Report Industry Investment Ratings No specific industry investment ratings are provided in the content. Core Views of the Report - The oil market in the fourth quarter faces greater supply - demand easing pressure due to OPEC+ production increase, but is supported by sanctions risks and peak - season demand. The price of precious metals maintains a buy - on - dips strategy in the shock trend. For most industrial metals, there are short - term supply and demand pressures, and the prices are expected to be volatile. The shipping index is expected to decline, and most agricultural products' prices are affected by factors such as weather and trade policies, showing a volatile pattern [1][2] Summary by Category Energy - **Crude Oil**: OPEC+ plans to increase production by 547,000 barrels per day in September, which brings supply - demand pressure to the oil market in the fourth quarter. After the price correction this week, there is still upward risk due to secondary sanctions on Russian oil. Also, pay attention to the extension of Sino - US reciprocal tariffs by August 12 [1] - **Fuel Oil & Low - Sulfur Fuel Oil**: Crude oil leads the decline of oil - related futures. The fundamentals of the high - and low - sulfur fuel oil markets are weak, and the FU - LU crack spread is expected to remain weak [20] - **Asphalt**: Venezuelan crude oil inflows to China increased by 3.8% in July. The August production plan is lower than that in July, but some refineries may over - produce. Demand in South China recovers slowly, and the overall commercial inventory increases slightly. The price follows the direction of crude oil with limited fluctuations [21] - **Liquefied Petroleum Gas**: The Middle East CP is significantly reduced, but the spot discount narrows. The supply is relatively loose, and the domestic demand has bottom - line support. The spot price has limited room to decline further [22] Metals - **Precious Metals**: Precious metals maintain a strong shock. The market is worried about the authenticity of US data and economic prospects, and the interest - rate market expects the Fed to restart rate cuts in September. Adopt a buy - on - dips strategy [2] - **Base Metals** - **Copper**: The supply loss rate in the second half of the year is expected to increase. The social inventory increased to 135,900 tons on Monday. Hold short positions [3] - **Aluminum**: The social inventory of aluminum ingots continues to increase, and the demand feedback is negative. The price may be under pressure to fluctuate in the short term, and pay attention to the support around 20,200 yuan. It is expected to fluctuate in the range of 16,600 - 17,500 yuan/ton in August [4][8] - **Zinc**: The zinc market returns to the fundamental logic of increasing supply and weak demand. The supply of zinc ingots is expected to increase, and the demand is in the off - season. Pay attention to policy changes during the "Golden September and Silver October". Wait for opportunities to short at high positions [7] - **Nickel & Stainless Steel**: The nickel market returns to fundamentals. The upstream price support weakens, and the overall inventory is still high. Actively intervene in short positions as the rebound is in the middle - to - late stage [9] - **Tin**: The tin price declined overnight. Pay attention to the support of the MA60 moving average. Hold short positions at high levels [10] - **Manganese Silicon**: The iron - water output remains high, the production increase rate of silicon - manganese is lower than expected, and the manganese ore price increases slightly. The price bottom gradually rises, but the upside is limited [17] - **Silicon Iron**: The iron - water output is slightly down, the demand is fair, the supply is slightly up, and the inventory is slightly increased. The price is under increasing pressure [18] - **Rare Metals** - **Lithium Carbonate**: The futures price fluctuates. The downstream replenishes goods as the price