Report Industry Investment Rating No relevant information provided. Core Views - The economy grew steadily in the first half of the year, with GDP up 5.3% year-on-year, showing a mild recovery. The service industry was the core of economic growth, and industrial production continued to rise in June. However, there were risks such as potential pork overcapacity and PPI deflation spreading to the consumer side [4]. - Domestic demand showed resilience, but external uncertainties increased. The economy maintained high growth in the first half, with new productive forces accelerating industrial upgrading. However, trade protectionism and geopolitical risks posed challenges [6]. Summary by Directory Growth: Steady Growth - The GDP in the first half of the year increased by 5.3% year-on-year, with the service industry contributing significantly. In June, industrial production continued to grow, and high-tech and equipment manufacturing industries maintained relatively fast growth [4][11]. Inflation: PPI Under Pressure - In June 2025, PPI decreased by 3.6% year-on-year and 0.4% month-on-month. The decline was mainly due to factors like loose energy and raw material supply, pressure on export - dependent industries, and international input adjustments. Some high - tech and consumer - related sectors showed positive changes [21][22]. Investment: Marginal Slowdown - From January to June 2025, national fixed - asset investment increased by 2.8% year-on-year, with a slowdown in growth. Manufacturing investment was the main driver, and high - tech fields performed well. However, private investment overall declined, excluding real estate [58]. Production: Widening Differentiation - In the first half of 2025, the added value of large - scale industries increased by 6.4% year-on-year. There was significant industry differentiation, with high - tech sectors like the automotive and computer equipment manufacturing leading in capacity utilization, while upstream raw material industries were weak [64]. Consumption: Policy Effectiveness - In June 2025, the consumer market continued to recover, with the total retail sales of consumer goods up 4.8% year-on-year. The "trade - in" policy was effective, and online sales and service consumption showed strong growth [73]. Real Estate: Investment Under Pressure - In the first half of 2025, the real estate market was at the bottoming stage. Real estate development investment decreased by 11.2% year-on-year, and the sales side showed regional differentiation. Policy support was in place, but the market still faced challenges such as investment pressure and regional disparities [81]. Appendix: National Bureau of Statistics Announcement - The national economy showed a stable and positive trend in the first half of the year. GDP grew by 5.3% year-on-year, with stable growth in production and demand, stable employment, increased resident income, and the growth of new driving forces [103].

1. Report Industry Investment Rating - High-sulfur fuel oil: Sideways [3] - Low-sulfur fuel oil: Sideways [3] 2. Core Viewpoints of the Report - The crack spread of high-sulfur fuel oil continues to decline. Although there are still structural supporting factors, the crack spread needs further adjustment to attract the recovery of refinery demand. After sufficient adjustment and significant return of refinery demand, the market will regain support [1]. - The current market pressure of low-sulfur fuel oil is limited, but there is no obvious driving force. In the medium term, the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, suppressing its market prospects. The current market structure of low-sulfur fuel oil is slightly stronger than that of high-sulfur fuel oil, and the high-low sulfur spread has recently widened, but it does not have the space for a substantial increase [2]. 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 2.71% at 2,840 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 1.09% at 3,639 yuan/ton [1]. - Recently, the crude oil price has been oscillating strongly. The unilateral prices of FU and LU are supported by the cost side, but there is an expectation of a looser balance sheet in the medium-term crude oil market, which may limit the upside space of prices. The slight retreat of oil prices yesterday also reflects that resistance has begun to appear after continuous rebounds [1]. - In the high-sulfur fuel oil market, the market structure maintains a weak operation. The spot premium, time spread, and crack spread have continued to decline. In particular, the crack spread has significantly retreated from the high level. The spot supply is relatively abundant, and the inventory level is high. Although the actual production increase of countries such as Saudi Arabia is likely to be less than the quota, the policy trend has been formed. During the peak summer electricity consumption