Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The recent significant upward trend in the CSI 1000 stock index futures has attracted high market attention, driven by multiple factors including policy support, industrial development, and capital flow [3][4]. - The short - term sharp rise in the CSI 1000 stock index futures may accumulate some correction risks [4]. - The A - share market showed a pattern of opening lower, quickly rebounding from the bottom, rising and then falling, with the Shanghai Composite Index hitting a new high and then falling back [8]. - Gold is expected to have short - term small - scale platform oscillations, and the probability of a September interest rate cut has increased, which is beneficial to gold [11][12]. - Iron ore prices oscillated and declined today, and attention should be paid to the support below. There is a risk of negative feedback due to the erosion of steel mill profits [15][16]. - Glass prices had a small adjustment today, and it is necessary to test the support below again. Attention should be paid to the restocking situation approaching the peak season [18][19]. - The palm oil market should be treated with a bearish bias due to high inventory pressure and lack of demand [22]. - Pulp prices are expected to maintain a bottom - oscillating trend in the short term, and attention should be paid to the support at 5000 for potential long - position opportunities [25]. 3. Summary by Related Catalogs CSI 1000 Stock Index Futures - Policy support: The central bank's loose monetary policy signals such as expected reserve requirement ratio cuts and interest rate cuts have injected more liquidity into the market, and government support for emerging industries has benefited many constituent stocks of the CSI 1000 index [4]. - Industrial development: The breakthroughs in the technology industry, such as artificial intelligence and semiconductors, have driven up the stock prices of relevant constituent stocks in the CSI 1000 index [4]. - Capital flow: The price - to - earnings ratio of the CSI 1000 is at a relatively low historical level, attracting more capital compared to the CSI 300 [4]. A - share Market - The three major A - share indexes opened lower today, quickly rebounded from the bottom, rose around noon and then fell back, with the Shanghai Composite Index hitting a new high and then falling back in the late trading [8]. Gold - Jackson Hole Central Bank Annual Meeting: The Fed Chairman released positive signals, increasing the probability of a September interest rate cut, which is beneficial to gold. The weekly adjustment of gold is relatively sufficient, and it is expected to have short - term small - scale platform oscillations [11][12]. Iron Ore - Technical analysis: Prices oscillated and declined today, and attention should be paid to the support below [15]. - Market situation: High pig iron production, the pattern of strong raw materials and weak finished products remains unchanged, and there is a risk of negative feedback due to the erosion of steel mill profits [16]. Glass - Technical analysis: Prices had a small adjustment today, and it is necessary to test the support below again [18]. - Market situation: Daily melting is basically stable, factory inventories continue to accumulate, and the recovery of downstream deep - processing orders is insufficient. Attention should be paid to the restocking situation approaching the peak season [19]. Palm Oil - Market situation: The recent cumulative increase in the oil market is large. With the overall increase in inventory pressure and lack of demand, the motivation for the market to continue rising has decreased, and the pressure for profit - taking has increased. It should be treated with a bearish bias [22]. Pulp - Market situation: Suppressed by high port inventories, the transmission of factors such as the peak season and overseas production cuts and price increases is not smooth, and the upward space is limited. It is expected to maintain a bottom - oscillating trend in the short term, and attention should be paid to the support at 5000 for potential long - position opportunities. Attention should also be paid to whether the Fed will cut interest rates in September [25].

