Report Information - Report Type: Stock Index Daily Review [1] - Date: July 17, 2025 [2] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Investment Rating - Not provided in the report Core Views - The overall economic performance in the first half of the year exceeded expectations, with GDP growing by 5.3% year-on-year, and the pressure to achieve the annual economic growth target is not significant. It is expected that the Politburo meeting at the end of July will mainly continue past policies rather than introduce unexpected ones [7]. - The export in the second half of the year still faces uncertainties, and domestic demand and infrastructure investment remain important drivers of the economy. A-share trading volume hovers around 1.5 trillion, and the Shanghai Composite Index needs further breakthrough in trading volume to firmly stand above 3,500 points [7]. - It is recommended to maintain a medium to low position in long contracts and add positions after a pullback. In terms of market style, the Shanghai 50 with stable earnings and the CSI 1000 with higher earnings recovery elasticity may perform better, and the dumbbell strategy remains unchanged [7]. Summary by Section 1. Market Review and Outlook 1.1 Market Review - On July 16, the Wind All A index opened slightly higher, then fluctuated downward, and rebounded in the afternoon, closing up 0.06%, with over 60% of stocks rising. Among index spot, the CSI 300, SSE 50, and CSI 500 closed down 0.30%, 0.23%, and 0.03% respectively, while the CSI 1000 closed up 0.30%. Index futures outperformed the spot, with IF and IH main contracts closing down 0.24% and 0.14%, and IC and IM main contracts closing up 0.03% and 0.33% respectively [6]. 1.2 Outlook - In the external market, the impact of US tariffs on inflation has emerged. The unadjusted CPI annual rate in June was 2.7%, higher than the previous value of 2.4%, and the core CPI annual rate was 2.9%, higher than the previous value of 2.8%, which affected the probability of an interest rate cut in September. Domestically, the economic data in the first half of the year exceeded expectations, and it is expected that the Politburo meeting at the end of July will mainly continue past policies [7]. - In the first half of the year, domestic demand was steadily restored, exports were resilient, and industrial production grew rapidly. In the second half of the year, exports still face uncertainties, and domestic demand and infrastructure investment are important drivers of the economy. A-share trading volume hovers around 1.5 trillion, and the Shanghai Composite Index needs further breakthrough in trading volume to firmly stand above 3,500 points [7]. - It is recommended to maintain a medium to low position in long contracts and add positions after a pullback. In terms of market style, the Shanghai 50 with stable earnings and the CSI 1000 with higher earnings recovery elasticity may perform better, and the dumbbell strategy remains unchanged [7]. 2. Data Overview - The report provides figures on the performance of domestic main indexes, market style, industry sector performance, trading volume of Wind All A and index spot, trading volume and open interest of stock index futures, basis trend of main contracts, inter - period spread trend, and statistics on the share and trading volume of major ETF funds [8][13][17][20] 3. Industry News - On July 16, a symposium on the all - rounded expansion of domestic demand was held in Beijing. The meeting emphasized the importance of implementing the strategy of expanding domestic demand and promoting high - quality development [30]

Group 1: Report Summary - The report is a daily report on soda ash and glass dated July 17, 2024, focusing on market trends, fundamentals, and providing operation suggestions [1][2] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Viewpoints - The long - term fundamentals of soda ash and glass are bearish. For soda ash, the supply - demand contradiction persists, and the overall oversupply pattern suppresses prices. For glass, the long - term fundamental driving force is weak [8][10] Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On July 16, the main soda ash futures SA509 oscillated downward, closing at 1208 yuan/ton, down 18 yuan/ton or 1.46%, with a daily increase of 13,982 lots [7] - In terms of fundamentals, supply is stable, demand is slightly down, and inventory accumulation persists. As of July 10, the weekly production was 709,000 tons, the capacity utilization rate was 81.32%, the enterprise shipment volume decreased by 1.69% month - on - month, and the total inventory of manufacturers increased by 2.98% month - on - month [8] - In the long run, due to the increase in production and the reduction in demand from the photovoltaic glass industry, the supply - demand contradiction persists, and the market is bearish [8] Glass - Recently, affected by the planned production cuts of photovoltaic glass enterprises, the daily melting volume of photovoltaic glass has decreased, and the supply of float glass has also declined, increasing inventory pressure [9] - The mid - stream inventory in the industry is at a high level, and the slow process of glass capacity reduction may lead to further inventory accumulation. The domestic real estate completion has not improved substantially [9] - The glass futures may oscillate in the short term and have weak long - term fundamental driving forces [10] Group 5: Data Overview - The report presents data on soda ash and glass futures trading on July 16, including opening prices, high prices, low prices, closing prices, price changes, price change rates, positions, and position changes [7] - It also includes charts of soda ash and glass active contract price trends, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market prices, and flat glass production [12][13][17]

Group 1: Report Information - Report Type: Pig Daily Report [1] - Date: July 17, 2025 [2] Group 2: Market Review and Operation Suggestions Futures Market - On July 16, the main 2509 contract of live pigs opened slightly lower and then fell sharply, closing with a negative line. The highest price was 14,250 yuan/ton, the lowest was 14,000 yuan/ton, and the closing price was 14,010 yuan/ton, down 1.89% from the previous day. The total open interest of the index increased by 3,073 lots to 165,134 lots [7]. Spot Market - On July 16, the national average price of external ternary pigs was 14.43 yuan/kg, down 0.09 yuan/kg from the previous day [7]. Market Analysis - Demand side: The price difference between fat and standard pigs slightly widened, and the utilization rate of pig pens increased, indicating that the enthusiasm for secondary fattening replenishment had increased. Due to the hot weather, terminal demand was weak, slaughterhouse orders were average, and the slaughter rate and volume of slaughterhouses remained low. On July 16, the slaughter volume of sample slaughterhouses was 132,600 heads, a decrease of 11,000 heads from the previous day and an increase of 5,000 heads from a week ago [8]. - Supply side: According to Yongyi data, the planned slaughter volume of sample enterprises in July was 23.88 million heads, a month-on-month decrease of 1.19% compared with June. The slaughter volume might be slightly adjusted down. In the early ten days, enterprises had staged pressure on slaughter and reduced volume, and the slaughter weight increased slightly. Currently, the slaughter progress had recovered, and there were still secondary fattening pigs to be slaughtered in the future [8]. - Overall: Currently, the slaughter volume of large-scale farms has recovered, and prices have continued to decline. In the middle and late July, large-scale breeding enterprises may intensify their supply to meet their monthly slaughter targets. Meanwhile, demand is in the off-season, and pig prices may face pressure. In the futures market, all current futures contracts are slightly at a discount to the spot market. After the continuous recovery of large-scale farm slaughter, prices will decline along with the spot market. In the long term, the supply of live pigs will continue to increase, but the domestic anti-involution initiative and strengthened regional environmental protection policies are favorable for long-term pig price performance. Attention should be paid to the impact of future policies on production capacity [8]. Group 3: Industry News - As of the week ending July 11, the average profit per self-breeding and self-raising pig was 165 yuan/head, a week-on-week decrease of 6 yuan/head; the average profit per purchased piglet was -44 yuan/head, a week-on-week decrease of 58 yuan/head [9][11]. Group 4: Data Overview - In the week of July 10, the average market sales price of 15kg piglets was 539 yuan/head, an increase of 10 yuan/head from the previous week [19]. - In late June, the utilization rate of fattening pens was 53.9%, a ten-day-on-ten-day increase of 9 percentage points [19]. - In the week of July 10, the price difference between 150kg fat pigs and standard pigs was 0.10 yuan/jin, the same as the previous week [19]. - As of the week ending July 11, the average slaughter weight of national live pigs was 129.03 kg, an increase of 0.39 kg from the previous week, a month-on-month increase of 0.30% [19].

