1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term outlook for the main contract of Shanghai Aluminum is mainly weak with fluctuations. The main contract's operating range moves down due to the hawkish stance of the Federal Reserve, the upcoming implementation of Sino - US tariffs, and the continuous inventory accumulation during the off - season. The variables are the inventory data in August and macro - stimulus situations [9] 3. Summaries According to Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On July 31, 2025, the Shanghai Aluminum al2509 contract fluctuated and declined throughout the day, with small fluctuations during the day session and a negative close. The full - day trading volume was 145,300 lots, and the open interest was 248,613 lots [2] 3.1.2 Variety Prices - There are 12 contracts for Shanghai Aluminum futures, with a total open interest of 591,031 lots, a decrease of 18,206 lots compared to the previous trading day. Among them, the open interest of the active contract al2509 decreased by 12,750 lots, indicating capital outflows during the decline [4] 3.2 Spot Market - On July 31, 2025, the basis of the main contract Shanghai Aluminum al2509 strengthened. The spot aluminum price in East China was 20,590 yuan/ton, and the closing price of the futures main contract was 20,510 yuan/ton, with a basis of 80 yuan/ton [6] 3.3 Influencing Factors 3.3.1 Macro Information - Powell said that "it's too early to cut interest rates in September", causing the market's interest - rate cut expectation to drop from 64% to 46%. The US dollar index reached a two - month high, putting pressure on non - ferrous metals. The Politburo meeting's statement on "anti - involution" was milder than expected, and no super - expected stimulus signals were released, cooling market sentiment. The negotiation result of the suspension of Sino - US economic and trade tariffs expiring on August 1 has become a short - term key variable [7] 3.3.2 Technical Analysis - The daily price of the Shanghai Aluminum 2509 contract fell below the 20 - day moving average, with the support level at the 40 - day moving average. The MACD formed a death cross with an expanding green bar, the trading volume increased, and the price declined with capital outflows [8]

Report Overview - Report Date: July 31, 2025 - Report Cycle: Daily - Research Variety: Soybeans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On July 31, 2025, the main continuous contract of DCE soybean futures rebounded but was blocked, with prices fluctuating weakly. The opening price was 4,146 yuan/ton, the highest price was 4,160 yuan/ton, the lowest price was 4,119 yuan/ton, and the closing price was 4,131 yuan/ton, a decrease of 21 yuan/ton or 0.51% from the previous day. The trading volume was 102,711 lots, the open interest was 122,210 lots, and the daily increase in positions was -6,447 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Positions (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,131 | -21 | -0.51% | 102,711 | 122,210 | -6,447 | 0.99% | | A2511 | 4,118 | -20 | -0.48% | 39,504 | 120,352 | 678 | 0.84% | | A2601 | 4,106 | -19 | -0.46% | 15,463 | 34,013 | 227 | 0.87% | | A2603 | 4,096 | -20 | -0.49% | 4,469 | 23,402 | -202 | 0.83% | [3] 2. Spot Market - Today's soybean basis was -111 yuan/ton, and the basis has strengthened recently. Today's total registered soybean warehouse receipts were 13,557 lots, a decrease of 4 lots from the previous trading day [4]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average domestic soybean price was 4,027 yuan/ton, a month-on-month increase of 0.60%. In recent days, the domestic soybean spot price has been stable with a slight increase. Today, the soybean inventory in major ports was 6.8393 million tons, a month-on-month decrease of 0.07%. Currently, the inventory accumulation rate of port soybeans has slowed down [6][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near-month landed duty-paid prices of imported soybeans showed a weak trend. Today, the near-month landed duty-paid price of US Gulf soybeans was 4,770.72 yuan/ton, that of Brazilian soybeans was 3,896.47 yuan/ton, and that of Argentine soybeans was 3,725.15 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a narrow - range fluctuating trend [10].

研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 成文日期: 20250729 报告周期: 日报 研究员：王建超（从业资格号：F3077383;投资咨询从业证书号:Z0015736) 黄金期货日报:聚焦美联储会议，金价探 FE | 미국 1 外盘和上期所期货盘面情况 当日（20250729），周一 COMEX 黄金期货继续回落，连续第 四天回落。周二沪金期货继续弱势下行，主力 2510 合约收盘在 771.44 元/克，全天下跌 3.34 元/克（相对于上一交易日收盘价）, 跌幅 0.43%。贸易乐观情绪消退后，金价探底回升。 图 1: 上期所黄金期货主力合约分时图 ald and tamination of the Omalian Hands (10 morely 图片来源：国金期货行情软件 图 2：COMEX 黄金期货主力合约分时图 | | 图 3: 上期所黄金期货下午收盘数据面板图 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- ...

