Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint No clear core viewpoint is presented in the given content. It mainly provides data on the stock index options market. 3. Summary by Directory Option Trading Volume - On July 8, 2025, the trading volumes of various options were as follows: Shanghai - Shenzhen 50ETF option was 1.1057 million contracts; CSI 300ETF option (Shanghai market) was 1.2542 million contracts; CSI 500ETF option (Shanghai market) was 1.677 million contracts; Shenzhen 100ETF option was 0.1023 million contracts; GEM ETF option was 1.686 million contracts; Shanghai - Shenzhen 50 stock index option was 0.0349 million contracts; CSI 300 stock index option was 0.0941 million contracts; and CSI 1000 option total trading volume was 0.2711 million contracts [1]. Option PCR - The turnover PCR and position PCR of various options and their changes are as follows: For Shanghai - Shenzhen 50ETF option, turnover PCR was 0.57 (a - 0.26 change), and position PCR was 1.05 (a + 0.01 change); for CSI 300ETF option (Shanghai market), turnover PCR was 0.48 (a - 0.19 change), and position PCR was 0.90 (a + 0.04 change); for CSI 500ETF option (Shanghai market), turnover PCR was 0.56 (a - 0.33 change), and position PCR was 1.17 (a + 0.10 change); for Shenzhen 100ETF option, turnover PCR was 0.56 (a - 0.49 change), and position PCR was 1.14 (a + 0.00 change); for GEM ETF option, turnover PCR was 0.50 (a - 0.43 change), and position PCR was 0.99 (a + 0.14 change); for Shanghai - Shenzhen 50 stock index option, turnover PCR was 0.32 (a - 0.08 change), and position PCR was 0.57 (a - 0.02 change); for CSI 300 stock index option, turnover PCR was 0.36 (a - 0.15 change), and position PCR was 0.70 (a + 0.00 change); for CSI 1000 stock index option, turnover PCR was 0.52 (a - 0.34 change), and position PCR was 1.03 (a + 0.05 change) [2]. Option VIX - The VIX and its changes of various options are as follows: For Shanghai - Shenzhen 50ETF option, VIX was 15.13% (a + 0.59% change); for CSI 300ETF option (Shanghai market), VIX was 15.43% (a + 0.53% change); for CSI 500ETF option (Shanghai market), VIX was 20.09% (a + 0.86% change); for Shenzhen 100ETF option, VIX was 17.90% (a + 0.73% change); for GEM ETF option, VIX was 23.35% (a - 0.43% change); for Shanghai - Shenzhen 50 stock index option, VIX was 16.59% (a + 0.79% change); for CSI 300 stock index option, VIX was 16.60% (a + 0.96% change); for CSI 1000 stock index option, VIX was 21.57% (a + 0.38% change) [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The US plans to impose tariffs on imports from 14 countries including Japan and South Korea starting August 1, 2025, with rates ranging from 25% to 40%, and China opposes such protectionist measures [1] - Seven departments jointly issued an opinion to promote the construction of a "1+N" inclusive childcare service system [2] - Upstream energy sees a rise in international crude oil prices while chemical's soda ash prices drop significantly; midstream chemical's polyester operating rate declines and PX and urea operating rates stop falling; downstream real - estate in first and second - tier cities experiences a seasonal decline in housing sales and the service industry sees an increase in domestic flight schedules during the summer [3][4][5] - The electronic credit spread has slightly increased recently [6] 3) Summary by Related Catalogs a. Macro Events - **Production Industry**: The State Council issued an opinion on optimizing government services and promoting the application of new technologies; the US President announced the implementation of tariffs on August 1, 2025 [1] - **Service Industry**: Seven departments jointly promoted the construction of an inclusive childcare service system [2] b. Industry Overview - **Upstream**: Energy - international crude oil prices are rising; Chemical - soda ash prices are dropping [3] - **Midstream**: Chemical - polyester operating rate is decreasing, and PX and urea operating rates have stopped falling [4] - **Downstream**: Real - estate - housing sales in first and second - tier cities are seasonally declining and at a near - three - year low; Service - domestic flight schedules are increasing during the summer [5] c. Market Pricing - The electronic credit spread has recently seen a slight increase [6] d. Industry Weekly Trends - Various industries show different trends. For example, the scores of industries such as agriculture, forestry, animal husbandry and fishery, and chemical industry are decreasing week by week, while some industries like electrical equipment have a relatively high percentile [53]