season, Saudi power plants will increase the proportion of crude oil use, which can meet their own needs and reduce the supply pressure on the international crude oil market. The corresponding fuel oil demand may decline year-on-year. The recent significant increase in the shipment volume of high-sulfur fuel oil in the Middle East also confirms this trend [1]. - In the low-sulfur fuel oil market, the current market pressure is limited, but there is no obvious driving force. After the maintenance season of domestic refineries ended in June, the domestic production of low-sulfur fuel oil has rebounded, but it is still lower than the same period last year, and the short-term supply increase is limited. In the medium term, the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, suppressing its market prospects [2]. Strategy - High-sulfur: Short the FU crack spread (FU-Brent or FU-SC) on rallies [3] - Low-sulfur: None [3] - Inter-variety: Short the FU crack spread (FU-Brent or FU-SC) on rallies [3] - Inter-period: Short the FU2509-FU2510 spread on rallies [3] - Spot-futures: None [3] - Options: None [3]

Industry Investment Rating - The unilateral strategy is to be weak with oscillations, and there are no specific strategies for inter - period, cross - variety, spot - futures, and options [2] Core View - Although the recent crude oil price is strong, it has limited impact on the LPG market. The LPG prices at home and abroad are relatively flat, and the market driving force is weak. The overall supply - demand pattern of LPG remains relatively loose, especially with abundant overseas supply. The global LPG market will remain in a state of oversupply [1] Market Analysis - On July 15th, the regional prices were as follows: Shandong market 4570 - 4630 yuan/ton; Northeast market 4190 - 4380 yuan/ton; North China market 4425 - 4630 yuan/ton; East China market 4380 - 4650 yuan/ton; Yangtze River market 4520 - 4610 yuan/ton; Northwest market 3900 - 4250 yuan/ton; South China market 4570 - 4700 yuan/ton [1] - In the first half of August 2025, the CIF prices of frozen LPG in East China were 572 dollars/ton for propane (up 5 dollars/ton) and 553 dollars/ton for butane (up 6 dollars/ton), equivalent to 4502 yuan/ton for propane (up 42 yuan/ton) and 4353 yuan/ton for butane (up 50 yuan/ton) in RMB. In South China, the CIF prices were 569 dollars/ton for propane (up 2 dollars/ton) and 550 dollars/ton for butane (up 3 dollars/ton), equivalent to 4479 yuan/ton for propane (up 19 yuan/ton) and 4329 yuan/ton for butane (up 26 yuan/ton) in RMB [1] - US LPG exports remain at a high level. Based on shipping schedule data, the shipment volume in July is expected to be 6.12 million tons, a month - on - month increase of 480,000 tons and a year - on - year increase of 810,000 tons. After the expansion projects of export terminals are put into operation, the constraints on US LPG exports in the second half of the year will disappear, and the growth space will be further opened, which will suppress the prices in regions such as FEI [1] Graph Information - There are various graphs showing the spot prices of civil LPG and ether - after carbon four in different regions, as well as the closing prices, month - on - month spreads, trading volumes, and open interests of PG futures contracts [3]

Group 1: Macroeconomic Overview - China's GDP maintained high growth in H1 2025, with a year-on-year increase of 5.3% at constant prices, reaching 6.60536 trillion yuan. The primary, secondary, and tertiary industries grew by 3.7%, 5.3%, and 5.5% respectively. Q1 GDP grew by 5.4% year-on-year, and Q2 by 5.2%. The Q2 GDP increased by 1.1% quarter-on-quarter [1] - In June 2025, the decline in commodity residential sales prices in 70 large and medium-sized cities continued to narrow year-on-year, while prices decreased month-on-month. In first-tier cities, new and second-hand residential sales prices dropped by 0.3% and 0.7% respectively month-on-month [1] Group 2: Industry Chain Conditions Upstream - Black commodities: Prices of rebar and iron ore rose slightly [2] - Chemicals: PTA prices declined [2] Midstream - Chemicals: The operating rates of polyester and PX stabilized, and the urea operating rate increased [3] Downstream - Real estate: Sales of commercial housing in first- and second-tier cities stabilized at the bottom [4] - Services: The number of domestic flights increased during the summer vacation [4] Group 3: Industry Credit Spreads - The report provides credit spread data for multiple industries as of July 2, 2025, including agriculture, mining, chemicals, and others, showing the spreads' trends over different time periods [48] Group 4: Key Industry Price Indicators - The report tracks price indicators of multiple industries as of July 15, 2025, including agriculture, energy, chemicals, and real estate, presenting the current prices, year-on-year