Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The shipping derivatives market shows a weak and volatile trend. The main reason is that overtime ships have intensified the oversupply of capacity during the off - season, leading to an overall weak and volatile market. The Maersk's late - session cabin opening price and the less - than - expected tariff situation have also affected the market [7]. - The spot price has peaked, with the quotation in early August starting to weaken and driving the late - August price down. The 10 - contract's main focus is on the decline slope of freight rates from August to October [8]. 3. Summary by Relevant Contents Shipping Derivatives Data - **China Export Container Freight Rates**: The SCFI - West America, SCFI - East America, SCFIS - West America, SCFI - Northwest Europe, SCFI - Mediterranean, and SCFIS - Northwest Europe all showed declines, with the SCFIS - Northwest Europe having the largest decline of - 11.99% [4]. - **EC Contracts**: The EC2506, EC2508, and EC2604 showed increases in price, while EC2510 and EC2512 showed decreases. In terms of positions, EC2410 increased by 1055, while others decreased to varying degrees [4][5]. Market News - China and the US will continue to promote the extension of the temporarily suspended reciprocal tariffs and China's counter - measures [6]. - The US will impose a 50% tariff on copper products and their derivatives starting from August 1 [6]. - Trump hopes to change the Gaza policy to a comprehensive agreement to solve all problems at once [6]. - Japan's economic and fiscal policy minister will urge the US to implement the auto - tariff agreement and get Trump to sign the relevant executive order [6]. Strategy - Short the 10 - contract on rallies (gradually take profits as it has corrected significantly recently) and hold the 12 - 4 calendar spread [9].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The US soybean good-to-excellent rate has risen to 70% this week. Although there will be slightly less rainfall in the production areas in the next two weeks, there is no significant high temperature, so the expected impact is limited. [7] - Under the pressure of the concentrated arrival of Brazilian soybeans, the domestic soybean crushing in August is expected to exceed 10 million tons, and the outlook for soybean meal remains positive. The purchase of ships from October to January is progressing slowly, and there is an expectation of inventory reduction in the far - month under the current Sino - US trade policy. [7] - In the short term, the high存栏 of pig and poultry farming is expected to support feed demand. However, the policy aims to control the存栏 and weight of pigs, which is expected to affect the far - month supply of pigs. Soybean meal has a high cost - performance ratio, and its提货 is at a high level. Some areas are using wheat to replace corn, reducing the demand for protein. [8] - This week, the trading volume of soybean meal has increased. The domestic soybean inventory has reached a high level, and the soybean meal inventory has decreased slightly but remains in the accumulation cycle. The inventory days of feed enterprises' soybean meal have decreased. [8] - Overall, the US soybean market has rebounded. Under the current Sino - US trade policy, the Brazilian premium remains strong. The domestic situation is one of weak current reality but strong future expectations. The 101 contract of soybean meal is expected to fluctuate with an upward bias. [8] 3. Directory - based Summaries 3.1 Basis Data - The basis of soybean meal's main contract in different regions on August 5th: Dalian was 67 with a change of 21; Tianjin was - 23 with a change of 21; etc. The basis of 43% soybean meal spot in different regions also varied, such as - 83 in Zhangjiagang with a change of 21. The basis of rapeseed meal spot in Guangdong was - 124 with a change of - 46. [6] 3.2 Spread Data - The spreads include M9 - 1, M9 - RM9, RM9 - 1, etc. For example, M9 - RM9 was - 11 in the 24/25 period. The spot spread of soybean meal - rapeseed meal in Guangdong was 320 with a change of 30, and the main - contract spread was 299 