To promote Chinese modernization, we need to handle several major relations well.※

Supreme leader

　　Promoting Chinese modernization is a systematic project, which requires overall consideration, systematic planning and overall promotion, and correctly handles a series of major relations. Here I emphasize six aspects.

　　一是顶层设计与实践探索的关系。党的二十大报告深刻阐述了中国式现代化的中国特色、本质要求和重大原则，是对推进中国式现代化的最高顶层设计。中国式现代化是分阶段、分领域推进的，实现各个阶段发展目标、落实各个领域发展战略同样需要进行顶层设计。进行顶层设计，需要深刻洞察世界发展大势，准确把握人民群众的共同愿望，深入探索经济社会发展规律，使制定的规划和政策体系体现时代性、把握规律性、富于创造性，做到远近结合、上下贯通、内容协调。同时，推进中国式现代化是一个探索性事业，还有许多未知领域，需要我们在实践中去大胆探索，通过改革创新来推动事业发展，决不能刻舟求剑、守株待兔。各地区各部门要结合各自具体实际开拓创新，特别是在前沿实践、未知领域，鼓励大胆探索、敢为人先，寻求有效解决新矛盾新问题的思路和办法，努力创造可复制、可推广的新鲜经验。

　　2023年2月7日，新进中央委员会的委员、候补委员和省部级主要领导干部学习贯彻最高领袖新时代中国特色社会主义思想和党的二十大精神研讨班在中央党校（国家行政学院）开班。中共中央总书记、国家主席、中央军委主席最高领袖在开班式上发表重要讲话。 新华社记者 李学仁/摄

　　The second is the relationship between strategy and tactics.Strategy and tactics are powerful weapons for our party to lead the people to transform the world, change practice and promote historical development. The correct use of strategy and tactics is the secret of our party’s success in creating brilliant history, achieving great achievements in the future, overcoming various risk challenges and constantly moving from victory to victory. To promote Chinese modernization, we must inherit, apply and develop this secret of success. It is necessary to enhance the forward-looking strategy, accurately grasp the inevitable trend of things, keenly understand the opportunities and challenges that may arise on the road ahead, and foresee and lead the future with scientific strategies. To enhance the overall situation of the strategy, plan strategic objectives, formulate strategic measures and make strategic arrangements, we must focus on solving major issues that have a bearing on the success or failure of the cause of the party and the state. To enhance the stability of the strategy, once the strategy is formed, it must be adhered to for a long time, grasped to the end, done well, and not changed at will. To achieve this, we need to improve our political stance, establish a world perspective, be mindful of "the country is the biggest", connect history, reality and future, connect China with the world, enhance our strategic thinking ability, make our formulated strategy practical and effective, and provide strong strategic support for Chinese modernization. Strategies provide scientific methods for strategy implementation. The environmental conditions for implementing the strategy are changing at any time, and new situations and new problems will be encountered every moment. This requires us to organically combine the principle of strategy with the flexibility of strategy, be flexible, improvise and make decisions on the occasion.Grasp the strategic initiative in adapting to local conditions, moving according to the situation and taking advantage of the trend.

　　The third is the relationship between integrity and innovation.Being upright and innovating is an important way of thinking for our party to govern the country in the new era. Only by being upright can we not lose our way and make subversive mistakes, and only by innovating can we grasp and lead the times. The exploration of Chinese modernization is a historical process of development in inheritance and innovation in keeping the right. In advancing the new journey of Chinese modernization, we must first keep the roots, roots and souls of Chinese modernization, unswervingly adhere to the China characteristics, essential requirements and major principles of Chinese modernization, adhere to the party’s basic theory, basic line and general plan, and adhere to a series of major principles and policies since the 18th CPC National Congress to ensure the correct direction of Chinese modernization. At the same time, we should put innovation in a prominent position in the overall development of the country, conform to the requirements of the development of the times, focus on solving major theoretical and practical problems, actively adapt to changes, vigorously promote theoretical innovation, practical innovation, institutional innovation, cultural innovation and other aspects of innovation, constantly open up new areas and new tracks for development, and shape new development momentum and new advantages. Actively create a strong atmosphere of advocating innovation, encouraging innovation and being brave in innovation, so that innovation becomes a common practice in the whole society. Leading cadres at all levels should speed up the transformation of ideas, ways of thinking, ways of behavior and working methods that do not meet the requirements of innovation and development, and truly become the leaders and promoters of innovation.