changes, and trends over the past 5 days [49]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: Do reverse spreads on the MA09 - 01 inter - period spread when it is high [3] - Inter - variety: Narrow the PP01 - 3MA01 spread when it is high [3] Core View - Overseas methanol production remains at a high level, resulting in significant pressure on Chinese imports and a continuous inventory build - up at ports. The short - term reality at ports is weak, but the market anticipates a substantial scale of overseas gas - based methanol maintenance in the fourth quarter, leading to an optimistic long - term outlook. Inland coal - based methanol is undergoing short - term maintenance, reducing supply. Although the traditional downstream formaldehyde market is in a seasonal off - season, the开工 rates of MTBE and acetic acid are decent, indicating strong inland demand. As a result, the inventory build - up rate at inland methanol factories is slow, and the inland market is stronger than the port market [2] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in Taicang, different regions' spot - to - futures basis, and inter - period spreads between different methanol futures contracts [6][10][21] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of inland coal - based methanol, MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China, as well as price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam, and CFR China [25][33] 3. Methanol Production and Inventory - Information on methanol port total inventory, MTO/P production rate (including integrated plants), inland factory sample inventory, and China's overall methanol production rate (including integrated plants) is provided [35][37] 4. Regional Price Differences - The report provides data on regional price differences, such as the price difference between northern Shandong and the northwest, East China and Inner Mongolia, Taicang and southern Shandong, and other regions [39][45][48] 5. Traditional Downstream Profits - Figures display the production margins of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [55][57]

Report Industry Investment Rating - The report does not mention the industry investment rating [1][2][3] Core Viewpoints - The fundamentals of polyolefins maintain a loose supply - demand pattern with supply exceeding demand. During the maintenance season of upstream petrochemical plants, the number of maintenance enterprises increases slightly, capacity utilization declines, and new production capacity continues to be released. Overall, the supply side shows an incremental trend. Enterprises' inventories accumulate, and the destocking rate is slow. International oil prices and propane prices remain weak and are expected to continue this way, with weak cost support. PDH - made PP maintains a small profit. In the off - season, downstream demand shows no significant improvement, the operating rate remains low, with mainly rigid - demand purchases and insufficient follow - up of terminal orders [2] Summary by Catalog I. Polyolefin Basis Structure - The report presents the trends of plastic and polypropylene futures' main contracts, as well as the basis between LL East China and the main contract, and PP East China and the main contract [8][11] II. Production Profit and Operating Rate - PE oil - based production profit is 172.1 yuan/ton (+88.6), PP oil - based production profit is - 237.9 yuan/ton (+88.6), and PDH - made PP production profit is 192.5 yuan/ton (-38.7). PE operating rate is 77.8% (-1.7%), and PP operating rate is 76.6% (-0.8%) [1] III. Polyolefin Non - Standard Price Difference - The report shows the price differences between HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawing East China, and PP homopolymer injection molding - drawing East China [28][36][37] IV. Polyolefin Import and Export Profits - LL import profit is - 133.0 yuan/ton (+0.3), PP import profit is - 648.1 yuan/ton (-19.7), and PP export profit is 31.2 US dollars/ton (+2.4) [1] V. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate is 12.6% (+0.5%), PE downstream packaging film operating rate is 48.1% (-0.4%), PP downstream plastic weaving operating rate is 42.0% (-0.2%), and PP downstream BOPP film operating rate is 60.6% (+0.3%) [1] VI. Polyolefin Inventory - The report mentions the inventories of PE and PP in oil - based enterprises, coal - chemical enterprises, traders, and ports, but does not provide specific data [72][75][77] Strategies - Unilateral: Neutral; - Inter - period: Reverse spread of 09 - 01; - Cross - variety: Short coal - based profits [3]