with a change of - 47. [7] 3.3 Inventory Data - The inventory data shows the trends of Chinese port soybean inventory, national major oil mills' soybean inventory, national major oil mills' soybean meal inventory, and feed enterprises' soybean meal inventory days from 2020 to 2025. Currently, the domestic soybean inventory has reached a high level, and the soybean meal inventory has decreased slightly but remains in the accumulation cycle. [7][8] 3.4开机 and Pressing Situation - The data presents the trends of national major oil mills' soybean pressing volume and开机 rate from 2020 to 2025. Under the pressure of the concentrated arrival of Brazilian soybeans, the domestic soybean crushing in August is expected to exceed 10 million tons. [7]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - Commodity sentiment has weakened, PTA basis has weakened and trading volume has declined. Domestic PTA production capacity supply has contracted, and PTA port inventory has decreased. The spread between PX and naphtha has expanded to around $250, while alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains at around $90. In July, bottle chips and staple fibers are about to enter the maintenance period. The market port inventory has decreased, and polyester replenishment has improved under the weakening basis. The overall polyester inventory is not high, and the polyester load has dropped to 88% [2] Group 3: Summary by Relevant Catalog 1. Price and Index Changes - PTA spot price decreased from 4690 to 4660, a change of -30.00 [2] - MEG inner - market price increased from 4455 to 4463, a change of 8.00 [2] - PTA closing price decreased from 4698 to 4682, a change of -16.00 [2] - MEG closing price increased from 4389 to 4399, a change of 10.00 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6575 to 6550, a change of -25.00 [2] - Fiber basis increased from 151 to 161, a change of 10.00 [2] - 8 - 9 spread decreased from 35 to 48, a change of -13.00 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6.00 [2] - 1.4D imitation large - chemical fiber price decreased from 5750 to 5700, a change of -50.00 [2] - The spread between 1.4D direct - spun and imitation large - chemical fiber increased from 825 to 850, a change of 25.00 [2] - East China water bottle chip price decreased from 5935 to 5921, a change of -14.00 [2] - Hot - filled polyester bottle chip price decreased from 5935 to 5921, a change of -14.00 [2] - Carbonated - grade polyester bottle chip price decreased from 6035 to 6021, a change of -14.00 [2] - Outer - market water bottle chip price decreased from 780 to 770, a change of -10.00 [2] - Bottle chip spot processing fee increased from 433 to 442, a change of 8.97 [2] - T32S pure polyester yarn price remained unchanged at 10300, a change of 0.00 [2] - T32S pure polyester yarn processing fee increased from 3725 to 3750, a change of 25.00 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300, a change of 0.00 [2] - Cotton 328 price increased from 14845 to 14860, a change of 15.00 [2] - Polyester - cotton yarn profit increased from 1329 to 1340, a change of 10.91 [2] - Virgin three - dimensional hollow (with silicon) price remained unchanged at 7060, a change of 0.00 [2] - Hollow staple fiber 6 - 15D cash flow increased from 358 to 381, a change of 22.97 [2] - Virgin low - melting - point staple fiber price remained unchanged at 7330, a change of 0.00 [2] 2. Market Conditions - Polyester staple fiber: The price of polyester staple fiber production plants and traders has decreased, downstream purchases on demand, and on - site trading is scarce. The price range of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6290 - 6670, in the North China market is 6410 - 6790, and in the Fujian market is 6290 - 6550 [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is 5860 - 5980 yuan/ton, with the average price down 10 yuan/ton from the previous working day. Polyester raw materials and bottle chip futures fluctuated weakly, supply - side quotations were a mix of stable and falling, downstream end - users restocked on a just - in - time basis, and the market negotiation atmosphere was okay, with the price center of bottle chips dropping today [2] 3. Industry Load and Sales - Direct - spun staple fiber load (weekly) decreased from 93.00% to 92.30%, a change of -0.01 [3] - Polyester staple fiber sales decreased from 52.00% to 47.00%, a change of -5.00% [3] - Polyester yarn startup rate (weekly) decreased from 66.00% to 65.00%, a change of -0.01 [3] - Regenerated cotton - type load index (weekly) increased from 46.00% to 51.50%, a change of 0.06 [3]