drops. The production of smelters decreases week - on - week. Adopt a short - term low - buying strategy [11] - **Cobalt**: The report does not mention cobalt - related content Chemicals - **Industrial Silicon**: The futures price continues to decline with reduced positions. The supply in major production areas increases marginally, and the demand growth in August is uncertain. The price is expected to fluctuate and decline in the short term [12] - **Polysilicon**: The futures price slightly declines. The supply continues to put pressure, and the spot processing margin needs to be repaired. Pay attention to the cost and demand in the short and medium terms respectively [26] - **Ethylene Glycol**: The price continues to decline due to weak supply - demand and oil - price drag. The supply increases, and the port inventory rises [27] - **Short - Fiber & Bottle - Chip**: The prices follow the raw materials. The short - fiber industry may be boosted in the peak season, and the bottle - chip processing margin is limited by over - capacity [28] Agricultural Products - **Soybean & Soybean Meal**: The US soybean may have an early - harvest expectation. The domestic oil - mill soybean - meal inventory increases. The soybean - meal market is expected to fluctuate before the tariff issue is clear [32] - **Soybean Oil & Palm Oil**: The US soybean may have a good harvest. The Chinese soybean oil may strengthen in the medium term. The Malaysian palm oil has weak short - term supply - demand. Adopt a low - buying strategy [33] - **Rapeseed & Rapeseed Oil**: The focus is on Sino - Canadian economic and trade relations. The rapeseed - related futures prices are expected to fluctuate [34] - **Corn**: The continuous release of imported corn affects market expectations. The Dalian corn futures may continue to fluctuate weakly at the bottom [36] - **Cotton**: The US cotton has normal weather, and the Chinese cotton has slow inventory digestion and weak downstream demand. The 9 - 1 spread may rebound. Adopt a wait - and - see or intraday - trading strategy [39] - **Sugar**: The US sugar is under pressure, and the uncertainty of China's 25/26 sugar - production season increases. The sugar price is expected to fluctuate [40] - **Apple**: The price of early - maturing apples starts to decline. The market focuses on the new - season output estimate. Adopt a wait - and - see strategy [41] Others - **Shipping**: The SCFIS European route index declines slightly. The shipping companies' cargo - collection pressure increases, and the short - term view is bearish [19] - **Building Materials** - **Glass**: The glass market is weak with inventory accumulation. The market returns to real - situation trading [29] - **Timber**: The timber demand and supply improve, and the futures price is expected to rise [42] - **Paper Pulp**: The paper - pulp price declines. The supply is relatively loose, and the demand is weak. The price may return to low - level fluctuations [43] - **Financial Products** - **Stock Index**: The stock market rises, and the futures - index contracts all close up. The market sentiment is relatively positive in the medium term. Increase the allocation of technology - growth sectors and pay attention to low - level consumption sectors [44] - **Treasury Bond**: The treasury - bond futures fluctuate. The price spread between near - and far - month contracts widens. The yield curve is expected to steepen [45]

gtaxinstitute@essence.com.cn (原油) 隔夜国际油价回落，布伦特10合约跌1.21%。0PEC+9月进一步增产54.7万桶/天的指引令油市四季 度面临更大的供需宽松压力,但8月8日美国设定的俄乌协议截止日前俄油制裁风险、伊朗油制裁风 险以及仍处旺季的油品需求对油市构成支撑。本周油价回调后仍面临俄油二级制裁引发的上行风 险，另关注8月12日到期日前中美对等关税延期的落地情况。 (责金属) 隔夜贵金属保强震荡。上周非农引发美国数据真实性和经济前景担忧，利率市场预计9月美联储将重 启降息。美国经济的不断验证下市场情绪面临反复，责金属震荡趋势中维持回调买入思路。 【铜】 隔夜伦铜走高，智利涉事地下铜矿需提交四份文件方能复产，市场预计下半年供损率提升。沪铜夜 盘震荡在MA60日均线位置,周一社库增至13.59万吨。情绪上,市场继续评估关税风险。空单持 有。 (铝) 隔夜沪铝小幅回落。周一铝锭社库较上周四继续增加2万吨，现货维持贴水。铝锭连续两周顺畅累 库，淡季表观消费同比降幅明显，需求负反馈进一步显现。沪铝持仓从70万手回落至60万手以下， 短期或承压震荡,关注20200元附近支撑。 (铸造 ...

