1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core View of the Report The report presents a comprehensive market analysis, covering macro - economic indicators, various commodity futures, and A - share market trends. It also includes macro - news and specific views on different product sectors. For the commodity market, most products show price fluctuations, and the market situation is complex with multiple influencing factors. In the A - share market, the overall trend is upward, but there are short - term fluctuations and uncertainties, and market attention is focused on several important events and meetings [2][7][21]. 3. Summary by Related Catalogs 3.1 Commodity Index Daily Market Tracking - **Macro Indicators**: The Dow Jones Industrial Index, Nasdaq Index, and S&P 500 all rose on July 28, 2025, with increases of 0.465%, 0.239%, and 0.397% respectively. The Hang Seng Index fell by 1.086%. SHIBOR overnight decreased by 7.034%, and the dollar index dropped by 0.079%. The dollar - to - RMB exchange rate remained unchanged [2]. - **External Futures Contracts**: Most external futures contracts such as COMEX gold, COMEX silver, LME copper, etc. declined. For example, COMEX gold dropped by 0.973%, and COMEX silver fell by 2.444% [2]. - **Domestic Futures Contracts**: Domestic metal, chemical, and agricultural product futures also showed price changes. For instance, in the metal sector, gold dropped by 0.448%, and in the chemical sector, coke decreased by 8.111%. Among agricultural products, yellow soybean No.1 fell by 0.379% [2][5]. 3.2 Macro News - **Industrial Profits**: In June, the profit of industrial enterprises above designated size decreased by 4.3% year - on - year, with a narrowing decline compared to May. From January to June, the total profit was 3436.5 billion yuan, a 1.8% year - on - year decrease. The profit of the ferrous metal smelting and rolling processing industry increased by 13.7 times year - on - year, while that of the mining industry decreased by 30.3% [7]. - **US - EU Trade Agreement**: The US and the EU reached a 15% tariff agreement. The EU will increase investment in the US by 60 billion US dollars, purchase US military equipment and 150 billion US dollars of energy products. Some products will be exempt from tariffs [7]. - **Central Enterprise Research**: The director of the State - owned Assets Supervision and Administration Commission of the State Council went to Shanghai to research the layout and development of strategic emerging industries of central enterprises, aiming to support central enterprises in enhancing innovation and developing emerging pillar industries [8]. - **Provincial Economic Data**: The economic performance of the six central provinces was remarkable. Except for Shanxi with a GDP growth of 3.8%, the growth rates of Anhui, Jiangxi, Henan, Hubei, and Hunan all exceeded the national average of 5.3% [8]. - **Agricultural Policy**: Ten departments including the Ministry of Agriculture and Rural Affairs jointly issued a plan to promote agricultural product consumption, including measures such as strengthening supervision and financial support [9]. - **Logistics Cost**: In the first half of the year, the ratio of total social logistics costs to GDP dropped to 14%, a decrease of 0.1 and 0.2 percentage points compared to the first quarter and the same period last year respectively [9]. - **AI Development**: The deputy director of the State - owned Assets Supervision and Administration Commission of the State Council emphasized the importance of promoting the high - quality development of the artificial intelligence industry [9]. 3.3 Main Product Morning Meeting Views - **Agricultural Products** - **Peanuts**: The peanut market is in a situation of weak supply and demand, with prices expected to fluctuate slightly and maintain a downward trend in the short term [11]. - **Oils and Fats**: The oils and fats market has light trading volume, with stable basis. It is expected to fluctuate in the near future [11]. - **Sugar**: On July 25, sugar futures rose by 0.39%. The fundamentals are a mix of long and short factors. Technically, it has broken through the upper limit of the original shock range. It is recommended to maintain a short - term rebound strategy but beware of callbacks [12]. - **Corn**: On July 25, corn futures fell by 0.3%. The market has weak supply and demand. It is recommended to conduct short - term range trading and pay attention to import policies and substitute price differences [13]. - **Pigs and Eggs**: The spot price of pigs is falling, and the futures are relatively strong, expected to fluctuate within a range. The spot price of eggs is stable, and the futures have a greater callback pressure. It is recommended to reduce long positions and enter short positions [15]. - **Energy and Chemicals** - **Caustic Soda**: The price of caustic soda in Shandong is expected to stabilize. The futures price is affected by coal price increases, and attention should be paid to the 9 - 11 reverse spread [15]. - **Urea**: The domestic urea market price is slightly weak. Supply and demand are both decreasing, but there are expectations of improvement in autumn fertilizers and export demand. Attention should be paid to the impact of macro policies [15]. - **Industrial Metals** - **Copper and Aluminum**: Copper prices are oscillating at high levels due to weak overseas macro factors. Aluminum prices are expected to oscillate at high levels due to supply increases and consumption off - seasons [15][17]. - **Alumina**: The price of alumina has rebounded significantly, and there is a risk of increased short - term volatility [17]. - **Steel Products**: The prices of rebar and hot - rolled coils fell at night on Friday. The rebar market has increased production and demand, and the inventory has decreased again. The hot - rolled coil market has decreased production and demand, and the inventory has slightly increased. Attention should be paid to short - term price callback risks [17]. - **Ferroalloys**: The fundamentals of ferroalloys have not changed much. They are mainly affected by coal prices and macro - policy expectations. It is recommended to operate with caution [17]. - **Coking Coal and Coke**: The production and inventory of coking coal and coke have changed. The price of coke has increased in three rounds, and the fourth round has started. However, the coking coal futures price dropped sharply on Friday night, and short - term fluctuations may continue [17][18]. - **Lithium Carbonate**: On July 25, lithium carbonate futures rose by 7.99%. The fundamentals are a mix of long and short factors. It is recommended to go long with a light position but beware of risks [19]. - **Options and Finance** - **Stock Index**: On July 24, A - share indices rose. The market is paying attention to Sino - US economic and trade talks, the Politburo meeting, and the Fed's interest - rate meeting. It is recommended to pay attention to low - buying opportunities of IF, IM, and IC and conduct rolling operations [21][22]. - **Options**: On July 25, A - share indices slightly adjusted. The trading volume and open interest of options changed, and the implied volatility increased. Trend investors should focus on arbitrage opportunities, and volatility investors should buy straddles to go long on volatility [23][24].