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The report is bullish on the subsequent glass market and suggests a low - buying strategy for glass futures [3][4]. - It expects the A - share market to continue high - level volatile upward movement this week [7]. - It believes that gold will have short - term platform - style small - amplitude oscillations, and the probability of a September interest rate cut by the Fed is increasing, which is beneficial to gold [11][12]. - It indicates that iron ore will have a significant rebound, and a low - buying strategy is recommended [16]. - It suggests a bearish and volatile view on palm oil due to high inventory pressure and lack of demand [24]. - It holds that pulp will maintain bottom - level oscillations in the short term, and investors should pay attention to the 5000 support level for potential long - positions and the Fed's interest - rate decision in September [27]. 3. Summary by Related Catalogs Glass Futures - The current decline in glass futures 2601 price may present a buying opportunity. The price is close to the production cost in the Shahe area, and enterprises may take measures to support the price. Technically, there is a possibility of a rebound [4]. - The daily melting is basically stable, factory inventories continue to accumulate, and the recovery of downstream deep - processing orders is insufficient. Attention should be paid to the restocking situation near the peak season. Technically, the lower support is effective, and a low - buying strategy is recommended [20][21] A - share Market - The trading volume of the A - share market has exceeded 3 trillion, setting a new record for the year. Shanghai has issued the "Shanghai Six Measures" to adjust the purchase restrictions. It is expected that the market will continue high - level volatile upward movement this week [7] Gold - After the Jackson Hole Central Bank Annual Meeting, the Fed Chairman released positive signals, increasing the probability of a September interest rate cut, which is beneficial to gold. Currently, the weekly adjustment is relatively sufficient, and it will have short - term platform - style small - amplitude oscillations [11][12] Iron Ore - With the improvement of steel mill profitability, the molten iron output remains at a high level, and the overall fundamental support is strong. Affected by the strengthening expectation of the Fed's interest rate cut, non - US assets are favored. Technically, it has a strong rally today, the lower support is effective, and a low - buying strategy is recommended [16][17] Palm Oil - The recent cumulative increase in the oil and fat market is large. With the overall increase in inventory pressure and lack of demand, the market's motivation to chase higher prices has declined, and the profit - taking pressure has increased. It should be treated with a bearish and volatile view [24] Pulp - Constrained by high port inventories, the transmission of factors such as the arrival of the "Golden September and Silver October" peak season, overseas production cuts, and price increases is not smooth, and the upward space is limited. It will maintain bottom - level oscillations in the short term. Attention should be paid to the 5000 support level for potential long - positions and the Fed's interest - rate decision in September [27]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Report's Core View - The current decline in the price of the glass futures 2601 contract may be孕育 a long - making opportunity. The price is close to the production cost in the Shahe area, and the shrinking volume indicates a possible rebound [3]. - For the stock index futures, the market will continue to fluctuate upward at a high level [7]. - The probability of a September interest rate cut in the US has increased, which is bullish for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range shock [11]. - For iron ore, the overall fundamentals are strongly supported, but the market sentiment has weakened recently. It is in a high - level wide - range shock, and attention should be paid to the support level [14][15]. - For glass, the daily melting is basically stable, the factory inventory continues to accumulate, and the downstream deep - processing orders are not fully recovered. Consider going long at low levels when it stabilizes [18][19]. - For palm oil, due to the large cumulative increase in the recent oil market, with rising inventory pressure and lack of demand, the market's motivation to chase up has declined, and it should be treated with a bearish bias [22]. 