Report Summary 1. Report Information - Research variety: Beans - Report cycle: Daily - Date of report: July 30, 2025 - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating provided in the report. 3. Core View - The domestic soybean spot price has been stable with a slight decline recently, and the futures price of soybean No. 1 has shown a low - level volatile and slightly stronger trend. The basis has weakened again, and the registered warehouse receipts remain unchanged. The port soybean inventory is increasing, and the import soybean arrival - at - destination duty - paid price is generally weak, while the enterprise's crushing profit decline has slowed down [2][3][8][9] 4. Summary by Section 4.1 Futures Market - **Contract行情**: On July 30, 2025, the main continuous contract of DCE soybean No. 1 futures showed a low - level volatile and slightly stronger trend. The opening price was 4,145 yuan/ton, the highest price was 4,166 yuan/ton, the lowest price was 4,133 yuan/ton, and the closing price was 4,153 yuan/ton, up 17 yuan/ton or 0.41% from the previous day. The trading volume was 118,912 lots, the open interest was 128,657 lots, and the daily increase in open interest was - 4,692 lots [2] - **Variety price**: Different contracts had different price changes. For example, the A2509 contract closed at 4,153 yuan/ton, up 17 yuan/ton or 0.41%; the A2511 contract closed at 4,146 yuan/ton, up 41 yuan/ton or 1.00% [3] 4.2 Spot Market - **Basis and registered warehouse receipts**: The basis of soybean No. 1 was - 133 yuan/ton, weakening again. The total number of registered warehouse receipts was 13,561 lots, remaining the same as the previous trading day [4] 4.3 Influencing Factors - **Important events**: The average price of domestic soybeans was 4,003 yuan/ton, down 0.35% month - on - month, showing a stable - to - decreasing trend in recent days. The inventory of soybeans in major ports was 6.8443 million tons, up 0.67% month - on - month, continuing the inventory - building trend [7][8] - **Industry information**: The arrival - at - destination duty - paid price of imported soybeans was generally weak. The near - month arrival - at - destination duty - paid price of US Gulf soybeans was 4,814.14 yuan/ton, that of Brazilian soybeans was 3,932.83 yuan/ton, and that of Argentine soybeans was 3,723.32 yuan/ton. The decline in enterprise crushing profit has slowed down and slightly recovered [9]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week (July 21 - July 25, 2025), alumina futures showed a significant upward trend, and the alumina market continued its strong pattern with increased market activity. The active trading in the spot market drove up the alumina price substantially [2]. - In the short - term, alumina will fluctuate, and capital games will intensify. It is easy to be affected by the decline of market sentiment and inventory increase, leading to sharp drops. However, considering the increased supply and ore - end interference factors compared to the first half of the year and the "anti - involution" and "stable growth" policies as the main themes in the second half of the year, a relatively strong outlook is maintained [19]. Summary by Relevant Catalogs 1. Market Overview and Market Review 1.1 Overall Market Performance - This week (July 21 - July 25, 2025), the main alumina contract rose following the macro - sentiment of the commodity market. The daily line was above the moving average, and the weekly line was among the moving averages. The alumina 2509 contract closed at 3,428 yuan/ton, a week - on - week increase of 1.27%. The trading volume was 910,000 lots, and the open interest was 190,000 lots [2]. 2. Analysis of Influencing Factors 2.1 This Week's Fundamental Data Tracking and Interpretation - **Macro**: Domestically, the trading focus is on "anti - involution + stable growth". The reversal of macro - sentiment, combined with term - positive arbitrage to lock in inventories and downstream speculative restocking, forms a typical characteristic of speculating on expectations during the off - season. The medium - term sustainability of the market depends on whether the expectations can be realized, specifically the actual implementation of "anti - involution + stable growth" policies in China and whether the strong overseas macro - reality can continue [6]. - **Commodity Logic**: Currently, the commodity sentiment is cooling in the short - term. The current position can be regarded as a policy bottom, and the market bottom requires more clues of macro and fundamental improvement. Domestically, it focuses on whether M1 and social financing continue to rise and the decline rate of manufacturing investment growth. Overseas, it focuses on whether container shipments and US consumption data weaken after August 1st and the degree of the weakening. August - September is a transition period from the policy bottom to the market bottom, and major asset classes, including commodities, may show a pattern of intra - commodity differentiation and mainly fluctuate [9]. - **Fundamentals**: - The political power in Guinea is becoming more volatile, and the bauxite mining rights may be used as a means of political game and tax increase. Attention should be paid to the risks brought