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: July 17, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2509 opened at 3626 yuan/ton, closed at 3623 yuan/ton, with a high of 3629 yuan/ton, a low of 3598 yuan/ton, a decline of 0.22%, and a trading volume of 10.82 million lots. BU2510 opened at 3570 yuan/ton, closed at 3570 yuan/ton, with a high of 3576 yuan/ton, a low of 3545 yuan/ton, a decline of 0.11%, and a trading volume of 2.04 million lots [6] - Spot Market: Domestic asphalt spot prices remained stable. Crude oil and asphalt futures fluctuated narrowly, and the spot market sentiment was cautious [6] - Supply: In the East China region, Jinling Petrochemical stopped producing asphalt, and Xinghai Petrochemical is expected to resume asphalt production in the second half of the month after switching to producing residual oil this week. In addition, Shengxing Petrochemical in Shandong will intermittently switch to producing residual oil next week. The average operating load rate of asphalt plants is expected to decline next week [6] - Demand: Rainfall in the northern region will be relatively scarce in the future, which will support demand to some extent. The focus will be on seasonal demand support [6] - Outlook: The cost-side oil price is expected to have room for further increase. Asphalt supply and demand are both weak. The focus will be on seasonal demand support, and the single-side price is expected to fluctuate upwards following the oil price [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3660 - 4070 yuan/ton, remaining stable from the previous trading day. The international oil price and asphalt futures continued to fluctuate. The spot market sentiment was cautious. Although some refineries still had restrictions on sales and queuing for loading, the weak terminal demand led to sluggish spot transactions, and the prices of some brand traders decreased slightly [7] - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3600 - 3650 yuan/ton, remaining stable from the previous trading day. Affected by rainy weather and poor project funds, the number of terminal project starts was limited, and the rigid demand for asphalt remained weak. The trucking price of Guangzhou Petrochemical's asphalt may be lowered today, but the social inventory price in Guangdong remained stable due to the high storage cost [7] Group 4: Data Overview - Figures: The report includes figures on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts [9][10][13] - Data Source: The data is sourced from Wind and the Research and Development Department of CCB Futures [6][10][12]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract price of polysilicon closed at the daily limit. The closing price of PS2508 was 38,385 yuan/ton, with a 7% increase. The trading volume was 634,366 lots, and the open interest was 110,547 lots, with a net increase of 38,788 lots [4]. - In the second week of July, the transaction range of polysilicon N-type reprocessed feedstock was between 40,000 - 49,000 yuan. The current price spread made the price guidance confusing. Although the silicon wafer price increased, downstream enterprises still restocked as needed in the short term. The production scheduling increase in July and August will drive the monthly output to about 105,000 - 110,000 tons, meeting the downstream demand of over 50GW. Although more policies are needed for a substantial improvement in the medium - long - term supply - demand relationship, the short - term spot price is strongly supported, and the discount during the position transfer phase of the futures market may remain in a strong oscillation [4]. 3. Summary by Related Catalogs Market Review and Outlook - **Market Performance**: The main contract of polysilicon closed at the daily limit. PS2508 had a closing price of 38,385 yuan/ton, a 7% increase, a trading volume of 634,366 lots, and an open interest of 110,547 lots, with a net increase of 38,788 lots [4]. - **Future Outlook**: In the second week of July, the N - type reprocessed feedstock price range was 40,000 - 49,000 yuan. Downstream enterprises restocked as needed. The production increase in July and August will drive the monthly output to 105,000 - 110,000 tons, meeting over 50GW of downstream demand. Short - term spot prices are strong, and the futures discount may oscillate strongly during position transfer [4]. Market News - On July 16, the number of polysilicon warehouse receipts was 2,780 lots, with no increase from the previous trading day [5]. - In the second week of July, the average price of polysilicon N - type reprocessed feedstock was 45,500 yuan, and the average price of N - type dense feedstock was 44,000 yuan [5].

