Group 1: Report Overview - The report is a daily report on the soda ash and glass industries, dated August 21, 2024 [1][2] - The energy and chemical research team of CCB Futures includes researchers for different products, with Feng Zeren responsible for glass and soda ash [4] Group 2: Market Review and Operation Suggestions Soda Ash - On August 20, the main soda ash futures contract SA601 declined for four consecutive days, closing at 1309 yuan/ton, down 69 yuan/ton or 5.00%, with a daily reduction of 62,895 lots [8] - Fundamentally, short - term production increased and inventory remained high. Weekly soda ash production rose to 761,300 tons, a 2.24% week - on - week increase. Factory inventory reached 1.8938 million tons, a 1.54% increase. Terminal demand for photovoltaic glass decreased, and the supply - demand imbalance remained. The market is expected to be weak [8] Glass - As of August 15, 2025, the national float glass daily melting volume was 159,600 tons, and the capacity utilization rate was 79.78%. The order days of deep - processing enterprises increased slightly, but inventory increased more. The industry fundamentals deteriorated, and the price rebound was restricted. The short - term trend is expected to be weak [9] Group 3: Data Summary - The report provides data on the trading of soda ash and glass futures on August 20, including opening price, high price, low price, closing price, change, change rate, open interest, and open interest change for different contracts [7] - It also includes various charts such as the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [11][16][14]

Group 1: General Information - Report title: "集运指数日报" [1] - Date: August 21, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] - Team: Macro Finance Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is unlikely to improve significantly due to the impact of tariffs, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even more off - season. The short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the 10 - contract on rallies [8]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been adjusted downward, and now the price has stabilized. For example, Maersk's 40GP container price for the fourth week of August on the Shanghai - Rotterdam route is about $300 lower than that of the third week, and the quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE plan to increase the September freight rate slightly compared to the end of August [8]. - Market outlook: Due to the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season. The 10 - contract is deeply at a discount, and the short - term futures decline may narrow. In the long term, it may still show a downward trend, and it is recommended to short the 10 - contract on rallies [8]. 2. Industry News - China's export container shipping market: From August 11 to August 15, the market continued to adjust, and the freight rates of most routes declined, dragging down the composite index. The Shanghai Export Containerized Freight Index on August 15 was 1460.19 points, a 2.0% decline from the previous period [9]. - European routes: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, ending three consecutive months of recovery. The eurozone's overall data is consistent with Germany's. The freight demand lacks growth momentum, and the spot booking price continues to decline. On August 15, the freight rate from Shanghai Port to European basic ports was $1820/TEU, a 7.2% decline from the previous period [9]. - Mediterranean routes: The market situation is synchronized with European routes, and the freight rate continues to decline. On August 15, the freight rate from Shanghai Port to Mediterranean basic ports was $2279/TEU, a 1.7% decline from the previous period [10]. - North American routes: The US PPI in July increased by 3.3% year - on - year, far exceeding market expectations. The US customs tariff revenue in July reached $28 billion, a 273% increase from the same period last year, but the fiscal deficit increased by 10% year - on - year. The market supply - demand fundamentals are weak, and the shipping market continues to adjust. On August 15, the freight rates from Shanghai Port to the US West and East basic ports were $1759/FEU and $2719/FEU respectively, down 3.5% and 2.6% from the previous period [10]. - International shipping security: The Houthi armed forces' threat to global shipping has escalated. They have attacked Israel's Ben - Gurion International Airport and announced "sanctions" on 64 shipping companies. If the conflict worsens significantly, it may boost futures prices in the short term [10]. - Israel - Yemen conflict: Israel has carried out multiple air strikes on Yemen's Hodeidah Port, which is crucial for Yemen's trade and humanitarian supplies [10]. 