策略周报——2025.09.08 | | | 研究所 0371-58620086 | | --- | --- | --- | | 品种 | 逻辑 | 策略建议 | | 期权 | 本周 A 股冲高回落，日成交额维持在 2 万亿以上。沪深 300 | 趋势投资者关注品种 | | | 指数冲高回落，又站上 5 日均线，日三彩 K 线指标维持红色 | 间的强弱套利机会。 | | | ；周线收阴，周三彩 K 线指标维持红色。IF 期货当月合约转 | 波动率投资者标的指 | | | 为贴水标的，次月合约贴水当月合约基差先扩后缩。IO 期权 | 数上涨时做多波动率 | | | 成交量放大，持仓量回升已超过前五个月最大值，期权成交 | ，下跌时做空波动率 | | | 量 PCR 先升后降，期权持仓量 PCR 下降，隐含波动率先升后 | 。 | | | 降，看涨、看跌期权最大持仓量行权价区间无变化。中证 | | | | 1000 指数日线收于 20 日均线下方，日三彩 K 线指标转为绿 | | | | 色；周线收阴，在 5 周均线获得支撑，周三彩 K 线指标维持 | | | | 红色。IM 期货当月合约贴水标的基差缩小，次月合 ...

Report Summary 1. Report Industry Investment Rating The provided text does not mention the report industry investment rating. 2. Core Viewpoints - The A-share market showed strong performance on August 28, with over 2800 stocks rising and the trading volume exceeding 3 trillion yuan for two consecutive days. The market is in a bullish trend in the medium term, but short-term fluctuations are inevitable due to the accumulation of risks and the need to digest profit-taking chips. [2][3] - Different commodities have different market trends and investment suggestions. For example, aluminum prices may maintain high-level consolidation; coking coal and coke may fluctuate repeatedly; urea may continue to consolidate within a certain range; steel prices may continue to oscillate at the bottom; egg futures can be shorted on rebounds; live pig prices may maintain range-bound fluctuations; and cotton may be slightly bearish in the short term but bullish in the medium to long term. [3][4][5] 3. Summary by Related Catalogs Options - On August 28, the three major A-share indexes strengthened collectively. The trading volume of A-shares exceeded 3 trillion yuan for two consecutive days, reaching 3.0004 trillion yuan. Most industry sectors rose, with semiconductor, communication equipment, and other sectors leading the gains, while automobile service, real estate service, and brewing industries declined. [2] - The IF weighted index of CSI 300 stock index futures increased in volume and price, with the basis of the current-month contract widening and the basis of the next-month contract narrowing. The trading volume PCR and option holding volume PCR of two 300ETF options both increased, and the weighted implied volatility rose. [2] - The IH weighted index of SSE 50 stock index futures decreased in position and increased in volume. The current-month contract changed to a discount to the underlying, and the next-month contract changed to a premium to the current-month contract. The trading volume PCR and option holding volume PCR of CFFEX SSE 50 stock index options decreased, while those of Huaxia 50ETF increased, and the weighted implied volatility rose. [2] - The IM weighted index of CSI 1000 stock index futures increased in position and volume. The basis of the current-month contract and the next-month contract both widened, the trading volume PCR increased, the option trading volume PCR decreased but remained above 1.09, and the weighted implied volatility rose. The option MO holding volume reached a new high since listing. [2] - Trend investors are advised to focus on the strength and weakness arbitrage opportunities between varieties, and volatility investors are advised to go long on volatility when the underlying index rises and short on volatility when it falls. [2] Stock Index - On August 28, the three major A-share indexes closed higher. Concept sectors such as copper cable high-speed connection, CPO, lithography machine, and storage chips were active, while grain concept, animal vaccine, and weight-loss drug sectors performed poorly. The Shanghai Composite Index rose 1.14%, the Shenzhen Component Index rose 2.25%, and the ChiNext Index rose 3.82%. [3] - On Thursday, most European and American stock markets closed higher, with the Dow Jones and S&P 500 indexes hitting new closing highs. Technology stocks mostly rose, and the US GDP growth rate in the second quarter was revised up to 3.3%, exceeding expectations, which boosted market sentiment. [3] - The market showed a rebound and repair trend on Thursday. The short-term fluctuations of the market are due to the accumulation of risks after the rapid rise of the index and the need to digest profit-taking chips, but the overall strong pattern remains unchanged. [3] - It is recommended to reduce positions on rallies for previous profit-taking positions and use the 10-day moving average as the mid-term trend watershed. [3] Aluminum - The market continues to bet on the Fed's interest rate cut expectation in September. Fundamentally, due to the release of supply increments and the off-season of consumption, the expectation of inventory accumulation is still strong. Aluminum prices may maintain high-level consolidation in the short term, with a reference range of 20,000 - 21,000 yuan/ton. [3] Coking Coal and Coke - The weekly average daily output of raw coal was 188,600 tons, a decrease of 2,600 tons compared with the previous week, and the raw coal inventory was 472,600 tons, an increase of 1,000 tons. The average daily output of clean coal was 75,300 tons, a decrease of 1,800 tons, and the clean coal inventory was 283,600 tons, an increase of 8,000 tons. [4] - Due to stricter safety inspections in mines and the supply contraction of downstream coke enterprises and steel mills, the short-term raw material support still exists, and coking coal and coke prices may fluctuate repeatedly. [4] Urea - The domestic urea spot market price remained stable over the weekend, with the mainstream ex-factory quotation at around 1,670 - 1,680 yuan/ton. Recently, many urea enterprises have overhauled their equipment, resulting in a significant decrease in daily output, but the overall supply is still relatively sufficient. [4] - Affected by the weak downstream demand, the inventory of upstream urea enterprises continued to accumulate. The operating rate of compound fertilizer enterprises decreased slightly, but the downstream pick-up improved gradually. The UR2601 contract may continue to consolidate within the range of 1,700 - 1,820 yuan/ton, and the subsequent focus is on the Indian tender opening. [4] Steel (Rebar and Hot Rolled Coil) - The five major steel products continued to accumulate inventory in the off-season. Rebar production and demand both increased, and the apparent demand rebounded slightly faster. The total inventory increase slowed down, the factory inventory decreased, and the social inventory continued to increase, indicating an accelerated transfer from factory inventory to social inventory. Terminal procurement was relatively cautious due to the off-season. [4] - Hot-rolled coil production and demand both decreased slightly, and the total inventory continued to rise slightly. The overall inventory accumulation pressure was not large, with the factory inventory at a historical low and the social inventory lower than the same period last year. The spot market trading was weak over the weekend, and the quotation was partially reduced by 10 - 30 yuan/ton. The