现货方面：LME锌现货升水为-22.05 美元/吨。SMM上海锌现货价较前一交易日下跌230元/吨至22040元/吨，SMM 上海锌现货升贴水较前一交易日持平于90元/吨，SMM广东锌现货价较前一交易日下跌230元/吨至21970元/吨。 SMM广东锌现货升贴水较前一交易日持平于20元/吨，SMM天津锌现货价较前一交易日下跌220元/吨至21980元/ 吨。SMM天津锌现货升贴水较前一交易日上涨10元/吨至30元/吨。 期货方面：2025-07-08沪锌主力合约开于22070元/吨，收于22050元/吨，较前一交易日下跌135元/吨，全天交易日 成交158517手，较前一交易日减少1989手，全天交易日持仓118874手，较前一交易日减少7658手，日内价格震荡， 最高点达到22115元/吨，最低点达到21865元/吨。 库存方面：截至2025-07-07，SMM七地锌锭库存总量为8.91万吨，较上周同期增加0.85万吨。截止2025-07-08，LME 锌库存为108500吨，较上一交易日减少2100吨。 市场分析 现货市场方面，绝对价格继续回落，下游点价积极性增加，市场成交情况有所好转，但现货市场升水上涨 ...

1. Report Industry Investment Rating - Absolute price: Cautiously bullish [3] - Option strategy: Sell put options [3] 2. Core View of the Report - The domestic lead ore supply remains relatively tight, and smelters have low willingness to purchase high-silver ores. It is currently the transition period between the off-season and peak season. The energy storage battery sector performs outstandingly, with the operating rates of relevant enterprises generally reaching 80 - 100%. The industry is optimistic about the second half of the year, and the operating rates of other battery sectors are also gradually recovering. The electrolytic lead market transactions have slightly improved [1][2][3] 3. Summary by Relevant Catalog Market News and Important Data - **Spot**: On July 8, 2025, the LME lead spot premium was -$25.31/ton. The SMM 1 lead ingot spot price decreased by 75 yuan/ton to 16,900 yuan/ton. The SMM Shanghai lead spot premium remained unchanged at -40 yuan/ton. The SMM Guangdong lead spot price decreased by 75 yuan/ton to 16,950 yuan/ton. The SMM Henan lead spot price decreased by 100 yuan/ton to 16,900 yuan/ton. The SMM Tianjin lead spot premium decreased by 75 yuan/ton to 16,975 yuan/ton. The lead refined-scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,300 yuan/ton, the price of waste white shells remained unchanged at 10,175 yuan/ton, and the price of waste black shells remained unchanged at 10,525 yuan/ton [1] - **Futures**: On July 8, 2025, the main SHFE lead contract opened at 17,180 yuan/ton, closed at 17,160 yuan/ton, down 50 yuan/ton from the previous trading day. The trading volume was 35,649 lots, an increase of 6,243 lots from the previous trading day. The open interest was 51,617 lots, an increase of 572 lots from the previous trading day. The intraday price fluctuated, with the highest reaching 17,185 yuan/ton and the lowest reaching 17,065 yuan/ton. In the night session, the main SHFE lead contract opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, up 65 yuan/ton from the afternoon close [1] Supply and Demand - The lead price fluctuated weakly. Sellers adjusted prices according to the market, some smelters tried to maintain prices, and downstream enterprises made purchases on a need-to basis at low prices. The electrolytic lead market transactions slightly improved [2] - In Henan, smelters' quotes were at a premium of 0 - 20 yuan/ton over SMM 1 lead for ex-factory, and traders' quotes were at a discount of 180 - 160 yuan/ton to the SHFE lead 2508 contract for ex-factory, with some large-discount supplies being traded. In Hunan, smelters' quotes were at a discount of 30 - 20 yuan/ton to SMM 1 lead for ex-factory, and traders' quotes at a discount of 200 yuan/ton to the SHFE lead 2508 contract had difficulty in making transactions. In Yunnan, holders' quotes were at a discount of 200 yuan/ton to SMM 1 lead for ex-factory [2] Inventory - On July 8, 2025, the total SMM lead ingot inventory was 58,000 tons, an increase of 1,000 tons from the same period last week. As of July 8, the LME lead inventory was 258,075 tons, a decrease of 1,900 tons from the previous trading day [2]