3. Data Overview - Spot freight rates: The SCFIS for the European route (basic ports) on August 18 was 2180.17 points, a 2.5% decline from August 11; the SCFIS for the US West route (basic ports) was 1106.29 points, a 2.2% increase from August 11 [12]. - Futures market: The trading data of eight container shipping European line futures contracts on August 20 are provided, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - Shipping - related data: The report also includes charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][21]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Copper prices are oscillating weakly, with the main contract closing at 78,640. The market is waiting for Powell's speech at the global central bank annual meeting on Friday night, the US dollar index is oscillating, and market sentiment is cautious. Spot prices dropped 330 to 78,770, and the spot premium fell 5 to 190. The spot import window remains open, with a profit of 350 yuan/ton due to the increase in the Shanghai-London ratio to 8.12 and the expansion of the LME 0 - 3 contango structure to $96.85/ton. The demand for Yangshan copper has improved, and both the warehouse receipt and bill of lading premiums have risen. Short - term demand is in the transition between the off - season and peak season, and with low inventories both at home and abroad, the fundamentals still support copper prices. The short - term support level is 78,000, but market caution persists before important events, and there is a lack of obvious positive factors, so copper prices are expected to continue to oscillate within a narrow range [10] 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - Copper prices are oscillating weakly, and the main contract closed at 78,640. The market is waiting for Powell's speech at the global central bank annual meeting, the US dollar index is oscillating, and market sentiment is cautious. Spot prices dropped 330, and the spot premium fell 5. The spot import window is open with a profit of 350 yuan/ton. The demand for Yangshan copper has improved, and subsequent imports of copper are expected to increase. Short - term demand is in the transition period, and fundamentals support copper prices. The short - term support level is 78,000, and copper prices are expected to oscillate narrowly [10] 3.2 Industry News - In July 2025, China's copper strip exports were 10,531.17 tons, a month - on - month increase of 1.84% and a year - on - year increase of 0.17%. From January to July, the cumulative export of copper strips was 71,070 tons, a cumulative year - on - year increase of 1.12% [11] - In July 2025, China's copper enameled wire exports continued to grow, covering 142 countries and regions, with a total export volume up 25.45% year - on - year. Exports to India and Turkey increased by 450% and 290% year - on - year respectively. Exports to the US decreased both year - on - year and month - on - month, and are expected to decline significantly in the future due to US tariffs on copper semi - finished products [11] - In July 2025, China imported 84,200 tons of anode copper, a month - on - month increase of 22.86% and a year - on - year increase of 19.08%. From January to July, the cumulative import of anode copper was 466,900 tons, a cumulative year - on - year decrease of 12.72% [11]

Group 1: General Information - Report title: Pulp Daily Report [1] - Date: August 21, 2025 [2] - Research team: Energy and Chemical Research Team [4] - Researchers: Liu Youran (Pulp), Li Jie (Crude Oil and Asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (Industrial Silicon and Polysilicon), Peng Jinglin (Polyolefins), Li Jin (Methanol), Feng Zeren (Glass and Soda Ash) [4] Group 2: Market Review and Operation Suggestions Market Review - Pulp futures contract 01: The previous settlement price was 5,442 yuan/ton, and the closing price was 5,380 yuan/ton, a decline of 1.14% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,100 - 6,700 yuan/ton, with the low - end price up 50 yuan/ton from the previous trading day's closing price. The quotation of Shandong Yinxing was 5,800 - 5,820 yuan/ton [7] - Arauco's August wood pulp offers: Softwood pulp Yinxing at 720 USD/ton, natural pulp Jinxing at 590 USD/ton, hardwood pulp Mingxing at 520 USD/ton, stable compared to June [8] - World's 20 major pulp - producing countries in June: Chemical commodity pulp shipments increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1% [8] - European wood pulp in July 2025: Inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year [8] - China's pulp imports in July: 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - As of August 14, 2025: The weekly pulp inventory in major regions and ports increased by 4.96% month - on - month, with inventories at Qingdao and Changshu ports rising [8] Group 3: Industry News - On August 18, the CSRC approved the registration of offset printing paper futures and options on the SHFE. China is the world's largest producer and consumer of offset printing paper, with a market size close to 50 billion yuan. The futures and options will help improve pricing efficiency and guide production planning [9] Group 4: Data Overview - Figures include import softwood pulp spot price in Shandong, pulp futures price, pulp futures - spot price difference, softwood - hardwood price difference, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate and offset paper prices and spreads, white cardboard and whiteboard paper prices and spreads, and USD/CNY exchange rate [15][17][19][23][25][29]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The asphalt market continues to have weak supply and demand, with no significant highlights. The unilateral price mainly follows the weak trend of oil prices, but the trend may be stronger than that of oil prices. It is recommended to go long on asphalt and short on crude oil when the opportunity arises [6]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: For BU2510, the opening price was 3444 yuan/ton, the closing price was 3454 yuan/ton, the highest was 3470 yuan/ton, the lowest was 3434 yuan/ton, the increase was 0.12%, and the trading volume was 146,000 lots. For BU2511, the opening price was 3395 yuan/ton, the closing price was 3404 yuan/ton, the highest was 3422 yuan/ton, the lowest was 3387 yuan/ton, the decrease was 0.12%, and the trading volume was 43,200 lots [6]. - **Spot Market**: Prices in the North China and South China markets declined slightly, while those in other regions remained stable. The weak oscillation of crude oil prices and asphalt futures negatively affected the sentiment of the asphalt spot market. The average operating load rate of asphalt plants is expected to decline. Demand lacks obvious stimulation, and market sentiment is pessimistic [6]. 3.2 Industry News - **East China Market**: The mainstream transaction price of 70A grade asphalt was 3580 - 3750 yuan/ton, remaining stable from the previous day. Market demand improved due to better weather, but the weak performance of crude oil and asphalt futures, along with abundant supply, led to weak purchasing enthusiasm [7]. - **South China Market**: The mainstream transaction price of 70A grade asphalt was 3480 - 3530 yuan/ton, a decrease of 5 yuan/ton from the previous day. The decline was caused by the low - level consolidation of asphalt futures and the sale of some near - expiration contracts [7]. 3.3 Data Overview - The report presents multiple data charts, including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, asphalt warehouse receipts, Shandong asphalt spot price, and Shandong asphalt basis, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]

Report Information - Report Name: MEG Daily Report [1] - Date: August 21, 2025 [2] Market Review and Operation Suggestions - Futures Market: EG2509 closed at 4427 yuan/ton, up 64 yuan, with a position of 90895 lots, a decrease of 24490 lots; EG2601 closed at 4477 yuan/ton, up 71 yuan, with a position of 329548 lots, an increase of 30170 lots. On the 20th, the main contract of ethylene glycol futures 2601 opened at 4418, with a maximum of 4536, a minimum of 4385, a settlement of 4452, and a close of 4477, up 71 yuan from the previous trading day's settlement price. The total volume was 329548 lots, and the position was 237013 lots [7]. - Market Outlook: The short - term ethylene glycol market is boosted by the warming market sentiment, but the actual impact of policy - end factors is relatively small at present. It is expected that the market sentiment will cool down in the future, and the market may return to a volatile consolidation trend [7]. Industry News - International Oil Prices: Traders weighed the possibility that the negotiations to end the Ukraine conflict between a European country, Ukraine and the United States might lead to the lifting of sanctions on the European country's crude oil trading, increasing supply. International oil prices fell. On Tuesday (August 19), the settlement price of West Texas Intermediate crude oil futures for September 2025 on the New York Mercantile Exchange was $62.35 per barrel, down $1.07 from the previous trading day, a decrease of 1.69%, with a