1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - Not provided 3. Summary by Relevant Catalogs Option Trading Volume - On July 22, 2025, the trading volume of SSE 50 ETF options was 1.7474 million contracts; that of CSI 300 ETF options (Shanghai market) was 1.7566 million contracts; that of CSI 500 ETF options (Shanghai market) was 1.9083 million contracts; that of Shenzhen 100 ETF options was 0.1153 million contracts; that of ChiNext ETF options was 1.8540 million contracts; that of SSE 50 index options was 0.0410 million contracts; that of CSI 300 index options was 0.1069 million contracts; and that of CSI 1000 index options was 0.1801 million contracts [1][20] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.47, with a month - on - month change of +0.04; the open interest PCR was reported at 1.20, with a month - on - month change of +0.09. Similar data for other options are also provided, such as the turnover PCR of CSI 300 ETF options (Shanghai market) was 0.38, with a month - on - month change of +0.02; the open interest PCR was 1.25, with a month - on - month change of +0.07 [2][29] Option VIX - The VIX of SSE 50 ETF options was reported at 15.95%, with a month - on - month change of +0.24%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 16.57%, with a month - on - month change of +0.58%. Similar data for other options are also presented, like the VIX of CSI 500 ETF options (Shanghai market) was 20.70%, with a month - on - month change of +0.97% [3][45]

1. Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [3][5] 2. Core Views - For soybean meal, although the sown area of new - season US soybeans has decreased, high yields are expected to maintain a bountiful harvest. In China, oil mills are accumulating inventory, while the aquaculture industry is in a seasonal consumption off - season. The supply is relatively loose, but the soybean meal futures price rose last week due to macro - sentiment. Policy changes and new - season soybean growth need attention [1][2] - For corn, in China, after a wave of concentrated grain sales in the main producing areas, the trade inventory has decreased, and the available corn in the market has reduced. Feed enterprises have sufficient inventory and purchase on - demand. The import corn auction turnover rate has declined, weakening its impact on market prices [3][4] 3. Summary by Related Catalogs Soybean Meal Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 3086 yuan/ton, up 17 yuan/ton (+0.55%) from the previous day; the rapeseed meal 2509 contract was 2736 yuan/ton, up 9 yuan/ton (+0.33%) [1] - Spot: Tianjin's soybean meal spot price was 2970 yuan/ton, unchanged; Jiangsu's was 2890 yuan/ton, unchanged; Guangdong's was 2880 yuan/ton, up 20 yuan/ton. Fujian's rapeseed meal spot price was 2680 yuan/ton, down 40 yuan/ton [1] - US Information: As of July 20, 2025, the good - to - excellent rate of US soybeans was 68%, lower than the expected 71%. As of July 17, the US soybean export inspection volume was 36.5 tons [1] Market Analysis - US: Future weather in major US soybean - producing areas is favorable, and high yields are expected to offset the reduction in sown area [2] - China: Oil mills are accumulating inventory, and the aquaculture industry is in a consumption off - season. Feed enterprises purchase on - demand. The supply is loose, and spot prices are stable, but the futures price rose due to macro - sentiment [2] Strategy - Cautiously bearish [3] Corn Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2322 yuan/ton, up 2 yuan/ton (+0.09%); the corn starch 2509 contract was 2668 yuan/ton, up 4 yuan/ton (+0.15%) [3] - Spot: Liaoning's corn spot price was 2150 yuan/ton, unchanged; Jilin's corn starch spot price was 2740 yuan/ton, unchanged [3] - Other Information: As of July 17, the harvest of Brazil's second - season corn was 55%, and the expected total output was 1.363 billion tons. US wheat export inspection volume in the week of July 17 was 73.2 tons, up 64.7% week - on - week and 152.0% year - on - year [3] Market Analysis - Supply: After concentrated grain sales in major domestic producing areas, the trade inventory has decreased, and the available corn in the market has reduced [4] - Demand: Feed enterprises have sufficient inventory and purchase on - demand. Deep - processing enterprises also purchase on - demand, with narrow price adjustments [4] - Policy: The turnover rate of imported corn auctions has decreased, weakening its impact on market prices [4] Strategy - Cautiously bearish [5]