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The upward trend of the stock index remains unchanged, and the Shanghai Composite Index has reached a new starting point. However, there may be a consolidation process above 3600 points. Attention should be paid to the trading opportunities of IF, IM, and IC [2]. - For options, trend investors should focus on the strength - weakness arbitrage opportunities among varieties, and volatility investors should buy wide - straddles to go long on volatility [3]. - Aluminum prices may maintain high - level consolidation in the short term [3]. - For coking coal, temporarily pay attention to the support around 1000, and for coke, focus on the support around 1500 [3]. - Urea shows a pattern of double - reduction in supply and demand in the short term, but there is an expected improvement in autumn fertilizer demand [4]. - For ferroalloys, industrial selling hedges can wait and see, and avoid chasing high at present [4]. - Steel prices are expected to face short - term correction pressure, with support levels for rebar around 3100 - 3150 and for hot - rolled coils around 3250 - 3300 [4]. - For eggs, go long on the 8/9 contracts at low prices, as the production and seasonal cycles are approaching [4]. - Hog futures are expected to maintain range - bound oscillations next week [5]. 3. Summaries by Variety Stock Index - On Thursday, most European and American stock markets rose, with the S&P 500 and Nasdaq hitting new highs. Trump visited the Fed and discussed interest rates with Powell. The Shanghai Composite Index attacked 3600 points again on Friday and finally closed above it. The three major A - share indices are above the 5 - day moving average, and the trading volume of the two markets remains above 1.8 trillion yuan. Market attention focuses on the China - US economic and trade talks, the Politburo meeting, and the Fed's July interest - rate meeting [2]. Options - This week, the A - share market continued to rise, with the three major indices hitting new highs for the year. The trading volume was above 1.7 trillion yuan per day. The moving averages of the CSI 300, CSI 1000, and SSE 50 indices are in a long - position arrangement, and the K - line indicators are red. The basis of futures contracts and the PCR and implied volatility of options have changed to different degrees [3]. Aluminum - Overseas tariffs have been confirmed and are lower than expected, and domestic "anti - involution" policies have driven up the prices of related industrial products. However, due to the release of supply increments and the off - season of consumption, the expectation of inventory accumulation is still strong [3]. Coking Coal and Coke - The utilization rate of coking coal mines has increased, with an increase in daily production and a decrease in inventory. The online transactions have continued to rise, and coke prices have increased by three rounds and a fourth - round increase has started. However, the adjustment of trading limits by the Dalian Commodity Exchange has caused short - term pressure on double coking [3]. Urea - The domestic urea market price has been running weakly. There are both device overhauls and restarts, resulting in a phased reduction in supply. The inventory has continued to decline, but the decline rate has narrowed. The agricultural demand is approaching the end, and the demand for autumn fertilizers is weak, but there are still support factors such as export demand [4]. Ferroalloys - Although the supply - demand pattern of ferroalloys has not changed much compared to the first half of the year, the raw material coal and macro - policy expectations have changed. The "silicon" series of commodities are relatively strong, and ferroalloys have followed the upward trend [4]. Rebar and Hot - Rolled Coils - The inventory of the five major steel products has decreased slightly. Rebar production and demand have both increased, and the inventory has decreased again. Hot - rolled coil production and demand have both decreased, and the total inventory has increased slightly. The raw material prices have fluctuated greatly, and steel billet prices have been adjusted downwards [4]. Eggs - The national egg spot price was stable last week and declined after reaching the peak on the weekend. High - temperature weather in the north has affected the laying rate, and the supply pressure has been relieved. The inventory in most production areas has decreased, and the market demand has increased, with a strong bullish sentiment [4]. Hogs - The spot price of hogs has continued to decline, with high supply and low demand due to hot weather. However, futures have performed relatively strongly, driven by the overall commodity market and expectations of future consumption improvement [5]

1. Market Index and Commodity Price Tracking 1.1 Macro Indicators - The Dow Jones Industrial Index decreased by 0.703% to 44,693.91, the Nasdaq Index rose by 0.180% to 21,057.96, and the S&P 500 increased by 0.070% to 6,363.35. The Hang Seng Index rose by 0.506% to 25,667.18 [2]. - SHIBOR overnight increased by 19.605% to 1.64, the US Dollar Index decreased by 0.033% to 97.46, and the US Dollar to RMB (CFETS) remained unchanged [2]. 1.2 International Commodity Futures - COMEX gold decreased by 0.771% to 3,371.30, COMEX silver decreased by 0.595% to 39.29, and LME copper decreased by 0.795% to 9,854.50 [2]. 1.3 Domestic Commodity Futures - In the metal sector, domestic gold decreased by 0.085% to 778.08, silver decreased by 0.181% to 9,369.00, and copper decreased by 0.751% to 79,290.00 [2]. - In the chemical sector, coking coal increased by 2.837% to 1,232.50, natural rubber increased by 1.050% to 15,405.00, and plastic increased by 0.853% to 7,448.00 [4]. - In the agricultural product sector, yellow soybean No. 1 decreased by 0.071% to 4,221.00, and soybean meal increased by 0.132% to 3,029.00 [4]. 2. Macro News - Premier Li Qiang will attend the opening ceremony of the 2025 World Artificial Intelligence Conference and deliver a speech on July 26 [6]. - The Ministry of Commerce will take measures to combat strategic mineral smuggling and export, including establishing a joint law - enforcement coordination center for dual - use item export control [6]. - President Xi Jinping put forward three proposals for the future development of China - EU relations during a meeting with European leaders [6]. - The central bank and the Ministry of Agriculture and Rural Affairs issued an opinion to strengthen financial services for rural reform and promote rural revitalization [6]. - The National Development and Reform Commission has basically allocated 735 billion yuan of central budgetary investment in 2025, focusing on modern industrial systems, infrastructure, urbanization, and rural revitalization [6]. - The central bank will conduct 400 billion yuan of MLF operations on July 25, with a net investment of 100 billion yuan this month [7]. - During the 14th Five - Year Plan period, the national basic medical insurance participation rate remained stable at around 95%, and the cumulative balance of the medical insurance pooling fund reached 3.86 