trading range of $62.25 - $63.39; the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $65.79 per barrel, down $0.81 from the previous trading day, a decrease of 1.22%, with a trading range of $65.61 - $66.58 [8]. - Zhangjiagang MEG Market: The spot negotiation price in the Zhangjiagang ethylene glycol market this week was 4514 - 4515 yuan/ton, up 59.5 yuan/ton from the previous working day. The negotiation price for late August was 4514 - 4515 yuan/ton, and for late September was 4513 - 4515 yuan/ton. The spot basis was at a premium of 89 - 90 yuan/ton over EG2509, the basis for late August cargo was at a premium of 89 - 90 yuan/ton over EG2509, and the basis for late September was at a premium of 87 - 90 yuan/ton over EG2509 [8]. - Polyester Staple Fiber: The main futures price of polyester staple fiber rose, the prices of staple fiber factories remained stagnant, the prices of traders were slow to follow the rise, downstream buyers were cautious about chasing high prices, and the on - site trading was scarce. The mainstream sales rate of factories was 48.70%, with specific data: 40%, 60%, 50%, 50%, 40%, 80%, 26%, 60% [8]. Data Overview - The report provides multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures main contract closing prices, raw material price indices (ethylene), PTA - MEG spreads, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

Group 1: Report Overview - Report Type: Crude Oil Daily Report [1] - Date: August 21, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Market Performance**: WTI's opening price was $62.58, closing at $62.00, with a high of $62.68, a low of $61.65, a decline of 1.12%, and a trading volume of 25.75 million lots. Brent opened at $65.98, closed at $65.42, reached a high of $66.01, a low of $65.14, dropped by 0.89%, and had a trading volume of 20.06 million lots. SC's opening price was 482.2 yuan/barrel, closing at 482.8 yuan/barrel, with a high of 484.7 yuan/barrel, a low of 479 yuan/barrel, a decline of 0.47%, and a trading volume of 11.46 million lots [6]. - **Market Trend**: The US is arranging a summit among the leaders of the US, Russia, and Ukraine, and overnight oil prices continued to fall. Although the meeting between the US and Russian leaders did not yield substantial results, Trump said the talks were "very smooth," and the US will not impose further sanctions on Russia for now. The relationship between the two countries has improved, and oil prices continued their weak performance [6]. - **Fundamentals**: As of the week ending on the 8th, US gasoline consumption rebounded. After five consecutive weeks of consumption below the same period in 2024, the growth rate barely turned positive. Consumption was still weak despite lower gasoline prices, and this year's peak - season travel consumption in the US was lower than expected. The actual performance of refined - oil consumption was not optimistic. With the peak travel season coming to an end, demand support was limited [7]. - **Overall Outlook**: This year's peak - season consumption in the US showed no significant improvement, and oil prices were mainly bearish. In the short term, oil prices were bottoming out, and in the medium term, they might decline again under inventory pressure [7]. Group 3: Industry News - Angola plans to cut its oil exports to 994,000 barrels per day in October [8]. - The US Treasury Secretary plans to raise tariffs on India for buying Russian oil, stating that India's arbitrage through Russian oil is unacceptable [8]. - In July, India's imports of Russian crude oil decreased. Partly because Reliance Industries, the world's largest refinery operator, reduced its purchases by 19% from the previous month's high. Between August and September, Indian state - owned refineries will seek alternative oil sources from the Middle East or the US to replace Russian oil. However, sources said that due to the increased discount of Russian oil, Indian state - owned refineries have placed orders for Russian oil. The Russian embassy in India said the discount for Russian oil to India is about 5%, and Russian oil is highly competitive with no current substitutes. India's oil imports will remain at a similar level [8]. Group 4: Data Overview - The report provides data on global high - frequency crude oil inventories, WTI and Brent fund positions, spot prices of WTI, Brent, and Oman, US crude oil production growth rate, and EIA crude oil inventories, with data sources including Bloomberg, wind, CFTC, and EIA [10][12][20][23]

