Report Overview - Industry: Soybean Meal [1] - Date: August 28, 2025 [2] - Research Team: Agricultural Products Research Team [4] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - In the short - term, the soybean meal has pulled back due to the expected Sino - US trade consultations and the better - than - expected good rate of US soybeans. In the medium - term, considering the 23% tariff on imported US soybeans, China may mainly import Brazilian soybeans and some Argentine soybeans in the fourth quarter, with a possible small import gap to be filled by state - reserve auctions. The cost of imported soybeans is likely to rise steadily in the fourth quarter, and the market should be treated as bullish after corrections [7] 3. Summary by Related Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Review**: - For the futures contracts of soybean meal, the prices of contracts 2601, 2509, and 2511 all decreased. For example, the closing price of the 2601 contract was 3045, down 52 or 1.68% from the previous settlement price; the 2509 contract closed at 2992, down 54 or 1.77%; and the 2511 contract closed at 3010, down 59 or 1.92%. The trading volume and changes in open interest also varied among different contracts [6] - The US soybean futures contracts on the external market fluctuated, with the main contract at 1045 cents. The recent pull - back of soybean meal was mainly due to the expected Sino - US trade consultations and the better - than - expected good rate of US soybeans. The approaching US soybean harvest season has increased the pressure on US farmers, and China has not purchased new - season US soybeans yet. The USDA's latest reported good rate of US soybeans is 69%, the highest in the past five years [7] - **Operation Suggestions**: In the medium - term, with the 23% tariff on imported US soybeans remaining unchanged, the market should be treated as bullish after corrections [7] 3.2行业要闻 (Industry News) - Pro Farmer predicts that the average yield per acre of US corn will reach a record 182.7 bushels per acre, with a total output of 1.6204 billion bushels. For soybeans, the average yield per acre is also expected to set a new record at 53.0 bushels per acre, with a total output of 424.6 million bushels [10] - Pakistan is expected to sign an important procurement agreement with major US soybean exporters, planning to import about 1.1 million tons of soybeans with a total transaction value of about $500 million [10] - A Brazilian federal judge approved a ban, temporarily suspending a decision of the Brazilian antitrust regulatory agency CADE, which had required grain traders in the world's largest soybean exporter to stop the so - called "Amazon soybean ban" plan [11] 3.3数据概览 (Data Overview) - The content provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, but specific data analysis is not provided [13][16][19]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The market's concern about the loss of control over US fiscal and financial discipline has resurfaced. The Fed may restart the interest - rate cut process in September, with a relatively moderate pace. Gold's safe - haven demand is strongly boosted, and its volatility has increased while the medium - term upward trend remains intact. London gold is expected to trade in a wide range between $3120 - $3500 per ounce before rising again. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - From late April to now, London gold has been trading in a wide range between $3100 - $3500 per ounce. The reduction in international trade uncertainty weakens gold's safe - haven demand, but the restructuring of the international trade currency system and the Fed's interest - rate cut expectations continue to support the gold price. The restructuring of the international trade currency system and the expected economic slowdown and central bank interest - rate cuts will support the long - and medium - term bull markets of gold. However, the high price and P/E ratio also mean increased volatility. In the short term, London gold will continue to consolidate in the $3120 - $3500 per ounce range. The central bank's easing expectations may support the silver price in the medium - to - short term. Investors are advised to maintain a long - position mindset and avoid full - position chasing or blind short - selling [5]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - Trump fired Fed Governor Cook on suspicion of mortgage law violations, and Cook vowed to fight back, which raised market concerns about the loss of control over US fiscal and financial discipline. The Fed may restart the interest - rate cut process in September, with a relatively moderate pace. London gold failed to break through the $3400 per ounce mark and then pulled back, but the support level in the pull - back is gradually rising. Trump's new policies are accelerating the restructuring of the global political and economic landscape, boosting gold's safe - haven demand. Gold's volatility has increased, and it is expected to trade in a wide range between $3120 - $3500 per ounce before rising again. This week, attention should be paid to Fed officials' statements, US July PCE prices, China's August PMI, and the progress of the Russia - Ukraine conflict [4]. 3.1.2 Medium - term Market - From late April to now, London gold has been trading in a wide range between $3100 - $3500 per ounce. The reduction in international trade uncertainty weakens gold's safe - haven demand, but the restructuring of the international trade currency system and the Fed's interest - rate cut expectations continue to support the gold price. In June, speculative funds flooded into the silver and platinum markets. In July, the silver price fluctuated significantly due to the expectation of anti - involution policies, and the London gold - silver ratio stabilized slightly after falling to 86. The restructuring of the international trade currency system and the expected economic slowdown and central bank interest - rate cuts will support the long - and medium - term bull markets of gold. However, the high price and P/E ratio also mean increased volatility. In the short term, London gold will continue to consolidate in the $3120 - $3500 per ounce range. The central bank's easing expectations may support the silver price in the medium - to - short term. Investors are advised to maintain a long - position mindset and avoid full - position chasing or blind short - selling [5]. 3.2 Precious Metals Market - Related Charts - The report presents multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T+D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the Research and Development Department of CCB Futures [7][9][11]. 3.3 Major Macroeconomic Events/Data - Fed Governor Cook will sue to prevent Trump from firing her, which may lead to a long - term legal battle. Trump wants to quickly announce a candidate to replace Cook, with potential candidates including White House Council of Economic Advisers Chairman Milan and former World Bank President Malpass [17]. - US new orders for key capital goods in July increased more than expected, indicating strong business equipment spending at the beginning of the third quarter. However, consumers' assessment of the labor market has deteriorated, with the August consumer expectation for their job - seeking ability dropping to the lowest level in more than four years [17]. - Richmond Fed President Barkin predicts a moderate interest - rate adjustment, expecting no major changes in economic activity for the rest of the year [17].