Industry Overview Upstream - Black: The prices of coking coal, iron ore, and rebar have slightly rebounded [2] - Agriculture: The price of eggs has increased by over 10% [2] Midstream - Chemical: The operating rate of PX has declined, while the recent operating rates of polyester, PTA, and urea have been stable [3] - Energy: The coal consumption of power plants has been continuously increasing [3] Downstream - Real estate: The second - hand housing transactions in third - tier cities have slightly increased [4] - Services: The number of domestic flights during the summer vacation has increased [4] Key Events in Production and Service Industries Production Industry - Hive Energy plans to trial - produce its first - generation 140Ah semi - solid battery on a 2.3GWh semi - solid mass - production line in Q4 2025, which will be supplied to BMW MINI's next - generation models and is scheduled for large - scale supply in 2027. This year, it will mass - produce the first - generation soft - pack semi - solid battery with an energy density of 300Wh/kg at a very low cost. The second - generation semi - solid battery will have an energy density of 360Wh/kg and a capacity of 78Ah. The first - generation all - solid - state battery will have an energy density of 400Wh/kg and a capacity of 68Ah, mainly for low - altitude flight and automotive applications [1] Service Industry - As of the end of Q2 2025, the balance of RMB real estate loans was 53.33 trillion yuan, a year - on - year increase of 0.4%, and the growth rate was 0.6 percentage points higher than at the end of the previous year, with an increase of 416.6 billion yuan in the first half of the year. The balance of real estate development loans was 13.81 trillion yuan, a year - on - year increase of 0.3%, with an increase of 292.6 billion yuan in the first half of the year. The balance of personal housing loans was 37.74 trillion yuan, a year - on - year decrease of 0.1%, and the growth rate was 1.2 percentage points higher than at the end of the previous year, with an increase of 51 billion yuan in the first half of the year [1] Industry Credit Spread Tracking - The credit spreads of various industries such as agriculture, forestry, animal husbandry and fishery, mining, chemical, and others have shown different degrees of changes. For example, the credit spread of the agriculture, forestry, animal husbandry and fishery industry this week is 47.35BP, compared with 84.78BP in the same period last year [46] Key Industry Price Index Tracking - Different industries' price indicators have different trends. For example, the spot price of eggs in the agricultural industry on July 22 was 6.6 yuan/kg, a year - on - year increase of 14.78%, and the spot price of rebar in the ferrous metal industry was 3297.0 yuan/ton, a year - on - year increase of 3.91% [47]

甲醇日报 | 2025-07-23 内地方面：Q5500鄂尔多斯动力煤450元/吨（+0），内蒙煤制甲醇生产利润615元/吨（+0）；内地甲醇价格方面，内 蒙北线1990元/吨（+0），内蒙北线基差133元/吨（-46），内蒙南线1990元/吨（+0）；山东临沂2335元/吨（+35），鲁 南基差78元/吨（-11）；河南2170元/吨（+10），河南基差-87元/吨（-36）；河北2190元/吨（+0），河北基差-7元/吨（-46）。 隆众内地工厂库存352340吨（-4560），西北工厂库存218000吨（-10000）；隆众内地工厂待发订单243119吨（+21879）， 西北工厂待发订单113600吨（+13600）。 港口方面：太仓甲醇2412元/吨（+14），太仓基差-45元/吨（-32），CFR中国275美元/吨（+2），华东进口价差-20元/ 吨（-2），常州甲醇2410元/吨；广东甲醇2410元/吨（+10），广东基差-47元/吨（-36）。隆众港口总库存790200吨 （+71300），江苏港口库存454000吨（+59000），浙江港口库存180000吨（+4500），广东港口库存106 ...