basis was at a high level, and the manufacturing PMI in August rebounded slightly by 0.1 to 49.4%. Steel prices may continue to oscillate at the bottom in the short term. [4] Eggs - The national egg spot price fell steadily last week and stabilized again over the weekend. The current spot price at the benchmark location is 2.6 yuan/jin, a weekly decline of 0.08 yuan/jin. After the callback in the north, the price tried to rise slightly but failed, and the high-price area in the south began to decline. The出库 of cold storage eggs suppressed the market, and the supply of large-sized eggs was short, while the supply of medium and small-sized eggs was relatively sufficient. The terminal's acceptance of the rapid rise in egg prices was limited, and the sales slowed down. It is expected that the spot price is unlikely to fall significantly further due to the support of Mid-Autumn Festival stocking. Egg futures can be shorted on rebounds. [4] Live Pigs - The live pig spot price remained stable last week, with the national average price at 14.00 yuan/kg. The overall supply is sufficient, and the demand is constantly recovering, so the price is stable. Although the存栏 of medium and large pigs has decreased, the actual supply is still sufficient. With the decrease of high-temperature weather, the demand has rebounded, and the acquisition enthusiasm of slaughtering enterprises has increased, which further supports the price. The futures market showed general performance, maintaining a volatile trend, and the current discount is slight, with limited room for a deep decline. The near-term contract reflects the reality of oversupply, while the far-term contract reflects the expectation of capacity reduction. Live pig prices may maintain range-bound fluctuations, with a weak near-term and a strong far-term, and it is advisable to conduct reverse arbitrage. [5] Cotton - In the previous trading session, ICE cotton rebounded significantly, with the December contract closing at 67.3 cents/pound, up 62 points, or 0.93%. Zhengzhou cotton rose sharply on Friday. Internationally, India extended the duty-free period for cotton imports until December 31, 2025, which boosted market sentiment. However, currently, US cotton exports to India only account for about 1.5% of its total exports, so the overall positive impact is limited. [5] - The main drivers of Zhengzhou cotton's rise are the rise of ICE cotton, the tight supply of cotton commercial inventory as of August 22, and the market's expectation of the start of orders during the "Golden September and Silver October" period. However, from the fundamental perspective, the cotton destocking speed and the operating rates of spinning and weaving mills have not improved significantly compared with the previous two weeks, and the increase in downstream cotton yarn prices is limited, indicating that the terminal demand is still weak. Overall, Zhengzhou cotton may be slightly bearish in the short term, with an expected decline next week, and the focus is on the range of 14,000 - 14,500 yuan/ton, but it may be bullish in the medium to long term. [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economic prosperity generally continues to expand, with the official manufacturing PMI, non - manufacturing PMI, and composite PMI in August showing improvements [9]. - The real estate market remains under pressure, with the sales of TOP100 real - estate enterprises declining year - on - year [9]. - The RMB exchange rate against the US dollar has been strengthening recently, and the market is optimistic about its continued strength until the end of this year [11]. - In the futures market, different varieties have different trends and investment suggestions, such as some being recommended for short - term observation and others for cautious trading [13][19]. - The A - share market has a mid - term bullish structure, but there may be short - term fluctuations and adjustments [23][25]. 3. Summary According to Relevant Catalogs 3.1 Chemical Industry Futures - On September 1, 2025, among chemical futures, coke, 20 - number rubber, plastic, polypropylene PP, and methanol showed price increases, while natural rubber, PTA, PVC, asphalt, etc. showed price decreases [6]. 3.2 Macro - economic News - China's economic indicators in August showed positive trends, and some small and medium - sized banks have cut deposit rates [9]. - The sales of real - estate enterprises continued to decline, and the automobile inventory warning index was above the boom - bust line [9][10]. - The RMB exchange rate against the US dollar has been strengthening recently, mainly due to the weakening of the US dollar index and the narrowing of the Sino - US interest rate spread [11]. - There are international events such as the US Supreme Court's decision on Trump's policies and the negotiation between Japan and the US on trade and investment [10]. 3.3 Morning Meeting Views on Major Futures Varieties 3.3.1 Agricultural Products - Peanut futures are in a short - term bottom - shock situation, and it is recommended to wait and see, focusing on the progress of new peanut acquisitions [13]. - Sugar futures are at the lower end of the range, and it is recommended to wait and see, paying attention to support and resistance levels [13]. - Corn futures are in a state of intense multi - empty game, and it is recommended to wait and see, focusing on the listing rhythm of new grain and the breakthrough of the pressure level [13]. - Hog futures are in an interval - shock situation, with a near - weak and far - strong monthly spread, and it is recommended to conduct reverse arbitrage [13]. - Egg futures are expected to have limited further declines in the spot market, and it is recommended to continue short - selling on rebounds in the futures market [15]. - Cotton futures may be oscillating strongly in the medium - long term and are expected to decline slightly in the short term, and the range of 14000 - 14500 should be focused on [15]. - Log futures are recommended to operate in the range of 800 - 850, focusing on the improvement of real - estate funds and the expected reduction in New Zealand's supply [16]. - Pulp futures are recommended for cautious long - biased operations, paying attention to the upper pressure and lower support levels [16]. 3.3.2 Energy and Chemicals - Urea futures' UR2601 contract may continue to operate in the range of 1700 - 1820 yuan/ton, and the opening of the Indian tender should be focused on [19]. - Caustic soda futures' 2601 contract is recommended to be treated with a long - biased idea on dips [19]. - Coking coal and coke futures are expected to fluctuate repeatedly and operate in an oscillating manner [19]. 