Report Information - Industry: Treasury Bonds [1] - Date: August 28, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Long - term, the bullish foundation of the bond market remains unchanged due to the "moderately loose" monetary policy orientation and high tariff uncertainties. Short - term, the stock - bond seesaw effect since late June has pressured the bond market. Although the July fundamental data shows short - term resilience, the bond market's short - term rebound is unlikely to form a trend. However, with the slowdown of the A - share rally and the central bank's support for the capital market, the bond market may continue its short - term rebound, and the subsequent adjustment of the A - share market should be monitored [11][12] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Performance**: A - shares tumbled in the afternoon, boosting risk - aversion sentiment and leading to a full - line rebound in treasury bond futures. The yields of major inter - bank interest - rate bonds showed short - term decline and long - term increase with narrow fluctuations. The central bank's net capital withdrawal did not prevent the inter - bank capital market from loosening [8][9][10] - **Conclusion**: Long - term bullish factors remain, but short - term pressure from the stock - bond seesaw exists. The bond market may continue its short - term rebound, and the A - share adjustment should be watched [11][12] 3.2 Industry News - Fiscal policy has been more active this year, with the issuance and use of government bonds accelerating. As of August 26, the issuance of ultra - long - term special treasury bonds reached 996 billion yuan (76.6% of the total), and the issuance of local government special bonds exceeded last year's level. The government may introduce incremental policies and expand the use of local government special bonds [13] - The State Council issued an opinion on implementing the "Artificial Intelligence +" action to promote the integration of AI in various industries, aiming to address issues such as inconsistent understanding of AI and difficulties in application [14] - After Trump dismissed Fed Governor Lisa Cook, the market worried about the damage to the Fed's independence, leading to a sell - off of US dollar assets and a rise in gold [15] 3.3 Data Overview - **Treasury Bond Futures**: The trading data of various treasury bond futures contracts on August 27 are presented, including prices, trading volumes, and positions. Also, information on inter - period spreads, inter - variety spreads, and trends of major contracts is provided [6] - **Money Market**: Data on SHIBOR term structure changes, SHIBOR trends, and inter - bank repurchase rates are presented [31][35] - **Derivatives Market**: Information on Shibor3M and FR007 interest - rate swap fixed - rate curves is provided [37]

huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 报告类型 股指日评 日期 2025 年 8 月 28 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 8 月 27 日，万得全 A 低开后震荡上行，午后大幅跳水，收跌 1.74%，超 4700 支个股下跌；指数现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别 下跌 1.49%、1.73%、1.46%、1.87%。指数期货表现强于现货，IF、IH、IC、IM 主力合约分别收跌 1.46%、1.70%、1.14%、1.73%（按前一交易日收盘价为基准计 算）。 | | | 1.2 后市展望 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 27, 2025 [2] Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The pattern of strong external and weak internal markets continues. The external market is supported by interest - rate cut expectations and low inventories, making it prone to rise and difficult to fall. The internal market is driven by the external market and is unlikely to experience a significant decline. The Shanghai zinc will fluctuate within the middle - lower track of the Bollinger Bands [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc 2510 closed at 22,270 yuan/ton, down 85 yuan, a decrease of 0.38%. It showed a pattern of shrinking volume and increasing positions, with positions increasing by 3,459 to 108,718 hands. The 09 - 10 spread turned to B15. LME zinc stocks decreased by 2,550 tons to 65,525 tons, with a 0 - 3 spread of C2.95, an Shanghai - London ratio of 0.79, and an exchange - excluded ratio of 1.11. The loss of zinc ingot imports widened to - 1,825.37 yuan/ton, and the import window remained closed. In August, long - term contracts were the main form of imports [7]. - **Supply and Demand Situation**: The processing fee for imported zinc ore continued to rise, with the zinc concentrate index increasing by 2.2 dollars/dry ton to 92 dollars/dry ton, and the domestic TC remaining flat at 3,900 yuan/metal ton. The refinery operating rate remained at a high level, and with few domestic overhauls in August, the refined zinc output was expected to increase to 621,500 tons, keeping the supply side abundant. At the end of the off - season, downstream demand remained weak. Affected by the military parade, environmental protection became stricter, restricting production and transportation in North China. The operating rates of galvanizing and zinc oxide were expected to hover at low levels. Downstream purchasing sentiment was low, with the Shanghai market at a discount of 20 yuan to the 09 contract, the Tianjin market at a discount of 20 yuan to the Shanghai market, and the Guangdong market at a discount of 65 yuan/ton to the 10 contract [7]. 