trillion yuan by the end of 2024 [7]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - Peanut market prices are stable, with a weak supply - demand pattern. In the short term, it is expected to fluctuate strongly but maintain a downward trend [10]. - The trading volume of edible oils increased significantly on July 10. The market is expected to fluctuate in the near future [10]. - The sugar futures market is in a state of long - short confrontation. It is expected to fluctuate in the range of 5,850 - 5,900 yuan/ton. High - selling and low - buying within the range are recommended [10]. - Corn futures prices are in a narrow - range oscillation. It is recommended to take a range - oscillation approach and pay attention to the breakthrough of the 2,320 - 2,330 yuan/ton range [10]. - The supply of live pigs exceeds demand, and short - term price increases lack sustainability. After the futures price repairs the basis, it will maintain an oscillatory trend [12]. - Egg prices are stable. Upstream inventory is low, and downstream demand is strong. However, the futures market is under selling pressure due to the approaching delivery month [12]. 3.2 Energy and Chemicals - The price of caustic soda has increased significantly this week. It is recommended to pay attention to the 9 - 11 reverse spread [12]. - The urea market shows a pattern of decreasing supply and demand. It is necessary to pay attention to macro - policy impacts and the progress of autumn fertilizers [12]. 3.3 Industrial Metals - Copper prices are oscillating at a high level due to tight supply, weak demand, and uncertain macro - policies [13]. - Aluminum prices are expected to oscillate at a high level due to increased supply, off - season consumption, and policy sentiment [13]. - Alumina prices have rebounded significantly this week. It is necessary to be vigilant against increased short - term fluctuations [13]. - The supply - demand contradiction of steel products is not prominent. Steel prices are mainly affected by macro - sentiment and raw material trends [13]. - The performance of ferroalloys was weak on Thursday. It is not advisable to chase high prices. It is recommended to wait for important meetings and policy implementation [14]. - The prices of coking coal and coke are maintaining a strong pattern in the short term [14]. - The price of lithium carbonate futures has significantly increased. It is recommended to pay attention to the effectiveness of breaking through the 76,000 yuan/ton key pressure level [14]. 3.4 Options and Finance - On July 24, the three major A - share indexes rose collectively. It is recommended to pay attention to the low - buying opportunities of IF, IM, and IC, and conduct high - selling and low - buying operations [14][15][16]. - The trading volume and open interest of stock index futures and options have changed. Trend investors can focus on inter - variety strength - weakness arbitrage opportunities, and volatility investors can buy straddles to bet on increased volatility [17][18].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The overall market shows a positive trend with strong capital willingness to go long. The upward trend of the market will continue, but sharp drops should be watched out for. The Politburo meeting at the end of the month will guide future market investment opportunities. It is recommended to be optimistic in the short - term, follow the trend, and take advantage of adjustments. Pay attention to the low - buying opportunities of IF, IM, and IC [17][18][19] Summary by Relevant Catalogs 1. Market Index and Commodity Price Tracking - **Macro Index**: On July 24, 2025, major stock indices such as the Dow Jones Industrial Index, Nasdaq Index, S&P 500, and Hang Seng Index all rose, with the Hang Seng Index having the largest increase of 1.624%. The SHIBOR overnight rate increased by 3.797%, while the dollar index decreased slightly by 0.036%. The dollar - to - RMB exchange rate remained unchanged [2] - **Commodity Futures**: For foreign and domestic commodity futures, prices showed different trends. For example, COMEX gold decreased by 1.350%, while LME tin increased by 2.447%. Among domestic commodities, coking coal increased by 2.510%, and coke decreased by 0.878% [2][4] 2. Macro News - **International Trade**: Chinese Vice - Premier He Lifeng will go to Sweden for economic and trade talks with the US from July 27 to 30. US President Trump said he would impose 15% - 50% simple tariffs on most other countries in the world [6][7] - **Domestic Policy and Industry News**: Hainan Free Trade Port will start the whole - island customs - sealing operation on December 18. The government will take measures to promote the high - quality development of the pig industry, and the new construction and renovation of old urban communities are progressing. The power generation installed capacity has increased significantly, especially in solar and wind power [6][7] 3. Morning Meeting Views on Main Varieties 3.1 Agricultural Products - **Peanuts**: The peanut market is in a state of weak supply and demand, with prices expected to fluctuate strongly in the short - term but still in a downward trend [10] - **Oils and Fats**: The oils and fats market has light trading volume and stable basis, and is expected to fluctuate in the near future [10] - **Sugar**: The sugar market is under pressure on the supply side and supported on the demand side. It is recommended to operate in the range with 5830 yuan as the center, and be cautious about the risk of spot price loosening [10] - **Corn**: The corn market is in a multi - empty intertwined situation, with prices expected to fluctuate in the range of 2300 - 2330 yuan [10] - **Pigs**: The supply of pigs exceeds demand, and the short - term upward trend is questionable. After the futures repair the basis, it will maintain a volatile trend [10][12] - **Eggs**: The egg price is rising, and there is still room for an increase in the short - term, with a seasonal upward trend starting to appear [12] 3.2 Energy and Chemical Products - **Caustic Soda**: The price of caustic soda in Shandong is expected to decline steadily, and it is recommended to pay attention to the 9 - 11 spread [12] - **Urea**: The urea market shows a pattern of double - reduction in supply and demand, and it is necessary to continue to pay attention to macro - impacts and the follow - up of autumn fertilizers [12] 3.3 Industrial Metals - **Copper and Aluminum**: The supply of copper is currently tight, and the demand is weak. The price of aluminum is expected to fluctuate at a high level in the short - term [12][13] - **Alumina**: The price of alumina has rebounded significantly, and it is necessary to be vigilant about increased short - term fluctuations [13] - **Steel and Iron Alloys**: The prices of steel products are expected to be under pressure at high levels and face short - term adjustments. The rise of iron alloys has slowed down, and it is not advisable to chase high prices [13] - **Coking Coal and Coke**: The prices of coking coal and coke are relatively strong, but the upward trend may gradually slow down [15] - **Lithium Carbonate**: The price of lithium carbonate has fallen below the key support level of 70,000 yuan. It