Industry Investment Rating - Not provided Core Viewpoints - For the industrial silicon market, the short - term supply - demand fundamentals have improved due to production cuts by large northwest manufacturers and lower - than - usual southwest operations. The futures market has rebounded, and the spot price has strengthened. It is recommended to wait and see in the short term, and short positions need to pay attention to stop - loss or use options for protection [1][2]. - For the polysilicon market, the recent spot transactions have seen higher prices after a significant increase in the spot quotation. Policy disturbances in the photovoltaic industry are numerous, and the market fluctuates greatly. Participants need to pay attention to risk management. In the long - term, it is suitable to buy on dips [3][6]. Market Analysis Industrial Silicon - On July 15, 2025, the industrial silicon futures price rose significantly. The main contract 2509 opened at 8,645 yuan/ton and closed at 8,785 yuan/ton, a change of 240 yuan/ton (2.81%) from the previous settlement. The main contract 2509 had a position of 396,653 lots, and the number of warehouse receipts was 50,258 lots, a change of 168 lots from the previous day [1]. - The industrial silicon spot price increased. The price of East China oxygen - passing 553 silicon was 9,100 - 9,200 yuan/ton (up 150 yuan/ton); 421 silicon was 9,400 - 9,600 yuan/ton (up 200 yuan/ton). The price of Xinjiang oxygen - passing 553 silicon was 8,600 - 8,700 yuan/ton (up 200 yuan/ton), and 99 silicon was 8,500 - 8,600 yuan/ton (up 200 yuan/ton) [1]. - The overall silicon - coal market remained stable, and the raw material cost for silicon plants had no recent changes. However, if the coking coal spot price rises, the silicon - coal price is expected to follow [1]. - The organic silicon DMC was quoted at 10,600 - 11,000 yuan/ton. Affected by the continuous rise of the industrial silicon market, the cost of DMC increased, leading to a slight price increase [1]. Polysilicon - On July 15, 2025, the polysilicon futures main contract 2508 continued to rise, opening at 41,500 yuan/ton and closing at 42,470 yuan/ton, a 2.78% change from the previous trading day. The main contract's position was 69,821 lots (78,328 lots the previous day), and the trading volume was 565,746 lots [3]. - The polysilicon spot price remained stable. The re -投料 was quoted at 32.00 - 33.00 yuan/kg; dense material was 30.00 - 32.00 yuan/kg; cauliflower material was 28.00 - 31.00 yuan/kg; granular silicon was 30.00 - 31.00 yuan/kg, N - type material was 42.00 - 49.00 yuan/kg, and n - type granular silicon was 41.00 - 45.00 yuan/kg (down 0.50 yuan/kg) [3]. - Polysilicon manufacturers' inventory increased slightly, with a 1.40% change, while silicon wafer inventory decreased by 5.70% to 18.13GW. The weekly polysilicon production was 22,800.00 tons, a - 5.00% change, and the silicon wafer production was 11.50GW, a - 3.37% change [3][4]. Silicon Wafers, Battery Cells, and Components - Silicon wafers: The domestic N - type 18Xmm silicon wafer was 1.00 yuan/piece, N - type 210mm was 1.35 yuan/piece, and N - type 210R silicon wafer was 1.15 yuan/piece [4]. - Battery cells: The price of high - efficiency PERC182 battery cells was 0.27 yuan/W; PERC210 was about 0.28 yuan/W; TopconM10 was about 0.24 yuan/W; Topcon G12 was 0.26 yuan/W; Topcon210RN was 0.25 yuan/W; HJT210 half - piece battery was 0.37 yuan/W [4]. - Components: The mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.68 yuan/W [4]. - The market views and price - adjustment trends of the Top5 component manufacturers were divided. Some leading component companies had raised the distributed guidance price from 0.65 yuan/W to a maximum of 0.7 yuan/W, with an expected increase for centralized projects. Some leading companies were waiting and watching [5]. Strategy Industrial Silicon - Short - term: Wait and see; short positions need to pay attention to stop - loss or use options for protection - Cross - period: None - Cross - variety: None - Futures - spot: None - Options: None [2] Polysilicon - Short - term: Pay attention to risks - Cross - period: None - Cross - variety: None - Futures - spot: None - Options: None - Long - term: Suitable to buy on dips [6]

Report Industry Investment Rating - The investment strategies for both the soybean meal and corn sectors are cautiously bearish [4][6] Core Viewpoints - The adjustment of the supply - demand report is minor and in line with market expectations. The weather in the main soybean - producing areas in the US is favorable, and the soybean growth is expected to remain good. In China, there is still pressure on the spot market, and future focus should be on the growth of new - season US soybeans and policy changes [3] - In the domestic corn market, there is an increase in supply, a lackluster demand, and changes in the market atmosphere due to import auctions [5] Summary by Relevant Catalogs 1. Market News and Important Data - Soybean Meal - Futures: The closing price of the soybean meal 2509 contract was 2978 yuan/ton, down 14 yuan/ton (-0.47%) from the previous day; the rapeseed meal 2509 contract was 2655 yuan/ton, down 