Report Investment Rating - No information provided Core View - The price of lithium carbonate is falling, and the demand - side production increase is small. The support below the price is weak. In the short term, the futures price may continue to be under pressure [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 71,200 yuan/ton, down 150 yuan; SMM industrial - grade lithium carbonate average price is 69,100 yuan/ton, down 150 yuan [1] - Futures prices of lithium carbonate contracts from 2508 to 2512 are all falling, with the 2508 contract closing at 67,300 yuan, down 3.19% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) price is 760 yuan, with no change [1] - Lithium mica prices range from 1,085 yuan to 1,710 yuan depending on Li₂O content; phospho - lithium - aluminum stone prices range from 5,275 yuan to 6,200 yuan and are falling [2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,595 yuan, down 35 yuan; the average prices of ternary materials 811, 523, and 613 are rising [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,100 yuan; the difference between battery - grade lithium carbonate and the main contract is 3,360 yuan, up 1,050 yuan [2] Inventory - Total inventory (weekly) is 141,726 tons, down 1,444 tons; smelter inventory (weekly) is 51,958 tons, down 3,427 tons; downstream inventory (weekly) is 45,888 tons, up 3,073 tons; other inventory (weekly) is 43,880 tons, down 1,090 tons; registered warehouse receipts (daily) are 14,443 tons, up 1,840 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 68,421 yuan, and the profit is 7,529 yuan; the profit of purchasing lithium mica concentrate externally is - 6,997 yuan [3]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - PTA: Commodity sentiment has weakened, domestic PTA production capacity supply has contracted, and port inventories have declined. The spread between PX and naphtha has expanded to around $250, but the profit margins of alkyl transfer and TDP are not optimistic. The spread between PX and MX remains at around $90. Market port inventories have decreased, and polyester replenishment has improved under the weakening basis. The basis of PTA has weakened, and market replenishment willingness has declined [2]. - Ethylene glycol: Coal prices have rebounded, leading to a rise in ethylene glycol prices. Macro - sentiment has slightly weakened, and the chemical industry has followed the weakening sentiment of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may have a significant impact on the market outlook. The future arrival volume of ethylene glycol has decreased. Polyester sales have weakened, downstream weaving profits have shrunk, and terminal loads have significantly declined, posing a certain negative impact on the market [2]. Group 3: Summary by Relevant Catalogs Market Data - INE crude oil price dropped from 514.3 yuan/barrel on August 4, 2025, to 508.8 yuan/barrel on August 5, 2025, a decrease of 5.5 yuan/barrel [2]. - PTA - SC spread increased from 960.5 yuan/ton to 984.5 yuan/ton, up 23.97 yuan/ton; PTA/SC ratio rose from 1.2570 to 1.2663, an increase of 0.0093 [2]. - CFR China PX price increased from 838 to 839, up 1; PX - naphtha spread expanded from 234 to 254, an increase of 20 [2]. - PTA主力期价 dropped from 4698 yuan/ton to 4682 yuan/ton, a decrease of 16 yuan/ton; PTA spot price fell from 4690 yuan/ton to 4660 yuan/ton, a decrease of 30 yuan/ton [2]. - PTA现货加工费 decreased from 173.2 yuan/ton to 144.6 yuan/ton, a decrease of 28.6 yuan/ton; 盘面加工费 dropped from 181.2 yuan/ton to 161.6 yuan/ton, a decrease of 19.6 yuan/ton [2]. - MEG主力期价 rose from 4389 yuan/ton to 4399 yuan/ton, an increase of 10 yuan/ton; MEG - naphtha spread increased from (101.55) yuan/ton to (100.74) yuan/ton, an increase of 0.8 yuan/ton [2]. - MEG内盘 price increased from 4455 yuan/ton to 4463 yuan/ton, an increase of 8 yuan/ton [2]. Industry Chain Operating Conditions - PX开工率 remained unchanged at 78.11%; PTA开工率 increased from 76.81% to 78.04%, an increase of 1.23%; MEG开工率 remained unchanged at 58.81%; polyester load increased from 86.15% to 87.09%, an increase of 0.94% [2]. Product Prices and Cash Flows - POY150D/48F price dropped from 6735 to 6715, a decrease of 20; POY现金流 increased from (17) to (14), an increase of 3 [2]. - FDY150D/96F price remained unchanged at 6995; FDY现金流 increased from (257) to (234), an increase of 23 [2]. - DTY150D/48F price dropped from 7960 to 7935, a decrease of 25; DTY现金流 decreased from 8 to 6, a decrease of 2 [2]. - 1.4D直纺涤短 price dropped from 6575 to 6550, a decrease of 25; 涤短现金流 decreased from 173 to 171, a decrease of 2 [2]. - 半光切片 price dropped from 5800 to 5780, a decrease of 20; 切片现金流 increased from (52) to (49), an increase of 3 [2]. Sales Volume - 长丝产销 increased from 32% to 37%, an increase of 5%; 短纤产销 decreased from 49% to 47%, a decrease of 2%; 切片产销 increased from 63% to 72%, an increase of 9% [2]. Device Maintenance - A 7.2 - million - ton PTA device of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Short - term: The US labor market has been cooling since April with a risk of further weakening. Fed officials hint at approaching rate - cut timing, and Trump's political pressure has raised the probability of a Fed rate cut in September to 90%, which is beneficial for precious metal prices. Trump's new round of tariffs on multiple countries is about to be implemented, and poor US economic data have increased market risk - aversion, supporting precious metal prices. Gold is expected to continue its strong performance, and it is recommended to hold long positions. Silver will generally follow gold but may be less resilient under the concern of a new economic recession [4]. - Medium - to - long - term: There is still a certain probability of the Fed cutting rates this year. With continuous global geopolitical uncertainties, intensified great - power games, and the wave of de - dollarization, central banks' gold purchases will continue, and the medium - to - long - term center of gold prices is likely to move up [4]. 3. Summary by Related Catalogs Price Tracking - On August 5, 2025, compared with August 4, 2025, London gold spot rose 0.2% to $3366.77/ounce, London silver spot rose 0.3% to $37.34/ounce, COMEX gold rose 0.2% to $3421.00/ounce, and COMEX silver rose 0.3% to $37.37/ounce. In the Chinese market, AU2510 rose 0.1% to 782.5 yuan/gram, AG2510 rose 0.4% to 9075 yuan/kg, AU (T + D) rose 0.2% to 778.8 yuan/gram, and AG (T + D) rose 0.4% to 9045 yuan/kg [3]. - The price differences and ratios also changed. For example, the gold TD - SHFE active price difference was - 3.7 yuan/gram on August 5, 2025, with a - 14.4% change from August 4, 2025 [3]. Position Data - From August 1 to August 4, 2025, the gold ETF - SPDR position rose 0.18% to 954.8 tons, and the silver ETF - SLV position fell 0.23% to 15021.8737 tons. The non - commercial long positions of COMEX gold decreased 9.84% to 281241 contracts, and the non - commercial short positions decreased 2.15% to 57645 contracts [3]. Inventory Data - On August 5, 2025, compared with August 4, 2025, SHFE gold inventory rose 0.33% to 36009 kg, and SHFE silver inventory fell 1.45% to 1157291 kg. On August 4, 2025, compared with August 1, 2025, COMEX gold inventory rose 0.20% to 38793597 ounce, and COMEX silver inventory fell 0.01% to 506602109 ounce [3]. Market News and Analysis - The EU will suspend trade counter - measures against the US originally scheduled for August 7 for six months. Trump announced a significant increase in tariffs on India due to India's "substantial" imports of Russian oil. Fed's Daly said the time for the FOMC to cut rates is approaching, and there may be more than two rate cuts [4]. - On August 5, the main contract of Shanghai gold futures rose 0.26% to 782.5 yuan/gram, and the main contract of Shanghai silver futures rose 0.82% to 9075 yuan/kg [4].