　　The fourth is the relationship between efficiency and fairness.中国式现代化既要创造比资本主义更高的效率，又要更有效地维护社会公平，更好实现效率与公平相兼顾、相促进、相统一。要坚持和完善社会主义基本经济制度，毫不动摇巩固和发展公有制经济，毫不动摇鼓励、支持、引导非公有制经济发展，充分发挥市场在资源配置中的决定性作用，更好发挥政府作用。构建全国统一大市场，深化要素市场化改革，建设高标准市场体系，营造市场化、法治化、国际化营商环境，持续优化劳动、资本、土地、资源等生产要素配置，着力提高全要素生产率。加快建立以权利公平、机会公平、规则公平为主要内容的社会公平保障体系，保证人民平等参与、平等发展权利。深入推进司法体制改革，努力让人民群众在每一项法律制度、每一个执法决定、每一宗司法案件中都感受到公平正义。破除阶层固化的体制机制障碍，畅通社会上升通道。健全基本公共服务体系，提高公共服务水平，增强均衡性和可及性，扎实推进共同富裕取得更为明显的实质性进展。

　　2023年9月6日至8日，中共中央总书记、国家主席、中央军委主席最高领袖在黑龙江考察。这是6日下午，最高领袖在大兴安岭地区漠河市北极村，同村民史瑞娟一家亲切交谈。 新华社记者 鞠鹏/摄

　　The fifth is the relationship between vitality and order.In the historical process of modernization, it is a worldwide problem to handle this relationship well. Chinese-style modernization should and can achieve a dynamic balance of living but not chaotic, active and orderly. It is necessary to deepen the reform of institutional mechanisms in all aspects, fully release the creative potential of the whole society, and encourage scientists, entrepreneurs, writers and artists and other talents, especially young talents, to innovate and create. Actively develop inner-party democracy, safeguard party member’s rights, take practical and effective measures to solve the problems of unwilling, afraid and poor responsibility, and fully mobilize the enthusiasm of cadres and officials in party member to start businesses. Strengthen the guidance of public opinion, form the correct orientation of labor to create wealth, work hard to create performance, and strive to create happiness, prevent the growth and spread of bad ideas such as belittling labor, getting something for nothing, getting rich overnight, enjoying the success, and lying passively on equal footing, and fully stimulate the creative vitality of the whole society. Coordinate development and security, implement the overall national security concept, improve the national security system, enhance the ability to safeguard national security, and firmly safeguard the security of state power, system, ideology and key areas. Improve the level of public security governance, improve the social governance system, and enhance the efficiency of social governance. Develop people’s democracy in the whole process, correctly handle contradictions among the people under the new situation, strive to resolve contradictions and disputes at the grassroots level and in the bud, educate and guide the people to express their interests and safeguard their legitimate rights and interests through rational and legal channels. Strengthen the overall prevention and control of public security, severely punish all kinds of illegal and criminal activities strongly reflected by the masses according to law, and ensure that people live and work in peace and contentment.