2. Industry News - **Price and Quotation in Different Regions**: On August 26, 2025, in the Shanghai market, the mainstream transaction price of 0 zinc was concentrated between 22,255 - 22,340 yuan/ton, and that of Shuangyan zinc was between 22,355 - 22,430 yuan/ton. In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,245 - 22,310 yuan/ton. In the Tianjin market, the 0 zinc ingot was mainly traded between 22,220 - 22,320 yuan/ton. In the Guangdong market, the mainstream 0 zinc was traded between 22,210 - 22,310 yuan/ton, and the spread between Shanghai and Guangdong widened [8][9]. 3. Data Overview - **Data Charts**: The report includes charts such as the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of SMM's seven - region zinc ingots, and LME zinc inventory, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [11][13]

Industry Investment Rating - No relevant information provided Core View - The copper market is currently in a transition period between the off - season and peak season. With the withdrawal of the waste copper investment promotion policy, the short - term output of recycled copper rods has decreased, leading to an increase in the substitution consumption of refined copper rods. It is expected that domestic inventories will decline in the future, and LME inventories will be transferred to China with the import window open. The low - inventory support logic will continue, and copper prices are likely to rise rather than fall [10] Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper market oscillated and declined. The US dollar rose against major currencies, and the market digested Powell's speech. The upward trend of A - shares paused, and the market's bullish sentiment decreased. Nearly 4 billion yuan of funds flowed out of industrial products. Shanghai copper retraced throughout the day and closed lower at the end of the session. The near - month back spread widened to 40, the spot price increased by 190 to 79,585, the spot premium decreased by 10 to 130. The spot import profit was 150, the Shanghai - London ratio dropped to 8.09, and the LME0 - 3 contango structure narrowed to 78. The market is optimistic about the September premium, and holders are firm on prices [10] 2. Industry News - First Quantum Minerals abandoned the plan to sell its stake in Zambian copper mines. On August 25, it announced that a $1 billion gold deal had alleviated its balance - sheet pressure, so it shelved the plan to sell its minority stake in two Zambian copper mines [11] - Ivanhoe Mines advanced the drainage plan for the Kamoa copper project. After the drainage of the eastern area of the Kamoa - Kakula copper mine was completed, mining operations are expected to resume early next year. The company also plans to release new production forecasts in the coming weeks [11] - The US plans to include copper and potash in the list of critical minerals. The US government will add copper, potash, silicon, silver, lead, and rhenium to the draft list of critical minerals, while tellurium and arsenic will be removed [12]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: August 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Industry Investment Rating - Not provided in the report Core Viewpoints - On August 26, the iron ore futures main contract 2601 fluctuated weakly, closing at 776.5 yuan/ton, down 0.70%. The main iron ore outer - market quotes and Qingdao Port iron ore prices decreased. Although the iron ore 2601 contract's technical indicators showed some positive signals, the market was affected by factors such as the SimFer mine accident, supply - demand fundamentals, and external news. The market expected that the parade might lead to a decline in terminal construction site demand and blast furnace demand, and the mine price weakened again. Further observation of the actual impact of production cuts in Tangshan and the impact of the 9·3 production restrictions on downstream construction steel demand is needed [7][9][12] Summary by Directory 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - Spot Market: On August 26, the main iron ore outer - market quotes decreased by 0.5 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port decreased by 5 - 8 yuan/ton [9] - Technical Analysis: The daily KDJ indicator of the iron ore 2601 contract continued to rise after a golden cross yesterday, and the green bar of the daily MACD indicator has narrowed for two consecutive days [9] 1.2 Future Outlook - News: On August 23, Rio Tinto announced that an accident at the SimFer mine in Guinea led to a fatality, and all activities in the mine were suspended. The impact of the accident was limited, and production was expected to resume soon. However, it boosted bullish sentiment in the short term, which has now faded [10][11] - Fundamentals: Supply - the weekly shipment volume of 19 ports in Australia and Brazil increased slightly last week, with