Report Industry Investment Rating - Not provided Core Viewpoints - Steel prices are driven by coal costs with a slightly lifted price center, and the supply - demand structure has marginally weakened with no prominent overall contradictions. Attention should be paid to pre - parade production restrictions [3]. - Coking coal and coke futures have strengthened, with far - month contracts hitting the daily limit. However, regulatory risks increase after the far - month contracts hit the limit again, and short - term capital games dominate [4]. - The prices of ferrosilicon and silicomanganese are supported by the "anti - involution" logic, but market sentiment may fluctuate, and there is still pressure to reduce inventory [5]. - After the relevant meetings, the iron ore sector has seen sharp fluctuations. Although there is an expected supply increase in the second half of the year, the 01 contract still has upward potential after adjustment [6]. Summary by Categories Futures Market - **Far - month Contracts on August 5th**: RB2601 closed at 3306.00 yuan/ton, up 56.00 yuan (1.72%); HC2601 at 3462.00 yuan/ton, up 66.00 yuan (1.94%); I2601 at 778.00 yuan/ton, up 14.00 yuan (1.83%); J2601 at 1708.00 yuan/ton, up 67.00 yuan (4.08%); JM2605 at 1233.00 yuan/ton, up 91.00 yuan (7.97%) [1]. - **Near - month Contracts on August 5th**: RB2510 closed at 3233.00 yuan/ton, up 44.00 yuan (1.38%); HC2510 at 3457.00 yuan/ton, up 64.00 yuan (1.89%); I2509 at 798.50 yuan/ton, up 9.50 yuan (1.20%); J2509 at 1634.50 yuan/ton, up 50.00 yuan (3.16%); JM2601 at 1182.00 yuan/ton, up 76.50 yuan (6.92%) [1]. - **Spread and Ratio on August 5th**: The spread between RB2510 - 2601 was - 73.00 yuan/ton; the spread between HC2510 - 2601 was - 5.00 yuan/ton; the coil - to - rebar spread was 224.00 yuan/ton; the rebar - to - ore ratio was 4.05; the coal - to - coke ratio was 1.38; the rebar surface profit was 40.48 yuan/ton; the coking surface profit was 62.44 yuan/ton [1]. Spot Market - **Steel on August 5th**: Shanghai rebar was 3370.00 yuan/ton, up 40.00 yuan; Tianjin rebar was 3310.00 yuan/ton, up 40.00 yuan; Guangzhou rebar was 3370.00 yuan/ton, down 10.00 yuan; Shanghai hot - rolled coil was 3460.00 yuan/ton, up 70.00 yuan; Hangzhou hot - rolled coil was 3500.00 yuan/ton, up 50.00 yuan; Guangzhou hot - rolled coil was 3460.00 yuan/ton, up 50.00 yuan [1]. - **Other Materials on August 5th**: Tangshan billet was 3080.00 yuan/ton, up 30.00 yuan; PB fines at Rizhao Port were 776.00 yuan/ton, up 9.00 yuan; Super Special fines at Qingdao Port were 650.00 yuan/ton, up 10.00 yuan; coking coal at Ganqimaodu was 1150.00 yuan/ton, unchanged; quasi - first - grade coke at Qingdao Port (ex - warehouse) was 1480.00 yuan/ton, unchanged [1]. - **Basis on August 5th**: The basis of HC main contract was 3.00 yuan/ton, up 30.00 yuan; the basis of RB main contract was 137.00 yuan/ton, up 11.00 yuan; the basis of I main contract was 3.00 yuan/ton, up 3.00 yuan; the basis of J main contract was - 8.10 yuan/ton, down 19.50 yuan; the basis of JM main contract was - 2.00 yuan/ton, down 41.00 yuan [1]. Investment Suggestions - **Steel**: Focus on the support of EAF valley - electricity cost for single - side trading, and there are partial profit - taking opportunities for spreads [7]. - **Coking Coal and Coke**: Temporarily hold a wait - and - see attitude [7]. - **Ferrosilicon and Silicomanganese**: Buy on dips [8]. - **Iron Ore**: The support for the 01 contract is still valid, and there is an upward opportunity after adjustment [6].