　　 

　　Sixth, the relationship between self-reliance and opening up.To promote Chinese-style modernization, we must adhere to independence, self-reliance, the development of the country and the nation on the basis of our own strength, and firmly grasp the fate of China’s development and progress in our own hands. It is necessary to speed up the construction of a new development pattern, realize internal recycling, and rely on the advantages of China’s ultra-large-scale market to attract global resource elements and enhance the linkage effect of domestic and international markets. Maintain economic security, especially food security, energy security, and industrial chain supply chain security. Improve the new national system, strengthen the national strategic scientific and technological strength, take the national strategic needs as the guide, gather strength to carry out original and leading scientific and technological research, and resolutely win the key core technology battle. Constantly expand high-level opening to the outside world, improve the quality and level of trade and investment cooperation, steadily expand institutional opening such as rules, regulations, management and standards, promote the high-quality development of the "Belt and Road", optimize the regional opening layout, implement the promotion strategy of free trade pilot zones, expand the network of high-standard free trade zones facing the world, deeply participate in global industrial division of labor and cooperation, maintain a diversified and stable international economic structure and economic and trade relations, and expand the development space of Chinese modernization.

　　This is part of the speech made by General Secretary of the Supreme Leader at the seminar on studying and implementing Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era and the 20th Party Congress on February 7th, 2023 for members and alternate members of the newly-appointed Central Committee and leading cadres at provincial and ministerial levels. ※.

　　In his speech at the joint welcoming banquet of American friendship groups, the Chairman of the Supreme Leader stressed: "China is not pursuing an independent modernization, and is willing to work with other countries to realize a world modernization of peaceful development, mutually beneficial cooperation and common prosperity, and promote the building of a community of human destiny!" Modernization is the basic trend of the evolution of world history since modern times, and the vast number of developing countries are making unremitting exploration and pursuit on their own modernization roads. In recent years, the kinetic energy of world economic growth is insufficient, and the factors of instability, uncertainty and unpredictability are increasing, and the modernization process of human society is bumpy and full of hardships. What kind of modernization do we need? To realize the world modernization of peaceful development, mutually beneficial cooperation and common prosperity, this Chinese plan points out the correct direction for the modernization of human society.

　　Peace and development are the trend of the times and the "greatest common denominator" of the wishes of people of all countries. Historically, the process of modernization originated in western countries, but it was accompanied by war, colonization, plunder and coercion, which brought great suffering to the people in developing countries. Today, the modernization of human society cannot and should not return to the old road full of bloody evils. Without peace, there will be no development, and the existing development achievements will be lost. A peaceful and stable internal and external environment is the fundamental condition and necessary guarantee for any country to realize modernization. History shows us that bullying is not the way for human beings to coexist, and belligerence cannot bring a better world. In the face of complex and intertwined security challenges, we should adhere to the common, comprehensive, cooperative and sustainable security concept, bridge differences through dialogue and resolve disputes through cooperation. Only when all countries cherish, maintain and promote peace, and create a fair, just and shared security pattern with the spirit of unity and win-win thinking, can world modernization keep moving forward on the track of peaceful development.

　　Since modern times, factors of production such as capital, technology, labor and management have flowed around the world, turning isolated small lakes and rivers into the sea of Wang Yang, and history has become the history of the world. With the development of information technology, the communication between countries and people has deepened, and human beings have increasingly become a community of destiny with both glory and loss. Today in the 21st century, it is impossible for any country to pursue modernization under closed conditions. Openness, accommodation and mutually beneficial cooperation are inevitable choices. At present, some countries are building "small courtyard and high wall", pushing "decoupling and breaking chain", clamoring for "risk removal" in supply chain, and engaging in unilateralism and protectionism, which brings great challenges to world modernization. Man-made obstacles to cooperation block not risks but opportunities. Only by strengthening interconnection, unity and cooperation, mutual benefit and reciprocity, expanding the scope of cooperation and making the cake of cooperation bigger can countries promote their own development and achieve common development, and make the process of world modernization full of surging momentum.