Report Information - Report Date: August 21, 2025 [2] - Report Type: Pig Daily Report [1] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The spot market for pigs has a loose supply - demand balance, with increased supply from farmers and weak demand in the off - season, so spot prices may continue to face pressure [9]. - The near - month 2509 futures contract follows the spot market and fluctuates weakly. The 2511 and 2601 contracts are in the peak demand season. Although currently dragged down by the spot market and undergoing a weak correction, long - term positive factors limit the downside space [9]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 20th, the main 2511 contract of live pigs opened flat, fluctuated downward, and closed with a negative line. The highest was 13,900 yuan/ton, the lowest was 13,685 yuan/ton, and the closing price was 13,775 yuan/ton, down 0.72% from the previous day. The total open interest of the index increased by 2,299 lots to 183,725 lots [8]. - **Spot Market**: On the 20th, the average price of ternary pigs nationwide was 13.74 yuan/kg, up 0.07 yuan/kg from the previous day [8]. - **Demand Side**: The utilization rate of pigsties is high, the enthusiasm for secondary fattening is low, and the terminal demand is weak due to hot weather. The orders of slaughtering enterprises are average, but the slaughter volume and the opening rate have increased slightly. On August 20th, the slaughter volume of sample slaughtering enterprises was 140,800 heads, an increase of 500 heads from the previous day and 1,800 heads from a week ago [9]. - **Supply Side**: The planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase from July. The enthusiasm of farmers for slaughter is high, and there is still pressure on slaughter, while the slaughter weight has decreased slightly [9]. 2. Industry News - No specific industry news content is provided in the report. 3. Data Overview - **Profit**: As of August 15th, the average profit per self - bred and self - raised pig was 101 yuan/head, a week - on - week decrease of 36 yuan/head; the average profit per pig from purchased piglets was - 52 yuan/head, a week - on - week increase of 1.3 yuan/head [14]. - **Piglet Price**: The average market sales price of 15 - kg piglets in the week of August 15th was 484 yuan/head, a decrease of 33 yuan/head from the previous week [14]. - **Slaughter Volume**: In the week of August 15th, the slaughter volume of the slaughter sample was 1.6335 million heads, a week - on - week increase of 30,100 heads and a growth rate of 1.88%. The average daily slaughter volume was 138,446 heads, an increase of 1,321 heads from the previous week and a daily growth rate of 0.96% [14]. - **Planned Slaughter Volume**: The planned pig slaughter volume of sample enterprises in August was 24.72 million heads, a 6.6% month - on - month increase from July [14]. - **Average Slaughter Weight**: As of the week of August 15th, the average slaughter weight of pigs nationwide was 127.82 kg, a week - on - week increase of 0.02 kg and a year - on - year increase of 1.65 kg [14].

Report Overview - Report Date: August 21, 2025 [2] - Reported Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - Domestic three major oils reduced positions and declined, with some seats taking profits. Technically, there is a short - term adjustment need, so be cautious about chasing high [8]. - Palm oil is expected to maintain a high - level shock consolidation trend. Although the export growth rate has narrowed and production is seasonally increasing with expected inventory growth in August - September, Indian import demand may rebound in August [8]. - Due to domestic tariff policies, the supply of domestic rapeseed oil and rapeseed meal is expected to decrease significantly, and the logic of going long remains until the supply shortage pattern is significantly repaired [8]. - For soybean oil, the short - term inventory is high and the supply is abundant, but it is bullish in the long - term due to biodiesel policies in the US and Brazil, possible reduction in soybean imports in the fourth quarter, and warming domestic demand [8]. - In terms of arbitrage, it is recommended to overweight rapeseed oil and underweight soybean oil [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: In the East China market, the basis price of rapeseed oil and soybean oil has different performance in different months. For example, the basis of East China third - grade rapeseed oil in August is OI2601 + 130, and the basis of one - grade soybean oil in the spot market is 01 + 170 [7]. - **Operation Suggestions**: For palm oil, expect high - level shock consolidation; for rapeseed oil, maintain the long - buying logic; for soybean oil, be bullish in the long - term; and in arbitrage, overweight rapeseed oil and underweight soybean oil [8]. 