Report Summary 1. Investment Rating The report does not provide an investment rating for the polyolefin industry. 2. Core View In August, with the improvement of both the macro - economic and fundamental aspects, polyolefins are expected to perform strongly [4]. 3. Summary by Section Macro - economic Analysis - **China**: In late June 2025, the broad money (M2) balance was 330.29 trillion yuan, a year - on - year increase of 8.3%. In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. In June, the CPI rose 0.1% year - on - year and fell 0.1% month - on - month, while the PPI fell 3.6% year - on - year and 0.4% month - on - month. From January to June, real estate investment, sales area, and sales volume all declined. With the implementation of relevant policies, the domestic macro - economic outlook is positive [6][8][11]. - **International**: In June 2025, the US CPI rose 0.3 percentage points to 2.7%, and the Eurozone's CPI in April rose 0.1 percentage points to 2%. The US economy remains resilient, and its major trading partners have reached trade agreements with it. After the stabilization of US tariffs, the inflation expectation will improve, and the Fed is likely to cut interest rates, bringing substantial benefits to the international macro - economy [13][17][20]. Fundamental Analysis - **PE**: In July, domestic PE production increased, with the output reaching 272.64 million tons, a month - on - month increase of 4.48%. The downstream demand decreased, with the average starting rate of downstream industries at 38.3%, a month - on - month decrease of 0.4%. The social sample warehouse inventory rose to 56.17 million tons, a month - on - month increase of 10.77% [22][25][26]. - **PP**: In July, the supply of PP increased, with a total output of 342.50 million tons, a month - on - month increase of 2.53%. The downstream was in the off - season, with the average starting rate of plastic - weaving sample enterprises at 41.58%, a month - on - month decrease of 2.39 percentage points. The production enterprise inventory decreased by 3.45% month - on - month, while the trader inventory increased by 28.28% month - on - month [30][32][35]. Market Outlook - **PE**: In August, the domestic PE output is expected to be 272.71 million tons, basically the same as in July. The downstream demand is expected to improve, with the overall average starting rate of downstream industries increasing by 2% to 40.3%. The agricultural film industry is expected to enter the reserve stage, and the starting rate is expected to increase by about 5.5%. The average starting rate of PE packaging film is expected to increase by 2.5% [41]. - **PP**: In August, the planned maintenance loss is expected to be 54.996 million tons, and the output is expected to increase by 4.58% to 358.20 million tons. The downstream consumption is at the critical stage of transition from the off - season to the peak season, and there is a chance of improvement in overseas orders [42].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The egg market in July experienced a "sharp decline - rebound - decline" roller - coaster行情. The current supply - demand contradiction is sharp. With high inventory and a continuous increase in newly - laid hens, the pattern of loose supply remains unchanged. Although the peak - season market is approaching, it is restricted by weak consumer recovery and resistance to high prices. It is expected that the differentiated trend of the egg futures market, with near - term weakness and long - term strength, will continue. [8][40] - The report suggests continuing the 09 - 01 contract reverse spread strategy and continuously monitoring capacity reduction and downstream demand changes. [9][41] 3. Summary by Relevant Catalogs 3.1 Market Review 3.1.1 Futures Prices - Last month, the main contract of egg futures changed from 2508 to 2509. The JD2508 contract hit a record low since its listing this week and continued to decline in subsequent trading days. The JD2509 contract showed an overall weak range - bound trend. As of July 31, the main JD2509 contract closed at 3522 yuan per 500 kilograms, down 1.45%. [5][12] 3.1.2 Spot Prices - In the main production areas, egg prices rose after falling to the lowest point of the year in mid - July, but then declined in the second half of the month due to factors such as excessive price increases inhibiting consumption and an increase in newly - laid hens. As of July 31, the