　　Modernization entrusts people’s yearning for a better life, and people in every country have the right to pursue modernization. The process of world modernization should not make the rich richer and the poor poorer. However, at present, the problems of North-South gap, recovery and differentiation, development fault and technology gap are more prominent, the human development index has dropped for the first time in 30 years, and the international development cause is facing great challenges. Making up the development deficit has become an arduous task for all countries in the world, and taking the road of modernization of building, sharing and winning is the way to solve the problem. To enhance the inclusiveness of modernization achievements, persist in sharing opportunities and creating the future together, we should pay special attention to the special needs of developing countries, safeguard their legitimate development rights and interests, improve their right to speak internationally, focus on solving the problem of insufficient imbalance between countries and within countries, improve the balance, coordination and inclusiveness of development, make each country a participant, contributor and beneficiary of global development, and make the modernization cause with its own characteristics converge into a torrent of the times to promote world prosperity and development and the progress of human civilization.

　　"I want to stand up and stand up, and I want to reach people." As an ancient civilization and a responsible country, it is China’s consistent pursuit to help the world. With China concept as the guiding direction of world change, China action as a substantial contribution to maintaining peace and security, China’s plan as a conscientious contribution to promoting common development, and China’s wisdom as the driving force to improve global governance, Chinese-style modernization is promoted and expanded in a benign interaction with the world, which also provides opportunities for world peace and development. Realizing the world modernization with peaceful development, mutually beneficial cooperation and common prosperity is China’s expectation, and it is also the wish of every country that diligently explores on the road of modernization. China will unswervingly push forward the construction of a strong country and the great cause of national rejuvenation with Chinese modernization, and join hands with other countries to create a better prospect for world modernization.

　　CCTV News: Tian Ming, male, born in December 1965, Han nationality, party member of CPC, monitor of Oilfield Engineering Technology Service Center of Sinopec Jiangsu Oilfield Company.

　　Tian Ming has been engaged in underground work for more than 30 years, adhering to my lofty ideal of contributing oil to the motherland, based on his post and making bold innovations, he has completed 92 innovations, authorized 34 patents and published 30 papers in core journals. The "Innovation and Application of Oil Testing Technology" won the second prize of the National Science and Technology Progress Award, with an efficiency of over 100 million yuan.

　　Honors: National Model Worker, National May 1st Labor Medal, National Technical Expert, National Most Beautiful Worker, Jiangsu May 1st Labor Medal, and Top Ten Craftsmen in Jiangsu Province.

　　Tian Ming, male, born in 1965, Han nationality, party member of the Communist Party of China, senior technician of Jiangsu Oilfield Branch of China Petrochemical Co., Ltd., has won the titles of national technical expert, national May 1st Labor Medal, national labor model, national most beautiful worker, national post study Lei Feng pacesetter, craftsman China of the year, Jiangsu Province time model, Jiangsu Province outstanding Communist party member, Jiangsu Province top ten craftsmen, Jiangsu Province May 1st Labor Medal, and group company technical expert.

　　Tian Ming has been engaged in underground work for 33 years, adhering to my lofty ideal of donating oil to the motherland, based on his post, assiduously studying and boldly innovating, he has successively completed 92 innovation achievements, won 44 awards, granted 34 patents and published 30 papers in national core journals. Among them, the innovation and application of oil testing technology won the second prize of national scientific and technological progress in 2014, creating hundreds of millions of yuan for enterprises.

　　He embodies the spiritual quality of a new generation of oil workers who are diligent in learning, brave in innovation and willing to contribute, and is known as the pioneer of the times and advanced model for workers in the petroleum and petrochemical industry.

　　Study hard and strive to be a "knowledge-based" employee.

　　In 1985, Tian Ming graduated from Oilfield Technical School majoring in drilling and repair, and became a tester. Because what he did was not what he learned, his first reading of drawings was like reading a "heavenly book"; The first time I went to the well to take data, I handed in a "blank paper"; My legs trembled nervously when I climbed the derrick for the first time. In order to make up for the shortage of majors, he took time off to study during the day, stayed up all night to study, and followed his master in the well. He taught himself books such as Scientific Oil Testing System Engineering, Well Testing Data Interpretation Method, Electromechanical Integration and so on, wrote more than 300,000 words of study notes, and successfully completed college and undergraduate education, and soon became a skilled worker from a layman.