4 yuan/ton (-0.15%) [1] - Spot: In Tianjin, the soybean meal spot price was 2910 yuan/ton; in Jiangsu, it was 2810 yuan/ton; in Guangdong, it was 2790 yuan/ton (down 10 yuan/ton). In Fujian, the rapeseed meal spot price was 2660 yuan/ton [1] - US Data: As of July 13, the US soybean good - excellent rate was 70%, the flowering rate was 47%, and the pod - setting rate was 15%. As of July 10, the US soybean export inspection volume was 14.70 tons. The 2024/25 US soybean export inspection volume was 4641 tons, a 10.4% year - on - year increase, reaching 91.4% of the annual export target [2] 2. Market News and Important Data - Corn - Futures: The closing price of the corn 2509 contract was 2295 yuan/ton, down 7 yuan/ton (-0.30%); the corn starch 2509 contract was 2641 yuan/ton, down 6 yuan/ton (-0.23%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2740 yuan/ton [4] - US Data: As of July 13, the US corn good - excellent rate was 74%, the silking rate was 34%, and the wax - ripening rate was 7%. As of July 10, the US corn export inspection volume was 128.7 tons [4] 3. Market Analysis - Soybean Meal - The supply - demand report adjustment is small, in line with expectations. The US soybean good - excellent rate is high, and the weather is favorable. In China, there is spot pressure, and the soybean meal inventory is rising rapidly [3] 4. Market Analysis - Corn - In China, the supply of corn increases due to auctions and storage issues. The demand is weak as feed enterprises have sufficient inventory and the breeding season is off - peak. Import auctions show a change in market sentiment [5] 5. Strategy - For both soybean meal and corn, the strategy is cautiously bearish [4][6]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - BZ futures discount has narrowed, and the strong downstream demand for BZ has led to a decline in pure benzene port inventory from a high level. The high operating rates of downstream styrene and CPL support the demand, and the increase in polymer MDI operating rate drives up the aniline operating rate. However, the sustainability of CPL's high operating rate is still questionable due to the decline in PA6 and nylon filament operating rates. On the supply side, the pressure of South Korea's exports to China remains, and domestic production operating rates are still high, resulting in the continued weak consolidation of pure benzene processing fees. For styrene, port inventory has further increased, and the EB basis has rapidly declined. Domestically, EB maintains a high operating rate on the supply side, while on the demand side, the operating rates of EPS and PS drag down EB demand [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - The report mentions various basis and spread data of pure benzene and EB, including pure benzene's main basis, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - continuous contracts of pure benzene, EB's main contract basis, and the spread between the first - and third - continuous contracts of styrene [1][13][19]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Data on production profits and domestic - foreign spreads of pure benzene and styrene are presented, such as naphtha processing fees, the difference between pure benzene FOB South Korea and naphtha CFR Japan, non - integrated production profits of styrene, and differences in FOB prices of pure benzene and styrene in different regions [25][26][37]. III. Pure Benzene and Styrene Inventory, Operating Rates - Pure benzene port inventory is 16.40 million tons (-1.00 million tons), and styrene's East China port inventory is 138,500 tons (+27,000 tons), and its East China commercial inventory is 45,000 tons (+6,000 tons). The operating rate of pure benzene downstream products and styrene is also given, like the operating rate of styrene is 79.2% (-0.8%) [1]. IV. Styrene Downstream Operating Rates and Production Profits - For styrene downstream hard plastics, EPS production profit is 310 yuan/ton (+198 yuan/ton), PS production profit is -190 yuan/ton (+98 yuan/ton), ABS production profit is 408 yuan/ton (+109 yuan/ton). The operating rates of EPS, PS, and ABS are 51.06% (-4.82%), 51.10% (-1.30%), and 65.00% (-0.04%) respectively, and the downstream operating rates are at a seasonal low [2]. V. Pure Benzene Downstream Operating Rates and Production Profits - Data on the operating rates and production profits of pure benzene downstream products are provided, such as the operating rate of caprolactam is 95.72% (+0.00%), the production profit of caprolactam is -1,895 yuan/ton (-5 yuan/ton), etc. [1]. 4. Strategies - Unilateral: Hold a wait - and - see attitude towards pure benzene and styrene [4]. - Basis and Inter - period: For the near - month BZ paper goods - distant BZ2603 futures, conduct reverse arbitrage when the price is high [4]. - Cross - variety: Narrow the EB - BZ spread when it is high [4].