Group 1: Paper Pulp Price Data - Futures prices: SP2601 was 5404 with a daily increase of 0.15% and a weekly decrease of 2.53%; SP2605 was 5388 with a daily decrease of 0.37% and a weekly decrease of 0.07%; SP2509 was 5160 with a daily decrease of 0.15% and a weekly decrease of 3.98% [1] - Spot prices: Coniferous pulp Silver Star was 5850 with no daily change and a weekly decrease of 1.18%; Russian Needle was 5180 with no daily change and a weekly decrease of 4.43%; Hardwood pulp Goldfish was 4080 with a daily decrease of 0.97% and a weekly decrease of 1.69% [1] - Outer - disk quotes: Chilean Silver Star was 720 dollars with a monthly decrease of 2.70%; Chilean Star was 500 dollars with a monthly decrease of 10.71%; Chilean Venus was 620 dollars with no monthly change [1] - Import costs: Chilean Silver Star was 5884 with a monthly decrease of 2.68%; Chilean Star was 4101 with a monthly decrease of 10.60%; Chilean Venus was 5073 with no monthly change [1] Group 2: Paper Pulp Fundamental Data Supply - Import volume: In June 2025, coniferous pulp import volume was 67.8 tons, a 6.09% decrease from May; Hardwood pulp import volume data was not shown in a comparable way here [1] - Shipment volume: The shipment volume of paper pulp to China in May 2025 was 140 tons, a 3.3% increase from April [1] - Company offer: Chilean Arauco announced July wood pulp outer - disk quotes. Coniferous pulp Silver Star had no new offer; Venus was priced at 590 dollars per ton, and Uruguayan Hardwood pulp New Star was 500 dollars per ton [1] Demand - Main finished paper production: This week, the production of main finished papers decreased slightly, and paper prices were low, providing weak support for paper pulp [2] Inventory - As of July 31, 2025, the inventory of Chinese paper pulp main ports was 210.5 tons, a 3.8 - ton decrease from the previous period, a 1.8% decrease, showing a de - stocking trend [2] Group 3: Paper Pulp Valuation Data - Basis: On August 5, 2025, the Russian Needle basis was 20 with a quantile level of 0.739; Silver Star basis was 690 with a quantile level of 0.914 [1] - Import profit: Coniferous pulp Silver Star's import profit was - 34 with a quantile level of 0.545; Hardwood pulp Goldfish was - 21 with a quantile level of 0.613 [1] Group 4: Strategy - This week, paper pulp futures returned to fundamental pricing and are expected to fluctuate widely between 5100 - 5400 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The seven - department joint guidance on financial support for new industrialization has made relevant beneficiary sectors perform strongly. Current stock index valuations are still supported. For example, although the P/E ratio of CSI 300 has returned to the median, the ERP is still at a historical high (74.25% quantile). With Huijin shoring up liquidity, valuation factors are expected to continue to play a role. The strategy is to go long on stock indices opportunistically this week [7] 3. Summary by Relevant Catalogs 3.1 Money Market - DROO1 closed at 1.31 with a - 0.03bp change, DR007 at 1.44 with a - 0.73bp change, GC001 at 1.55 with a 24.00bp change, and GC007 at 1.49 with a 3.00bp change. SHBOR 3M was at 1.56 with a - 0.10bp change, and LPR 5 - year remained at 3.50 with no change [4] - 1 - year Treasury bond was at 1.37 with a 0.24bp change, 5 - year at 1.57 with a - 0.49bp change, 10 - year at 1.70 with a - 0.89bp change, and 10 - year US Treasury at 4.22 with a - 1.00bp change [4] - The central bank conducted 1607 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 4492 billion yuan of reverse repurchases maturing on the same day, the net withdrawal was 2885 billion yuan. This week, 16632 billion yuan of reverse repurchases will mature in the central bank's open market, with maturities of 4958 billion, 4492 billion, 3090 billion, 2832 billion, and 1260 billion yuan from Monday to Friday respectively [4] - In July, the SLF had a net withdrawal of 3 billion yuan, MLF a net injection of 1000 billion yuan, PSL a net withdrawal of 2300 billion yuan, short - term reverse repurchases a net injection of 1880 billion yuan, and