新能源及有色金属日报 | 2025-07-09 特朗普声称将会对铜加征50%关税 市场要闻与重要数据 期货行情： 2025-07-08，沪铜主力合约开于 79370元/吨，收于 79620元/吨，较前一交易日收盘0.44%，昨日夜盘沪铜主力合约 开于 79,590元/吨，收于 80,300 元/吨，较昨日午后收盘上涨0.69%。 现货情况： 据 SMM 讯，昨日电解铜现货市场延续弱势运行。SMM1#电解铜报价79,660-79,930元/吨，当月合约升水40-130元 /吨，均价85元/吨，较前日收窄10元。沪铜07合约早盘下探79,570元/吨后反弹，但未能站稳79,800元关口，最终收 于79,750元/吨。市场呈现三个显著特征：一是月差持续收敛（250→190元/吨），二是区域分化加剧（常州平水下方 成交），三是品牌价差扩大（好铜升水100-120元/吨全数成交，而进口货源贴水20-30元/吨）。随着交割日临近，在 月差维持200元/吨以上的背景下，预计持货商仍将积极调降升水以促成交易，现货溢价或进一步承压。 重要资讯汇总： 宏观与地缘方面，特朗普称，关税将于8月1日开始征收，不会给予任何延期，将对进口 ...

新能源及有色金属日报 | 2025-07-09 氧化铝的仓单风险仍在继续 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20600元/吨，较上一交易日下跌40元/吨，长江A00铝现货升贴 水较上一交易日下跌20元/吨至-60元/吨；中原A00铝价录得20480元/吨，中原A00铝现货升贴水较上一交易日下 跌10元/吨至-170元/吨；佛山A00铝价录20580元/吨，佛山A00铝现货升贴水较上一交易日上涨5元/吨至-70元/ 吨。 铝期货方面：2025-07-08日沪铝主力合约开于20460元/吨，收于20525元/吨，较上一交易日收盘价上涨25元/ 吨，涨幅0.12%，最高价达20570元/吨，最低价达到20430元/吨。全天交易日成交109583手，较上一交易日减 少39087手，全天交易日持仓254726手，较上一交易日减少598手。 库存方面，截止2025-07-07，SMM统计国内电解铝锭社会库存47.8万吨。截止2025-07-08，LME铝库存384350 吨，较前一交易日增加13200吨。 氧化铝现货价格：2025-07-08 SMM氧化铝山西价格录得3100元/吨，山东价格录得30 ...

国债期货日报 | 2025-07-09 宏观宽松延续，国债期货全线收跌 市场分析 风险 流动性快速紧缩风险 策略 单边：回购利率回落，国债期货价格震荡，2509合约中性。 套利：关注基差走廓。 套保：中期存在调整压力，空头可采用远月合约适度套保。 短期来看，债市在资金面宽松与供给扰动博弈下延续震荡走势，但市场关注焦点逐步转向7月政治局会议及中美贸 易局势演变，未来政策定调和外部扰动将主导走势方向。 宏观面：（1）宏观政策：5月7日国新办发布会上，央行宣布落实适度宽松政策，推出涵盖数量型、价格型和结构 型在内的一揽子十项措施，包括降准0.5个百分点、政策利率与结构性工具利率分别下调0.1和0.25个百分点、公积 金贷款利率同步下调，同时增设及扩容科技、养老、消费、涉农等领域专项再贷款，强化资本市场支持和创新债 券风险缓释机制，旨在提升信贷投放、稳定市场预期，推动经济高质量发展；5月10日，中美双方在日内瓦举行经 贸高层会谈，为时两天；5月12日，中美联合发布《中美日内瓦经贸会谈联合声明》，声明指出中美双方 "24%的关 税在初始的90天内暂停实施，对这些商品加征剩余10%的关税。" ；5月20日，中国人民银行公 ...