by black - swan events in the ore end in the second half of the year [9]. - The current supply in the spot market is tight, and the spot transaction price is still rising. The spot price is at a premium mainly due to factors such as the previous supply of long - term contracts, partial over - sales, and recent maintenance of alumina plants in some regions. The available spot in the market is still relatively limited. Calculated based on the Australian FOB price of $380 on July 25, the current theoretical import price of alumina is about 3,350 yuan [9][10]. - On Friday, the alumina warehouse receipts increased slightly but remained at a low level. The alumina warehouse receipts increased by 2,109 tons to 9,031 tons, showing a slight selling pressure. However, it is necessary to track whether the increase continues. The total warehouse receipts are still at a very low level. It is expected that about 50,000 tons of warehouse receipts may be gradually formed in Xinjiang by the end of July or early August. The inventory in alumina plants is still low, the profit of electrolytic aluminum is good, and the willingness to support the price in the spot market is strong. In addition, alumina spot sales are mainly long - term contracts, so the available supply for the futures market may be limited [13]. - The market sentiment changes rapidly, and "anti - involution + stable growth" remains the main theme. On Friday night, the exchange's position limit led to the decline of market sentiment. A series of varieties led by coking coal dropped from the daily limit to near the daily limit. Alumina was affected by the sentiment decline and the increase in futures inventory, and its premium was reversed, resulting in a sharp drop. The short - term market sentiment changes greatly, and risk control should be noted [14]. - The operating capacity of alumina is still rising, and the inventory in alumina plants has increased slightly. The operating capacity of alumina is 94.95 million tons, an increase of 1.1 million tons compared with last week. The operating capacity of electrolytic aluminum is about 44.2 million tons, still in an oversupply stage. The total alumina inventory is increasing (the latest weekly inventory is 4.047 million tons, an increase of 58,000 tons), but the inventory increase mainly occurs in the raw material inventory of electrolytic aluminum plants and the in - transit link. The inventory in alumina plants increased by 10,000 tons to 60,000 tons, still at a low level. In terms of imports, about 100,000 tons of imported alumina is expected to enter the domestic market in August, mainly from Indonesia, and the ports of arrival are concentrated in Liaoning and Guangxi [16]. 3. Conclusion and Outlook - Alumina will fluctuate in the short - term, and capital games will intensify. Attention should be paid to risk control. On Friday night, the exchange's position limit led to the decline of market sentiment, and alumina was prone to sharp drops due to the decline of market sentiment and inventory increase. In the future, supply and ore - end interference factors will increase compared to the first half of the year, and the "anti - involution" and "stable growth" policies will remain the main themes in the second half of the year, so a relatively strong outlook should be maintained [19].

Report Overview - Report Date: July 28, 2025 - Research Variety: Shanghai Tin Futures - Researcher: Cao Baiquan - Report Source: Wave Futures Daily [1] 1. Investment Rating - There is no investment rating provided in the report. 2. Core View - The price of the Shanghai Tin main contract is expected to fluctuate within a range in the short - term due to the continued tight supply of tin ore in the domestic market and weak overall demand during the consumption off - season [7]. 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Market - The opening price of the Shanghai Tin main contract 2508 was 271,350 yuan/ton, reaching an intraday high of 272,000 yuan/ton and a low of 266,800 yuan/ton. It closed at 267,700 yuan/ton, down 1.27% from the previous day. The daily settlement price was 268,550 yuan/ton, with a trading volume of 36,620 lots and an open interest of 6,528 lots [2]. 3.1.2 Variety Price - Presented price information for multiple Shanghai Tin futures contracts, including the latest price, price change, trading volume, etc. For example, the latest price of the Shanghai Tin main contract was 267,880 yuan/ton, down 3,430 yuan [5]. 3.2 Influencing Factors - On the industrial side, the tight supply of tin ore and low LME tin ingot inventory support prices. However, the expected acceleration of the resumption of tin ore supply in Myanmar and weak demand limit the ability to accept high prices. Last week, tin ingot inventory increased significantly by 230 tons to 9,958 tons [6]. 3.3 Market Outlook - In the short - term, although there is an expectation of the resumption of tin mines in Wa State, Myanmar, the actual output release still takes time, and the shortage of raw materials for domestic smelters is difficult to fundamentally change. The demand side is still in the consumption off - season with weak overall demand. The price of the Shanghai Tin main contract is expected to fluctuate within a range [7].

