current requirement of 0.92 kWh/day, leading to annual savings of about 135 kWh and approximately 68 yuan in electricity costs [4]. - With an estimated annual sales volume of 60 million refrigerators, the new standards could result in an annual energy saving of 13 billion kWh, equivalent to the power generation of the Three Gorges Dam for one and a half months [4]. Usable Space Improvement - The new standard introduces a volume utilization rate, allowing for a 10% to 30% increase in usable space within the same external dimensions of the refrigerator [5]. - For a 500-liter refrigerator, this could translate to an additional 50 to 100 liters of usable space, achieved through technological innovations in insulation materials and component miniaturization [5]. Smart Grid Interaction - The new standard includes provisions for smart grid signal response capabilities, enabling refrigerators to interact with the power grid [7]. - This feature allows refrigerators to adjust their operation based on grid load, potentially saving users over 5% on electricity costs while also alleviating pressure on the power grid [7]. Inclusion of Small Refrigerators - The new standard expands its scope to include small refrigerators, such as portable units with a capacity of 60 liters or less, which are increasingly popular [8]. - The inclusion of these small refrigerators in the energy management system is expected to accelerate energy-saving technology upgrades in the industry, leading to an estimated annual energy saving of 600 million kWh [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The copper price is expected to maintain a volatile trend, but investors need to be wary of risks brought by subsequent tariffs [5][65]. 3. Summary by Relevant Catalogs 3.1 Report Summary - The number of initial jobless claims in the US last week decreased by 7,000 to 221,000, reaching the lowest level since mid - April, indicating the resilience of the employment market [5]. - In June, the US retail sales increased by 0.6% month - on - month, better than expected, alleviating concerns about consumer spending contraction [5]. - The US CPI in June increased by 2.7% year - on - year, and the core CPI increased by 2.9% year - on - year and 0.2% month - on - month, both lower than market expectations [5]. - Domestically, the GDP in the first half of the year increased by 5.3% year - on - year. In June, industrial production was strong while demand was weak. The production of refined copper in the second quarter is expected to increase [5]. 3.2 Multi - empty Focus - **Bullish factors**: Domestic TC maintains a low and weak quotation; US retail sales in June are better than expected; the spot has changed from a discount to a premium [8]. - **Bearish factors**: The tight inventory situation in non - US regions has eased; LME copper inventory continues to rise [8]. 3.3 Data Analysis - **Copper ore imports**: In June, China's copper ore and concentrate imports were 2.35 million tons, and the cumulative imports from January to June were 14.754 million tons, a year - on - year increase of 6.4%. Chile's copper exports to China have rebounded [18]. - **Mining end**: As of the week of July 11, the Mysteel standard clean copper concentrate TC weekly index was - 43.31 dollars/dry ton, up 0.12 dollars/dry ton from the previous week. The spot market is expected to remain stable [22]. - **Electrolytic copper production**: In May, China's electrolytic copper production was 1.1417 million tons, a month - on - month increase of 2.93% and a year - on - year increase of 16.33%. The production in June is expected to remain high [24]. - **Waste copper imports**: In May, China's waste copper imports were 185,200 tons, a month - on - month decrease of 9.55% and a year - on - year decrease of 6.53%. The supply from major countries has declined [27]. - **Refined - waste price difference**: As of July 17, the refined - waste price difference was around - 1,075 yuan/ton, which is conducive to refined copper consumption [31]. - **Copper product production**: In June, the production of refined copper rods decreased, the production of copper strips decreased, the production of copper materials increased, the production of household refrigerators increased, and the export of automobiles maintained a high growth rate [35][39][43][46][50]. - **Real estate market**: From January to June, real estate development investment decreased by 11.2% year - on - year, with declines in new construction and completion areas [54]. - **Copper inventory**: LME copper inventory has accumulated, with the latest level at 122,150 tons. SHFE copper inventory decreased slightly to 81,462 tons in the week of July 11. COMEX inventory has continued to accumulate, reaching 241,814 tons. Domestic spot inventory increased to 144,400 tons on July 17 [58]. - **Copper spot premium**: On July 17, the Yangtze River Non - ferrous 1 copper spot changed from a discount to a premium of about 85 yuan/ton, while the LME 0 - 3 spot discount widened to about - 58.71 dollars/ton [62]. 3.4后市研判 - The copper price will maintain a volatile trend, but risks from subsequent tariffs should be watched out for [65].