　　In July 1987, the timer imported from the United States broke down on the team, and no one could repair it, which affected the production. In order to master the maintenance technology of the timer as soon as possible, during that time, he stayed in the sultry tin workshop every day, squatted under the blazing desk lamp, wiped his sweat with bare arms, put on a towel and fiddled with the timer, and did not dare to turn on the electric fan, for fear of blowing away the parts, and finally fiddled with it for more than three months.

　　In 1994, he was hired by the watch industry research institute of the former Ministry of light industry as a technical consultant of 200JC timer, and only four people were employed nationwide.

　　Well Yancheng 1 is the first gas well in Jiangsu Oilfield. During the gas test, the double bellows differential pressure flowmeter failed, and the factory technicians could not solve it on site, so the gas test operation was forced to stop. He is eager to see in his eyes and ask for a try. Everyone cast a skeptical eye. Some people say, "Do you dare to do what experts can’t do?" I really don’t know how much I weigh! " After pondering for two days, he really solved the problem, the gas test construction was completed as scheduled, and Yancheng Gas Field, the largest gas field in the middle and lower reaches of the Yangtze River, was put into production smoothly. That year, he won the second class merit.

　　In 2012, the oil field imported coiled tubing equipment worth more than 20 million yuan. In order to understand the most advanced electric control and hydraulic system in China as soon as possible, he climbed up and down with technicians during the day to consult humbly, and at night, he often hid in the toilet to ponder the principle against the drawings. In order to remember the functions of hundreds of valve parts, he also wrote a jingle. When the equipment was debugged, the load could not be pulled in place and could not be found for many days.

　　Since then, with the help of the platform of coiled tubing equipment, Tian Ming has successively completed a series of technical innovations such as coiled tubing cutting, workover and logging, and developed the "coiled tubing cutting technology" to solve the worldwide problem of cutting highly deviated pipe strings in horizontal wells, and CCTV news broadcast has also made a special report; The "Coiled Tubing Cable Penetration Technology" has solved the problem that the cables of logging instruments in horizontal section can not be delivered effectively, provided a guarantee for the low-cost development of Fuling shale gas field, the largest shale gas field in China, and broke the foreign technical monopoly, and has been popularized in Jilin, Jidong, Bohai Drilling, Chuanqing and other oil fields.

　　Be brave in innovation and strive to be "intelligent" employees

　　Tian Ming always believed that workers are more powerful if they have wisdom, and only by solving difficult problems with knowledge and wisdom can they better reflect their values.

　　In 2003, when testing high-pressure deep wells in the western new area of Sinopec, because of the high wellbore pressure, multi-pin initiators were used in the test, and the number of pins used was large, which made it difficult to control the initiation pressure. His innovative "delayed initiation+testing technology" made perforation and testing out of sync, greatly improved the success rate of testing and negative pressure perforation rate, solved the technical bottleneck of high-pressure deep well APR testing, and the technology was fully promoted in the western new area.

　　Oil testing is one of the most important links in oil exploration and an important basis for correctly understanding and evaluating oil and gas reservoirs, commonly known as B-ultrasound for oil reservoirs. In order to improve the accuracy of oil testing data,

　　For 30 years, he has participated in the oil testing construction of various complex small fault block reservoirs in the oilfield. The innovative Oil Testing Technology involves 18 patents and more than 20 technologies in four categories: perforation, testing, swabbing and sampling. It has proved 21.17 million tons of oil reserves in seven blocks, including Shanian structure in Dongtai depression and Huazhuang structure in Gaoyou depression, which has promoted the technical progress of oil testing in the oilfield and won the award for its achievements.