is recommended to wait and see, and consider short - selling at high levels if it rebounds [15] 3.4 Options and Finance - **Stock Index**: The upward trend of the A - share market will continue, but sharp drops should be watched out for. Pay attention to the low - buying opportunities of IF, IM, and IC, and follow the trend in operation [17][18][19] - **Options**: Trend investors can pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can buy straddles to go long on volatility [21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market shows a complex trend, with various commodities and financial indices having different performances. The macro - economic environment has multiple influencing factors, and investors need to pay attention to policy changes and market supply - demand relationships [7][8][11]. - For different sectors, such as agriculture, energy - chemical, industrial metals, and option - finance, the market is expected to have different trends, including shocks, upward or downward movements, and investors should make decisions based on specific market conditions [11][14][17]. 3. Summary by Related Catalogs 3.1 Commodity Index Daily Market Tracking - **Macro Indicators**: On July 23, 2025, at 08:00, the Dow Jones Industrial Index was 44502.44, up 0.405% from the previous day; the Nasdaq Index was 20892.69, down 0.388%; the S&P 500 was 6309.62, up 0.064%; the Hang Seng Index was 25130.03, up 0.544%. The SHIBOR overnight rate was 1.32, down 3.587%; the US dollar index was 97.48, up 0.129%; the US dollar against the RMB (CFETS) remained unchanged [2]. - **External Futures Contracts**: COMEX gold was 3444.00, up 0.988%; COMEX silver was 39.66, up 1.070%; LME copper was 9898.00, up 0.314%; LME aluminum was 2652.00, up 0.417%; LME zinc was 2853.50, up 0.316%; LME lead was 2014.50, down 0.025%; LME tin was 33920.00, up 0.728%; LME nickel was 15530.00, up 0.129%; ICE 11 - sugar was 16.26, down 0.611%; ICE 2 - cotton was 68.26, up 0.250%; CBOT soybeans was 1026.00, down 0.073%; CBOT soybean meal was 286.90, up 0.702%; CBOT soybean oil was 55.48, down 0.573%; CBOT corn was 417.50, down 1.183%; NYMEX crude oil was 65.45, down 0.502%; ICE Brent crude was 68.67, down 0.608% [2]. - **Domestic Futures Contracts - Metals**: Gold was 792.94, up 1.032%; silver was 9453.00, up 0.639%; copper was 79970.00, up 0.288%; zinc was 22970.00, up 0.109%; aluminum was 20925.00, up 0.120%; tin was 269320.00, up 0.298%; lead was 16945.00, up 0.089%; nickel was 123730.00, up 0.008%; iron ore was 818.50, down 0.547%; alumina was 3487.00, down 0.740%; rebar was 3302.00, down 0.151%; stainless steel was 12975.00, up 0.348%; hot - rolled coil was 3464.00, down 0.374% [2]. - **Domestic Futures Contracts - Chemicals**: Coking coal was 1135.50, up 8.298%; coke was 1731.50, up 2.003%; natural rubber was 15075.00, up 0.10%; 20 - rubber was 12900.00, up 0.350%; plastic was 7346.00, down 0.299%; polypropylene PP was 7147.00, down 0.293%; PTA was 4802.00, up 0.167%; asphalt was 3613.00, up 0.111%; methanol was 2449.00, down 0.326%; ethylene glycol was 4460.00, up 0.292%; styrene was 7452.00, down 0.388%; glass was 1237.00, down 0.961%; crude oil was 503.80, down 0.099%; fuel oil was 2873.00, down 1.744%; soda ash was 1380.00, up 0.364%; pulp was 5468.00, up 1.863%; caustic soda was 2645.00, down 0.489%; PX was 6878.00, down 0.116%; LPG was 3984.00, up 0.378% [5]. - **Domestic Futures Contracts - Agricultural Products**: Yellow soybean No.1 was 4241.00, up 0.213%; yellow soybean No.2 was 3730.00, up 0.188%; soybean meal was 3092.00, up 0.194%; rapeseed meal was 2738.00, up 0.073%; soybean oil was 8072.00, down 0.050%; rapeseed oil was 9450.00, down 0.285%; palm oil was 8954.00, up 0.314%; white sugar was 5819.00, down 0.069%; yellow corn was 2303.00, down 0.818%; corn starch was 2660.00, down 0.30%; No.1 cotton was 14235.00, up 0.070%; cotton yarn was 20450.00, up 0.098% [5]. 3.2 Macro - economic News - At the end of the second quarter, the balance of RMB real - estate loans was 53.33 trillion yuan, with a year - on - year increase of 0.4%, and personal housing loan balance was 37.74 trillion yuan, with a year - on - year decrease of 0.1% [7]. - The US reached trade agreements with the Philippines and Indonesia, with tariff adjustments and market - opening measures [7]. - The "Regulations on Rural Highways" will be implemented on September 15, 2025, aiming to promote the high - quality development of rural highways [7]. - The US - China new - round negotiation may discuss China's purchase of oil from Russia and Iran, and China hopes to promote the stable and healthy development of bilateral relations through dialogue [8]. - China is dissatisfied with the WTO's arbitration ruling in the China - EU trade dispute and will handle it properly according to WTO rules [8]. - In the first half of the year, non - bank sector cross - border capital inflows were 127.3 billion US dollars, and foreign investors net - increased holdings of domestic stocks and funds by 10.1 billion US dollars, reversing the net - reduction trend of the past two years [8]. - Central enterprises are required to actively participate in urban development and new - quality productivity construction [8]. - More than 66 million consumers bought over 109 million home appliances through trade - in programs, and over 69 million consumers bought over 74 million digital products this year [9]. - In the first half of the year, China's shipbuilding completion, new orders, and order backlog ranked first globally [9]. 3.3 Morning Meeting Views on Major Varieties - **Agricultural Products**: Peanut market is in a weak supply - demand situation, with prices expected to be weakly volatile; the oil market is expected to be volatile, with increased exports of soybeans and palm oil; sugar futures are affected by supply - demand factors, with prices in a key range; corn is in a game between policy support and weak demand, with suggestions to go long lightly; the pig market is oversupplied, with prices adjusting; the egg market has rising prices due to reduced production and increased demand [11][14]. - **Energy and Chemicals**: Caustic soda has strong cost support and rising market sentiment, with attention to the 9 - 11 reverse spread; urea prices are expected to be strongly volatile, with attention to export quotas and autumn fertilizer procurement; copper prices are expected to be sorted in a high - level range, and aluminum prices are expected to be volatile at high levels; alumina prices are expected to continue to be strong; steel prices are expected to be firm in the short term; ferroalloys may continue to rise with policy expectations; double - coking coal prices are strongly trending; lithium carbonate prices are driven by policies and rising ore prices, with suggestions to go long at low levels but beware of selling pressure [14][16][17]. - **Option - finance**: The A - share market maintains a slow - bull trend, with the market style possibly switching; in the short term, the operation is optimistic, with attention to the low - buying opportunities of IF, IM, and IC; in the option market, trend investors can pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can buy straddles to go long on volatility [17][18][19].