3) Summary by Related Catalogs Hot Focus - The price of the glass futures 2601 contract has fluctuated sharply recently. The core support for the short - side counterattack is the imbalance between supply and demand and high inventory. The potential signals for long - making are the cost bottom line and the expected turn [3]. Technical Analysis - Stock Index Futures - The market will continue to fluctuate upward at a high level. Relevant information includes the Fed's stance on not supporting a September interest rate cut and the increased enthusiasm of real - estate enterprises to acquire land [7]. Technical Analysis - Gold - The July non - farm payroll data was significantly lower than expected, and the data for May and June were significantly revised downward, indicating that the US economy is not as strong as expected. The probability of a September interest rate cut has increased, which is bullish for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range shock [11]. Technical Analysis - Iron Ore - The profitability of steel mills has improved, and the molten iron output remains at a high level, with strong fundamental support. However, the recent market sentiment has weakened, and the black series has collectively corrected. Technically, it is in a high - level wide - range shock, and attention should be paid to the support level [14][15]. Technical Analysis - Glass - The daily melting is basically stable, the factory inventory continues to accumulate, and the downstream deep - processing orders are not fully recovered. Technically, the recent correction is approaching the important support level below. Consider going long at low levels when it stabilizes [18][19]. Technical Analysis - Palm Oil - The recent oil market has had a large cumulative increase. With rising inventory pressure and lack of demand, the market's motivation to chase up has declined, and the profit - taking pressure has increased. It should be treated with a bearish bias [22].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - PTA futures 2601 has risen in the past two days, and its future trend needs to be judged by considering multiple factors. It may maintain a slightly bullish and volatile short - term trend, with potential for further increase if demand improves; otherwise, it faces downward risks due to supply pressure in the medium term [3][4]. - For the stock market, the overall trend of the three major A - share indices is high - level volatile and upward [7]. - Gold is favored as the July non - farm payroll data indicates a lower - than - expected US economy, increasing the probability of a September interest rate cut, and its weekly adjustment is relatively sufficient with short - term platform consolidation [11]. - Iron ore is in a high - level wide - range volatile adjustment, with strong fundamental support but weakening market sentiment [14][15]. - Glass 09 has fallen 30 points back to 952. If its price stabilizes, the price of glass 2601 will also stabilize, and low - buying can be considered if it stabilizes [18]. - Palm oil should be treated with a slightly bearish and volatile view as the oil market has large cumulative gains, with rising inventory pressure and lack of demand support [21]. 3. Summary by Related Catalogs PTA - Supply: In August, there were concentrated short - term shutdowns and planned overhauls of facilities, reducing the operating rate to a monthly low and tightening supply. However, new facility production expectations and load recovery suppress the processing fee repair space, and medium - term supply pressure remains [4]. - Demand: Polyester load slightly increased to 89.4%, inventory pressure eased, and restocking demand in the manufacturing sector supported prices, but the sustainability of terminal textile orders remains to be seen [4]. - Cost: Crude oil fluctuations weakened valuation guidance, while PX provided weak support to PTA due to expected supply - demand pattern improvement [4]. - Technical and Market Sentiment: PTA2601 broke through the 20 - day line on the daily chart in the short term, and there is a bullish sentiment among some investors as the chemical product market shows signs of recovery [4]. Stock Market - The three major A - share indices opened higher and closed lower today, rising during the session and then falling back, with a small rebound at the end of the session, closing with a doji star. The overall trend is high - level volatile and upward [7][8]. Gold - The July non - farm payroll data was significantly lower than expected, especially the significant downward revision of May and June data, indicating that the US economy is not as strong as expected. This increases the probability of a September interest rate cut, which is beneficial for gold. Currently, the weekly adjustment is relatively sufficient, and it is in short - term platform consolidation [11]. Iron Ore - Fundamentals: Steel mills' profitability has improved, and hot metal production remains high, providing strong fundamental support. However, market sentiment has weakened recently, leading to a collective correction in the black - series commodities [14][15]. - Technical: It continues to adjust today, and is treated as a high - level wide - range volatile pattern. Attention should be paid to the support level near the lower important support [14]. Glass - Price Movement: Glass 09 fell 30 points back to 952. If its price stabilizes, the price of glass 2601 will also stabilize [18]. - Technical: Attention should be paid to the lower important support level, and low - buying can be considered if it stabilizes [18]. Palm Oil - Market Situation: The oil market has had large cumulative gains recently. With rising overall inventory pressure and lack of demand support, the market's motivation to chase higher prices has declined, and the pressure for profit - taking has increased. It should be treated with a slightly bearish and volatile view [21].

Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Viewpoints - The price of Glass 2601 futures is expected to fluctuate in the short term. Continued weak demand and inventory accumulation may further pressure prices, while improved demand or policy incentives could lead to price stabilization and recovery [3]. - The short - term stock index futures market will continue to fluctuate upward at a high level [6]. - The probability of a US interest rate cut in September has increased, which is beneficial to the gold market. Currently, the weekly adjustment is relatively sufficient, and there will be a small - scale platform oscillation in the short term [10]. - Iron ore is in a callback phase and should be treated as a high - level wide - range oscillation. Attention should be paid to the support near the lower important support level [13]. - The supply - demand situation of glass has improved slightly, but the recovery of terminal deep - processing orders is still weak. Consider going long at low prices after the price stabilizes [16]. - The palm oil market should be treated with a bearish and oscillatory outlook due to increased inventory pressure and lack of demand [19]. 3. Summary by Related Catalogs Glass 2601 Futures - From August 14 - 20, the closing price on August 14 was 1,220 yuan/ton, with a decline of 1.37%. The production line remained unchanged, the start - up rate and weekly output were flat, but the manufacturer's inventory increased. From August 19 - 20, the market declined unilaterally, and the main contract on the 20th closed down 4.36% at 1,166 yuan/ton, with a trading volume of 2,644,752 [3]. - The supply - side daily melting is stable at around 159,000 - 160,000 tons, and the downstream inventory is at a high level with weak production and sales [3]. Stock Index Futures - The stock index futures closed with a positive line. The fiscal revenue growth rate turned positive in the first seven months, and the economic sentiment level rebounded. The bond market had a significant correction [6]. Gold - The July non - farm payroll data was significantly lower than expected, especially the significant downward revision of the May and June data, indicating that the US economy is not as strong as expected, increasing the probability of a September interest rate cut and benefiting the gold market [10]. Iron Ore - The iron ore market is in a callback. Technically, it continues to adjust and should be treated as a high - level wide - range oscillation. The steel mill's profit has improved, and the molten iron output remains high, with strong fundamental support, but the market sentiment has weakened recently [13][14]. Glass - The supply - demand situation of glass has improved slightly, but the recovery of terminal deep - processing orders is still weak. There is no actual policy benefit during the current macro - vacuum period [16][17]. Palm Oil - The cumulative increase in the recent oil market is large. With the overall increase in inventory pressure and lack of demand, the market's motivation to chase higher prices has decreased, and the profit - taking pressure has increased [19].

Group 1: Urea Futures - The urea futures price soared on August 19, with the main contract rising by 62 yuan, or 3.53%, to close at 1789 yuan. The surge was mainly due to the unexpectedly high tender offer for urea imports by India's IPL company [3]. - On the supply side, the daily output of the urea industry remained at a high level of 190,900 tons (a week - on - week increase of 50 tons on August 5), the total enterprise inventory climbed to 917,300 tons (a week - on - week increase of 58,500 tons on July 30), and the production enterprise operating rate was 84.93% (a week - on - week increase of 1.58%), indicating high supply elasticity [3]. - On the demand side, it showed the characteristics of "weak domestic demand and uncertain exports". The operating rate of compound fertilizer plants in North and Central China increased slowly, the raw material inventory could be used for about 7 days, and the purchasing willingness was low. Agricultural demand entered a seasonal off - season, and the grass - roots stocking willingness was lacking. Although the export port inspection policy was relaxed, the actual order conversion had not increased significantly [3]. - There are differences in the market regarding the subsequent trend. The bearish view believes that urea is in a pattern with support below and suppression above, and the abundant supply pattern remains unchanged, expecting a weakening oscillation. The cautiously optimistic group points out that the current price is not high, the room for continuous decline is limited, and although one should not be overly optimistic about the upside, the export theme may still ferment [3]. Group 2: Stock Index Futures - News: Li Qiang proposed to further improve the implementation efficiency of macro - policies and stabilize market expectations. Many securities brokerage business departments saw a peak in customer consultations [7]. - Operation: The short - term market will continue to oscillate upward at a high level [7]. Group 3: Gold - The July non - farm payrolls data was significantly lower than expected, especially the significant downward revision of the data for May and June, indicating that the US economy is not as strong as expected. The probability of an interest rate cut in September has increased, which is beneficial to gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range oscillation on a platform [11]. Group 4: Iron Ore - The fundamentals are relatively strong as steel mills' profitability has improved, leading to high pig iron production. Also, under the call against involution, the state of the black industrial chain is relatively healthy, showing a resonance upward trend [15][16]. - Technically, it continued to adjust today, and it should be treated as a high - level wide - range oscillation in the near future [15]. Group 5: Glass - The macro - environment has improved and is continuously strengthening under the recovery expectation. The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak. The recent market drive mainly comes from the domestic economy [19][20]. - Technically, the lower support is effective, and a low - buying strategy should be maintained [19]. Group 6: Methanol - Last week, the methanol port inventory continued to accumulate. Although the提货 in the mainstream storage areas in East China increased slightly due to a small amount of re - exports and ship departures, the stable supply of foreign vessels led to continuous inventory accumulation. It should be treated with a bearish and oscillating view [22].