average price in the main production areas was 3.16 yuan per catty, up 0.53 yuan per catty from the beginning of the month. - In the main sales areas, egg prices showed a "first - down - then - up" fluctuation. As of July 31, the average price in the main sales areas was 3.21 yuan per catty, up 0.5 yuan per catty from the beginning of the month. [17] 3.2 Fundamental Analysis 3.2.1 Laying Hen Inventory - In July, the laying hen inventory remained at a high level. As of the end of July, the national laying hen inventory was close to 1.3 billion, a record high, and it is expected to exceed 1.3 billion in August. The expansion of production capacity is mainly due to the slowdown of old - hen culling by farmers in a state of weak profit, forming a negative cycle of "weak profit - slow culling - high inventory". [7][21] 3.2.2 Old Hen Price - As of July 31, the average price of culled hens in the main production areas was 5.89 yuan per catty, up 26.12% from the beginning of July. The market has no obvious signs of increased old - hen supply, and farmers still have confidence in the peak - season egg market, so the enthusiasm for culling is not high. [24] 3.2.3 Chicken Chick Price - Affected by the market situation of strong supply and weak demand, the price of commercial - layer chicks continued to decline in July. The average price in July was 3.59 yuan per chick, a month - on - month decrease of 7.95%. The pressure on the profit side weakened the replenishment motivation of farmers, and the low utilization rate of hatching eggs by breeding enterprises further suppressed the chick price. [29] 3.2.4 Old - Hen Culling Progress - In July, the culling volume of old hens continued to decline, showing a decreasing trend. The culling rhythm was affected by factors such as egg - price fluctuations, farming expectations, and demand changes. The average culling age of old hens fluctuated slightly, with an overall range of 501 - 504 days. [34] 3.2.5 Laying Hen Farming Cost and Profit - In July, the laying hen farming cost fluctuated slightly in the range of 3.53 - 3.54 yuan per catty, showing a slight downward trend. The farming profit continued to improve, with the loss narrowing from 0.95 yuan per catty at the beginning of the month to 0.29 yuan per catty at the end of the month. [39]

研究报告 螺纹月报 8 月钢价预计震荡休整，静候金九银十 | 投资咨询业务资格： | | | --- | --- | | 证监许可【2012】1087 号 | | | 黑色板块研究员：魏云 | | | 期货从业资格证号：F3024460 | | | 投资咨询资格证号：Z0013724 | | | 电话：0931-8894545 | | | 邮箱：497976013@qq.com | | | 年 月 报告日期：2025 8 1 | 日星期五 | 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 交易策略：建议逢低震荡偏多对待 *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作任何保证。本文中 的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考，据此入市风险自负。 3 9 研究报告 一、价格分析 行情回顾：7 月螺纹 2510 合约上涨 6.94%。 报告日期：2025 年 8 月 1 日星期五 基本面：国家统计局数据显示，7 月份，受制造业 进入传统生产淡季，部分地区高温、暴雨洪涝灾害等因 素影响，PMI 降至 49.3%，上月下降 0.4 个百分点 ...

研究报告 生猪月报 供需改善政策提振，盘面有望震荡偏强 投资咨询业务资格： 证监许可【2012】1087 号 期货从业资格证号：F0305828 投资咨询资格证号：Z0011566 电话：0931-8894545 邮箱：2367823725@qq.com 报告日期：2025 年 8 月 1 日星期五 考，请投资者务必阅读正文之 后的免责声明。 摘要： 【行情复盘】 研究员：张正卯 2025 年 7 月生猪期货主力合约 LH2509 期价在 13840-15150 元/吨之间运行。整体来看，7 月生猪期货主力合约呈现区间震荡、 冲高回落的"M"走势，当月总体小幅上涨。 截至 2025 年 7 月 31 日下午收盘，当月生猪主力合约 LH2509 上涨 205 元/吨，涨幅 1.48%，报收 14075 元/吨。 【后市展望】 2025 年 7 月，生猪期价主力合约呈现区间震荡、冲高回落的 "M"走势，当月总体小幅上涨。 展望后市，行业政策方面，国家连续召开会议推进"反内卷"， 提振生猪远期价格。对供给端来看，从能繁母猪存栏量推算，后 续供应增加格局未改，供给端对猪价形成一定压力。但是考虑到 2 月前后猪病的影响 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In July, the domestic stock index futures market showed a continuous upward trend, with IC and IM performing stronger than IF and IH. In August, the stock index may maintain a structural market. One can focus on short - term oversold rebound opportunities catalyzed by policies, but be vigilant against fluctuations caused by economic data falling short of expectations. It is recommended to participate with a light position and closely follow the central bank's medium - term lending facility operations and real estate policy trends [5][26]. 3. Summary by Relevant Catalogs 3.1 Market Quotes Review - In July, the domestic stock index futures market continued to strengthen. The month - on - month increases of the main contracts of IF, IH, IC, and IM were 4.14%, 3.27%, 6.16%, and 6.33% respectively [5]. - Last month, 30 - year and 10 - year treasury bond futures rose, while 5 - year and 2 - year treasury bond futures fell [6]. 