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated yesterday. The supply - demand structure of oils is stable, the expectation of loose supply remains unchanged, and with the support of biodiesel, the prices will continue to oscillate [3] Group 3: Market Analysis Futures Prices - The closing price of the palm oil 2509 contract yesterday was 8,926.00 yuan/ton, a change of +16 yuan or +0.18% compared to the previous day. The closing price of the soybean oil 2509 contract was 8,076.00 yuan/ton, a change of -16.00 yuan or -0.20%. The closing price of the rapeseed oil 2509 contract was 9,477.00 yuan/ton, a change of -86.00 yuan or -0.90% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,960.00 yuan/ton, a change of +10.00 yuan or +0.11%, with a spot basis of P09 + 34.00, a change of -6.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8,210.00 yuan/ton, a change of -20.00 yuan/ton or -0.24%, with a spot basis of Y09 + 134.00, a change of -4.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,580.00 yuan/ton, a change of -80.00 yuan or -0.83%, with a spot basis of OI09 + 103.00, a change of +6.00 yuan [1] Market News - Russia cuts its 2025 wheat production forecast to 88 - 90 million tons from 90 million tons and its 2025/26 market - year wheat export forecast to 43 - 44 million tons from 45 million tons [2] - Malaysia's palm oil exports in June 2025 reached 1.26 million tons, a high level, but the inventory rose to an 18 - month high of 2.03 million tons. Kenya became the second - largest buyer of Malaysian palm oil in the first half of 2025, and is expected to import 1.3 million tons for the whole year. Shipments from July 1 - 20 are estimated at 486,404 tons, down 35.99% from the same period last month [2] - China's soybean imports in May and June hit record highs, leading to a short - term accumulation of soybean stocks. Since July, with the decline in imported soybean arrivals and high crushing volume, soybean stocks have declined for two consecutive weeks and are at the lowest level in nearly two months. As of the end of the 29th week of 2025, the total inventory of imported soybeans was 6.832 million tons, a decrease of 272,000 tons from last week [2]

农产品日报 | 2025-07-23 早熟果上市量增加，关注新季果品质 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2510合约7929元/吨，较前一日变动+6元/吨，幅度+0.08%。现货方面，山东栖霞80# 一二 级晚富士价格3.95元/斤，较前一日变动+0.00元/斤，现货基差AP10-29，较前一日变动-6；陕西洛川70# 以上半商 品晚富士价格4.80元/斤，较前一日变动+0.00元/斤，现货基差AP10+1671，较前一日变动-6。 近期市场资讯，苹果市场库存货源交易氛围仍显一般，西部产区货源剩余不多，部分冷库对水烂点货源存急售心 理，现货商发自存货源为主，早熟果纸袋秦阳陆续上市交易。山东产区客商拿货仍显谨慎，多挑拣拿货。剩余货 源结构多以中大果居多，走货不快。销区市场需求不佳，近期南方销区台风多雨天气，走货不快。陕西洛川产区 目前库内70#起步统货4.2-4.5元/斤，70#起步半商品4.5-5.0元/斤，以质论价。 山东栖霞产区果农三级2.0-2.5元/斤， 果农80#以上统货2.8-3.5元/斤，80#一二级条纹4.0-4.5元/斤，80#一二级片红3.5-4.0元/斤。 市场分析 ...

1. Report Industry Investment Ratings - Glass: Neutral [2] - Soda Ash: Slightly Bearish [2] - Silicomanganese: Slightly Bullish [4] - Ferrosilicon: Slightly Bullish [4] 2. Core Views - The coal supply disruption has led to an increase in commodity valuations [1] - The market sentiment for glass and soda ash is optimistic, with prices continuing to rise [1] - The market sentiment for silicon alloys is positive, with prices oscillating strongly [3] 3. Summary by Related Catalogs Glass and Soda Ash - **Market Analysis**: Glass and soda ash futures prices rose significantly yesterday. In the spot market, downstream procurement of glass was cautious, while soda ash trading fluctuated with the futures market [1] - **Supply and Demand Logic**: Glass supply is stable, but inventory remains high. In the long - term, supply and demand are relatively loose. Soda ash production is stable, but with the expected reduction in photovoltaic glass production, demand is likely to weaken, and inventory pressure is high throughout the year [1] - **Strategy**: Glass is expected to oscillate, while soda ash is expected to oscillate weakly [2] Silicon Alloys (Silicomanganese and Ferrosilicon) - **Market Analysis**: Silicomanganese and ferrosilicon futures prices were strong yesterday. In the spot market, suppliers of silicomanganese were firm on prices, and the ferrosilicon market sentiment was positive [3] - **Supply and Demand Logic**: Silicomanganese production is stable, and demand is resilient, but high inventory suppresses prices. Ferrosilicon production has increased, demand has slightly decreased, and inventory is at a medium - high level. The short - term coal supply disruption has increased its valuation [3] - **Strategy**: Both silicomanganese and ferrosilicon are expected to oscillate strongly [4]