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View of the Report - Glass futures have good prospects for continued long - positions. The supply is shrinking, and the demand has new growth points, so it's advisable to continue going long on glass futures [3][4][5]. - The short - term A - share market will continue to oscillate upward at a high level. The central bank reaffirms a moderately loose monetary policy, and many places in the property market are accelerating the deployment of urban renewal [8][9]. - Gold is favored by the market as the probability of a September interest rate cut in the US increases, and currently, it is in a short - term platform with small oscillations [12]. - Iron ore has strong fundamental support and is in a resonance upward trend. It should be treated with a high - level wide - range oscillation mindset recently [16][17]. - For glass, considering the improvement of the macro - environment and effective lower support, a low - buying strategy should be maintained [20][21]. - Methanol in ports should be treated with a bearish and oscillating view as the inventory continues to accumulate [24]. 3. Summary by Related Catalogs Glass Futures - **Supply**: Policy promotes capacity clearance, and 4 production lines with a daily melting capacity of 2800 tons have stopped kilns, resulting in a shrinking supply [4]. - **Demand**: Although the demand from new commercial housing completion has declined, there is strong demand in urban renewal, old community renovation, interior decoration, the automotive industry, and the home appliance and kitchenware field, and export demand is also increasing [4]. A - share Market - **Market Performance**: On Monday, the three major A - share indexes opened higher, slightly declined, and then reached new highs in this round of rebound. The Shanghai Composite Index hit a 10 - year high [8][9]. - **News**: The central bank reaffirms a moderately loose monetary policy, and many places in the property market are accelerating the deployment of urban renewal [8]. - **Operation Suggestion**: The short - term market will continue to oscillate upward at a high level [8]. Gold - **Market Driver**: The July non - farm payrolls data was significantly lower than expected, especially the significant downward revision of May and June data, increasing the probability of a September interest rate cut in the US, which is beneficial to gold [12]. - **Market Condition**: Currently, the weekly adjustment is relatively sufficient, and it is in a short - term platform with small oscillations [12]. Iron Ore - **Fundamentals**: Steel mills' profitability has improved, iron - water production remains high, and the black - industry chain is in a healthy state, presenting a resonance upward trend [16][17]. - **Technical Aspect**: There was an adjustment today, and it should be treated with a high - level wide - range oscillation mindset recently [16]. Glass - **Supply and Demand**: The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak [21]. - **Market Driver**: The main driving force for the recent market is the improvement and strengthening of the domestic economic recovery expectation [21]. - **Technical Aspect**: The lower support is effective, and a low - buying strategy should be maintained [20]. Methanol - **Port Inventory**: Last week, the methanol port inventory continued to accumulate. Although the提货 in the mainstream storage areas in East China increased with a small amount of re - export and ship departure, the stable supply of foreign vessels led to continuous inventory accumulation [24]. - **Market Outlook**: It should be treated with a bearish and oscillating view [24].