3.2 Fundamental Analysis - In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity. The non - manufacturing business activity index was 50.1%, down 0.4 percentage points from the previous month but still above the critical point. The comprehensive PMI output index was 50.2%, down 0.5 percentage points from the previous month, indicating that the overall production and business activities of Chinese enterprises remained in an expansion state [8][9][13]. 3.3 Valuation Analysis - As of July 31, the PE, percentile, and PB of the CSI 300 Index were 13.39 times, 72.8%, and 1.41 times respectively; those of the SSE 50 Index were 11.48 times, 85.13%, and 1.27 times respectively; those of the CSI 500 Index were 30.78 times, 73.39%, and 2.06 times respectively; and those of the CSI 1000 Index were 41.3 times, 66.34%, and 2.29 times respectively [14]. 3.4 Other Data - The "total market value/GDP" quantile in historical data was 77.08%. On July 30, 2025, the "total market value/GDP" quantiles in the recent 10 - year data were 81.07% and 76.31% [25]. 3.5 Comprehensive Analysis - In July, the stock index futures showed a volatile and slightly stronger pattern, but the upward foundation was still unstable. The market contradiction lies in the game between policy expectations and fundamental reality. In August, the stock index may maintain a structural market. One can focus on short - term opportunities but be cautious about risks [26].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the content. 2. Core View of the Report In July 2025, the price of soybean meal futures fluctuated and consolidated. Looking ahead, the domestic soybean market shows a continuous accumulation of inventory, with port soybean inventory reaching a high level in the same period in recent years. The decline in oil mill crushing volume reflects weak terminal demand, and the drop in imported soybean prices weakens cost support. With ample domestic soybean supply, high soybean meal production, and multiple negative factors such as reduced demand for soybean meal, the price of soybean meal is likely to continue to fluctuate and consolidate [6][9][34]. 3. Summary by Relevant Catalogs Market Review - In July 2025, the weighted price of soybean meal futures rose 0.64% to close at 2965, and the weighted price of rapeseed meal futures rose 2.98% to close at 2561. Internationally, the continuous price of US soybeans fell 3.09% to close at 996.00, and the price of US soybean meal fell 5.11% to close at 274.60 [6][10]. Fundamental Analysis - **USDA Report Adjustments**: The USDA report shows that the global soybean crushing volume for the 2025/26 season has been increased by 1.12 million tons to 367.71 million tons, mainly due to the increase in US soybean crushing volume. The export volume has decreased by 0.8 million tons to 187.63 million tons, as the increase in Argentine soybean exports cannot offset the decrease in US soybean exports, indicating a change in the global soybean export pattern [7][17][18]. - **US Soybean Supply and Demand**: In the 2025/26 season, the US soybean production is estimated to be reduced by 5 million bushels to 4.335 billion bushels, while the soybean crush is increased by 50 million bushels to 2.54 billion bushels, and the export is reduced by 70 million bushels to 1.745 billion bushels. The ending inventory is increased by 15 million bushels to 310 million bushels [14][15]. - **Global Soybean Supply and Demand**: The estimated global soybean production for the forecast year is 427.68 million tons, with a month - on - month increase of 0.86 million tons. The demand is 425.17 million tons, with a month - on - month increase of 1.02 million tons. The supply - demand gap is 2.51 million tons, a decrease of 0.28 million tons compared to the same period last year [19]. - **Domestic Market Indicators**: As of July 27, 2025, the oil mill soybean meal inventory was 961,000 tons, a month - on - month increase of 52,700 tons. As of July 30, 2025, the profit from purchasing piglets for breeding was - 71.39 yuan per head. As of June 2025, the feed production was 29.377 million tons, with a year - on - year increase of 8.1% [21][22][23]. Cross - Variety Analysis - **Soybean Pressing Profit**: As of July 30, 2025, the spot pressing profit of domestic soybeans in Heilongjiang was - 9 yuan per ton, and the spot pressing profit of soybeans in Jiangsu was 93.25 yuan per ton, with the latter at an average level [28]. - **Futures Contract Ratios**: As of July 30, 2025, the ratio of the main futures contracts