Industry Investment Ratings - Cotton: ★☆☆ [1] - Pulp: ★☆☆ [1] - Sugar: ★☆☆ [1] - Apple: ★★★ [1] - Timber: ★☆☆ [1] - Natural Rubber: ★★★ [1] - 20 - inch Rubber: ★★★ [1] - Butadiene Rubber: ☆☆☆ [1] Core Views - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, rubber, pulp, and timber, providing corresponding operation suggestions based on their supply - demand, price trends, and other factors [2][3][4] Summary by Commodity Cotton &棉纱 - Zhengzhou cotton rebounded today, with the near - month contract stronger and the January contract weaker. The 9 - 1 and 9 - 11 spreads also rebounded. In July, cotton inventory digestion slowed, downstream demand was weak, and processing profit was under pressure. New - year Xinjiang has a strong production increase expectation. Operationally, it's advisable to wait and see or maintain a positive spread strategy for 9 - 11 [2] Sugar - Last week, US sugar fluctuated. Brazilian production data in mid - July was neutral to bearish. In China, Zhengzhou sugar also fluctuated. The rainfall in Guangxi was good in July but may decrease later, increasing the uncertainty of 25/26 sugar production. Overall, US sugar is trending down, and Zhengzhou sugar lacks positive factors. Operationally, wait and see [3] Apple - The futures price fluctuated. The inventory of cold - stored apples is low, and traders are eager to sell. The price of early - maturing apples dropped after a high opening. The market focus has shifted to the new - season yield estimate. Operationally, wait and see [4] 20 - inch Rubber, Natural Rubber & Synthetic Rubber - Today, RU fluctuated strongly, NR weakly, and BR continued to fall. The supply of natural rubber is entering the high - yield period, and the demand for tires is weak. Natural rubber inventory decreased, while synthetic rubber inventory increased. Operationally, wait and see [6] Pulp - Pulp futures continued to fall today. The domestic port inventory is relatively high, supply is loose, and demand is weak. The price may return to low - level fluctuations. Operationally, wait and see [7] Timber - The futures price rebounded. The supply of domestic coniferous logs is expected to remain low, and the demand is good. The inventory is low, and the spot price is expected to rebound. Operationally, maintain a long - biased strategy [8]

Report Industry Investment Ratings - Crude oil: ★☆★, indicating a bullish bias but limited trading opportunities on the market [5] - Fuel oil & Low-sulfur fuel oil: ☆☆☆, suggesting a short-term equilibrium state with poor market operability and a wait-and-see approach [5] - Asphalt: ★★★, representing a clearer bullish trend and relatively appropriate investment opportunities currently [5] - LPG: ☆☆☆, showing a short-term equilibrium state with poor market operability and a wait-and-see approach [5] Report's Core View - The crude oil market showed a pattern of rising first and then falling last week. The market risk sentiment declined due to the lower-than-expected US non-farm payroll data in July. Although OPEC+ decided to increase production in September, it could only partially hedge certain risks, and the oil price is expected to be volatile and bullish after the recent correction. The fuel oil and low-sulfur fuel oil markets are facing weak fundamentals, and their cracking spreads are expected to remain weak. The asphalt supply increase space is neutral, demand needs to be repaired, and the low inventory supports the price, with its trend mainly following that of crude oil. The LPG market has a relatively loose supply, and the downside space of the spot price is limited [2][3][4] Summary by Related Catalogs Crude Oil - Last week, the Brent 10 contract rose 2.84% and the SC09 contract rose 2.92%. The US July non-farm payroll data was lower than expected, and the data for May and June were significantly revised downward, causing the market risk sentiment to decline. OPEC+ decided to increase production by 547,000 barrels per day in September to fully exit the 2.2 million barrels per day batch production cut, which can only partially hedge some risks. The oil price is expected to be volatile and bullish after the recent correction, and attention should be paid to the implementation of the extension of Sino-US reciprocal tariffs before the August 12 deadline [2] Fuel Oil & Low-sulfur Fuel Oil - Crude oil led the decline in oil futures, and the fuel oil series trended lower. The low-sulfur fuel oil cracking continued to decline. The arrival volume in the Singapore market increased significantly in July, and the ship refueling demand lacked support after the peak season. The ship refueling volume in Fujairah has been weakening month-on-month since June. Due to the weak fundamentals of the high and