Report Information - Report Name: Polyolefin Daily Report [1] - Date: July 17, 2025 [2] Market Quotes Futures Market | Variety | Opening | Closing | High | Low | Change | Change Rate | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7288 | 7239 | 7301 | 7231 | -45 | -0.62% | 122440 | 5899 | | Plastic 2605 | 7258 | 7214 | 7272 | 7206 | -35 | -0.48% | 2935 | 568 | | Plastic 2509 | 7285 | 7221 | 7292 | 7208 | -63 | -0.86% | 433865 | 12529 | | PP2601 | 7072 | 7024 | 7080 | 7015 | -34 | -0.48% | 110563 | 4374 | | PP2605 | 7066 | 7018 | 7074 | 7010 | -33 | -0.47% | 5931 | 1115 | | PP2509 | 7080 | 7015 | 7080 | 7008 | -50 | -0.71% | 397459 | 5611 | [5] Spot Market - On July 16, 2025, the inventory level of major producers was 785,000 tons, a decrease of 5,000 tons (-0.63%) from the previous working day, compared with 765,000 tons in the same period last year [7] - PE market prices declined weakly. Linear PE prices were as follows: North China: 7,100 - 7,400 yuan/ton; East China: 7,200 - 7,600 yuan/ton; South China: 7,280 - 7,550 yuan/ton [7] - Shandong propylene market prices declined slightly, closing at 6,270 - 6,300 yuan/ton at 12:00, a decrease of 50 yuan/ton from the previous day [7] - PP futures fluctuated at a low level, suppressing the market trading atmosphere. The mainstream prices of North China PP drawstrings were 6,980 - 7,080 yuan/ton; East China: 6,980 - 7,130 yuan/ton; South China: 6,970 - 7,200 yuan/ton [7] Market Review and Outlook - LLDPE L2509 opened lower, fluctuated during the session, and closed down at 7,214 yuan/ton, a decrease of 29 yuan/ton (-0.40%), with a trading volume of 200,000 lots and an increase in open interest of 2,987 to 436,852 lots [6] - PP futures closed at 7,013 yuan/ton, a decrease of 23 yuan (-0.33%), with an increase in open interest of 13,700 lots to 411,200 lots [6] - Futures opened lower and fluctuated, dampening the market trading atmosphere. Some ex-factory prices were lowered, and spot prices partially declined. Downstream purchasing enthusiasm was low [6] - Entering the consumption off-season, the downstream operating rate of polyethylene was at the lowest level of the year, and there was no sign of improvement in pipe demand. The demand side was difficult to support, while the supply side pressure increased. Previously shut-down plants were planned to restart, and the loss of maintenance was expected to weaken. The supply side would still face pressure in the future. Downstream companies mostly maintained a low inventory strategy, and the supply-demand balance was expected to deteriorate, leading to a weak downward trend in the single-sided market [6] Research Team - Energy and Chemical Research Team: Peng Jinglin (Polyolefins), Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4]

Report Information - Report Type: Crude Oil Daily Report [1] - Date: July 17, 2025 [2] Investment Rating - Not provided Core View - Oil prices are gradually returning to fundamental drivers. OPEC+ production increase slightly exceeds expectations, but the actual increment is limited. The demand side still has support, and combined with geopolitical changes, oil prices are expected to rise in the 3rd quarter. It is recommended to try long positions with a light position [7] Summary by Directory 1. Market Review and Operation Suggestions - **Market Quotes**: WTI's opening price was 65.67 dollars/barrel, closing at 65.56 dollars/barrel, with a high of 66.06 dollars/barrel, a low of 65.18 dollars/barrel, a decline of 0.38%, and a trading volume of 21.80 million lots. Brent's opening price was 69.15 dollars/barrel, closing at 68.86 dollars/barrel, with a high of 69.41 dollars/barrel, a low of 68.60 dollars/barrel, a decline of 0.51%, and a trading volume of 31.49 million lots. SC's opening price was 520.2 yuan/barrel, closing at 517.4 yuan/barrel, with a high of 520.9 yuan/barrel, a low of 514.1 yuan/barrel, a decline of 0.92%, and a trading volume of 8.67 million lots [6] - **News**: OPEC monthly report data shows that member countries' production in June was 220,000 barrels per day, and demand growth rate remains unchanged. OPEC+ decided to further expand the production increase from August, from the previous 410,000 barrels per day to 550,000 barrels per day. In the first month of OPEC's expanded production increase, the production of 8 member countries only increased by 150,000 barrels per day month-on-month. Although the three major institutions have raised their demand expectations for the second half of the year, due to the supply growth potential of countries such as Brazil and Guyana, the adjustment of the balance sheet is limited, and the inventory pressure in the 4th quarter will be greater than that in the 3rd quarter [6][7] - **Operation Suggestions**: It is expected that oil prices will still have the potential to rise in the 3rd quarter, and it is recommended to try long positions with a light position [7] 2. Industry News - The US threatens to withdraw