1. Market Index and Commodity Price Tracking - The Dow Jones Industrial Average closed at 44,323.07 on July 22, 2025, down 19.12 points or 0.043% from the previous trading day [2]. - The NASDAQ Composite Index closed at 20,974.17, up 78.51 points or 0.376% [2]. - The S&P 500 Index closed at 6,305.60, up 8.81 points or 0.140% [2]. - The Hang Seng Index closed at 24,994.14, up 168.48 points or 0.679% [2]. - COMEX gold futures rose 1.633% to $3,410.30 per ounce, and COMEX silver futures rose 2.121% to $39.24 per ounce [2]. - LME copper futures rose 0.740% to $9,867.00 per ton, and LME aluminum futures rose 0.114% to $2,641.00 per ton [2]. 2. Macroeconomic News - European Council President Charles Michel and European Commission President Ursula von der Leyen will visit China on July 24, 2025 [7]. - The State Council of China has announced the "Housing Rental Regulations," which will come into effect on September 15, 2025 [7]. - China's LPR remained unchanged in July 2025, with the 1 - year LPR at 3.0% and the 5 - year LPR at 3.5% [7]. - Hainan Free Trade Port has released detailed rules for cross - border asset management pilot projects, with an initial pilot scale limit of 10 billion yuan [8]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - Peanut prices are expected to fluctuate slightly stronger in the short term but maintain a downward trend, with a continued weak supply - demand pattern [10]. - The oil market is expected to be volatile, with Brazil's soybean exports in July expected to increase by 24% year - on - year, and Malaysia's palm oil exports from July 1 - 10 up 5.31% month - on - month [10]. - Sugar futures rose slightly on July 21, with a narrow - range volatile trend. The market is in a weak supply - demand pattern, and the decline of US sugar prices restricts the rebound space of domestic sugar prices [10]. - Corn futures rose on July 21. The price has broken through the key resistance level of 2,300 yuan. It is recommended to go long at low levels, but beware of callback risks [10]. - Pig prices have been falling, and the supply in the next 2 - 3 months is expected to remain abundant, with futures prices remaining volatile [13]. - Egg prices are rising, with short - term upward adjustment space due to factors such as reduced production rates in high - temperature weather and increased demand from food factories [12]. 3.2 Energy and Chemicals - Caustic soda prices rose on Monday. Although the supply is increasing, the cost support is strong. Attention should be paid to the upper pressure range of 2,600 - 2,700 yuan/ton [13]. - Urea prices are expected to fluctuate strongly in the range of 1,720 - 1,850 yuan/ton. The supply is expected to increase, but there is still support from autumn fertilizer demand and export expectations [13]. 3.3 Industrial Metals - Copper prices are expected to consolidate in a high - level range. The US - EU agreement and the upcoming stable - growth plan for non - ferrous metals provide support, but demand has weakened [15]. - Aluminum prices are expected to fluctuate at high levels. Although relevant domestic policies have boosted prices, the inventory accumulation expectation is still strong [15]. - Alumina prices rebounded strongly on Monday and are expected to continue to operate strongly in the short term [15]. - Steel prices are expected to continue to fluctuate strongly in the short term, with the release of stable - growth work plans for key industries and positive macro - atmosphere [15]. - Ferroalloy prices are expected to have upward space in the short term, but in the long term, the over - capacity pattern remains unchanged [15]. 3.4 Options and Finance - The A - share market showed a strong upward trend on July 21. The ChiNext Index is approaching last year's high, small - cap stock indices are hitting new highs, and the Shanghai Composite Index is expected to break through the previous high [16]. - The "anti - involution" sector is fermenting, and the future cycle stock market is worth paying attention to. It is recommended to focus on IF, IM, and IC low - buying opportunities [17]. - For option investors, trend investors can focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors can sell wide - straddle options to short volatility [19].

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - The egg market has entered a seasonal peak season, with futures and spot prices rising in tandem. Although the number of laying hens in production remains high, new replenishment has slowed down, and the elimination of backward production capacity has accelerated from June to July. Coupled with the recent high - temperature weather, the overall energy efficiency has decreased, and the effective market supply has slowed down. With the arrival of the tourist season and the departure of the rainy season, market stocking enthusiasm has increased, leading to a phased futures - spot linkage rebound. It is recommended to buy on dips and pay attention to reverse spread opportunities [3]. Group 3: Summary by Directory Futures - Last week, egg futures rebounded. Previously, the continuous rise in spot prices did not drive the futures up, mainly due to the premium of the futures over the spot, the concentrated delivery pressure in July, and the high inventory supply. However, the high - temperature weather broke through these constraints, initiating a seasonal peak - season rebound [6]. Spot - Last week, egg spot prices rose across the board. Due to the high - temperature weather, the egg - laying rate decreased, the upstream inventory was low, and the market had a strong price - supporting mentality. The downstream, affected by the previous spot price correction, had low inventory and little stocking. The downstream's concentrated procurement led to a tight supply - demand situation and continuous price increases. The spot prices in other production areas in the country have returned to the mid - June high of about 3 yuan per catty. The subsequent rise in spot prices still depends on the support from the demand side [13]. Supply - **New Capacity**: The new production capacity from June to August 2025 corresponds to the replenishment volume from February to April 2025, which is basically at a high level and higher than the historical average. - **Eliminated Capacity**: The normal eliminated capacity from June to August 2025 corresponds to the replenishment volume from October 2023 to January 2024, and the available elimination volume is relatively neutral. - **Laying Hens in Production**: The inventory of laying hens in production remains high. The new capacity is increasing steadily, and the new replenishment has slowed down. The available elimination volume this month is decreasing steadily. Data shows that the backward production capacity has started the active elimination stage, but at a relatively slow pace. Overall, the supply pressure still exists [16]. Elimination - The price of culled chickens is 4.9 yuan per catty, an increase of 0.29 yuan per catty. As the egg price rises, it rebounds and enters a seasonal strengthening trend. The elimination volume has been rising and is gradually reaching its peak and then falling. As the egg price is about to rise, the elimination will slow down. The average elimination age is 502 days, remaining the same, and the overall age has entered the normal range [21]. Seasonal and Substitute Products - Seasonally, with the arrival of the tourist season and the increasing demand for deep - processing, there may be a turnaround in mid - July. The inventory pressure in production areas is not large, but the high - temperature weather has reduced the egg - laying rate and increased costs. On the consumption side, after the rainy season, the overall demand has improved. - In terms of substitute products, the high - temperature weather has reduced the vegetable supply and increased vegetable prices, which support the egg price to some extent. The pork price is oscillating at a high level, and its substitution effect on eggs is not obvious. Other meat prices have strengthened in stages [23][25]. Cost and Profit - **Cost**: Corn prices are running at a high level, and the spot price of soybean meal is falling steadily. The overall cost remains volatile. Currently, the feed cost is about 2.5 yuan per catty, and the comprehensive breeding cost is about 2.8 yuan per catty. - **Profit**: Recently, egg prices have risen, and the spot price has returned above the feed cost. However, the overall comprehensive breeding profit is still in the red, but it has bottomed out seasonally. The negative feedback on production capacity caused by the profit loss is gradually taking effect, and attention should be paid to the elimination of backward production capacity [28][29]. Capital and Market Sentiment - Capital is at a high level, and market competition has intensified. Short - sellers believe that due to the high production capacity and seasonal suppression, there is still room for the price to fall. Long - sellers believe that the valuation is low, and the season is about to turn from weak to strong, making it valuable to go long [32]. Basis and Spread - **Basis**: The basis is negative, and the overall futures are at a premium. The market expectation is positive. Currently, the basis is running at a low level, waiting for the strengthening trend of the basis brought by the active peak season. - **Spread**: In the future, as the production capacity in the cycle decreases, reverse spreads in the cycle are the main strategy [34][37].