low-sulfur fuel oil markets and the support of crude oil's peak-season demand and geopolitics, the cracking spreads of FU and LU are expected to remain weak [2] Asphalt - The inflow of Venezuelan crude oil into China increased by 3.8% in July. The impact of the diversion of Venezuelan oil resources flowing to North Asia after Chevron was approved to conduct oil business in Venezuela needs to be observed. The production plan in August decreased compared to July, but some Sinopec refineries' actual production exceeded the plan for two consecutive months. The demand recovery in South China was delayed, and the rigid demand in the North was also weak. The sample refinery's shipment volume increased slightly month-on-month, and the cumulative year-on-year increase was stable. The refinery inventory destocking slowed down, and the social inventory increased slightly. The overall commercial inventory increased slightly month-on-month but remained at a relatively low level in recent years. The supply increase space of asphalt is considered neutral for now, and the actual production release of major refineries needs to be tracked. The demand is in a weak state and needs to be repaired, and the low inventory supports the price. The BU trend mainly follows that of crude oil with limited fluctuation space [3] LPG - The Middle East CP was significantly reduced, but the spot discount shrank. Attention should be paid to the accumulation of export surplus pressure under OPEC's production increase. The chemical profit margin stabilized due to the decline in the finished product end, and the PDH operating rate is still rising, providing bottom support for domestic demand. The supply is relatively loose with the overall increase in the arrival volume in July, and the refinery gas may continue to follow the decline in import costs. The market price maintains a low ratio to oil, and the downside space of the spot price is relatively limited after the rapid decline [4]

Report Industry Investment Ratings - Urea: ★☆☆ (One star, indicating a bearish bias with limited trading opportunities) [1] - Methanol: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - Polypropylene: ★★☆ (Two stars, indicating a clear bearish trend with ongoing market movement) [1] - Plastic: ★★☆ [1] - PVC: ★☆☆ [1] - Caustic Soda: ★☆☆ [1] - PX: ★★☆ [1] - PTA: ★★☆ [1] - Short Fiber: ★☆☆ [1] - Glass: ★★☆ [1] - Soda Ash: ★☆☆ [1] - Bottle Chip: ★★☆ [1] - Propylene: ★★☆ [1] - Ethylene Glycol: ★☆☆ [1] Core Views - The overall chemical market shows a mixed trend with some products facing downward pressure due to factors such as supply-demand imbalances, seasonal effects, and external market influences [2][3][5][6][7][8]. - Different chemical products have unique supply and demand situations, which affect their price trends and investment opportunities [2][3][5][6][7][8]. Section Summaries Olefins - Polyolefins - Propylene futures showed a volatile trend, with prices likely to decline due to relatively abundant supply and limited demand support [2]. - Polyolefin futures declined. PE supply remained stable with some demand improvement in the agricultural film sector, while PP faced a seasonal demand slump and weakening market support [2]. Pure Benzene - Styrene - Pure benzene futures continued to be weak, but the market pressure is expected to ease in the third quarter, with a recommendation for monthly spread trading [3]. - Styrene futures fluctuated narrowly, with supply pressure outweighing demand growth, leading to a weak price trend [3]. Polyester - PX and PTA prices declined, with PTA facing supply pressure and a need for cost-driven price recovery in the short term and potential valuation improvement in the medium term [5]. - Ethylene glycol prices continued to fall, with increasing supply and weakening demand [5]. - Short fiber and bottle chip prices followed the raw material decline. Short fiber may benefit from seasonal demand recovery, while bottle chip faces long - term overcapacity issues [5]. Coal Chemical Industry - Methanol prices continued to fall, with short - term coastal inventory accumulation and a potential improvement in the medium term due to seasonal demand [6]. - Urea prices are expected to fluctuate weakly, affected by seasonal demand gaps and policy uncertainties [6]. Chlor - Alkali - PVC prices showed a weak trend, with high supply and low demand leading to inventory accumulation [7]. - Caustic soda prices were under pressure, with high - load production and limited non - aluminum demand [7]. Soda Ash - Glass - Soda ash prices weakened as the industry started to accumulate inventory, with supply - demand pressure remaining [8]. - Glass prices were weak, with a slowdown in sales and inventory accumulation [8].