of Dalian soybean oil and soybean meal was 2.74, at a relatively high level seasonally. The ratio of the main futures contracts of Zhengzhou rapeseed meal and Dalian soybean meal was 0.91, and the price difference was - 275 yuan per ton [30][31]. Outlook for the Future The domestic soybean market has a continuous accumulation of inventory, a significant decline in oil mill crushing volume, and weak terminal demand. The drop in imported soybean prices weakens cost support. With ample domestic supply, high soybean meal production, and reduced demand for soybean meal due to policy adjustments, the price of soybean meal is likely to fluctuate and consolidate [9][32][34].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The US tariff increase on semi-finished copper products has limited direct impact on the Chinese copper industry, and it is expected to have a certain negative impact on the Shanghai copper price, but the overall impact is not significant [3][14][35] - The price of copper may mainly show a volatile trend due to various factors such as China's economic policies, US policies, supply, demand, and inventory [35][36][37] Summary by Directory 1. Market Review - In June, affected by the dissipation of the negative impact of tariff policies, the price of the main contract of Shanghai copper futures showed a mainly volatile and weakening trend, with a price range of about 77,650 yuan/ton to 80,780 yuan/ton [7] - The price trend of the LME copper futures contract was similar to that of the main contract of Shanghai copper futures, with an operating range of about 9,555 - 10,020 US dollars/ton [7] 2. Macroeconomic Environment - The US will impose a 50% tariff on imported semi-finished copper products and copper-intensive derivative products starting from August 1st, while copper input materials and copper scrap are not subject to relevant tariffs [11] - From January to June, the total profit of industrial enterprises above the designated size in China was 343.65 billion yuan, a year-on-year decrease of 1.8%. Different types of enterprises had different profit changes, and there were also significant differences in profit changes among industries [15][16] - On July 30th local time in the US, the Federal Reserve decided to keep the federal funds rate target range unchanged at 4.25% - 4.50%, which was the fifth consecutive time to maintain the interest rate unchanged [3][35] 3. Supply Side - As of June 2025, the monthly refined copper output was 1.302 million tons, an increase of 48,000 tons from the previous month and a year-on-year increase of 14.2%. As of July 25th, 2025, the refining fee of Chinese copper smelters was -4.26 cents/pound, and the rough smelting fee was -42.73 US dollars/kiloton [17] - As of July 31st, 2025, the price of refined copper in Shanghai Wumaomao was 78,535 yuan/ton, the price of scrap copper in Foshan, Guangdong was 72,450 yuan/ton, and the price difference between refined and scrap copper was -1,160 yuan/ton [23] 4. Demand Side - As of June 2025, the monthly output of copper products was 2.2145 million tons, a year-on-year increase of 6.8%. In June 2025, the cumulative investment in power grid construction was 291.1 billion yuan, a year-on-year increase of 14.6% [26] 5. Inventory Side - As of July 25th, 2025, the cathode copper inventory in the Shanghai Futures Exchange decreased by 11,133 tons from the previous week. As of July 30th, 2025, the LME copper inventory increased by 9,225 tons from the previous trading day, and the proportion of cancelled warrants was 12.4%. The COMEX copper inventory increased by 2,517 tons from the previous trading day. The inventory in Shanghai Free Trade Zone increased by 500 tons from the previous week [31] 6. Outlook - The factors affecting copper price trends include China's economic policies, US policies, supply, demand, inventory, etc., with different degrees of influence [34] - Considering various factors, the copper price may mainly show a volatile trend [35][36][37]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - Aluminum prices are likely to show a fluctuating trend [3][35] 3) Summary by Related Catalogs a. Market Review - Last week, the price of the main contract AL2509 of Shanghai aluminum futures showed a fluctuating market, ranging from around 20,550 yuan/ton to a maximum of about 20,975 yuan/ton [7] - Last week, the price of LME aluminum futures fluctuated, with the contract price ranging from around 2,629 - 