2. Industry News - Independent inspection agency AmSpec data shows that Malaysia's palm oil exports from August 1 - 20 were 869,780 tons, a 17.5% increase from July 1 - 20 [9]. - Shipping survey agency ITS data shows that Malaysia's palm oil exports from August 1 - 15 were 724,191 tons, a 16.5% increase from July 1 - 15, with exports to China decreasing by 28,300 tons compared to the same period last month [9]. - AmSpec data also shows that Malaysia's palm oil exports from August 1 - 15 were 696,425 tons, a 21.3% increase from July 1 - 15 [9]. 3. Data Overview - The report provides multiple data charts, including the spot prices of East China third - grade rapeseed oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, and the basis changes and spreads of palm oil, soybean oil, and rapeseed oil, as well as the exchange rates of the US dollar against the Chinese yuan and the Malaysian ringgit [11][17][26]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 21, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - Long - term, the bullish foundation of the bond market remains unchanged as the Politburo meeting in July maintained the "moderately loose" stance on monetary policy, and there are uncertainties in tariffs and potential risks of export decline after front - loading. However, in the short term, the stock - bond seesaw effect has strengthened since late June, and the bullish equity market has put pressure on the bond market. The marginal weakening of July's fundamental data still shows short - term resilience, making it difficult to trigger a significant increase in easing sentiment. The short - term rebound of the bond market is unlikely to form a trend. A similar situation occurred from February to March this year, and it may require the alleviation of relevant negative factors for the bond market to stabilize and rise again. It is recommended to maintain the strategy of going long on short - term bonds and short on long - term bonds [11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: The stock - bond seesaw continued. In the morning, the weak stock market boosted the bond market sentiment, and treasury bond futures rebounded across the board. However, in the afternoon, the rising stock market suppressed the bond market, and the decline widened at the end of the session [8] - **Interest Rate Bonds**: The yields of major inter - bank interest rate bonds across all maturities increased, with a larger increase at the long end. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250011 reported 1.7825%, up 1.65bp [9] - **Funding Market**: The central bank actively protected the funding market. The inter - bank funding market tightened in the morning and loosened again in the afternoon. There were 218.5 billion yuan of reverse repurchase maturities, and the central bank conducted 616 billion yuan of reverse repurchase operations, achieving a net injection of 397.5 billion yuan. The tax - payment period disturbance was gradually weakening. The short - term funding rates increased slightly, with the overnight weighted rate of inter - bank deposits rising 0.29bp to 1.47% and the 7 - day rate rising 2.28bp to 1.568%. The medium - and long - term funds were stable, and the 1 - year AAA certificate of deposit rate remained around 1.6% [10] - **Conclusion**: Long - term bullish foundation unchanged, but short - term pressure exists. Maintain the strategy of going long on short - term bonds and short on long - term bonds [11][12] 2. Industry News - The deputy governor of the People's Bank of China, Zou Lan, stated that policies would be strengthened to stimulate the vitality of the movable property financing market, which is important for small and medium - sized enterprises to solve financing problems and for the diversified development of the financial market [13] - The central bank's second - quarter monetary policy implementation report proposed to implement a moderately loose monetary policy, maintain sufficient liquidity, promote a reasonable recovery of prices, and use structural monetary policy tools to support key areas [14] 3. Data Overview - **Treasury Bond Futures**: Include information on the trading data of treasury bond futures contracts, cross - maturity spreads, cross - variety spreads, and the trend of main contracts [6][15][16] - **Money Market**: Data on bank - to - bank pledged repurchase weighted rates, inter - bank deposit pledged repurchase rates, SHIBOR term structure and trend [25][28][33] - **Derivatives Market**: Data on Shibor3M interest rate swap fixing curves and FR007 interest rate swap fixing curves [37][38]