3.3.3 Industrial Metals - Copper futures are recommended to take a long - biased approach once the price breaks through the oscillating range upwards [19]. - Aluminum futures are expected to continue to operate at a high level [19]. - Alumina futures' 2601 contract is operating weakly, and factors such as bauxite should be focused on [21]. - Rebar and hot - rolled coil futures' prices are expected to continue to oscillate and find the bottom in the short term [21]. - Ferroalloy futures are expected to continue wide - range oscillations in the short term, and attention should be paid to capital control for hedging and caution for speculation [21]. - Lithium carbonate futures are recommended to wait and see, focusing on the policies of mines in Jiangxi, and if the support level is broken, it may test the 70000 - yuan mark [21]. 3.3.4 Options and Finance - In stock index options, trend investors should pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors should go long on volatility when the underlying index rises and short on volatility when it falls [23]. - The A - share market has a mid - term bullish structure. Although there may be short - term fluctuations, the underlying logic of the market has not been falsified, and investors can reduce positions on rallies and use the 10 - day moving average as a mid - term trend watershed [24][25].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The report presents a comprehensive overview of the market, including macro - economic news, price movements of various commodities, and specific views on different product sectors. It also analyzes the short - term and medium - term trends of the stock market, suggesting that the market may experience short - term fluctuations but maintains a medium - term bullish structure [9][10][20][22]. 3. Summary by Relevant Catalogs 3.1 Macro - economic News - From August 24th to 27th, Chinese official representatives visited Canada, and both sides agreed to promote the healthy development of bilateral economic and trade relations. Subsequently, they will visit the US. The Chinese government will increase support for foreign trade enterprises, strengthen law enforcement in market competition order, and implement policies in multiple fields such as education, urban development, and data industry. The EU's economic confidence declined in August [9][10][11]. - The "2025 China's Top 500 Private Enterprises" list was released, with the entry threshold increasing to 27.023 billion yuan, total revenue reaching 43.05 trillion yuan, and total net profit of 1.8 trillion yuan [10]. - The National Data Bureau plans to launch a series of industrial policies this year, and it is predicted that the digital economy's added - value will reach about 49 trillion yuan by the end of this year, accounting for about 35% of GDP [10]. 3.2 Price Movements of Commodities - **Chemical Industry**: On August 29th, most chemical products' prices showed a downward trend compared to August 28th. For example, the price of coking coal decreased by 21.50 yuan to 1,153.50 yuan, a decline of 1.83%; the price of crude oil increased by 4.90 yuan to 486.60 yuan, an increase of 1.017% [6]. - **Agricultural Products**: The prices of most agricultural products also fluctuated. For instance, the price of No. 1 yellow soybeans decreased by 3.00 yuan to 3,924.00 yuan, a decline of 0.076%; the price of No. 1 cotton increased by 200.00 yuan to 14,270.00 yuan, an increase of 1.421% [6]. 3.3 Specific Views on Different Product Sectors 3.3.1 Agricultural Products - **Peanuts**: On August 28th, peanut futures closed at 7,802 yuan/ton, showing narrow - range fluctuations. It is recommended to wait and see, with key support at 7,780 yuan and resistance at 7,830 yuan [14]. - **Sugar**: On August 28th, sugar futures closed at 5,602 yuan/ton, showing a downward trend. A bearish strategy is maintained, with key support in the 5,550 - 5,580 yuan range [14]. - **Corn**: On August 28th, corn futures closed at 2,185 yuan/ton, breaking through the previous oscillation range. It is recommended to wait and see, with key pressure at 2,180 - 2,190 yuan and support at 2,150 - 2,160 yuan [14]. - **Pigs**: The national average pig price was about 13.88 yuan/kg, with supply - demand games continuing. The futures market is bearish [14]. - **Eggs**: The national egg price was stable with a slight decline. It is expected that the price will rise slightly, but the increase is limited. Futures can be short - sold on rebounds [14][16]. - **Cotton**: ICE US cotton futures declined. Zhengzhou cotton has support from the "Golden September and Silver October" season, but the overall inventory is high. Short - term long positions can be taken at low prices [16]. - **Logs**: On August 28th, log futures closed at 821.5 yuan/cubic meter. The market is in a weak - balance state, and it is recommended to operate in the 800 - 850 yuan range [16]. - **Pulp**: On August 28th, pulp futures closed at 5,002 yuan/ton, with a downward trend. It is recommended to wait and see, with key support at 4,950 yuan [16]. 3.3.2 Energy and Chemical Products - **Urea**: The domestic urea price increased slightly. Supply decreased, and demand may improve. The futures price is expected to fluctuate in the 1,700 - 1,800 yuan range, and attention should be paid to the Indian tender on September 2nd [16]. - **Caustic Soda**: With the approaching peak demand season, the 2601 contract of caustic soda is running at a high level, and a bullish strategy can be adopted at low prices [18]. - **Coking Coal and Coke**: The market trading volume is insufficient. Supply has decreased, and it is expected that the prices will fluctuate in the short term [18]. 3.3.3 Industrial Metals - **Copper and Aluminum**: For copper, if the price breaks through the oscillation range, a bullish strategy can be adopted. Aluminum consumption has improved, and the price is expected to remain high [18]. - **Alumina**: The spot price shows a north - south differentiation. The 2601 contract is running weakly, and attention should be paid to factors such as bauxite [18]. - **Rebar and Hot - Rolled Coils**: The spot market trading improved, and the price may fluctuate in the short term but has upward potential in the medium term [18][19]. - **Ferroalloys**: The black - series products rebounded, and the alloy market will continue to fluctuate widely in the short term. High - level hedging should control funds, and speculation should be cautious [19]. - **Lithium Carbonate**: The futures price has fallen below the previous low. It is recommended to wait and see, and light - position long positions can be taken after a sharp decline with strict stop - losses [19]. 3.3.4 Options and Finance - **Stock Index Options**: On August 28th, the three major A - share indexes rose. The market may experience short - term fluctuations but maintains a medium - term bullish structure. Trend investors can focus on arbitrage opportunities, and volatility investors can trade according to the index movement [20]. - **Stock Market**: The A - share market showed a rebound on August 28th. The market may experience short - term fluctuations, but the medium - term bullish structure remains unchanged. It is recommended to observe the market's repair strength and trading volume in the short term [20][22].