2,664 US dollars/ton [11] b. Spot Analysis - As of July 25, 2025, the average price of 1 electrolytic aluminum in the Yangtze River non - ferrous metal market was 20,800 yuan/ton, an increase of 140 yuan/ton from the previous trading day. The spot prices in Shanghai, Foshan, Jinan, and Wuxi were 20,830 yuan/ton, 21,090 yuan/ton, 20,835 yuan/ton, and 20,785 yuan/ton respectively [14] - As of July 25, 2025, the premium of electrolytic aluminum was maintained at around a premium of 10 yuan/ton, an increase of 20 yuan/ton from the previous trading day [14] c. Supply and Demand Situation - In June 2025, the supply of alumina exceeded demand by 50,000 tons, compared with an excess of 290,000 tons in the previous month. From a seasonal perspective, the current supply - demand balance is at a relatively high level compared to the past five years [20] - As of July 24, 2025, the total domestic alumina inventory was 37,000 tons, a decrease of 14,000 tons from the previous period. The inventory at Lianyungang was 0 tons, at Bayuquan was 20,000 tons, and at Qingdao Port was 17,000 tons. The total domestic inventory was at a relatively low level compared to the past five years [20] d. Inventory Situation - As of July 25, 2025, the electrolytic aluminum inventory on the Shanghai Futures Exchange was 115,790 tons, an increase of 6,968 tons from the previous week [25] - As of July 25, 2025, the LME aluminum inventory was 450,825 tons, an increase of 2,725 tons from the previous trading day, and the proportion of cancelled warrants was 3.35% [25] - As of July 24, 2025, the total social inventory of electrolytic aluminum was 462,000 tons, an increase of 21,000 tons from the previous day. The inventory in Shanghai was 44,000 tons, in Wuxi was 125,000 tons, in Hangzhou was 15,000 tons, in Foshan was 166,000 tons, in Tianjin was 24,000 tons, in Shenyang was 2,000 tons, in Gongyi was 71,000 tons, and in Chongqing was 3,000 tons [25] e. Macroeconomic and Fundamental Analysis - European Central Bank President Lagarde stated that there will be no intervention in any exchange rate, and attention will be paid to the path of trade negotiations. The benchmark scenario in June remains unchanged. The current inflation rate is 2%, and the European Central Bank is in a good position. Corporate profits continue to offset wage increases, and wage growth is moving in the right direction. The European Central Bank maintains the main refinancing rate at 2.15% [2][34] - In the first half of 2025, the national general public budget expenditure was 1.41271 trillion yuan, a year - on - year increase of 3.4% [2][34] - The National Development and Reform Commission and the State Administration for Market Regulation issued the "Draft Amendment to the Price Law of the People's Republic of China (for public comment)", aiming to further clarify the criteria for identifying improper price behaviors, improve the criteria for identifying predatory pricing, regulate market price order, and address "involution - style" competition [2][34] - The operating rate of alumina plants has rebounded, corporate profits have continued to improve, and alumina inventory remains at a low level. The output of aluminum products has increased slightly, and the industry's operating rate has gradually improved. The de - stocking of Shanghai aluminum inventory has ended, and the social inventory of electrolytic aluminum has increased slightly. The LME aluminum inventory has continued to rise, and the inventory level has reached 450,000 tons [2][34]

研究报告 甲醇周报 宏观利好提振，甲醇或偏强运行 华龙期货投资咨询部 证监许可【2012】1087 号 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 【行情复盘】 投资咨询业务资格： 上周受宏观面提振，甲醇期货偏强运行，至周五下午收盘， 甲醇加权收于 2541 元/吨，较前一周上涨 6.5%。 能化研究员：宋鹏 期货从业资格证号：F0295717 投资咨询资格证号：Z0011567 电话：15693075965 邮箱：2463494881@qq.com 【操作策略】 国内宏观面预期回暖后，若外围关税谈判没有明显不利影响， 甲醇大概率偏强运行，应偏多操作。 *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作任何保证。本文中 的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考，据此入市风险自负。 研究报告 【基本面】 报告日期：2025 年 7 月 28 日星期一 上周，受宏观面"反内卷"政策以及"雅下"超级工程的共 同提振，市场信心恢复，对需求端的预期升温。国内工业品普遍 上涨。甲醇需求亦有好转，对甲醇现货价格有提振。