Report Title - The report is titled "Soda Ash and Glass Weekly Report - 2025.07.21" and is from the Research and Consulting Department of Zhongyuan Futures [1] Report Author - The author is Shen Wen, with a practice certificate number of F03117458 and an investment consulting number of Z0022654. Contact information includes an email (shenwen_qh@ccnew.com) and a phone number (0371 - 58620081) [2] Report Industry Investment Rating - No industry investment rating is provided in the report Core Views Soda Ash - The short - term futures price of soda ash shows a relatively strong trend due to the significant impact of macro - policy expectations on the commodity market sentiment. The weekly production of soda ash has rebounded, and the inventory of soda ash plants has accumulated to a new high in the same period of previous years. The apparent demand has increased from a decline, but the combined daily melting volume of float glass and photovoltaic glass has decreased. The daily melting volume of float glass is expected to rise, while the photovoltaic glass capacity still has a reduction expectation [5] Glass - Macro - policy expectations strongly boost the glass futures market, and the futures price may continue to fluctuate with a relatively strong trend. The supply of glass has limited changes, and the output is expected to increase as some previously ignited production lines start to produce. The futures price increase has stimulated the replenishment of middle and lower - stream enterprises, but the orders of deep - processing enterprises have not improved significantly, and the order days are still at a relatively low level year - on - year [6] Summary by Directory 01 Weekly View Summary 1.1 Soda Ash Weekly View - **Supply**: The plant operating rate is 84.10% (a week - on - week increase of 2.78%), with the ammonia - soda method at 87.70% (a week - on - week increase of 5.13%) and the combined - soda method at 73.93% (a week - on - week increase of 3.60%). The weekly production is 73.32 tons (a week - on - week increase of 2.42 tons), with light soda ash production at 31.85 tons (an increase of 0.97 tons) and heavy soda ash production at 41.47 tons (an increase of 1.45 tons) [5] - **Demand**: The apparent demand for soda ash is 69.10 tons (an increase of 3.59 tons), with light soda ash at 32.23 tons (an increase of 0.45 tons) and heavy soda ash at 33.28 tons (an increase of 3.14 tons) [5] - **Inventory**: The inventory of soda ash enterprises is 190.56 tons (an increase of 2.16 tons), with light soda ash inventory at 78.3 tons (a decrease of 0.71 tons) and heavy soda ash inventory at 112.26 tons (an increase of 2.87 tons) [5] 1.2 Glass Weekly View - **Supply**: The daily melting volume of float glass is 15.78 tons, a 0.38% decrease compared to the 10th. There are 296 glass production lines in China, with 223 in production and 73 cold - repaired and shut down. The daily melting volume of photovoltaic glass is 8.90 tons, a week - on - week decrease of 3.21% [6] - **Inventory**: The total inventory of national float glass sample enterprises is 64.939 million heavy cases, a week - on - week decrease of 2.163 million heavy cases (a decrease of 3.22%) and a year - on - year increase of 0.29%. The inventory days are 27.9 days, a decrease of 1.0 day compared to the previous period [6] - **Demand**: As of July 15, 2025, the average order days of national deep - processing sample enterprises is 9.3 days, a week - on - week decrease of 2.1% and a year - on - year decrease of 7.0% [6] 02 Variety Details Decomposition 2.1 Market Review - Spot Price - The domestic spot price of soda ash fluctuates weakly and stably. As of July 17, 2025, the market price of heavy soda ash in the central China region is 1200 yuan/ton, and the light soda ash is 1100 yuan/ton, with a price difference of 100 yuan/ton. In the northern China region, the heavy soda ash market price is 1300 yuan/ton, and the light soda ash is 1180 yuan/ton, with a price difference of 120 yuan/ton [11] - The main contract price of soda ash is consolidating at a high level. As of July 17, 2025, the basis of soda ash in the Shahe area is - 10 yuan/ton (unchanged from last week). The glass futures price fluctuates strongly, and the glass basis in the Shahe area is - 36 yuan/ton (a week - on - week decrease of 9 yuan/ton) [14] 2.1 Market Review - Spread - As of July 17, 2025, the 9 - 1 spread of soda ash is - 46 yuan/ton (a week - on - week decrease of 8 yuan/ton); the 9 - 1 spread of glass is - 76 yuan/ton (a week - on - week decrease of 14 yuan/ton); the glass - soda ash arbitrage spread is 133 yuan/ton (a week - on - week decrease of 15 yuan/ton) [19] 2.2 Fundamentals - Supply - The weekly production of soda ash is 73.32 tons (a week - on - week increase of 2.42 tons), with light soda ash production at 31.85 tons (an increase of 0.97 tons) and heavy soda ash production at 41.47 tons (an increase of 1.45 tons). As the maintenance devices of soda ash plants resume production one after another, the supply of soda ash is expected to increase [25] - Some domestic soda ash enterprises are scheduled for maintenance. For example, Ningxia Risheng's production capacity has been reduced to 50% since July 15, 2025, and it plans to carry out maintenance for a month; Zhongyuan Chemical's third - phase is expected to be maintained for about 10 days starting from July 20; Xuzhou Fengcheng is expected to be maintained for 21 days starting from July 21; Gansu Jinchang is expected to be maintained for a month starting from July 26 [28] - The comprehensive capacity utilization rate of soda ash this week is 84.10%, a week - on - week increase of 2.78%. Among them, the ammonia - soda capacity utilization rate is 87.70%, a week - on - week increase of 5.13%, and the combined - production capacity utilization rate is 73.93%, a week - on - week increase of 3.60% [34] 2.2 Fundamentals - Inventory - As of July 17, 2025, the inventory of soda ash enterprises is 190.56 tons (an increase of 2.16 tons), with light soda ash inventory at 78.3 tons (a decrease of 0.71 tons) and heavy soda ash inventory at 112.26 tons (an increase of 2.87 tons) [38] - The total inventory of national float glass sample enterprises is 64.939 million heavy cases, a week - on - week decrease of 2.163 million heavy cases (a decrease of 3.22%) and a year - on - year increase of 0.29%. The inventory days are 27.9 days, a decrease of 1.0 day compared to the previous period. As of July 15, 2025, the average order days of national deep - processing sample enterprises is 9.3 days, a week - on - week decrease of 2.1% and a year - on - year decrease of 7.0% [49] 2.2 Fundamentals - Profit - As of July 17, 2025, the theoretical profit of ammonia - soda method soda ash in China is - 83 yuan/ton, a week - on - week decrease of 1 yuan/ton; the theoretical profit (double - ton) of combined - soda method soda ash is - 33 yuan/ton, a week - on - week increase of 6 yuan/ton [52]