Report Summary 1. Industry Investment Ratings There is no information about industry investment ratings in the provided content. 2. Core Viewpoints - The overall market shows a complex situation with different trends in various sectors. The commodity market has mixed price movements, and the stock market experiences a significant decline on August 27. The economic situation is influenced by multiple factors, including global events, policy changes, and supply - demand dynamics in different industries [4][18]. - In the commodity market, some products like natural rubber and asphalt have price increases, while others such as glass and styrene have price drops. In the stock market, A - share indexes fall sharply, with most industry sectors in the red [4][18]. - For different commodities, specific supply - demand factors affect their prices. For example, in the agricultural products sector, the supply pressure of sugar is increasing, while the demand for some products like eggs is expected to drive a slight price increase [12]. - In the stock market, although the short - term adjustment of the Shanghai Composite Index may slow down the rising pace, it is considered beneficial in the long - term. The market may need a significant shock to digest floating profit chips, and investors are advised to take advantage of low - buying opportunities [20][21]. 3. Summary by Catalog 3.1 Chemical Industry - **Price Changes**: On August 28, 2025, compared with August 27, natural rubber rose by 0.508% to 15,840.00, 20 - number rubber rose by 0.396% to 12,665.00, and asphalt rose by 0.605% to 3,492.00. While plastics, polypropylene PP, PTA, etc., had price drops, with PVC having the largest decline of 0.606% to 4,919.00 [4]. 3.2 Macro - economic News - **International Events**: The 2025 Shanghai Cooperation Organization Summit will be held in Tianjin from August 31 to September 1; the 2025 China International Fair for Trade in Services will be held in Beijing from September 10 to 14 [7]. - **Economic Data**: In July, the profit of industrial enterprises above designated size decreased by 1.5% year - on - year, with the decline narrowing for two consecutive months; the new kinetic energy index of China's economic development in 2024 increased by 14.2% year - on - year [7]. - **Policy Announcements**: Jilin Province will implement the tax - refund policy for overseas tourists' shopping from September 1, 2025; the Ministry of Commerce will introduce policies to expand service consumption next month [7][8]. - **Industry Data**: From August 1 - 24, the retail sales of new - energy passenger vehicles in China reached 72.7 million units, a 6% year - on - year increase and a 7% month - on - month increase; the global economic and trade friction index in June was 92, showing a缓和 trend [8]. - **Market Forecast**: Goldman Sachs expects the oil surplus to intensify, with an average daily surplus of 1.8 million barrels from Q4 2025 to Q4 2026, and the global oil inventory to increase by nearly 800 million barrels by the end of 2026 [9]. 3.3 Main Variety Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The sugar price shows a downward trend. The supply pressure is high, and the operation suggestion is to sell short on rallies, paying attention to the support level of 5600 yuan [12]. - **Corn**: The corn price is in a weak oscillation. The supply pressure is increasing, and the strategy is to maintain a bearish view, focusing on the support level of 2150 yuan [12]. - **Pig**: The national pig price is weakly falling. The supply - demand game continues, and the futures market is bearish [12]. - **Egg**: The egg price is expected to rise slightly, mainly driven by demand. The futures market suggests short - selling on rebounds and reverse spreads between months [12]. - **Cotton**: The ICE US cotton futures are falling. The fundamentals have no major changes. The operation suggestion is to buy on dips in the short - term [14]. 3.3.2 Energy Chemicals - **Urea**: The domestic urea market price is stable. The supply is affected by enterprise maintenance, and the demand is weak. The price is in a weak oscillation, and attention should be paid to the support level of 1720 - 1730 yuan/ton and the Indian tender on September 2 [13]. - **Caustic Soda**: As the peak consumption season approaches, the caustic soda 2601 contract is expected to run strongly, and a bullish approach on dips is recommended [13]. - **Coking Coal and Coke**: The downstream inquiry is not significantly improved, and the supply is affected by safety inspections. The price is expected to fluctuate in the short - term [13]. 3.3.3 Industrial Metals - **Copper and Aluminum**: For copper, due to market uncertainties, a bullish approach is recommended if the price breaks through the oscillation range. For aluminum, the price is expected to remain high as domestic consumption improves and inventory is at a low level [16]. - **Alumina**: The alumina market shows a north - south differentiation. The 2601 contract is expected to run weakly, and attention should be paid to factors such as bauxite [16]. - **Rebar and Hot - rolled Coil**: The steel market has a wait - and - see atmosphere. The short - term fundamentals change little, and the steel price decline space is limited. Attention should be paid to actual production cuts and macro - sentiment changes [16]. - **Ferroalloys**: The ferroalloy market is under pressure. The short - term is in a wide - range oscillation, and industrial hedging and speculation should be cautious [16]. - **Lithium Carbonate**: The lithium carbonate price breaks through the support level. It is recommended to wait for the price to stabilize and then try to go long lightly, paying attention to the support level of 78000 yuan [18]. 3.3.4 Option Finance - **Stock Index Options**: On August 27, A - share indexes fall sharply. The trading volume and open interest of stock index futures and options change, and the implied volatility decreases for some options. Trend investors can focus on arbitrage opportunities, and volatility investors can trade according to the index trend [18]. - **Stock Index**: The Shanghai Composite Index adjusts, and other indexes are likely to follow. The market may need a shock to digest floating profit chips. Investors are advised to take advantage of low - buying opportunities [20][21].