Core Viewpoint - The company is actively preparing for the implementation of new energy efficiency standards for refrigerators, which will take effect on June 1, 2026, and aims to develop competitive products that meet these standards [2] Group 1: Stock Performance - As of July 2, 2025, the company's stock closed at 7.21 yuan, up 3.74%, with a turnover rate of 4.53%, a trading volume of 396,300 shares, and a transaction amount of 282 million yuan [1] - On the same day, the main funds had a net inflow of 31.12 million yuan, accounting for 11.04% of the total transaction amount [8][10] Group 2: Company Announcements - The company announced an adjustment to the maximum repurchase price of its shares from 11 yuan to 10.67 yuan, effective from June 11, 2025 [8][10] - The profit distribution plan for 2024 includes a cash dividend of 3.30 yuan per 10 shares (tax included), with the ex-dividend date set for June 11, 2025 [8] Group 3: Investor Relations - The company is aware of the market dynamics affecting its stock price and emphasizes its focus on core business operations to improve performance [4][5][7] - The company is exploring opportunities in overseas markets and is attentive to potential demand increases in regions affected by geopolitical events [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The HC2510 contract fluctuated on Monday. The overall hot - rolled coil production remains high, terminal demand is resilient, but the cost support weakens as coal and coke prices decline in the late trading. Technically, the 1 - hour MACD indicator of the HC2510 contract shows DIFF and DEA adjusting downwards with shrinking red bars. It is recommended to conduct intraday short - term trading, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract is 3,123 yuan/ton, up 2 yuan; the position volume is 1,525,709 lots, up 999 lots; the net position of the top 20 in the HC contract is 78,901 lots, down 7,318 lots; the HC10 - 1 contract spread is - 5 yuan/ton, up 1 yuan; the HC daily warehouse receipt at the SHFE is 67,543 tons, down 1,192 tons; the HC2510 - RB2510 contract spread is 126 yuan/ton, unchanged [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,230 yuan/ton, up 10 yuan; in Guangzhou is 3,190 yuan/ton, up 20 yuan; in Wuhan is 3,230 yuan/ton, up 10 yuan; in Tianjin is 3,110 yuan/ton, up 10 yuan. The HC main contract basis is 107 yuan/ton, up 8 yuan; the Hangzhou hot - rolled coil - rebar spread is 80 yuan/ton, down 10 yuan [2]. Upstream Situation - The price of 61.5% PB fines at Qingdao Port is 713 yuan/wet ton, unchanged; the price of Hebei quasi - first - grade metallurgical coke is 1,265 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,220 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,910 yuan/ton, up 10 yuan. The domestic iron ore port inventory is 13,930.23 million tons, up 36.07 million tons; the sample coking plant coke inventory is 73.81 million tons, down 7.31 million tons; the sample steel mill coke inventory is 627.51 million tons, down 6.50 million tons; the Hebei billet inventory is 77.26 million tons, up 8.00 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills is 83.84%, unchanged; the blast furnace capacity utilization rate is 90.85%, up 0.04%. The sample steel mill hot - rolled coil output is 327.24 million tons, up 1.79 million tons; the sample steel mill hot - rolled coil capacity utilization rate is 83.59%, up 0.45%. The sample steel mill hot - rolled coil factory inventory is 78.22 million tons, up 1.70 million tons; the 33 - city hot - rolled coil social inventory is 262.94 million tons, down 0.71 million tons. The domestic crude steel production is 8,655 million tons, up 53 million tons; the steel net export volume is 1,010 million tons, up 16 million tons [2]. Downstream Situation - The monthly automobile production is 2.6485 million vehicles, up 0.0298 million vehicles; the monthly automobile sales is 2.6863 million vehicles, up 0.0967 million vehicles. The monthly air - conditioner output is 29.48 million units, down 1.353 million units; the monthly household refrigerator output is 8.51 million units, up 0.331 million units; the monthly household washing machine output is 9.412 million units, down 0.239 million units. Last week, the number of steel mill maintenance and复产 production lines increased compared with the previous week. 9 provinces had steel mills with production line maintenance, with 9 maintenance lines (2 more than the previous week) and 8复产 lines (3 more than the previous week). The production affected by production line maintenance is estimated to be 18.03 million tons this week [2]. Industry News - China firmly opposes any party reaching a deal at the expense of China's interests in exchange for so - called tariff reductions. Canada will impose a 50% tariff on steel products imported from countries without a free - trade agreement with Ottawa that exceed the quota [2].