a significant increase in Australian shipments and a decline in Brazilian shipments. The total shipment volume in the past four weeks increased by 1.8% compared with the previous four weeks. Considering shipping schedules, the subsequent arrival volume may be low first and then high. Demand - enterprises' production enthusiasm remained high, and the molten iron output increased for two consecutive weeks, remaining above 2.4 million tons. Regarding the 9·3 production restrictions, according to Mysteel's survey, 20 out of 31 steel mills received oral notices of environmental protection production restrictions, mainly for sintering machines with a 30% - 40% reduction. Only 13 steel mills said their blast furnace production would be affected, mostly in Tangshan. The recent decline in steel production profits, especially for rebar blast furnaces, may affect future production enthusiasm. Downstream steel demand recovered last week, but its sustainability needs to be observed. Considering the possible phased suspension of infrastructure projects in the Beijing - Tianjin - Hebei region before September 3, a cautious attitude is recommended, and there is a possibility of demand weakening again [11] 2. Industry News - On August 25, 2025, the Australian Anti - Dumping Commission postponed the release of the basic fact report and final arbitration recommendation for the anti - dumping sunset review investigation of imported wire rods from China. It is expected to complete the basic fact report by December 10, 2025, and submit the final arbitration report to the Australian Minister of Industry and Science by February 23, 2026 [13] 3. Data Overview - The report provides multiple data charts related to the iron ore and steel industry, including prices, shipment volumes, arrival volumes, inventory, production capacity utilization rates, and consumption volumes, with data sources from Mysteel and the research and development department of Jianxin Futures [17][24][40]

Group 1: Market Review and Operational Suggestions - The lithium carbonate futures rebounded after hitting the bottom, with total positions and trading volume continuing to decline, and market trading sentiment weakening. The market remained in a back structure. As the delivery month approached, the September contract continued to trade at a discount to the spot price. The spot price of electric carbon dropped by 800 to 81,700, and the discount narrowed to 2,440. Downstream procurement and price - fixing activities increased slightly compared to the previous day, but the procurement volume of some manufacturers this week decreased compared to last week. Downstream procurement sentiment turned cautious, with most players waiting for further price cuts [8]. - Australian ore prices remained stable at 920, while the price of lithium mica ore dropped by 25 to 1,970. The production losses of salt plants using purchased lithium spodumene and lithium mica narrowed to 2,021 and 2,848 respectively. Considering the hedging profits provided by the futures market, salt plants still had high production enthusiasm, and the high supply pressure was difficult to ease in the short term [8]. - The prices of 5 - series power ternary materials and lithium iron phosphate dropped by 125 and 190 respectively, and the downstream prices followed suit. Short - term downstream demand is gradually entering the peak season, and downstream consumption is supported. Moreover, there are signs of a turning point in the social inventory of lithium carbonate. It is expected that the lithium carbonate futures will stop falling in the short term, and attention should be paid to the support level of 77,000 [8]. Group 2: Industry News - Guotou Xinjiang Lithium Industry Co., Ltd. (affiliated to Guotou Luojia) plans to invest approximately 800 million yuan to expand its annual lithium carbonate production capacity in Xinjiang's Lop Nur from 5,000 tons to 10,000 tons. Jiwu High - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement for this expansion project [11]. - Ganfeng Lithium Battery is leading the drafting of the "Non - ferrous Metal Industry Standard of the People's Republic of China: Battery - grade Lithium Sulfide", which has entered the approval stage. On August 22, 2025, Ganfeng Lithium Battery's semi - annual report announced its upstream - downstream integrated layout of solid - state batteries. In addition, three "Electronic Industry Standards of the People's Republic of China" have completed multiple rounds of expert discussions, laying a solid foundation for the standardization of subsequent solid - state electrolyte products [11][12]