新能源及有色金属日报 | 2025-07-09 仓单持续注销，碳酸锂盘面偏强运行 整体来看，短期盘面拉涨带动现货与锂矿价格上涨，刚需有一定支撑，但盘面反弹后成交情况一般，近期新能源 品种均表现较强，碳酸锂7月老仓单需注销，新仓单注册情况不明，短期碳酸锂盘面偏强运行，后续需关注新仓单 注册情况。 单边：短期观望，若盘面反弹可逢高卖出套保 跨期：无 跨品种：无 期现：无 期权：无 风险 市场分析 2025年7月8日，碳酸锂主力合约2509开于63860元/吨，收于63880元/吨，当日收盘价较昨日结算价小幅上涨。当日 成交量为545405手，持仓量为338034手，较前一交易日增加15500手，根据SMM现货报价，目前期货升水电碳1110 元/吨。所有合约总持仓599714手，较前一交易日增加8534手。当日合约总成交量较前一交易日增加391491手，整 体投机度为1.13。当日碳酸锂仓单12655手，较上个交易日减少2700手。 碳酸锂现货：根据SMM数据，2025年7月7日电池级碳酸锂报价6.21-6.37万元/吨，较前一交易日上涨0.035万元/吨， 工业级碳酸锂报价6.008-6.18万元/吨，较前一交易 ...

原油日报 | 2025-07-09 印度将增加美国LPG进口 市场要闻与重要数据 1、纽约商品交易所8月交货的轻质原油期货价格上涨40美分，收于每桶68.33美元，涨幅为0.59%；9月交货的伦敦 布伦特原油期货价格上涨57美分，收于每桶70.15美元，涨幅为0.82%。SC原油主力合约收涨1.26%，报516元/桶。 2、联合组织数据倡议（JODI）最新公布的数据显示，沙特阿拉伯4月份的原油出口量较3月份大幅增长41.2万桶/ 日。与此同时，沙特4月份的原油产量也较3月的896万桶/日增加了约4.8万桶/日。这一产量增长的背后，是OPEC+ 逐步取消总计220万桶/日的石油减产计划。自4月份以来，沙特阿拉伯一直在稳步提高原油产量。自今年初开始逐 步放松减产措施以来，OPEC+的主要产油国沙特阿拉伯、俄罗斯、伊拉克、阿联酋、科威特、哈萨克斯坦、阿尔 及利亚和阿曼在4月份产量小幅增加了13.8万桶/日，并计划在5月、6月和7月分别大幅提高产量配额41.1万桶/日。 在本周末的会议上，OPEC+集团宣布将在8月份增产54.8万桶/日，这一决定超出了市场预期，令市场感到意外。(来 源：Bloomberg） 3、EI ...

新能源及有色金属日报 | 2025-07-09 特朗普顾问再次批评鲍威尔拒绝降息的行为 市场要闻与重要数据 特朗普首席贸易顾问彼得·纳瓦罗（Peter Navarro）当地时间周一撰文怒斥鲍威尔，称其可能成为有史以来最糟糕 的一位美联储主席。文中指出，尽管有大量数据敦促鲍威尔降息，但他仍固执地拒绝，这将成为他六年来的第三 次重大政策失误，他进一步声称，如果他在7月29日的美联储会议上继续这条紧缩货币政策路线，"为时已晚"的 鲍威尔将沦为历史上最糟糕的美联储主席。但关税对于通胀的影响在未来也必然是美联储需要考虑的因素。 期货行情与成交量： 2025-07-08，沪金主力合约开于 771.66元/克，收于 776.22元/克，较前一交易日收盘 0.64%。当日成交量为 187574手，持仓量为 179131手。昨日夜盘沪金主力合约开于 774.98 元/克，收于 769.52 元/克，较昨日午后收盘 下降0.65%。 2025-07-08，沪银主力合约开于 8856元/千克，收于 8953元/千克，较前一交易日收盘-1.31%。当日成交量为 418168手，持仓量 338144手。昨日夜盘沪金主力合约开于 894 ...