　　The jar is a tool for releasing stuck in drilling and workover, and once problems occur, it will seriously affect the safety construction. The performance of SHJ-YA super-hydraulic jar is unstable in high-pressure deep wells. He developed "Improvement Technology of Domestic Hydraulic Jar for High-pressure Ultra-deep Wells", which eliminated the influence of high pressure on tools by using the principle of pressure balance. By improving the matching accuracy of valves, selecting special hydraulic oil and sealing parts, the depth of jar release was increased from 4000m to 6000m. The performance reached the international advanced level and won the silver prize in the 8th International Invention Competition.

　　The combined perforating and testing technology imported from the United States produces high pressure as small as tens of MPa and as high as hundreds of MPa, and it is easy to overload and damage the pressure gauges that take data in the same well. Once the pressure gauge is damaged, it will lead to the rework of the project and increase the cost, and it will affect the correct understanding of the oil and gas reservoir. The developed pressure gauge overload protector can instantly close the pressure transmission channel to protect the pressure gauge and automatically open the channel to ensure pressure collection after perforation, which reduces the damage rate of the pressure gauge from 16.6% to zero and the data accuracy rate is 100%. Technology has reached the leading level in the industry.

　　Changshenping 3 well is a key gas well in PetroChina, with a daily gas production of 400,000 m3. Due to casing corrosion, S13Cr gas-sealed tubing was severely deformed in the early stage of construction, resulting in millions of coiled tubing and tools being stuck underground. Because of the small diameter, there is no good solution in the industry. Tian Ming was invited to use his original small tubular string drilling and milling technology to overcome the cold and fever in the northeast at MINUS 30 degrees. Fine construction was carried out in the deformed gas-tight tubing by hanging the water edge near the well site. Through reducing the friction resistance, fishing balls, drilling and grinding the deformed S13Cr gas-tight tubing and drilling the ash plug, the tunnel was drilled for 2931.5m, and the construction was carried out for more than 20 days. Finally, the oil well was brought back to life, with an annual output value of over 100 million yuan. Party A specially wrote a thank-you letter.

　　Be willing to contribute and strive to be an "ingenious" employee

　　People often ask him: What’s the point of fiddling with those "iron bumps" all day? What is the picture? He said: not for fame, not for profit, but for your own liking. In this life, it is most meaningful for people to make some contributions to the unit and society with their own knowledge and skills in their own posts!

　　In the 1990s, in order to facilitate field construction, the unit was equipped with a number of portable imported generators. Because of the bad field construction conditions, generators are prone to failure, and they often have to be sent to Shanghai for maintenance, which is very inconvenient and affects production. The leader of the brigade found him and asked him if he could help to repair it. Although it was not his job, he agreed at once, and it was 20 years. Since then, more than 10 generators have never been sent out for repair, saving hundreds of thousands of dollars.

　　In 2014, the world-renowned general agent of American National Pipe Fittings Company (China) braved the heavy snow all the way to Zhenwu Oilfield to find him. As soon as he entered the door, he said, "Master Tian, we are very interested in coiled tubing cutting technology. Can we cooperate? I guarantee that the company will offer you an annual salary of not less than 500,000. " In the face of the temptation of generous remuneration, it is unrealistic not to be tempted at all. However, he declined politely.

　　In 2010, the oilfield set up a model worker innovation studio named after him. Tian Ming signed a mentoring agreement with 32 people, leading studio members to complete more than 80 innovations and apply for 22 patents. Among them, "Matching Tools for Oil Testing Technology" was awarded the only first prize for the outstanding technological innovation achievements of the fourth national workers; The project of "development of high-pressure sampling tools" has improved the success rate of high-pressure sampling in Jiangsu Oilfield from 46.6% to 92.2%, and the technology is leading in China. He also created a studio website, shared technical materials for free, and went to the podium to exchange innovative experiences with youth innovation seminars and high-skilled personnel training courses inside and outside the oilfield. He taught more than 120 sessions and more than 6,000 students attended the lectures. The studio has successively won the titles of "National Model Worker Innovation Studio of Energy Chemistry System", "Jiangsu Skills Master Studio" and "National Skills Master Studio" and the provincial-level "party member Education Reality Classroom Demonstration Site" awarded by jiangsu provincial party committee Organization Department.