outright reverse repurchases a net injection of 2000 billion yuan. There were no open - market Treasury bond transactions in July [4][5] 3.2 Stock Market - CSI 300 closed at 4103, up 0.8%; SSE 50 at 2791, up 0.77%; CSI 500 at 6303, up 0.66%; and CSI 1000 at 6787, up 0.71%. The trading volume of the Shanghai and Shenzhen stock markets was 15961 billion yuan, an increase of 975 billion yuan from the previous day. Most industry sectors closed higher, with communication equipment, consumer electronics, plastic products, insurance, auto parts, banking, transportation equipment, and wind power equipment sectors leading the gains, while the traditional Chinese medicine sector led the losses [6] - IF volume was 80521, up 4.4%; IF open interest was 255640, up 0.4%. IH volume was 40737, up 5.8%; IH open interest was 92725, up 0.7%. IC volume was 72420, down 15.1%; IC open interest was 215144, down 0.8%. IM volume was 155305, down 17.9%; IM open interest was 329938, down 2.1% [6] 3.3 Futures Market (Stock Index Futures Basis) - IF basis for the current - month contract was 7.52%, 0.00% for the next - month contract, 0.01% for the current - quarter contract, and 3.25% for the next - quarter contract. IH basis for the current - month contract was 1.74%, - 0.08% for the next - month contract, - 0.20% for the current - quarter contract, and - 0.19% for the next - quarter contract. IC basis for the current - month contract was 21.91%. IM basis for the current - month contract was 17.79%, 12.61% for the next - month contract, 11.73% for the current - quarter contract, and 11.29% for the next - quarter contract [8]

Market Review - The closing price of the Shanghai Stock Exchange 50 Index was 2769.3934, up 0.55%, with a trading volume of 41.97 billion and a turnover of 802.52 billion yuan [4] - The closing price of the CSI 300 Index was 4070.7023, up 0.39%, with a trading volume of 162.28 billion and a turnover of 2959.77 billion yuan [4] - The closing price of the CSI 1000 Index was 6739.6936, up 1.04%, with a trading volume of 213.49 billion and a turnover of 3295.55 billion yuan [4] - The Shanghai Composite Index rose 0.66% to 3583.31 points, the Shenzhen Component Index rose 0.46%, the ChiNext Index rose 0.5%, the Beijing Stock Exchange 50 Index rose 0.96%, the STAR 50 Index rose 1.22%, the Wind All - A Index rose 0.76%, the Wind A500 Index rose 0.44%, and the CSI A500 Index rose 0.45%. A - shares traded 1.52 trillion yuan throughout the day, compared with 1.62 trillion yuan the previous day [7] CFFEX Stock Index Option Trading Situation Shanghai Stock Exchange 50 Index Options - Option trading volume was 3.03 million contracts, including 1.99 million call options and 1.04 million put options, with a PCR of 0.52 [4] - Option open interest was 7.40 million contracts, including 4.77 million call options and 2.64 million put options, with a PCR of 0.55 [4] CSI 300 Index Options - Option trading volume was 7.23 million contracts, including 4.57 million call options and 2.67 million put options, with a PCR of 0.58 [4] - Option open interest was 20.52 million contracts, including 12.21 million call options and 8.31 million put options, with a PCR of 0.68 [4] CSI 1000 Index Options - Option trading volume was 21.71 million contracts, including 11.80 million call options and 9.91 million put options, with a PCR of 0.84 [4] - Option open interest was 27.61 million contracts, including 13.94 million call options and 13.67 million put options, with a PCR of 0.98 [4] Volatility Analysis Shanghai Stock Exchange 50 Volatility - Analyzed historical volatility chain, maximum, minimum, percentile values, and next - month at - the - money implied volatility, as well as the volatility smile curve [6][12] CSI 300 Volatility - Analyzed historical volatility chain, maximum, minimum, percentile values, and next - month at - the - money implied volatility, as well as the volatility smile curve [12] CSI 1000 Volatility - Analyzed historical volatility chain, maximum, minimum, percentile values, and next - month at - the - money implied volatility, as well as the volatility smile curve [7]