1. Report Industry Investment Rating - The report maintains a cautiously optimistic view on the market [1] 2. Core View of the Report - Last week, the domestic stock market declined slightly, and the continuous upward trend weakened. Multiple factors, including profit - taking pressure, trade negotiation uncertainties, and the Fed's non - interest - rate - cut decision, led to the market's pullback. However, the overall decline was limited. In the long run, the current valuation of broad - based indices is still low, economic stimulus policies are taking effect, the Fed's interest - rate cut is approaching, and the RMB exchange rate remains strong, so the internal and external environment continues to improve [1] 3. Summary by Relevant Catalogs Overview - The domestic stock market declined slightly last week, with major broad - based indices falling by about - 1%. Multiple factors, such as profit - taking pressure after the Shanghai Composite Index reached 3600 points, uncertainties in Sino - US trade negotiations, and the Fed's non - interest - rate - cut decision, caused the market to pull back. But there are also positive factors, like the possible extension of the trade truce and the increased probability of a Fed rate cut in September. The market sentiment remains relatively optimistic, and a cautiously optimistic view is maintained [1] Options Market - Since the overall market decline was small, the implied volatility (IV) of financial options changed little and is currently at a relatively moderate level. The IV of 50 and 300 options is around 14%, while that of CSI 1000 and ChiNext Index options is between 17% - 23%. The options position PCR is at a moderately high level [2] Strategy Outlook - The index has briefly pulled back, and the options IV is relatively moderate. It is advisable to continue holding indices with relatively low valuations, such as the CSI 300 and ChiNext Index. Given the uncertainties in Sino - US trade negotiations, if the stock position is large or some call options are already held, consider buying near - month out - of - the - money put options for hedging. A long - term optimistic view is maintained, so continue to hold far - month CSI 300 or ChiNext Index call options. Although the far - month futures discount of CSI 1000 has narrowed to some extent, the absolute value is still large, so the covered call strategy of going long on highly discounted futures and selling at - the - money or out - of - the - money call options still has some room [3] Market Overview - From July 18 - 25, 2025, various indices and ETFs showed different degrees of decline. For example, the Shanghai 50ETF closed at 2.88, down 1.37%, with an IV of 13.55%; the Shanghai 50 Index closed at 2754.13, down 1.48%, with an IV of 13.32%; the CSI 300 Index closed at 4054.93, down 1.75%, with an IV of 13.27%, etc. The trading volume and position PCR of each option also varied [4]

Overall Summary - The report is a weekly financial engineering report on the fund market, covering market performance, style analysis, and factor performance as of August 1, 2025 [3]. Market Performance - In the week ending August 1, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -1.14%, 0.13%, and -2.46% respectively [3]. - In the public - fund market, there was a divergence in stock - bond returns in the past week, with medium - and long - term bonds outperforming. The index weekly return was 0.14%. Passive index returns in the equity market weakened, neutral strategy products mostly rose, pure - bond strategy returns in the bond market rebounded, convertible bond returns declined, and silver and energy - chemical ETFs in the commodity market significantly corrected, while gold and soybean meal ETFs had slightly weaker returns [3]. Style Analysis 1. Zhongxin Five - Style Index - Last Friday, the style index closed down, with growth and consumption relatively stronger. The style rotation chart showed that the relative strength of each style decreased month - on - month, and the cyclical style had a large decline in the indicator momentum [3]. - In the public - fund pool, the average return of consumption - style funds in the past week did not outperform the benchmark index, while cyclical and growth - style funds had better excess performance. The style coefficients of growth and stable styles slightly increased [3]. - The growth style rose to a historically high - congestion range [3]. 2. Style Timing Model - According to the latest scoring results of the style timing model, the financial style weakened marginally this week, the stable style rebounded, and the current signal favored the consumption style. The return of the style timing strategy last week was -0.41%, and the excess return compared to the benchmark balanced allocation was 0.97% [3]. Barra Factor Performance - In the past week, the return of the residual volatility factor continued to strengthen, with a weekly excess return of 1.02%. The returns of the profitability and liquidity factors weakened. In terms of winning rate, the capital flow factor strengthened marginally, and the leverage and residual momentum factors decreased month - on - month [3]. - This week, the cross - sectional rotation speed of factors decreased marginally and was currently in a historically low - quantile range [3].