Report Information - Report Name: Morning Meeting Minutes [2] - Release Date: August 27, 2025 [3] - Publisher: Zhongyuan Futures Research and Consulting Department [1] Industry Investment Rating - The report does not mention the industry investment rating. Core Views - The market is entering an upward trend, with increasing consensus, positive feedback between funds and sentiment, and favorable internal and external environments. The expectation of the Fed's interest rate cut in September further boosts the expectation of loose liquidity. However, short - term fluctuations may increase, and low - lying and stagnant large - consumption sectors may have opportunities for supplementary gains [18]. - For various commodities, different market trends and trading suggestions are provided based on supply - demand fundamentals, price movements, and other factors [11][12][13][15][17]. Summary by Catalog 1. Chemical and Agricultural Product Price Quotes - **Chemical Products**: On August 27, 2025, compared with August 26, prices of most chemical products showed different degrees of change. For example, the price of coking coal increased by 12.0 to 1,172.50, with a rise of 1.034%; the price of crude oil decreased by 9.30 to 486.80, with a decline of 1.875% [4]. - **Agricultural Products**: On August 27, 2025, compared with August 26, the prices of agricultural products also changed. For example, the price of No. 1 yellow soybean decreased by 13.0 to 3,961.00, with a decline of 0.327%; the price of white sugar increased by 3.0 to 5,635.00, with a rise of 0.053% [4]. 2. Macroeconomic News - The Chinese government emphasizes expanding high - quality service imports, promoting institutional opening of service trade, and accelerating the construction of a unified national market [7]. - China's foreign investment flow has ranked among the top three globally for 13 consecutive years since 2012, and the stock of foreign investment has ranked among the top three for 8 consecutive years, accounting for 7.2% of the global total [7]. - The 17th meeting of the Standing Committee of the 14th National People's Congress will be held from September 8th to 12th, 2025, to review multiple legal drafts and reports [7]. - State - owned enterprises are required to deepen industrial assistance in Tibet and promote the construction of major projects [8]. - The National Energy Administration will guide reasonable and green energy consumption with the "15th Five - Year Plan" for the new power system [8]. - Trump claims that the US has completed trade agreements with the EU, Japan, and South Korea and may impose high tariffs on imported furniture [8]. - China's total social logistics volume is expected to reach 380 trillion yuan in 2025, and the total income of the logistics industry is expected to exceed 14 trillion yuan [9]. - The summer tourism demand in 2025 is strong, with an average order price increase of 9.9% year - on - year [9]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - **Sugar**: On August 26, the sugar main contract showed a downward trend. With supply pressure and mild demand, it is recommended to sell high, focusing on the support levels of 5,600 and 5,550 [11]. - **Corn**: On August 26, the corn main contract was weakly volatile. With new grain supply pressure and weak demand, a bearish strategy is maintained, focusing on the support levels of 2,150 and 2,130 - 2,140 [11]. - **Pigs**: The spot price of pigs is stable with a slight increase, while the futures price is volatile and bearish [11]. - **Eggs**: The spot price of eggs is expected to rise slightly, while the futures price is recommended to be shorted on rebounds [11]. - **Cotton**: The ICE US cotton futures fell, and the Zhengzhou cotton futures were affected little by the quota. With the possible start of the peak season orders, the cotton price may rise slightly [13]. 3.2 Energy and Chemical Products - **Urea**: The domestic urea market price is stable. With sufficient supply and weak demand, the futures price may be weakly volatile, focusing on the range of 1,700 - 1,800 yuan/ton [12]. - **Caustic Soda**: As the peak demand season approaches, the caustic soda 2511 contract is expected to be strong, and a long - on - dips strategy is recommended [12]. - **Coking Coal and Coke**: The prices of coking coal and coke are expected to fluctuate repeatedly and run in a volatile manner [12]. 3.3 Industrial Metals - **Copper and Aluminum**: The copper price may be bullish if it breaks through the range, and the aluminum price is expected to remain high [13][15]. - **Alumina**: The alumina market is in an oversupply situation, and the 2601 contract is in range consolidation [15]. - **Rebar and Hot - Rolled Coil**: The steel price is under pressure and is expected to be volatile in the short term [15]. - **Ferroalloys**: The ferrous alloy market is weakly volatile, and short - term wide - range fluctuations are expected to continue [15]. - **Lithium Carbonate**: After the lithium carbonate price breaks through the range, a light - position long - entry after stabilization is recommended, focusing on the support level of 78,000 yuan [17]. 3.4 Options and Finance - **Stock Index Options**: On August 26, the three major A - share indexes showed different trends. Trend investors can focus on arbitrage opportunities, and volatility investors can trade according to the rise and fall of the underlying index [17]. - **Stock Indexes**: The A - share market is in an upward trend, but short - term fluctuations may increase. Attention should be paid to the high - low switching of funds, and the bull market judgment is maintained, but risk control is needed [18][19].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The macro - atmosphere has improved. Fed Chairman Powell signaled dovishness at the Jackson Hole Symposium, boosting the expectation of a September interest rate cut and commodity prices. The upcoming Shanghai Cooperation Organization Summit and approaching military parade also contribute to an optimistic market atmosphere. - For steel products, the weekly production of rebar decreased while demand increased, and the inventory accumulation slowed down. The production and demand of hot - rolled coils both increased, and the inventory continued to rise slightly. The overall off - season inventory accumulation is within expectations, and as the off - season turns to the peak season, the terminal demand is expected to pick up, and the supply - demand structure of finished products is expected to improve. With the strong raw material end, the cost support has shifted upwards. It is expected that steel prices will have a phased upward trend after the previous correction and should be treated with a bullish bias. - For iron ore, the supply from Australia and Brazil has increased slightly, and the arrival volume has slightly declined. The supply pressure is not significant. Pig iron production remains at a high level. The supply - demand contradiction of iron ore is not prominent. Considering the relatively warm macro - atmosphere and the expectation of improved terminal demand, iron ore prices are expected to remain firm in the short term and fluctuate with a bullish bias on a weekly basis. - For coking coal and coke, the coal mine production has slightly increased, and the inventory pressure is not obvious. The seventh round of coke price increases has been implemented, and the profit of coke enterprises has recovered, with a slight increase in production. With the current warm macro - atmosphere and the expectation of improved terminal demand, coking coal and coke prices are expected to remain firm and fluctuate with a bullish bias on a weekly basis. [3][4][5] Summary According to the Table of Contents 01 Market Review - The industry is still in the off - season inventory accumulation stage. Rebar production decreased while demand increased, and the inventory increase slowed down. Hot - rolled coil production and demand both increased, with a slight continuous