Report Summary 1) Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [9] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2) Core Views of the Report - The market is concerned about the impact of Trump's tariff policy on inflation. Although the current US inflation level remains low due to relatively low energy prices and weak domestic consumer confidence, the inflation data released yesterday has started to rebound. If the tariff factor continues to affect the market in the future, the situation will become more variable. In addition, although Fed officials have differences on the future interest rate path, a rate cut is still a high-probability event. Therefore, it is recommended to mainly buy gold on dips for hedging [8]. - The current silver price is strong, the gold-silver ratio has been repaired, and the silver price itself has reached a new high again. This is also due to the spillover effect of Trump's claim to impose tariffs on copper on the Comex silver price. For now, it is also recommended to mainly buy silver on dips for hedging [9]. 3) Summary by Relevant Catalogs Economic Data - US June overall CPI annual rate rose to 2.7%, the highest since February, in line with market expectations; monthly rate was 0.3%, the highest since January, in line with market expectations. Core CPI annual rate rose to 2.9%, the highest since February, slightly lower than the expected 3%, but slightly up from last month's 2.8%. Interest rate futures still show that the possibility of a Fed rate cut this month is extremely small, but the possibility of a 25-basis-point rate cut in September is high [1]. - The US reached a trade agreement with Indonesia, imposing a 19% tariff on Indonesian goods exported to the US, while US exports to Indonesia will enjoy duty-free and non-tariff barrier treatment. If goods are transshipped from Indonesia, the tariffs will be superimposed with the tariffs of the country of origin [1]. Futures Market - On July 15, 2025, the Shanghai Gold main contract opened at 777.00 yuan/gram and closed at 780.40 yuan/gram, a change of -0.13% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 778.00 yuan/gram and closed at 774.92 yuan/gram, down 0.42% from the afternoon close [2]. - On July 15, 2025, the Shanghai Silver main contract opened at 9,178.00 yuan/kilogram and closed at 9,225.00 yuan/kilogram, a change of 0.20% from the previous trading day's close. The trading volume was 735,125 lots, and the open interest was 450,115 lots. In the night session, it opened at 9,195 yuan/kilogram and closed at 9,160 yuan/kilogram, down 0.26% from the afternoon close [2]. US Treasury Yields and Spreads - On July 15, 2025, the US 10-year Treasury yield closed at 4.43%, a change of 0.08% from the previous trading day. The spread between the 10-year and 2-year Treasuries was 5%, up 2 basis points from the previous trading day [3]. Position and Volume Changes on the Shanghai Futures Exchange - On the Au2508 contract, the long positions changed by -3,203 lots compared with the previous day, and the short positions changed by -2,141 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 288,377 lots, a change of -12.87% from the previous trading day [4]. - On the Ag2508 contract, the long positions changed by -7,084 lots, and the short positions changed by -3,649 lots. The total trading volume of the silver contract on the previous trading day was 990,765 lots, a change of -36.83% from the previous trading day [4]. Precious Metal ETF Holdings - The gold ETF holdings were 947.64 tons yesterday, unchanged from the previous trading day. The silver ETF holdings were 14,856.02 tons, down 110.22 tons from the previous trading day [5]. Precious Metal Arbitrage - On July 15, 2025, the domestic premium for gold was 8.65 yuan/gram, and the domestic premium for silver was -706.80 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 84.60, a change of -0.32% from the previous trading day. The overseas gold-silver ratio was 86.24, a change of -1.54% from the previous trading day [6]. Fundamental Data - On July 15, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 30,068 kilograms, a change of -21.20% from the previous trading day. The trading volume of silver was 489,788 kilograms, a change of -51.85% from the previous trading day. The gold delivery volume was 14,166 kilograms, and the silver delivery volume was 24,420 kilograms [7].