Group 1: Market Overview and Price Review - The m2509 contract of soybean meal futures on July 23, 2025, fluctuated in the intraday range, starting at 3,080 yuan/ton, reaching a high of 3,121 yuan/ton, then dropping to 3,077 yuan/ton, and finally closing at 3,095 yuan/ton, up 19 yuan/ton or 0.62%. The market saw a reduction in positions and volume, with net capital outflows and cooled sentiment. The daily K-line closed in the positive [2]. - Futures market data shows different contract performance in terms of opening, high, low, closing prices, trading volume, open interest, and trading value [5]. - On July 23, 2025, the spot price increases of soybean meal in some domestic regions widened. For example, the price in Zhangjiagang rose by 10 yuan/ton to 2,910 yuan/ton, and in Tianjin by 40 yuan/ton to 2,990 yuan/ton [6][7]. Group 2: Influencing Factors Analysis - Brazilian Anec reported that Brazil's soybean exports in July were 12.11 million tons (pre - estimated at 12.19 million tons), and its soybean meal exports were 2.4 million tons (pre - estimated at 2.25 million tons). The import cost of soybeans decreased, with US soybeans down 16 yuan/ton, Brazilian soybeans down 13 yuan/ton, and Argentine soybeans down 1 yuan/ton compared to the previous day [7][8]. - The base - difference data and registered warehouse receipt data are presented, with the total number of soybean meal warehouse receipts increasing by 170 to 41,446 [8][10]. Group 3: Conclusion and Outlook - The price of the m2509 contract for soybean meal futures continued to rise, but failed to hold above the key integer level at the close. It may show a moderately strong and volatile pattern in the short term. Attention should be paid to the impact of US soybean - growing area weather on the soybean meal market, and the ample domestic spot supply may put downward pressure on prices [12].

Group 1: Report Overview - Research variety: Natural rubber [1] - Report period: Weekly [1] - Date of composition: July 19, 2025 [1] - Researcher: He Ning, Qualification No.: F0238922; Investment consulting certificate No.: Z0001219 [1] Group 2: Investment Rating - The natural rubber market is expected to remain strongly volatile in the short term [3] Group 3: Core View - In the short - term, natural rubber may maintain a strongly volatile trend, affected by factors such as macro - sentiment, rainfall in production areas, and inventory changes [3][11] Group 4: Summary by Sections Spot Analysis - Heavy rainfall in Hainan, China has hindered rubber tapping work, and the daily rubber collection volume on the whole island is lower than the same period last year [9] Market Situation - Recently, the macro - sentiment is positive. Rainfall interference in upstream production areas has increased, resulting in reduced output. Demand is weak, and inventory has started to decline slightly [11]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - The stainless steel market has shown a stable and upward trend recently due to the "anti-involution" policy expectations and the gradual improvement of the macro - environment. In the short term, the market should focus on the dynamic balance between policy implementation effects and fundamental changes [8] 3. Summary by Relevant Catalogs 3.1 Market Overview and Market Review - **Overall Market Performance on the Day**: Taking the 2509 stainless steel main contract as an example, on July 21, 2025, it opened at 12,740 points, reached a high of 12,960 points, a low of 12,735 points, and closed at 12,905 points, up 180 points or 1.41% from the previous day's closing price. The trading volume was 255,000 lots, an increase of 92,928 lots from the previous day, and the open interest was 123,000 lots, an increase of 14,992 lots. The registered warehouse receipts on the Shanghai Futures Exchange were 103,599 tons, unchanged from the previous trading day. The basis was 595 yuan/ton, with a basis rate of 4.41%. In the spot market, the prices of 304 stainless steel cold - rolled coil plate varied in different regions [2] - **Futures Market Data**: The closing prices of ss2508, ss2509, and ss2510 contracts were 12,915, 12,905, and 12,765 respectively, with increases of 1.37%, 1.41%, and 1.37%. Their trading volumes were 35,758 lots, 255,000 lots, and 54,367 lots, and the open interests were 26,706 lots, 123,000 lots, and 40,241 lots respectively. The daily position changes were - 5,195 lots, + 14,992 lots, and + 1,268 lots [5] 3.2 Analysis of Influencing Factors - **Macro - level**: The Ministry of Industry and Information Technology's plan to stabilize the growth of ten industries including non - ferrous metals is about to be implemented, and the China Iron and Steel Association requires strict control of increments and smooth exits in the steel industry. These policies have boosted the prices of stainless steel and nickel, and the nickel - iron price has stopped falling [6] - **Supply and Demand**: Upstream has reported production cut plans, but the nickel - iron spot market is still cold, and steel mills have weak willingness to replenish stocks. Social inventories have increased to 114.78 million tons, a month - on - month decrease of 1.69%, and the supply pressure has been relieved. The stainless steel market has shown a general upward trend, with the prices of 304 series products increasing by 50 - 200 yuan [6] 3.3 Conclusion and Outlook - The stainless steel market is expected to maintain a stable and upward trend in the short term, and attention should be paid to the dynamic balance between policy implementation and fundamental changes [8]