Report Overview - Report Title: Weekly Report on Shanghai Copper Futures - Report Period: July 21 - July 25, 2025 Report Industry Investment Rating - Not provided Core Viewpoints - This week, the price of Shanghai copper futures increased compared to last week. The domestic "anti - involution" policy expectation and the overseas tariff implementation formed a long - short hedge, intensifying market sentiment fluctuations. The price rose and then fell, inventory differentiation intensified, and the global visible inventory increased by 0.3 million tons to 49.9 million tons, showing hidden surplus pressure. Terminal consumption was suppressed by high - temperature and rainy weather, and the spot discount widened to - 65 yuan/ton. It is expected that the price will mainly fluctuate within a range [2]. Summary by Directory 1. Futures Market 1.1 Contract Price - The price of Shanghai copper futures rose and then fell this week. As of Friday's close, the main contract 2509 rose 810 yuan/ton to 79,250 yuan/ton, a gain of + 1.03%. The highest price was 80,140 yuan/ton, and the lowest price was 78,530 yuan/ton. The position was about 181,000 lots, an increase of about 39,000 lots compared to last week. The trading volume doubled, indicating high market activity [3]. 1.2 Variety Market - In the weekly market of Shanghai copper futures, the price of the 2510 contract was the highest, and all contracts had gains. The overall contract price difference narrowed. The price of the 2602 contract was the lowest, 120 yuan/ton lower than the main contract, and the price difference was relatively stable [6]. 2. Spot Market 2.1 Spot Market Conditions - The weekly average price of Shanghai 0 electrolytic copper was 79,450 yuan/ton, a 1.07% increase from last week, but the discount widened to - 65 yuan/ton, highlighting the spot liquidity pressure. In the Guangdong and Tianjin markets, the discounts also weakened (Guangdong - 80 yuan/ton, Tianjin - 105 yuan/ton), and downstream procurement was mainly for rigid demand [7]. 2.2 Downstream Demand - For cables, the State Grid's tender was delayed, the enterprise's operating rate decreased by 2.1% month - on - month, and the inventory of refined copper rod enterprises increased to 15 days. In the new energy sector, the copper demand for photovoltaic brackets increased by 5% month - on - month, but the monthly increase was only 0.6 million tons, which was difficult to offset the decline in the real estate chain [7]. 2.3 Basis Data - The Shanghai spot premium/discount decreased from + 20 yuan/ton to - 65 yuan/ton this week. The weakening basis reflected the pressure on the spot market [7]. 3. Influencing Factors 3.1 Latest News - Fed policy: The US CPI in June increased by 0.3% month - on - month, and the expectation of interest rate cuts was postponed to September. The US dollar index rebounded to 102.5, suppressing the financial attribute of copper prices. Domestic policy: The "anti - involution" policy of the Ministry of Industry and Information Technology boosted market sentiment, but the lag in the arrival of power grid investment funds restricted the release of demand. Mine - end disturbances: The OB mine in Chile reduced production due to tailings failure, and the domestic spot TC stabilized at - 43 US dollars/ton, intensifying the inversion of smelter profits. Traditional sectors dragged down: The air - conditioning production plan decreased by 10% month - on - month, the power grid investment growth rate slowed down to 19.8%, and the infrastructure capital arrival rate was low [8]. 4. Market Outlook - In the short term, copper prices may fluctuate weakly. Due to the pressure of spot inventory accumulation and the risk - aversion sentiment before the implementation of tariff policies, copper prices may test the support level. In the medium term, there are potential rebound opportunities. If the mine - end disturbances exceed expectations or the new energy demand explodes, it may trigger a phased rebound [9].