供给方面， 受甲醇价格上涨带 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report Last week, the A-share market showed many highlights, with the Shanghai Composite Index returning to 3,600 points during the week. The current market risk appetite is high, and the capital acceptance ability is strong. The policy and liquidity environment have entered a relatively favorable stage, and the expansion of the general trend is the main theme of the market. However, as the market rises rapidly, structural risks are emerging, and there is a game between fundamental pressure and policy hedging. This week, the market is expected to continue the pattern of shock and strength. In the short term, it is recommended to pay attention to domestic policy guidance and the results of China-US trade talks [30]. 3. Summary by Relevant Catalogs 3.1 Market Performance - **A-share Indexes**: On July 25, the three major A-share indexes collectively declined slightly. The Shanghai Composite Index fell 0.33% to 3,593.66 points, the Shenzhen Component Index fell 0.22% to 11,168.14 points, and the ChiNext Index fell 0.23% to 2,340.06 points. The trading volume of the Shanghai and Shenzhen stock markets reached 178.73 billion yuan [2]. - **Bond Market**: Last week, 30-year and 10-year treasury bond futures rose, while 5-year and 2-year treasury bond futures fell. The 30-year treasury bond futures had a weekly decline of 2.14% and closed at 117.950 yuan; the 10-year treasury bond futures had a weekly decline of 0.58% and closed at 108.180 yuan; the 5-year treasury bond futures had a weekly decline of 0.41% and closed at 105.570 yuan; the 2-year treasury bond futures had a weekly decline of 0.12% and closed at 102.310 yuan [3]. - **Stock Index Futures Market**: Last week, the domestic stock index futures market showed a continuous strengthening trend. The CSI 300 futures (IF2509) closed at 4,116.0 with a weekly increase of 1.84%; the SSE 50 futures (IH2509) closed at 2,796.8 with a weekly increase of 1.08%; the CSI 500 futures (IC2509) closed at 6,216.0 with a weekly increase of 3.59%; the CSI 1000 futures (IM2509) closed at 6,605.8 with a weekly increase of 3.00% [7]. 3.2 Fundamental Analysis - **Industrial Profit**: In June, the profits of industrial enterprises above designated size decreased by 4.3% year-on-year. From January to June, the total profits of industrial enterprises above designated size reached 3.4365 trillion yuan, a year-on-year decrease of 1.8%. From January to June, the profits of the ferrous metal smelting and rolling processing industry increased by 13.7 times year-on-year, the agricultural and sideline food processing industry increased by 22.8%, the electrical machinery and equipment manufacturing industry increased by 13%, and the mining industry's profits decreased by 30.3% year-on-year [8]. - **Agricultural Policy**: Ten departments including the Ministry of Agriculture and Rural Affairs jointly issued the "Implementation Plan for Promoting Agricultural Product Consumption", aiming to optimize the supply of high-quality green products, meet multi-level consumption needs, and promote the R & D of new food ingredients [8]. - **US Economic Data and Policy**: The Federal Reserve will hold an interest rate meeting from July 29 to 30. The market generally expects the Fed to keep the interest rate in the current range of 4.25% - 4.5%. The US will release the second-quarter GDP preliminary data on July 30, with the market expecting an annualized quarterly rate of 2.5%. On August 1, the US will release the July non-farm payroll data, with the market expecting an increase of 102,000 in employment and an increase in the unemployment rate from 4.1% to 4.2% [9]. - **Central Bank Operations**: The central bank conducted 165.63 billion yuan of reverse repurchase operations, 40 billion yuan of MLF operations, and 10 billion yuan of treasury cash fixed deposit operations this week. There were 172.68 billion yuan of reverse repurchase maturities, 20 billion yuan of MLF maturities, and 12 billion yuan of treasury cash fixed deposit maturities. The net investment for the whole week was 10.95 billion yuan. Next week, there will be 165.63 billion yuan of reverse repurchase maturities [9][10]. 3.3 Valuation Analysis - **Index Valuation**: As of July 18, the PE of the CSI 300 Index was 13.59 times, with a percentile of 77.45%, and the PB was 1.43 times; the PE of the SSE 50 Index was 11.48 times, with a percentile of 85.1%, and the PB was 1.27 times; the PE of the CSI 1000 Index was 41.19 times, with a percentile of 66.27%, and the PB was 2.29 times [14]. - **Stock-Bond Yield Spread**: The stock-bond yield spread is the difference between the stock market yield and the treasury bond yield. Two formulas are provided for calculation. The data of the CSI 300 stock-bond yield spread is presented [18].