1. Report Industry Investment Ratings - **Beans 1**: ☆☆☆ - **Soybean Meal**: ☆☆☆ - **Soybean Oil**: ☆☆☆ - **Palm Oil**: ☆☆☆ - **Rapeseed Meal**: ☆☆☆ - **Rapeseed Oil**: ☆☆☆ - **Corn**: ★★★ - **Live Hogs**: ★☆☆ - **Eggs**: ★☆☆ [1] 2. Core Views of the Report - For most agricultural products, short - term attention should be paid to weather and policy impacts. In the case of unclear tariff issues, the market for related products is mainly in a state of shock. For soybean - related products, there is a possibility of a good harvest in the United States this year. For some products like live hogs and eggs, there are corresponding trends in price changes and investment suggestions [2][3][7][8] 3. Summary by Related Catalogs 3.1 Beans 1 - Currently, soybeans in Heilongjiang and Inner Mongolia are in the pod - setting stage. Precipitation in the Northeast this week is beneficial to soybean growth. The price of the main contract of Beans 1 is weak, and the price difference with Beans 2 has narrowed. Imported soybeans are also weak in the short - term due to good weather [2] 3.2 Soybeans & Soybean Meal - Trump's new tariff policy will take effect at zero o'clock on August 7th US time, but Sino - US tariffs have not been announced. The oil mill's weekly crushing volume remains above 2 million tons, and the soybean meal inventory has reached about 1 million tons. Before the tariff issue is clear, the soybean meal market is in a shock state [2] 3.3 Soybean Oil & Palm Oil - The price of US soybeans is weak, and there is a high probability of a good harvest this year. According to historical trends, there is a probability that Chinese soybean oil will strengthen in the medium - term. The short - term supply - demand of Malaysian palm oil is weak. The domestic soybean - palm oil price difference has strengthened, and soybean oil is stronger than palm oil. It is recommended to buy on dips for soybean oil and palm oil [3] 3.4 Rapeseed Meal & Rapeseed Oil - The focus of the rapeseed market is on Sino - Canadian economic and trade relations. The inventory of rapeseed oil in China remains basically the same as last week, and the combined inventory of coastal oil mills and imported granular meal continues to decline. The domestic rapeseed futures price is expected to be in a shock state [5] 3.5 Corn - As of August 1st, CGS has conducted 10 auctions of imported corn, totaling about 2.4896 million tons, but the transaction rate and premium have been declining. The Dalian corn futures may continue to be weak at the bottom [6] 3.6 Live Hogs - The spot price of live hogs continues to decline in a shock state. The futures price of near - month contracts is under pressure. The futures of live hogs may have reached the peak, and it is recommended that the industry conduct hedging on rallies [7] 3.7 Eggs - The 09 - contract of eggs has fallen sharply. The inventory of laying hens in July continues to increase. If the egg price can complete capacity reduction through price decline in the second half of this year, the egg price cycle may reverse next year. It is recommended to use the reverse arbitrage idea [8]

Report Investment Rating - Gold: ★★★, indicating a clearer long trend with a relatively appropriate current investment opportunity [1] - Silver: ★★★, indicating a clearer long trend with a relatively appropriate current investment opportunity [1] Core View - After the rise of precious metals on Friday, they are oscillating today. Market concerns about the authenticity of US economic data and the economic outlook have intensified. Traders have fully priced in two Fed rate cuts by the end of the year, and the probability of a September rate cut has risen to 90%. With geopolitical tensions easing and tariff policies being implemented, the market focus has shifted to the US economy and rate cut prospects. In the oscillating trend of precious metals, the idea of buying on dips is maintained [1] Summary by Related Content US Economic Data - US July non - farm payrolls increased by 73,000, far lower than the expected 110,000, with the previous two months' data revised down by 258,000 jobs, and the unemployment rate rose 0.1 percentage points to 4.2%. The July ISM manufacturing PMI unexpectedly dropped to 48, the lowest since October 2024 [2] Trump's Statements - Trump claimed that the non - farm employment data was manipulated and ordered the dismissal of the Bureau of Labor Statistics director. He also ordered the deployment of two nuclear submarines in response to Medvedev's remarks, and made various statements about the Fed's rate cut and Powell's position [2] Fed Officials' Views - Williams is open to a September rate cut, focusing on the significant downward revisions of May and June non - farm data. Waller and Bowman mentioned labor market weakness in their responses to opposing the non - rate - cut decision. Harker thought the employment report was "disappointing" but didn't mean a rate cut last week. Bostic still expects one rate cut this year, believing inflation risk is greater than employment risk [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - From July 28 to August 1, the U.S. July non - farm payrolls data was disappointing, and the data for May and June were significantly revised downwards. Trump signed an executive order to impose "reciprocal tariffs" ranging from 10% to 41% on multiple countries and regions, effective August 7. The dollar index rose weekly. Globally, stocks fell, and the bond and commodity markets were generally weak, with bonds > commodities > stocks in dollar - terms. In China, stocks and commodities declined, while the bond market rose, with commodities > stocks > bonds [3][6]. - The July non - farm payrolls data has raised concerns about the uncertainty of subsequent policies. It is necessary to continuously monitor the impact of major foreign policies on the market and keep an eye on the changes in the prices of major asset classes [3][27]. 3. Summary by Related Catalogs 3.1 Global Major Asset Overall Performance - **Global Stock Market Overview**: From July 28 to August 1, due to concerns triggered by non - farm payrolls data, major global stock markets generally declined. European stocks led the decline, and emerging markets were slightly more resilient than developed markets. The VIX index rose weekly. For example, MSCI Europe fell 4.12%, while emerging market stock indices fell 2.51% [8][13]. - **Global Bond Market Overview**: During the same period, the Fed's July FOMC meeting kept rates unchanged. After the non - farm payrolls data was released, the expectation of a rate cut increased. The yields of medium - and long - term U.S. Treasuries declined, with the 10 - year U.S. Treasury yield falling 17BP to 4.23%. Globally, credit bonds > government bonds > high - yield bonds [15]. - **Global Foreign Exchange Market Overview**: The preliminary value of the U.S. Q2 real GDP annualized quarterly growth rate exceeded expectations, causing the dollar index to rise 1.04% weekly. Most major non - dollar currencies depreciated against the dollar, and the RMB exchange rate declined slightly [16]. - **Global Commodity Market Overview**: Due to the risk of U.S. energy sanctions on Russia and Iran and the expectation of peak - season demand, international oil prices rose weekly, while most agricultural products and non - ferrous metals prices fell [17]. 3.2 Domestic Major Asset Performance - **Domestic Stock Market Overview**: From July 28 to August 1, after policy expectations were realized, major A - share broad - based indices generally declined, and the average daily trading volume of the two markets decreased compared to the previous week. The communication and pharmaceutical sectors led the gains, while non - ferrous metals and coal underperformed. The Shanghai Composite Index fell 0.94% [20]. - **Domestic Bond Market Overview**: During this period, the central bank's open - market operations had a net injection of 6.9 billion yuan, and the liquidity was generally stable. The bond market rose weekly, with government bonds > corporate bonds > credit bonds [22]. - **Domestic Commodity Market Overview**: The domestic commodity market declined weekly. Among major commodity sectors, oilseeds and oils rose, while the black - metal sector underperformed. The Nanhua Commodity Index fell 2.46% [24][25]. 3.3 Major Asset Price Outlook - The July non - farm payrolls data has led to market concerns about the uncertainty of subsequent policies. It is necessary to pay attention to the changes in major asset prices [27].