　　In 2015, the Party Group of Sinopec called on all employees in the whole system to learn from Comrade Tian Ming, and the Jiangsu Provincial Federation of Trade Unions also called on tens of millions of employees in the province to learn from him. More than 20 media such as CCTV News Network, Chao Wen Tian Xia, People’s Daily and Xinhua Daily also made special reports on Tian Ming’s deeds, and there was an upsurge of "learning from Comrade Tian Ming" inside and outside the industry.

　　Commodities are mixed, and the impact of Yuanxing production, soda ash fell more than 3%; Crude oil, fuel oil and asphalt fell more than 1%. Oil shows a V-shaped trend, and palm rises by 3% from the low point.

　　[Industry News]

　　National Bureau of Statistics: From January to May, the profits of industrial enterprises above designated size decreased by 18.8%.

　　From January to May, the total profits of industrial enterprises above designated size nationwide reached 2,668.89 billion yuan, down 18.8% year-on-year, and the decline rate was 1.8 percentage points narrower than that in January-April. Among industrial enterprises above designated size, state-owned holding enterprises realized a total profit of 962.51 billion yuan, down 17.7% year-on-year; Joint-stock enterprises realized a total profit of 1,957.81 billion yuan, down by 20.4%; Foreign-invested and Hong Kong, Macao and Taiwan-invested enterprises realized a total profit of 626.75 billion yuan, down by 13.6%; The total profit of private enterprises was 683.78 billion yuan, down by 21.3%.

　　Jiao Zengjun, Deputy Director of the Futures Department of CSRC: The total assets of the futures industry increased by 223.90% in five years.

　　At the 2023 Green Financial Services Entity Futures Helping Rural Revitalization Conference, Jiao Zengjun, deputy director of the Futures Department of the China Securities Regulatory Commission, delivered a speech saying that the futures industry’s own strength has been continuously enhanced and its ability to serve the real economy has continued to improve. By the end of 2022, the total assets of the industry were 1,699.676 billion yuan, an increase of 223.90% over the end of 2017; Customer equity was 1,430.63 billion yuan, an increase of 256.22%. Accumulated operating income was 40.164 billion yuan and net profit was 11.004 billion yuan, increasing by 45.30% and 36.20% respectively compared with 2017. The total assets of 100 risk management subsidiaries were 153.712 billion yuan, an increase of 476.28% over 2017; Accumulated operating income was 241.381 billion yuan and net profit was 1.154 billion yuan, up by 186.02% and 28.22% respectively compared with 2017.

　　Last issue: Accelerate the listing of low-carbon products such as liquefied natural gas and aluminum alloy futures.

　　On June 28th, Zhang Ming, deputy general manager of the last issue, said at the "2023 Green Financial Services Entity Futures Helping Rural Revitalization Conference" that in terms of variety innovation, the last issue successfully launched low-sulfur fuel oil futures to help the ship oil supply market change from high-sulfur to low-sulfur, and is currently accelerating the listing of low-carbon products such as liquefied natural gas and aluminum alloy futures. In the next step, the last issue will fully implement the concepts of green, conservation and environmental protection, strengthen green cooperation, research and launch more products with green concepts, and support the green transformation of futures companies.

　　China Cotton Association: The raw material inventory of textile enterprises increased slightly in May.

　　According to the investigation of China cotton early warning system on more than 90 designated textile enterprises in China, the short-term orders of textile enterprises have remained sufficient since May, the operating rate has remained basically stable, the cotton price trend has been strong during the month, enterprises have replenished their stocks on bargain hunting, and the overall raw material inventory has increased. As of May 31, the inventory of cotton industry in the warehouse of textile enterprises was 854,400 tons, an increase of 148,800 tons compared with the end of last month and an increase of 264,300 tons year-on-year. Among them: 28% enterprises reduced cotton inventory, 37% increased inventory, and 35% remained basically unchanged.