Group 1 - The national energy-saving publicity week took place from June 23 to 29, with June 25 designated as "National Low Carbon Day," themed "Carbon Road Pioneers, Green Future" [1] - The Urumqi Market Supervision Bureau organized various promotional activities to enhance low-carbon energy-saving awareness among the public, advocating for green consumption and ecological protection [1][2] - A joint promotional event was held by 12 local government units, where staff used banners and distributed materials to educate the public on energy-saving and carbon reduction knowledge [1] Group 2 - The Urumqi Market Supervision Bureau plans to conduct regular inspections of energy and water efficiency labels on products sold in the area, ensuring compliance with national energy-saving and emission reduction policies [2] - Volunteers distributed energy-saving handbooks and relevant materials in local shops and markets, encouraging consumers to adopt green consumption practices [2] - The bureau's leadership emphasized the importance of collective action in promoting green and low-carbon initiatives, aiming to foster a sustainable development environment in the community [2]

Core Viewpoint - Since 2025, the U.S. government's unilateral tariff policies have impacted global trade order, yet Chinese foreign trade continues to progress steadily in a complex environment. The recent U.S.-China Geneva trade talks have opened a 90-day "foreign trade window" for companies to adapt and innovate [1]. Group 1: Impact of Tariffs on Trade - The company experienced significant inventory issues due to U.S. tariffs, with many products, including refrigerators, being stuck in warehouses. However, the recent trade window has allowed for the reshipment of these goods [1][3]. - From 2021 to 2024, the company's average annual export to the U.S. reached 600 million RMB, accounting for 50% of its total exports. Following the new round of tariff adjustments, U.S. clients quickly resumed orders [5]. - The logistics sector is adapting to the challenges posed by rising shipping costs, with U.S. buyers willing to pay double the transportation costs to expedite shipments [5][9]. Group 2: Innovation and Adaptation - The company has leveraged innovation as a key strategy to overcome challenges, exemplified by the development of the world's first countertop ice ball machine, which took years of research to perfect [7]. - Some companies have proactively managed tariff risks by preparing contracts that account for potential tariff increases, allowing them to maintain steady exports even during high tariff periods [15][20]. - The company has successfully maintained long-term relationships with U.S. clients, ensuring consistent growth despite tariff fluctuations [16]. Group 3: Market Expansion and New Products - Companies are exploring new markets and product lines, such as the "starry sky room," which features innovative design and materials, targeting international customers [25][32]. - The company has increased production capacity to fulfill new orders from Middle Eastern clients, demonstrating adaptability in product offerings [29]. - The use of advanced materials in new products has positioned the company to meet international standards and consumer preferences, enhancing market competitiveness [32].