Report Summary 1) Industry Investment Rating No information provided. 2) Core View - This week, caustic soda futures prices fluctuated and consolidated, while spot prices rose slightly in some areas. The supply shortage situation has been alleviated to some extent due to the resumption of production of previously overhauled plants. There is no significant boost from the demand side, and the off - season of non - aluminum demand continues. Traders and downstream users are resistant to high - priced caustic soda. It is expected that caustic soda prices may fluctuate weakly next week. Attention should be paid to the changes in the liquid chlorine subsidy price in North China and the operating rate of chlor - alkali enterprises in the future [10]. 3) Summary by Directory a) Futures Market - This week, the caustic soda futures price reached a high and then declined, with narrow fluctuations during the week. The closing price of the main contract was 2469 yuan/ton, a decrease of 1.08% from last week. The trading volume and open interest both decreased. The trading volume was [X] million lots, a decrease of [X] million lots from last week, and the open interest was [X] million lots, a decrease of [X] lots from last week [2][4][8]. b) Spot Market Analysis - **Supply**: As of July 17, 2025, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 82.6%, a week - on - week increase of 2.2%. The capacity utilization rates in North China, East China, Northeast China, and South China increased to varying degrees, while that in Central China decreased due to the low price of liquid chlorine [4]. - **Inventory**: As of July 17, 2025, the inventory of fixed liquid caustic soda in enterprises with a capacity of 200,000 tons and above was 38.39 million tons, a week - on - week increase of 2.56% [4]. - **Non - aluminum Demand**: Some viscose staple fiber plants in Shandong restarted this week, increasing the capacity utilization rate. The comprehensive operating rate in the printing and dyeing industry in Jiangsu and Zhejiang remained unchanged [6]. c) Futures - Spot Combination Analysis - **Spot Market**: This week, the spot price of liquid caustic soda strengthened slightly in some areas, with price increases in North China and East China, and remained stable in other markets [8]. - **Futures Market**: This week, the caustic soda futures price reached a high and then declined, with narrow fluctuations during the week, and both trading volume and open interest decreased [8]. d) Associated Product Analysis - **Upstream Raw Materials**: The price of raw salt and electricity remained stable, and the production cost remained basically unchanged [8]. - **Downstream Products**: The recent start - up of alumina has increased, mainly to replenish previous long - term contracts. The overall spot market is tight, and some enterprises and traders are reluctant to sell at low prices. There is no significant change in non - aluminum downstream demand. The subsidy for the by - product liquid chlorine decreased this week, and the overall chlor - alkali profit increased [8].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View This week, the precious metals market was affected by the Fed's interest - rate cut expectations and Trump's tariffs, with increased market volatility, and the silver price fluctuated more significantly. The Shanghai Silver market continued its strong trend, and market activity increased significantly [2]. 3. Summary by Relevant Catalogs 3.1 Market Overview and Market Review - **Overall Market Performance**: From July 14 - 18, 2025, the price difference between the near - month contract 2508 and the main contract 2509 of Shanghai Silver futures was 16 points, and the overall market volatility was not large. The closing price of Shanghai Silver 2508 was 9246, up 123 points or 1.35%, with a trading volume of 90514 and an amplitude of 2.05%, and a position of 136900. The closing price of Shanghai Silver 2509 was 9262, up 129 points or 1.41%, with a trading volume of 14917, an amplitude of 2.01%, and a position of 35200 [3]. 3.2 Influence Factor Analysis - **International Aspect**: On the 18th local time, US President Trump urged Fed Chairman Powell to cut interest rates on social media. Recently, Trump has repeatedly pressured Powell to cut interest rates. On July 15, Trump said that the Fed should cut interest rates by 3 percentage points, which could save one trillion dollars a year [9][10]. - **Data Aspect**: In June, the US PPI was flat month - on - month, and the May data was revised up to a 0.3% increase. It was the mildest annual increase since last September, up 2.3% year - on - year. The core PPI, excluding food, energy, and trade services, was also flat, up 2.5% year - on - year, the smallest increase since the end of 2023. The previously released CPI increased by 0.3% monthly [10]. - **Tariff Aspect**: The current breakthrough in the market may be driven by the intensification of tariff conflicts. After Trump announced a 30% tariff increase on Mexico and the EU, Mexico quickly condemned it as "unfair treatment" and launched an anti - dumping investigation on caustic soda, with the possibility of further escalation of policy confrontation [10]. 3.3 Conclusion and Outlook Trump's renewed pressure on Powell to cut interest rates soon boosted the silver price to a certain extent. However, the good economic data released by the US last week cooled the expectations of interest - rate cuts, and the US dollar rebounded. In the short - term, the silver price will fluctuate with a slightly upward trend [11].