Group 1: Report Core View - The soda ash futures have the potential to continue to be long due to supply reduction expectations, optimistic demand outlook, cost support, and policy speculation potential [3] Group 2: Soda Ash Futures Analysis - Supply: The current weekly production of the soda ash industry is maintained at a high level of 730,000 tons, with an operating rate as high as 87.13%. However, the new environmental protection policy in Qinghai will lead to production reduction expectations as Qinghai's capacity accounts for about 14.9% of the national capacity [3] - Demand: Although the float glass capacity is limited by the weak real - estate completion and new construction data, and the photovoltaic glass is in a loss situation, with the economic recovery, there is an optimistic expectation for future demand. The export volume of soda ash in the first half of 2025 increased significantly year - on - year, providing support to the market [3] - Cost: The prices of upstream raw materials such as coking coal have risen, and since fuel and raw materials account for a relatively high proportion in the cost of soda ash, it provides support to the soda ash futures price [3] Group 3: Other Futures Technical Analysis Stock Index Futures - The short - term market will enter a high - level shock stage [5] Gold - The July non - farm payroll data was significantly lower than expected, and the data for May and June were significantly revised downwards, indicating that the US economy is not as strong as expected. The probability of a rate cut in September has increased, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range shock [8] Iron Ore - The fundamentals are strongly supported as the molten iron output remains at a high level due to the improvement in steel mill profitability. The black industry chain is in a relatively healthy state under the call for anti - involution. Technically, it has a small fluctuation today and should be treated as a high - level wide - range shock recently [11][12] Glass - The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak. The main driving force for the recent market is the improvement and strengthening of the domestic economic recovery expectation. Technically, the lower support is effective, and a low - buying strategy is recommended [15][16] Alumina - Alumina has continuous themes and high capital enthusiasm, with high long - term volatility in futures. EGA condemned Guinea's government for revoking GAC's mining license, and a low - buying strategy is recommended [18]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View - On August 14, 2025, the palm oil futures price dropped, with a closing price of 9368 yuan and a decline of 1.04%. If supply continues to increase and demand fails to improve effectively, the palm oil futures price may face continued pressure [3]. - For stock index futures, due to the high - level bearish candlestick, the short - term market will enter a high - level consolidation phase [6]. - The July non - farm payroll data in the US was significantly lower than expected, and the data for May and June were significantly revised downwards, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range consolidation [10]. - For iron ore, the overall fundamentals are strongly supported, and it shows a resonance upward trend. Technically, it closed with a large bearish candlestick today and should be treated as a high - level wide - range consolidation [14][15]. - For glass, the supply - demand situation has slightly improved, and the main driving force for the recent market is the improvement of the domestic economic recovery expectation. Technically, the lower support is effective, and a low - buying strategy is recommended [18][19]. - For alumina, it has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy is recommended [22]. 3. Summary by Related Catalogs Palm Oil Futures - On August 14, 2025, the palm oil futures closed at 9368 yuan, down 1.04%. The reasons for the decline are complex. On the supply side, Malaysia is in a seasonal production - increasing cycle, and Reuters expects the July inventory to reach a nearly two - year high, with the production - increasing expectation still in place in August. Indonesia's biodiesel and export policy adjustments bring uncertainty to international supply. On the demand side, domestic terminal consumption is weak, the spot basis in Chinese ports is continuously weakening despite low inventory, EU imports are down year - on - year, and India's high imports in June cannot change the overall weak demand. In addition, the weak price of soybean oil intensifies competition from substitutes, and technically, the daily line is near the over - bought area, with insufficient short - term upward momentum [3]. Stock Index Futures - Multiple institutions interpreted policies such as fiscal subsidies for personal consumer loans, and the National Data Bureau stated that China's total computing power ranks second in the world. Due to the high - level bearish candlestick, the short - term market will enter a high - level consolidation phase. Today, the three major A - share indices rose first and then fell, and the Shanghai Composite Index failed to break through 3700 points, ending an 8 - day winning streak with a small bullish candlestick with an upper shadow [6][7]. Gold - The July non - farm payroll data in the US was significantly lower than expected, and the data for May and June were significantly revised downwards, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range consolidation [10]. Iron Ore - With the improvement of steel mills' profitability, the molten iron output remains at a high level, and the overall fundamentals are strongly supported. In addition, the anti - involution sentiment in the black industry chain has led to a relatively healthy state, showing a resonance upward trend. Technically, it closed with a large bearish candlestick today and should be treated as a high - level wide - range consolidation [14][15]. Glass - The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak. The main driving force for the recent market is the improvement and continuous strengthening of the domestic economic recovery expectation. Technically, the lower support is effective, and a low - buying strategy is recommended [18][19]. Alumina - As a "mineral with stories", alumina has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy is recommended [22].