　　Domestic refined oil prices may face a slight increase today.

　　At 24: 00 on June 28, a new round of domestic refined oil price adjustment window opened. Affected by the overall increase in crude oil prices during the pricing cycle, the agency expects that the price of refined oil products will increase slightly this round. According to Jin Lianchuang’s calculation, as of the tenth working day of June 28th, the average price of reference crude oil varieties is 73.21 USD/barrel, with a change rate of 1.10%, and the domestic retail price will be raised in cash, including gasoline by 70 yuan/ton and diesel by 70 yuan/ton, with the discount price of 92# by 0.05 yuan, 95# by 0.06 yuan and 0# by 0.06 yuan.

　　[Institutional point of view]

　　Soda has collapsed again! Will the market still fall in the afternoon?

　　Today, the price of soda ash futures fell sharply, with a drop of over 3%, and the main contract price of 09 approached the 1600 yuan/ton mark.

　　According to the analysis, the main reason is () putting into production to suppress market sentiment. At present, the first phase of Yuanxing Energy Natural Alkali Project is ignited in the market, and the products put into production may come out in the near future. The price drop of soda ash is accompanied by the dumping of goods in the market, and the inventory of soda ash is accumulated in advance. Therefore, the market’s pessimistic expectation of oversupply after the new production capacity is put into production in the later stage is even stronger. After the current price drop, the current cost line of ammonia-alkali process will be broken.

　　Everbright Futures said that in the past two days, the market has circulated information on the planned price increase of alkali plants, and the news needs to be verified. At the end of the month and the beginning of next month, it is necessary to pay close attention to the direction and extent of spot price adjustment. Fundamentally speaking, the maintenance of the supply side has been gradually implemented. The load of soda plants in Jiangsu and Qinghai has decreased, and the operating rate of soda ash has dropped slightly to 90.44% in a day. However, the impact on the supply side is limited at present, and the maintenance is more intensive in July and August. At that time, the output of soda ash may drop significantly. In addition, in the past two days, the commissioning of Yuanxing will be carried out, which will offset the lack of supply caused by maintenance after the finished products are stably produced. The demand side has not changed much, and some downstream purchases are moderate, but the downstream mentality is cautious as a whole, and it may be difficult to effectively support the market.

　　On the whole, the short-term soda ash market lacks effective drive, and it will continue to be treated with a wide range of shocks in the day. In the later period, we should pay attention to the seasonal maintenance efforts and the changes of product speed, macro and overall mood of commodity market.

　　Looking forward to the market outlook, Guangzhou futures are mainly bearish, and there is a big difference between soda ash in recent months and far months. In recent months, due to the maintenance season from July to September, the supply is shrinking, and the downstream demand is still there, and the low inventory state has certain support for the price of soda ash in recent months. However, after the expected completion of production at the end of the month, the overall overcapacity of soda ash will be clear after September. In the short term, the pattern of soda ash near strength and far weakness is obvious. In recent months, under the tight balance between supply and demand, the reasons for low inventory and high price are relatively firm. After the natural soda in contract 09 is put into production, the price is easy to fall and difficult to rise. In the medium and long term, it is still recommended to sell short on rallies.

　　Oils and fats: In the early stage, Lido-driven weakening will still be more in the short term.

　　In the medium term, palm oil production is expected to increase from June to October, and palm oil production is expected to accumulate in June to October when exports are relatively weak. There is a great pressure on the arrival of soybeans in Hong Kong from June to August in China, and the cumulative inventory of soybean oil is expected to be strong. Pay attention to whether geopolitical conflicts have an impact on Russian-Ukrainian vegetable oil exports, thus increasing the alternative consumption of soybean oil and palm oil. In the long run, due to the impact of El Niñ o, palm oil production is expected to decrease in 2024. After the South American beans are listed in the new season, the soybean supply will further turn loose. Operation: In the early stage, it will continue to be held after taking profit, and the soybean oil basis will be bearish.