农产品日报 | 2025-07-23 出栏有所增加，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14380元/吨，较前交易日变动+15.00元/吨，幅度+0.10%。现货方面，河南地区 外三元生猪价格14.39元/公斤，较前交易日变动-0.05元/公斤，现货基差 LH09+10，较前交易日变动-65；江苏地区 外三元生猪价格 14.55元/公斤，较前交易日变动-0.18元/公斤，现货基差LH09+170，较前交易日变动-195；四川地 区外三元生猪价格13.62元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09-760，较前交易日变动-15。 据农业农村部监测，7月22日"农产品批发价格200指数"为112.77，比昨天下降0.14个点，"菜篮子"产品批发价格指 数为112.82，比昨天下降0.16个点。全国农产品批发市场猪肉平均价格为20.74元/公斤，比昨天下降0.3%；牛肉64.08 元/公斤，比昨天上升0.3%；羊肉59.50元/公斤，比昨天上升0.1%；鸡蛋7.31元/公斤，比昨天下降0.1%；白条鸡17.26 元/公斤，比昨天下降1.8%。 市场分析 ...

石油沥青日报 | 2025-07-23 局部现货价格下跌，市场情绪一般 市场分析 1、7月22日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3609元/吨，较昨日结算价下跌52元/吨，跌幅 1.42%；持仓203931手，环比下降19429手，成交238574手，环比上涨96994手。 2、卓创资讯重交沥青现货结算价：东北，3900—4086元/吨；山东，3630—4070元/吨；华南，3560—3600元/吨； 华东，3660—3800元/吨。 昨日华北、山东以及华南市场沥青现货价格均有所下跌，其余区域沥青现货价格均以持稳为主，整体情绪一般。 目前原油价格震荡运行，强现实、弱预期的格局导致市场短期缺乏明确趋势，对沥青而言成本端方向指引有限， BU盘面也呈现震荡运行态势。就沥青自身基本面而言，整体供需两弱格局延续，库存处于低位，市场压力有限但 上行驱动不足，需要等待新的变量兑现。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 ...

新能源及有色金属日报 | 2025-07-23 氧化铝的仓单博弈仍在继续 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20940元/吨，较上一交易日上涨50元/吨，长江A00铝现货升贴 水较上一交易日下跌40元/吨至50元/吨；中原A00铝价录得20750元/吨，中原A00铝现货升贴水较上一交易日下 跌50元/吨至-120元/吨；佛山A00铝价录20910元/吨，佛山A00铝现货升贴水较上一交易日下跌25元/吨至45元/ 吨。 铝期货方面：2025-07-22日沪铝主力合约开于20850元/吨，收于20900元/吨，较上一交易日收盘价上涨155元/ 吨，涨幅0.75%，最高价达20955元/吨，最低价达到20790元/吨。全天交易日成交153418手，较上一交易日减 少67236手，全天交易日持仓330897手，较上一交易日增加13990手。 库存方面，截止2025-07-21，SMM统计国内电解铝锭社会库存49.8万吨。截止2025-07-22，LME铝库存438450 吨，较前一交易日增加4025吨。 氧化铝现货价格：2025-07-22 SMM氧化铝山西价格录得3225元/吨，山东价格录得3 ...