Report Overview - Report Title: "GOLDTRUST FUTURES CO., LTD - Daily Report" - Report Date: August 14, 2025 - Report Author: Jinxin Futures Research Institute Report Industry Investment Rating - Not provided in the document Core Views - The subsequent trend of silver futures is expected to be volatile and bullish [3]. - The "Personal Consumption Loan Fiscal Interest Subsidy Policy Implementation Plan" brings policy benefits to promote consumption in the financial sector, which continues to be positive for A-shares [7]. - The weaker-than-expected July non-farm payroll data, especially the significant downward revision of May and June data, indicates that the US economy is not as strong as expected, increasing the probability of a rate cut in September, which is positive for gold [11]. - The iron ore market has strong fundamental support, and after a small adjustment, it can still consider a low-buying strategy [15]. - The glass market has a slight improvement in supply and demand, and with the improvement of the macro - environment, a low - buying strategy can be maintained [19]. - Alumina has continuous themes and high capital enthusiasm, and a low - buying strategy should be maintained [24]. Summary by Relevant Catalogs Silver - Fundamentals: The global silver market has been in short supply for many years, and this pattern is expected to continue in 2025. Strong industrial demand from photovoltaics and new energy provides strong support for silver prices [4]. - Macro - level: The expectation of loose global monetary policy is increasing, the US dollar index may weaken in the medium term, inflation expectations are rising, and the de - dollarization trend may lead central banks to include silver in reserve assets, all of which are positive for silver [4]. - Technical analysis: After the London silver price breaks through the key position, there is no obvious resistance above. Institutions are generally bullish on silver, expecting the international silver price to fluctuate mainly between $45 - 49 per ounce in the second half of the year, and the Shanghai silver futures may reach 10,000 - 11,000 per kilogram [4]. A - shares (Stock Index Futures) - News: The "Personal Consumption Loan Fiscal Interest Subsidy Policy Implementation Plan" is positive for A - shares. The three major A - share indexes showed a pattern of rising after a morning pull - back, and the Shanghai Composite Index closed with a mid - yang line, achieving 8 consecutive positive days [7][8]. - Operation: Continue to maintain a low - buying strategy [7]. Gold - News: The weaker - than - expected July non - farm payroll data and the downward revision of May and June data increase the probability of a September rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range shock [11]. Iron Ore - Fundamentals: Steel mills' profits have improved, and iron water production remains at a high level, with strong fundamental support. The anti - involution in the black industry chain and the continuous news of black production restrictions have boosted market sentiment [15][16]. - Technical analysis: After a small adjustment today, a low - buying strategy can be considered after stabilization [15]. Glass - Fundamentals: The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak. The main driving force for the recent market is the improvement of the domestic economic recovery expectation [19][20]. - Technical analysis: The lower support is effective, and a low - buying strategy should be maintained [19]. Alumina - Fundamentals: Alumina has continuous themes and high capital enthusiasm, and the futures have long maintained high volatility [24]. - News: EGA condemned Guinea's government for revoking GAC's mining license. - Operation: Maintain a low - buying strategy [24].