inventory increase. The raw material end showed signs of pressure at high levels, and the market was in a wait - and - see mood. Steel prices were weakly adjusted in a volatile manner, with futures prices falling more than spot prices, and the basis widened. [9] 02 Steel Supply - Demand Analysis - **Production**: The weekly production of national rebar was 214.65 tons (down 2.63% month - on - month and up 33.66% year - on - year), and the weekly production of hot - rolled coils was 325.24 tons (up 3.06% month - on - month and up 4.82% year - on - year). Both blast furnace and electric furnace rebar production decreased slightly. The blast furnace and electric furnace operating rates also decreased slightly. The profits of rebar and hot - rolled coils both shrank. [15][17][28] - **Demand**: The apparent consumption of rebar was 1.948 million tons (up 2.56% month - on - month and down 10.79% year - on - year), and the apparent consumption of hot - rolled coils was 3.2127 million tons (up 2.07% month - on - month and up 0.84% year - on - year). [35][37] - **Inventory**: Rebar inventory accumulation slowed down, with both social and factory inventories increasing. The total rebar inventory was 6.0704 million tons (up 3.38% month - on - month and down 6.87% year - on - year). The hot - rolled coil inventory increased slightly, with social inventory rising and factory inventory decreasing. The total hot - rolled coil inventory was 3.6144 million tons (up 1.11% month - on - month and down 18.27% year - on - year). [41][46] - **Downstream**: In the real estate sector, the weekly sales area of commercial housing in 30 large - and medium - sized cities increased by 18.33% month - on - month and decreased by 14.85% year - on - year, while the land market remained sluggish. In July 2025, automobile production and sales were 2.591 million and 2.593 million respectively, down 7.3% and 10.7% month - on - month and up 13.3% and 14.7% year - on - year. From January to July 2025, automobile production and sales were 18.235 million and 18.269 million respectively, up 12.7% and 12% year - on - year. [49][52] 03 Iron Ore Supply - Demand Analysis - **Supply**: The iron ore price index was 100.85 (up 0.04% month - on - month and up 0.47% year - on - year). The shipment volume from 19 ports in Australia and Brazil was 26.927 million tons (up 0.86% month - on - month and up 3.16% year - on - year), and the arrival volume at 45 ports was 23.933 million tons (down 3.36% month - on - month and down 6.76% year - on - year). [59] - **Demand**: Pig iron daily production was 2.4075 million tons (up 0.09 million tons month - on - month and up 16.29 million tons year - on - year). The port clearance volume of iron ore at 45 ports was 3.2574 million tons (down 2.67% month - on - month and up 7.64% year - on - year). [64] - **Inventory**: The inventory at 45 iron ore ports was 138.452 million tons (up 0.19% month - on - month and down 9.93% year - on - year), and the imported iron ore inventory of 247 steel enterprises was 90.6547 million tons (down 0.78% month - on - month and up 0.73% year - on - year). [70] 04 Coking Coal and Coke Supply - Demand Analysis - **Supply**: The operating rate of coking coal mines was 85.21% (up 1.77% month - on - month and down 6.34% year - on - year), and the daily Mongolian coal customs clearance volume was 153,500 tons (down 7.03% month - on - month and down 10.33% year - on - year). [76] - **Demand**: The daily coking coal auction transaction rate was 82.05% (down 6.46% week - on - week and up 7.30% year - on - year), and the weekly coking coal auction transaction rate was 73.64% (down 10.28% week - on - week and up 28.36% year - on - year). [79] - **Coke Enterprises**: The profit per ton of coke for independent coking enterprises was + 23 yuan/ton (up 3 yuan/ton month - on - month and up 60 yuan/ton year - on - year), and the capacity utilization rate was 74.42% (up 0.11% month - on - month and up 3.16% year - on - year). [86] - **Inventory**: The coking coal inventory of independent coking enterprises was 8.2371 million tons (down 0.68% month - on - month and up 26.43% year - on - year), and the coking coal port inventory was 2.6149 million tons (up 2.35% month - on - month and down 26.42% year - on - year). The coke inventory of independent coking enterprises was 394,700 tons (up 0.41% month - on - month and down 15.82% year - on - year), and the coke port inventory was 2.1462 million tons (down 0.23% month - on - month and up 12.24% year - on - year). [92][98] - **Spot Price**: The price of low - sulfur coking coal in Shanxi was 1,470 yuan/ton (unchanged week - on - week and down 230 yuan/ton year - on - year), and the ex - factory price of quasi - first - class metallurgical coke was 1,440 yuan/ton (up 50 yuan/ton month - on - month and down 150 yuan/ton year - on - year). [104] 05 Spread Analysis - The basis of rebar and hot - rolled coils widened, and the 10 - 1 spread of rebar fluctuated within a narrow range. The 9 - 1 spread of coking coal and coke widened, and the hot - rolled coil - rebar spread contracted at a high level. [106][112]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The A - share market is in a bullish trend, but there may be a need for a significant correction to digest floating profit chips. The bull market is currently structural, and it may enter a general - rising pattern when positive expectations spread from specific industries to the overall economy. The movement of household deposits into the market is an important driving force for this round of the market [18][20]. - In the commodity market, different products show different trends. For example, some chemical products like coking coal and coke are rising, while some agricultural products like corn are in a downward trend. The supply - demand relationship and market news have a significant impact on product prices [6][13]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - **Price Changes**: On August 26, 2025, compared with August 25, most chemical products' prices rose, such as coking coal (up 4.518% to 1,214.50), coke (up 3.307% to 1,734.00), and natural rubber (up 1.792% to 15,905.00). However, some products like PTA (down 0.082% to 4,864.00) and styrene (down 0.434% to 7,346.00) declined [6]. - **Product Analysis** - **Urea**: Supply is relatively sufficient with some plant overhauls. Demand is currently weak but has marginal improvement expectations. The futures price may continue to fluctuate in the range of 1700 - 1800 yuan/ton [14]. - **Caustic Soda**: With the approaching peak demand season, the 2511 contract is expected to be strong, and a buy - on - dips strategy is recommended [14]. - **Coking Coal and Coke**: Coking enterprises in Henan are implementing production cuts. The eighth round of coke price increases has started, and the prices of coking coal and coke are expected to be firm in the short term [11][14]. 3.2 Agricultural Products - **Price Changes**: On August 26, 2025, compared with August 25, some agricultural products' prices rose, such as yellow soybean No. 2 (up 0.764% to 3,827.00) and cotton No. 1 (up 0.820% to 14,145.00), while others like palm oil (down 0.521% to 9,542.00) and yellow corn (down 0.782% to 2,158.00) declined [6]. - **Product Analysis** - **Sugar**: The price is in a volatile and slightly strong trend. Supply is affected by Brazil's reduced production and domestic concentrated arrivals of processed sugar. Demand is mainly for rigid procurement. It is recommended to wait and see and pay attention to the 5700 - yuan resistance level [13]. - **Corn**: The price is in a downward trend due to increased supply and weak demand. A short - selling strategy is recommended, with a new support level at 2140 yuan/ton [13]. - **Pig**: Spot prices are stable with a slight increase, but futures are weak. A short - selling strategy is recommended for futures [13]. - **Egg**: Supply is abundant, and prices are expected to be weak in the short term. A short - selling strategy for the futures and a reverse spread strategy for different contract months are recommended [13]. - **Cotton**: International supply is sufficient, and domestic supply has a high expectation of a good harvest. Demand has slightly improved, but inventory is still high. It is recommended to be cautious when going long and pay attention to the 14370 - yuan resistance level [13][15]. 