Report Overview - Report Title: "集运指数日报" [1] - Date: August 27, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the SCFIS dropped below 2000 points for six consecutive weeks, but the decline in online quotes has stabilized. Some shipping companies have shown a willingness to support prices in September. Considering the uncertainty of tariffs and weak demand, the freight rate may be weaker in the off - season this year. The short - term futures decline may narrow, but in the long run, it may still show a downward trend. It is recommended to short the 10 - contract on rallies [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - The SCFIS has fallen below 2000 points for six consecutive weeks, and the decline in online quotes has stabilized. For example, the lowest online quote for 40GP large containers on the Shanghai - Rotterdam route in the fourth week of August was $2384 by Maersk, and other airlines also kept stable. CMA CGM, HPL, and ONE have announced higher freight rates for September, showing a willingness to support prices. Due to the impact of tariffs on foreign trade and high off - season capacity supply, the demand is hard to improve significantly. The 10 - contract is deeply discounted, and the short - term futures decline may narrow, but it may still decline in the long run, so it is advisable to short the 10 - contract on rallies [8]. 3.2行业要闻 - From August 18 to 22, the China Export Container Transport Market was basically stable, but the supply - demand fundamentals were weak, and most route freight rates declined. The Shanghai Export Container Composite Freight Index on August 22 was 1415.36 points, down 3.1% from the previous period. In the European route, although the eurozone economy continued to recover, the impact of US tariff policies began to show, and the freight rate on August 22 was $1668/TEU, down 8.4%. The Mediterranean route was similar to the European route, with the freight rate on August 22 at $2225/TEU, down 2.4%. In the North American route, the US labor market cooled, and the freight rates to the US West and East on August 22 were $1644/FEU and $2613/FEU, down 6.5% and 3.9% respectively. Trump announced a "major" tariff investigation on imported furniture, which will impact the industry. Israel's Prime Minister approved the plan to capture Gaza City [9][10]. 3.3数据概览 3.3.1集运现货价格 - From August 18 to August 25, the SCFIS for the European route (basic ports) dropped from 2180.17 to 1990.2, a decrease of 8.7%. The SCFIS for the US West route (basic ports) dropped from 1106.29 to 1041.38, a decrease of 5.9% [12]. 3.3.2集运指数（欧线）期货行情 - The report provides the trading data of container shipping European line futures on August 26, including contract information such as EC2510, EC2512, etc., with details of opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3.3航运相关数据走势图 - The report includes various shipping - related data charts, such as the Shanghai - European basic port freight rate and the Shanghai - Rotterdam spot freight rate, but specific data is not further elaborated in the text description [20].

Group 1: Report Overview - Report Type: Stock Index Daily Review [1] - Date: August 27, 2025 [2] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Group 2: Market Review - On August 26, the Wind All A index opened lower, oscillated upward, and then quickly declined in the late session, closing down 0.09%. Over 60% of stocks rose. Among index spot markets, CSI 300, SSE 50, and CSI 1000 closed down 0.37%, 0.67%, and 0.02% respectively, while CSI 500 closed up 0.18%, indicating better performance of small and medium - cap stocks. Index futures generally performed weaker than spot markets. IF and IH main contracts closed down 0.57% and 0.71% respectively, while IC and IM main contracts closed up 0.10% and 0.04% respectively [6] Group 3: Market Outlook - Externally, Trump's statement about imposing 200% tariffs on China if it fails to ensure US rare - earth magnet supply has reignited market risk - aversion sentiment. Domestically, the economy is in a weak recovery phase. July economic data shows a decline in both supply and demand, but market expectations for the future are positive. Margin trading balance has exceeded 2 trillion yuan and is growing. The A - share trading volume decreased slightly today, reflecting capital's risk - aversion behavior under external market disturbances, but the overall trading volume remains at a relatively high level of 2.71 trillion yuan. Currently, the stock market valuation is relatively high but not extremely high. There is still room for further capital inflow. However, the latest US tariff statement has impacted market sentiment, increasing the pressure for the Shanghai Composite Index to break through 3900. In terms of market style, the dumbbell strategy remains unchanged, with SSE 50 with stable earnings and CSI 1000 with higher earnings - repair elasticity likely to perform better [8] Group 4: Data Overview - The report provides data on domestic major indexes, market style, industry sectors, stock index futures trading volume and open interest, and major ETF fund shares and trading volume, with data sources from Wind and the Research and Development Department of Jianxin Futures [10][13][14][17][18][20][22][24][27][28][29] Group 5: Industry News - On August 25, six departments in Shanghai jointly issued a notice on optimizing and adjusting real - estate policies, including reducing housing purchase restrictions, optimizing housing provident funds, optimizing personal housing credit, and improving personal housing property tax [30]