Report Title - "Domestic 'Anti-Involution' Drives Market Sentiment Upward - Copper and Aluminum Weekly Report 2025.07.21" [1] Report Author - Liu Peiyang [2] Report Ratings - Not provided in the content Core Views Copper - Macro: The Ministry of Industry and Information Technology will issue a new round of plans to stabilize the growth of non-ferrous metals, providing some support. Overseas tariff policies are fluctuating, and the Fed's interest rate cut path needs further observation [3]. - Fundamental: Although LME copper inventories have increased slightly, they remain at historical lows. Demand has weakened significantly as prices rebounded, showing a phased supply - demand weakness due to the traditional off - season [3]. - Overall: The impact of tariff shocks on copper prices is gradually digested. After prices stabilize, a bullish approach is recommended [3]. Electrolytic Aluminum - Macro: The Ministry of Industry and Information Technology will issue a new round of plans to stabilize the growth of non-ferrous metals, providing some support. Overseas tariff policies are fluctuating, and the Fed's interest rate cut path needs further observation [5]. - Fundamental: With the release of supply increments and the suppression of the consumption off - season, the expectation of inventory accumulation is still strong [5]. - Overall: The improvement of domestic macro expectations significantly boosts industrial products. Aluminum prices are expected to remain high and fluctuate [5]. Alumina - Macro: The Ministry of Industry and Information Technology will issue a new round of plans to stabilize the growth of non-ferrous metals, providing some support. Overseas tariff policies are fluctuating, and the Fed's interest rate cut path needs further observation [7]. - Fundamental: In the week of July 17, the operating capacity of alumina increased by 500,000 tons/year to 89.07 million tons/year, and the weekly inventory of alumina in electrolytic aluminum plants increased by about 25,800 tons, putting some pressure on spot prices [7]. - Overall: The expectation of supply - side reform and the decline of warehouse receipts to a low level. Alumina breaks through the low - level oscillation range upwards, and a bullish approach is recommended [7]. Summary by Directory 1. Market Review - **Weekly Price Changes**: Provided the weekly cumulative price change statistics of various metals from July 14 - 18 [14]. - **Weekly News**: The Ministry of Industry and Information Technology will implement a new round of plans to stabilize the growth of ten key industries, including non-ferrous metals. In the first half of the year, the non-ferrous metal industry had positive growth in production, revenue, and profit, and its green - low - carbon level improved significantly. Chile will discuss the impact of US copper tariffs. LME's 8 Hong Kong approved warehousing facilities started operation. Kazakhstan plans to restrict the export of certain key products and cancel the export tariff on gallium [15]. 2. Macro Analysis - **Domestic**: In Q2 2025, GDP grew by 5.2% year - on - year. In June, industrial added value increased by 6.8% year - on - year, and social retail sales increased by 4.8% year - on - year. From January to June, fixed - asset investment increased by 2.8% year - on - year. Exports supported industrial production, but real estate investment declined further [19]. - **Overseas**: In June, the US CPI increased by 2.7% year - on - year, and the core CPI increased by 2.9% year - on - year. After the CPI release, the US dollar index and Treasury yields rose, and the expectation of interest rate cuts decreased slightly [22]. 3. Copper Market Analysis - **Spot Market**: The processing fee TC remained weak [28]. - **Futures Market**: COMEX's net long positions increased [31]. - **Overseas Market**: The US dollar index rebounded from a low level [35]. - **Inventory**: As of July 17, SMM's national mainstream copper inventories decreased by 4,300 tons to 143,300 tons compared to Monday, and were 231,800 tons lower than the same period last year [41]. 4. Electrolytic Aluminum Market Analysis - **Domestic Market**: The spot premium widened [44]. - **Foreign Market**: The US dollar index rebounded from a low level [48]. - **Inventory**: The report provided data on electrolytic aluminum and aluminum rod social inventories, as well as LME and SHFE aluminum inventories [50]. - **Downstream开工**: As of July 17, the overall operating rate of domestic aluminum downstream processing industries increased by 0.2 percentage points to 58.8%. Different sectors had different trends, and SMM expected the weekly operating rate to decline by 0.1 percentage points to 58.7% this week [52]. - **Recycled Aluminum Alloy**: As of July 17, the SMM ADC12 price decreased by 100 yuan/ton to 20,000 yuan/ton. The industry faced cost and demand challenges, and prices were expected to fluctuate narrowly [56]. - **Cost and Profit**: The report analyzed the relationship between the price of electrolytic aluminum and the prices of alumina, pre - baked anodes, and thermal coal [60]. 5. Alumina Market Analysis - **Spot Market**: Spot prices remained stable [63]. - **Futures Market**: Inventory futures continued to decline [65]. - **Supply and Demand**: Supply changed little, with some areas having tight supply due to maintenance. Demand increased as some electrolytic aluminum enterprises resumed production or transferred capacity [70]. - **Cost and Profit**: As of the week of July 17, the domestic alumina industry cost was 2,995.43 yuan/ton, and the average profit was 193.15 yuan/ton [71].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the short term, steel prices will maintain a volatile and upward - trending pattern. The medium - term strategy is still to go long on dips. The prices of iron ore and coking coal and coke are also expected to maintain a volatile and upward - trending pattern [3][4][5]. 3. Summary by Directory 3.1 Market Review - Last week, against the backdrop of multiple policy expectations, the black - series commodities rose across the board. In the industry, inventory accumulation in the off - season was less than expected, demand showed certain resilience, and the increase in hot metal production provided continuous support to the raw material end. Both futures and spot prices rose [9]. 