3.3 Industrial Metals - **Price Changes**: On August 25, the price of 1 electrolytic copper increased by 575 to 79355 yuan/ton, and the price of A00 aluminum increased by 70 to 20780 yuan/ton [15]. - **Product Analysis** - **Copper**: After Powell's speech, the market's expectation of a September interest - rate cut increased, and the US dollar weakened, providing support for copper prices. A long - position strategy is recommended if the price breaks through the oscillation range [15][17]. - **Aluminum**: Although there is a pressure of inventory accumulation, the current inventory level is not high. The termination of tax - refund policies for some recycled aluminum enterprises may support the consumption of primary aluminum. The price is expected to remain high [15][17]. - **Alumina**: Supply has increased due to profit incentives, and demand is relatively stable. The spot price has limited upward momentum, and the 2601 contract is expected to continue to fluctuate. Attention should be paid to the supply of bauxite [16][17]. - **Steel Products**: The supply - demand structure has little short - term change, and the cost is supported by the increase in coke prices. Steel prices are expected to oscillate with a potential for rebound [16][17]. - **Ferroalloys**: The prices of silicon iron and silicon manganese showed different trends. The market is expected to continue to fluctuate widely in the short term, and risk control is necessary for hedging and speculation [16][17]. - **Lithium Carbonate**: The price is in a volatile pattern. Supply is affected by mine closures and imports, and demand has a peak - season expectation. A long - position strategy is recommended after a correction, with attention to the 78500 - yuan support level and the 81500 - yuan resistance level [17][18]. 3.4 Option Finance - **Stock Index Futures and Options**: On August 25, A - share index futures showed different trends in basis changes. Option trading volume and open - interest PCR ratios also changed. Trend investors can focus on arbitrage opportunities, and volatility investors can trade based on index movements [18]. - **Stock Market Analysis**: A - share indexes rose on August 25, but risks are accumulating. The market may face a correction, especially near the 4000 - point level of the Shanghai Composite Index. The bull market is currently structural, and the movement of household deposits into the market is a driving force [18][20].

Report Summary 1. Report Industry Investment Ratings - Not provided in the given content. 2. Core Viewpoints - The report maintains the current bull - market judgment for the stock market, suggesting investors to pay attention to short - term adjustment opportunities in IF, IM, and IC. For other commodities, it provides specific outlooks and trading suggestions based on their respective fundamentals and market conditions [2][3]. 3. Summary by Variety Options - A - shares continued to rise this week, with the Shanghai Composite Index breaking through 3800 points. The trading volume of the market exceeded 2 trillion for 8 consecutive trading days. For different index options (IO, MO, HO), the trading volume and open interest changed, and implied volatility increased. Trend investors should focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors should go long on volatility when the target index rises and short on volatility when it falls. August 27th was the last trading day for the August contracts of SSE and SZSE ETF options [2]. Stock Index - The three major stock indexes had three consecutive weekly positive lines. The Shanghai Composite Index was relatively stable in the short - term, while the ChiNext had a relatively high short - term deviation rate and signs of overheating. The market showed a technology - growth and small - cap style advantage. The main channels for residents' funds to enter the market were the continuous increase in margin trading balances, private fund sizes, and active individual investor account openings. The report maintains the bull - market judgment and suggests investors to pay attention to short - term adjustment opportunities in IF, IM, and IC [3]. Aluminum - The market is still speculating on the Fed's September interest - rate cut expectation. Due to the release of supply increments and the off - season of consumption, the inventory accumulation expectation is strong. Aluminum prices are expected to maintain high - level consolidation in the short term, with a reference range of 20,000 - 21,000 yuan/ton [3]. Carbonate Lithium - The spot price of battery - grade carbonate lithium was 80,500 - 86,500 yuan/ton this week, with a futures price of 78,100 - 90,100 yuan/ton. The Friday closing price was 78,960 yuan/ton, a weekly decline of 7,940 yuan or 9.14%. If only the Jiaxiaowo mine stops production for several months, overseas lithium mines and salts can make up for the domestic reduction after sufficient logistics time. The supply - demand will gradually return to balance after November. Before that, the shortage will be mainly offset by digesting social inventories. The price is expected to be in a wide - range shock [3]. Coking Coal and Coke - The weekly raw coal production was 1912,000 tons, a week - on - week increase of 33,000 tons, and the raw coal inventory was 4716,000 tons, a week - on - week increase of 15,000 tons. The coking coal production was 771,000 tons, a week - on - week increase of 7,000 tons, and the coking coal inventory was 2756,000 tons, a week - on - week increase of 180,000 tons. The seventh round of coke price increases was fully implemented. With the Fed's interest - rate cut expectation and the improvement of the domestic macro - environment, the prices of coking coal and coke are expected to be firm and fluctuate strongly in the short term [4]. Urea - The domestic urea market price dropped significantly over the weekend, with the mainstream factory - gate price around 1680 yuan/ton. The daily production of the urea industry fluctuated around 190,000 - 200,000 tons. The inventory of upstream urea enterprises continued to accumulate, and the port inventory increased to 501,000 tons. The demand from compound fertilizer enterprises decreased, but there is an expectation of marginal improvement in downstream提货 at the end of the month. The futures market is expected to fluctuate weakly [4]. Steel (Rebar and Hot - Rolled Coil) - The production of rebar decreased while demand increased, and the inventory increase slowed down. The production and demand of hot - rolled coil both increased, and the inventory accumulation expanded slightly. The overall inventory accumulation speed was slow. With the Fed's possible September interest - rate cut and the upcoming SCO Summit, the market sentiment is relatively optimistic. Steel prices are expected to fluctuate strongly next week [4]. Eggs - The national egg spot price fell steadily last week and stabilized over the weekend. After this round of adjustment, due to the support of Mid - Autumn Festival stocking, the spot price is not expected to decline significantly. The futures market has a large premium over the spot, and the market has been shorting the high - premium contracts [5]. Pigs - The live - pig spot price declined last week. The supply is sufficient while the demand is weak, and the price is expected to continue to fall in the short term. The futures market showed a divergence in trends, with the near - term contracts reflecting the oversupply situation and the far - term contracts reflecting the expectation of capacity reduction. The market is expected to remain range - bound [5]. Sugar - The domestic