from the International Energy Agency [8] - US Energy Secretary Wright said that the US is considering innovative trading plans to replenish oil reserves [8] - Two sources revealed that Europe plans to contact Iran in the next few days and weeks, stating that if Iran takes measures to reassure the world about its nuclear program, it can avoid the automatic resumption of sanctions [8] 3. Data Overview - The report provides data on global high-frequency crude oil inventories, WTI and Brent fund positions, spot prices, US crude oil production growth rate, and EIA crude oil inventories, etc., but does not list specific data values [10][12][18]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The industrial silicon futures' main price fluctuated. The Si2509 closed at 8,685 yuan/ton, down 0.91%. The trading volume was 1,111,567 lots, and the open interest was 379,848 lots, with a net decrease of 16,805 lots. The spot price of industrial silicon remained stable. In the second week of July, the output of industrial silicon remained at 72,000 tons. The resumption of production in the southwest production area offset the reduction of production by large factories in Xinjiang. The output in July is expected to remain at 310,000 tons. Demand has improved marginally, with a slight increase in the production schedule of polysilicon in July and stable demand for organic silicon. The short - term fundamental drivers are limited. The resistance range is 8,800 - 9,200 yuan/ton based on the average cost and the warehouse receipt cancellation range, but the spot price has been continuously firm, so it is expected to fluctuate strongly in the short term [4] 3. Summary by Relevant Catalog 3.1 Market Performance - The main price of industrial silicon futures fluctuated. The Si2509 closed at 8,685 yuan/ton, with a decline of 0.91%. The trading volume was 1,111,567 lots, and the open interest was 379,848 lots, with a net decrease of 16,805 lots [4] 3.2 Spot Price - The spot price of industrial silicon remained stable. The price of 553 grade in Inner Mongolia was 8,800 yuan/ton, and in Sichuan was 8,550 yuan/ton. The price of 421 grade in Inner Mongolia was 9,050 yuan/ton, in Xinjiang was 9,000 yuan/ton, and in Sichuan was 9,300 yuan/ton [4] 3.3 Market Outlook - In the second week of July, the output of industrial silicon remained at 72,000 tons. The resumption of production in the southwest production area offset the reduction of production by large factories in Xinjiang. The output in July is expected to remain at 310,000 tons. Demand has improved marginally, with a slight increase in the production schedule of polysilicon in July and stable demand for organic silicon. The short - term fundamental drivers are limited. The resistance range is 8,800 - 9,200 yuan/ton based on the average cost and the warehouse receipt cancellation range, but the spot price has been continuously firm, so it is expected to fluctuate strongly in the short term [4] 3.4 Market News - On July 17, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,215 lots, with a net decrease of 43 lots compared to the previous trading day. In the second week of July, the average price of polysilicon N - type re - feeding material was 45,500 yuan, and the average price of N - type dense material was 44,000 yuan. In the second week of July, the national comprehensive price of silicon reported by the Silicon Industry Branch was 8,851 yuan/ton, an increase of 108 yuan/ton. Among them, the price of 553 grade was 8,602 yuan/ton, 441 grade was 8,852 yuan/ton, and 421 grade was 9,425 yuan/ton, with increases of 100 yuan/ton, 100 yuan/ton, and 128 yuan/ton respectively. The comprehensive prices in Xinjiang, Yunnan, and Sichuan were 8,749 yuan/ton, 9,734 yuan/ton, and 9,600 yuan/ton. The FOB price remained stable overall [5]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: July 17, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - The economic data released this week basically met expectations. Although the economy grew by 5.3% in the first half of the year, achieving the 5% annual target remains challenging if exports decline significantly [11]. - The economic data shows that external demand drives strong production, while domestic demand, including consumption and real estate, is weak and needs further consolidation [11]. - Considering the short - term economic resilience, the third quarter is expected to be a policy observation period. Monetary easing may pick up in October after the economic recovery in the third quarter becomes clear, tariff negotiations conclude, and the Fed cuts interest rates [11][12]. - The bond market is currently constrained by funds. The money market rate has bottomed out and is facing upward pressure during the July tax - payment month, and the short - term rate restricts the decline of the long - term rate [12]. Market Conditions Bond Futures - On July 16, most Treasury bond futures contracts declined slightly. For