3.2 Steel Supply and Demand Analysis - **Production**: The weekly production of rebar was 209.06 million tons (down 3.51% week - on - week and 6.45% year - on - year), and that of hot - rolled coil was 321.14 million tons (down 0.62% week - on - week and 1.80% year - on - year). The blast furnace and electric furnace production of rebar both decreased. The blast furnace weekly production of rebar was 182.67 million tons (down 3.73% week - on - week and 8.82% year - on - year), and the electric furnace weekly production was 26.39 million tons (down 1.97% week - on - week and up 14.09% year - on - year) [15][17][22]. - **Operating Rate**: The blast furnace operating rate remained stable at 83.46% (up 0.37% week - on - week and 1.16% year - on - year), and the electric furnace operating rate increased to 65.08% (up 2.34% week - on - week and down 0.43% year - on - year) [27]. - **Profit**: The profit of rebar was + 171 yuan/ton (down 12.76% week - on - week and up 170 yuan/ton year - on - year), and the profit of hot - rolled coil was + 146 yuan/ton (up 2.82% week - on - week and up 151 yuan/ton year - on - year) [31]. - **Demand**: The apparent consumption of rebar was 206.17 million tons (down 6.92% week - on - week and 9.18% year - on - year), and the 5 - day average of national building materials transactions was 9.50 million tons (down 3.36% week - on - week and 24.97% year - on - year). The apparent consumption of hot - rolled coil was 323.79 million tons (up 0.40% week - on - week and down 1.27% year - on - year) [36]. - **Inventory**: The total rebar inventory was 543.26 million tons (up 0.53% week - on - week and down 29.50% year - on - year), with the factory inventory at 173.1 million tons (down 4.30% week - on - week and 6.44% year - on - year) and the social inventory at 370.16 million tons (up 2.97% week - on - week and down 30.83% year - on - year). The total hot - rolled coil inventory was 342.91 million tons (down 0.77% week - on - week and 18.97% year - on - year), with the factory inventory at 77.31 million tons (down 0.64% week - on - week and 16.41% year - on - year) and the social inventory at 265.6 million tons (down 0.80% week - on - week and 20.56% year - on - year) [40][45]. - **Downstream Industries**: The weekly data showed that the transaction area of commercial housing in 30 large - and medium - sized cities decreased by 9.48% week - on - week and 24.57% year - on - year, and the transaction area of land in 100 large - and medium - sized cities decreased by 51.47% week - on - week and 66.40% year - on - year. In June 2025, automobile production and sales reached 2.794 million and 2.904 million respectively, with month - on - month increases of 5.5% and 8.1% and year - on - year increases of 11.4% and 13.8% respectively. From January to June 2025, automobile production and sales reached 15.621 million and 15.653 million respectively, with year - on - year increases of 12.5% and 11.4% respectively [48][51]. 3.3 Iron Ore Supply and Demand Analysis - **Supply**: The iron ore price index was 99.85 (up 1.75% week - on - week and down 4.46% year - on - year). The shipments from 19 ports in Australia and Brazil were 24.79 million tons (down 0.77% week - on - week and up 4.05% year - on - year), and the arrivals at 45 ports were 23.712 million tons (down 10.93% week - on - week and 0.21% year - on - year) [58]. - **Demand**: The daily hot metal production was 2.4244 million tons (up 263,000 tons week - on - week and 279,000 tons year - on - year), the ore handling volume at 45 ports was 3.2274 million tons (up 1.01% week - on - week and 2.83% year - on - year), and the inventory - to - sales ratio of 247 steel enterprises was 29.29 days (down 2.63% week - on - week and 6.99% year - on - year) [63]. - **Inventory**: The inventory at 45 ports was 137.8521 million tons (up 0.14% week - on - week and down 9.78% year - on - year), the imported iron ore inventory of 247 steel enterprises was 88.2216 million tons (down 1.75% week - on - week and 4.46% year - on - year), and the average available days of iron ore for 114 steel enterprises was 22.94 days (down 1.88% week - on - week and up 9.03% year - on - year) [69]. 3.4 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of coking coal mines was 86.07% (up 0.64% week - on - week and down 2.25% year - on - year), the operating rate of coal washing plants was 62.85% (up 0.85% week - on - week and down 5.35% year - on - year), and the daily Mongolian coal customs clearance volume was 140,800 tons (up 260% week - on - week and 7.74% year - on - year) [75]. - **Coking Enterprises**: The profit per ton of coke for independent coking plants was - 43 yuan/ton (up 20 yuan/ton week - on - week and down 76 yuan/ton year - on - year), the capacity utilization rate of independent coking plants was 73.01% (up 0.19% week - on - week and down 2.04% year - on - year), and the capacity utilization rate of steel mill coke was 86.84% (down 0.21% week - on - week and 0.24% year - on - year) [84]. - **Coking Coal Inventory**: The coking coal inventory of independent coking plants was 7.902 million tons (up 4.99% week - on - week and 4.01% year - on - year), the coking coal inventory of steel mills was 7.9093 million tons (up 1.05% week - on - week and 6.34% year - on - year), and the coking coal inventory at ports was 3.215 million tons (down 0.04% week - on - week and up 22.01% year - on - year) [90]. - **Coke Inventory**: The coke inventory of independent coking plants was 555,500 tons (down 6.76% week - on - week and up 57.77% year - on - year), the coke inventory of steel mills was 6.3899 million tons (up 0.19% week - on - week and 15.72% year - on - year), and the coke inventory at ports was 1.9911 million tons (down 0.49% week - on - week and 1.60% year - on - year) [96]. - **Spot Price**: After the first round of coke price increase, the second round of increase has started. The price of low - sulfur main coking coal in Shanxi was 1,300 yuan/ton (up 100 yuan/ton week - on - week and down 620 yuan/ton year - on - year), and the ex - factory price of quasi - first - grade metallurgical coke in Lvliang was 1,030 yuan/ton (up 50 yuan/ton week - on - week and down 770 yuan/ton year - on - year) [102]. 3.5 Spread Analysis - The basis of rebar widened, and the 10 - 1 spread of rebar continued to shrink. The 9 - 1 spread of iron ore widened, and the spread between hot - rolled coil and rebar widened significantly [104][109].