sugar spot price was 5940 - 5950 yuan/ton, and the ICE raw sugar price was 16.2 - 16.09 cents/pound. The Brazilian sugar production is in a peak period, but the actual production is lower than expected, so the final output is uncertain. The domestic sugar price is greatly affected by the international price and is expected to follow the international trend and fluctuate weakly [5]. Cotton - The cotton spot price was 15,210 - 15,243 yuan/ton, and the ICE cotton price decreased by 0.7% week - on - week. The Zhengzhou cotton price decreased by 0.64% week - on - week. The international market lacks upward drivers, and the domestic market is expected to see a stable - to - increasing output as the new cotton listing approaches, which will put pressure on the long - term market. The demand side has shown some improvement, and the cotton market is expected to fluctuate within a range. Attention should be paid to the support at around 13,900 yuan [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A - share market shows a strong upward trend, with the Shanghai Composite Index breaking through 3800 points. The market is expected to continue its upward trend before the end of August, and there are event - driven opportunities in the second half of the year. The market presents a style where technology - growth and small - cap stocks are dominant [19][21]. - In the commodity market, different varieties have different trends. For example, some chemical products like urea may oscillate weakly in the short term, while some metals like copper and aluminum continue to oscillate and adjust [14][18]. Summary by Directory 1. Macro News - A personal consumer loan discount policy will be officially launched on September 1st, which is expected to accelerate the expansion of consumer finance institutions into various consumption scenarios [8]. - The State Council has made arrangements for the next - stage consumer goods trade - in program, and the policy is expected to increase financial support and expand the scope of eligible products [8]. - China's computing power platform is accelerating construction, with the total computing power growing at an annual rate of about 30% in recent years, and the intelligent computing power scale is expected to grow by more than 40% in 2025 [8]. - In July 2025, the national electricity market trading volume was 624.6 billion kWh, a year - on - year increase of 7.4%, and the green electricity trading volume was 25.6 billion kWh, a year - on - year increase of 43.2%. From January to July, the cumulative electricity market trading volume was 3.59 trillion kWh, a year - on - year increase of 3.2% [9]. - From January to July this year, the added - value of the five major industries in the machinery industry increased year - on - year, with the general equipment manufacturing industry growing by 8.3%, the special equipment manufacturing industry by 3.8%, the automobile manufacturing industry by 10.9%, the electrical machinery and equipment manufacturing industry by 11.9%, and the instrument and meter manufacturing industry by 7.1% [9]. - Ganfeng Lithium is deploying two key materials in the field of sulfide solid - state battery materials, and its lithium sulfide products have passed customer quality certification and are being supplied to multiple downstream customers [9]. - The Fed's interest - rate cut expectations are uncertain. The release of the US July PCE index this week may not hinder a September rate cut, but higher - than - expected inflation will dampen future rate - cut expectations. NVIDIA's earnings report this week may affect the US technology stocks [9]. 2. Morning Meeting Views on Major Varieties 2.1 Agricultural Products - **Sugar**: Brazil's new sugar - cane crushing season has a larger - than - expected decline in production, but the arrival of domestic processed sugar has pressured spot prices. The demand is divided. It is recommended to short at high levels near the 5700 yuan pressure level, with support at 5650 yuan [11]. - **Corn**: New grain listing and imports suppress the market, and feed demand is under pressure, but deep - processing profits may provide support. It is recommended to wait and see cautiously, with strong support at 2150 yuan [11]. - **Pigs**: The spot price is stable with a slight increase due to the improvement in demand as the weather cools, but the futures market is bearish [11]. - **Eggs**: The inventory of laying hens is high, and the supply of small - sized eggs increases. The spot market is weak, while the futures market shows a reverse basis. It is recommended to short on rebounds and conduct inter - month arbitrage [11]. - **Cotton**: The international cotton market lacks upward momentum, and the domestic new cotton is expected to increase in production, which will put pressure on the long - term market. The demand for cotton yarn has improved, and the market is in a range - bound state. Attention should be paid to the support around 13900 yuan [12]. 2.2 Energy and Chemicals - **Urea**: The domestic urea price has dropped significantly. The daily production fluctuates around 19 - 200,000 tons, and the inventory is accumulating. The demand from compound fertilizer enterprises is weak, and the market may oscillate weakly in the short term. The UR2601 contract should pay attention to the support at 1700 - 1730 yuan [14]. - **Caustic Soda**: The spot price in Shandong has increased, and the demand is expected to improve. The 2511 contract is expected to be strong, and a long - at - low strategy is recommended [14]. - **Coking Coal**: The supply of coking coal is relatively stable, and the profit of coke enterprises has recovered after the seventh round of price increases. With the Fed's interest - rate cut expectations and the improvement of the domestic macro - environment, the price of coking coal and coke is expected to remain firm and oscillate strongly in the short term [15]. 2.3 Industrial Metals - **Copper and Aluminum**: Copper prices continue to oscillate due to mixed US economic data and policy uncertainties. Aluminum prices are expected to continue high - level adjustments as the domestic aluminum ingot inventory continues to accumulate and await the demand performance in the "Golden September and Silver October" [18]. - **Alumina**: The supply of alumina increases, the demand is relatively stable, and the spot price has limited upward potential. The 2601 contract is expected to be weak, and attention should be paid to the supply of bauxite [18]. - **Rebar and Hot - Rolled Coil**: The production and demand of rebar and hot - rolled coil have different trends, and the inventory accumulation is within expectations. With the Fed's possible interest - rate cut and the approaching peak season, the steel price is expected to oscillate strongly next week [18]. - **Ferroalloys**: The production growth of ferrosilicon and ferromanganese has slowed down, and the demand is weak in the off - season. The market is in a wide - range oscillation, and high - level hedging and speculation should be cautious [19]. - **Lithium Carbonate**: The supply is affected by production cuts in Jiangxi and rising costs, and the demand is expected to increase. It is recommended to go long with a light position, paying attention to the support at 80,000 yuan and the resistance at 85,000 yuan [19]. 2.4 Options and Finance - **Stock Index Options**: On August 22nd, the stock index options showed a strong performance. The trading volume and open interest of options changed, and the implied volatility increased. Trend investors can pay attention to cross - variety arbitrage opportunities, and volatility investors can take corresponding positions according to the rise and fall of the underlying index [19]. - **Stock Index**: The A - share market is expected to continue its upward trend before the end of August. The market presents a technology - growth and small - cap style. It is recommended to pay attention to the opportunities of IF, IH, IM, and IC on dips [21].