example, TL2509 fell 0.060 with a decline of 0.05%, and T2509 fell 0.050 with a decline of 0.05% [6]. Interest - rate Bonds - The yields of major inter - bank interest - rate bonds showed a pattern of short - term decline and long - term increase, with a change of less than 1bp. By 16:30, the yield of the 10 - year Treasury bond active bond 250011 rose 0.4bp to 1.6590% [9]. Money Market - The central bank actively offset the tax - period disturbances, and the money market remained stable. There were 755 billion yuan of reverse repurchase maturities, and the central bank conducted 520.1 billion yuan of reverse repurchase operations [10]. - The inter - bank money market sentiment index slightly rebounded, and short - term money market rates declined. The overnight weighted rate of inter - bank deposits fell 6.1bp to 1.47%, and the 7 - day rate fell 4.1bp to around 1.53%. The medium - and long - term funds were stable and loose, and the 1 - year AAA certificate of deposit rate remained stable around 1.62 - 1.63% [10]. Industry News - Wang Huning emphasized the importance of comprehensively expanding domestic demand at a symposium, and relevant research results need to be deepened and applied [13]. - The "old - for - new" housing policy has been implemented in multiple cities, which is expected to boost the real estate market [13]. - Trump announced a 30% tariff on EU imports starting from August 1, which may escalate trans - Atlantic trade conflicts [14]. - The US Trade Representative's Office launched a 301 investigation into Brazil's unfair trade practices [14]. - Fed's Logan said that the Fed needs to maintain high interest rates for a longer time to control inflation, and tariff hikes may cause additional inflationary pressure [14]. Data Overview - The report presents data on Treasury bond futures, including contract prices, trading volumes, and open interests. It also includes information on money market rates and derivatives market curves such as SHIBOR, inter - bank repurchase rates, and interest - rate swap curves [6][29][35]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The short - term volatility of gold has increased, but the medium - term upward trend remains good. London gold may oscillate and consolidate between $3120 - 3500 per ounce before rising again. The long - cycle and medium - cycle bull markets of gold are supported by multiple factors, but the volatility is also significant. It is recommended that investors maintain a long - position mindset and participate in trading with medium - to - low positions [4][5] 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Analysis 3.1.1 Intraday Market - The stabilization and rebound of the US CPI in June supported the Fed's decision to stay on hold. The US dollar index rebounded significantly to around 98.5, and London gold fell back to around $3320 per ounce. However, the change in the US attitude towards Russia and the concern about the long - term Russia - Ukraine conflict provided bottom support for precious metals. London gold rebounded slightly to $3340 per ounce in the Asian session on the 16th [4] 3.1.2 Medium - term Market - Since late April, London gold has been in a wide - range oscillation between $3100 - 3500 per ounce. The cooling of international trade and the US fiscal expansion bill weakened the hedging and allocation demand for gold, but the hedging demand due to Trump's new - deal uncertainty and geopolitical risks supported the gold price. In June, speculative funds flowed into the silver and platinum markets, and the gold - silver ratio has basically returned to the level before April. The long - cycle and medium - cycle bull markets of gold are supported, but the gold price volatility is significant. It is expected that London gold will continue to oscillate and consolidate in the range of $3120 - 3500 per ounce in the short term [5] 3.2 Main Macroeconomic Events/Data - Russia's President Putin intends to continue the war in Ukraine until Western countries accept his peace terms, believing that Russia's economic and military strength can withstand further Western sanctions [17] - NVIDIA will resume the sales of H20 chips in China, announce a new GPU for the Chinese market, and launch a new graphics card RTX Pro [17] - US President Trump reached an agreement with the Indonesian President. Indonesia promised to buy US energy worth $15 billion, US agricultural products worth $4.5 billion, and 50 Boeing aircraft. The US will impose a 19% tariff on all Indonesian imports, while US exports to Indonesia will enjoy tariff - free and non - tariff - barrier - free treatment [17] - The US CPI in June rose 2.7% year - on - year, the highest since February, in line with market expectations. The core CPI rose 2.9% year - on - year and 0.2% month - on - month, both lower than market expectations. Traders predict that the Fed will start to cut interest rates in September and cut rates nearly twice by the end of the year [18]