Report Industry Investment Rating - Not provided Core View of the Report - Domestic refined nickel supply is ample, with continuous accumulation of nickel ore inventory at Chinese ports. On the demand side, the stainless - steel industry's demand is weak due to the sluggish real - estate market, and export tariff policies further suppress demand. In the short term, the fundamentals are unlikely to change significantly, and the price of Shanghai nickel may maintain a weak and volatile pattern [10] Summary by Relevant Catalogs Market Overview and Market Review 1.1 Daily Market Overall Performance - On July 17, 2025, the opening price of the main Shanghai nickel contract 2508 was 119,700 yuan/ton, the highest price during the session was 120,170 yuan/ton, the lowest was 119,270 yuan/ton, and the closing price was 119,880 yuan/ton, down 720 yuan/ton or 0.6% [2] 1.2 Futures Market Data | Contract Name | Closing Price | Change | Change % | Trading Volume | Amplitude % | Open Interest | Daily Increase in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Nickel 2508 | 119,880 | -720 | -0.60 | 85,829 | 0.75 | 53,426 | -702 | | Shanghai Nickel 2509 | 119,970 | -740 | -0.61 | 56,494 | 0.74 | 74,948 | 3147 | [5] 1.3 Spot Market Data - On July 17, the average spot price of electrolytic nickel was 120,450 yuan/ton, down 1650 yuan/ton from the previous day; the average spot price of Jinchuan nickel was 121,500 yuan/ton, down 1600 yuan/ton; the average spot price of imported nickel was 119,800 yuan/ton, down 1650 yuan/ton [6] Influence Factor Analysis - News: In June, the US PPI year - on - year dropped to 2.3% (lower than expected), and Fed Governor Waller hinted at a possible rate cut in July. The US dollar index rose slightly by 0.49% to 98.77, exerting slight pressure on non - ferrous metals. - Supply: The rainy season in the Philippines has intensified the shortage of nickel ore, but imported ore from Indonesia has filled the gap, and ore prices have slightly declined. In July, the domestic refined nickel production plan increased by 1.25% month - on - month to 32,000 tons, with supply remaining at a high level. - Demand: Affected by the sluggish real - estate market, the overall demand of the stainless - steel industry is weak, with high inventory. Steel mills have low willingness to purchase nickel - iron. The export tariff policy has further suppressed the export demand of stainless - steel products, affecting the overall market performance [9]

Group 1 - The price of SHFE Gold weighted is 782.06, with a change of 8.10 and a change rate of 1.05%. The trading volume is 330,985 lots, and the open interest is 397,647 lots. The highest price is 782.08, the lowest price is 776.80 [5] - The price of SHFE Gold main - continuous contract is 781.40, with a change of 8.22 and a change rate of 1.06%. The trading volume is 249,578 lots, and the open interest is 191,083 lots. The highest price is 781.46, the lowest price is 776.24 [5] - The price of SHFE Gold 2507 contract is 778.50, with a change of 8.02 and a change rate of 1.04%. The trading volume is 18 lots, and the open interest is 879 lots. The highest price is 778.50, the lowest price is 774.16 [5] - The price of SHFE Gold 2508 contract is 778.98, with a change of 7.64 and a change rate of 0.99%. The trading volume is 44,116 lots, and the open interest is 62,625 lots. The highest price is 779.00, the lowest price is 773.80 [5] - The price of SHFE Gold 2509 contract is 779.96, with a change of 7.34 and a change rate of 0.95%. The trading volume is 389 lots, and the open interest is 8,848 lots. The highest price is 780.24, the lowest price is 775.28 [5] - The price of SHFE Gold 2510 contract is 781.40, with a change of 8.22 and a change rate of 1.06%. The trading volume is 249,578 lots, and the open interest is 191,083 lots. The highest price is 781.46, the lowest price is 776.24 [5]

Report Summary 1. Report Industry Investment Rating - No specific investment rating is provided in the report [1][3] 2. Core View of the Report - Natural rubber lacks a persistent upward driving force. It may maintain a relatively strong oscillation in the short - term but remains weak in the long - term [3] 3. Summary by Relevant Information - **Supply - related Information** - In Hainan, China, the recent weather has improved, and rubber tapping work is proceeding normally. However, the daily rubber collection volume is about [a specific amount not given in the text] tons, which is lower than the same period last year [9][12] - Recently, rainfall interference in the upstream production areas has decreased, resulting in an increase in output [12] - **Market Conditions** - The recent macro - sentiment is positive. But demand is weak, and inventory continues to accumulate [12]

Group 1 - Two percentages are provided: 50% and 17% [2]

Since there is no specific content provided in the "Content" section, no key points can be summarized. Please provide the actual research report content for further analysis.