1. 期货市场 研究品种: 沪锡 成文日期: 20250725 研究员：曹柏泉 期货咨询证号（F03122015&Z0019820) 报告周期: 日报 浪潮期货日报 1.1 合约行情 今日沪锡主力合约 2508 呈现较为显著的价格波动与市场动态 变化。从开盘来看,以 272370 元/吨的价格开始交易,开盘后市场 多空力量开始博弈。早盘阶段，价格一度上扬，最高触及 272750 元 /吨,显示多头力量在短期内强势推动。但随后空头力量逐渐发力, 价格出现回落,盘中最低下探至 269030 元/吨, 最终收盘价为 271630 元/吨，结算价为 270950 元/吨。今日沪锡主力合约 2508 成 交量为66936手,持仓量为11350手。 图 1：沪锡合约 2508 分时图 数据来源:国金期货-同花顺期货通 | 名称 | 最新价 涨跌 | दो में | | | 卖量 成交量 开盘价 昨收价 最高价 最低价 持仓量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 户锡主力 | 271630.00 -2040.00 | 2.00 | 1.00 ...

成文日期: 20250728 研究品种:股指期 研究分析师：武吟秋 期货咨询证号（F03087154&Z0018989) 报告周期:周度 股指期货周报 1. 市场概述与行情回顾 A 股主要指数沪指上周继续保持震荡上行态势,周中一度突破 3600 点整数关口。期指方面，本周四大期指整体上行，IF、IH 主力合约 分别累计上涨 1.84%、1.08%； IC、IM 主力合约分别累计上涨 3.59%、3.00%。从前 20 席位持仓变化来看，本周 IF 净持仓空头 上升 2657 手、IH 浄持仓空头上升 815 手、IC 净持仓空头上升 5682 手、 IM 净持仓空头上升 5576 手。 图 1：IF 主力合约日 K 图 研究热线：028 6130 3163 邮箱：institute@gjgh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 来源：国金期货文华财经赢顺 WH6 客户端 沪深 300 指数：本周收盘价 4127.16 点，较上一周收盘价上 o 涨了 68.61 点。 研究热线：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4 ...

Group 1: Report Overview - Report Date: July 24, 2025 [1] - Report Cycle: Daily [1] - Researcher: Qi Jianhua [1] Group 2: Futures Market 2.1 Contract Quotes - On July 24, 2025, the daily K - line of the continuous main contract of DCE's soybean No.1 futures closed with a long lower shadow, with the price hitting the bottom and rebounding during the session. The opening price was 4,214 yuan/ton, the highest price was 4,230 yuan/ton, the lowest price was 4,184 yuan/ton, the closing price was 4,224 yuan/ton, down 5 yuan/ton or - 0.12% from the previous day. The trading volume was 124,496 lots, the open interest was 177,614 lots, and the daily increase in open interest was - 3,513 lots [2] 2.2 Variety Prices - Different contracts of soybean No.1 showed various price movements. For example, contract a2509 had an opening price of 4,214 yuan/ton, a closing price of 4,224 yuan/ton, and a decrease of 23 yuan compared to the previous settlement price. The total trading volume of all soybean No.1 contracts was 178,803 lots, the total open interest was 309,488 lots, and the total trading value was 747,497.46 million yuan [3] Group 3: Spot Market - Today, the basis of soybean No.1 was - 204 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No.1 were 14,302 lots, a decrease of 220 lots compared to the previous day, and the registered warehouse receipts have continued to decline recently [5] Group 4: Influencing Factors 4.1 Important Events - According to Wind data, today's average price of domestic soybeans was 4,012 yuan/ton, a slight increase of 0.05% compared to the previous day, and the spot price of soybeans has stabilized and rebounded. The soybean inventory at major ports was 6.7567 million tons, a decrease of 1.24% compared to the previous day. With the arrival of imported soybeans, the inventory accumulation at ports has slowed down slightly [8][10] 4.2 Industry News - In terms of imported soybeans, according to Wind data, the recent - month landed duty - paid price of imported soybeans was stable with a slight increase. The recent - month landed duty - paid price of US Gulf soybeans was 4,896.37 yuan/ton, that of Brazilian soybeans was 3,938.83 yuan/ton, and that of Argentine soybeans was 3,789.98 yuan/ton. Today, the rebound of enterprise crushing profit has weakened, showing a stable - to - decreasing trend [11]