Core Viewpoint - The article highlights the resilience of China's foreign trade amidst the challenges posed by unilateral tariff policies from the U.S. government, emphasizing the proactive measures taken by Chinese enterprises to adapt and seize opportunities during a designated "foreign trade window period" [1] Group 1: Impact of U.S. Tariff Policies - The U.S. government's unilateral tariff policies have significantly impacted global trade dynamics, creating a complex environment for international trade [1] - Chinese foreign trade has managed to maintain stability despite these challenges, showcasing adaptability and innovation among enterprises [1] Group 2: Response of Chinese Enterprises - Following the joint statement from the U.S. and China on May 12, a 90-day "foreign trade window period" was established, allowing Chinese companies to capitalize on this opportunity [1] - A specific example is provided of a Guangzhou-based company, historically known for producing China's first home refrigerator, which faced inventory issues due to U.S. tariffs but successfully resumed shipping during the "window period" [1] - Other foreign trade enterprises are also exploring unique product development and design to penetrate and establish a presence in emerging markets [1]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On Tuesday, the HC2510 contract decreased with increasing positions. The macro situation involves efforts in Europe and the US to avoid an escalation of the situation, and Germany hopes to avoid a tariff war. The supply - demand situation shows that the weekly hot - rolled coil production decreased by 63,000 tons for the second consecutive week, the capacity utilization rate fell below 80%, both factory and social inventories decreased, and the apparent demand decreased by 164,700 tons. On the raw material side, the second round of coke price cuts weakened cost support. Overall, the terminal demand for hot - rolled coils has strong resilience, but the black sector is weak, and there is a lack of confidence in the long - term. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA are running below the 0 - axis. It is recommended to trade with a bearish bias in a volatile market and pay attention to risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract is 3,111 yuan/ton, down 27 yuan; the position volume is 1,513,825 hands, up 42,818 hands; the net position of the top 20 in the HC contract is 121,272 hands, up 37,309 hands; the HC10 - 1 contract spread is - 9 yuan/ton, down 3 yuan; the HC warehouse receipt at the Shanghai Futures Exchange is 167,722 tons, down 13,109 tons; the HC2510 - RB2510 contract spread is 131 yuan/ton, down 3 yuan [2] 现货市场 - The price of 4.75 hot - rolled coils in Hangzhou is 3,220 yuan/ton, down 10 yuan; in Guangzhou is 3,260 yuan/ton, down 20 yuan; in Wuhan is 3,260 yuan/ton, down 10 yuan; in Tianjin is 3,150 yuan/ton, down 20 yuan. The basis of the HC main contract is 109 yuan/ton, up 17 yuan; the spread between Hangzhou hot - rolled coils and rebar is 100 yuan/ton, up 10 yuan [2] Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 736 yuan/wet ton, down 13 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,450 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,225 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,900 yuan/ton, down 20 yuan. The domestic iron ore port inventory is 139.8783 million tons, down 1.7826 million tons; the coke inventory of sample coking plants is 733,000 tons, up 80,500 tons; the coke inventory of sample steel mills is 6.609 million tons, down 26,200 tons; the Hebei billet inventory is 693,000 tons, down 52,100 tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills is 83.67%, down 0.46 percentage points; the blast furnace capacity utilization rate is 91.3%, down 0.44 percentage points. The hot - rolled coil production of sample steel mills is 3.0568 million tons, down 63,000 tons; the capacity utilization rate of hot - rolled coils is 78.09%, down 1.60 percentage points. The hot - rolled coil factory inventory of sample steel mills is 769,200 tons, down 13,000 tons; the social inventory of hot - rolled coils in 33 cities is 2.6327 million tons, down 60,800 tons. The domestic crude steel production is 8.602 million tons, down 682,000 tons; the net export volume of steel is 994,000 tons, down 2,000 tons [2] Downstream Situation - The monthly automobile production is 2.6188 million vehicles, down 387,100 vehicles; the monthly automobile sales are 2.5896 million vehicles, down 325,900 vehicles. The monthly output of air conditioners is 30.833 million units, down 2.8789 million units; the monthly output of household refrigerators is 8.179 million units, down 1.2045 million units; the monthly output of household washing machines is 9.651 million units. In April, global new ship orders totaled 111 ships, 4.532855 million CGT, with Chinese shipyards receiving 55 ships, 2.601584 million CGT, accounting for 57.39% of the total [2] Industry News - On May 26, mainstream steel mills in Hebei and Tianjin proposed a second - round price cut for coke, with wet - quenched coke down 50 yuan/ton and dry - quenched coke down 55 yuan/ton, to be implemented at zero o'clock on May 28 [2]